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COPYRIGHTED IN 1940
SrwrLLIAM B. DANA
COMPANY, NEW
lss"edWff&4^3a,aCopy~
VOL 151.
ENTERED AS SECOND-CLASS
YORK,
MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NO. 3934.
NEWYORK, NOVEMBER 16, 1940 1
CHASE
THE
BROOKLYN TRUST
COMPANY
Chartered 1866
NATIONAL BANK
BANK
"
L
V
Maintaining effective cor¬
President
/
BROOKLYN
NEW YORK
1
-
OF
McLaughlin
George V.
respondent hank service
a traditional
policy of
N E W
is
the Chase
Member Federal
OF NEW YORK
OF THE CITY
to
National Bank.
Deposit Insurance
Corporation
Broaden your
service
customer
Chase
with
cor¬
respondent facilities.
Member Federal Deposit
„
Hallgarten & Co.
.
it 1
.i
Insurance
Corporation
' '«'•
BANK
Established 1850
AND
NEW YORK
INSURANCE
City of
London
Chicago
STOCKS
Philadelphia
Bonds
PUBLIC UTILITY
*jthc
INDUSTRIAL
FIRST BOSTON
RAILROAD
CORPORATION
MUNICIPAL
BONDS
SAN
PHILADELPHIA
AND OTHER
PHILADELPHIA
'
CHICAGO
FRANCISCO
PRINCIPAL CITIES
A.C.ALLYN«"> COMPANY
INCORPORATED
Boston
Omaha
-I
•
PACIFIC NORTHWEST
Philadelphia
Milwaukee
Detroit
.
■
CHICAGO
New York
& Co.
Moncure Biddle
BOSTON
NEW YORK
The
SECURITIES
New York Trust
^rumltdkr, Ehrlidtman
Company
Company
Seattle
Exchange BIdg.
Capital Funds. $37,500,000
OTIS & CO*
(Incorporated)
IOO
Established 1899
We Deal in
BROADWAY
Sec. 4s
& 43^>s
Penna. & Ohio 1st 4^s 1950
Pennsylvania
NewYork
Chicago
CLEVELAND
N.
MADISON AVENUE
R. h. Johnson
& Co.
RR.
Serial
Lehigh Coal & Nav. 4s
AND 40TH
STREET
Y.,
Philadelphia Elec. Co. Com.
Stock
Power Common
Stock
West
Penn
Philadelphia Co. $5 & $6
Pf. Stks.
Members
New York
Stock Exchange
New York
Curb Exchange
64 Wall
St.
ONE EAST
PHILADELPHIA
BOSTON
57TH
DeHaven &
Member of
the
Federal Deposit
London
Paris
Amstordam
Geneva
Townsend
Established 187 b
BROADWAY
NEW YORK
1528 Walnut Street,
STREET
CarlM.Loeb,Rhoades&Co.
61
Co.
Philadelphia
Yvrnall st
NewYork
Insurance
Corporation
NEW YORK
SO
Broad St.
PHILADELPHIA
1513
Walnut St.
n
P he
Commercial & Financial Chronicle
Nov.
16, 1940
This announcement is not, and is under
below,
no circumstances to be construed
as, an offering for sale of the units described
solicitation of an offer to buy any
of such units. The offering is made only by the Prospectus.
or as a
NEW ISSUE
60,000 Shares
McCrory Stores Corporation
5% Cumulative Preferred Stock
(Par Value $100
WITH
COMMON STOCK
Share)
per
PURCHASE WARRANTS ATTACHED
offered in Units of One Share of Preferred
Stock and
.
■»
a
Warrant calling for
2% Shares
of Common Stock
Subject to authorization by stockholders; the consummation of the
Underwriting Agreement
Prospectus; and to prior sale to stockholders of
McCrory Stores Corporation.
summarized in the
Price: $105
per
Unit
Copies of the Prospectus
may be obtained from the several Underwriters but
only in
Underwriters are qualified to act as dealers in
securities and
States in which such
in which the
Prospectus
legally be distributed.
may
Among such Underwriters
Merrill Lynch, E. A. Pierce & Cassatt
are:
Kidder, Peabody & Co.
Goldman, Sachs & Co.
November 14, 1940,
/
Dividends
Dividends
Dividends
TENNESSEE CORPORATION
61
Broadway, New York.
November 12, 1940.
COLUMBIAN
CARBON COMPANY
The Directors of
Columbian Carbon
Company have declared
a
final divi¬
dividends aggre¬
per share on the issued
gating fifty
(50c) cents
outstanding stock of the corporation payable
twenty-five (25c) cents on Decem¬
11, 1940, to stockholders of record at the
and
as
//
Preferred Stock Dividend
follows:
ber
February 24,
of One
I Dollar Eighteen and
Three-quarter
Cents ($1.18%) per share on the
4%%
cumulative Preferred capital stock of
the
company issued and
outstanding in the
hands of the public has been declared
out
of the surplus net
earnings of the company
1941.
J.
B. McGEE,
Treasurer.
HOMESTAKE MINING COMPANY
for
the quarter ending December
31,1940,
payable January 2, 1941, to holders of
on the books of
the
company at the close of business December
9,1940.
Dividend No. 835
The
Board of Directors has declared
dividend
No. 835 of thirtv-seven and one-half cents
($.37 %)
per share of $12.50 par value Capital
Stock, pay¬
able November 25, 1940 to
stockholders of record
3:00 o'clock P. M., November
20, 1940. 4
Checks will be mailed
by Irving Trust Com¬
such stock of record
Common Stock Dividend
THE regular quarterly dividend of
I Forty Cents (40c)
per share on the
Common capital stock of the
company is¬
pany, Dividend Disbursing Agent.
Atlas Corporation
R.
Dividend No. 17
if
is
dividend
hereby
given
that
CLARK,
Secretary.
sued and
outstanding in the hands of the
public has been declared out of the
surplus
earnings of the company for the quarter
ending December 31,
1940, payable
net
The current quarterly dividend
25
of
cents
share
a
Stock have
been
on
December16,1940, to holders of such stock
on the books of
the company at
the close of business November
20,1940.
of record
Common
declared,
pay-
able December
23, 1940, to re¬
spective holders of record November
29,1940.
been
declared on the 6% Pre¬
Stock of Atlas
Corporation,
payable December 2, 1940 to holders
ferred
Extra
Common Stock Dividend
THE UNITED GAS IMPROVEMENT CO.
of such stock
I. W.
of record at the close
of business November
23, 1940.
Walter A.
0
of $1.25 a share on $5 Dividend
' Preferred Stock and a dividend of
a
75tf per share for the
quarter ending November
30, 1940,
has
i|
II
|~I
I If^i
6% Preferred Stock
on
Notice
A.
November 6, 1940.
MORRIS, Treasurer
October 22,1940
9
Philadelphia, Pa.
BUCKEYE
PIPE
26
iKAUFMANN DEPARTMENT
LINE
COMPANY
....
_
the company, payable December
The
Directors
have
business November 22,
1940.
J.
a
R.
PAST, Secretary.
One
and
25/100
Dollars
A quarterly dividend of
$.40 per share has been
the stock, payable
December 10,1940,
stockholders of record as of the
close of business
November 23, 1940.
on
to
JAMES
L.
WICKSTEAD,
Treasurer.
($1.25)
dividend
per
the
8
FRANK
share
B. BALL,
Secretary.
November 13, 1940.
of
on
5% Cumulative Preference Stock, payable
December 14, 1940, to all holders of record
November 30, 3940.
E.
The
Western
CLARKSON, Treasurer.
Union
New
Telegraph
Co.
York, Nov. 12, 1940.
DIVIDEND
~A~dividend
ALLIS-CHALMERS
Checks will be mailed.
R.
gipencet Eellosg anb g>ona, 3tu.
declared
declared
16,1940,
holders of such stock of record on
the
books of the company at the close
of busi¬
ness November
20, 1940.
Pittsburgh, Pa., November 13, 1940.
.
pany, payable December 14, 1940 to
stockholders
of record at the close
of
extra dividend of Forty Cents
(40c) per share on the Common cap¬
to
ff% Preference Stock Dividend No.
Broadway,
New York, October 26. 1940.
A dividend of One
($1.00) Dollar per share has
been declared on the
Capital Stock of this Com¬
.
\
stock of the company issued
and out¬
standing in the hands of the public has been
declared out of the surplus net
earnings of
STORES, Inc.
THE
AN
/
ital
Peterson, Treasurer
November 12, 1940.
&
THE regular quarterly dividend
^
close of business November
25, 1940; and twentyfive (25c) cents on March
12, 1941, to stock¬
holders of record at the close of
business on
dend for the
year of $1.60 per
share,
payable December 10, 1940 to
stock¬
holders of record November
22, 1940
at 3 P.M.
GEORGB L. BUBB
Treasurer
AMERICAN GAS
AND ELECTRIC
COMPANY
The Board of Directors of
Tennessee Corpora¬
tion has this day declared two
NO.
257
of $1.00 a share on the
capital stock
declared, payable
of
this company
has been
December 16, 1940, to stockholders of record at
on November 22, 1940.
the close of business
*™—
G.
K.
HUNTINGTON,
Treasurer.
MANUFACTURING COMPANY
Common Dividend No. 67
A dividend of
the
common
fifty
stock
cents
without
($0.50) perTshare^on
par
value
of
this
Company has been declared, payable
December
20th, 1940 to stockholders of record
at^the^close
of business
December 2nd. 1940.
Transfer books will not be
closed. [Checks'will
be mailed.
W.
A.
November 8th, 1940.
THOMPSON,
Secretary!^
No. 3934
NOVEMBER 16, 1940
Vol. 151
■
CONTENTS
Editorials
The Financial Situation
National Defense
Power Requirements ........
Hourly Wage Rates vs. Annual
Earnings
Comment and Review
Gross and Net Earnings
Week
on
of United States Railroads in
_V
September
. _.
_ _..
.
the European
Foreign Political aDd Economic
..2837
2842 & 2889
Situation
Foreign Exchange Rates and Comment
Course of the Bond Market
2851
2852
.„_2835
2888
Indications of Business Activity...
Week
on
the New York Stock Exchange
Week
on
._2849
...2837
Stock Exchanges
the New York Curb Exchange
News
Current Events and Discussions
Bank and Trust Company
General
2869
...
i
Items
...2887
2930
2974
2975
Corporation and Investment News
Dry Goods Trade
State and
Municipal Department
Stocks and Bonds
2891
Foreign Stock Exchange Quotations
Fund Notices
2891
2891
Auction Sales
2891
New York Stock Exchange—Stock Quotations—
2898
♦New York Stock Exchange—Bond Quotations.2898 & 2908
New York Curb Exchange—Stock Quotations
2914
♦New York Curb Exchange—Bond Quotations
2918
Other Exchanges—Stock and Bond Quotations
2920
Canadian Markets—Stock and Bond Quotations.
2924
Over-the-Counter Securities—Stock & Bond Quotations .2926
Bonds Called and Sinking
Dividends Declared
Reports
2841
Foreign Bank Statements
Course of Bank Clearings
.2889
..2869 & 2895
Federal Reserve Bank Statements
General Corporation and
2930
Investment News..
Commodities
The Commercial Markets and
the Crops
Cotton
—
Breadstuff s
*
on
Published Every
Is directed to the new column incorporated in our
New York Curb Exchange bond
pertaining to bank eligibUity and rating.
Attention
New York Stock Exchange and
tions
Saturday Morning by the William B.
if
tables
quota¬
Dana Company, 25 Spruce
Chairman of the Board and Editor; William Dana Selbert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
Edwards & Smith, 1 Drapers* Gardens, London, E.C.
Copyright 1940 by
June 23,1879, at the post office at New York, N.
under the Act of March
Herbert D. Seibert,
2963
2966
2970
Street, New York City, N,
3,1879. Subscriptions in United States and Possesionsb *18-00
months. South and Central America, Spain, Mexico amd
$10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6
$11.75 for 6 months; Great Britain, Continental Europe (except
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements
per year,
Cuba, $21.50 per year,
Y.
President and Treasurer; Wniiam D Riggs Business Manager.
208 South La Salle Street (Telephone State 0613). London
William B. Dana Company. Entered as s£cond^lass matter
Spain), Asia, A^traliaand Afri^, $23.00 p^y ear,
Contract and card rates on request. NO 1L. on^account
must be made in New xorx iunaa.
i
The Financial Situation
business
IN evening, Wendell L. W^illkie appealedMonday
A statesmanlike radio address last to his
the
large following to constitute itself "a vigorous,
loyal and public-spirited opposition party," not a
group which would fall into the "partisan error of
Mr.
opposing things just for the sake of opposition," not
careful
But the
opposition
for
America."
America,
strong
a
As
of
sort
a
would do well to take under the most
Willkie
consideration.
who believe
a
productive
to the
of
platform
day of witch hunting must be over."
Here, obviously, is advice that the followers of
"opposition against" but "an opposition for—an
an
Regulations there must be—we of
men.
opposition have consistently recommended that.
immediate
advice
This
he does.
as
Republican Party.
in
and
1936
all Federal
The
those
conscientiously
throughout the
past four years, the Presi¬
Way Out
ex¬
all
Had this party had such
followed it
suggest the following:
"First,
of
true
particularly applicable
carefully and
action, he then proceeded
to
is
It is
dent's
It is clear that the
keystone of our defense
way of living today, tomor¬
and always, in the world now
existing,
clever
"Martin-
penditures except those for
of the American
Barton-Fish"
National defense and
row
have been impossible.
nec¬
is
and below
cut to the bone
the
strongest, the most virile, the most
aggressive economy that the creative genius
relief ought to be
essary
bone.
Work
of
but
made
be
effort
stitute for relief
sub¬
to
of
productive
new
should be
plished
the
far
as
should be
and
defense
of
any
industry with
There
of
guise
so
to
as
nearly
as
do
must
that
In
private
new
strength
I
enter¬
can
lies in
and
the
who
believe
who
may
in
believe
Jr.
the
abundant
order
in
and
the true
the
these
But if
can
$100,000,000,000
party,
will in the future
tinue
be
to
as
as
con¬
handicapped
in
opposing the New Deal
as
long
with
it does
as
in this respect.
tion
this
at
to
pears
of
the
will
no
better
The
ques¬
moment
remain
whether
to
even
the
ap¬
open
as
members
party in Congress
accept
degree
and
Mr.
a
Willkie's
practical
but it would make
way,
a
serious mistake in strategy
well
as
triotic
during the
intelligence.
as
fail
in
its
pa¬
duty not to respond
to such
re¬
appeals
as
this.
Congressional Republican
Representation
,
But the
success
of Mr.
Willkie's effort to establish
a
taxes
arising out of
National income of less
every man
increase
our
and
we
woman
National in¬
for this defense
and that increase
free private
can
enterprise—
profiteering but for natural development.
"Fifth, and finally, our Government must change
par¬
does the further truth that
it
can
not for
attitude
opposition
an
campaign to appeals founded upon such
beliefs is encouraging.
That crusade must
continue with vigor
we can pay
we
a
of
cent
out of the increase
readily be produced if
re¬
years
living of
we
The fact
ticularly enviable record
efficiency.
way,
any
judged
has not built
years
natural
materials
in
or
Republican Party in recent
dis¬
standard
and could,
not
leadership in
$70,000,000,000—unless
punitive
the
past.
The response of the people
National
lower the standard of
program
ways.
we
be the hardest way.—Alfred P.
hundred billion dollars—our
present Na¬
income is only
to
raise
essential
one
who works.
as
do not believe
this defense program with
tional
true
at
hope to bear the debt and
we can
long
in the ordinary
sense,
by its sins.
that such essential truths
be impressed upon the minds of
the rank and file of the people of this
country,
we
shall work our way out of the morass in
which we have been
floundering for
regulation,
investments,
the
ONLY
as
the
mains, however, that the
our
those
In
the
energies and thus
increase
income.
the
of
or
better
Science.
to give it free¬
new
work
though the
be held for
way
the annual dinner
meeting this
week in New York of the
Academy of Political
dom under wise
to release
underlying
More
the
really not of
accordingly,
economic
though it
as
off
are
ways
ef¬
economy—is
our standard
performed—or
work less,
we
Sloan
ernment restrictions should
so as
advanced.
These
we
think
we
those
"Fourth, taxes and Gov¬
brakes
the party
country abounds. In our great in¬
organizations, our scientists, our
technicians, our creators and producers.
In
make
take
only two
any
of
nominee
was
political
dustrial
democracy.
adjusted to
ordered
are
efficiently
a*
resources
best.
must
we
to defend this
to
most
been—
reason
Willkie,
party,
technological progress, as long as
believe in something for
nothing, as long
Our
But
our
the
by
official
responsibilities and seccondarily in the lack of understanding of our
people as to where their true interests lie.
Ob¬
go.
as
be
can
National
That is part of the sacri¬
its
Mr.
•
hope
we
well
any
more
which
program
well
as
It
unusual circumstance that;
needs
products
have
the campaign in
event
living by legislation, without work, we shall
always be in potential danger.
Our weakness
today lies primarily in the lack of intelligence
with
which
we
are
discharging our great
approach
plan.
effective
more
There
long
we
for all the defense
pay
come
the
as
would
politically effect¬
may
the
courage
as
cannot
we
of
living
As
American
possible the
as
pay-as-you-go
viously,
than
well
as
develop
.
still both.
of
consequent
a
.
social progress
work
"Third, taxes should be
levied
to
to
it
upon
motivating force leading to economic
concept
WORK.
outlay of Federal funds.
and
it
fective National defense—and the
nationaliza¬
the
'
The
possible
as
no
under
tion
prise
defense
and
produce.
ma¬
accom¬
by private capital.
be
enable
ive
use
by management in the development
always more efficient instruments of pro¬
of
defense
program
fice
however
economy
Its power depends, in the long
scientific progress and its aggres¬
upon
duction
plants and
for
we
an
sive
chinery
to
of
peace.
run,
"Second, the building of
as
which
necessities
jobs.
new
Such
jibe
logical bearing—
its
sources
should
devise.
can
had little
strength in the productive power
of its
industry, its plant, its equipment, its
workers, especially its technicians and man¬
agement—all supported by the material re¬
relief,
every
America
finds
obviously, has to be main¬
tained,
the
toward
both
little
and
big
a
constructive
not
depend
"opposition"
wholly
upon
Republican organization
as
in
the
this
country
willingness
need
of
the
represented in Congress
to
support it fully and in good faith.
The effort
certainly should not rest wholly upon this founda¬
tion in
any event.
The Republican Party is in a
minority in both houses of Congress, and that
minority does not represent, for the most part,
sad
those
geographical
areas
or
those
where the fullest appreciation of
constituencies
some
of the pro¬
posals made by Mr. Willkie would be expected
or
where the keenest interest in them
normally would
i
Volume
be
The Commercial &
151
found.
Generally
and in the
Party,
ten
or
business
In
while the
has been true for the past
as
showed great strength in the
years,
highly industrialized
and better
found in rural areas
was
smaller non-industrial towns,
Democratic
eight
Republican
the
speaking
strength in this election
keen interest in
where
areas
understanding of issues directly affecting
be
to
are
1940,
in
as
the
1936,
and
Democratic
the
2833
House, and of the Senate, too, for that matter,
readily
the so-called
one
party
or
constituency
his
of
demands
the
senses
whether members of
of another or from
independent voter.
Apart from purely political organization and party
in
and,
arrangements,
far
circumstances,
the
transcending them in importance, then, is the task
of
sought.
1932
inancial Chronicle
stimulating the interest and leading the thinking
of the rank and file
It
during the next four years.
Party, in strong contrast to anything that had been
is for this task that Mr. Willkie
is, both by reason
experienced in previous history, dominated at the
of the
for himself in the
polls
in
industrial
the
of
areas
States as
such
Massachusetts, Connecticut, New York, New Jersey,
Pennsylvania,
Illinois, Missouri,
Michigan,
Ohio,
position he
now
has
won
minds of millions of Americans and
best fitted.
by natural bent,
Indeed, lie and he alone is in a position
to be effective in this
immensely important task. He
Maryland, Indiana, California, and almost, if not
must, for example, find ways and means of center¬
quite, everywhere else where industrial operations
ing the attention of the public upon the budget
are
These areas, where
dominant.
"business"
as
is
concentrated,
what is known
of course, not
are
wholly without Republican representation, but they
not
are
Mr. Willkie in any ap¬
far from it.
very
which is due in about six weeks, and of
message
presenting the essential elements in it to the aver¬
age man
in such fashion that lie will be in a position
demand
to
action.
intelligent
Should
the
Ad¬
it has regularly done for two whole
peal to members of his party in Congress must ad¬
ministration,
dress himself to
individuals, fov the most part, with
terms, set forth a plan next January to continue the
backgrounds.
country along the road of fantastic extravagance
rural,
Let
agricultural,
there
vital
be
and
small-town
misunderstanding, such men are
no
in the American
They, too, have im¬
system.
portant interests to represent, and many of them
have
clearer
a
perception and understanding of the
American system
have
some
appeal in
of its phases would fall much
many
ears
upon
attuned to the
more
requirements of industrial America.
Then
there
also
is
have been the very
Willkie
his
and
the
problem of what must
large non-party support of Mr.
philosophy—and
Willkie's ideas and those of many
Democratic
still again the
members of the
Party who often without question sup¬
their
the
in
ticket
party
election
recent
despite strong dislike of much that their party stood
for and still
are
of
It is reported that efforts
represents.
under way to
find
some
practical means of weld¬
ing all these elements into some sort of working
organization
loose
possibly
though
which
Nor must any flagging of in¬
public.
permitted, since, while the submittal of
budget takes but
a
and
few moments, the response
Congress in terms of action is a matter of months.
Vital
A much better
Issues
understanding of the spreading in-
(and ultimately owning) defense plants throughout
matters
dom
No
in the
development of
position."
actual
It
may
a
less effective
not prove possible in
It would
practice to do anything of the sort.
be most
helpful, but real problems
Real
The
Citation of facts such
illustrate
effort
or
constructive minority "op¬
may
or
more
as
the
serve
not only to
any
for the
private enterprise called upon to ex¬
pand facilities for the production of armament to
permit the central Government to finance the un¬
dertaking, and in the end to own it, so obvious and
so
to
great are the risks involved and so difficult is it
raise
objective.
Perhaps in
any
erroneously,
believe, led
we
observers to believe that in thus
prise of the necessity of assuming undue risks the
problem of financing the defense program has been
admirably—we
had
not believe
We do
almost
The risks to be avoided are,
tude
in
with
a
the
on
in
different and
more
constructive atti¬
degree—often in
large a
so
with
which will presently leave
the title to
a
or
not, the fact is that
im¬
the Government
large number of plants which
be converted to the
production of ordinary,
ceed, be that of keeping the public intelligently and
Like it
very
We, moreover, see grave objections, to any pro¬
cedure
to
taking place there.
no
portant degree.
taining, this latter must, if the movement is to suc¬
ington, and, equally important perhaps, what is not
case.
part of the Government they would not
non-military products in peace time.
at Wash¬
is the
instances, al¬
some
wholly of the Government's making, or at
most
least
miraculously—
said
that such
could
on
many
relieving the enter¬
circumstances, but certainly in those actually ob¬
constructively alert to what is going
This
venture-capital in the normal way.
state of affairs has
such
undertaking, but to point to
what must be its central
as
stand, it is frequently the part of wis¬
exist
Task
these
which confront
problems
Mr. Willkie is
as
presented.
are
gainsay that
one can
now
solved.
flexible would nonetheless be
business of financing
t rusion of Government into the
tlie Nation is essential.
strong affinity, real if not political, between Mr.
ported
the
remains, however, that Mr. Will-
effectively
more
the
be
terest
brought forcefully
that fact must be
waste,
of those who hail from industrialized dis¬
The fact
tricts.
kie's
and of American traditions than
and
home to
as
the
further
politicians of
even
than at
periments is much too great.
which the
The invitation
future day to go much
present into "yardstick" ex¬
some
Here is a question in
public is at present taking but little in¬
Some leader of Mr. Willkie's ability is evi¬
Congress always is most responsive to the views
terest.
and the wishes of the
dently required to correct this situation, or at least
often not be
upon
in
It
may
possible to bring strictly party pressure
individual members of the Republican Party
Congress, and party pressi#e upon members of
the Democratic
the
"people back home."
wrong
to
But the
average
member of
This end will be reached, if it is, only
by arousing the electorate.
Then there is that matter
Party will, if it is employed, be in
direction.
safeguard it, so far as it can be safeguarded at this
late hour.
at
this
time
of taxes.
It is not clear
precisely when an opportunity will
The Commercial & Financial Chronicle
2834
Such
opportunity should, and
an
Now is the
apparently will, arise early next year.
time to
Obviously there is little
get ready for it.
opportunity for reducing the load of taxation, that
is to reduce the amount
Even with the utmost in
is too large.
program
The defense
paid in taxes.
elsewhere in the Federal budget next year
economy
There are some who
expenditures will be enormous.
in their hearts
doubt,
do we, the necessity of such
as
large outlays for armament, who are unable to see
forces
the land
proportionate to
danger
we
are
planning to organize and equip, but there appears
to be little to
Both the
gain by arguing the point.
President and Mr. Willkie have had so much to say
about the
alleged necessity of the ultimate in pre-
paredness, and so high are the emotions of the
people, that for the present we shall proceed without
question to the task in hand without giving much
further
thought to the real need for it.
that funds
ing to
means
must keep
Ave
further borrow-
It has already been vastly too
minimum.
a
This
jn stupendous amounts will be required.
and the Lord knows
We must therefore reach the ultimate in
large.
taxation.
v
-
But all this has
bearing
no
upon
the question of
improving the systems of taxation now in effect,
and
making certain that any further taxes levied
are
imposed in
for
the
other
sensible and intelligent
a
of raising
purpose
course,
revenue,
The taxes
purpose.
we
now
and
way,
not for some
have
are,
punitive desires coupled with what sometimes
to be a mortal feaor that
pears
dollar from
a
be
the
added, from
entire
armament
program—or,
constructive
and
in
the
overhauling.
and
bona fide
The
a
accom-
strong, constructive
opposition, vigorously led, at least
for such
case
the
may
How much
actually existing situation be
plished is not clear, but with
the
it
other sort of enterprise.
any
ap-
will make
some one
system almost from alpha to omega needs
careful
can
of
hodge-podge resulting from politics and
a
overhauling
can
be placed before
pople effectively and thus the basis laid for
future
action
probably
It is
and
a
of
the
sort
some progress
task
desired, and meanwhile
of
a
desirable sort achieved.
worthy of the best endeavors of
wise
a
patriotic minority.
J
*
.
inal y,
t
entire
e
ound in
the
on
t
um)
te
at
there is the matter of "witch-hunting"
Villkie well terms it.
r.
statute
book, and R sticks out like
much
of
the
administration
sore
a
of many
of
laws, and in the attitude of the Administration
a
thousand
ess
idle, of
sort of
points.
It must
course, to
cease.
day to day.
^
type of activity
such
found.
is
essential.
It
is
is
fleeted in the official banking statistics for
the weekly period ended Nov.
occasion for the selling was, of course, the market
that developed in outstanding issues of the
upsurge
Treasury after the election
assured continuance of
policy, and after Secretray
Morgenthau expressed the Administration intention
of halting the future issuance of tax-exempt bonds,
if Congress can be brought to agreement. In order
to keep the nkarket orderly, no less than $73,200,000
Treasury bonds and notes were sold, lowering the
open market holdings to $2,254,100,000.
Treasury
bonds were sold to the extent of $47,700,000, lowering such holdings to $1,330,000,000, while Treasury
note liquidation of $25,500,000 caused a drop in such
securities to $924,100,000.
There have been no
the official easy money
Treasury bills in the portfolio for almost a year,
and bankers' bill holdings also remain absent,
Despite the downward pressure upon the credit
total exerted by the liquidation from the open market holdings, member banks found their reserve de-
posits with the 12 Federal Reserve banks increased,
Excess reserves over legal requirements advanced
$70,000,000 in the statement week to $6,800,000,000.
r^6e chief item contributing to that advance was a
R'esh gain of monetary gold by $56,000,000 to $21,637,000,000. Treasury deposits with the 12 Federal
Reserve banks were off, and the funds rapidly were
syphoned into member bank balances. Currency
*n circulation moved up by $10,000,000 to $8,395,600,000, which tended to depress the total of idle
credit, while a similar influence was exerted by an
increase of non-member deposits with the regiona
institutions. The demand side of the credit sta is^cs re^ec^s effective inquiry for accommodation,
The condition statement of weekly reporting member baPk\m ^w York City indicates that business
loans in the wec^y Pcriod ended ov. 3 a vane
WOO,000 to $1866,000,000. This trend is cornmon throughout the country, as indicated by the
^
101'c\ statement which follows the Central Re*erve
ftatemen s by a few days. The New York
Cit? banks found their brokerS loans d0WU
$6,000,000 to $320,000,000.
^e
q<reasury in "Washington
$69,-
deposited
497,000 gold certificates with the 12 Federal Rebanks, increasing their holdings to $19,393,-
s€1've
Other changes in reserves were minor, and
798,000.
total
reserves
advanced
$68,377,000
to
$19,711,-
Federal Reserve notes in actual circula¬
860,000.
tion advanced
$13,124,000 to $5,642,700,000.
Total
deposits with the regional banks increased $18,335,000 to $16,143,535,000, with the account variaconsisting of an increase of member bank re-
serve
deposits by $72,380,000 to $14,051,798,000; a
of the Treasury general account by $61,-
runs
may
read, must
strong personal leadership
another
of
Mr.
Willkie's
op-
decrease
417,000 to $403,851,000; an increase of foreign deposits by $3,049,000 to $1,125,150,000, and an increase
0f
736,00*5.
really
13, with liquidation of
Treasury obligations proceeding at a pace that is
of some importance ill; the credit position.
The
tions
case
portunities.
What
r\
market operations are re-
A means of labeling this
that he who
Here again
A CCELERATED open
of it
Case after
it raises its head, and doing so
as
a manner
be
It is more
confine opposition to this
thing to generalities.
arises from
ln
It is
great proportion of the legislation now
^
or
as
spirit permeates
Washington regime at present.
a
in
This
Federal Reserve Bank Statement
of sane
again present itself to take this question
taxation in hand.
Nov. 16, 1940
needed
is
above
all,
a
strong
90.3%.
other
The
deposits
reserve
by
$4,323,000
to
$562,-
ratio increased to 90.5% from
Discounts by the regional banks declined
minority leadership exerted throughout the length
$247,000
and breadth of the
creased $54,000 to $8,215,000, but commitments to
a
land, and that Mr. Willkie is in
position to furnish.
to
$4,244,(|00.
make such advances fell
Industrial advances
$19,000 to $7,269,000.
in-
.
Volume
Government Crop
which there
division in
Report
GORN production prospects improved furtherthe
by 81,338,000 bushels, according to in
October
Nov.
1
report of
the Department of Agriculture,
2,433,523,000
Improvement was shown in the crop's
prospects in the two previous months also, in an
aggregate amount of 103,939,000 bushels. Last year
2,619,137,000 bushels were produced and the average
for the 10 years, 1929-38, amounted to 2,299,342,000
placed production this year at
bushels.
In two of the 10 years
bushels.
ever, crops were
sharply curtailed because of severe
If only the other eight years
drought conditions.
are
in the period, how¬
averaged, it appears that the current crop
about average
is of
However, this year's available
size.
of from
600,000,000 to 700,000,000 bushels on Oct. 1, and by
approximately this amount it appears to exceed nor¬
supply is enhanced by a record carryover
mal needs.
is used
each year by producers on their own farms for feed
and seed purposes.
Additional amounts also are
purchased by farmers and similarly applied.
Per¬
haps 10% of the crop goes into commercial consump¬
tion, and only a very minor portion is normally
By far the greatest part of the corn crop
exported.
f
•'
■»
:
;
/•
Prospects for its disappearance, therefore, depend
largely
on
upon
farms, and trade reports indicate that
domestic
this
son,
the amount of corn consuming livestock
these will be
season
slightly less than last sea¬
during which period the total of domestic con¬
reduced 6.4% from a year
was
Last
month's
976
about
50% greater than in the same period of
only 31,950,000
but nevertheless aggregated
bushels.
In its
as
report the Agriculture Department observed
year's production of all feed grains is likely
sufficient to
liberal
utilizing
scale
a
any
permit feeding of livestock on
as
in the past
could be
15
years,
without
of the accumulated reserves.
from the facts it would appear
And
that the statement
applied with equal accuracy to corn, taken
by itself.
'
involving $11,397,000 in September and 1,234
involving $17,464,000 in October 1939.
Of
year
different commercial
the
important grain
covered in the Government's report do not
undergo further revision in the Nov. 1 report; this
applies to wheat, oats, barley and rye.
revision
was
made in the grain
forecasts.
bean
Sorghums
Downward
sorghums and
were
reduced
soy
by
3,262,000 bushels to 122,949,000 bushels, but remain
substantially above the 10-year average of 84,148,000
bushels.
Soy beans were reduced by 2,343,000 bush¬
els to
79,198,000 bushels, 8,211,000 bushels under last
year,
but far above the 10-year average of only
27,318,000 bushels.
This has been a rapidly-expand¬
ing crop in recent years, and except for the current
year
has shown great increase yearly since 1936,
when
the
showed
failures
29,983,000 bushels were produced.
In fact,
prior to 1930 soy bean output was normally under
10,000,000 bushels a year.
retail trade
with 667 failures involving $4,112,000 com¬
pared with 772, involving $5,378,000 in October,
Wholesale failures
1939.
$3,208,000 last
The manufacturing division had 214 insol¬
year.
with
vencies
235 with
commercial service
71
compared with
$5,329,000 liabilities
Construction and
$6,959,000 a year ago.
insolvencies, however,
last month than
numerous
had
dropped to 115 with $1,-
129 with
liabilities from
846,000
bankruptcies with
a
were more
the former
ago;
year
$854,000 liabilities last
month
compared with 55 involving $1,129,000 lia¬
bilities
a
with
year ago,
$790,000 last
In
and the latter had 44 casualties
year.
majority of the 12 Federal Reserve Dis¬
the
tricts, failures
fewer last month than a year
five in which a larger number
were
earlier but there
were
of insolvencies occurred.
ever,
43 with
liabilities compared with
$574,000
These five districts, how¬
involved only about 25% of the total failuresj
The New York Stock Market
TRENDS on the haphazard this week, indicating
New York stock market were
uncertain and
that
world
the
of finance
ments which
is endeavoring to
currently are developing.
was
October
course
the
September level, which is generally the
lowest of the year.
The several commercial groups
divided pursued the general
into which the failures are
trend with the exception
of the commercial service
The post¬
busi¬
bulge found no repetition in the brief
election
week
now
Monday was a holiday, and
ending.
long suspension of trading most
after the
Thursday, but further modest
yesterday.
equities
A rally took place
liquidation was noted
Some groups of stocks were in fairly
persistent demand, owing to special circumstances.
manufacturing shares were among those
Aircraft
which resisted the slow
seems
decline,
as
intense activity
assured in that industry for many years
few
A
come.
other
industrials
also
ground, and in some cases progress was
the levels
marked
higher in some
of the market wras
to
their
made over
Railroad shares were
sessions, even when the rest
dull or easy.
Copper stocks re¬
good occasional buying, since the demand
flected
for the red
visible
held
prevalent last week.
metal begins to exceed the immediately
supply.
In the general list, however, clos¬
ings last night were
mostly under the levels noted a
week earlier.
between
the
1,000,000-
Stock Exchange ranged
and 1,500,000-share levels
This
fails
to register unconcern with the financial markets.
The brokerage community seemed this week to be
recovering from the momentary fit of extreme de¬
pression which followed the election results, since
during the sessions
COMMERCIAL in October, rising considerably
failures followed the usual sea¬
sonal
selling
apparent in others, with the net effect of little
importance from the price standpoint.
ness
find
adjust¬
A little buy¬
ing appeared in some sessions, and a little
Trading on the New York
Business Failures in
above
groups,
reduction from last
sharpest
drifted downward for a time.
Estimates of most of the other
crops
1,111 involving
$12,715,000 in comparison with
clues toward the national and international
that this
toybe
of failures
previous.
numbered
failures
current liabilities of
the
month since last
September the number
In
year,
Exports in the nine months ended Sept. 30
duction.
1939,
month of last
same
to year decrease of any
year
February.
sumption and exports was somewhat less than pro¬
were
the
in number than
largest
reduction from the
a
was
October's failures were 10% fewer
previous month.
which
2835
The Commercial & Financial Chronicle
151
does
not represent
of the week now ending.
great activity, but it also
2836
The Commercial & Financial
Chronicle
investors in general
find
discouraging elements in
encouraging
as
well
the present situation.
shares.
as
The
Nov.
Switching operations
day, and price
movements
16,
1940
the order of the
were
highly irregular.
Some
spirit of national unity now manifesting itself
may
semblance of firmness
indicate chiefly a reaction to the
steadily intensifylying war in Europe, and the danger of involvement
in the afternoon, but quotations
on
irregularly lower at the close.
The steel shares
iii
that
conflict.
It
is, however,
a
real and
very
wholesome movement, which
may tend to heal
of the wounds suffered in the last
eight
of British arms in the
and
the
effective
resistance
Greece
to
area
reflected the
Italian
the moment
diplomatic conversations.
current
trading
gations
were well
United States
was
Treasury obli-
indicated by liquidation
relatively high
carry
Speculative railroad bonds
were
in
ports.
higher, and
improved.
Latin
most
foreign dollar bonds
American issues
were
A moderate rise in the price level occurred
Thursday
ferred
were
on
common
also
favorites,
overtook
Wheat and
progress, and
the
touched
New
new
touched
new
York
low levels.
stocks touched
mained
On
year
new
low levels.
new
the New York
on
high levels and 11
Stock
Exchange
re
unchanged at 1%.
the
New York
Stock
Exchange the sales on
Saturday were 1,099,290 shares; on
Tuesday,
1,446,971 shares; on
Wednesday, 1,068,250
on
1,384,290
shares,
and
Friday,
on
1,050,090 shares.
On
the
New
Saturday
were
shares ;
on
on
Exchange the sales
150,800 shares;
on
rose
on
on
Tuesday, 235,120
Wednesday, 181,855 shares
240,720 shares, and
Prices
Curb
; on
Thursday,
Friday, 171,710 shares.
with great
vigor in the stock
Saturday last, despite the
Day, which
was
made for
market
fact that Armistice
extended week-end.
an
observed
on
Monday of this week,
Sales volume more
than doubled that of
the previous short
session, and
values spurted ahead
one to three
points. The belief is current that
with the election out of the
way
this
country will provide greater aid to
England.
This, coupled with our own
large-scale defense
pro-
gram,
was
largely instrumental
higher
values.
showed
in
bringing about
no
Active
from
the
start,
equities
flagging throughout, and closed strong.
A selective market
obtained on
Tuesday following
the Armistice
Day holiday, as former interest in
heavy
industrials
were
concentrated
in
aircraft
the most
2% points
of
the clay.
quotations yesterday,
General
34%
on
Electric
closed
when
compared with
week ago, show irregu-
one
yesterday at 35 against
Friday of last week; Consolidated Edison
on
Co. of N,
Y. at 24
against 25%; Columbia Gas &
Electric at 5 against
5%; Public Service of N. J. at
30% against 32%; International Harvester at
54%
against 54%; Sears, Roebuck & Co. at 79
against
18%; Montgomery Ward & Co. at 39% against
40%;
'Woolworth at 35% against
35%, and American Tel.
& Tel. at 166 against 167.
Western Union closed
yesterday at 23% against
21%
at
York
of
Friday, resulting in irregularly
Losses for the most part
on
on
Friday
larly lower changes.
shares;
Thursday,
turnover
a
trading
changes
Final
stocks
while 10 stocks
On the New York Curb Ex-
change 58 stocks touched
Call loans
Exchange 114
high levels for the
on
closing prices
heavy volume.
Stock
was
were confined to
fractions, with steel, aviation and
chemical shares not immune to the adverse trend.
exception/
Foreign exchange trading was dull
throughout, with
important changes lacking. Gold continued to move
On
United States Rubber
steel and principal motor
stocks, but closing time
found the list moderately improved.
Weakness
lower
toward the United States in
Pre-
42,600 shares, along
with 4% points on the
preferred on a total of 3,000
shares.
Occasional lapses were noted
among the
ately active, with higher levels the rule.
some
brought into line.
heavily traded stock, scoring advances
re-
tions between the United
States and the 20
republies to the south.
Commodity markets were moder-
without
were
issues
in this group.
owing to the signs of continually
improving rela-
other agricultural
staples made
base metals advanced almost
stocks heretofore slow in
keeping
as
again found interest among traders,
and gains ranging up to 3% points were marked
up
coupons,
Various other groups of domestic bonds
marked
Steel issues led declines at
a
abreast of the market
good demand at
times, owing to the favorable monthly
earnings
price level.
a mixed
closing. Market leaders, on the averhowever, suffered losses of fractions to iy2
points.
on
period of refunding of outstand-
ing obligations which
a
policy of
making for undue fluctua-
about
age,
corporate bonds attained historic
highs in quite a
few
instances, and underwriters began to
prepare
for another active
The market at
appears to be committed to
trend, but subsequent liquidation cut into values,
drift to higher prices in late
trading brought
and notes from the
open marof the Federal Reserve.
Best-rated
portfolio
the market flundered about
A
|73,200,000 bonds
ket
as
fair inquiry in rails and specialties
temporarily acted as a check to the adverse
maintained, and the post-election
strength of that market
on
Sales
turnover, too,
uncertainty of dealings by a fair-sized
the opening, but
week, and trends generally favored holders
of senior securities.
of
tion in the
fairly active during the
was
the average were
definite trend.
a
short-term commitments
■
Listed bond
portions of the list
shrinkage from the previous total.
aggression proved stimulating to the markets
here,
but a degree of uneasiness
prevailed as to the RussoGerman
price levels
in search of
to
in for further downward revision
came
The
Mediterranean
of
in their
some
years.
successes
Wednesday
came
J
on Friday of last week; Allied Chemical &
Dye
171% against 173; E. I. du Pont de Nemours at
64% against 169%
against
14%
National Cash Register at 13
;
National
;
Dairy Products at 14
against 14; National Biscuit at 18 against
18%;
Texas Gulf Sulphur at 37
against 36%; Loft, Inc.,
at 21
40%;
against 21; Continental Can
Eastman
Kodak
at
141%
at
Standard Brands at 6% against
6%;
Elec. &
at
Mfg. at 105% against 108%
14% against 13%;
against
10%,
and
39% against
against
;
Canada Dry
Schenley Distillers
National
141%;
Westingliouse
Distillers
at
at
10%
21%
against 21%.
In
the
rubber
group,
Goodyear Tire & Rubber
closed yesterday at 19 against
18% on Friday of last
week; B. F. Goodrich at 15% against 14, ancl United
States Rubber at 25% against 23.
Railroad stocks show mixed
changes this week.
Pennsylvania RR.
24%
on
closed yesterday at 25% against
Friday of last week; Atchison Topeka &
17% against 18; New York Central at
Santa Fe at
Volume
European Stock Markets
15% against 15%; Union Pacific at 84 against 83y2;
Southern Pacific at 9% against
at
way
9%; Southern Rail¬
13% against 13%, and Northern Pacific at
7% against 7%.
Steel
STOCK markets were centers active which week in
European fairly from this reports
the few
are
this
stocks
their levels of the
Steel closed
week
recessions
disclose
from
United States
previous Friday.
yesterday at 72% against 73-% on Fri¬
day of last week; Crucible Steel at 44% against
Steel at 88% against 89%, and
44%; Bethlehem
Youngstown Sheet & Tube at 42% against 43%.
In the motor group,
moved
along from day to day
basis,
which
ultimate
reflected
victory.
maintained,
dustrial
the
Mediterranean.
vorites
in
tors at
shares
are
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 36% against 35%
Friday of last
Shell Union Oil at 10% against 10%, and
week;
i
on
the
(dosed
Anaconda
stocks,
copper
yesterday at 28% against 27
last week ;
Copper
available
of
to 30
a
of extremely
heavy
Fears
apparent cause of the decline.
of untoward
developments in the Netherlands East
group,
Curtiss-Wright closed
yes¬
also
Indies
advance
contributed
was
resumed
in
84% against 84%.
industrial
and
of
maintenance
indicate
reports
business
general
in
the
a
good
United
States, with holiday influences necessarily affect¬
ing the statistics to a degree.
ending today
were
Iron and Steel Institute at
Steel operations for
estimated by American
a
month ago,
is greater than at any previous time.
and 93.5% at this time last
duction of electric power
the
selling.
But the
once
again
jumped 15 to 20 points in a day.
Boerse
was
the first half of the
active and sharply higher
week, principally because of
spirit of optimism engendered by the Russian visit
to the German
common
in later
capital.
in such
Gains of 2 to 4 points were
sessions, but the trend was reversed
dealings since nothing in particular seemed
to emerge
from the Russo-German conversations.
American
high record in actual production, since
now
to
Thursday, and
on
96.1% of capacity, which
figure compares with 96.0% last week, 94.4%
year.
Pro¬
for the week ended Nov. 9
States
White House for another four years
resulted in any
reported by Edison Electric Institute at 2,719-
There
tions.
Some
justed,
on
week, which contained no holiday, and 2,513,-
Policy
SETTLEMENT of return of Mr. Roosevelt United
by the the election issue in the to the
501,000 kwh., against 2,734,402,000 kwh. in the previ¬
ous
rumors
taxation the
on
The Berlin
was
The
markets.
sharp relapse, which
points in single issues during
with
Boeing Aircraft at 19% against 17%, and Douglas
a
such
reports
ran
session,
single
Aircraft at
The
French
a
on
throughout the first half of the week.
individual issues
capacity
yields
were no
continued
terday at 10 against 9% on Friday of last week;
is another
in
dealings
Amsterdam market suffered
as
There
in the
particular fa¬
Friday of
In the aviation
the week
market,
relatively high.
successes
were
American Smelting & Refining at 46%
against 46, and Phelps Dodge at 37% against 34%,
Trade
reports continued to
Rubber stocks
London
the
A slow
week, with
Recessions
Refining at 23% against 23%.
Among
as
of important British naval
3%; Studebaked at 8% against 8%, and Hupp Mo¬
in
merely
were
speculative securities.
quickened
pace
ler at
% against %.
stocks
noted in the first half of the
appear
81% against 82%; Packard at 3% against
confidence
general
Gilt-edged
other
was
upward
the
steady to firm
on a
interest centered mainly upon in¬
as
and
advance
General Motors closed yester¬
London
available, but price trends were diverse.
day at 52 against 53 on Friday of last week; Chrys¬
Atlantic
2837
The Commercial & Financial Chronicle
151
has not as yet
startling changes in foreign policy.
is, indeed, little apparent reason for innova¬
outstanding matters remain to be ad¬
the other hand, and Mr. Roosevelt at least
begun to move in such directions,"
He made it
688,000 kwh. in the corresponding week of last year.
has
Car
plain last week that improvement in our own arma¬
loadings of revenue freight for the week ended
Nov.
9
ican
Railroad
at
778,318
cars, a
decline of 16,479
previous week and of 3,270 cars from
indicating the
course
of the commodity mar¬
the December option for wheat in
kets,
closed
Chicago
yesterday at 88%c. against 87%c. the close
Friday of last week.
December
closed
com
yes
terday at 63%c. against 62%c. the close on Friday
of last week.
ments
production will be made to benefit England,
well
as
as
December oats at Chicago closed yes¬
the United
accord with the
Under
didates.
figure for the same week of 1939.
As
on
reported by the Association of Amer¬
from the
cars
the
were
States, this being quite in
pre-election promises of both can¬
a
rule-of-thumb method, American
production of military airplanes will be shared with
Britain on a fifty-fifty basis.
In a brief Armistice
Day address, the President voiced an
unfaltering
faith in the eventual downfall of dictators,
and he
predicted that "people under their iron heels will
rebel."
From far-off Australia came the news last
terday at 38c. against 36%c. the close on Friday of
Saturday that an American merchant ship, the City
last week.
of
The
spot price for cotton here in New York closed
Rayville, 5,883 tons, had gone to the bottom with
the loss of one
life, presumably after striking a mine.
Australia,
yesterday at 10.02c. against 9.87c. the close on Fri¬
The
incident occurred off Cape Otway,
The spot price for rubber closed
and
possibly reflects activities of a German raider.
day of last week.
yesterday at 21.37c. against 20.67c. the close on
Friday of last week.
Domestic
copper
closed
yes¬
American
"free"
terday at 12c., the close on Friday of last week.
cern,
In London the
are
at
23%
ounce
price of bar silver closed yesterday
pence per ounce
the close
on
against 23 5/16
In
fers
on
yesterday at 34%c., the
Friday of last week.
the matter of
on
London
foreign exchanges, cable trans¬
closed yesterday at $4.04% against
$4.04 the close on Friday of last week.
currently
a
subject of much con¬
since Ambassadors Kennedy and Bullitt both
in the United
to return to
With
Friday of last week, and spot
silver in New York closed
close
pence per
diplomatic representation in Britain and
France is
States, and both are reported loath
their posts.
respect to the Western Hemisphere, some
rapid progress seems imminent on both diplomatic
and economic matters. Relations between the United
States and Canada were
brought to the highest pitch
amity, Tuesday, when accords were arranged in
Ottawa for easier border crossing and joint moves
of
The Commercial & Financial Chronicle
2838
to control subversive elements,
made somewhat safer
was
authorities
French
Wednesday after
by
of
y
an
The Caribbean
area
agreement with the
Martinique,
announced
visit by American military au-
a
Nov. 16, 1940
and an even
30 diplomatic and economic experts,
extensive German group took the Russians in
more
At the conclusion of the discussions, Tliurs-
tow.
day, a brief official statement was issued, to the
thorities.
Medical, food and other requirements of
effect that the exchange of views was conducted in
the French
colony are to be met in the United States,
an
will
which
amounts
modest
Good
in
the
for this purpose.
necessary
Republics
been
was
The
implemented through the
Vice-President-elect
that
announcement
only
that are of interest to Germany and the Soviet
Union."
Seim-official German and Italian circles
tried to create the impression, as the meeting ended,
that all of Asia, Europe and Africa were carved
into spheres of influence, to the satisfaction of the
three regimes concerned. "Reliable sources" in Ber-
regime. This action constituted
lin were reported to be convinced that Russia was
resounding recognition of Gen. Manuel
a
leaning toward the Axis, on a basis of Russian ex-
a new
Avila Camacho
it
atmosphere of mutual trust, which led to "agreequestions of importance
ment of both parties on all
Dec. 1 for the in-
auguration of
made
Wallace
designated by Mr. Roosevelt to represent
him in the Mexican ceremonies
not
funds
French
Neighbor policy with respect to the 20 Latin-
American
had
"frozen"
release
President-elect of
as
clear
on
that
be
will
effort
no
Mexico, but also
spared
to
pansion in Asia, German domination of much of
Europe, and Italian activity in Africa.
A "bank-
Dis-
ruptey inventory" of the British Empire was said,
patches from Uruguay suggested last Saturday that
cultivate
good relations with Latin-America.
that
in such circles, to provide the future basis for the
distribution of loot. Such comments, of course, have
no value outside the sphere of propaganda.
The
more reliable Berlin correspondents noted quietly
country.
Under-Secretary of State Sumner Welles
that the reactions of the Russian dictator, Joseph
declared
in
Stalin, now must be awaited to the Berlin conversations.
understanding had been reached whereunder the
an
United
States
nations
will
other
and
have
the
An
use.
mission
reached
promptly
naval
began
in
that
the
seeking such bases for its
own
trade and financial
Argentine
Washington,
Wednesday,
United
with
study
to
officials the many
Hemisphere
bases
Wednesday,
Washington,
United States is not
exclusive
Western
of
use
and
States
problems that beset the economic
thorities made their feelings manifest in repeated
relations of the two countries.
/
Russia and the Axis
were
week between the Russian Soviet Premier and For-
eign Commissar, Vyacheslaff M. Molotoff, and Chanof
The
meeting was unquestionably
high significance, whether the results
able
favorable
or
at the least
a
the Nazi
to
Russian
unfavor-
are
It indicates
cause.
diplomatic recognition of the
unfortunate fact that the German Reich of dictator
Hitler dominates much of the
and the
far-reaching
have arranged in Berlin
involving
importance
military activities in
Italy.
European continent,
possibility is not lightly to be dismissed that
Molotoff may
consonance
an
accord of
diplomatic
or
with Germany and
All of the Balkan region necessarily will
have to take account of any
agreements reached at
Berlin, and if it develops that
signed that fact will be of
to the Balkans.
no
even
agreements
were
greater importance
Turkey and the Near East must
find the outcome of the Berlin conversations indica-
tive, although the situation with respect to the Mediterranean has
Greek
now
victories
aerial victories
been
Official disclosures
talks
can
not
are
be
greatly improved by the
against Italy, and by the British
over
Italian fleet.
the
especially revealing, but
some
last
were
the rule.
counterpart
was
to the
made know in Berlin
Saturday that M. Molotoff wonld visit the Gercapital in order to "expand the current
man
changes."
gram,
after
In conformity with the announced
M. Molotoff arrived in Berlin
on
was
departed
accompanied by
a
on
Thursday.
delegation of
course
to indi-
That Anglo-Russian rela-
of the visit.
tions have taken
a
turn for the worse was
suggested
bv the recent British seizure of more than a score
of the Baltic States of Lithu-
0f vesgelg linder flags
ania, Latvia and Estonia which recently were rein-
corporated in the Russian State.
against that action
controlled German press
Russian protests
The
ignored in London.
were
engaged in
good deal of
a
conjecture regarding the possible significance of
fbe conversations for Turkey, which takes diplomatic orders from Moscow.
general,
Greece
slavia
The Balkan States, in
subservient to Berlin and Rome,
now are
being the honorable exception, while Yugoremains
on
The Rumanian mili-
the fence.
tary dictator, General Ion Antonescu, journeyed to
Rome,
Thursday, for conversations with Premier
Mussolini, but this visit
as
less
answers
important
was
than
to the riddle
regarded
Great
between
in Rome
The
in the outcome of the
Britain
and
Germany, and
inescapable conclusion necessarily tempers
view that may
real
presented by the fresh diplo-
matic excursions plainly rest
battle
even
ceremonial.
any
be taken of the Russo-German talks,
Britain-Greece-Italy
ONE of the this week in of the European war de¬
veloped major turns the vast Mediterranean
area,
where the Italian aggressors were defeated not
only by the powerful British naval and aerial forces,
ex-
but also by the famed mountain fighters of Greece,
pro-
Italy met something akin to that "cataract of disas-
Tuesday, and
long conversations with Herr Hitler
aides the Russian
toff
It
Available dispatches fail
bombings interfered with the pre-
comfort
Moscow, where cool and modest references
talks
scribed
gained from the fact that effusive unofficial
no
parts of Germany which M. Molotoff traversed
on his j0Urnev.
cate that these
tjia^
regarding the Molotoff-Hi tier
comments in Berlin and Rome found
in
airplane bombing attacks on points in Berlin and
other
CONVERSATIONSheld in mayGerman capital this
that the or may not prove
important
cellor Adolf Hitler.
It is evident, meanwhile, that a good deal of
apprehension was occasioned throughout Europe by
the decision of the Russian official to discuss mutual problems with Herr Hitler. The British au-
ter" which Prime Minister Winston Churchill
re-
and his
cently admitted had been suffered by Great Britain
M. Molo-
last summer, and the change of outlook can hardly
more
than
fail to affect the
course
of the major struggle.
The
Volume
The Commercial & Financial Chronicle
151
change in atmosphere
doubly welcome, in view
was
of the apparent
progress
made by the German end
2839
in Home, early this week, through
a
shake-up of the
A brief
command in the operations against Greece.
of the Rome-Berlin Axis in conversations with Rus-
announcement
sian authorities.
Under-Secretary for War, had replaced General
Sebastiano Visconti Prasca as Commander in Chief
entire
It may
easily be, indeed, that the
aspect of affairs in Southeastern Europe will
change
as a
tained
of the double defeat sus-
consequence
by Italy at the hands of Great Britain and
Greece.
Balkan
anxious to
countries
will
possibly
be
less
placate the Germans and Italians, and
Turkey unquestionably will find the alliance with
Great Britain
ing
the
war
into
the Near East
vanish under the
The African
for
that
troops
almost
certainly will
impact of the changed situation.
campaign will be affected immediately,
destruction
means
comfortable in view of the cheer-
more
Fears that the Axis Powers will extend
news.
of
of
Italian
for
supply
Mediterranean
the
across
of
number
a
questions
warships
Italian
the
become
may
the
long
thrashing of
it
run
Italian
likely that the sound
seems
troops
by the
administered
Greek "Evzones" divisions will prove even more
im-
portant than the sinking or damaging of Italian
warships by the air
military
The
of the British fleet.
arm
determined defenders of Greece
in the least awed
drawal
apparently were not
by the Italian forces, although the
calculations
suggested
cautious
a
with-
by the Greeks in the face of the far greater
military strength of Italy.
British aerial squadrons
began to take part in the unequal struggle in sufficient
numbers
affect
to
the-
the
and
outcome,
strengthened hold of Great Britain upon the Mediterranean
also
rains
reported in the Grecian battle zone over
were
the last
remained
Heavy
major factor.
a
the last week-end.
Saturday stated that
an
Athens
in
wounded
seemed to
of
Italian
into
difficulties, while in the north
troops continued to attack the Albanian
Koritza,
some
10 miles from the border.
bombing airplanes harassed the
communications,
especially in
the coastal
Greek
move.
defenders
fresh gains
reported
this
week, and several important indications from Borne
suggest that the claims of the Athens authorities
not
ing to
exaggerated.
succor
to have been
An Italian column endeavor-
the forces besieged at Koritza
Greeks
the
was
repulsed, and the Greek attack
Albanian center continued.
front
On the central
reported
were
from
on
said
the
fighting
Belgrade,
Wednesday, to have tempted the Italians into
three-mile
to
a
no reason
to believe
the Italo-Greek conflict is nearing its end.
The
Italian air force raided deep into Grecian territory,
day after day, and inflicted modest damage at
various points.
The contest for Mediterranean control was
brought into a more active phase this week by Brit-
a
advance, which subjected the aggressors
withering cross-fire.
Here, also, the Italian
troops retreated, it appears.
advance southward
any progress,
not be able
for Italy. There has been, of course, 110 real challenge of the British sea strength by Italy, since
Premier Mussolini forced his country into the struggle on June 10.
The Italian fleet carefully remained
secreted behind land fortifications, and only occa-
sional sortees
were
made.
Italian reports
on
Tues-
day admitted that a British aerial raid had been
made early that day on the naval base at Taranto,
and
one
warship was said to be gravely damaged in
More news of this attack became
available on Wednesday, when Prime Minister
Winston Churchill delivered a characteristic report
consequence.
of the incident to the London House of Commons,
The bold raid by the bombers of the British fleet,
said Mr. Churchill, had crippled at least two, and
stantiate these claims. A statement by the British
Admiralty said that one battleship of the Littorio
class (35,000 tons) is badly down by the bows with
sunk two enemy supply ships, but no indication was
run
necessarily had to
are
arriving in Albanian ports
and it is evident that such forces will
At the same
through which the supplies of the Italians
The
are
the Italians able to claim
indicated.
was
re-
their
even
by the Fascist forces along the coast
British and Greek
towns
that Italians
in great numbers, and there is
her forecastle under water, while another of the
Cavour class (23,622 tons) had been beached. A
second ship of the Cavour class was believed to have
been damaged. In the inner harbor two cruisers
were reported listing, while two auxiliary vessels
were reported with sterns under water,
In the Italian report of this encounter it was
claimed that six British aircraft had been shot down
and three more probably downed.
But the Admiraltay statement said that only two British aircraft were missing after the raid. Supplementing
the account of the aerial raid was another statement, to the effect that light British ships during
the night of Nov. 11-12 had intercepted four Italian
supply ships escorted by tAVO destroyers. In this
action, which took place in the narrow Strait of
Otranto off the Albanian port of Valona, one of the
supply ships was reported sunk and two set afire,
while the fourth was damaged. One of the Italian
destroyers also was said to have been hit before the
vessels made off at high speed. This action suggests
that the Adriatic Sea is not so plainly an Italian
"lake" as Rome confidently has claimed. It appeal's,
moreover, that a British submarine recently has
The Italians
disorder, leaving stores and
behind, it
the Greek
town
of
put to the drive toward Yanina and the
drive
a
far
taken by reconnaissance airplanes were said to sub-
new
crack Alpine division
a
southerly regions of Greece.
treated
time
ever,
so
Belgrade dispatches indicate, how-
area,
The
troops had been routed in that region, and
end thus
more
Italian operations against Greece has not
materialized.
dispatches of last
hampered by the torrents.
were
phase of the conflict developed in the Pindus
Italian
General Soddu was
said to have the reputation for energetic action, but
the "new impetus" which he was expected to give
probably three, of the six battleships possesed by
Italy, and had put out of action two cruisers and
several auxiliary vessels in the port. Photographs
week-end, and the efforts of the Italians to
advance
over
of the Italian forces in Albania.
Soddu,
ish forces, and here also the results were disastrous
critical.
In
stated that General Ubaldo
to
were
move
any
Only in the coastal
great distance if the
porting columns inland are forced to retreat.
\Tirtual admission of these Italian
reverses Avas
sup-
A
made
given of the locale of that action.
The series of
Avar far overshadoAved the modest activities of the British and
incidents
in
the
Mediterranean
The Commercial & Financial
2840
occupation of Gallabat, on
counter-claims about the
gained
Ethiopia, and the impression
the frontier of
battleships to the British Navy, as a consequence
by observers was that the post changed hands severa! times.
Italian forces were reported in Rome
to have made progress on
threats in the Atlantic.
One occurrence that deserves especial attention is
the death in his country home of former Prime Minister Neville Chamberlain, late last Saturday. The
that such moves will
strength-
significance in the light of the
have little
control of the Mediterranean and the
ened British
of Greece.
defeat of the invader
of
recently completed construction programs. The new
ships, it is indicated, will offset the German raider
the coastal strip of north-
Egypt, but it seems clear
ern
Nov. 16, 1940
determination of the facts, British authorities have
said little about such claims, but it is significant
1hat London now reports the addition of five new
There were claims and
Italian forces in the Sudan.
Chronicle
world
Britain and the Axis
not informed of this
tragic incident until
It appears that Mr.
Chamberlain passed
was
Sunday.
>
SMASHING aerial and naval blows were Berlin- away after astirredillness, and Britishthe statesman
by Great Britain and the traded
where were long by the demise of hearts everyweek
this
made such
Europe
embittered
who labored endlessly for peace, and who finally
found it necessary to lead his people into war
against the European aggressors. That the task
The advantage in the Mediterranean clearly
week, but in the more
which Mr. Chamberlain was unable to finish will
be a long one was indicated last Saturday by his
successor, Winston Churchill, who declared in a
London address that a hard road must be traveled
before the "melancholy disasters" of recent months
can be overcome. It may be, said Mr. Churchill, that
two to three years must elapse before Great Britain
catches up with the German arms program and thus
reaches the point where the tide of battle really
can be reversed, but he promised every effort toward
this end on the part of the British Government. The
German view was presented late last week by Chan¬
cellor Hitler, who asserted in a Munich beer-hall
address that the Reich will not compromise until
victory is achieved over Great Britain. Herr Hitler
told German laborers, Thursday, that Germany
would be a model "socialistic" State in the post-war
world.
'
Axis, whenever weather conditions
Rome
possible, and the great conflict in
activities
moved steadily
thus
phase.
into
ever more
an
rested with Great Britain this
northerly battle between German and English forces
the issue remained undecided.
It is in this struggle,
European suBritish aerial bombers
that the real question of
moreover,
is being decided.
I>remacy
greater scale the
seemed to be raiding on an ever
ports and industrial cities which are vital
the German war effort.
That the Germans re-
German
to
compliment with interest is evident in
the
turned
the British
Midland centers of industry.
Liverpool was raided again and again by the
German bombers, who appeared over England every
the London
capital and
reports of vast attacks on
on numerous
Berlin received
night and occasionally in daylight.
particular attention from the British air force when
the Russian delegation headed by M. Molotoff ap-
The German fliers
Wednesday and
The truth of the matter probably is to
peared in the German capital.
were
reported to be retaliating,
Thursday.
the
bombings
caused
destruction
much
on
Both combatants in the main theater
European warfare claimed airplane losses to the
adversary
case.
The struggle on
the attention it
the high
German
attracted this week
seas
deserves, but
the sea
on
pocket-battleship raid
week
less
week of the parts that France and Spain are
•
months of
intense pressure being brought to bear by the RomeBerlin Axis Powers and the British Government,
Conversations apparently are continuing between
Europe, but ample signs were available of the
on a
as
in the
widely.
The
British convoy
destructive than
the
Germans
regime at
Vichy regarding a "permanent" peace settlement,
said over the
stumbling block
The question of French colonies was
last week-end to be one important
to any arrangement, and there are obviously a number of others.
Official announcement was made at
were
Vichy, Thursday, that French-speaking residents of
Lorraine are being expelled by the Germans, and a
in
their
British merchant
raider which
on
satisfactory indications this
London, the fact developed that only a few
indicated
made in
was
no
German officials at Paris and the Petain
.
air the claims of the two sides differ
last
admitted
officially
the
exceeding
far
losses in either
were
likely to play in the coming difficult
through much of the week, and it is clear
either side.
of
1
moonlight made night aerial excursions
brilliant
that
nPHERE
simple fact that fair weather and
be found in the
feasible
France and Spain
Nov. 5.
reports.
As
disclosures
ships actually were sunk by the
appeared
on
the horizon toward dusk
The British armed merchantman Jervis
protest to the Franco-German
was
indicated.
mans
armistice commission
At Berlin an "infiltration" of Ger-
placidly was admitted to be taking place.1 The
Bay, of 14,164 tons, fought off the raider and thus
incident makes it bitterly obvious that talk of a
enabled most of the
reasonable peace offer by Berlin to Vichy is idle,
ships in the convoy to escape,
A Swedish
No additional evidence is needed to clarify the diffi-
of the complement of the
culties faced by Marshal Petain and Minister Pierre
although the defending ship was lost.
freighter rescued
Jervis
Bay.
some
Prime
Minister* Winston
Churchill
praised the performance of the armed ship in com-
The Vichy regime also continues to find its path
the other hand,
beset by activities of Frenchmen outside its control,
emphasize warnings by
The genuinely free French forces of General Charles
It is hardly to be denied,
that the incident
serves
to
on
the British Prime Minister of the
ger
now
sea
blockade dan-
faced by the United Kingdom.
spokesmen claimed fresh
moves
German
in this sphere, which
they said resulted in the sinking of a number of
British ships by means of aerial attacks.
of France.
Commons, Tues-
ments before the British House of
day.
Laval in their conversations with the German conquerors
Pending
de Gaulle, operating
from Great Britain, last hun¬
day took in a surprise attack the port of Libreville,
capital of Gabon, French Equatorial Africa.
The
Vichy Government admitted that communications
with Libreville had been cut, and it was charged
Volume
that the British
Navy had been instrumental in the
This
capture of the colony by General de Gaulle.
denied
was
London, but the British Admiralty
in
admitted the
sinking by
a
British warship of the
ship was en¬
French submarine Poncelet, while that
deavoring to attack British vessels off French
This effort
torial Africa.
cessful
than
was
consideration, it is a reasonable surmise
into
the British Government has a very
forestall
to
Marshal
which
matter
mere
the French
The
that
good idea of the
of
indicated "settlement"
the
to
might have to agree as a
Petain
preventing wholesale starvation of
Spanish Government of Generalissimo Fran¬
to be finding its position
Some Madrid
effect that London
has not given up hope of preventing Spain from
attempting an armed assault upon .Gibraltar as a
full-fledged partner of the Rome-Berlin Axis.
A
report of Tuesday to the New York "Times" said
reports can be interpreted to the
seeking the cooperation of the
that Great Britain is
United States to
provide Spain with food and other
supplies, as an inducement to
the
war.
refrain from entering
American Embassy officials were
rumored
participated in the initial Madrid talks on
to have
this matter.
The State Department
merely said that it had no
in Washington
information.
fresh conversa¬
tions in Paris with German occupation authorities.
This maneuver may only indicate that information
is
alliance, had departed for
desired
by Madrid of the results
conversations between Herr
but it also is
of the Berlin
Hitler and M. Molotoff,
possible that more serious matters for
Spain are involved.
Earthquake
series
the most disastrous
in the history of that country.
shattered
temblors
an
area
of 5,000
square
indicate that the destruc¬
Bessarabia,
recently regained froin Rumania.
was caused in
the oil-producing
miles, and some reports
deep into the area of
tion also extended
which
Russia
Great
damage
well be that the
supply of oil to Germany and Italy will be curtailed
to some degree because of the shocks.
Bucharest
regions of Rumania, and it may
was
any
Present
banks.
Nov.lb
Country
vinus
Effective
>
Rale
Argentina..
34
Belgium
Bulgaria.
2
Jan
6
Aug
6 1940
15 1935
not far from the
capital was devastated.
and fires spread as the inevitable
ings of the humble,
accompaniment of such disasters. Piercing cold fol¬
lowed and added to the misery of the population,
drew
various
sorts
from
Rumanian soldiers
ruins, but it is
superstitions inferences of
the occurrence.
2
2 4
Hungary...
4
Aug
29 1939
29 1935
7
India
3
Nov
28 1935
34
Italy
44
May
Apr
18 1936
7 1936
3.65
14 1937
24
Mar
11
1935
3
Dec
16
1936
4
Japan
4
July
18 1933
5
Java
3
Jan
3 29
...
3
Jan
July
44
5
4
7
15 1939
Lithuania..
6
3 H
Morocco
64
May 28 1935
44
5
Norway
44
Sept
34
44
44
Czechoslo¬
vakia
1
1936
4
Jan
4 4
May 22 1940
54
Poland
44
Dec
22 1939
17 1937
Eire.
3
June
30 1932
34
Portugal..*.
4
Aug
11 1937
England...
2
Oct.
26 1939
3
Rumania
34
May
1935
May
5 1938
15 1933
Mar
Danzig
Denmark.
.
2 1937
...
..
34
5
44
Estonia....
44
Oct.
1
5
South Africa
Finland
4
Dec.
3 1934
44
Spain
29 1939
5
France
2
Jan.
4
1939
24
Sweden....
34
May 17 1940
3
4
Switzerland
14
Nov
26 1936
2
Yugoslavia
5
Feb.
1 1935
Germany
34
..
Apr.
Jan.
6
Greece
6 1940
4 1937
7
1 *4
64
officially confirmed
•Not
Foreign Money Rates
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%, as rates 1 short
were
on
on
and 1 1-32%@1 1-16% for
Friday of last week,
three months' bills as
Friday of last week.
Friday
against 1 1-32%@1 1-16% on
Money on call at London on
1%.
was
Bank of England
Statement
THE statement of the increasefor £559,000 in note
Bank of the week ended
13 showed
Nov.
an
which raised the total outstanding to
circulation,
with the record high, £613,£527,643,677 a year ago. An
increase in gold holdings, the fourth in as many weeks,
of £124,854, together with the advance in notes,
resulted in a loss of £433,000 in reserves.
Public
£594,049,000, compared
906,516, Aug. 14 and
while other deposits declined
The latter includes bankers' accounts,
which fell off £3,561,249, and other accounts, which
increased £565,326.
The reserve ratio is now 20.0%;
a
week ago it was 20.6% and a year ago 32.3%.
Government security holdings rose £3,400,000 and
other Securities £701,402.
Of the latter amount,
£1,128,774 was an increase in discounts and advances
£427,372 a loss in securities.
No change was
made in the 2% discount rate.
Following we show
and
the
years:
BANK
comparisons for previous
items with
different
OF
ENGLAND'S COMPARATIVE
Nov.
13,
1940
Nov. 15,
Nov.
German and
promptly began to dig out the
STATEMENT
16,
—1938
1939
Nov.
Nov. 17,
18,
1937
1936
£
£
£
478 ,587,827 481,107, ,904 444 ,904,971
594,049.000 527,643 ,677
14 ,115,628
35 ,047,387
33,171, 720
17,844 ,162
19,584,000
Public deposits
,492 124 ,523,031 122,839, 842 140 .758,011
164,662,264 147,663
Other deposits.
89 ,485,653
86,698, 380 96 082,519
107,083 757
Bankers' accounts. 114,671,597
35 ,037,378
36,141, 462 44 675,492
49,990,667 40,579 735
Other accounts—
Circulation
139,807.838 103,196 164
25,295,729 26,552 958
5,261 370
4,229,377
Disc't & advances.
Govt,
securities
Other
securities
Securities
Reserve
which 'doubtless
Rate
Aug
£
ment houses
vious
3
Canada
center of the disturbance, for
Great apart¬
tumbled into ruins along with dwell¬
the Rumanian
Date
Effective
Holland
1936
1
Mar
Pre¬
Effect
Nov 15
Date
Effect
are
Rate in
Pre
Rate in
centers
follows:
shown in the table which
Country
leading
the
at
rates
£2,995,923.
RUMANIA earthquake shocks which proved to be
of suffered over the last week-end a
The
THEREdiscount rates of
have been no changes during the week in
the
of the foreign central
deposits rose £6,647,000
Rumanian
Central Banks
Discount Rates of Foreign
On Thurs¬
day it was made known in Madrid that Foreign Min¬
ister Ramon Serrano Suner, who favors the NaziFascist
beyond immediate estimation.
Colombia..
people.
increasingly hazardous and difficult.
Many thousands
property damage is
and the
homeless
made
Chile
cisco Franco also appears
toll will range be¬
the death
1,000 and 2,000 persons.
tween
were
that
state
accounts
Vichy by Berlin, and is aiding any
terms offered
efforts
be¬
Taking all circumstances
Vichy.
duction of the oil flow to the
but it can
hardly be counted upon to improve relations
tween London and
damaged, however, and this will mean some re¬
warring nations. Late
were
at least more suc¬
Dakar raid,
ill-fated
the
Equa¬
2841
Chronicle
The Commercial & Financial
151
...
notes «fe
coin
21,066,352
36,877,000
926,112
Coin and bullion
Proportion of reserve
to liabilities
...
—
Bank rate
Gold val. per
fine oz_
evident that the earthquake will
little influence upon the military
76,613, 165
78 973,337
32 .991,602
30,320, 253
29 080,534
7 395,037
9,019, 849
,404,788
404
21 685,497
21,291, 588 20 ,586,814 21,301,
399,825
49 ,086,771
66,844, 558 64';
53,550 914
462 249 504,796
1,194, 591 327 ,674,598 327,952,
12
32.3%
20.00%
2%
168s.
95 ,236,164
2%
168s.
New York Money
'42.8%
2%
30.7%
2%
168s.
84s.
ll^d. 84s.
41.70%
2%
11 Hd
Market
exercise at least a
history of the Balkan
concentrated
most
Peninsula.
The Reich troops
particularly upon the oil fields, and
dispatches indicated that they were
prevent fires from
able to
spreading. Refineries admittedly
MONEY market business week, and the monoto¬
ceedingly modest this in New York was ex¬
nous
must
reference to a mere
be
made.
continuance of rates again
There was no faintest
tendency
The Commercial & Financial Chronicle
2842
toward
bills
change in
volume,
also is said to be
the New York Stock
on
all
Bankers'
slightly
more
Com¬
bank rates for
1%% for 60 to 00 days, and 1%% for four to six
In London
Italy,
.
York
Money Rates
on the
was the
ruling quotation all through the week for both
loans and
continues
up
renewals.
quiet.
The
market
for
time
or
supply.
Ruling rates
exchange is not quoted
ma¬
maturities.
Acceptances
In New
the invaded countries,
nominal quotation for the so-called free
a
on
gold mark around 40.05 and for the registered mark
Italian lire
nominally quoted at
are
Only last week
from the London
the Bank of
banks shall
Swiss
This
^
Nov. 7 the New York Bankers
on
Foreign Exchange Committee announced through its
Chairman, Mr. R. F. Loree, the receipt of advices
or
Bankers'
Germany,
on
money
%@1% for all
are
exchange is not quoted
around 12.00.
Rates continued nominal at 1 %%
Moderate improvement has been apparent
fair
registered sterling continue at 4.02
new
this week in the market for prime commercial
paper.
The demand has been good and prime
paper has been
in
England
5.05.
to 90 days and 1%% for four to six months'
turities.
of
4.02%-4.03%;
the invaded European nations.
or
but there is
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
Bank
York,
buying and 4.04 selling.
were
months.
New York
the
New
Canada, 4.43-4.47 (Canadian official, 90.09c.-90.91c.
United States dollar); Australia, 3.2150-3.2280;
New Zealand, 3.2280-3.2442.
American commercial
Exchange held to 1%
transactions, while time loans again
quoted by
follows:
as
16/1940
per
Call
on.
rates
continue
in
abundant, but
again the banks prefer simply to hold
loans
for
have increased
to
late, but there is little trading.
or
mercial paper
here
part of the market.
any
reported
are
Official
Nov.
Foreign Exchange Committee that
England had decreed that the British
longer
no
pay
registered
ruling
interest
of
accounts
United States
on
pounds
sterling.
made retroactive to Oct. 15.
By
was
registered accounts is meant what is usually referred
THE market for this week. The acceptances
prime bankers' volume of
fallen
has
off
business has been light and prime
Dealers'
scarce.
rates
as
bills have been
reported by the Federal
Reserve Bank of New York for bills up to and in¬
cluding 90 days
%% bid and 7-16% asked; for
running for four months, 9-16% bid and %%
asked; for five and six months, %% bid and 9-16%
are
bills
asked.
The
bill-buying
Reserve Bank is
days.
rate
of
the
New
York
%% f°r hills running from 1 to 90
/
THERE have been
rediscount
no changes this week in the
rates of the Federal Reserve
recent advances
Government obligations
in the footnote to the table.
The
on
are
banks;
shown
following is the
schedule of rates
of paper at
now
in effect for the various classes
Rale
1
1
Philadelphia
Richmond.
Atlanta
_
Chicago...
Sept.
1, 1939
Aug. 27, 1937
Sept. 4, 1937
IX
IX
IX
*1X
*1X
*1X
IX
*1X
*1X
IX
Cleveland
.
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco
ooverumeni
2
May 11, 1936
2
2
Aug. 21, 1937
Aug. 21. 1937
Sept. 2, 1937
Aug. 24, 1937
2
2
3, 1937
2
Aug. 31, 1937
Sept. 3. 1937
2
present volume of trading and that which has
pre¬
vailed since about Juty. The free
pound in a nominal
market shows little
change in quotations from week
week, but rates continue
to approximate the official
by the Bank of England.
Trading in
official sterling is also
desultory.
The
for free sterling this week has been between
$4.03% and $4.04% for bankers' sight, compared
range
of between $4.03% and $4.04% last
week. The range for cable transfers has
been between
$4.03%
was
range
and
$4.04%, compared with
between $4.03% and
$4.04%
a
with
country
any
arrangements
which
in force,
are
consent is received from the
ruled that such accounts
New
announced
York
on
unless written
Bank of
England.
Exchange
,
Committee
Nov. 12 the receipt of a cable dispatch
that Chile had been added
to the list of countries in which
official
It
already opened must be
Foreign
from London reporting
be kept.
or
special
reported to the Bank of England by Nov. 15.
special accounts
may
This type of pound sterling is distinct from
or
sterling.
registered sterling and from free market
It is in its nature
its
in
a
blocked sterling account
by regulations of
uses
the
British
Foreign Exchange Committee also announced
the British monetary auth¬
13
a
week ago.
(excluding Eire), Norway, Poland, The Netherlands,
Belgium, Sweden, the United States, or on a vessel
of the British
but there is in fact not much difference
between the
a
resident in the United States
chartered to the Ministry of Shipping or to a national
Sterling Exchange
is in
with
account
or
account may be opened in the
area
person
2
THE foreign exchangetrading period in its history,
market, it may be truly said,
the slowest
or
distinct
sea unless the goods were carried on an
"approved ship," one that sails under one of the
flags of the British Commonwealth of Nations
1%, effective Sept. 1, 1939*
Chicago; Sept. 16, 1939, Atlanta, Kansas City and Dallas;
Sept. 21,1939. St. Louis
registered
as
sterling.
shipments by
2
2
oDugations Dear a rate or
Course of
sterling,
free market
orities would not approve or
register the credits in
connection with bankers' applications in respect to
IX
IX
Aug. 27, 1937
Sept.
a
that effective Nov.
'
set
sterling
of
Switzerland
Previous
Established
New York
levels
no
name
The
Date
Nov. 15
Boston
"official"
as
or
Treasury.
Rate In Effect
Federal Reserve Bank
market
The Bank of England also ruled, effective Oct.
15,
that
limited
the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
to
in this
The
Discount Rates of the Federal Reserve Banks
Auvaucra on
to
from "unofficial"
range
of
Advices
British
Commonwealth, excluding Eire.
from
war
London
spending is
on
now
Nov.
13
£14,000,000 a day.
During the two
Nov. 12 the expenditure was more than
At the current rate this
of
nearly
stated
means an
weeks ended
£192,000,000.
annual
Conservative
member
of
Ellis, financier and
Parliament,
that he would ask the Chancellor of the
gave
notice
Exchequer,
Kingsley Wood, whether he had discussed with
the United States Secretary of the
posal that Great Britain
He
expenditure
£5,000,000,000, approximately equal to
Britain's total pre-war income.
Last week William Craven
Sir
that
at the rate of nearly
explained that
clusions, if
he
any, were
Treasury
return to the
a pro¬
gold standard.
sought to learn what
reached.
con¬
Volume
The Commercial &
151
Thus far the
been
have
question of the member
However, there is
reply.
need for
no
Great Britain cannot
response.
seems
not to
but will doubtless receive a
answered,
an
official
return to the
now
gold standard, but will undoubtedly do so as soon as
feasible after the
close of the
and the earliest
war
practicable date assigned for such
gold standard
by
can
no means
return to the
a
follow immediately
the fixing of the
Under the present circumstances
pound to the United States dollar is as near as Great
Britain
practically
can
American
to the gold
come
authorities
British
The
gold holdings
doubtless
as
rely
standard.
the
upon
available backing for all
the countries in the sterling area and
this condition
prevail until there is something like a return of
must
International trade is utterly
stability in the world.
demoralized, the trade of the sterling nations not less
than any
there is, is
Britain and the sterling area, and
adverse to Great
world
the
for
What
other country.
the
outside
commerce
the
sterling countries
channels of international trade have been seriously
Hence the
blocked.
foreign exchange market is prob¬
There
be
can
no
gold standard by
return to the
juncture.
The American dollar
gold standard for Great Britain and all her
is the
dominions for the present.
overseas
They rely
upon
liquid balances in the United States as their
substantial backing. The gold coming here from
their
most
Canada, Australia, and South Africa is converted into
liquid dollar balances as the safest substitute for gold
which at other times might be transferred from
London
as
necessity required.
tandard, but only
dollar
the
a
few weeks ago it
repudiated for the duration of the war all British
paper money
held in non-British hands.
abandonment of
but
one
no
go so
gold in 1931
was a
as
Britain's
shock to the world,
could imagine that Great Britain would
held
regarded
far as to repudiate the pound sterling note
The British pound note was
premier paper money of the world.
by foreigners.
•
the
Its re¬
pudiation when not held by British citizens was
almost as great a shock as the suspension of gold.
United States gold stocks were
on
by marking up gold from $20.67 an ounce to
dollar
$35
$21,637,000,000
Undoubtedly the devaluation of the paper
Nov. 13.
an
ounce
played
a
major part in bringing these
United States, certainly in
period around 1934. But had the dollar never
huge gold stocks to the
the
been
devalued the chances
are
that owing to the
international complications which developed steadily
since that time,
the physical volume of gold holdings
large as it is now, measured not in
here would be as
terms of
The
the dollar, but in terms of fine ounces.
gold is the predominant asset of the United
British regard its lodgment here as
States and the
equally
an
asset for themselves
and
a guaranty
of the
international trade.
Still more gold will come to the United States. The
idea of those who hold with the new German thesis
that the gold will become useless and will be sup¬
eventual restoration of free
planted entirely by barter and that international
can be conducted better by barter is fallacious.
International trade as carried on in the past century
has been in practical effect nothing more or less than
trade
barter.
The vast volume of commerce
London bill of
cleared by the
exchange required the transfer of a
bills, gold coin, or bullion.
pounds sterling were cleared in London
Billions of
million
balance
week with at the utmost only a few
every
pounds of actual gold or currency required to
accounts.
of
necessity be the basis of inter¬
national exchange.
Every import is fundamentally a
Barter
must
veniently
or
be
con¬
profitably produced by the importing
The importing country must export an
country.
equal amount of its own surplus product or that
surplus product must find its way to destruction.
When
country imports in excess for too
a
period and has
long
a
gold to offset its adverse balance,
no
prices fall in that country and hard times ensue
population until such time as it may be able
balance of trade through the export of
for its
to restore the
other
This
goods.
ever name
is in fact barter, by what¬
process
it is known.
of foreign
name
It is familiar to
us
under the
exchange. All adverse balances must
be settled by a
non-repudiatable medium.
No fiat
other governmental promise can take the
money or
other
reason
than that since
beginning of human society governments have
the
repeatedly repudiated their engraved, or otherwise
solemnly given promises.
London
market
open
money
rates continue ex¬
weeks.
Call
%%. Two-months bills are
1 1-32%, three-months bills 1 1-16%, four-months
bills 1 3-32%, and six-months bills 1 %%•
tremely
easy,
unchanged from
many
is in supply at
money
Canadian exchange continues
with
only is England off the gold standard and on
Not
took the form of bank
place of gold, if for no
ably at the lowest ebb in history.
Great Britain at this
negligible volume of currency, whether that currency
luxury, something brought in that cannot
the termination of hostilities.
upon
2843
Financial Chronicle
hardly
any
Montreal funds
and
a
ranged between
a
discount of 13%
discount of 12%%.
The amounts of
follow
exceptionally steady,
variation from the past few weeks.
are
gold imports and exports which
taken from the weekly statement of
United States Department of
the
Commerce and cover
the week ended Nov. 6, 1940.
GOLD EXPORTS
AND IMPORTS, OCT. 31 TO NOV. 6,
INCLUSIVE
Imports
Total
-
Finland
$8,577
and Coin Shipments—
$340,446
7,000
.;
Netherlands
Portugal
—
United Kingdom
——
1,114,367
52,081
66,504,871
Canada
Mexico
$2,240
6,337
$73,270,991
Refined bullion and coin
Detail of Refined Bullion
Exports
*$1,946,410
71,324,581
Ore and base bullion
6,337
.
254,807
Japan
3,051,009
,
♦
Chiefly $105,452 Canada, $349,418 Mexico, $166,600 Chile, $140,311
Ecuador, $222,335 Saudi Arabia, $686,380 Philippine Islands.
Gold held under earmark at the Federal Reserve banks was increased
during the week ended Nov. 6 by $1,878,421 to $1,775,478,611.
Hongkong
-
Referring
to
day-to-day rates free sterling on
$4.03%@$4.03% for bankers'
cable transfers. On
Monday, there was no market in New York.
On
Tuesday bankers' sight was $4.03%@$4.04; cable
transfers were $4.03%@$4.04%, On Wednesday the
range was $4.03%@$4.04% for bankers' sight and
$4.03%@$4.04% for cable transfers. On Thursday
bankers' sight was $4.03%@$4.04; cable transfers
were $4.03%@$4.04%.
On Friday the range was
$4.03%@$4.04 for bankers' sight and $4.04@$4.04%
for cable transfers.
Closing quotations on Friday
were $4.04 for demand and $4.04% for cable trans¬
fers.
Commercial sight bills finished at $4.00; 60and 90-day bills are no longer quoted.
Saturday
last
was
sight and $4.03%@$4.04 for
The Commercial & Financial Chronicle
2844
Continental and Other Foreign
Italian
Exchange
NOTHING of a reliable character can beWhat
said
regarding European financial conditions.
financial nature which might be
the remotest relation to
commented upon has not
if bearing
foreign exchange, and
the future
upon
international trade and financial situation of these
French
The
published
a
Government
Nov.
on
wages,
pesetas
against
2.05
longer quoted.
no
quoted
nominally
are
at
on
are
(nominal),
Greek exchange is
(nominal).
Spanish
2.05
at
firm
Exchange
against 23.21 @23.22.
closed
Finland
francs
Swiss
against 23.86.
23.86,
23.21 @23.22,
9.25,
at
..
10
.
requiring that
bank notes and
Vichy
at
law reducing the circulation of
new
mo
nominally quoted in New York at
are
against 9.25.
only to complete demoralization.
countries points
16,
The Swedish krona in limited trading is around
5.05.
little there is of a
lire
Nov.
salaries, rents,
EXCHANGE on the Latin American countries is
the whole unchanged from recent weeks,
on
although the undertone of
and labor must be paid for by
check, by bank draft, or by postal order on postal
saving account whenever the sum involved exceeds
effect closer economic
3,000 francs.
of these units has
many
States.
transports, materials,
developed
Payment by check is contrary to the habits of the
French
Secretary of State and representatives of the Treasury
Marcel
M.
in making the
Bouthillier,
of checks
use
Control
asserted, has been organized and
strengthened, while rationing becomes more severe.
to prevent a rise in prices.
was
prices, he
He declared that the great mass of
which
funds available,
increasing steadily because of the rising
was
expenditures of the State, had become a threat to the
and constituted
soundness of the system
conceived
law
in
the
Nov.
on
<
was
10,
An order sets at six months, the term of these
of bills.
bills and fixes at half the debt the total which may
handled in
this
counted.
These bills
'
The
manner.
,
established
franc
may
be
be dis¬
the time of the Latin Union,
at
valued at 19.30 cents, on
the basis of the old gold
dollar of $20.67 per ounce,
has completely vanished.
Not
only this, but the franc whose parity with the
1934
new
cents
as
dollar
was
of Nov.
fixed at approximately 2,653
piece of
but which has
has for
real
no
An Amsterdam
Dutch Exchange
purchasing
stamped
obliged to
are
use j
power
dispatch of Nov. 8 stated that the
Institute is allowing dollar balances
in Holland to be used for
York.
currency a
which the citizens
paper
Further
security purchases in New
commodity price
regulations
are
expected in Amsterdam. The German CommissionerGeneral of Finances and Economics in Holland de¬
clared that under
no
circumstances will the
The Reichsbank is
devalued.
be
Bank, heads the mission.
advices the State
of the
According to Washington
Department recognizes that
serious difficulties to
most
be
one
in
overcome
solving Pan-American economic relationships is that
of
trade
between
relations
the
United
Argentina.
It is
Great
States
"
and
'
f
'
'
thought that the Argentine delegation will ask
economic
between
conference
Britian, and Argentina.
the
a
three-way
United
States,
Their proposal will
be for the United States to participate in a program
to release a
London
portion of the Argentine credits held in
and
created
Such
Buenos Aires.
through British purchases in
a
plan, according to Argentine
opinion, would give Argentina additional free
money
In the
Argentine view,
guilder
guaranteeing the
the
as
a
stable economy.
war
has progressed, British
industry has become constantly less able to supply
the diversified Argentine requirements. As a result
the Argentine balance in London has reached about
£2,500,000 and has become
disturbing Argentine
12, 1938 has likewise disappeared.
The French public now
Dr.
Prebisch, Manager of the Argentine Central
with which to maintain
•
j
only emphasize the fact that the
laws
new
Paul
Washington to endorse their plan for
spirit
same
providing that the State
Departments and Communes and public establish¬
ments must pay part of their expenditures by means
published
Department and of the Export-Import Bank.
danger
a
which must be circumvented at all costs.
Another
delegation arrived in
Argentine
an
hoarding population of Europe.
declared that his object
over
13
cooperation with the United
Washington for conferences with the United States
Minister,
Finance
obligatory
leading executives of "these countries to
Nov.
On
the result of the
as
which has been for centuries the
public,
greatest currency
The
of
efforts
buoyancy largely
a new
It is
one
of the chief factors in
\
economy.
thought that the Argentine mission
credit here of $100,000,000.
credit here of $22,400,000
seek
a
Argentina already has
a
may
for the purchase of railway
equipment and industrial products.
The endeavor to bring South and North America
into closer economic
unity is regarded with sympathy
throughout the western hemisphere.
problems of the South Americans
their exchange
trade
It
is
solved and
position made easier, resolution of the
difficulty
difficult
However the
are
to
see
at
most
how
be only temporary.
South
America's loss
of
exchange rate.
He considers
the
Dutch
be fully compensated in view
of the
fact that the
lost European markets served
about
present
can
550,000,000 inhabitants
European
trade
can
investments in the United States and in the Dutch
East Indies of the utmost
must
importance,
so
that they
remain intact.
The
Prague Bourse
was
week of November and
market after
an
reopened in the second
trading
was
resumed in the
interval of 25 months.
There
can
question that thus far at least Germany has
no
be
com¬
plete control of Europe's economic life, not for the
benefit
of
Europe, but solely for the
Germany's military
Exchange
not
or
on
support
of
power.
the countries invaded by Germany is
in
against 130,000,000
the United States, and that most South American
products
are
largely competitive with those of this
^ :';-y^
Argentine unofficial or free market peso closed
at 23.70@23.75, against 23.70@23.75.
The Argen¬
tine official peso has been held for a long time at 29.78.
Brazilian milreis closed at 5.15, against 5.15. Chilean
country.
The
exchange is nominally quoted at 5.17, against 5.17.
Peru is nominally quoted at 16.00, against 16.00.
The Mexican peso is quoted at 20.80, against 20.80.
quoted in New York. The German so-called free
gold mark is nominally quoted in
around ,40.05
and
the
registered
mark
New York
at
12.00.
familiar
EXCHANGEtrends. Far Eastern countries follows
on the The only units seriously
affected by
the unsettled situation in Asia
seem
to be
Volume
The Commercial & Financial
151
the Hongkong dollar and the
of which fluctuate
dollar is
Shanghai
a survey
of the American Consulate-
Hongkong made in October covering the
General at
period 1935-39, Japanese products imported into the
Colony in 1939
65% under the 1935 total and
were
Hongkong exports to Japan in the same year were
imports
diminished
from
purchasing
again engaged in a vast program for
Will our electric supply prove
the national defense.
the
resulted from
Japan
power
in South China and the
Will the
of the nation?
is the extent of
electric supply and Avhat are
the
our
Avill make upon it?
gram
Although
President
the
Commission
Pcnver
caused by Japan's
was
Eastern currencies
steady.
are
23.45,
against ,23.45 on Friday, of last week.
Hongkong
closed at 23jk8@23.70, against 23J-8@23.55; Shanghai
at 6.10@634, against 6.20@6J4; Manila at 49.80,
against 49.80; Singapore at 47jks, against 47%; Bom¬
bay at 30.31, against 30.31; and Calcutta at 30.31,
Closing quotations for
checks
yen
were
Banks
statutory rate, 84s. ll^d. per fine ounce)
principal European banks as of respective
of most recent statements, reported to us by
British
the
cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
special
four years:
242,451.946
3,886,750
327,952,462
327,674,598
293,728,237
3,006,950
328,601,513
310,168.538
2,504,200
87,323,000
25,232,000
112,887,000
63,667,000
3,843,450
63,667.000
Italy
16,602,000
23,400,000
25.232,000
Netherlands
97,714,000
89,144,000
123,418,000
132,857,000
84,758,000
103,025,000
96,294,000
114,910,000
32,832,000
95,533,000
6,536,000
8,205,000
6,547,000
Nat.Belg__
Switzerland
Sweden
Denmark
.
V
_
Total week.
697,507,892
Acre—The
many
regular
war,
are
as
of
Frauce
many,
tn
26,041,000
6,602,000
Europe has
made It Impossible to obtain up-to-date reports
of the countries sbown In this tabulation.
Even before the present
reports were not obtainable from Spain and Italy, figures for which
1938, and Mar. 20, 1940, respectively.
The last report from
received June 7; Switzerland, Oct. 25; Belgium, May 24; Nether¬
April 30,
was
17; Sweden,
May
lands,
war
77,644,000
249,504,796
391,871,164
1,846,350
87,323,110
42,575,000
47,491,000
105,125,000
81,295,000
24,253,000
6,553,000
6,603,000
754,884,068 1,095,503,785 1,078,434,200 1,044,440,420
760,253,491 1,094,048,728 1,063,538,720 1,044,297,652
697,571,031
Prev. week.
from
6,500,000
6,666,000
6,667,000
Norway
63,667,000
94,133,000
35,300,000
41,994,000
6,505,000
...
May 24;
Denmark,
March 29; Norway, March 1; Ger¬
Nov. 8.
Notes Act, 1939, the Bank of England
statements for March
1, 1939, and since have carried the gold holdings of the
Bank at the market value current as of the statement date, instead of the statutory
»
Pursuant
price
per
to
the Currency
and Bank
which was formerly the basis of value.
flue ouuc?) the Bank reported holdlugB
On the market price basis (168s.
of £926,112. eaulvalent, however,
lli^d. per fine ounce), accord¬
In order to make the current figure comparable with
with the figures for other countries in the tabulation,
weshow English holdings in the above In statutory pounds.
x Gold holdings of the Bank of Germany as reported In
1939 and 1940 Include
to only about £46 <,335 at the statutory rate (84s.
ing
to
our
calculations.
periods as well
former
as
"deposits held abroad" and "reserves In foreign currencies."
y
The Bank of France gold holdings have been revalued
years; onr
prior to
as
several times In recent
basis of latest valuation (23.34 mg. gold 0.9 fine equals oue franc), Insti¬
7, 1940, there are per British statutory pound about 349 francs;
March
tuted
the
In
March 7, 1940, there were about 296 francs per pound, and as recently
1936. as few as 125 francs were equivalent; to the statutory pound.
this table In Issue of July 20, 1940.
September,
For details of changes, see footnote to
meanwhile, hoAvever,
facilities have been let in large
data
at hand to
are
of
estimate
the
permit of
defense
quarter of
a
United States learned from
tions
for
since the
volume, sufficient
a
reasonably close
program's
pcrwer
require¬
for
important sense our electric utilities have
one
Avith
faced
defense program Avas
though
national
the
century
ago
Ave
in the
experience that prepara¬
defense
make
sharply
in¬
our
formal
initiated less than six months
No sooner had hostilities broken out in Europe
ago.
a
defense power demands
national
than 14 months, even
more
last September than our airplane and
year ago
manufacturers,
motor
to
but
name
an
important
feAV, began receiving substantial orders from abroad.
And under the stimulus of this war business many
plants and mines, directly or indirectly con¬
Avere
with
the
the
production of defense facilities.
reopened, employment rolls in all sections of
country Avere expanded, and retail trade began
to revive.
The effect of this war-induced
trial
expansion in indus¬
activity in the United States is evidenced by
the sharp
increase in weekly electric output since
the close of
in electric
Disregarding the decline
August, 1939.
generation during the first.Aveek in Sep¬
of the Labor Day
kiloAvatt-hour output
jumped from 2,354,000,000 during the last Aveek of
August to 2,444,000,000 during the second Aveek of
September, and moved steadily upward, Aveek by
week, for the balance of the year. During the first
four months of 1940, hoAvever, due to a paucity of
neAV Avar orders, occasioned by the low ebb of hostili¬
ties abroad, and to a bogging down of non-Avar busi¬
ness activity at home, electric output gradually de¬
tember, Avhich marked the effect
holiday on industrial activity,
clined to reach its 1940 Ioav
Avith
May 4.
point, except for holiday
the week ended
Nevertheless, that output Avas 233,-
000,000 lnvh. greater than
By Ebxest II. Abrams
a
large indus¬
probable demands, it
Aveeks, of 2,386,000,000 kAvh. during
National Defense Power Requirements
Nearly
yet
accurately determined, and since orders for many
£
£
£
£
*604,105
Spain
x_
as
.defense requirements of the Nation have been rather
cerned
£
Germany
to learn their
has
further question¬
be Avell into 1941 before official figures are
available.
1936
1937
1938
1939
v;
*468,335
France y
a
consumers
idle
i
1940
England
fact, since
trial
been
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
Banks of—
In
naire is about to be circulated among
In
Gold Bullion in European
dates
of these requirements
ments, over the coming 12 months at least.
against 30.31.
in
determine the
may
Except for the Chinese centers all the Far
change.
to
Federal
the
directed
mid-June
in
probable electric needs of our defense activities, no
been announced.
Hongkong exports to Japan
prove
prospective demands the national defense pro¬
anti-Japanese boycott by the Chinese. The recession
policy of limiting imports to conserve foreign ex¬
What
necessary?
again
official estimate
in
rationing of electricity to
non-defense activities
The decrease in the
68% under the 1935 total.
Colony's
Ave are
2845
5
adequate this time to meet the expanded demands
slightly firmer.
According to
Today
both
yuan,
At present the Hongkong
widely.
Chronicle
during the corresponding
Aveek of 1939.
With the invasion
of the Low Countries, hoAvever,
and with the ultimate
collapse of France as a bellig¬
inadequacies of our own defense facilities
vividly brought to the attention of the Amer¬
creased demands upon our electric supply systems.
erent, the
During that earlier period Ave saw the Federal Gov¬
Avere
ernment
requisition all the electricity generated at
Niagara Falls to conserve it for the manufacture
We
of munitions.
non-essential
to
bolster
Avere eA^en
two
saAv
industries
the
supplies
electric energy rationed to
in
many
industrial
of armament plants.
areas
We
forced to forego the lighting of our streets
nights each Aveek to save electricity for defense
activities.
ican
people, and the entire country became
almost
hysterical in its demand for adequate protection
from invasion of the Western Hemisphere, even to
the extent
of demanding a tAvo-ocean navy.
ity was
output.
electric
And,
in industrial activ¬
immediately reflected in expanded electric
Starting with the second Aveek in May,
output began mounting steadily until it
again, the resultant acceleration
The Commercial & Financial Chronicle
2846
reached
all-time high of 2,734,000,000
an
kwh. in the
2, about 23,000,000 kwh. more
week ended with Nov.
during any previous week in our history and
than
■209,000,000 kwh. more than during the corresponding week of 1939.
.
Yet, despite this sharp increase in national elec-
consumption, existing generating capacity was
trie
Al-
demands.
ample to meet electric
than
more
though the country's electric requirements, as indiby kilowatt-hour output, were 7.7% greater in
cated
•Septeml>er, 1940, than in September, 1939, reports
from electric utilities
comprising
90% of the
some
show that the sum of the Nation's
entire industry
non-coincident peak
demands in that month, which
probably exceeded the simultaneous peak demand by
around
7%%,
was
other words, about 31.2% of the
generating capacity was theoreti-
In
capacity.
approximately 68.8% of installed
Nation's electric
cally idle and in reserve during September, available
meet
to
any
-defense program.
into which the
Of the
seven
the national
of
demands
expanded
consumption
areas
country is divided for statistical pur-
the highly industrialized Central Industrial
poses,
region had the lowest reserve of 27.1%, the comparatively thin West Central region had the highest
of
reserve
New
47.0%, and the industrially important
England and Middle Atlantic areas had re-
33.7% and 32.3%, respectively.
of
serves
But
above
and
over
this
-
theoretically
unused
51.2% of installed generating capacity last Septhe Nation
tember,
another reserve of
possessed
electricity generally overlooked by the public.
In
that month the Nation's electric consumers
on
the average,
it
only 40^% of all the electric energy
possible
was
This
capacity.
used,
with
generate
to
our
installed
because while their day-time
waa
peak demands required 68.8% of the available electrie
supply, their night-time demands dropped to a
low of but
instead of
In the face of a national
25% of supply.
then,
emergency,
many
of
industrial plants,
our
working feverishly for eight hours a day,
demands
made
during
their
those
hours, and then standing comparatively idle
the
for
entire
electric
with
next
16
hours, could adopt
a
three-shift
Perhaps we had better define what constitute
defense requirements. Airplanes and ships, tanks
and guns, of course, but just as essential are the
aluminum and steel and copper from which they are
made, and the tools and other facilities with which
they are produced. Yet these comprise only the
more obvious requirements for the defense of the
Nation. Back of them lie food and shelter and the
many essential services which must be supplied to
the uninformed forces and the civilian population.
In this brief discussion, however, suppose we consider only direct defense facilities, and the demands
which their production will make upon our electric
supply systems.
The principal power requirements of national
defense will arise largely from the rendering of
service to military reservations, from the use of
electricity in the production of vital materials, and
from the consumption of power in the manufacture
of defense mechanisms and facilities. The first of
these demands—that from military reservations—is
relatively unimportant, ranging as it does between
70,000 and 80,000 kw. For these camps, cantonments and air fields will be located in all sections
of the land and the existing electric systems serving
these areas can meet their demands with little distortion or increase of existing loads. The demands
to be made by industries engaged in the production
of vital materials and finished products will, howbe of much greater magnitude and may, if concentrated in existing heavy-consuming areas, compli-
ever,
cate service problems.
Of the power required for the production of vital
materials, the aluminum demand, on the basis of
present estimates of need for the metal, bulks
largest, but this demand will be supplied almost
entirely by Government power projects and by the
Aluminum Co.'s own power developments. To date
the Aluminum Co. has arranged for an added
120,000 kw. from the Tennessee Valley Authority;
it is installing 50,000 kw. more in its own plants
in Tennessee, and it has contracted for an aggregate of 162,500 kw. from Bonneville Dam.
The
only other important producer—the Reynolds Metal
supply to be available during the years
Co.—has likewise contracted for 60,000 kw. from
the TVA.
'
And if more power should be required for aluminum production, it will probably be secured from
public projects in these two areas. Bonneville will
have 194,400 kw. of capacity in operation by the
close of 1940, with another 108,000 kw. to be available a year later, while Grand Coulee will place
216,000 kw. in service during the fall of 1941. In
the Southeast the TVA is now proposing the con¬
struction of Fontana Dam and power plant with
225,000 kw. of generating capacity to provide a
further supply of power for aluminum production,
Accordingly, in view of this near-term availability
of substantial blocks of public power, and in the
light of contracts already made with public projects
by aluminum producers, it is unlikely that any of
the 400,000 kw. of power needed to produce the
added 200,000,000 pounds of aluminum to be
required annually by the defense program will come
from privately-owned electric utilities,
when national defense activities should be at their
The remaining vital materials, whose power de-
defense program
mands will be stimulated by the defense program,
are electric steel, explosives and synthetic rubber.
.schedule, which would spread their operations and
their power
a
'
Nov. 16, 1940
demands over the full 24 hours.
Such
plan of operations, applied to the entire country,
would
provide
more
continuous
use
of electric gen-
erating capacity, and by lowering day-time peaks
and
increasing night-time consumption,
mous
store of
an
enor-
electricity, equivalent to almost half
again our September
use,
wolud be made available
to the defense program.
Finally, while
our
total installed electric generat-
ing capacity (privately and publicly owned central
stations; Federal, State and
district
power
ects, and non-utility generating plants)
to
proj-
amounted
40,318,000 kw. at the close of 1939, an aggre-
gate of 2,000,000 kw. in new generating capacity
will be installed
kw.
by the close of 1940, about 3,338,000
during 1941,
This
will
duction
now,
a
total
installed
electric
pro-
capacity of 47,140,000 kw. 26 months from
an
increase of roughly 17%.
the electric
peak.
during 1942.
and 1,484,000 kw.
result in
What demands will
make upon
this supply?
our
Here, then, is
,
Volume
Around
The Commercial &
i
151
2,000,000 tons of electric steel are
Financial Chronicle
produced
annually in the United States, largely by the proof
ducers
mand for
non-electric
steel, but the expanded de-
high-speed and tool steels, to be used
the manufacture of defense facilities
in
,is expected to
1,000,000
kwh.
•of electricity will be consumed in the production
of this expanded output, an electric demand of
around 90,000 kw. from this source alone will prob•ably be made over the coming year on the electric
systems serving the Pittsburgh, Mahoning Valley,
'Gary-South Chicago, Birmingham and similar areas.
New plants for the manufacture of smokeless
powder and high explosives, notably TNT, DNT and
ammonium nitrate, have so far been located at Morincrease normal demand
tons
annually.
by from 750,000 to
And since about 500,000,000
gantown, W. Va., and Roanoke,
Ala.,
near
the Ohio from
across
Va.; at Sheffield,
at Charlestown, Ind.,
Louisville; at Wilmington, 111.,
Muscle Shoals;
in the Joliet
neighborhood, and at Weldon Springs,
Mo., in the vicinity of St. Louis.
ties of from
With daily capaci-
250,000 to 100,000 pounds, these plants,
operating at full tilt, will require an aggregate
of
of power annually.
Then, too, the
company is establishing a synthetic rub-
kw.
200,000
Goodrich
2847
kw. of power, on the basis of existing production
estimates for the coming year. Practically all of
this increased power for the production of planes
and mechanized equipment must be met by the
privately-owned central stations now serving these
areas.
The small arms, armaments, shell cases and other
ordnance required by the defense program will be
turned out both by Government arsenals and by
private plants. In addition to the Government
shops at Hartford, Utica, Springfield and Rock
Island, private manufacturers in the Pittsburgh,
Rochester, Birmingham, Toledo and Chicago areas
are now or will soon be producing these facilities
at rates which will require a minimum of 50,000
kw. from private electric systems over the coming
year. In so far as shells and other ammunition are
concerned, however, the foregoing power demand
covers only the manufacture of empty cases, with
their actual loading with explosives being done in
separate plants, in the vicinity of the powder mills
previously mentioned, and at a special shell-loading
plant at Burlington, Iowa. This powder loading, it
is estimated, will require another 59,000 kw. of
power.
The heaviest power demand of the defense facilities program will, however, be created by the conAir Reduction interests are proposing the construestruction of naval vessels. In the past the various
tion of a third, probably in the vicinity of Louisville.
United States navy yards have generally established
Based on the small-scale operations so far contheir own electric supp]y systems, which has held
ducted, these three synthetic rubber plants will
outside power demands to a minimum. But in the
require an estimated aggregate of 80,000 kw. of
proposed vast naval expansion program, based on
power annually.
the experience of private shipyards, as much as
However, the processes employed in the manufac100,000 kw. of power will probably have to be
tu re of both explosives and synthetic rubber result
secured from privately-owned central stations servin the large-scale production of waste steam, and
ing the Boston, Newport, Brooklyn, Philadelphia,
since this by-product earn be economically utilized
Newport News, Charleston, Mobile, Orange, Texas,
in the •generation of power, it is believed at least
Los Angeles, San Francisco and Seattle areas,
half their electric requirements can be self-supplied.
In summary, then, while the additional power
Accordingly, while the production of materials vital
required for the production of vital materials over
to the defense
program will probably require a
the next 12 months will total 770,000 kw., 350,000
minimum of 770,000 kw. of power annually, the
kw. of this demand will fall upon Government
demands to be made on privately-owned central stapower projects, while 190,000 kw. will be generated
lions is not expected to exceed 230,000 kw., with
by the consuming industries, leaving but 230,000
the balance of power requirements self-produced or
kw. to be supplied by privately-owned systems,
obtained from Government power projects.
In addition, since the added power needed for the
The major defense facilities, for the manufacture
manufacture of defense facilities will approximate
of which substantial blocks of electric power must
330,000 kw., practically all of which must come
be available, comprise airplanes, mechanized trucks
from private sources, the probable specific demands
and tanks, ammunition, armament and ships, while
are increased to 560,000 kw. And if another 50,000
additional power will be consumed in the loading
kw. from private plants is included to cover mis•of shells with explosives and the packing of powder
cellaneous defense facilities, the total increment
in bags.
The airplanes to be constructed not only
power demand of the national defense program on
lor the United States but for Canada and Great
privately-owned central stations over the coming 12
Britain as well, on the basis of present electric conmonths will be on the order of 610,000 kw.
sumption and existing or contemplated orders, will
But in view of the Nation's privately-installed
require in the neighborhood of 65,000 kw. of
electric generating capacity at the close of 1939, the
additional power- over the next 12 months.
And
additional capacity to be installed during 1940 and
although much of this power demand will be made
1941, and the theoretical reserve over non-coincident
at Buffalo in the East and at Seattle and Los
peak demands as late as last September, our pri-
ber
Louisiana is
another at Baton Rouge, and the du Pont-
plant at Buffalo; Standard Oil of
building
engine producers at
Cincinnati,
Detroit, St. Louis, Dallas, Wichita and several New
Jersey points will also find need of more electricity.
Likewise, the tanks, armored cars and other mechanized equipment required for the national defense^
Angeles in the West, plane and
Hartford, Long Island City, Baltimore,
which will be made
tractor
plants
Waterloo and
at
.V
Detroit,
Peoria,
South Bend,
Stockton, will require another 65,000
IM
■
largely by existing motor and
vately-owned central stations should have no difficulty in supplying this power. It represents less
than 2% of their 1939 generating capacity, less than
60% of the new capacity being added during 1940,
and only a little more than 20 of the new capacity
to be added during 1940 and 1941.
Actually, the increased electric demand which the
national defense program will make on our privately-owned central stations over the coming year
The Commercial & Financial Chronicle
2848
represents less than three-quarters of the extra de¬
three-months'
mands which American families make on their elec¬
season
tric utilities each year,
that
and
use
of
electric refrigerators and new elec¬
new
tric ranges.
just through their purchase
that
>
1940
and during which he recommends
be allowed to work
no one
16,
period which he states is the slackest
of the year
week in
a
Nov.
than three days
more
distribute earning capacity,
order to
recommendation
followed
were
and
the
if
work
available.
Hourly Wage Rates
Earnings
Annual
vs.
Upon this showing, there is obviously something
with the industry, but reasonable men will
wrong
The award in settlement of the issues raised in the
New York City painters, organized
recent strike of
Council
District
under
with the
deserves much
of the
Brotherhood
Paperhangers,
and
Decorators
Painters,
affiliated
9,
union
a
American Federation
of
of
Labor,
attention than it appears to be
more
receiving from the general public, which will have to
meet the cost in
and in any
those not
This
postponed repairs and improvements,
additional
expense
incurred
on account
postponed.
;
year oc¬
considerable amount of friction, with
a
affected
cur¬
or
possible
during the period commonly characterized by
ex¬
tensive renovations just prior to Oct. 1, was against
disorder resulting from picketing and
incidental
violence,
arbitration agreement
an
negotiated, under which there
and report
the
by Louis S. Posner,
submitted last week and
ago,
be
an
The report
Saturday,
a
week
a
general increase
applicable to 12,000 union painters in Man¬
on
Provisions of the
hour.
increase retroactive to
until Aug. 1, 1943,
Staten Island to $1.60
Mayor's award make the
Sept. 1, 1940, and effective
that is, for approximately three
but reconsideration of the rates of
years,
"
former member of
hour, raising the hourly rate, alleged
hattan and the Bronx and
■
on
Mayor LaGuardia awarded
of 10 cents
an
a
was
investigation
Mortgage Commission of New York.
was
to
was an
conditions of work may
at the
expiration of
and
be asked for by either side
any year
during its enforceable
I
period.
The
wages
organized painters affected by this award
receive $1.50
hour, when they
an
work, which is at the
eight h^urs,
of
limited
the average annual earnings of
much
of
smaller
$800.
and
these workmen, under
economically
insufficient
approximation
as
accurate, as no doubt it is, it is apparent that the
average
of the
of the
employment is not much moreThan one-fifth
possible maximum working time,
eight-hour day.
on
Actually, it would
the basis
seem
to
injuriously
the
by
the
easy
expenditures for painting must be met,
which the industry
But
this
is not
the
stated
view
very
currently
accepted by
The report he has approved
the basis of his action advances
a
as
proposition that is
follows:
as
as
an
economic postulate that
an
established
industry must accord its workers at least a living wage.
Until this point is reached there is no room for discussion
as to whether or not wages are high.
Based upon
the assumption that the foregoing is
a
sufficient and defensible statement of the principle
involved, the argument (that is to
ment to be found in the
from any quarter,
cents in the
of
report
or
all the
say,
in support of
advance of 10
an
employment should remain precisely
from $800, as
than
argu¬
officially vouchsafed
hourly rate to be paid, which, if volume
by the report would raise the
average
disclosed
as
annual earnings
asserted in the report, to
a
little less
$854) is epitomized in the following quotations:
An industry that betrays so low an average of annual
earnings is under a responsibility to demonstrate that it
cannot pay any more.
.
It must be clear that
.
.
increase of 10 cents an hour,
however strictly enforced, falls shockingly short of solving
the problems of an industry where, on a wage scale for the
a
wage
last three years of $1.50 an hour, the average annual earnings
have been about $800.
That fact alone, in an industry
whose volume is estimated at about $19,000,000 annually,
in this territory, is
indignant proof that something is funda¬
mentally out of joint in the industry and explains at once the
continued state of turmoil whose existence, franklv admitted
by both sides, is too apparent to be denied by either.
each day of
closely approximates the
Accepting, this
than
employment
provides.
As
Nevertheless, the report states that
with
advancing the hourly rate applied for the
dealt
rate of $12 for
the existing scale of wages,
very
now
agreeing
to all except those whose problem
easy
out of which
able to obtain
$3,744 for 52 six-day weeks of such
or
employment.
sum
are
before
it is to make both ends meet in the income accounts
the Association of Master Painters and Decorators
some
otherwise
expedient,
We take it
tailment of the amount of work undertaken
and after
considerably
Mayor in his conclusion that the condition is to be
Mayor LaGuardia.
particular strike, which during this
casioned
of
hesitate
the
affording
a
strong side-light upon the conditions
with, it is significant that The report confirms
common
siderable
belief that there have
period,
very
numerous
been, for
a con¬
violations of the
contract between the union and the
organization of
employers, these violations including so-called "kick¬
backs"
to
and other
obtain
more
earnings at
expedients whereby
desiring
men
employment and actually higher total
some
sacrifice of hourly rates, and
em¬
ployers able to provide additional employment with
higher
aggregate
of
wages
to
those
permitted moderately to reduce
employed
costs
if
unit of
per
be just a small fraction less than 67 such
product, have been able to get together, although by
average
resort
time
days, or an
of 21.37% of the potential total of working-
available
standard
labor
this
in
so
and
without
exceeding
the
eight-hour
strongly urged by leaders of organized
now
country.
so
commonly accepted throughout
In other words, Mayor LaGuardia,
making the award
was
dealing with
an
industry
in
to
expedients that
"lyabor is not
but there is
the
a
a
recognition that
working little
commodity,"
more
tional and recreational
employment for
an
entire year, according to Mr.
Posner's report, is now a good deal less than
more
than the amount of work that
could obtain
between
Dec.
15
and
a
50%
union painter
March
15, the
the statutes,
any man, or any group
demands upon the painters themselves is
currently
both unemployed and unremunerated.
In
a
say
year
that
of
men,
than one-fifth of the number of
hours in
total
not wholly consistent
strange and unbridgeable gap between
which, for one reason or another, 78.63% of the
productive labor readily available without excessive
fact, the
are
with their agreements.
can
be worked without undue
or
unreasonable strain or deprivation of proper educa¬
year
opportunities,
earn
that, because of such low earnings, their
of wages
the
less in
a
of such relative idleness, and the conclusion
ought to be advanced.
hourly
rates
On the contrary,
directly opposite implication should be examined
and it
might not be surprising should it be found to
Volume
The Commercial &
151
warranted, not merely in theory, but by
be wholly
practical and material advances in earning capacity,
comfort, in their standard of living, and in
in
purchasing
power,
their
the part of the employable
on
personnel of the industry, should it be given genuine
application.
•
Mrs. Franklin D.
Roosevelt, certainly in no way
intentionally inimical to the real interests of the em-
ployed and
convinced advocate of unionization,
a
adoption in
admirable
definiteness by Miss
Ruby Black, in "Eleanor
Roosevelt, a Biography/' very recently published,
Miss Black says, on page 183 of the cited work:
Her views
industry.
and
principle
this
accepts
its
urges
set forth with
are
By the end of April, 1940, she [that is, Mrs. Roosevelt—
EditorJ was a firm believer in "the theory of a yearly wage,"
and was convinced that the unions "will have to come to
she insisted, it should be established by col¬
bargaining, and should be so designed as to benefit
the worker and the consumer.
Such a plan might, for
it."
But,
lective
example, bring annual income of $1,200, at the lower daily
to construction workers then making only $800 or
$900 a year with daily rates of $8 or $9.
.
.
.
"The
whole point of the yearly wage is to improve the condition
rate,
/'
of the worker."
annual
wages in the painting trade in Greater New York
would not be desired by the workmen, or generally
practicable throughout an industry subject to such
widely varying conditions as those always prevailing
the
at
time in its different branches
same
different times in the
employment in
the
of
establishment
contractual
Probably
same
and at
The amount of
branches.
period is controlled not only by
any
exacted and the unit-costs of the par-
wages
product of the labor employed, but it is also
ticular
related
the
to
volume
of
labor
permitted by the
under the wages and
regulations in collateral industries and the financial
conditions contemporaneously affecting the local
activity existing
of
degree
No facts
field.
be adduced, and no convincing
can
of the contention
restrictive upon the amount of building which can be financed at any particular time, and upon the amount
of repair work that can be undertaken.
Any rate
argument can be made, in support
in the building trades may not be
that wages
beginning of the second year of
September marked the
the
which is exercising an ever-increasing
European war,
influence upon
the
upon
American
great
whole, and therefore
transportation
all
defense arrangements to
legislative enactments
States,
face a
like the industry
railroad
are
not
of
largement
the carriers is
tion seems
unfavorable.
immediate results of
will prove
another and a most difficult
than
rates for
are
profitable for
Taxa¬
problem.
operating costs advance
freight and i>assenger
more
sharply
transportation.
general, of course, and are not
which
Such
confined to
by the favor of politicians,
unions aided
any
labor
group
tortionate
rates
caused
by
the
the
1940, the confusion
fall of France was only beginning to be
month
of
September,
and when
has found a way to command ex¬
of hourly compensation, the com-
of relative unemployment cannot long be
deferred.
We are attempting no final judgment as
sequence
to the wages
,
.
of the workmen directly affected by
A
T ,
n
t
,
r„
n>
+.
week s award by Mayor LaGuardia. But we
do insist that any workman
affected by this award,
who does not desire to be unemployed during fourfifths of his available time, who would like.higher
annual earnings in order to do more for the comfort
and education of his family and to improve his own
standard of living, ought forthwith to inquire
whether, by acceptance of somewhat reduced wages
per hour, he might not very materially augment
his total earnings for any season or year and very
agreeably improve all the conditions of life for himself and his dependents. No self-respecting, selfconfident, and manly man would regard such a
concession as a sacrifice.
No one deals courageously or helpfully with any
problem of wages who is impelled to ignore either the
cost of living of the employed or the genuine marketvalue of the products of the effort that they are
willing to exchange for the wages they receive,
Reasonable effort and reasonable wages are so
economically related that one ought not to be expected in the absence of the other.
Railroads for the Month of
September
that the British Gov¬
ernment would take over most of the armaments and other
contracts let here by France, and any hiatus in American
allayed.
It soon appeared, however,
production for the general purposes of war was overcome
in great part in the course of the month under review.
There was, on the other hand, no such sudden rush of buy¬
ing as marked the
actual outbreak of the war in
September,
of railroad financial results for
September. 1940, reflects both favorable and unfavorable
factors when contrasted with the similar month of 1939.
Gross earnings of the railroads for last September amounted
comparison
1939, and a
to
$381,803,424, against
1939,
an
increase
$380,437,002 for the same month of
of $1,426,422, or
This gain is
0.37%.
the sudden swelling of
which took place on a partly insubstantial founda¬
the first month of the European war.
But the
found their expenses more sharply increased last
encouraging, since it overtops even
business
tion
in
carriers
September, owing to necessary
and
provements
September,
871,715
5.76%.
maintenance
1940, amounted to
outlays for equipment, im¬
of way.
Net earnings in
$122,391,572, against $129,-
1939, a decrease of $7,480,143, or
We present this comparison in tabular form:
.
in
September,
Month of
September
1940
1939
233,373
232,708
Mileage of 131 roads—
$381,863,424 $380,437,002
Gross earnings
259,471,852 250,565,287
Operating expenses
(65.86)
(67.95)
Ratio of expenses to earnings,.
Net earnings
$122,391,572 $129,871,715
the railroads.
During
total
that
conceivably might be desired. As the hourly rate
advances, there advances with it the unit cost and,
somewhere in the process, the point of equilibrium
between economically desirable work and socially
desirable rates of wages must be reached. When it
has been exceeded, the volume of employment is
necessarily reduced, the lowest-paid portion of the
community is in effect taxed to contribute to a favored
group among the workers, and that group begins to
be subjected to undesirable unemployment. But
the process does not stop there. Economic laws do
work, despite legislation and all the efforts of labor
general appre¬
informed observers of price increases
carrier
make
such
Whether the prospective en¬
business
certain to advance, and there is a
may
thus
This circum¬
although it is to be noted that
railroad
hension among
problems
demands.
important than the
operations,
June,
will take
of the country in general,
period of rapidly mounting
stance seems more
results
which followed
The railroads of the United
full compliance.
for
years
the greatest possible
only after the fall of France, in
extent was reached
the
of the Euro¬
the American
The decision of the United States to
armaments program.
increase
this
railroads for the
conflict, but fail to show the effect of
pean
of
systems
September reflect fully the incidence
month of
and
economy as a
railroad
Gross and net earnings of the
country.
of wages is prohibitive as to some fraction of the
of repairs and improvements and new work
Earnings of United States
Gross and Net
2849
Financial Chronicle
The business
road
(+) or Dec. (—)
+ $1,426,422
—0.28%
+0.37%
+8,906,566
+3.55%
—$7,480,143
—576%
—665
underlie these figures of rail¬
September are many and varied.
indices which
operations during last
Inc.
The Commercial & Financial Chronicle
2850
In
order
indicate
to
in
simplified form the
a
OF
trade activity in
relation to its bearing
during the month under review,
in
revenues
Great
loadings
with
of
for the month
the
month
same
of
September, 1940,
1939,
1938, 1932 and
1929.
greatly
increased
that
course
loaded
cars
sizable
a
And
scale.
with
it
increase
follows
shown
is
matter
the
in
number
Grand Trunk Western..
of
products (taking the staples as
the
Southern
outports,
livestock
leading cattle markets total less than
receipts
Boston & Maine
Alton.
Central of New Jersey
Gulf Mobile & Ohio
125,977
124,159
144,873
137,575
130,388
125,542
112.523
Lehigh Valley
118,204
Total 19 roads
4 52,414
401,087
346,606
345,709
315,677
242,986
Southern
228,268
Missouri Pacific...—206.984
Texas & Pacific.
183,583.
N Y N H & Hartford...
167,000
Maine Central
Colo Southern (2 roads).
re¬
Total
$8,868,998
112,469
105,497
(23 roads)..... $7,039,896
a These figures cover the
operations of the New York Central and the
leased lines-—Cleveland Cincinnati Chicago & St. Louis, Michigan
Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
the
at
a
Spok Portland & Seattle.
1,032,661
625,319
Chicago Burl & QuincyMissouri-Kan .-Texas
180.805
New York Central
whole); receipts of cotton
a
and
$1,622,735
145,322
-
''•
V■
cj
133,890
Virginian...Northern Pacific
Florida East Coast
ceipts at the Western primary markets of the various farm
at
249,522
219,279
185,396
Chic Mil St Paul & Pac..
Minn St P & SS Marie..
of
On the other hand,
freight.
revenue
a
as
•
St. Louis San Fran (2 rds)
285,085
Seaboard Air Line
a
'
Yazoo & Miss Valley
Southern Pacific (2 roads)
418,499
311,461
292,156
Pittsburgh & Lake Erie.
(both bituminous and anthracite), the
on
Ohio
&
Reading
Bessemer & Lake Erie...
On
the industries included in the table is
output of all
524,587
508,537
464,558
Atlantic Coast Line
Baltimore
•'«
•
Norfolk & Western
Dela Lack & Western...
839,244
Elgin Joliet & Eastern..
examination it will readily be seen that, with the exception
of the coal industry
Northern
Atch Top & Santa Fe___
compared
as
'•
-
Dul Missabe & Ir
ing to grain, cotton, livestock receipts and reveune freight
'■'
Increase
$2,355,063 Union Pacific
Range.
1,387,254 Chesapeake & Ohio
Pennsylvania
important industries, together with those pertain¬
more
SEPTEMBER
■
+'
have brought together
we
subjoined table the figures indicative of activity in
the
the
railroad
on
16, 1940
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONT IT
of
measure
Nov.
cluding Pittsburgh & Lake Erie, the result is
a year ago.
PRINCIPAL
an
IN
NET
OF
CHANGES
increase of $409,244.
SEPTEMBER
EARNINGS
FOR
THE
MONTH
'
1939
1940
September
1938
1932
1929
Increase
Dul Missabe & Ir Range-
Automobiles (units):
cars,
$1,176,082
Great Northern
Production (passenger
188,757
83,534
84,150
415,912
Atch Top & Santa Fe_._
Chic Mil St Paul & Pac_.
Elgin Joliet & Eastern
269,108
trucks, &c.).a._
Building ($000):
879,474
701,043
499,575
307,907
$347,651
$300,900
$323,227
$127,527
$445,402
Atlantic Coast Line
266,161
Pittsburgh & Lake Erie-
Constr. contr. awarded b
240,404
227,359
211,460
193,305
Grand Trunk Western..
Coal (net tons)i
Bituminous, c
Pa. anthracite.d
...
38.413,000 38,465,000 32,286,000 26,314.000 45.334,000
4,053,000 4.840,000 3,388,000 4,108,000 6,543,000
Chicago R I & Pacific...
Bessemer & Lake
Erie..
Chicago Burl & Quincy.
ern
ports (bales).f...
x3,102,236 x2,595,482 x2,244,500 x4.538.575
576,154
1,211,091
949.388
1,065,623
1,327,471
Chicago (cars)
Kansas City (cars)...
6,378
6.024
7,597
12,339
19,652
5,643
6,610
4,867
6,592
11,413
Omaha
3,573
3,255
3,584
5,763
8,706
(cars)
Western flour and grain
Flour (000 barrels)...
Wheat (000 bushels)..
xl,717
*2,032
xl,740
*1,619
x.38,326
x34,292
*39,502
*35,120
*1,804
*45.620
Corn (000 bushels)
X26.296
x22,526
*13,648
*17,972
X17.873
Oats (000 bushels)
x6,662
xlO,271
xl0,607
*8,294
*13,244
Barley (000 bushels)..
Rye (000 bushels)
x8,521
*14,733
*12,135
*4,529
x6,950
xl.669
x2,818
*4,279
*963
*3,182
4,176,527
3,223,983
1,882,087
663,700
Steel Ingot production.!.
5,895,232
4,769,468
2,964,784
1,110,881
Lumber (000 feet):
Production, m
x956,473
*898,154
*862,408
*784,440
xl,113,452 xl,065,516
xl,228,216 xl,303,013
Orders received_m
3,917,272
5,071,233
X447.850 *1,656,355
*608,751 *1,424,618
x694,791 *1,394,846
Note—Figures In above table Issued by:
United States
of
Bureau of
Rocky
the
e
Steel
b F.
W.
National
c
m
National
Lumber
k "Iron Age."
Manufacturers
reporting mills varies in the different years).
Commission,
f Com¬
1 American Iron
Association
(number of
xFour weeks.
all
the
railroads
as
foregoing
a
have
we
whole.
Turning
separate roads and systems,
this year
only 19 roads
earnings in
excess
above
creases
of
that
attention
our
amount,
in
and
and 30 roads report losses.
and
net
of
Northern, with
the
the
increase
in
case
more
of
the
&
$701,043
&
Iron
Santa
Fe,
with
in
net, and the
Chicago Milwaukee St. Paul & Pacific,
reporting $185,396
in
gross
the
it
and
gross
heads
be
seen,
the
list
$2,355,063 in
of
are
of
increases
$124,159 and
lines;
a
loss
a
two
New
the
losses
shows
gross,
New York Central
cover
the
among
accompanied by
The
net.
Pennsylvania RR. and
will
the
$499,575 in
in
in
roads
revealing
gross),
loss of
Central
The
net.
System,
gains
former
with
an
a
in
gain
(these figures
the operations of the New7 York Central and
its leased
when, however,
cluded, the result is
loss in net of
an
the
Pittsburgh
&
of
$1,609,542,
Erie
is
in¬
increase in gross of $409,244 and
$1,155,319).
and
a
Included in the roads reporting
decreases in both gross and net
alike,
the Union Pacific, w7ith a
gross loss of
decrease
Lake
the
it will be seen,
and
systems
or
$1,622,735 and
recorded
during the month
Of
out.
for
amounts
in
the
excess
under review
eight
regions
are
very
into which
clearly
the
three
great districts—the Eastern district, the Southern district,
and the Western district—are divided, but three
report an
increase in gross earnings, while in the case of the net
one reports a gain.
selves, the Eastern alone shows
in the
case
As to the districts them¬
an
increase, and then only
of the gross earnings, and in the case of the net
earnings only the Western reveals a gain. In the case of the
net, too, the percentage of losses recorded by several of the
regions is high, reaching 13.71% in the Pocahontas region,
11.49% in the Southern region, and 10.84% in the New
Our
previously explained,
summary
by groups is
below:
as
As
the roads to conform with
the classification of the Interstate Commerce Commission.
The boundaries of the different groups and
we group
regions
are
indicated in the footnotes to the table:
SUMMARY BY GROUPS—MONTH OF SEPTEMBER
Gross Earnings
District and Region
1940
Eastern District-
S
1939
-'i
S
Inc. (+) or Dec. (—)
\f
New England region (10 roads)
14,037.700
68,655,620
68.739.533
Central Eastern region (18 roads)...
81,568,725
S
14,528,348
Great Lakes region (23 roads)
%
—0.12
77,976,195
—490,648
—83,913
+3,592,53C
Total (51 roads)..—— 164,262,045 161,244,076
+3,017,963
+ 1.87
Southern District—
44,398,193
—3.38
+4.61
23,931,633
44,392,323
25,393,397
+ 5,870
—1,461,764
—5.76
68,329,826
69,785,720
—1,455,894
—2.09
+0.01
Pocahontas region (4 roads)
Total (30 roads)....
Western District—
5^,241,188
Northwestern region (15 roads)
Central Western region (15 roads)..
50,303,861
+2,937,327
+ 5.84
69,984,278
71,936,267
26,046,087
27,167,078
—1,951,989
—1,120,991
—2.71
Southwestern region (20 roads).—..
149,271,553 149,407,206
—135,653
—0.09
381,863,424 380,437,002
+ 1,426,422
+0.37
Total (50 roadsi
Total all districts (131 roads)
■4.13
Net Earnings
District <k Region
Eastern
District-
Mileage
1940
1939
1940
$
1
1939
S
Inc
( + ) or Dec. (—)
r
S
%
Nevr Engl, region.
Great Lakes region
6,717
6,747
4,007,796
4,495,073
—487,277
26,129
26,215
20,019,184
—1,910,<*03
Cent. East, region.
24,508
24,558
25.563,790
21,929,587
27,579,653
—2,015,863
—7.31
57,354
57,520
49,590,770
54,004,313
—4,413,543
—8.17
38,241
38,369
6,063
6,068
11,931,007
11,468,490
13,479,834
13,290,151
—1,548,827
—1,821,661
—13.71
44,304
44,437
23,399,497
26,769,985
—3,370,488
—12.59
+ 12.85
Total
Southern
—
10.84
—8.71
Dist.-
Southern region...
Pocahontas region
net
Chesapeake & Ohio,
decreases, and in both
decrease of $1,155,319.
—11.49
are
Total
a
w7ith
decreases, respectively, of $1,032,661 and $977,512.
In the
following table we show all changes for the separate roads
increases
a
arranged in groups, or geographical
divisions, according to their location, the unfavorable results
of
increase in gross
$1,395,723 in net;
$11,333,935
(which
$1,006,528 in net, while
System reveals
of
great trunk lines,
York
100,411
(30 roads).
are
Southern region (26 roads)
Topeka
and
gross
Missabe
of $839,244 and in
gross
Total
cluding Pittsburgh & Lake Erie, the result is
net
than $100,000,
and $1,176,082 in net;
gross
Pere Marquette
report de¬
among the small
Duluth
gain in
a
$879,474; the Atchison
$524,587
conso¬
able to report increases in both
are
Range, showing $1,387,254 in
the Great
to the
now
roads
Outstanding
are
earnings
the
Texas Pacific
a These figures cover the
operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
able to show increases in gross
are
$100,000, while 23
number of roads which
with
In the month of September
earnings, but 11 roads show increases of
gross
dealing
find the exhibits in
we
with the general totals.
nance
been
Erie..—
438,055
England region.
In
net
(figures for 37
Coal
g Reported by major stock yard companies
h New York Produce Exchange,
Institute,
Dodge Corp.
Bituminous
Association of American Railroads,
piled from private telegraphic reports,
and
Southern Pac (2 roads)..
earnings, only
Census,
Mountains),
d United States Bureau of Mines,
In each city,
Ohio
139,955
139,187
127,816
125,975
120,845
118,781
107,413
105,700
Missouri Pacific
642,046
443,525
brought
xl ,032,922
Shipments, m
east
Norfolk & Western
&
210,246
196,344
Nash Chatt & St Louis..
a
Pennsylvania
Chesapeake & Ohio.....
When the roads
Iron & Steel (net tons):
Pig Iron production.k..
a
$1,609,542
1,39.5,723
1,006,528
977,512
853,745
„
New York Central
Baltimore
261,406
213,042
.
Missouri-Kansas-Texas..
St Louis-San Fran (2 rds)
Western Maryland
Southern
receipts: h
8tates
Union Pacific.
Seashore Lines
New York Chic & St. L.
Maine Central
Colorado Sou (2 roads)..
Decrease
Livestock receipts: g
Pennsylvania Reading
Boston A Maine
$4,820,514
Total (11 roads)
$384,910
383,381
334,139
314,830
303,008
279,870
Louisville & Nashville..
Central of New Jersey
Yazoo & Miss Valley
Alton
117,744
_
Freight Traffic*
Car loadings, all (cars).e x3,135,330
Cotton receipts. South¬
Decrease
Dela Lack & Western
Illinois Central
of
gross
$100,000,
and net:
whether
Western
Dist.—
Northwest'n region
Cent. West, region
45,639
45,702
22,150,885
19,637,412
+2,513,473
56,305
56,407
20,588,520
—6.94
29,106
29,307
6,661,900
22,123,912
7,336,093
—1,535,392
Southwest'n region
—674,193
—9.19
131,050 131,416
49,401,305
49,097,417
+303,888
+0.62
Tot. all districts 232,708 233,373 122,391,572 129,871,715
—7,480,143
—5.76
Total
NOTE—Our grouping
of the roads conforms to the
Commission, and the following Indicates
Commerce
2851
Commercial & Financial Chronicle
The
Volume 151
1939 AND 1938,
AND SINCE
and regions:
groups
EASTERN DISTRICT
Month of
Region—Comprises the New England States.
Great Lakes Region—Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W. Va.,
and a line thence to the southwestern corner of Maryland and by the Potomac
SOUTHERN DISTRICT
Southwestern
27,866
7,111
1,305
5,035
19,134
119920234658
193
m
m
22,392
38,623
13,161
31,544
10,261
934
595
120
1,558
722
m
mm m
1119993028246538
0
Barley
Corn
Oats
(Bush.)
(Bush.)
(Bush.)
(Bush.)
1940
897
1,526
1,422
488
1,215
1939
1,112
1,504
10,387
11,250
2,649
1,668
725
1,374
1,077
826
4,056
1,299
8,959
71
938
128
846
134
1,868
540
937
12
2,351
61
48
1,754
87
413
623
192
17
2,894
539
616
429
18
16
642
261
778
17
14
23,771
12,664
-
1939
mm, mm
1940
Duluth
2,370
3,358
8,548
13,103
65
1940
■
m
mm'm
'
1939
1940
Milwaukee.
1939
'
1940
mmmrn
1939
m
1940
'
Toledo
mmmm
-
-
8
839
4,593
662
25
3,381
713
67
26
505
816
1,369
258
64
285
1939
582
1,183
1,749
482
19
181
1940
145
125
63
266
183
141
1,467
2,065
204
1939
434
67
286
1940
105
1,236
1,765
136
1939
Omaha../
1,382
1940
Indianapolis and
68
413
1939
St. Louis
Peoria
1
Kansas City
St. Joseph
mm
mm
1,775
1940
56
433
220
93
"~50
128
1939
|
1,561
256
576,154 1,211,091
788
1939
1,214
15
f
1940
70
595
54
9
~~75
1939
51
317
104
17
62
38,326
34,292
26,296
6,662
1,669
8,521
22,526
10,271'
2,818
14,733
J
1940
1,717
(
Total all
1939
2,032
WESTERN FLOUR AND
"~6
of
Given
Preceding
193468725
1909
...
._
1917
1919
_
Year
Wheat
Corn
Oats
Rye
Barley
(Bbls.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
13,535
1,637
8,641
53,614
18,792
1,779
8,291
10,565
16,221
8,618
20,982
7,346
9,370
30,242
1,161
97,697
75,903
38,353
rnrnmrn
44,082
8,139
2,798
2,691
3,857
1939
'mmmm
42,125
9,422
7,623
3,038
5,988
1940
619
2,313
7,831
313
719
15,914
1939
Milwaukee
61,316
24,236
32
1940
I
Duluth
26,280
8,603
1939
I
8,164
1940
|
Minneapolis
1940
1939
Chicago
701
3,912
4,487
519
197
15,601
11,626
3,596
4,549
98
165
102
Toledo
1940
1939
13
10,290
3,256
6,756
159
Indianapolis and Omaha..
1940
19
20,076
27,270
5,332
521
1939
3
25,331
21,364
8,184
445
82
3,194
2,578
273
1,493
175
1,435
1940
17,270
8,723
4,928
24,199
7,926
1940
1,508
2,218
14,735
2,492
1939
Peoria
4,678
1939
St. Louis
1,690
2,319
15,586
2,730
46
529
2,647
650
2,053
■
1940
908
64,477
8,321
694
1939
Kansas City
751
72.870
7,181
1,952
m
50
5,605
1,988
946
6,171
1,209
1,604
9
19
26,293
1,328
16
27
2,110
392
116
518
1939
-1,309
2,079
771
143
650
J
1940
)
1939
15,928 312,970 154,603
17,850 314,958' 134.758
*
1939
mm
1940
mmmm
1939
Wichita..
m
1940
Sioux City
Total all
mm m
mm
mm m
'mm.
mm
1928
554,440,941
565,816,654
466,826,791
272,049,868
1923
1924
1925
1920
349,821,538
_
1933
295,506,009
1934
275,129,512
1935
306,566,997
1930
356,633,472
1937
362,454,729
322,107,807
.......
380,437,001
381,803,424
1940.
2
'mm
m
As
to
cotton
the
13,930
63,523
16,008'
72,555
movement
over
Southern
roads, this,
greatly reduced scale, both as regards
overland shipments of the staple and receipts of cotton at
the Southern outports.
Gross shipments overland in Sei>find,
tember,
bales in
was
a
1940, totaled only 35,544 bales, as against 67,646
the some month of 1939 and 47,266 bales in 1938.
51,520
in 1932 dropped to 20,166 bales.
In the following
give the details of the port movement of the
In the same
bales, but
table
on
we
period of 1929 the cotton movement was
staple for the past three years:
$78,939,440
94,307,971
89,398,733
90,842,946
98,000,260
91,274,033
93,181,915
111,875,296
123,785,757
114,280,071
117,131,459
93,423,391
109.232.938
120,428,552
91,858,924
134,911,897
159,216,004
176,936,230
90 191,439
90
720,548
96 ,878,558
,847,193
92 ,022,947
92
1913..
111 ,728,276
124 ,447,839
116 ,086,103
117 ,470,621
98 ,302,598
102
1920.
,329,084
120 ,604,462
91
,381,593
129 ,300,309
165 ,049,184
177 ,242,895
191 ,933,148
179 ,434,277
180 ,359,111
181 ,413,185
147 ,231,000
...
.....
...
220,205
+ 0.02
233,428
230,918
+ 7.88
237,591
+ 3.56
242,097
242,386
239,050
243,463
+ 13.10
245,132
248,156
+ 10.24
245,148
+ 36.16
232,186
232,772
—4.50
+ 6.43
+ 1.90
+ 23.68
—19,55
+ 0.35
+ 8.91
226,526
235,140
238,698
247,466
243,027
232,378
232,349
224,922
234,559
235,205
226,955
235,155
235,280
235,611
236,525
+ 4.51
235,178
236,752
235,640
236,587
+4.28
236,779
235,977
—4,42
238.814
237,854
—1,77
+ 1.70
240,693
239,499
241,447
—
0.94
—17.59
241,704
242,341
243,322
—22.20
242.815
242,292
242,593
242,143
+ 8.62
240,992
239,904
240,563
—25.08
—5.70
238,977
+ 11.41
237,431
+ 16.34
+ 1.68
236,686
238,819
236,918
235,304
235,886
—11.13
234,423
235,308
+ 18.13
+ 0.37
233,378
232,708
234,236
233,373
...
1940.....
122, 391,572
...
and
in
the averages.
been
+ 19.90
12,572,543
+11,24"
+
+ 0.82
—0.22
—7,699,654
+ 3,190,550
+ 2.79
—18,828,861
—16.08
+ 9.53
+8,905,693
+ 11,372,524
+ 10.41
+22.34
+ 11.32
193,233,706
178,647,780
178.800.939
—13,799,429
—7.14
+ 2,612,246
+ 1.46
183,486,079
—36,255,079
—55,161,214
—19.76
+8.48
+ 0.96
+ 1,711,331
—9,060,608
—37.43
—9.83
+ 11,129,616
+ 13.39
—20,938,789
—22.58
+ 16,564,585
+ 22.88
19,749,522
+ 22.21
—7.57
+
—8,226,506
—9,859,213
—9.82
+39,328,587
+43.44
—7,480,143
—5.76
Bond Market
issues has con¬
have been established
high-grade and Government
new
strong,
+ 6.64
—5.26
+40.76
Course of the
The
Firmness
+6,035,612
—5,153,067
+ 748,914
+ 18.546,361
30,137,287
18,026,891
+ 14,996,918
100,396,950
90,543,128
129,871,715
129 871,715
+ 1.48
+ 1,321,815
+
90. 537,737
.....
+ 15.84
—4,36
+$12,505,314
—4,116,532
+
100 395,949
781,674
Cent
+ 37,441,385
108,622,455
71
88 955,493
Per
(—)
-24.12
108 659,760
94 222,438
(+) or
Decrease
—29,046,959
147,379,100
92,153,547
83,092,822
92,720,463
72,390,908
88,910,238
92 217,886
83 092,939
1940 high records
The lower-grade
eorporateS have been
highs also have
and in many groups new
recorded.
railroad bonds showed no
particular trend
but in isolated instances new
registered. Atchison Topeka & Santa
during the week,
1940 highs
Fe gen. 4s,
1995, recorded a new 1940 high of 108% and closed at 108%,
up 1% points.
The more speculative rail issues moved into
higher ground during the week.
New York Central 4s,
1S42, at 98% were up %.
Defaulted rail issues have been
have been
we
Year
Preceding
$91 444,754
.....
High-grade
50,485
217,277
229,161
+ 4.18
Increase
Year
Given
of
fairly
72,518
Preced'g
+ 12.11
+ 1,723,772
496,978,503
+44,549,658
499,720,575
—5,116,223
544,970,083
+ 24,381,004
540,062,587
+ 24,192,009
564,756,924
590,102,143 —26,058,156
—9,980,689
564,421,630
+ 9,812,986
556,003,668
566,461,331 —99,634,540
466,895,312 -117,073,774
349,602,649 —77,612,781
+ 23,440,244
272,059,765
291,772,770 —16,643,258
+ 31,408,547
275.158.450
+ 50,080,694
306,552,878
+ 6,005,266
356,449,463
362,454,728 —40,346,921
+ 58,381,250
322,055,751
+ 1,426,422
380,437,002
Month
September
by
mm
m
Year
Given
Net Earnings
tinued
19,998
1940
St. Joseph..
1927
1922
Year
Cent
480,408,546 + 113,783,775
617,537,676 —120,753,579
594,192,321
496,784,097
498,702,275
544,270,233
539,853,860
564,443,591
588,948,933
564,043,987
1927....
28
a summary
net earnings
back to and
Mileage
$252,711,515 $242,562,898 + $10,148,617
+25,593,110
236,874,425 211,281,315
+ 39,801
249,054,036 249,014,235
+ 19,891,032
272,209,629 252,318,597
+ 9,805,231
285,050,042 275,244,811
272,992,901 285,850,745 —12,857,844
+ 17,783,141
294,241,340 276,458,199
+ 38,555,541
332,888,990 294.333.449
+ 33,901,638
330,978,448
364,880,086
357,772,850 + 129,367,931
487,140,781
+ 9,252,922
495,123,397 485,870,475
1920
1926.
GRAIN RECEIPTS
Christi.
Per
(+) or
Dec. (—)
Inc.
Year
1919
Flour
(000 Omitted)
949,388 3,410,045 2,530,160 2,964,212
Gross Earnings
Year
1925...
Nine Months Ended Sept.
m
Brownsville was Included in Corpus
for 1938
1918....
1940
Sioux City
m
-
«
999
1917.......
|
Wichita
-
'
999
1930
(Bush.)
Minneapolis.
mm
3,073
7,949
1932
Chicago
mm
26,085
1929
AND GRAIN RECEIPTS
Weeks Ended Sept. 28
(Bbls.)
38,291
4,827
31,586
13,161
September
WESTERN FLOUR
Year
'
1,977
Month
in our usual form:
(000) Omitted)
324,062
'
i. Finally, in the following table we furnish
September comparisons of the gross and
of the railroads of the country for each year
including 1909:
Western primary markets of wheat
and corn were much larger than in September, 1929, all
the other items showed a decided decrease.
Altogether, the
receipts at the Western primary markets of the five
cereals, wheat, corn, oats, barley and rye, in the four
weeks ended
Sept. 28, 1940, aggregated only 81,474,000
bushels, as against 84,640,000 bushels in the same four
weeks of 1939, but comparing with 80,171,000 bushels in
the similar period of 1938.
Carrying the comparison further
back, we find that the grain movement in the corresponding
four weeks of 1932 reached only 66,878,000 bushels, but in
1929 it totaled 86,869,000 bushels.
In the table which fol¬
lows we give the details of the Western grain movement
Rye
21,356
23,151
7,508
12,746
262,612
134,156
16,147
of the
the
Wheal
75,768
4,597
26,450
1,836
36,076
3,146
Total
grain traffic over Western roads (taking them col¬
in the month under review fell considerably
below that of September last year, although it showed a
substantial increase over the same month of 1938.
While
Flour
3,203
2,642
Note—In the figures
The
Four
1,036
m
1,146
56,307
Gulfport
lectively)
at
3,861
_
Jacksonville
River
Paso,
Region—Comprises the section lying between the Mississippi
from St. Louis to Kansas City and thence to El
Grande to the Gulf of Mexico.
receipts
29,862
Lake Charles
Portland,
south of St. Louis and a line
the
10,392
Beaumont
Region
of a line
boundary
and by the Rio
21,021
12,398
18,365
179
4,101
Brownsville
Canada lying west of the
Pacific.
4,121
36,952
40,607
1,764
14,188
Corpus Christi
north of a line from Chicago to Omaha and thence to
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the Northwestern
west of a line from Chicago to Peoria and thence to St. Louis, and north
from St. Louis to Kansas City and thence to El Paso and by the Mexican
to the
88,171
14,948
Norfolk
WESTERN DISTRICT
the section adjoining
830,647
59,881
12,307
12,139
Wilmington
of
Va.,
Northwestern Region—Comprises
632,267
98,051
471,096
281,078
&c
Charleston
the section east of the Mississippi River and south
Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantlo.
Pocahontas Region—Comprises the section north of the southern boundary
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W.
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
'
Southern Region—Comprises
745,683
806,935
10,921
Pensacola,
of the Ohio River to a point near
599,336
802,989
173,455
Orleans.
Mobile
River to its mouth.
1938
1939
647,721
284,919
327,390 1,083,183
189,326 1,317,238
263,226
Houston
New
312,885
54,194
Galveston
1940
1938
1939
1940
Savannah
Great Lakes Region,
Since Jan. 1
September
Ports
New England
1940,
SOUTHERN PORTS IN SEPTEMBER,
JAN. 1, 1940, 1939 AND 1938
AT
RECEIPTS OF COTTON
classification of the Interstate
the confines of the different
trading.
bonds have continued to advance
and numerous issues, including American Tel. &
higher in active
High-grade
this week,
Tel.
3%s,
utility
1961;
Virginia
Eelctric & Power
3%s, 11X58;
The Commercial & Financial Chronicle
2852
Brooklyn Edison
1006, and Dayton Power & Light 3s,
1070, sold at the highs for the year.
Lower grades have
been irregular, but the principal feature of this group was
the Western Union Telegraph bonds, which have been active
and
strong.
The
-
industrial
section
of
list
the
has
been
generally
higher this week.
Gains of a .point or better have been
primarily confined to the lower grades, although a few of
the better medium-grade issues did well.
Among steels,
which have been steady in
general, the Otis 4%s, 1962,
gained 2% points at 85%.
Oils have been generally mixed,
with changes confined primarily to fractions.
In the ma¬
chinery classification, the It. Hoe 4%-6%s, 1944, gained
1%
points at 89, and in the railroad equipment group, the Gen¬
eral Steel Castings 5%s, 1949, added %
point at 89%.
Rub¬
ber company obligations have been down
fractionally, and
sugars have been
weak.
Meat packing company
obliga¬
MOODY'S BOND PRICES
CBased
120
U. 8.
All
1940
Govt.
Domes¬
Dally
Bonds
on
111.43
obligations have been fractionally higher.
Amuse¬
issues, notably the Paramount Pictures and
Warner
Brothers
bonds,
displayed
moderate
strength.
ment
company
Among miscellaneous classifications the McKesson & Robbins con v. 5%s, 1951, gained over a point following a spurt
toward
the
close
f
bonds have continued rather dull, with prices
little changed.
Danish obligations have been under pressure
and Norwegians also sold off fractionally.
Italian obliga¬
tions declined
with
as a result of this week's military reverses,
parallel movement in the German list.
Australian
a
Canadian
and
American
issues
continued
have
loans
been
well
supported
and
Japanese
steady.
obligations
South
improved slightly.
Moody's computed bond prices and bond yield
given in the following tables:
/.
averages
are
YIELD
AVERAGES
IBased on Individua. Closing Prices)
120 Domestic
Corporate by Croups *
All
1940
120
A
Baa
RR.
120.82
111.43
92.28
99.14
P.
U.
120.14
120 Domestic
by Ratings
Corporate by Groups
tic
Averages
Corp.
Nov. 15—
3.39
Indus
116.64
120 Domestic Corporate
Domes¬
Daily
Aa
125.42
week.
of the
Foreign
MOODY'S BOND
by Ratings
Corp.*
Nov. 15— 118.53
tions have been steady to fractionally higher, and food pro¬
t
120 Domestic Corporate *
Aaa
1940
16,
ducers'
Average Yields)
tic
Averages
Nov.
Aaa
A
Aa
2.75
2.95
Baa
3.39
RR.
4.47
P. V.
4.05
Indus
3.14
2.98
118.61
111.43
125.42
120.82
111.23
92.28
98.97
116.43
13— 118.55
111.23
125.19
120.14
14
3.39
2.75
120.82
2.95
3.40
4.47
111.03
4.06
3.15
92.28
2.98
98.80
12— 118.67
111.23
116.43
120.14
13
125.19
3.40
120.59
2.76
2.95
3.41
111.03
4.47
4.07
3.15
2.98
92.12
98.80
11—
116.43
Exchan ge Clos ed
119.92
12
—
3.40
2.76
2.96
3.41
4.48
4.07
3.15
2.99
11
—
Clos ed
3.42
3.00
14..
Stock
Stock
Exchan ge
9— 118.35
111.03
124.95
120.37
110.83
92.12
98.62
116.21
8— 118.29
111.03
124.95
119.69
9—
3.41
2.77
120.37
2.97
110.83
4.48
91.97
4.08
3.16
98.45
7— 118.08
116.21
110.63
124.72
119.69
119.92
8——
3.41
2.77
2.97
3.42
4.49
110.03
4.09
91.81
3.16
98.28
116.21
6— 117.19
110.43
119.47
119.69
7——
3.43
2.78
2.99
3.43
4.10
110.24
4.50
3.16
91.20
3.01
97.95
5—
Exchan ge Clos ed
115.78
118.81
6
3.44
2.78
3.00
3.45
4.54
4.12
3.18
3.04
Stock
124.72
Stock
5——
4— 117.06
110.24
124.48
119.47
110.04
91.20
97.95
115.57
2— 117.02
110.43
124.48
118.81
119.09
110.24
91.35
97.95
1— 117.00
115.78
110.43
118.81
124.48
119.69
110.24
91.35
98.11
115.78
118.81
Weekly—
4.
Exchan ge
Clos ed
3.00
:
3.45
■''■vT
3.01
3.46
2.79
3.00
3.45
4.53
4.12
3.18
3.04
3.44
—
2.79
3.44
2.79
3.00
3.45
4.53
4.11
3.18
3.04
2.78
3.04
4.54
4.12
3.19
3.04
Weekly—
Oct. 26— 116.92
110.24
124.72
119.69
110.04
91.20
97.78
19— 110.85
115.78
110.24
118.81
124.72
26
119.69
3.45
3.00
3.46
109.84
4.54
4.13
3.18
l-
91.20
97.61
116.00
109.84
124.48
19
119.03
3.45
2.78
3.00
tad
11- 110.64
118.81
3.47
109.44
4.54
4.14
3.17
90.75
97.28
5— 110.83
115.78
109.84
124.48
117.94
11
119.25
3.47
2.79
3.03
3.49
109.44
4.57
4.16
90.75
3.18
3.08
97.28
116.00
117.94
5
3.47
2.79
3.02
3.49
4.57
4.16
3.17
3.08
117.50
Sept. 27
3.49
2.81
3.02
3.52
4.62
4.20
3.18
3.10
3.50
2.82
3.01
3.53
4.65
4.23
3.19
3.09
3.52
2.83
3.02
3.53
4.70
4.20
3.19
3.11
3.51
2.83
3.00
3.52
4.68
4.25
3.19
3.09
3.54
2.84
3.03
3.54
4.73
4.29
3.21
3 11
Oct.
Sept.27— 116.07
109.44
124.02
119.25
108.85
89.99
96.61
20— 116.54
115.78
109.24
123.79
119.47
108.66
89.55
96.11
13- 116.17
115.57
108.85
117.72
123.56
20
119.25
108.66
88.80
95.62
115.57
6— 110.17
109.05
123.56
117.29
13
119.69
108.85
89.10
95.78
115.57
Aug. 30— 115.70
108.46
117.72
123.33
119.03
108.46
88.36
95.13
115.14
117.29
Aug. 30
23.. 115.50
108.27
123.33
118.81
108.46
87.93
94.81
114.93
—
3.04
16— 115.14
108.08
117.29
23
122.80
118.81
2.84
3.04
3.64
108.08
4.70
87.49
94.65
114.72
9.. 115.45
108.46
116.64
122.80
10
119.25
3.50
2.86
108.46
3.04
3.56
4.79
4.32
3.23
88.07
3.14?
95.29
114.93
117.0/
9
3.54
2.86
3 02
3 54
108.27
87.93
4.75
4.28
3.22
3.12
95.29
114.72
3.02
3.55
4.76
4.28
3 23
3.13
3.55
"
2- 115.68
108.27
123.10
119.25
July 26.. 115.50
108.08
122.63
119.47
19.. 116.03
108.27
122.63
119.47
107.88
87.93
95.13
114.72
12.. 115.60
107.88
116.43
19
122.40
119.47
3.55
107.69
87.49
94.65
114.93
116.43
12
3.57
93.69
107.88
87.04
95.13
116 88
114.51
116.43
4.31
v
2—
July
20
3.11
3.22
3.55
3.56
-
2 85
2.87
3.01
3.57
4.78
4.29
3.24
3.15
2.87
3.01
3.57
4.76
4.29
3.23
3.15
2.88
3.01
3.58
4.79
4.32
3 22
3.15
5— 115.58
107.69
122.63
119.25
107.09
86.50
June 28.. 115.21
100.92
122.17
118.81
100.73
4.38
3 23
85.52
92.75
21.. 115.37
14.
114.73
114.09
106.17
115.78
122.17
June 28
118.38
3.62
2.89
100.36
3.04
3.63
4.93
4.44
3.20
3.18
84.28
91.81
113.48
115.57
21
3.66
2.89
3.00
3.65
5.02
4.50
3.29
3.19
3.23
105.04
121.27
117.50
114.72
116.43
H+mmm+rn+m
3.58
2.87
3.02
3.58
4.86
3.15
105.41
82.00
90.44
7.. 113.15
103.93
119.47
110.43
2.93
104.48
3.10
3.70
5.14
4.59
81.87
3.34
89.40
111.43
May 31— 113.14
103.66
118.00
113.27
110.21
3.78
3.01
103.93
3.15
3.75
5.20
4.66
3.39
81.61
89.25
24— 113.06
111.03
103.56
118.81
112.66
115.57
3.80
3.05
104.11
May 31
3.16
3.78
5.22
4.67
3.41
3.33
81.87
89.69
17— 113.73
111.03
105.79
112.25
24
120.37
3.80
117.72
3.04
3.19
105.79
3.77
5.20
3.41
84.96
4.64
3.35
92.28
10— 115.51
112.66
108.46
114.72
123.33
17
119.25
3.68
2.97
3.09
107.88
3.68
4.97
4.47
3.33
3.23
88.30
94.97
114.72
3— 116.36
109.24
117.72
123.79
10
3.54
2.84
108.60
3.02
3 57
4.73
4.30
3.23
88.95
95.29
115.57
118.81
3
3.50
2.82
2.97
108.08
3.53
4.69
4.28
3.19
88.51
3.04
94.81
114.93
118.81
Apr. 20
3.52
2.82
107.30
2.98
3.56
4.72
4.31
3.22
88.07
3.04
94.33
114.51
118.38
19
3.54
2.83
2.99
3.00
4.75
4.34
3.24
3.06
2.83
3.00
3.01
4.76
.
Apr. 26.. 116.18
108.85
123.79
120.37
120.14
19— 116.94
108.46
123.50
119.92
12— 116.38
108.27
123.50
119.69
107.11
87.93
112.45
114.72
14
3.72
7----—..
3.30
3.09
94.33
5— 117.10
114.30
108.60
124.25
119.92
107.30
4.34
3.25
88.51
Mar,29— 116.87
21— 116.30
94.81
114.51
107.88
118.81
123.56
119.25
3.53
100.92
2.80
2.99
3.60
87.49
4.72
4.31
3.24
3.04
93.85
113.89
107.69
123.56
118.38
Mar. 29
119.03
3.57
2.83
3.02
100.30
3.62
4.79
4.37
3.08
87.49
3.27
93.85
113.68
15— 116.74
107.49
117.94
21
123.33
118.81
3.68
2.83
3.03
107.17
3.65
4.79
4.37
3 28
3.08
87.35
93.69
8.. 116.03
1— 115.42
113.68
107.49
117.50
123.10
15
118.38
3.59
106.17
4.80
4.38
87.21
93.69
113.07
107.11
117.72
122.63
8
118.38
3.59
2.85
3.00
105.79
3.00
4.81
4.38
3.31
3.09
87.07
93.53
Fab.23.. 115.32
112.86
107.30
117.07
123.10
1
3.61
118.60
2.87
105.79
3.06
3.08
4.82
4.39
3.32
3.12
86.92
93.85
112.66
117.07
Feb. 23
3.60
2.85
3.05
3.08
4.83
4.37
3.33
118.38
12
3.55
5-mmmt
16.. 115.48
107.49
123.33
118.81
105.98
87.07
94.01
9.. 115.44
112.86
107.30
117.50
122.86
16
118.81
105.98
86.92
94.01
112.66
117.29
— mirnm —
9
2- 115.43
106.92
122.03
118.60
105.41
80.78
Jan. 27— 115.54
93.69
112.45
106.92
116.86
122.63
118.38
105.41
86.64
93.69
20.. 115.65
112.25
106.54
116.86
122.40
117.94
105.41
86.21
93.21
112.25
116.43
2
Jan.
3.04
2.84
3.66
3.06
3.10
3.28
3.12
3.59
2.84
3.04
3.07
4.82
4.36
3.32
3.10
3 60
2.86
3 04
3.67
4.83
4.36
3.33
3.11
3.62
„
2.87
3.05
3.70
4.84
4.38
3.34
3.62
2.87
3.00
3.70
4.85
4.38
3.35
3.13
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
3.63
2.88
3.07
3.69
4.86
4.39
3.35
3.14
3.62
2.80
3.09
3.09
4.82
4.37
3.34
3.14
3.81
.
3.05
3.19
3.78
5.24
4.68
3.42
___
27—
20
3 13
13— 115.96
106.73
122.40
118.16
105.00
86 60
93.53
6— 116.03
High' 940 118.67
112.25
106.92
116.64
122.86
125.42
117.72
105.00
87.07
93.85
112.45
111.43
116 64
120.82
111.43
92.28
99.14
116.64
120.14
103.38
106.92
118.60
122.40
115.57
118.60
103.93
81.35
89.10
110.83
112.05
Low
3.39
2.75
2.95
105.22
3.39
4.47
4.05
87.78
3.14
2.98
Low 1939 108.77
1 Yr. Ago
94.33
112.05
100.00
116.43
112.46
108.27
High 1939
4.00
3.34
3.55
4.10
08.28
5.26
4.76
3.70
3.64
81.09
87.93
104.30
106.54
Low 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
.Nov.15'39 113.35
105.41
119.92
116.21
103.93
86.21
92.43
111.23
114.51
3.70
2.99
3.16
3.78
4.88
4.46
3.40
3.24
100.00
Nov. 15,1939—
2 Years Ago—
81.87
87.35
106.54
111.84
Nov. 15, 1938
3.94
3:09
3.46
4.00
5.20
4.80
3.64
3.37
Low 1940 113.02
High 1939 117.72
Nov.15'38 112.25
101.06
117.72
110.04
computed from average yields on the basis of
wZf/i averages,
x*
Field
^ movement of actual price quotations.
STATE
OF
one
TRADE—COMMERCIAL
was
EPITOME
some
slight setbacks, shows a strong undertone.
The British victory in the
Mediterranean had a wholesome
The "Journal of Commerce"
figure of 113.3 compared with
the previous week
this
source,
steel
and
a
108.0 for
operations
weekly business index
crude
barometer
>
runs-to-stills,
ago.
According to
electric
output sent the
slightly lower.
active
company warned,
about
such
neither
be
a
periods in
Co.
business
however, that "there
business
long-lasting
expansion,
nor
and
now
estimate that actual
expendi¬
$650,000,000
monthly
According to
by next June.
for
penditures
1942
the
fiscal
year
their estimates,
should
ex¬
approximate
$10,000,000,000.
October
panies,
was
but
the
40%
the month
like
best
week
of the
will
year
be
for steel
date
than
in
orders
period last month,
the like October week,
generally
are
com¬
larger, the
of the industry.
even
of
business
to
month
bookings
in its mid-week survey
November one large company
stated
first
more
the
November
booked
and for
20% ahead of the
the survey estimates.
"Notwithstanding the fact that the steel industry is
en¬
gaged in the greatest activity of any period in its history,
monthly
survey,
increasing expansion of American
industry already is
spreading into other phases of business and
promises one
most
Government economists
In
and
,
tures for defense will be running at the rate of
"Iron Age"
year
at
According to the Cleveland Trust
of the
—
a
the top for the
year,
and bituminous coal
production showed a marked
advance,
but a sharp decline in the
lumber cut and losses for car
loadings,
Year Ago—
revised figure of 113.6 for
were
3.36
published In the Issue of July 13, 1940, page 160.
Building activity held steady at about the
previous week's
high level. Optimism prevails
generally, and the stock mar¬
effect.
1940.
"typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
Friday Night, Nov. 15, 1&40.
ket, despite
6........
They merely
the latter being the truer picture of the bond
market.
t The latest complete list of bonds
used In computing these Indexes
THE
13
High 1940
1
2 Yrs.Ago
...
there is
surprisingly little confusion," the review comments.
"Defense orders
are being taken care of writh the required
dispatch, while at the same time general buyers are experi¬
history.
The trust
only one certainty
encing
that
gradually lengthened deliveries.
is
self-sustaining."
is
that
it
can
no
ticipating
ers,
serious inconvenience except the necessity of an¬
their requirements further ahead
because
of
particularly
those
who
Occasional
have
no
or
regular
casual
buy¬
source
of
Volume
The
151
getting steel, but
magazine empha¬
sizes that although there is intense pressure for delivery
of certain products, steel companies are actively soliciting
business in other items which have lagged.
The British,
it is pointed out, will take greatly increased quantities of
steel in the next two or three months if they can obtain it.
Some companies have been asked to double or triple recent
allotments which have been i)erraitted to decline somewhat.
The British program to build 120 ocean freighters in the
United States would call for about 400,'000 tons of steel.
Production by the electric light and power industry of the
supply, may be having some difficulty in
are not if they wait their turn.
The
others
United States for the week ended
Nov. 9, after scoring new
highs for three consecutive
all-time
weeks, fell below the
preceding week's total, but managed to remain above the
1939 aggregate, according to figures released by the Edison
Electric Institute.
Output for the current reporting week
a decrease of 14,901,000
2,734,402,000 kwh. recorded,
during the week ended Nov. 2.
Compared with the like
1939 total, the current week's production gained 205,813,000
amounted
kwh.
kwh.,
2,719,501,000
to
revenue
778,318
roads with the
freight for the week ended Nov.
This was a decrease of
public today.
9
according to reports filed by the rail¬
Association of American Railroads and made
cars,
16,479 cars below the
preceding week this year, 3,720 fewer than the
ing week in 1939, and 141,872 above the same
fourth time in
the
construction
the
weeks engineering
last five
The
exceeded the $100,000,000 mark.
awards
total for the short week due to
the Armistice Day holiday,
$139,119,000, tops the volume for the short preceding week
by 75%,
The volume for the week tops the 1939 total,
and this is the eleventh consecutive week in which current
awards surpass
their respective 1939 weekly values,
accord¬
News-Kecord."
Private awards are
44% above a week ago, due to the increased volume of
commercial and industrial building.
Public construction
is 87% higher than last week as a result of the high public
building total.
The week's awards bring 1940 construction
to $3,424,579,000, 26%% higher than in the 46-week period
in 1939.
Private work is up 29%, and public construction
25% higher than in 1939, due to 260% gain in Federal
ing
"Engineering
to
awards.
estimated today the automobile and
truck induction this week would total 121,943 units.
The
total compared with 120,948 last week and with 86,700
vehicles this week a year ago.
Ward's said the holiday next
week would reduce operations almost a fifth at most plants.
It adds that production would rebound strongly in the final
November week, but would not come up to the current level.
The current week's x>roduction iS the highest output volume
since mid-July, 1937, when 122,890 vehicles were assembled
week.
one
showing a nation¬
week over the
corresponding period of 1939, according to the weekly re¬
view published today by Dun & Bradstreet, Inc.
Shopping
of from 5% to 9% in the current
wide gain
in retail centers was larger
blizzards
in
some
sections
in spite of freak weather, with
and heavy rains in others.
the South,
14%, while
year-to-year gains were registered in
where the average rise was between 9% and
Heaviest
in the Middle West increases
during the storm.
frequently were offset by sales
of revenue freight for the week ended Nov. 9
the Association of American Railroads
announced on Nov. 14.
This was a decrease of 3,270 cars
or four tenths of 1% below the corresponding week in 1939,
Loading
22.3% above the same
for the week of
Nov. 9 was a decrease of 16,479 cars or 2.1% below the
preceding week. The Association further reported:
Miscellaneous freight loading totaled 330,287 ears, a decrease of 13,277
but
below
cars
Both the Northwest and
of 141,872 cars or
increase
an
Loading of revenue freight
week in 1938.
preceding week, but
the
corresponding week
an
:n
perished.'
on
the
with
indications
Although storm warnings were ordered lowered
Great
Lakes after
one
of the worst gales in
their
ranged from freezing to zero in most
of the 15 States between the Rocky Mountains and Ohio,
and north of the Ohio River.
Chicago's 12 degrees above
history, temperatures
low for Nov. 13.
The 25 degree
reading at Dallas, Tex., set a new all-time November mini¬
mum.
Wichita Falls, Tex., had 18 degrees, Coldest in 16
zero
equaled the record
reported in New Mexico.
Deaths
by States, including hunters but excluding sailors, were:
Minnesota,
34;
Illinois,
11;
Wisconsin, 9; Iowa, 8;
Indiana,
5;
Michigan, 4; New York, 4; Colorado 2;
South Dukota, 2.
In the New York City area the weather
for the week was relatively mild, though the last three
Zero cold
years.
week in 1939.
135,083 cars, an increase of 9,778 cars above
preceding week, but a decrease of 16,349 cars below the corresponding
week
1939.
in
products loading totaled 33,815 cars, a decrease of 1,777
week, and a decrease of 3,882 cars below the
Grain and grain
preceding
the
below
cars
1939.
In the Western Districts alone, grain and
for the week of Nov. 9 totaled 20,093 cars, a
the preceding week, and a decrease of 1,802
the corresponding week in 1939.
corresponding week in
of
decrease
below
cars
loading
products
grain
1,452 cars below
to 16,576 cars, a decrease of 3,254 cars
and a decrease of 1,074 cars below the cor¬
respondent week in 1939.
In the Western Districts alone, loading of live
slock for the week of Nov. 9 totaled 12,983 cars, a decrease of 3,201 cars
below the preceding week, and a decrease of 1,264 cars below the cor¬
responding week in 1939.
Forest products loading totaled 38,799 cars, a decrease of 2,073 cars
below the preceding week, but an increase of 2,976 cars above the cor¬
responding week in 1939.
Ore loading amounted to 55,604 cars a decrease of 6,377 cars below
the preceding week, and a decrease of 272 cars below the corresponding
the
below
loading amounted
stock
Live
preceding week,
week in 1939.
Coke loading
of
the
Temperatures ranged from 40 degrees
forecast for cloudy and colder weather
day partly cloudy
to 47 degrees.
tonight.
and somewhat colder, with
The
On Satur¬
fresh north¬
decrease of 533 cars below the
of 550 cars above the corresponding week
amounted to 11,817 cars, a
preceding week, but an increase
in
1939.
disti'icts
All
1939
reported
the
except
increases
compared with the corresponding
1938
1940
February
Four weeks of
1939
2,555,415
2,486,863
Four weeks of January
2,288,730
2,282,866
2,976,655
2,225,188
2,363,099
3,127,262
2,532,236
3,387,672
3,102,236
3,355,701
3,122,556
2,494,369
2,712,628
3,534,564
2,825,752
3,718,350
3,135,330
3,269,452
794,797
778,318
weeks of March
Five
April
Four weeks of
Four
weeks of May
Five weeks of June
July
Four weeks of
Five
weeks of August
Four weeks
of September—_—....—
October
—
Week of Nov. 2........——Week of Nov. 9
Total
J.O
IttUlUrtUO
JI1UJU1
LU
2,256,717
2,155,536
2,746,428
2,126,471
2,185,822
2,759,658
2,272,941
3,040,100
2,695,482
2,842,632
672,967
801,108
781,588
636,446
29,224,341
31,428,394
—
llrsi
JLIie
26,291,200
UJC
lqwii,
freight
in the
1940 loaded a total of 356,278 cars of revenue
their own lines, compared with 365,084 cars
Nov. 9,
on
week
all districts reported
and Pocahontas and
Pocahontas.
Allegheny
1938 except the
increases over
ended
preceding week and 365,695 cars in the seven days
Nov. 11, 1939.
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Received from
Loaded on Own Lines
Weeks Ended—
Connections
Weeks Ended—
Nov. 9
Atchison Topeka A
Baltimore & Ohio
Nov. 2
Nov. 11
1940
1940
1939
21,309
19,101
2,998
1,699
4,435
15,248
44,630
Western Ry...
RR.
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago A St. Louis Ry...
Norfolk A Western Ry
Pennsylvania RR—
Pere Marquette Ry
Pittsburgh A Lake Erie RR.....
Southern Pacific Lines
Wabash Ry
Nov. 9
1939
22,424
17,550
Chicago Burl. A Quincy RR
Chic. Milw. St. Paul & Pac. Ry.
International Great Northern
Nov. 11
1940
21,304
34,130
Santa Fe Ry.
RR
Chesapeake & Ohio Ry
Cblcago A North
Gulf Coast Lines
Nov. 2
1940
6,104
20,029
72,101
7,038
7,293
33,319
7,851
19,153
11,105
18,421
7,176
18,008
10,953
9,083
21,123
19,288
7,770
10,524
8,018
11,156
22,180
22,776
36,280
23,042
36,320
27,849
17,558
21,497
20,872
3,099
1,709
4,424
15,598
46,920
6,399
19,631
70,325
6,822
7,877
34,572
5,566
.;
5,683
3,207
1,757
4,323
15,570
42,345
6,188
22,254
73,384
6,765
7,370
31,408
5,943
TOTAL LOADINGS
AND RECEIPTS FROM
(Number of Cars)
9,842
1,692
2,670
1,515
2,285
10,130
3,098
10,075
42,453
11,281
5,460
44,987
5,871
7,181
10,531
9,248
9,396
3,077
10,202
40,738
10,417
5,034
44,118
5,343
6,876
356,278 365,084 365,695 212,497
Total
was
period were characterized by steady rains.
Temperatures were cool.
This morning was rainy.
Evidences of clearing weather
characterized the afternoon, although skies were overcast.
days
the
freight totaled 156,337 cars,
week, but a decrease of 479
loading amounted to
Coal
the
South¬
that the turbulent waters
of Lake Michigan would cast up the bodies of many more
victims.
Fatalities attributed directly and indirectly to
cold and buffeting winds since last Sunday included 18
sailors known to have drowned, but excluded 49 members
of lake boat crews who were missing and believed to have
102,
increase of 15,260 cars above
below the corresponding
cars
reported considerable irregularity during the
week, with transportation tieups forcing the temporary
closing of stores in some instances.
Weather developments were indeed spectacular the past
week.
The toll of deaths in regions hit by wintry storms
reached
an
1939.
Loading of merchandise less than carload lot
increase of 1,034 cars above the preceding
also
west
778,318 Cars
totaled 778,318 cars,
Four weeks of
Retail trade continued to forge ahead,
losses
Nov. 9 Reached
Week Ended
During
Freight
Revenue
of
Loadings
in
Ward's Reports, Inc.,
in
drop to 32 degrees both
correspond¬
period two
years ago.
This total was 113.88% of average loadings for
the corresponding week of the 10 preceding years.
For
Tonight the thermometer is expected
in the city and suburbs.
Overnight at Boston it was 42 to 45 degrees; Pittsburgh,
31 to 38; Chicago, 20 to 28; Cincinnati, 23 to 35; Cleve¬
land, 34 to 39; Detroit, 27 to 32; Charleston, 34 to 56;
Savannah, 30 to 53; Kansas City, Mo., 8 to 21; Springfield.
111., 8 to 25; Oklahoma City, 14 to 28; Salt Lake City, 24
to 46, and Seattle, 31 to 55.
prevailing.
west winds
to
8.2%.-
or
Loading of
totaled
kwh.,
the all-time high of
from
2853
Commercial & Financial Chronicle
6,199
18,851
13,261
9,248
8,798
11,751
1,443
2,121
2,683
9,300
43,487
10,851
5,111
49,543
5,865
7,831
9,057
8,815
221,820 219,215
CONNECTIONS
Weeks Ended
Nov. 9,
Chicago Rock
Louis-San Francisco Ry
Total
111
...—...
Llie
lUliUWlJUg
Nov.
Nov. 2, 1940
11, 1939
Not available
wc
Not available
26,832
34,450
14,714
35,044
14,851
33,893
49,164
Island A Pacific Ry.
Illinois Central System
St.
1940
76,727
48,371
UUUCl laivc
VKJ
www
t
for the week ended Nov. 2,
showed increases when
week last year.
for separate roads and systems
1940.
During this period 59 roads
compared with the same
.311vy»»
14,478
t
The Commercial & Financial Chronicle
2854
Nov.
16,
1940
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED NOV. 2
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1940
1938
1939
1939
1940
Ann Arbor
Southern
Boston A
'I
Chicago Indianapolis A Loulsv.
703
814
663
1,333
1,101
8,044
1,366
...
Maine
1,146
1,142
7,417
1,814
239
197
8,429
11,607
10,961
2,296
1,806
17
26
Central Vermont.....—....
Delaware A Hudson
1,370
4,826
9,575
Delaware Lackawanna A West
1,300
5,123
9,569
>
50
7,210
576
675
102
180
2,595
2,077
1,169
2,928
473
334
301
14,018
14,073
5,810
4,871
12,732
5,108
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley........
186
160
1,975
1,618
9,132
2,837
8,654
1,925
8,672
2,602
4,129
2,350
37,314
9,853
1,532
171
....
Monongabela
....
Montour
1,974
47,501
....
Wabash
7,866
6,822
7,877
6.882
471
16,047
464
424
1,031
380
408
Seaboard Air Line
10,240
Southern System
Tennessee Central
23,626
8,965
23,213
461
407
444
681
786
154
186
167
926
882
110,263
110,775
98,833
79,268
72,385
20.279
11,156
2,990
11,714
8,018
8,829
3,641
3,839
Richmond Fred. A Potomac...
Winston-Salem
3,159
Southbound...
346
,!
8,688
5,137
Total.
Chicago A North Western.....
Chicago Great Western
20,872
7,686
2,272
2,720
2,638
Chicago Mllw. St. P. A Pacific.
20,764
21,254
231
213
Chicago St. P. Minn. A Omaha.
3,658
20,468
1,216
9,475
4,049
17,355
2,604
19,789
3.641
13,807
1,162
8,574
452
526
486
6,212
7,872
8;l9i
7,633
2,046
1,587
Northwestern District—
35
24
43,285
Duluth South Shore A Atlantic.
13,361
Elgin Jollet A Eastern
1,886
11,409
Great Northern
59
44
382
465
6,224
1,561
7,507
6,302
407
217
198
644
1,424
877
?>■■■ 674
573
1,863
1,038
5,683
Wheeling A Lake Erie......
5,673
17,286
458
13,324
628
...
20,619
2,698
Piedmont Northern
41,872
14,578
1,891
11,281
1,681
7,192
5,871
736
5,911
5.501
9,396
1,983
1,013
8,959
....
....
2,686
1,340
1,330
4,157
3,081
1,428
14,234
7,970
2,282
1,379
7,667
2,390
451
Pittsburgh A Lake Erie
Pere Marquette..
Pittsburgh A Shawmut.
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
3,347
1,149
1,154
4,728
3,359
1,297
...
5,593
5,797
2,219
46,190
10,428
1,082
6,409
417
N. Y. Chicago A St Loul"
N. Y. Susquehanna A Western.
1,850
z
Chattanooga A St. L.
Norfolk Southern
303
10,771
1,056
6,399
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western.
Rutland
2,805
5,764
4,043
.............
District—(Concl.)
Mobile A Ohio
Nashville
1939
1940
1,538
Detroit A Toledo Shore Line...
Erie
Central.......
2,518
8,840
7,544
610
...
Grand Trunk Western........
Maine
50
2,183
8,450
2,758
Detroit A Mackinac..........
Detroit Toledo A Ironton
2,403
27
1.382
0,135
9,111
Central Indiana
1,343
from Connections
1938
1939
1940
Eastern District—
Bangor & Aroostook..
Total Loads Received
Total Revenue
Freight Loaded
Railroads
Duluth Mlssabe A I. R
179
5,314
241
559
442
464
161
183
18,486
19,896
13,863
3,402
2,873
688
686
683
746
693
Ft. Dodge Des Moines A South.
Green Bay A Western
3,781
1,981
3,509
1,781
1,646
69
82
1,944
1,855
6,827
7,489
6,251
12,265
12,607
10,678
2,770
3,821
2,121
2,489
4,048
Lake Superior A Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul A S. S
Northern
3,197
M
Pacific
254
207
112
231
346
2,082
1,825
1.642
1,844
1,456
126,096
Spokane
120,205
92,650
49,281
50,788
22,776
23,075
21,404
3,155
3,218
2,990
7,851
2,384
2,484
421
431
401
79
60
International
Spokane Portland A Seattle...
4.383
4,939
3.300
3,553
4,070
164,760
Total.
165,132
144,000
174,354
174,989
C: 536
492
446
856
941
36,280
6,724
36,708
27,406
3,626
19,153
19,035
9,842
9,317
2,310
17,558
2,218
17,296
2,305
Chicago Burlington A Quincy..
Chicago A Illinois Midland
18,155
6,123
2,282
1,482
845
786
297
310
211
7
6
Chicago Rock Island A Pacific.
1,224
6,874
10
20
13,210
9,235
2,744
1,635
3,227
Total
Central Western District—
Atch. Top. A Santa Fe System.
Alton
Alleghany District—
Akron Canton A YoungBtown.
Baltimore A Ohio
.....
Pessemer A Lake Erie.......
Buffalo Creek A Gauley
Bingham A Garfield
13,074
12,203
12,595
9,537
Chicago A Eastern Illinois
Colorado A Southern
2,604
1,354
2,822
1,504
2,646
Denver A Rio Grande Western.
4,632
6,175
4,670
2,819
1.700
3,624
•Cambria A Indiana.........
1,709
1,580
Central RR, of New Jersey...
Cornwall
7,331
6,560
112
624
104
50
12,798
;■. r 70
•Cumberland A Pennsylvania.Llgonier Valley
Long Island
287
310
240
37
48
Denver A Rait Lake
132
129
76
37
27
798
758
839
1,433
1,110
56,024
11,851
2,845
1,551
44,987
2,618
1,550
Fort Worth A Denver City
Illinois Terminal.—.
.....
Penn-Reading Seashore Lines.
1,515
70,325
Pennsylvania System
Co
Reading
73,877
14,000
18,118
4,320
15,563
Union
(Pittsburgh)
Western Maryland......
19,079
......
3,681
Total
164,269
7,728
3,018
165,342
47,288
19,821
18,937
6,324
7,412
119,806
515
14
15
1,164
1,148
1,780
1,769
1,611
1,866
1,044
126
130
765
764
'h 627
i 436
399
40
24
23
0
0
28,900
5,628
956
...
Northern
Peoria A Pekln Union
7,815
Southern Pacific (Pacific)
Toledo Peoria A Western
Union Pacific System
120,707
774
1,350
1,950
1,076
1,261
North Western Pacific
6,354
117,721
896
1,253
1,706
M lssourl-IUlnols
Nevada
.....
23,042
Virginian—........
28,814
23,101
4,483
19,631
3,888
....
13,324
5,244
11,105
22,854
22,530
4,424
5,460
1,405
536
366
26,352
23,938
346
494
349
20,321
...
20,993
17,610
398
6,311
1,353
10,578
■
v
1,289
9,826
446
698
508
3
7
2,012
2,007
1,783
2,716
2,480
126,879
Western Pacific...
....
1,713
1,214
126,633
115,519
63,517
58,710
Utah
Pocahontas District— J ?
•Chesapeake A Ohio
Norfolk A Western..........
6,291
...
Total
1,069
Southwestern District—
Total
46,561
56,398
49,808
18,030
19,637
Burlington-Rock
270
262
218
147
141
865
838
888
1,693
1,692
726
637
583
865
10,024
9,637
4,153
8,584
1,016
6,366
4,230
3,992
415
1,188
2.107
3,008
1,151
2,144
360
375
377
272
348
3,768
1,310
,
1,709
Kansas Oklahoma A Gulf
Valley
447
1,428
1,703
2,670
2,268
331
296
178
869
1,014
2,286
1,873
2,035
2,132
1,845
2,003
1,676
2,087
2,014
281
1,013
Litchfield A Madison...
Midland
291
l",692
2,295
Missouri A Arkansas
417
1,501
•
international-Great Northern.
5,158
443
Cllncbfleld
138
3,326
1,937
206
Kansas City Southern
Louisiana A Arkansas..
1,294
•Charleston A Western Carolina
205
3",182
z
Gulf Coast Lines.
Atl. A W. P.—W. RR. of AlaAtlanta Birmingham A Coast..
Atlantic Coast Line
Central of Georgia
Columbus A Greenville—
Durham A Southern....
159
3" 099
Island
Fort Smith A Western
Southern DistrictAlabama Tennessee A Northern
400
304
964
507
612
/ 631
202
221
255
1,59
369
284
4,424
4,277
16,443
.264
3,098
2,944
,293
10,075
..........
Missouri-Kansas-Texas Lines.
333
...
169
187
177
373
406
Florida East Coast...........
736
703
723
1.108
931
Quanah Acme A Pacific
235
138
185
141
33
151
39
31
120
98
St. Louis-Ran Francisco
8,725
1,003
4,731
4,824
2,010
1,703
St.
Southwestern......
Texas A New Orleans...
3,153
2,534
2,492
Texas A Pacific..
5,411
8,232
3,135
7,455
5,664
7,256
813
Gainesville Midland
Georgia
Georgia A Florida.......
1,299
309
...
351
462
3,368
24,462
3,261
3,422
12,796
11,723
21,879
24,364
yl ,565
22,105
20,240
6,409
5,915
140
170
156
712
190
152
394
525
Mississippi Central
Note—Previous
year's
Cleveland Trust
figures
Co.
15,598
Louis
9,629
7,458
2,860
3,581
5,505
3,899
3,922
175
181
182
74
85
18
27
17
14
55,963
56,623
52,291
39,199
334
168
Louisville A Nashville
Macon Dublin A Savannah....
317
4,016
23,327
Gulf Mobile A Ohio
Illinois Central System..
Missouri Pacific
revised.
♦ Previous
Pictures
figures,
American
z
456
Wetherford M. W. A N. W
Total.—......
Discontinued Jan. 24,1939.
Business
Ap¬
proaching Most Active Period in History
7,587
...
Wichita Falls A Southern
Gulf Mobile A Northern only.
y
r.
3,153
35
38.12 $
Included in Gulf Mobile A Ohio.
relations legislation so as to give
employers as well as employees a square
deal.
The opportunity is here.
1
"American industry is now swinging into a
period which
promises to become in time
one
of the most active in its
history," the Cleveland Trust Co., Cleveland, Ohio,
its
"Business
Bulletin"
Nov.
issued
15.
Moody's Commodity Index Advances
Moody's
in
says
"The
increasing
activity is already spreading beyond industry and into other
phases of business," the bank states. "It is not one-sided or
unbalanced," the bank points outt> but "includes durable
goods and consumers goods, heavy industries and light in¬
dustries," and, "is spreading into trade, and transportation,
and the public utilities, and all
along the line it is reducing
unemployment."
In part the bank, in its "Bulletin,"
Daily Commodity Index rose 1.1 points this
The principal gains were in wheat, rubber
week to 168.4.
and steel scrap.
The movement of the index
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Nov.
8Nov.
9
Nov. 11
Nov. 12
Nov. 13
Nov. 14
Nov. 15-.
167.3
167.9
follows:
was as
Two weeks ago, Nov.
Month ago, Oct. 15
1.
164.3
.164.0
Holiday Year ago., Nov. 15--- --—-—-160.9
167.7 1939 High—Sept. 22
172.8
-167.9
Low—Aug. 15
138.4
168.4 1940 High—Jan. 2
169.4
168.4
Low—Aug. 16
149.3
!
_____
further states:
These
and
we
are
welcome developments
should be
following the long
vigilantly careful not
of depression,
years
to let them lead us into the
dangerous
lures of self-centered
complacency.
fc* It
took Great Britain and France
many
last winter to realize that modern warfare cannot be
conducted to the
engages
in
a
principle applies when
same
great
defense program is
program
as
at war, and it must be
vital to
for
as
a
usual.
ac¬
We have not yet
nation at peace hurriedly
military and naval preparedness.
us as
it would be if
given the right of way, and
our
a
Nation
were
Our
actually
clear and unobstructed
This expansion of business
beginning of
a
index.
with
activity has all the outward
period of self-sustained
prosperity,
appearances
but
of
course
what
a
situation
Britain,
are
in
which
two
great
the
United
that it
can
our
preparedness effort gives
domestic defenses
time to revise
our
us an
States
pros¬
opportunity to prepare
against its ultimate inevitable let-down.
tax laws to encourage
The index advanced
Oct.
1,
also
and
also
shows
shows
The
gain
a
an
in
decline
This is the
enterprise, and to revise
our
second
Index
consecutive
0.3%
shows
as
of Nov. 1,
gain
a
of
as
2.5%
compared
above
the
increase of 6.4%
the
index
of
above the 1936 low,
3.2% below the 1937 high.
Under
in
labor
October
due
was
to
apparel, women's apparel and home furnishings.
subdivisions
ings,
with
gained
an
0.3%.
increase
2.4%, followed.
of
Men's
As
led
the
As
compared with
the
major
compared with
2.8%,
led,
the
advances
one
year
ago,
a
piece
home furnishings,
with infants'
groups,
while
the
Each
goods,
apparel showed the smallest gain
compared with the 1936 low,
This apparent
the
date of Nov. 14 Fairchild Publications further stated:
business expansion, and that is
neither be long-lasting nor
self-sustaining.
perity period of
for
in
they must to get them in the shortest possible time.
a
gained
but
demanding huge volumes of special goods and paying
There is only one certainty about such
our
customers,
have
of
This expansion of production, and this
calling back of the unemployed to places on the pay rolls, does not result
from free enterprise competing for business in
open markets.
It comes in¬
and Great
prices
corresponding period a year ago., The index at 93.5 (Jan. 2,
1931, equals 100) is the highest since Dec. 1, 1937.
The
reality it is nothing of the sort.
stead from
According
month, according to the Fairchild Publications retail price
index
road ahead.
the
Retail
valuable months last autumn and
companiment of the pleasant slogan of business
realized that the
Retail Prices Advanced Further in October,
to
Fairchild Publications Retail Price
,
May
1,
wear
1933,
with
an
following with
low,
home
in
men's
of these major
home
with
a
furnish¬
gain of
in October.
As
increase of 6.8%,
a
gain
of 6.1%.
furnishings still
showed
greatest gain, with piece goods following.
The greatest gains
furniture
and
during the month
blankets.
As
compared
recorded for furs, men's hats,
with a year ago, furs, with an
were
11.2%;
of
increase
The Commercial
151
Volume
blankets,
with
gain
a
of
silk,
9.2%;
with an
with an increase of 6.1%, led.
Among the items showing declines during the month were women's silk
hosiery, men's shirts, and infants' socks.
Higher retail prices are indicated, although the advance in coming
months may be within a restricted level, according to A. W.
Zelomek,
economist, under whose supervision the index is compiled.
An accelerated
rise in retail prices within the next year is likely.
and
6.0%,
of
increase
RETAIL COST S OF FOOD
INDEX NUMBERS OF
(Five-Year Average
BY COMMODITY GROUPS
1935-39=100)
coverings,
floor
FAIRCHILD PUBLICATIONS
THE
2855
<£ Financial Chronicle
JAN.
Oct.
Cereal and bakery products
1939
97.6
97.2
b96.3
96.2
96.8
94.9
99.1
102.4
99.2
96.8
101.5
99.7
b99.1
100.5
110.7
Meats
105.7
91.7
106.5
94.7
88.3
Fresh
1
90.4
93.5
86.9
Fruits and vegetables
Service
Oct. 17
1940
94.8
All foods
Eggs
3, 1931=100
Copyright 1940 Falrchild News
Aug. 13,
1940
a
96.2
Dairy products
RETAIL PRICE INDEX
Sept. 17,
15,
1940
Commodity Group
1
89.4
93.4
93.2
100.9
94.6
Canned
M ay 1,
1933
Aug. 1,
1940
Not. 1,
1939
Nov.
1,
Sept. 1,
Oct. 1,
1940
1940
1940
91.5
91.9
92.3
Dried
99.4
100.5
100.8
90.7
91.1
92.3
80.5
81.3
81.7
89.0
94.7
94.8
95.4
115.5
Beverages
Fats and oils
Composite Index
Piece goods
69.4
91.2
92.9
92.9
93.2
93.5
65.1
84.7
86.0
86.0
86.7
86.7
70.7
88.7
89.1
89.1
89.1
89.3
Men's apparel
90.4
92.1
92.2
91.8
92.1
Women's apparel
71.8
97.0
97.3
97.3
94.6
95.0
95.3
95.2
Infants' wear
76.4
96.3
96.9
Home furnishings
70.2
92.7
94.6
Silks
57.4
65.5
67.6
69.2
85.1
87.3
87.3
87.6
103.2
103.2
103.2
a
68.6
Cotton wash goods
103.6
69.4
67.6
Domestics:
32,
69,4
65.0
92.5
93.5
93.5
93.5
93.6
Sheets.
Blankets & comfortables
72.9
106.2
114.0
114.0
115.0
116.0
Women's apparel:
59.2
75.0
74.6
74.4
73.6
75.5
105.4
105.7
105.7
105.7
83.6
92.9
93.0
93.0
93.0
93.0
66.8
95.4
103.4
104.5
105.5
106.0
Furs
85.4
87.1
86.8
86.0
86.0
Underwear
69.2
88.0
88.0
87.6
87.6
and
in
there
one
was
declined in 38 cities, increased in
no
106.1
Aprons & house dresses.
Corsets and brassieres..
food costs to wage earners
73.4
Hosiery
b Revised.
Preliminary,
change.
Decreases of 2% or more were
reported for nine cities, the largest declines being for'Cleveland (2.7%),
Bridgeport (2.4%), and New Haven (2.3%).
The lower costs in these
three cities were due to greater than average declines for meats
in all
three cities as well as for cereals and bakery products in Bridgeport and
New Haven, and for fruits and vegetables in Cleveland.
The only increase
of more than 1% occurred in Houston Tex, (1.3%), where meat prices
advanced 4.7%, the largest increase in meat prices in any city.
103.2
Piece goods:
..
_
Average
87.6
Woolens
Sugar
76.5
88.2
88.8
89.0
Hosiery
64.9
87.6
87.6
87.6
Shoes
Men's apparel:
Underwear
69.6
92.0
91.8
91.8
91.8
74.3
86.4
86.4
86.4
86.2
86.0
Shirts and neckwear
69.7
82.5
82.0
82.8
82.8
83.0
Hats and caps...
90.0
91.5
91.5
91.7
92.0
Clothing, incl. overalls..
70.1
76.3
93.6
94.5
94.5
94.6
94.8
101.1
102.0
102.0
103.0
102.6
Socks
74.0
Underwear
74.3
95.0
80.9
92.8
93.8
93.8
93.8
94.2
Shoes..
100.5
101.0
101.5
126.2
127.1
127.5
Shoes
95.2
95.2
95.0
95.2
Furniture
69.4
98.5
100.8
Floor coverings..
79.9
120.2
126.1
50.6
55.4
54.0
54.0
54.0
54.0
Musical instruments
60.1
75.1
76.0
76.0
76.0
76.0
Luggage
Elec. household appliances
72.5
82.0
79.7
79.7
79.7
80.0
93.9
94.1
94.1
94.5
81.5
China
index is a weighted
of subgroups.
Note—Composite
arithmetic averages
Retail Food Costs
Major
group
94.6
Indexes
are
Declined 1% Between Mid-Septem¬
Reports Bureau of Labor
Mid-October,
and
ber
aggregate,
Statistics
mid-September
and mid-October, following an increase of the same amount
during the previous month, Commissioner Lubin of the
Bureau of Labor Statistics reported on Nov. 10.
"A reduc¬
tion in prices of meats, a general decline of a seasonal
nature for fruits and vegetables, together with lower prices
Retail costs of food
declined 1% between
in the New England
bread
for
to
National Fertilizer Association
level of com¬
modity prices last week, according to the wholesale com¬
modity price index compiled by The National Fertilizer
Association.
This index in the week ended Nov. 9 advanced
to 76.7% of the 1926-28 average, the highest point reached
since last May.
The index was 76.1 in the preceding week,
75.9 a month ago, and 77.5 a year ago.
The highest point
reached by the index this year was 78.5 in the first week of
January, and the year's low point was 74.1.
The Associa¬
tion's announcement, dated Nov. 12, further said:
Price
increases
were
widespread throughout the commodity list last
week, with seven of the principal group indexes advancing and none
declining.
In the food group 12 items rose in price while only two
declined, resulting in a moderate upturn in the group index.
With cotton,
grains, livestock, eggs, and wool all moving upward the index of farm
product prices rose to a new high for recent months.
The textile price
average registered its seventh consecutive weekly advance.
Increases also
took place during the week in the group indexes representing the prices
of metals, building materials, fertilizer materials, and miscellaneous com¬
May, According to
92.0
Infants' wear:
Advanced
9
Nov.
Prices During Week Ended
Highest Point Since Last
Commodity
Wholesale
and New York areas, were
decline," Mr. Lubin said. Preliminary
reports indicated that since Oct. 15 there has been a fur¬
ther reduction in the retail prices of beef and fresh pork
following the general downward movement of prices in the
wholesale market.
The announcement issued by the Labor
responsible for this
broad advance in the general
There was a
modities.
..:
the index advanced during the week
declined; in the preceding week there were 24 advances
in the second preceding week there were 39 advances
.*
\ ;
"
Thirty-six price series included in
while
only seven
and
18
and
16
declines;
declines.
WEEKLY WHOLESALE
Compiled by the National
COMMODITY PRICE INDEX
Fertilizer Association.
Latest
Percent
Week
Each Group
Nov.
Group
Bears to the
of this year.
Whole wheat and rye
bread also declined in price.
Flour prices advanced slightly, reversing
the downward trend which has continued since last May.
Nevertheless, the
average price of flour was ZVz% below the level of a year ago.
Retail prices of meats as a group declined 3% to the same level as
two months ago.
Prices of beef were reduced in October, reversing the
steady advance which had been going on since last March.
The price of
raised
steak
round
was
7% and 4%
came
onto
5% lower than in mid-September, a
Prices of pork chops and
for the season.
is usual
than
greater reduction
ham decreased by
between September and October, as seasonally larger supplies
the market.
Retail prices of sliced bacon and salt pork,
wholesale price movement for these commodities, and con¬
usual trend at this time of year, continued to advance for
in response to greater consumer demand.
They are now at the highest level for the year.
The average price for all
tjpes of pork priced by the Bureau was from 4% to 9% lower in October,
1940, than in October, 1939.
Prices of roasting chickens and lamb con¬
tinued to decline, while the prices of fish advanced slightly.
Prices of
dairy products increased, as is usual in October.
Higher
following the
trary
the
to the
fourth
prices
consecutive month,
for butter were reported from all cities, with an average gain of
The price of milk was increased lc. per quart in Seranton
and store sales, and by the 6ame amount for store
pound.
2c.
a
for
both home delivery
sales in
St.
Paul and Chicago.
Egg prices rose seasonally to a level 4%
higher than a year ago.
showed the usual decreases between
mid-October, the only exceptions being green beans,
carrots, and lettuce, for which higher prices were reported, and bananas,
for which there was no change.
Canned fruits and vegetables declined
0.4%, and dried fruits and vegetables about 1%.
Prices of coffee continued their long-time downward trend and declined
Prices of
fresh fruits and vegetables
mid-September
and
1% between Sept. 17 and Oct. 15 to a level
period last year.
Prices of lard, which had been fluctuating
about 7% lower than for the
-~
same
the year,
in
prices
within a narrow range during
declined one-tenth of lc. per pound in
were also reported
for shortening,
October. Small reductions
salad dressing and oleo¬
margarine.
Sugar
same
prices were reduced 0.1% and were 18%
last year just after the 6harp increase
war in Europe.
period
outbreak
of
lower than for the
wheih followed the
11,
70.1
74.3
43.8
43.5
62.5
51.1
50.6
61.6
63.2
63.7
64.2
52.3
51.4
51.2
50.8
64.4
63.3
63.1
61.3
65.7
64.0
65.2
65.6
80.4
80.4
81.8
...
17.3
Fuels
80.4
Miscellaneous commodities..
86.3
86.2
84.9
88.6
10.8
Textiles
72.9
71.3
77.3
8.2
73.1
Metals
93.7
93.4
93.6
7.1
93.6
Building materials...
98.5
96.5
93.9
87.2
Chemicals and drugs
97.6
97.6
93.5
1.3
97.6
Fertilizer materials
72.1
72.0
71.7
73.0
0.3
78.6
78.6
78.6
77.3
94.0
94.0
93.8
95.0
76.7
76.1
75.9
77.5
6.1
0.3
Fertilizers
0.3
January and February
during
Ago
1939
64.6
Cottonseed oil
retail food costs for
1940
69.5
Cotton
mid-October was 96.2% of
the 1935-39 average, 1.4% lower than in October a year ago.
Twenty-four
of
the 53 foods included in the Bureau's index last year were quoted
this year at lower prices, 23 at higher prices, and six were unchanged.
The decline
in prices of white bread amounted to lc. per loaf for
loaves of 16 to 20 ounces in certain New England cities and in New York,
Newark, Buffalo and Rochester.
In most of these cities prices had been
index of
Year
12, Nov.
53.5
Farm products
Livestock
Bureau's
Nov.
1940
Grains
The
2,
\l;
70.2
Fats and oils
23.0
A oo
Week
Nov.
•
44.5
Foods
25.3
Month
Preced'g
1940
Total Index
Bureau went on to say:
°
9,
(1926-28=100)
Farm machinery..
All groups
100.0
Bureau
of Labor
modity Prices
Nov.
combined
Statistics' Index of Wholesale Com¬
Increased 0.4% During Week Ended
9
of industrial
and a resumption of the
rise in prices of certain farm products and foods during the
week ending Nov. 9,
Commissioner Lubin reported on
Nov. 14.
"The Bureau of Labor Statistics' index of nearly
900 wholesale price series increased 0.4% to 78.8% of the
1926 average," Mr. Lubin said.
"This level is nearly 1%
higher than in mid-October.
Prices as a whole are still
slightly lower (0.6%) than at this time last year, largely
because of lower prices for farm products, textiles, and hides
and leather. Certain important groups of commodities, such
as building materials and metals and metal products, how¬
ever, are now higher than in November, 1939."
The announcement issued by the Labor Bureau also had
There
raw
was a
further broad advance in prices
materials and finished goods
the following to say:
In
non-agricultural markets, the leading
price increases during the
week
materials and in textiles and textile products.
Continued advances in lumber and in paint and paint materials, and an
initial rise in the price of millwork featured building materials markets.
The upward move in textiles Continued on a broad scale, with the widest
advances in jute (5.6%), woolen and worsted goods (almost 1%), and with
lesser rises in cotton goods, hosiery and underwear, and other textile
products.
There were also further increases in the prices of hides and
skins, and leather.
Metal prices changed little during the week, except
for a slight decrease in the price of pig tin, but coke, which is important
as a raw material for the iron and steel industry, rose 3.6%.
The situation in agricultural markets was very mixed.
A sharp advance
of almost 5% was reported in the price of cattle feed, and prices of barley,
were
in
certain building
The Commercial & Financial Chronicle
2856
wheat, rice, and
hogs also rose.
The price of dairy products advanced
3%, largely because of higher prices for fresh milk in the Chicago and
areas.
On the other hand, prices of corn, rye, eggs,
flour, live
over
INDEX
OF
Nov.
DEPARTMENT
16,
1940
STORE SALES *
1923-1925 Average=100
New York
poultry, and cured pork went down.
Oct., 1940
1940 Aug..
Sept.,
The following tables show (1) index numbers for the
principal groups of
commodities for
and
the past 3
weeks, for Oct.
from
percentage changes
12, 1940, and Nov.
week ago, a month
a
and
ago,
(2) percentage changes in subgroup indexes from Nov. 2
11,
a
1939,
year
1940
Oct.. 1939
92
99
99
90
101
105
77
99
Adjusted for seasonal variation
Without seasonal adjustment
ago
*
to Nov. 9,
Monthly indexes refer to daily average sales in calendar months; October, 1940,
figures estimated from weekly data.
1940.
.
(1926=100)
Sales in the four weeks
Nov.
Nov.
9,
1940
1940
Oct.
2,
Oct.
12.
11.
1940
Nov.
1939
Oct.
2,
12,
11.
1940
1939
+0.4
+0.9
—0.6
78.8
78.5
78.6
78.1
79.3
67.2
66.5
67.0
66.1
67.8
+ 1.1
+ 1.7
Hides and leather products
Textile products
+ 1.3
+ 1.0
+2.1
—2.0
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and allied products..
a
Year Ago (Percent)
—1.0
+0.1
Change from Corresponding Period
*+0.9
71.7
70.8
70.8
71.0
72.4
102.4 102.3 101.9 100.3 104.5
73.9
73.7
73.6
72.6
75.6
72.5
72.2
72.2
72.3
74.7
Farm products
Foods
were 5% above a year ago, the Board said,
presenting the following compilation:
in
Nov.
1940
All commodities
first 44 weeks
Nov.
26.
1940
2% larger than
were
in the corresponding period last year, and the total for the
Percentage Changes to
Nov. 9, 1940, from—
Commodity Groups
ending Nov. 2
97.4
96.3
77.2
Fea. Res. Dists.
One Week Ended
Year to
Boston
—3
+0.3
+ 1.8
—2.2
New York
+0.4
+0.3
—2.9
Philadelphia.
97.4
96.4
96.2
0
+ 1.0
+ 1.2
Cleveland
96.1
95.6
95.1
93.1
+0.2
+ 1.3
+3.4
Richmond
*
2 Oct. 26 Oct.
Nov.
97.4
77.1
i
+7
+4
0
+6
+ 12
+3
+3
+5
+ 16
+ 13
+2
+ 13
+ 14
+ 10
+7
+ 11
+ 18
+2
+21
+ 11
+ 11
+ 14
+ 11
+8
—9
+9
+ 14
+2
+3
+ 11
+6
+5
+7
—9
+4
+ 11
+3
—1
+ 1
+9
i+8
+8
+ 11
+7
+6
*
—3
+8
—3
+ 10
*
+ 7
+ 7
+3
+0.5
0
+0.1
+0.4
78.2
Raw
+0.3
+ 0.9
—1.4
71.6
71.2
71.5
70.8
72.5
+0.6
+ 1.1
—1.2
Minneapolis.
80.2
80.0
79.7
78.8
82.1
+0.3
+ 1.8
—2.3
Kansas City...
—16
+0.5
+0.7
—0.4
Dallas
—10
81.8
82.7
80.7
81.9
+0.4
+ 0.9
83.7
83.7
83.1
84.4
+0.2
+ 1.0
—0.6
—10
—4
*
*
__
—9
2
+6
+4
—7
+ 1
+6
+ 3
1
+ 11
—9
—3
+ 10
+ 11
+8
+4
0
0
+2
+3
+5
+3
+2
+ 1
+6
+6
+3
+2
+7
+ 10
+ 7
+5
—
+1
—0.6
83.9
+3
+ 4
Chicago
St. Louis..—
+0.1
89.7
76.4
82.1
+ 3
Atlanta
76.8
90.0
81.1
2
+5
0
90.0
82.0
.
+1
+7
77.0
81.1
+4
+8
77.0
82.4
+5
+7
90.1
81.4
0
+ 15
76.9
All commodities other than farm
products
+2
+ 14
90.1
Manufactured commodities....
0
+4
■:
2 Sept.28 A ug Zli July 27 Nov
Nov.
6
—
77.1
materials
12
—7
Miscellaneous commodities
♦
19 Oct.
—10
__
Housefurnlshlng goods
Semi-manufactured articles
Four Weeks Ended
....
San
All commodities other than farm
products and foods
CHANGES
IN
SUBGROUP
NOV. 9,
INDEXES
FROM
NOV.
TO
2
1940
Increases
Cattle feed
Lumber
Coke.
*
_
.
.
Grains
3.1
.
Other farm products.
Meats
Other foods
Hides and skins.
2.0
.....
Leather
0.2
.
1.4
Hosiery and underwear
.
Other building materials
Chemicals
.
0.5
0.4
....
0.3
.
0.9
.....
_
Paint and paint materials
Cotton goods
Other textile products
0.3
.
2.0
...
Fruits and vegetables......
Woolen and worsted goods.
0.3
.
0 1
Drugs and pharmaceuticals
0.4
0.2
0 1
0.1
.
The Edison Electric Institute, in its current weekly
report,
estimated that
production of electricity by the electric light
industry of the United States for the week ended
1940, was 2,719,501,000 kwh. The current weeks'
output is 8.2% above the output of the corresponding week
of 1939, when the production totaled
2,513,688,000 kwh.
and power
Nov. 9,
0 1
Other miscellaneous
.
The output for the week ended Nov. 2, 1940, was estimated
to be
2,734,402,000 kwh.
Decreases
Silk
week
Rubber, crude
Oils and fats
0.7
Livestock and poultry
.....
0.5
Non-ferrous metals
a
0.2
.
.....
Cereal products
Bituminous coal.......
but included in United States total.
0.1
Fertilizer materials
Petroleum products
Not shown separately
Electric Output for Week Ended Nov. 9, 1940, Totals
2,719,501,000 Kwh.
0 4
3.6
Dairy products........
—
12
Total.......
No comparable data.
PERCENTAGE
Francisco.
0.1
.
Major Geo trophic
7.79%
order
companies 23 other chain store companies
increase in sales of 6.59%.
Sales for the 25 companies showed
the 10 months of 1940 over the
an
for
10
ported
an
Nov. 2, 1940
months
of
5.5
Week Ended
Oct, 26,
Week Ended
1940
Oct. 19. 1940
6.1
3.7
6.5
7.3
5.6
5.8
10.6
10.3
9.2
10.6
5.4
6.5
5.4
5.0
Middle Atlantic
Central Industrial
West Central
3.5
Southern States
9.2
10.1
6.9
7.6
Rocky Mountain.....
2.2
x0.8
0.4
0.1
Pacific Coast
4.5
2.7
7.2
7.0
8.2
7.8
6.8
7.7
re¬
increase of 7.51%
Excluding the two mail order companies 23 other
Week Ended
Nov. 9, 1940
New England
According to a compilation made by Merrill Lynch, E. A.
Cassatt, 25 chain store companies, including 2
mail order companies,
reported an increase in sales of 7.79%
for October 1940 over October 1939.
Excluding the two
Pierce &
an
Week Ended
Regions
ported
Total Un'ted States.
DATA
FOR
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
1939.
chains
Percent
re¬
Change
increase in sales of 5.69%.
Week Ended
1940
1939
1940
1937
1932
V 1929
h; •:
from
Z'ZZ'
M onth of October
%
1940
..
11 5-&-10C..
6 apparel..
1 drug
2 shoe.....
1 auto sup..
23
1939
S51.886.999
81,350,841
41,660,032
6,314,503
3,399,953
5,113,000
%
Inc.
1940
$49,868,384 4.05
75,145,198 8.26
39,745,823 4.82
7.26
5,887,113
3,243,053 4.84
4,110,000 24.4
chains. $189,725,328 $177,999,571
2 mail ord._
133,856,714
1939
-
10 Months Ended Oct. 31
jV Chain
2 grocery
the like
0.2
October Chain Store Sales
Up
mail
over
,
PERCENTAGE INCREASE FROM PREVIOUS YEAR
0.1
-
inerease(i of 7.8%
an
year ago.
122,190,587
25 companies
$323,582,042 $300,190,158
1939
$550,615,934
696,672,390
319,238,671
60,973,916
32,239,338
Inc.
$526,968,345
662,451,980
296,711,005
57,526,029
30,835.594
42,002,000
4.49
5.17
7.59
5.99
4.55
35,677,000 17.7
6.59 $1,701,742,249 $1,610,169,953
5.69
9.55
984,941,539
888,798,598 10.82
7.79 $2,686,683,788 $2,498,968,551
Ju y
6
2,264,953
2,483,342
+9.0
+6.8
2,096,266
2,298,005
2,524.084
2,294,588
+ 10.0
2,258.776
2,600.723
2,341.822
+ 11.1
2,256,335
13
20..,
2,077,956
2,324,181
mm
mm
Juy
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
27
3
m
2,604,727
2,325,085
+ 12.0
2,261,725
10
m'm
2,589.318
2,333,403
+ 11.0
17
mm
2,606.122
2,367,646
+ 10.1
1,341,730
1,415,704
1,433,993
1,440,386
1.426.986
2,300,547
2,304,032
2,294,713
2,320,982
2,154,276
m
24
mm
14
2,601,127
2,354,750
2,357,203
+ 10.3
mm
7
2.570,618
mm
31
2,462,622
2,289,960
+7.5
+9.2
1,415,122
1,431,910
1,436.440
1,464,700
1,592,075
1,711,625
1,727,225
1,723,031
1,724,728
1,729,667
1,733,110
1,423,977
1,476.442
1,750,056
1,761,594
1,674,588
1,806,259
2.638,634
2,444,371
mm
2,628,667
2,448,888
+7.3
2,265,748
1,490,863
1,792,131
+
2,669.661
+8.1
2,640,949
2,275,724
2,280,065
1,499,459
mm
2,469,689
2,465,230
1,777,854
1,819,276
1,507,503
1,528,145
1,806,403
1,798,633
1,533,028
1.824,160
mm
21
28
+7.9
2,280,792
substantially ahead of the same month of 1939,
according to the current review by "Chain Store Age."
This improvement was shown
by all five of the major sales
which make up the index regularly
compiled by that
publication.
The sales index
figure for October was 120
groups
taken
the
1929-1931
100.
as
This
average sales for the
compared with a figure
2,665,064
2,494,630
+6.8
19.
mm
2.686.799
2,493,993
+ 7.7
2,276,123
2,281,636
26
mm
2.711,282
+6.8
2,254,947
2,734.402
2,538,779
2,536,765
+ 7.8
2,202,451
1,525,410
1,815,749
2,719,501
2,513,699
+ 8.2
2,176,557
1.520,730
1.798,164
2....
Nov.
9..
x
113.3
in
October, 1939.
The index figures for each
group compare with those for
September, 1940, and October, 1939, as follows:
mm
mm
Decrease.
.+
+7.1
1,506,219
•+••
Summary of Business Conditions in
+V:':>:+;
Districts
Indications
month
same
of
mm
Nov.
organizations in October
relative to
12
Oct.
continued
5
Oct.
October Chain Store Sales Index
Figure Higher
Business of leading chain store
Oct.
Oct.
7.51
of
the
trend
of
business
eral Reserve districts is indicated
Federal
in
in the
the
Reserve
Fed¬
various
following extracts
which we give from the "Monthly Reviews" of the Federal
Reserve Districts of Boston, New York, Philadelphia, Cleve¬
land, Richmond,
Atlanta,
Chicago,
St.
Louis,
Minneapolis,
Kansas City, Dallas and San Francisco:
October, 1940
September, 1940
October, 1939
First (Boston) District
England during September the level of general
was moderately higher than that which
prevailed during August, after allowances had been made
Grocery.
Variety
Drug
lift.'.
112
119
147
138
128
137
124
132
II
Apparel
106
125
146
Shoe
112
123
„
137
•125
In
to
Revenue
System
declined
siderably from September
usual
at
this
time
of
to
the
October, although
year.
index for October is
estimated at
for the first three
quarters of
bplow
index
the
is
level
shown
reached
below
October, 1939.
customary seasonal changes, with metal trades, build¬
ing, and wool consumption reflecting considerable increase
in activity, the Federal Reserve Bank of Boston said in its
"Monthly Review" of Nov. 1.
In part, the summary adds :
October
The Board of Governors of the
Federal Reserve
announced Nov. 9 that
department store sales
is
in
for
activity
for
Board of Governors of
Federal Reserve System
Reports
Sharp Decline in Department Store Sales from
September
New
business
92, the
the
August
the
The
last
an
Board's
con¬
increase
le6S
same as the average
first
and
three
September.
months
and
The
for
than
the
September
were
but substantially
loadings in New England, however, during the five12 were 6% smaller than during the corresponding
during the 41-week period ending Oct. 12 were 0.7%
during the corresponding period last year.
During
New
England department stores and apparel shops
car
period last year and
adjusted
year,
freight
week period ending Oct.
three
total
sales
4.4%
of
under
those
quarters
of
reported
the
first nine monthsJast year.
Production of boots and
estimated
to
have
been
for
current
.
.
September,
year
were
shces
in
12,281,000
New
pairs,
England
as
cf
in
shoes
this
district
during
the
during
compared
13,190,000 pairs in September
and
and
during
those
over
of
'
pairs in August and
boots
1939,
0.8%
.
a
September
with
year ago.
first
nine
the
the
%
is
13,972,000
Production
months
of
the
Volume
current
10%
is estimated to have been 107,140,000 pairs,
the corresponding' period last year.
year
a
total nearly
in this district during
bales during August
The amount of raw cotton
consumed in this district during the first nine months of the current year
was
658,070 bales, which was practically the same as during the corre¬
September
and
of
amount
bales
sponding period
September
in
last
September,
month since
daily
a
year
the
than
number
6.2%,
Industries.
current
employed in representative manufactur¬
were
The number of wage
4.4% higher than in September
12.6%.
September.
and
August
during September was
aggregate payrolls
and
year,
Department of Labor and
somewhat larger than the usual sea¬
the Massachusetts
gains
crude
increased
oil,
electric
and
failed
power
to
to seasonal
up
measure
Building activity continued to increase and was well above a year ago
in the case of public works and utilities.
Sharp gains over 1939
shown in the erection and renovation of commercial and indus¬
except
trial
structures.
incomes
bursements
other
most
and
in
from
August
have
at
and
service
Both employment and income
generally are well above a year ago.
Retail trade sales showed sharp seasonal expansion in September, despite
the
of business
high level
unusually
increased
considerably.
Sales at wholesale also
increased somewhat in the
in August.
have
Inventories
1, states
that the acceleration of
national defense preparations in October resulted in a fur¬
ther advance in the general level of business activity."
The
"Review" goes on to say:
final
week operations were proceeding at 95%% ot capacity, or at a higher
rate than at any time since 1929.
Automobile assemblies continued
to mount in October.
The steady rise in automobile production from the
low point for the year had continued for 11 weeks by Oct. 26, whereas
the comparable advance last year ran for seven weeks, and in 1937 the
upturn was of only five weeks' duration.
Reflecting the influence of
increasingly active during the month, and by the
.
national
defense
orders
.
.
demand,
civilian
increased
and
sales
mill
of
October; sales of cotton gray
goods were reported in-excess of output, and many woolen mills were said
to have operated at near capacity rates.
Railroad loadings of merchandise
ar.d miscellaneoas freight increased more than usual during the four weeks
ended Oct.
26, but the movement of bulk freight declined owing to a
textile
goods continued in heavy volume in
reduction
in
coal shipments.
in
continued
although the advance in this Bank's index of production
September,
and
■
...
upward movement in the general level of business activity
The
trade
because
rather
a
decline
sharp
than
pronounced
less
somewhat
was
of
in
foreign
in
the
trade
month
failure of
preceding
and
the
country-wide retail trade to expand as much as usual following the sharp
rise
in August.
The index for September is placed at 94% of estimated
in August, 89% in September,
1939.
In production, the most pronounced gains were again evident in durable
goods industries, which continued to benefit from the stimulation of war
and national defense orders; activity at shipyards, airplane factories, and
machine tool plants expanded still further, and steel mill operations aver¬
aged over 90% of capacity.
Among non-durable goods lines, wool con¬
sumption expanded substantially further to the highest rate since early
1937, reflecting business placed by the military services, but cotton mill
activity, although at a high level, failed to increase as much as usual
for this time of the year.
The rise in the index of consumers' durable
trend,
long-term
93%
with
compared
as
•
1939, and 95% at the peak reached in December,
Iii
(Adjusted ror seasonal variations and estimated long-term trend; series reported
in dollars are also adjusted for price changes)
Sevt.,
July,
Aug.,
Sept.,
1939
1940
1940
1940
89
93 p
91
94 p
31
Oct.
its
tion
has
further
schedules
Production
the
during
first
78
91
94 p
96 p
98
98
99 p
100P
Consumers' durable goods
66
Consumers' non-durable goods.
steelmaking operations in September rose to the
uses,
and
fulling below 3,500,000 net tons for the first time in two months.
Manufacturers of automobile parts have stepped up operations
assemblies
bile
deliveries
by
month,
indications
and
levels
September
months
8.7%.
was
Fifth (Richmond) District
31
Oct.
Tlie
noted
additional
at
levels
most
in
Distribution to consumer
93
92
96 p
95p
Steel
94
118
115
114
Automoblles.r
84
78
56
117
Bituminous coal
91
95
97
Crude petroleum
88
86
86
Electric power
96
99
lOOp
95p
89p
lOOp
volume, and was
increased over
was
Cotton consumption.
133p
more
markets
closed most of the month
were
97
101
89
89
90
94
96
86
89
92
97p
95p
District
Residential building contracts
51
55
60
58
last year,
Nonresidential building & engineering contracts.
62
71
75
60
Oct. 31.
%
Construction—
Primary Distribution—
87
95
94
95
88
108
113
85 p
80
81
80
74p
90
.........
...
Distribution to Consumer—
85
92
Ry. freight car loadings, other
Exports
Imports.
84
89
97
97
85
*
,
Department store sales (United States)
Grocery chain store sales
Variety chain store sales.r
97
96
99
100
95
106
99
Mail order house sales
101
94
103
98
68
82
61
79
60
53
53
55
34
24
23
25
New passenger car sales
95 p
City (1919-25
Velocity
of
demand
New York
deposits.
City
(1919-25 average=100)
Cost of Living and Wages*—
Cost of living (1935-39 average=100)_r
Wage rates (1926 average=100)
*
Not adjusted for trend,
p
104
Preliminary,
r
104
104
104
111
114
114p
114p
sharply.
from the
sold 92%
when the
at
a
Sixth (Atlanta) Federal Reserve
level considerably above that of
it is indicated in the
sales
12%
were
Bank's "Monthly Review" of
state, in part:
above September last year,
the increase
lacked 1% of being as large as the usual
seasonal change between those months.
For the January-September period
the gain over last year is approximately 8%.
Wholesale sales increased
3% from August, but were down 12% from the same month last year.
Construction contracts awarded in September did not present nearly so
startling
to
a
September
those for August.
last year are significant,
distinguished from a 27%
picture as
September of
as
Nevertheless the increases over
especially the 58% rise in "all
decrease in "residential," con¬
...
mill
Steel
activity
in
the
Birmingham
area
continued at
105%
Alabama production of pig iron was also at a new high
having increased 3% over August and 21% over September last
Coal production was up 6% from August and 9% from September,
This latter increase compares with a 4% rise for the United States.
capacity.
of
level,
year.
1939.
estimated by the United States Department of
2% between Sept. 1 and Oct. 1 and is 4% below
last year's production.
The condition of the crop Oct. 1 was 72% of
normal, compared with 68% a year ago and 63% the 1929-38 average
Cotton
Revised.
month
after foreign buyers withdrew.
The summary goes on to
August
from
tracts.
outside New York
average=l00)__
continues
retail
While
other,"
Velocity of Deposits*—
Velocity of demand deposits,
last
Sixth (Atlanta) District
Business activity in the
•
Ry. weight car loadings, mdse. and miscel r
declined
however,
August figure.
Tobacco markets in September
tobacco for 130% more money than in September, 1939,
high
unusually
employment
but declined seasonally from
and building permit valuations rose
greater on a daily basis,
actually awarded,
Contracts
112
Man-hours of
ago,
year
a
New automobile registrations were lower in September than
September last year, but most of this was due to a difference in dates
for introduction of new models.
Textile mills increased activity in September over August, coal output
in
115
91
seasonal
25% above
9% greater than in September, 1939. Furni¬
Retail trade in department stores rose
August sales.
113r
92
September was up to or above
business in
lines.
also
sales
110
Employment
points."
the "Review":
ture
95p
and industry in the Fifth
and increased activity is
The following is also from
develops its influence on trade
Reserve District is broadening
the August
lOOp
Review" of the Federal Reserve
that "as the defense program
"Monthly
Bank of Richmond indicates
87 p
115
Department store
gain for the first nine
during September.
7.5% greater than a year ago, and the
were
95p
97
record high
electrical equipment
1939, when the index was 101,
seasonally
increased
trade
Retail
sales
79p
102
heavy
large volume. ...
employment rose three points
Ohio
of
index
exception of December,
the
90 p
110
of
to 100;
this was
the highest recorted in nearly three years.
Compared with the employment
increase of 2.9%, Ohio payrolls were 3.8% larger in September than in
the previous month as a result of longer work weeks and overtime.
The
93 p
97
bookings
that
were
curing October would exceed August's
with
73p
103r
late in the
orders
New
89
125
first
during the
increased rapidly after formal presentation of models
some manufacturers
reporting record sales.
received by machine tool builders also attained
buying
.
.
sharply
reached 117,000 units per week.
Retail
10 days of September, but new car
late October
slow
were
.
model changeover on record, automo¬
After the earliest
weeks.
recent
in
95
packing
Tobacco products
Manufacturing Employment—
highest monthly rate
since
October,
68
Wool consumption..
unfilled orders rose
accelerated rate
an
November last year.
Further increases were noted in
by mid-month production was approximately 1,500,000 net
tens per week.
...
...
V
v
"o.'.
Bituminous
coal producers in
this district curtailed operations after
minimum at-the-mine
prices became effective Oct. 1, weekly producion
reported
86
Meat
at
increased purchases of steel for defense purposes, automobile
railroad equipment, and a wide range of miscellaneous
Reflecting
96
Shoes
received
were
October.
of
days
10
Labor
manufacturing,
Primary distribution
Industrial Production—
orders
New
levels.
high
new
after
operations during September
of new business booked last month out¬
stripped production in some instances, and backlogs of
to
The Bank
immediately
rapidly
expanded
were
The volume
early October.
Normal commercial
Producers' durable goods
in recent weeks."
improved further
states:
Day, and many industries reported near-record
and
Production of:
Producers' non-durable goods..
Business Review," the Federal
"industrial produc¬
"Monthly
Reserve Bank of Cleveland reports that
goods production was largely accounted for by the exceptional speed with
which new model passenger car production reached large proportions.
Index of production and trade
'
.
Fourth (Cleveland) District
that "preliminary evidence suggests
were
in
sharpest gains being at anthracite mines
establishments.
Farm income continues well
higher level than last year.
a
presenting its
monthly indexes in its "Monthly Review" of Nov.
mills
dis¬
Wage
further.
advanced
September in manufacturing and
to
major industries, the
trade
sustained
district
this
in
increased
York) District
The Federal Reserve Bank of New York, in
Steel
expecta¬
have been
past year.
Second (New
October.
in
occurred
lines
the1 output of heavy manufactured goods;
declined and the production of anthracite,
in
was
tions.
Consumer
Massachusetts during September was 3.3% larger
employed in August, and aggregate weekly payrolls in¬
between
employed
earners
last
The
in New England
higher than in any
wool
raw
August
non-durable
and
durable
both
in
from
gain
consumers' lines in the aggregate
nearly 30% over that of August.
was
in
according to
increases
sonal
of
basis, .was
average
December, 1936, and
establishments
creased
mills
ago.
Consumption
year.
on
a
The total number of wage earners
ing
by
Was 72,477 bales, as compared with 73,140
72,047
during
consumed
cotton
raw
expansion
The
under that of
The
2857
The Commercial & Financial Chronicle
1S\
production,
as
Agriculture, decreased
Third (Philadelphia) District
It
is
reported
by the
Federal
Reserve Bank
of Phila¬
delphia in its "Business Review" of Nov. 1 that "industrial
and trade activity in the Third Federal Reserve District
has
continued to expand."
The Bank also had the follow¬
ing to report:
Direct
demand
production
for
civilian
in evidence in many
from
1
condition.
Seventh (Chicago) District
Conditions," the
that "with the
impact of the defense program added to seasonal fall expan¬
sion, operations in many industries of the district have
In
the
Federal
of
defense materials
goods
is
broadening.
is
increasing substantially and
Advance buying is
increasingly
lines where delays in deliveries are expected to result
heavy Government purchases.
Industrial
Oct.
production
increased
more
September and was 9% above a year earlier.
been
k
usual from August to
Early reports indicate that
than
26
Reserve
issue of
Bank
of
its "Business
Chicago states
extended to near-capacity
.
1%
Oct.
ticularly
additions
levels.
where industries contribute
to capacity are being made.
In some cases, par¬
directly to defense,
Industrial employ-
The Commercial & Financial Chronicle
2858
ment has shown marked
gains, and is now approaching the
Distribution of commodities to con¬
peak reached in 1937.
but has, of course, not recorded
is holding up well,
sumers
spectacular increases shown in manufacturing output."
the
There
7%
expansion
industry during September.
in
employment
in
Number of workers increased
volume of wage payments 8V2% over August; this reflected
seasonally higher activity in automobile production, as well as
and
mainly
loan
little
wheat
expanding output in other heavy industries, particularly those contributing
to
the national
defense
program.
Year-to-year comparisons remained
practically unchanged from August; the manufacturing group as a whole
up 11% in employment and 18% in payrolls over September, 1939.
Despite continued practical capacity operations in the primary steel
industry—98% for Chicago mills in the fourth week of October—order
backlogs have grown further as the tempo of incoming business increases.
There has been a strong demand for all steel mill products except tin-plate;
steel firms report considerable building-up of stock piles by steel useTB,
but as yet they do not consider these inventories to be excessive.
Machine
tool companies, figuring prominently in the defense program, have greatly
deliveries.
Expansion
recorded in orders at steel and malle¬
was
steel castings in September
able casting firms and shipments of
at district
greater than last year.
Production
23% greater than last year.
were
furnace and stove
60%
plants
was
With
estimated
is
favorable retail sales trends, automobile companies
of cars rapidly, so that output for October
level for the month.
Both automobile makers
apparently
accelerated
have
production
at
record
a
parts manufacturers are participating heavily in the defense program.
district furniture factories orders and shipments increased 13% over
and
At
levels
the
for
first time since
8%
average sales
sales
of
...
last year.
Sales by larger stores
6% above the 1939 period.
higher than
weeks
three
March.
the Seventh District area showed September daily
Department stores in
first
falling below year-earlier
while activity at paper mills decreased,
August,
October
8%
for the
Retail
were
September, 1939, while sales of
shoes at retail were 1% lower than last year for the month.
District
wholesale trade was down 7% in the aggregate from a year ago, part of
the decrease reflecting the unusually heavy sales by grocery and other
wholesale houses, following the outbreak of war in 1939.
furniture
were
higher
than
in
in the
Federal
Louis reports that "general business
St.
of
Eeighth District during September and the first half
cf October continued the
effect
upward trends which have been in
spring."
From the "Review" we also
last
since
extended to
Betterment
but
in industrial lines, and more specifically those
As contrasted with earlier in the year there has
for manufactured goods, both with
reference
to
purchasers and the various classifications of merchandise.
Augmented purchasing power, incident to increased activities in most lines
of
marked
a
broadening in demand
business and
influences,
interests,
national
defense
Activities
from
as
a
October.
measurably
during
the
betterment
Y
.
;v
■
.
during
v,;'v
September
the
and
:::'Y;.Y .Y-YY
'
of
half
first
urban
Department store
than
more
in
September detail trade in both the country and
about the expected seasonal improvement.
the principal cities in September were 20.3%
showed
centers
sales
in
Ninth
The volume of
business
seasonally
than
of
factors
level
in
that
decline.
the
in
advanced
further
exception of
measured
as
levels
the
from
department store sales,
tion
of
raised
than in any complete season
more
1937, and
more
than
month
a
of
since 1929
the
with the
as
result iron
a
September.
Iroq
a
but
ago,
Steel
remains.
season
mill
of
ore
consumption
was
stocks at Lake Erie ports
ore
in about normal
were
at
were
an
all-time
high for
somewhat larger than
volume when
the. rate
of
consump¬
considered.
one-fifth
this
Copper production declined somewhat, but was nearly
September, 1939.
During the first three-quarters
copper production in our district has averaged 44% larger
larger than in
year,
the
than
in
since
1937.
corresponding period of
August and
1939 and
the
largest
manufacturing, production in this district
for the
period
.
.
.
advanced
somewhat larger than in September last year.
was
Tenth (Kansas
City) District
following regarding business and agricultural con¬
ditions in the Tenth
(Kansas City' Federal Reserve Dis¬
is
taken
from
the (.Oct.
30
"Monthly Review" of the
Federal Reserve Bank of Kansas City :
The
that
above
well
smaller
was
the
than
The
1939.
new
furnishing
situation
value
earlier
month
a
or
construction
of
a
ago,
year
awarded
contracts
but appreciably higher
the first nine months of 1940.
production continued promising, though rain
value of awards during
average
is needed
in
payrolls
in
than
outlook
The
for
agricultural
throughout most of the district.
Twelfth (San Francisco) District
the gains of the preceding several months in indus¬
gram,
in the Twelfth District
September and October, and factory
trial
production and employment
were
extended during
The
held
received large
each
by local
in
Con¬
"Business
its
The Bank further said:
major district
making the
industries
two
rearmament
Bank
Reserve
Federal
Francisco
it was noted by the San
record levels,
payrolls attained
additional
late in
aircraft plants
national
contribution to
The backlog of orders
orders.
October is estimated at more than
$1,300,000,000, compared with $925,000,000 in mid-September, while con¬
and
tracts
naval
the
aspproxirfiated
which
000,000.
.
.
Government
The value of non-residential
from the levels of
September.
than
more
m
the
for
will
decade, reflecting primarily the
a
Army
Navy.
and
June
From
con¬
through
1
awarded contracts for facilities in the Twelfth
the
expenditure of approximately
$105,-
involve
A total of $17,819,000 has been recently allocated by the
for construction of shipbuilding facilities in California and
.
and a contract has been announced by the War Department
a
Washington* aircraft firm will spend $7,369,000 on plant
Washington,
under
a
months, but the aggregate for the quarter exceeded that
facilities
October the Army and Navy
District
construction of
sharp increase
the
for
$815,000,000,
announced in September declined
contracts
of
coast, shipyards
in early
$162,000,000
like period
any
by
vessel
commercial
and
from
held
allocations
construction
which
construction, with the Government repaying the cost in five years.
The
largely
ber.
in
with
lines
those
of
materials and parts, and the construction
plant and of facilities for the armed services, have accounted
for
district
industrial
operations
expansion
in
Industries
the
months.
in
the
as
a
producing consumers' goods have,
usual seasonal
but little other than
had shown
together
them with
supplying
industrial
shewn
rearrifqment industries
district
major
activity
of
past
group,
Retail trade,
expansion.
which
impressive gains in August, was slightly less active in Septem¬
Value
of
residential
building permits increased
but the adjusted index,
September,
preceding
months,
less
while lower than
above
remained
the
average
Y'Y ;Y.Y7y'Y,YY: -VYY^Y
seasonally
than
in either of
for
first
the
the
half
Y';YYY.;;
Employment in Non-Agricultural Industries Increased
by Over 600,000 Workers in September, According
to Secretary of Labor Perkins—Expansion
is not
Confined to Defense Industries—Employment on
Public
Increased
Construction
Declined
r
yYY
While
Jobs
WPA
'
,
Employment in non-agricultural industries in September,
1040,
at an exceptionally high level,
was
of
crease
more
than
following an in¬
24.
"This
600,000 jobs between August and Sep¬
Frances Perkins reported on
of Labor
Secretary
tember,
Oct.
between
followed
increase
gain
a
usually
July and August," she said.
in
increases
the
summer
of 400,000 jobs
"While employment
and
early
autumn,
gain this year is one of the largest ever recorded.
the
Month
by month employment has been increasing since the winter
low point in
this
work
than
Nearly 2,000,000 people returned to-
February.
between
year
36,600,000
winter
a
last
large
wheat
crop
amount
year.
of
is getting
fall
an
unusually good start.
It is
in sharp contrast to the
pasturage
ditional
persons
February
and
September.
working in
were
More
non-agricultural
in September.
This does not include an ad¬
2,242,000 working on CCC, WPA and NYA tasks."
Secretary Perkins went on to explain:
The
,
The
trict
'
Texas increased in September, and the
gain in payrolls as compared with a year earlier was the largest recorded
thus far this year.
September department store business was near an alltime peak for that month, daily average sales exceeding those of a year
ago
by 11%.
Wholesale distribution expanded seasonally, and sales in
most reporting lines of trade were equal to or above those in September
last year.
Consumption of cotton at Texas textile mills recorded a new
high for recent years, and reports indicate that some mills have a backlog
of orders that will necessitate capacity operations for several
months.
Production of crude petroleum and refinery operations expanded sharply,,
following a curtailment of activity in July and August, and operation*
closely approximated those of a year ago.
Drilling activity continued
and
Employment
employment
The volume of
from
Review" the Bank further
Business
"Monthly
excep¬
activity continued to operate at close to practical capacity throughout the
month, and
is
1
commented, in part:
,
season,
year
Nov.
its
any
mining activity in September, as indicated by the 10,000,000 tons
of iron ore shipments from the upper lake ports was the largest on record
for that month.
Fully 48,000,GOO tons of ore were shipped before Oct. 1
tion
demand for products and
mercial
of
Iron
this
"trade
Reserve Bank,
in the Eleventh District continued
high level during
a
was
other recent year.
The combination
August department store sales to about the highest
records was largely responsible for the September
12-year
.
.
September in the Ninth District
indexes
with
September
for
our
in
adjusted
July and August and,
higher
v/V-Y''
marketings was 8% and Government
For the year through August income
7% and Government payments 24% higher.
September, reflecting a heavy com¬
the letting of additional
Government contracts for national defense purposes."
In
at
of the year.
(Minneapolis) District
from the summary:
our
Zince and lead shipments
is running much
Construction
28
"Monthly Review" of the Federal Reserve
Bank of Minneapolis reports that "business continued its
midsummer recovery in September."
The following is also
by
are
September but
in
from
industrial activity
and
two
August and 4.0% greater than in September, 1939.
Oct.
The
''
late
Eleventh (Dallas) District
several
\ ;>■.
Despite the unusually mild weather prevailing generally throughout the
district during the month,
farmers
and
corn
sales
According to the Dallas -Federal
for
1939. ...
whole, employment conditions ni the Eighth District under¬
further
higher.
are
income
marketings was
to
20% greater than the relatively high total of September,
Taken
to
store
and lumber sales are larger.Y';':
farm
of
Steel ingot production at mid-October rose to 82.6% of
capacity, the best rate since last January and 5.5% above a year ago.
As indicating heavy current consumption, and in some instances inventory
accumulation, September shipments of pig iron to district melters were
large
prices
.
machinery.
went
cash
the preceding two
betterment extending to practically all sections of
the
industry.
Outstanding- gains were reported by plants producing
machine tools, railroad equipment, stoves and heating apparatus, engines
with
September,
and
zinc
year ago
August
struction
favorable outlook for crops. , ,
iron and steel industry increased
the
in
by the
program.
is the generally
trade
in heavier sales
reflected
is
while mounting ordering
production of all descriptions
An additional stimulus
stimulated
greatly
the
for
seasonal
wholesale
and
lias
Government
materials
the usual
retail
volume of
relation
in
department
payments 64% larger than last year.
distribution of commodi¬
manufacture and
both
most marked
was
producing durable goods.
been
a
ditions" of Oct. 30.
quote:
ties,
wheat
Spurred by the growing momentum of the defense pro¬
In its Oct. 31 "Business Conditions" summary the
Bank
and
active
above
Eighth (St. Louis) District
Reserve
about equal to the Govern^
is small and relatively
now
■
retarded
weather
1940
16,
Cattle and lamb prices are also
recently they have been above last year.
more
are
are
"free"
the market.
coming onto
prices
are
low
;:7:SV
y i'"';' i'Y"
selling hogs.
was
extended
is
the amount of
But
rate.
Hog
strong.
Warm
month-to-month
marked
a
was
Seventh District
Nov;
prices have been strong and
ment
likewise says:
Bank
The
Wheat
as
the
rise
is
to
a
in
usual
returned
by
factor contributing
major
the
was
to
increase.
jobs in September.
rise of 5.4%,
about
five
times
September.
or
since
the
the
With
1919.
Over
current
customary
but few
are
was
285,000
gain
of
weekly
factory
wages.
payroll increase of
exceptions,
the
600,000
about half again
wage
This gain in employment
$10,700,000, in
employment and payrolls
month
to
factory employment, which
seasonal
was
great
earners
were
accompanied
The latter
1.0%
workers
as
increase
from
September gains
the largest aggregate increases in
in
any
August
factory
single,
Volume
Aa
the
in
payrolls
preceding month,
widespread.
were
the
Of
the
increases
in
surveyed, 76 reported more workers and 77 larger payrolls.
The
the defense
of
the
such
shipbuilding,
as
such
aircraft,
and
the
has
increased
as
The
more
expansion
centage
exclusively
increased
employment in the primary defense industries has,
greater than in industries that are engaged almost
highs
Aug. and
and Sept., 1940
Aircraft
108,400
+ 9,000
Shipbuilding
103,000
58,000
Aluminum manufacturers
30,000
+2,400
+ 2,100
+ 1,100
+400
8,700
Explosives
Other
which
large employment gains were shown
+ 6,300
Author¬
300 during the month ending Sept. 15.
Payroll disbursements to the 51,000 building trades workers on these
projects
amounted to $5,622,000, an increase of $20,000 from the
in
September.
Because
f
the demand for
of
information
concerning
more
included foundries and machine
appropriated in
men
the increase
tember.
ir-
gains
of
in
some
as
'■.>
■
under
September
V-'. '\
also
were
of
increase
amounted to $7,522,000 and on
EMPLOYMENT AND
NANCED WHOLLY OR
ON ROADS,
PARTIALLY FROM FEDERAL! FUNDS AND"
FUNDS, SEPTEMBER. 1940
FINANCED FROM STATE
(In Thousands)
Program
Guard
for
in
increase
retail
stores,
active
service.
wholesale and
which took
on
1940
Aug.,
Sept.,
1940
Aug.,
Sept.*
a
1940
1939
a
1940
1939
$
%
increased
payrolls
pronounced than the
$
Regular Federal agencies
Naval vessels.b—
397
+ 62
+ 110
99
+ 13
+ 40
298
Other _c
more
workers to handle fall business
by
average
+49
51
Authority.b
d
42
U.S. Housing
PWA.b
retail trade combined was predominantly
4.6%
4.3%.
These percentage increases were more
employment and payroll gains of 3.9% and
3.2%, respectively, between August and September for the last 11 years.
Employment increases were general among the various lines of retail trade.
Department stores increased their forces by 13.3%, variety stores by 7.9%,
women's apparel by 25.7%, men's and boys' clothing by 9.4%, and shoe*
by 24.8%.
and
Sept.,
Sept.,
of mining industries, a gain of 11,000 was
the group
The
Change from
Change from
employed by the transportation and public utility group, and 30,000
workers were added in the field of Federal and private construction.
In
in
Payrolls
Employment
were
National
Contractors
Corporation
valued at $321,000.
PAYROLLS ON CONSTRUCTION!PROJECTS FI¬
placed orders for materials
more
reported, and in the
finance, service, and miscellaneous group
30,000 workers were added.
Employment in the Federal, State and local government service increased
by about 51,000 from August to September.
This figure includes the
aimed(f forces except for additions resulting from the calling of the
construction projects financed.'
by the Public Works Administration the total was $7,084,000.
on
construction work financed by the Reconstruction Finance
wholesale and retail trade combined there was a seasonal
than 150,000 workers.
About 37,000 additional workers
In
ployment.
States
fields of non-agricultural em¬
in other major
reported
United
orders placed
'
ending Sept. 15 materials valued at $79,395,000 were
financed from regular Federal appropria¬
Housing Authority low-rent projects material
construction projects
on
On
tions.
+10.5
Instruments and apparatus, professional, scientific, commercial and Industrial
+8.3
Abrasives
+8.1
Ammunition
+7.2
Firearms
+6.1
Screw-machine products and wood screws.
+5.3
Optical goods
+2.5
Gains
August payrolls.
During the month
ordered
chemical
Fire extinguishers,
financed
Corporation in the month ending Sept. 15k
Payroll disbursements totaled $205,000.
; ,
Preliminary figures indicate that 6,000 additional workers were given,
jobs on State-financed road projects in September.
Wage payments of
$14,840,000 to the 208,000 men employed during the month were $205,000'
newly-added industries affected by defense activity were
these
follows:
15, a decrease of 16,000 from August.
by the Reconstruction Finance
67 new industries have
Forty-eight of these 67 indus¬
employment and payrolls between August and Sep¬
increase in employment from August to
funds
furnished employment to 42,000'
earlier years,
of $4,633,000 were $1,852,000 less than in August.
Approximately 2,000 men were employed on construction projects
manufacturing industries,
The percentage
still operating with
Administration program,
1936 and
during the month ending Sept.
Payrolls
distinguished in the monthly survey.
showed
Works
Public
The
i
tries
month.
preceding
comprehensive employment and payroll
been
low-rent projects of the United States Housing
on
ity showed a gain of approximately
in I cotton
workers
over
Employment
+ 3,300
industry, while seasonal factors contributed to
automobile
11,900
This represents an increase of 62,000 over August and
September, 1939.
Payroll disbursements on all types of
110,000
projects totaled $44,849,000.
goods, 10,100 in confectionery, 8,700 in
women's clothing, and 5,900 in furniture.
The few manufacturing indus¬
tries showing declines included beverages (4,300), boots and shoes (3,800),
and ice cream (2,300), in each of which seasonal curtailment is expected
of
all be attributed to the national defense pro¬
15.
Sept.
ending
machinery (10,900), sawmills (6,300), brass,
bronze, and copper products (5,100), and steel (4,500).
The increased pro¬
duction of new models was reflected in the, gain of 96,300 workers in
the
can
+ 25,100
electrical
(11,100),
shops
10,000
projects, 13,000 on the construction of naval vessels, and
airport construction
+ 22,400
1
indirectly by war orders and in
stimulated directly or
industries
J
+ 40,700
+4,500
69,600
Engines
Federal agen¬
These sizable gains, together with expanding employment on many
other types of projects, brought the total number of men employed on
construction work financed from regular funds up to 397,000 for the month
+84,400
Machine tools
of September on.
month
projects financed from appropriations to regular
gram.
Average for 1937
Sept., 1940
for the
figures
gave
struction
on
Sept., 1940
Public Construction
cm
further evidence that America's defenses are rapidly taking shape.
Increases of 28,500 in the number of workers employed on building con¬
*
Wage Earners
only
Mountain and
.
reported in the Department of Labor's
payroll
and
emplojunent
construction
cies
Gains in Number of Workers
Between—
,
Employment
The
Number of
Industry
divisions.
Further details, as
supplying civilian needs in which aggregate employment
507,000.
This is 2Vz times as great as the increase in the
Estimated
largely offset substantial increases in the Northwest.
East Central regions showed increases of 4% or
Increases in West Central regions, however, were
the year.
announcement, were given as follows:
in
industries.
■ ' ■
.
In the following war materials industries, employment reached new
September:
■'
v''
and
Coast
The
which seasonal declines
1%, while increases of nearly 3% took place in both
Pacific
defense
primary
m
of
been much
course,
East
over
about
civilian needs but also supplying semi-finished
products for primary defense industries, has expanded 268,900.
The per¬
of
in the Pacific Coast States, in
was
in California canneries
203,000 over
2.8% and 2.2%, respectively.
increases,
largest
the
smallest increase
supplying
in
engaged
showed
regions
the primary defense industries
ordnance
(affecting 1,700 employees), andi
(affecting 2,054 employees).
employment gains over the month were fairly well distributed over
major geographic areas.
The East North Central and South Atlantic
.
Employment in what may be called secondary defense
the iron and steel and chemical industries, primarily
the last 12 months.
industries,
Employment in
1939.
mines
railway and bus companies
street
The
industries.
period since
metal
25
1,816
four
non-agricultural employment is by no means confined
This is true not only of the last month but also
expansion of
to
employees),
ing
employment and
industries regularly
factory
manufacturing
90
2859
Chronicle
The Commercial & Financial
151
—16
2
RFC.b
208
State roads.f
+ 70
+ 29
—205
e
e
+6
+ 47
44,849 + 5,842 + 14,172+279
+ 5,724
13,464
+8,448
+ 20
+ 3,104
6,622
4,633 —1,852 —18,353
—109
—78
f ► 205
—205
+ 3,219
114,840
31,385 + 5,563
d Jbrnpioymenu iigures are ixi»aiiijuiu uuiuuei
iui wic uiuiituo
15. c Employment figures, except for Federal-aid road
maximum number for the months ending Aug. 15 and Sept. 15. Em¬
ployment and payrolls on Federal-aid roads for the calendar month ending Sept. 30
are estimated,
d Increase less than 1,000.
e Decrease less than 1,000.
t Em¬
ployment and payrolls for the month epdlng Sept. 30 are estimated.
0
Preliminary,
ending Aug. 15 and Sept.
projects, are
Employment on Relief Programs
.
1.1% ip wholesale trade between midAugust and mid-September represented the usual fall gain in this industry.
Among the various wholesale lines reporting increases in employment were:
hardware, 0.6% ; lumber and building materials, 1.5%; plumbing and
heating equipment, 1.3%, and electrical,
0.4%.
Furniture and housefurnishing establishments reported a gain of 1.4%; iron and steel scrap,
1.9%; metals and minerals, 2.3% ; paper and paper products, 1.6%, and
jewelry and optical goods, 2.6%.
The group of mining industries presented a mixed picture.
Anthracite
mines curtailed employment slightly between mid-August and mid-Septem¬
ber (0.3%), but payrolls gained 18.8%, reflecting increased production.
A seasonal employment pick-up of 2% was reported in bituminous coal
mining, accompanied by a payroll gain of 0.7%.
Employment in metal
mining increased 1.6%, continuing the gains of the last five months and
raising the employment index to the highest level since November, 1937.
Quarries and non-metallic mines reported a contra-seasonal increase of 1%,
while oil wells reduced their working forces by 0.7%.
The
employment
increase
of
in telephone and telegraph and street
partially offset by a small gain in electric
light and power companies.
Year-round hotels reported the usual Septem¬
ber employment gain
(0.9%), laundries showed a seasonal loss of 1%,
while
dyeing and cleaning plants increased employment seasonally by
3.1%.
Personnel in brokerage houses and insurance firms was curtailed
by 3.2% and 0.5%, respectively.
Employment in the private building construction industry showed a
larger-than-seasonal increase of 3% from August to September.
Corre¬
sponding weekly payrolls were up 4.2%.
The September, 1940, employ¬
ment level was 18.3% higher than September, 1939, and weekly payrolls
Slight
employment
decreases
railway and bus companies were
23.3% above the level of a year ago.
Out of a total of 29,971 manufacturing
payroll
information
establishments which supplied
covering 5,382,877 wage
establishments reported
workers out of
ing sample
(excluding building construction) of 64,559
employing 1,894,346 workers.
Among them were 12 retail
Forty-eight
non-manufacturing
averaging 6.5% and affecting 5,725
Payrolls were $13,525,000.
1939.
On
Federal
materials
projects under the Work Projects
$457,000 were ordered in September.
agency
valued at
EMPLOYMENT AND PAYROLLS ON RELIEF
(In Thousands)
Administration
PROGRAMS, SEPT., 1940
Payrolls
Employment
Change from
Change from
Program
Sept.,
Sept.,
1940
wage-rate in¬
total report¬
establishments
stores (affect¬
Sept.,
1940
Aug.,
Sept.,
1940
1939
a
1940
1939
S
$
$
•»»*
Federal Agency projects under
—14
+ 162 —1,086
90,900 —3,884 + 1,510
2,930
69
—2
1,637
—10
—83
20
+ 20
—50
88
Outrof-school work program.c.
241
+ 1
+ 16
4,827
+49
+ 605
Conservation Corps_d._
295
—31
—17
13,525
—896
—621
WPA.b
Projects operated by WPA.c..
NYA projects.
Student work program.c
Civilian
a
Aug.,
WPA program:
rate increases averaging
(1.375 workers).
creases
increased demand for
the number of persons
employed on relief programs of the Federal Government.
Employment on
work relief projects of the Work Projects Administration fell to 1,637,000,
a decrease of 10,000 from August and 83,000 from
September, 1939. Pay¬
rolls for the month totaled $90,900,000.
The 69,000 persons working on
Federal agency projects under the Work Projects Administration represents
a
decline of 2,000 from August and 14,000 from the corresponding month
in 1939.
Workers on these projects were paid $2,930,000 in September.
With the beginning of a new school year in September the studentwork-program gave employment to 20,000 students, which was, however,
50,000 less than the number employed on this program in September, 1939.
Payrolls amounted to only $88,000.
Approximately 1,000 additional young
persons
were employed on the out-of-school work program in the same
period.
Payroll disbursements on this program were $4,827,000.
The number of persons at work in camps of the Civilian Conservation
Corps dropped to 295,000 in September.
This was 31,000 less than the
number employed in August and 17,000 less than in the same month in
a
earners, 120 re¬
6.3% and affecting 20,354 workers.
Among them were seven paper and pulp mills with 4,533 workers affected,
five beet sugar mills
(2,430 workers), 17 foundries and machine shops
(1.693 workers), four steel mills (1,557 workers), and six planing mills
September
ported wage
expansion of industrial employment and the
workers on Federal construction projects is reducing
The
a
Preliminary,
b Employment figures
are
+88
maximum number for the
—218
months
Aug. 31
15.
c Figures are for the calendar months ending
payrolls
30.
d Figures on employment are for the last day of the month;
for the entire month.
ending Aug. 15 and Sept.
and Sept.
The Commercial & Financial
2860
,Vf
The
EMPLOYMENT
ESTIMATES OF TOTAL NON-AGRICULTURAL
,
for
data
mining,
manufacturing,
1940
16,
laundries,
building construction,
dyeing and cleaning cover wage earners only; those for railroads cover
employees, while the data for water transportation cover employees on
vessels of 1,000 gross tons or over in deep-sea trades only.
The data for
other industries exclude proprietors and firm members, corporation officers,
executives, and others whose work is mainly supervisory.
and
' v',..,-"
(In Thousands)
\Nov.
Chronicle
all
Change
'"•>
V/
i-7. 7 '•
v.
;
to
Sept., 1939
Aug. to
Sept.,
inary)
Sept., 1939
Change
Sept,, 1940
(Prelim¬
Aug., 1940
Sept., 1940
'40
Payrolls
Employment
Total non-agricultural em¬
ployment ....-—...... 36,627,000 36,017.000 +610,000 35,447,000 + 1180,000
Employees in non-agricul¬
tural establishments.. 30,475,000 29,872,000 +603,000 29,295,000 +1180,000
»
+ 569,000
9,866,000 +286,000 9,583,000
Manufacturing......... 10,152,000
+27,000
823,000
+ 11,000
850,000
839,000
| Mining
a
+63,000
Construction.—
+30,000 1,399,000
1,462,000 1,432,000
utilities...
+37,000
3,039,000
6,087,000 + 157,000
+31,000
4,221,000
3,076,000
6,244,000
4,252.000
.....
Trade..
Finance, service A misc.
Federal, State and local
government, including
2,993,000
6,161,000
4,209,000
+83,000
+83,000
+43,000
+ 51,000
4,388,000
4,439,000
Estimates
line
above
the
fo
"total
of
table,
including
tries,
or
more
of
employment
all
for
with
changes
percentage
The three-year average,
from August,
available
not
1929
are
used
is
not
the
from
as
a
base
for
adjusted
Bureau's
1940, and
in
and
the
September,
12-month
computing the index numbers.
seasonal
1939.
average
for
These indexes
variation.
+ 16.6
+5.4
c
c
+ 1.9
;":v:
+3.9
+2.9
81.0
+5iC ;v>
—0.5
c
■+
+2.7
c
+ 4.9
c
c
c
c
+0.5
c
c
+ 3.0
c
c
+ 43.4
,+ v C
c
+28.1
■■
+:,,^
C
(incl. bulk tank sta'ns)
Automotive
—0.4
C
+ 1.8
c
C
C
"
C
...
—0.6
V
d92.8
........
+0.6
c
c
+4.6
+2.5
d85.0
>
c
+4.3
+ 5.1
+2.6
103.6
+0.6
—0.2
95.9
+0.2
d99.3
+ 10.2
+ 3.7
d90.6
+ 10.1
+6.2
87.8
+20.1
+ 1.2
79.4
+ 16.1
+2.1
76.0
+ 1.9
—2.1
68.6
+4.1
+ 1.0
85.2
—1.0
+ 6.1
77.4
—2.8
+ 10.3
78.3
+ 3.0
+4.1
75.6
+ 4.4
+ 7.2
+4.0
Food
General
merchandising.
Apparel..
Furniture & furnishings.
Automotive
Lumber A bldg. mat'ls..
Public utilities-
Telephone and telegraph..
d78.9
Electric light and power
Street railways A busses, e.
d68.4
Mining—Anthracite.
—0.3
dioo.s
+0.4
dl05.7
—2.2
d71,3
+ 1.2
+3.0
+ 1.6
+0.1
—f
50.2
...... .
+3.3
+2.8
—1.2
—0.2
d93.1
39.3
+ 18.8
+0.7
—1.8
+26.4
+3.4
88.3
+2.0
+3.5
83.0
Metalliferous........
72.6
+ 1.6
+ 1.6
49.0
+ 1.0
+ 15.4
+ 2.4
69.6
Quarrying A non-metallic.
Crude petroleum produe'n.
46.6
+3.1
+9.0
63.1
—0.7
—2.9
57.4
—2.7
—5.7
—03
+ 1.1
Bituminous coal.........
+3.5
Services-
£81.3
+0.7
+4.0
89.8
——0.8
+4.6
85.6
+8.5
+9.3
c
—1.8
—15.5
+ 1.7
C
—0.3
+2.3
+3.0
+ 18.3
C
+4.2
+23.3
—1.7
c
c
91.1
+0.9
101.8
—1.0
110 0
+ 3.1
Brokerage
c
—3.2
—12.1
Insurance
c
—0.5
Hotels (year-round)......
........
Dyeing and cleaning..
Building construction
c
Water transportation
*
Preliminary,
a
h79.6
Revised series—adjusted
b Source: Interstate Commerce Commission,
;
+6.3
c
c
to 1937 Census of Manufactures,
c Not available,
d Revised series—
Retail-trade indexes adjusted to 1935 Census, public utility indexes to 1937 Census,
e Covers street railways and trolley and motor-bus operations of subsidiary, affili¬
ated and successor companies,
value of board, room, and tips
f Less than 0.1 of 1%.
a Cash payments only;
h Based on estimates pre¬
cannot be computed,
Commission.
S
INDUSTRIES—ADJUSTED TO 1937 CENSU
OF MANUFACTURES (Three-Year Average 1923-25=100.0)
Employment
;-"C
PayroUe
f
Manufacturing Industries
v
Payrolls
Employment
Manufacturing Industries
*Sept.,
1940
Aug.,
Sept.,
1940
1939
*Sept.,
1940
Aug.,
Sept.,
1940
1939
*Sept.,
1940
Durable Good*
*Sept.,
Aug ,
1940
Sept.,
1939
19-tO
Aug
1940
Sept.,
,
1939
Non-durable Goods
Iron and steel and their products,
not
including machinery
furnaces, steel works and
/
rolling mills
Bolts, nuts, washers and rivets.
Cast-iron pipe.
Cutlery (not lncl. silver and
plated cutlery) A edge tools..
Forgings, iron and steel
113.6
110.7
97.2
118.3
113,5
92.8
Textiles and their products
Fabrics..
......
Carpets and
123.2
122.1
101.1
128.4
124.8
95.3
118.0
H4.9
100.7
139.4
138.7
111.1
81.7
80.2
74.6
80.3
76.3
62.9
107.4
101.6
96.9
101.3
93.5
72.7
58.9
91.3
86.2
96.4
94.2
113.7
107.2
113.9
88.5
86.7
79.5
80.6
79.9
71.8
Stamped and enameled ware...
Steam and hot water heating
apparatus A steam fittings.
176.6
163.7
156.7
201.0
181.7
158.8
94.5
89.7
81.2
92.3
84.6
71.3
Stoves..........
101.4
97.7
92.0
97.7
89.1
82.2
Structural A ornamental metal79.9
73.8
75.1
72.9
108.1
107.0
118.3
121.9
95.6
85.8
103.9
95.6
144.9
180.9
163.4
161.4
81.0
58.7
68.3
88.7
89.4
85.1
79.2
78.4
76.7
84.3
76.8
80.0
72.6
124.9
121.5
125.0
106.5
101.8
107.7
86.0
86.5
90.0
76.6
83.1
73.5
138.3
156.4
81.5
136.2
149.8
146.4
144.2
72.6
70.3
78.6
64.0
59.9
74.0
73.1
77.7
68.2
65.5
67.1
153.1
147.5
143.2
137.1
129.4
120.9
63.8
63,0
72.8
51.1
51.4
55.5
67.6
Silk and rayon goods
Woolen and worsted goods._
88.8
86.9
82.1
82.4
77.9
116.8
124.8
101.7
94 8
107.5
107.5
110 6
82 2
82.0
79.6
171.1
164.3
178.8
140.3
129.1
118.1
112.1
109.7
115.9
122.4
108.4
120.3
120.6
...
Corsets and allied garments..
Men's furnishings..
Millinery..
61.9
120.4
Wearing apparel....
Clothing, men's
Clothing, women's
81.6
146.2
80.9
65.6
Knitted underwear.....
Knit cloth............
117.4
99.7
87.4
84.7
78.3
Knitted outerwear
63.3
159.9
and other tinware...
Tools (not lncl. edge tools, ma¬
chine tools, files and saws)
83.7
106.0
....................
92.3
93.3
71.4
91.4
Dyeing and finishing textiles.
Hate, fur-felt
Hosiery
*63.0
101.4
104.3
90.4
75.8
rugs....
Cotton goods..............
Cotton small wares
84.7
76.5
Hardware............
Plumbers' supplies....
86.5
99.8
92.6
102.4
..............
Blast
cans
c
C
PAY ROLLS OF WAGE EARNERS IN MANUFACTURING
+
Tin
c
+0.1
+'
pared by the United States Maritime
INDEX NUMBERS OF EMPLOYMENT AND
work.
+0.7
C
C
Retail
as a
records,
109.4
'V
''v'V-' y'-''.
.
manufacturing industries
base in computing the indexes
for the manufacturing industries and Class I steam railroads.
For the
other non-manufacturing industries information for years prior to 1929 is
1923-25, is used
a
Farm
products..
Petrol. A petrol, prod'ts
on
combined, Class I steam railroads, and for those non-manufacturing indus¬
tries for which information is available, are shown below for September,
1940,
+ 7.0
+ 1.1
.
Laundries
payrolls
+ 4.5
—0.6
Dry goods and apparel..
and
and
+ 3.5
+0.7
91.1
.........
Groceries A food spec'ies
at the time of the Census.
Indexes
1939
(1929=100)
in the
proprietors
Sept.,
1940
Mach., equip. A supplies
given
United States in non-agricultural indus¬
firm members, self-employed persons,
casual workers, and domestic servants.
The series for "employees in nonagricultural establshiments" is limited to employees only arid does not
include proprietors, self-employed persons, domestic servants or casual work¬
ers.
Neither set of figures includes persons employed on WPA or NYA
projects or enrollees in CCC camps.
The estimates for "employees in
non-agricultural establishments" are shown separately for each of seven
major industry groups.
Tables giving figures for each group, by months,
for the period from January, 1929, to date are available on request.
The figures represent the number of persons working at any time during
the week ending nearest the middle of each month.
The totals for the
United States have been adjusted to conform to the figures shown by the
1930 Census of Occupations for the number of non-agricultural "gainful
workers" less the number shown to have been unemployed for one week
in gainful work
engaged
Aug.,
*
59.7
Food products
the first
represent the estimated total number of persons
employment,"
non-agricultural
1940
1939
al07.2
Manufacturing
Class I steam railroads.b
....
Not including National Guard now in active service.
a
Sept.,
Sept.,
(1923-25=100)
'
•
% Change from—
1940
♦
+312,000
4,127,000
Index
Aug.,
1940
Trade—Wholesale
armed forces.
% Change from—
Sept.,
......
k Transportation A public
Index
Industry
116 6
132 6
119.4
113.9
120.7
92 1
Machinery, not lncl. trans port ay tlonequipment
Agricultural implements, (incl.
.......
tractors).....
Cash registers, adding mach's
and calculating machines...
Electrical machinery . apparatus
and supplies......
Engines, turbines, water wheels
....
...
and windmills
119.2
100.3
137.7
131.0
100.9
133.5
131.2
116.1
156.2
152.0
125.0
131.7
128.7
126.7
140.2
135.9
123.6
111.5
106.6
92.2
131.5
123.7
98.4
181.7
175.2
99.2
247.8
238.9
116.2
103.3
100.5
85.8
105.3
101.2
80.2
246.0
237.5
156.2
326.9
302.9
181.8
159.8
157.1
150.1
162.0
149.8
139.0
78.1
76.4
77.3
76.4
73.5
73.1
...
Radios and phonographs....
64.7
81.3
102.1
102.3
90.5
92.0
97.8
74.2
77.1
76.6
89.3
91.1
96.5
71.6
75.1
79.8
80.3
86.5
76.8
77.0
84.2
147.7
146.0
150.7
138.4
139.2
139.7
146.8
146.6
148.0
140.8
140.1
138.8
299.1
287.4
Leather and its manufactures....
Food and kindred products
Baking
Beverages
Textile machinery and parts...
Typewriters and parts.......
122.5
118.0
122.0
137.2
125.4
122.2
102.6
97.0
136.5
113.1
99.5
3871.3
3550.0
Aircraft.a
.
1760.7
4251.2
3813.1
1706.0
110.3
86.4
98.7
124.5
97.5
102.9
Cars, electric A steam railroad.
53 4
50.7
33.2
49.0
46.8
27.5
Locomotives.
35.6
33.0
27.6
36.8
32.8
....
..
...........
Shipbuilding
189.3
181.0
129.0
229.8
211.5
prod-
134.8
119.9
113.8
100.3
128.0
117.0
Aluminum manufactures......
96.5
195.9
189.2
150.9
239.2
224.5
166.7
Brass, bronze and copper prods.
146.2
138.4
115.2
177.6
160.8
122.8
Nonferrous metals and their
Clocks and watches and time-
recording devices..
Jewelry..
Lighting equipment
Silverware and plated ware
Smelting and refining—copper,
283.4
331.0
72.4
335.5
357.1
100.1
103.2
99.1
88.3
89.4
83.8
270.0
264.8
303.7
229.9
250.6
264.3
96.0
79.8
91.4
97.9
77.1
80.9
79.6
84.3
82.1
76.4
81.1
91.1
82.3
69.7
78.0
Slaughtering and meat packing
107.9
106.8
101.3
113.0
112.3
107.9
Sugar,
101.6
89.2
120.8
115.2
87.5
116.6
96.1
98.3
90.7
82.0
85.4
86.3
65.8
64.4
66.4
65.8
62.3
62.9
Flour
Ice cream
;.
*
beet...
Sugar refining, cane.....
Tobacco manufactures
,
91.5
93.6
68.6
Chewing and smoking tobacco
and
snuff.
...
Cigars and cigarettes
Paper and printing....
25.6
.
Automobiles.....
'
?
Canning and preserving
Confectionery
122.2
Transportation equipment......
.
...
.......
Foundry A machine shop prods
.........
93.7
107.0
Butter
Machine tolls...
....
88.5
123.2
Leather
123.0
73.3
117.1
Boots and shoes..
Wirework..
87.1
120.6
...........
Shirts and collars
Boxes,
56.3
55.4
61.2
67.0
64.7
67.1
66.9
65.5
67.0
65.6
61.9
62.3
115.3
115.2
113.2
113.1
110.9
109.3
paper..........
120.4
117.5
118.8
133.8
130.7
133.2
Paper and pulp..
Printing and publishing:
116.5
116.9
108.8
123.7
124.8
113.4
99.1
99.7
98.3
87.5
85.9
85.6
Newspapers and periodicals.
Chemical, petroleum and coal
116.1
113.8
116.2
111.0
106.3
109.8
products
Petroleum refining
Other than petroleum refining.
Chemicals....
122.6
119.4
118.0
138.2
134.8
124.6
122.8
122.7
123.1
139.6
137.4
122 6
118 6
116 7
137 8
134.0
121.5
143.4
141.6
123.6
172.3
171.0
139.7
Cottonseed—oil, cake A meal
Druggists' preparations
Explosives
78.8
52.4
120.2
75.3
48.5
99.9
117.8
114.6
113.9
132.4
127.4
123.8
147.8
139.9
99.9
175.4
172.1
114.4
Book and Job.....
.....
....
134.8
....
101.0
95.2
86.0
109.0
101.4
88.3
..............
101.6
99.3
99.9
89.5
82.9
83.6
...
100.5
87.7
88.3
90.9
76.5
74.7
73.3
68.8
71.4
70.8
60.5
65.6
92.6
91.4
77.4
91.7
88.8
71.3
Paint and varnishes
126.2
123.5
122.1
134.5
132.1
127.5
73.3
71.3
70.0
70.9
68.3
63.5
Rayon and allied products...
Soap.
311.9
307.7
300.2
324.4
318.0
286.4
82.4
83.6
88.5
107.1
101.8
107.1
.....
89.7
85.8
86.0
96.0
87.8
91.0
.....
56.6
54.7
59.8
60.3
57.2
72.4
70.5
70.0
85.0
76.3
82.7
153.2
143.3
141.6
152.7
141.9
134.9
93.8
lead and zinc
Lumber and allied products
.....
Furniture......
Lumber;
.........
94.5
91.1
90.7
87.3
81.8
78.1
...
66.7
64.3
62.2
54.7
52.5
49.7
.....
Stone, clay and glass products
Brick, tile and terra cotta
Cement...
Glass.....
Fertilizers
...
Mill work
Sawmills..
.....
products...
.....
66.2
64.9
63.4
63.4
62.2
56.5
85.5
84.5
81.7
78.9
76.7
71.7
64.6
Rubber goods, other.........
64.4
63.2
53.6
53.6
81.1
96.8
98.4
85.8
70.7
86.3
50.4
62.2
75.2
74.5
71.4
76.7
72.6
67.8
109.1
106.9
100.9
119.7
116.0
105.0
107.2
103.6
100.2
109.4
103.8
47.4
48.6
51.6
36.5
36.6
38.5
Durable goods
104.8
99.5
89.8
113.1
93.6
105.0
90.9
87.8
85.9
85.2
79.8
74.4
Non-durable goods.
109.5
107.6
110.2
105.3
102.5
100.5
fub^e/5t to ^vision.
SeSlS?pa£Sf'y
.....i._........
Rubber products.....;
Rubber boots and shoes
Rubber tires and inner tubes...
Marble, granite, slate and other
Pottery
.......
All
Summary
industries....
;
a Revised on basis of complete survey of industry.
°"rted thr0Ugl1 ,0 ,he group
Indexes not comparable to previously published
manufacturing" totals.
Revised ligures wi.l beahoarnIs tbe
The Commercial & Financial Chronicle
151
volume
Bank]Debits for Week Ended
Nov. 6, 1940, 22.1% Above
(except interbank accounts),
reported by banks in leading cities for the week ended
Nov. 6, aggregated
$9,190,000,000. Total debits during the
13 weeks ended Nov. 6 amounted to
$105,466,000,000, or
The
lower-salaried workers
Labor Department's
Secretary's remarks
1
in
the cost
in
33
% above the total reported for the corresponding period a
At banks in New York City there was a decrease
of 6% compared with the
corresponding period a year ago,
while at the other
reporting centers there was an increase
5%. These figures are as reported on Nov. 12,1940 by the
Board of Governors of the Federal Reserve System.
of
are
Table 1 presents per cent
year ago.
SUMMARY BY
and
earners
in 28 cities.
The largest rise, 2.2%, occurred in New Orleans.
In
cities, however, miscellaneous costs dropped.
In Mobile, for example,
lowered gasoline prices were largely responsible for the decline.
five
Debits to deposit accounts
as
2861
goods purchased by wage
rose
Year Ago
a
miscellaneous
of goods
of
Table
changes from June 15, 1940, to Sept. 15, 1940,
purchased by
large cities of
groups
announcement, from which the
taken, went on to say:
the
and
earners
States
and
lower-salaried workers
those
in
cities
items.
combined,
by
-
2
presents indexes of the cost of goods purchased by wage earners
lower-salaried workers in 33 large cities of the United States and in
and
those cities
combined, bv
of items,
groups
average
costs in the years 1935-39
TABLE
FEDERAL RESERVE DISTRICTS
wage
United
as
of Sept.
15, 1940,
based
on
1—PERCENTAGE
as
100.
CHANGE FROM JUNE 15, 1940, TO SEPT. 15
THE COST OF GOODS PURCHASED BY WAGE EARNERS
LOWER-SALARIED WORKERS IN 33 LARGE CITIES OF THE
UNITED STATES, BY GROUPS OF ITEMS
In Millions of Dollars
1940,
IN
AND
Week Ended
13 Weeks Ended
Federal Reserve District
Nov. 6,
1940
Nov. 8,
1939
Nov. 6,
1940
Nov. 8,
Fuel,
1939
All,
Area and
Boston
$597
$551
$6,093
4,092
2,998
437
349
42,812
5,417
616
511
7,702
Richmond
331
301
Atlanta
286
254
Chicago
1,242
1,077
4,119
3,336
15,654
3,257
2,147
3,399
.
New York
Philadelphia
Cleveland
.
St. Louis...
275
238
Minneapolis
171
171
Kansas City
255
260
Dallas
218
206
San Francisco
669
611
Total, 274 reporting centers
$9,190
3,802
4,632
5,258
6,885
3,902
3,141
14,889
140 Other leading centers*
133 Other centers
*
681
Centers for which bank debit figures
—
2.1
—0.1
b
—0.8
+0.1
—0.2
-1.3
+ 1.0
+ 0.7
—1.6
-0.4
—0.5
—1.0
+0.4
b
—1.5
b
—1.4
+ 0.1
8,429
54,763
8,730
b
+ 1.1
—0.1
+0.3
+ 0.1
+ 1.6
2.0
+0.2
—0.5
+ 0.7
—2.2
—0.1
+0.2
+ 1.3
+0.5
+ 0.7
Pittsburgh
+ 0.2
—1.1
—0.1
+0.1
+2.9
+ 0.4
+ 1.3
Scranton
—0.2
1.2
+0.1
c
+ 1.7
+ 0.7
+ 0.6
—1.9
—0.4
+0.1
+0.1
+ 1.0
+0.6
+ 2.1
+ 0.5
+0.4
+ 0.9
c
—0.3
+ 0.9
+ 1.9
—0.3
+ 0.9
+2.3
+ 0.2
+ 1-1
+0.9
-0.1
North
—
—0.5
Chicago
living in large cities throughout the United
changed very little in the past three months,
the
to
Bureau
of
for families of
33
large
as
goods.
of
most
the
that
show
living
costs
approximately the same level on
June 15, 1940," she said.
"Food costs were
on
On the whole there
There
other
was
slight drop
a
advances in prices of some
small increases in the cost of
were
were
important
items
in
the
family budget,
including rents, housefurnishings and miscellaneous items."
Secretary Perkins further stated :
Living costs in mid-September of this year were about 2% above costs
August, 1939, the month before the outbreak of the European war.
They were, however, 0.2% below costs in September, 1939.
This differ¬
in
largely due to the sharp rise in retail
place in the first weeks of September, 1939.
was
ence
The
Bureau
based
on
wage
of
puted,
Sept.
the
15,
showed
than
and
in
of
the
and
of
on
1%.
combined
Declines
entire
15,
took
for
cities
33
The
index
100,
as
thus
Prices of most fruits and
prices
of
began
in
which
flour
vegetables
decreased
1.0%,
Birmingham
three
(1.2)
and
1.2%
May
Bread
seasonally lower.
the
quarter,
declined in
over
prices
from which retail food prices are secured monthly.
have been reported
from certain other cities in
Middle Atlantic
all
in
cities
food costs
the
in
These
June.
1940,
Seasonal
areas.
and
cities
various
where
in
total
brought
prices
remained
relatively
decline
51
cities
Sept. 15 declines
rental
with
moderate
ported,
the
other
frorA
no
in
these
rise
secured.
Prices
cities.
change
in
coal
the
food
cities
in
+ 0.4
+0.1
+ 3.7
+ 0.4
+ 0.4
+ 0.6
—0.4
—0.2
+0.3
+ 2.5
+ 0.4
Jacksonville
+0.7
+ 0.6
+0.9
+ 0.3
c
+ 1.0
+ 1.2
Norfolk
+ 0.5
—0.6
+0.7
+ 1.0
+ 0.6
+ 0.7
Richmond-.
+ 0.8
+ 0.8
b
+0.3
+ 3.6
+ 1.7
+ 0.6
Savannah
+ 0.2
—0.1
b
c
—0.8
+ 0.4
+ 0.9
c
—1.5
+0.5
+ 0.1
+ 1.6
+ 0.6
+ 0.6
+ 1.2
+ 2.3
—0.2
+0.9
+ 1.4
+0.5
+0.1
+0.2
—0.9
+ 0.9
+ 0.6
—0.6
Washington, D. C
+ 1.0
East South Central:
Birmingham
+ 0.3
+ 0.3
—0.6
+0.9
—0.5
—0.8,
b
+ 0.3
Houston
+ 0.5
+ 1.9
c
+ 0.1
b
—0.2
New Orleans
+ 1.1
+ 1.0
+0.3
+0.4
—0.4
+ 1.3
—0.3
+ 2.2
-0.9
—3.4
+0.1
+ 0.1
+ 0.2
—0.1
+ 0.7
+ 0.4
+ 0.3
—0.3
—0.1
d
+ 0.9
Portland, Ore
+ 0.8
+ 0.7
—0.3
+0.2
+ 1.8
+ 0.7
+ 1.2
—0.2
c
—0.1
+ 1.3
+ 0.5
+ 0.4
Seattle-
+ 0.1
+ 0.3
—0.3
—0.1
—4.5
—0.3
+ 0.9
-0.1
a—1.2
—0.2
+0.8
+ 0.3
Memphis
Mobile
West South Central:
Mountain:
Denver
Pacific:
Los Angeles
+ 1.3
+ 1.2
Average: 33 large cities of
the United States
a
Includes
51
cities,
b Increase of less
than
+0.1
0.05%.
c
+ 0.
Decrease of less than
dNo change.
0.05%.
TABLE 2—INDEXES OF THE COST OF GOODS PURCHASED BY WAGE
EARNERS AND LOWER-SALARIED WORKERS IN 33 LARGE CITIES
THE UNITED STATES,
BY GROUPS OF ITEMS, SEPET.
15,
1940
(Average 1935-39=100)
Fuel,
All
Area and
Hems
City
Elec¬
ing
Rent
House¬ Miscel¬
tricity
Cloth¬
Food
furnish¬ laneous
ings
New England:
99.4
Manchester
96.8
100.8
100.6
103.2
97.7
100.7
100.3
Boston
98.5
101.1
102.5
101.0
99.7
101.3
96.0,
100.4
100.6
98 8
99.4
98.9
106.5
99.3
99.4
101.7
98.4
Middle Atlantic:
Buffalo
101.2
98.7
101.0
New York
101.0
99.1
101.0
102.7
99.8
97.0
103.2
98.7
93.8
101.2
103.3
98.1
102.5
101.5
100.7
97.0
102.5
105.8
102.8
102.1
100.5
98.6
97.1
101.8
98.1
96.3
98.9
100.6
Chicago
Cincinnati
100.9
97.6
99.4
108.7
98.9
102.3
100.6
99.9
96.6
103.7
102.2
98.6
100.3
101.4
Cleveland
102.3
100.5
101.8
108.0
107.5
100.1
100.1
Detroit
100.5
96.0
101.2
107.9
98.9
99.2
100.7
100.7
96.7
102.6
110.3
97.4
99.6
100.7
100.9
Philadelphia
Pittsburgh
Scranton.
East North Central:
Indianapolis
West North Central:
102.8
102.8
98.6
98.3
97.1
100.8
108.0
96.7
103.2
101.6
96.7
102.8
101.5
101.4
96.7
101.3
the
rise
in
index
cost
thus
aggregate
for
war
in
15,
Europe.
The
quarter.
occupied
by
St. Louis
8outh Atlantic:
families
only 0.1% higher.
In
dwellings, have been re¬
housing under the defense
were
slightly in 26 of the 33 cities, and
almost stationary, declining in
each
The greatest increases in the cities surveyed
Manchester and Norfolk.
94.7
102.7
104.5
100.1
98.1
100.4
Baltimore
100.0
96.4
101.3
104.4
99.8
101.7
101.3
Jacksonville
101.0
101.3
101 7
103.6
97.3
101.0
99.9
Norfolk
99.0
95.2
102.8
102.9
93.3
100.0
101.7
Richmond
Sept.
4% higher than
the
over
dwellings
for
b
89.8
low-rent
demand
+ 1.6
—2.4
99.7
are
stable
of
+ 1.1
+ 0.9
99.3
93.4
103.5
103.1
100.4
104.6
100.8
Savannah
101.0
99.5
101.8
104.7
96.7
105.2
100.8
Washington, D. C„._
100.0
96.9
103 4
100.0
98.3
105.2
101.2
100.3
94.1
102.3
114.8
91.0
98.4
101.1
98.8
93.0
101.4
106.2
94.1
101.5
100.6
98.8
96.5
100.6
106.0
94.7
101.0
98.0
Houston
101.1
99.7
103.1
106.8
93.1
104.5
99.7
New Orleans
102.2
101.9
101.8
103.6
99.3
103.7
102.5
98.9
92.9
100.0
106.7
98.1
102.1
100.4
Los Angeles
101.2
97.8
103.1
106.5
95.5
101.5
102.1
Portland, Ore
101.5
100.5
102.9
106.7
93.2
100.4
101.6
San Francisco
100.8
97.9
103.0
103.7
91.7
101.7
102.7
Seattle
101.7
100.1
103.6
106.6
93.9
98.2
102.7
100.4
97.2
101.6
104.7
99.3
100.3
101.4
99.4
Atlanta
East South Central:
Birmingham
Memphis
-
Mobile
West South Central:
Mountain:
Denver
Pacific:
Memphis,
prices
fuel
of
others
Electricity
...
97.8
rose
remained
0.1%.
in
33
heightened
Birmingham,
seasonal
two
than
types
particularly
cities
seven
more
occurred
A
in
Over the quarter rents
not
case
the
reflecting
program.
in
income
shortages,
cities,
many
all
costs' for
+ 0.5
100.9
was the advance as much as 1%.
The rise which occurred
largely in woolen goods—men's suits and overcoats, and women's coats.
the increases were slight.
Average
+ 0.8
+ 2.1
Minneapolis
England
chester, N. H.,
All
b
—0.1
Kansas City
New
clothing index for the 33 large cities combined decreased 0.2%, reflecting
slight declines in 19 cities and increases in 14.
Only one city, Man¬
was
+0.1
+ 0.1
and
the
1939, the month before the outbreak of the
Clothing
+ 0.1
—0.8
and egg prices occurred
for
Foods
average.
the
of
seven
the
higher in September than in
was
the
In addition,
continuing
Since
meat
responsible
the
changes
97.2% of the 1935-39
to
in August,
increases
generally
were
—0.9
+ 1.3
+ 1.2
1940.
covere^J, but the declines reported
were
+0.1
and Ice
living are calculated by the Bureau.
The
largest declines were reported in Denver, 3.4%, and Kansas City, 3.3%.
Fifteen of the S3
cities
showed
increases
ranging from 0.1 of 1% in
Indianapolis to 2.3% in Cincinnati and Birmingham.
retail
—0.1
Baltimore
on
lower in mid-September
reported in 18 of the 33 cities for which
were
Atlanta
com¬
100.4
was
of
cost
—3.3
by families of
20 cities reporting increases,
were
—0.7
+ 0.2
-
is
(1.1).
cities
the
+0.1
+0.1
+0.2
+0.4
+ 0.1
City
Portland, Me
Orleans
—0.6
by the Bureau's recent
1935-39
than
more
—0.2
South Atlantic:
OF
index
group.
June
cities
which
prices
consumed
shown
as
in
Of the
food
living
services
that
costs
of the 33
slightly
New
mid-June.
on
13
less than
in
costs
in
data
lower
cases
advances
Food
of
average
of
cost
workers,
compared with 100.5
as
Cincinnati
Statistics
commodities
expenditures
an
on
were
all
in
the
family
based
Costs
were
Labor
of
and lower-salaried
earners
study
of
list
a
—0.3
+ 1.5
—2.4
—0.8
—
—0.4
+ 0.5
Detroit
+ 2.3
+ 0.7
Cleveland
San Francisco
Statistics
clothing, although there
woolen
"Reports
at
were
lower than in June.
in
28.
wage earners and lower-salaried workers in
cities
Sept. 15
Labor
Oct.
on
—
West North Central:
of
Secretary of Labor Perkins reported
—
+ 1,1
Cincinnati
St. Louis
has
0.5
Central:
Minneapolis
States
+ 1.2
—0.4
New York
Indianapolis
Living Costs in United States Showed Little Change
from June 15 to Sept. 15,
Reports Secretary of
Labor Perkins—Labor Bureau's Index at
Approxi¬
mately Same Level as Three Months Ago
cost
+ 0.8
—0.1
Middle Atlantic:
2,622
57,278
9,186
Miscel¬
ings
—0.6
Me
Philadelphia
$104,866
41,373
House
furnish¬ laneous
Manchester
Buffalo..
$105,466
39,003
tricity
Portland,
Boston
Kansas
The
Elec¬
Rent
New England:
3,465
available back to 1919.
are
ing
and Ice
3,174
2,182
2,652
8,878
$7,526
2,739
4,106
756
York City*
Cloth¬
Food
$5,896
45,023
East
New
Items
City
from
rates
were
was
reported
from 25 cities, and declines
oil
dropped
in
which
prices
reduced
in
seven
for
four
cities
this
type
cities
and
and
of
Average: 33 large cities of
the United States
showed
fuel
showed
are
a
Includes 51 cities.
no
change in the others.
decrease
was
The greatest decline occurred in Seattle, where the
almost 10%.
There was little change in the price of ice.
Housefurnishings
with
an
of wool
average
blankets
Largely
movies,
as
a
increased slightly in 24 cities
increase in the 33 cities of 0.3%.
were
gasoline
and
automobiles,
the
Production
index
on
of
such items
the
cost
and
Shipments
During
Five
Weeks Ended Nov. 2, 1940
We
generally reported throughout the country.
result of the imposition of defense taxes
cigarettes,
Lumber
and dropped in nine,
Advances in the cost
give herewith data on indentical mills for five weeks
2, 1940, as reported by the National Lumber
as
ended Nov.
of
Manufacturers Association
on
Nov. 12:
An
Chronicle
The Commercial & Financial
2862
Wholesale
1940
—
ing
and
in
mills, was 3% above that of
Number
in
Number
in
Number
in
of
Thou¬
of
Thou¬
of
Thou¬
Cars
Thousand
sand
Cars
sand
Cars
sand
Dollars
Softwood pro¬
corresponding weeks of 1939.
mills during the same period of 1938.
Hard¬
15% above production of the 1939 period.
wood output was
1940—
138.746
92,744
253,913
73,289
137,961
104,242
71,574
230,639
66,386
ended Aug. 1,353,056 2,755,746
l,ie5,504
19% above those of similar period of 1939 and
300,115
67,000
196,270
291,898
121,737
116,747
103,845
47,058
94,819
62,073
197,079
20% above the same weeks
997,213 2,299,030
925,339
788.478 504,926 1,510,552 420,412
8 mos.
Total
ended Aug.
Hardwood orders showed a gain of 8% as compared with cor¬
of 1938.
1938—
responding weeks of 1939.
softwood mills were
production (three-year
compared with 3,477,653 M feet on Nov. 4, 1939,
1940, gross stocks as reported by 390
Nov. 2,
3,323,358 M feet, the equivalent of 97 days' average
1937-38-39) as
compared
1,109,296 M feet, the equivalent of 33 days' average production,
Nov. 4, 1939, the equivalent of 25 days' average
with 850,724 M feet on
\y-;. ',
production.
classified.
40,880
154,447
66,039
42,101
163,653
31.1%
REPORTED
AS
February
10% less than in the previous week; shipments were
2% less; new business, 12% less,
according to reports to
Of
hardwood
and
Shipments were 21%
softwood mills.
and
production.
orders 13% above
new
Compared with the
corresponding week of 1939, production was 3% less, ship¬
ments 10% greater, and new business, 45% greater.
The
industry stood at 71% of the seasonal weekly average of
89% of
1929 production and
average
Association further reported;
Comparisons
weeks of 1940
44
the
The
1929 shipments.
r
Year-to-Date
for
production
Reported
to date was 7% above
weeks of 1939; shipments were 6% above the shipments,
were 8% above the orders of the 1939 period.
For the 44
corresponding
849.831.661
859,989,858
875,078,033
formerly included In retail automobile receivables,
10 have been taken over by reporting companies prior to January, 1940.
regional associations covering the operations of representa¬
tive
224 organizations
the
September
709,667,390
1.063.638,452
*
%
840.491,007
854.629,839
848,528,973
from
Association
Manufacturers
Lumber
National
%
739.798.724 October....
779.381.455 November
817,788,623 December..
971,940.670
1.021.533,732
June
1939
1940
1,105.275.234
1,116,928,055
696,959.547 July
691.191,242 August.
918,645,709
May
April
ORGANIZATIONS*
1939
%
876,699,079
887.090.773
January
March.....
production during the week ended Nov. 2, 1940,
Lumber
used cars, and 0.4% un¬
were
OUTSTANDING END OF MONTH
IDENTICAL
214
BY
-w.V.*.:
$
Ended Nov. 2, 1940
68.4%
,
1940
Report of Lumber Movement Week
41,753
44,449
542,761 342,515 1,249,800 342,870
685,386
cars,
new
were
RETAIL AUTOMOBILE RECEIVABLES
\'•■■.A-:"
■
64,500
86,552
004,387 1,792,561
Of this number
a
82,633
229,692
8 mos.
Total
ended Aug.
reported by 387 softwood mills were
On Nov. 2, 1940, unfilled orders as
218.947
61,279
41,845
July...
August
days' average production.
the equivalent of 102
the
54,736
54,673
100.489
August.......
Softwood orders in 1940 were
above those of corresponding weeks of 1939.
was
988,719 654,755 1,767,027 510,747
1939—
July
five weeks ended Nov. 2, 1940, were 18%
Orders received during the
average
166,034
Total 8 mos.
ended Nov. 2, 1940, were 5% above
corresponding weeks of 1939, softwoods showing a gain of 5% and
hardwoods, loss of 8%,
On
392,659
a334,881
141,977
42,111
Julv
August
Shipments during the five weeks
those of
Dollars
Dollars
ended Nov. 2,1940. as reported by these
above that of the same weeks of 1939 and 13%
duction in 1940 was 3%
above the record of comparable
Volume
Volume
Volume
Dollars
Production during the five weeks
Cars
Volume
Month
Unclassified
New Cars
Total
Year
1,249,419 1,210,704 1,388,197 1,325,511 1,392,175 1,175,989
Total lumber
Used and
Financ¬
1939
1,192.409 1,161,205 1.325,814 1,258,008 1,329,578 1,118,122
57.807
62,597
67,503
62.383
49,499
57,010
Softwoods...
Hardwoods
1939
1940
1939
1940
Retail Financing
Orders
Shipments
Production
Identical Organizations
Summary for 400
weeks ended Nov. 2, 1940:
{In 1,000 ft.)
16, 1940
AUTOMOBILE FINANCING
follows to the National Lumber
of 474 mills reported as
average
Trade Barometer for the five
Nov.
Weekly Statistics of Paperboard Industry
received by us from the
Chicago, 111., in relation
to activity in the paperboard industry.
The members or this Association represent 93% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
We give herewith latest figures
National Paperboard Association,
PRODUCTION
REPORTS—ORDERS,
STATISTICAL
MILL
ACTIVITY
and hew orders
1940
weeks
of
ments
were
date
to
business
new
9% above production, and ship¬
was
Unfilled
Orders
6% above production.
32% on Nov. 2, 1940,
compared with 24% a year ago.
Unfilled orders were 28% greater than a
year ago; gross stocks were 5% less.
ratio of
The
unfilled orders
to
stocks
gross
Percent of ActivUv
was
Production
Remaining
Tons
r'Supply and Demand Comparisons
'V
Orders
Received
Period
Tons
Tons
Month of—
72
week ended
During the
feet
of
softwoods
booked orders of
Mills,
were:
Nov.
2,
Revised figures for the preceding week
261,835,000 feet.
257,440,000
production,
504;
feet;
285,740,000
shipments,
feet; orders, 298,814,000 feet.
Lumber orders
679,739
167.240
420.639
463,618
137.631
70
429,334
449,221
129,406
69
April.....
1940, 484 mills produced 231,508,000
combined; shipped 279,634,000 feet;
528,155
February...
520,907
456.942
193,411
70
May..
682,490
624,184
247,644
76
mills
same
mills.
reported for the week ended Nov. 2, 1940, by 404 soft¬
247,288,000 feet, or 12% above the production of the
feet,
totaled
reported for the same week were 267,233,000
above production.
Production was 220,039,000 feet.
Re¬
Shipments
21%
or
as
i business
14,647,000 feet, or
27% above production.
Shipments as reported for the same week were
12,401,000 feet, or 8% above production.
Production was 11,469,000 feet.
ports
hardwood
95
from
mills
give
Identical
.
new
Mill
as
Reports
during week ended Nov. 2, 1940, of 384 identical softwood
217,737,000 feet, and a year ago it was 227,294,000 feet; ship¬
respectively,
264,708,000 feet and 239,880,000 feet,
and
was
ments
orders
were,
received,
244,225,000
feet
and
168,707,000
feet.
In
the
hardwoods, 95 identical mills reported production this year and
11,469,000
feet
and 9,896,000
feet;
shipments,
12,401,000
12,600,000 feet, and orders,
case
of
a year
•*«•*'C
•
m
and
'
'.V'.
•
m
508,005
509,781
236,693
79
644,221
196,037
72
August
687,339
487,127
162,653
74
September
468,870
470,228
163,769
72
m mm
670,473
648,611
184,002
79
mm
7
92,066
157,043
Sept. 14
120,662
128,087
103,769
167.953
78
mm
m
m
Week Ended—
73
60
131,737
97,766
123,418
123.281
125,763
128,203
Oct.
12
134,149
130,483
170.669
79
Oct.
19
127,271
174,906
78
Oct.
26
132,322
136,464
2
Sept.
Sept. 21
Sept. 28..
....
128,055
Oct.
......
5...
76
73
74
;
154,311
159,161
73
73
73
78
v
~
73
73
80
74
130.405
180.439
132,249
184.002
80
73
130,203
135,801
120,470
172,460
78
73
r
Note—Unfilled orders of the prior week plus orders received, less production, do
not necessarily
Compensation for delinquent
filled from stock, and other items make necessary adjust¬
equal the unfilled orders at the close.
reports, orders made for or
ments of unfilled orders
V-V'-'.V'
ago
feet
!.<• V' •'.
^
452.613
Nov.-■-9...V.—....
Production
mills
mm
July
June
Nov.
wood
mm
.
October
hardwoods
and
January
March
Softwoods and Hardwoods
Cumulative
Current
Flour
Subsidy
14,547,000 feet and 9,831,000 feet.
Rate
Increased
Shipments to The
to
$1.05
:
T-
♦
on
a
..
^v'':
Americas
Barrel
Department of Agriculture announced Nov. 7 an
increase in the subsidy rate on the export of flour from the
United States to the other Western Hemisphere countries
from 85 cents a barrel to $1.05.
The subsidy rate on flour
The
Automobile
The
for
dollar
400
the
crease
of
volume
Financing in August
of
retail
organizations
16.9%
to
$137,961,205,
compared with July, 1940;
as
1940,
financing for August,
amounted
an
a
de¬
increase
of
18.2%
as
compared with August, 1939, and an increase
of
59.4%
as
compared with August,
1938.
exports from Pacific Coast ports to the Philippine
in
our
issue of Oct. 12, page
The volume of
wholesale
financing
111,312;
.
decrease of 70.3% compared with July, 1940; a
a
decrease of
10.5%
for
as
August,
1940,
amounted
to
$42,-
compared with August, 1939, and
an
increase of 0.6% as compared with August, 1938.
The volume
at the end of
of
retail
automobile
August, 1940,
as
receivables outstanding
reported by the 214 organiza¬
tions, amounted to $1,116,928,055.
accounted for
$137,961,205,
These 214 organizations
94.8% of the total volume of retail financing,
reported
for
that
month
by
the
400
organ¬
izations.
The
following tabulations
on
automobile
financing
for
automobile financing for the month of July, 1940, were
published in the Oct. 26, 1940, issue of the "Chronicle,"
page 2412.
<
^
on
October
■
made
2109.
♦
■
1940 Flour Production Highest Since
September Last Year
representing 64% of the total national flour pro¬
duction reported to "The Northwestern Miller" that they
produced 6,492,265 barrels during October, compared with
6,337,477 barrels in October last year.
September, 1940, pro¬
duction was 6,006,879 barrels.
Mills
October
production this year was the highest since
1939, when 7,395,103 barrels were produced.
October production was 6,448,458
and 6,128,307 barrels, respectively.
Since September, last
year, the monthly production approaching that of October,
1940, most closely was last December's, when about 6,227,000
barrels were turned out by reporting mills.
Largest gains over the September output were reported
by the, South west, with a 226,254-barr el increase, and the
Pacific Cdast mill group, with 166,346 barrels ahead of the
September,
Two and three years ago,
400 organizations, and on retail automobile receivables for
214 organizations for August, 1940, are as reported by the
Bureau of the Census, Department of Commerce.
Figures
Islands
remains unchanged at 70 cents a barrel.
Previous reference to the flour export program was
Volume
All sections except the Northwest,
previous month's figure.
behind the September output by 65,124 bar¬
which dropped
The Buffalo increase
rels, made increases during October.
58,444 barrels.
was
A
detailed
table
of
monthly
The
on
market
during the winter and spring of
as
a
year
about
production
flour
appears
below:
the
strengthening
in
September,
October,
October,
October,
1940
1939
1938
1937
acreage
of
crops
influence
planted
this
deciduous
last—were
with
1,475.767
1,470,123
1,530.064
2.334,965
2,249.956
1,446,405
2.271.176
932,275
2.121,995
873,831
1,006,681
1,028,030
953.680
606,553
274,250
617,877
273,731
487,708
528,490
338,753
295,816
326.815
298.943
139,581
780,514
129,510
614,168
131,217
♦346.597
♦310,856
610,967
438,506
608,494
6.492,265
6,006,879
6,337,477
6,448,458
6,128,307
1,410,843
2,348,249
Buffalo
Eastern Division
Division
Southeast
Paclf c Coast
products
and larger
and
fats
this
was
crops
time
except butter were reported as selling
This relfects, the Bureau said, the
oils
last
year.
of tallow, greases, and soybean oil this year, the large
available for domestic consumption, and the large sup¬
lard
production
reported
of milk
Bureau
better
this
fruits,
for
this
time
of year.
that consumer demand
expects
There
Thanksgiving than last.
but
vegetables,
and
smaller
World
Below
of Agriculture Estimates 1940-41
Crop at 6,100,000,000 Bushels—2%
1939-40 and 8% Below 1938-39 Crop
Wheat
1940-41
The
wheat
world
and
Bussia, is expected to be about 2% below that of 1939-40
and about 8% below the large 1938-39 crop, the Office of
/Foreign Agricultural Relations, U. S. Department of Agri¬
culture, said on Nov. 11 in its weekly publication "Foreign
Crops and markets."
Compared with the average for the
5 years ending with 1937-38, however, it appears that the
1940-41 world crop will show an increase of about 11%.
The Department of Agriculture estimate is based on official
data where available and
on
China
including
crop,
figures and crop con¬
acreage
On that basis the 1940-41 world
ditions in other instances.
is estimated at about 6,100,000,000 bushels, compared
crop
with
6,200,000,000
1938-39.
000,000 bushels.
The
6,600,000,000
and
Further details
Department's
1940-1
1939-40
in
the
in
crop
estimates
tentative
reported
were
in
turkeys, citrus,
apples, cranberries
plenty of
crops
of
"
Month Ago and Year Ago
The general
level of prices received by farmers in midthroughout the country was two
points higher than a month earlier, the Agricutural Market¬
ing Service of the Department of Agriculture reported on
Oct. 29.
At 99% of the 1909-14 average, the index was also
two
points higher than a year ago. The Department
indicates that the per unit exchange value of farm products—
the ratio of prices received to prices paid, interest, and taxes
—advanced two points during the month to 78, and in midOctober was also two points higher than a year earlier.
Prices paid by farmers for commodities bought, interest,
and taxes held steady from Sept. 15 to Oct. 15 at 127% of
the 1910-14 average.
The announcement continued in part:
October at local markets
The grain
price index at 80 in mid-October was up 3 points from mid-
September; and dairy and poultry product prices showed a rise of 5 and 8
points, respectively, or about the usual seasonal increase.
lint increased slightly,
and higher prices for cottonseed raised the index of
cotton and cottonseed
prices 2 points.
up
Africa
2 points during the
118
(149); and Australia 100 (210).
the
1940
there has been
is
ment
reflection of
no
concerned.
reduction
of
in Russia is reported to be larger than last year,
crop
the
For
increase
an
of
rest
including the Danube Basin,
to
with
the
harvest
1939
is
Dominating the international wheat situation for the current (July-June)
marketing
countries.
In
of
channels
addition,
of
indications
trade
of
stocks
that
are
the
major
the
in
exporting
of
movement
wheat
in
during 1940-41 is likely to be considerably
because
1939-40
total
record
international
that
below
the
is
season
of
military operations
Europe and the
in
Orient.
including
flour,
moved
international trade channels
into
pared with 602,366,000 bushels in
With
average.
a
But prices of meat animals declined
sharp drop in hog prices more than off¬
a
prices
received
for commodities bought in mid-
cent per
by farmers
averaging
of the
2 points
month earlier, the ratio of prices received to prices paid rose
81% of the 1910-14 base period.
Compared with
a year ago,
A
year ago
the ratio stood at 80.
cotton prices on Oct. 15 were abouto ne-half
pound higher; wheat prices were a little over 2 cents per bushel
lower; corn was almost 12 cents per bushel higher; hog prices were 69 cents
per
hundred pounds lower; and beef cattle were 53
cents
per
hundred
pounds higher, reaching the highest prices since September, 1937.
for
Danube
35% of the total.
were
Lamb
4 cents per hundred above those of a year ago.
Basin
third
Australia
and
1939-40 com¬
in
Canada, the largest
1938-39.
exporter,
and
14
with
fourth
Wilson Urges
Facilities—Wm. R.
Boyd Defends A.P.I, at Convention—Pennsylvania
Grade Crude Advanced—Daily Average Crude Out¬
Petroleum
29% and
Argentina ranked second wtih
and
Wheat
flour
and
shipments
by
the
United
amounted
States
to
the
the year before.
The Soviet Union and India exported practically
wheat and flour last
season.
Its
Products—Dr.
Refinery,
R. E.
Storage
put Rises—Crude Oil Inventories
Seeks to Revamp Oil Industry
equivalent of only 54,274,000 bushels in 1939-40 compared wtih 115,784,000
bushels
and
Increased
13%
respectively.
no
were
Department tentatively estimates that 606,677,006 bushels of wheat,
accounted
the
1910-14
prices
The
month with
The index of prices paid by farmers
higher than
compared
of fruit
October, for the fourth consecutive month, was unchanged at 122%
Basin crop.
20%
prices
setting minor upturns for cattle, calves, sheep and lambs.
indicated.
Of
special significance is the estimated reduction of about 35% in the Danube
a
Mid-October
6 points, and tobacco prices increased sharply with a demand for offer¬
ings of the better flue-cured grades.
yet as far as the export move¬
as
Europe,
Prices of cotton
the
for
with
figures in parentheses, are as follows: United States 792 (755) ; Canada
561
(490) ; the Danube Basin 295 (453); Argentina 220 (119) ; North
While
Two Points Above
October Farm Product Prices Were
1939-40
bushels
of
millions
5,500,-
follows:
as
important surplus-producing areas,
most
in
bushels
The average for the 5 preceding years was
will be somewhat
for foods
are
and nuts.
Department
Prices of dairy
unusually heavy
vegetable oils in other countries.
to be rising seasonally despite
low-priced
were
dried
Division.
fruits
last
with
reported.
all
at
of
of
plies
The
Includes Indiana, since 1938, under Central West, Eastern
compared
record large output
supplies
Central West—
*
than
lower
.
,
.
A 5% increase
for fall and winter
indicated.
.
.
.
Smaller
of citrus—this year compared
domestic wool prices.
on
to be planted to 10 truck crops
or
season
Practically
Northwest
Southwest
Oct. 1 will
earlier.
relatively high level of wool mill consumption was reported to be a
harvest
194Q
in the hog marketing year which began on
substantially smaller than the large supply marketed a year
TOTAL MONTHLY FLOUR PRODUCTION
October,
record,
supplies of hogs
A
Output reported to the "Northwestern Miller," In barrels, by mills representing
64% of the total flour production of the United States)
animal on farms was reported the
that the number of cattle fed for
1940-41 will be about the same
earlier, that slaughter supplies of sheep and lambs will be
same
this fed-lamb marketing season as last, that slaughter
feed grains per
with prospects
of
supply
largest
te
Western
2863
The Commercial & Financial Chronicle
151
Expand—Mexico
Highlight of the 21st annual meeting of the American
prophecy
Advisory Defense
Commission, that next spring would bring record demand for
petroleum products and his recommendation that the industry
expand its refining and storage capacity to properly prepare
Petroleum Institute in Chicago this week was the
Bureau
of
Agricultural
that farmers
are
Agricultural Economics reported on Nov. 4
bringing to a close another year of abun¬
production,
higher
this
year
prices of farm products have averaged
to date than in 1939, cash farm income
for 1940—estimated at
1929.
since
for
farm
The
$9,000,000,000—is the second largest
Bureau
said
also
1941.
In
best/ position
chiefly for the domestic market.
cline
continental
as
domestic
that
demand
products continues good, and is expected
in
crease
Production—Prices Aver¬
Higher This Year Than Last
age
The Bureau of
dant
Another
Reports
Economics
Year of Abundant Farm
European
to in¬
farmers producing
Exports continue to de^
are
been
markets have
cut off
United States exports of farm products
by war blockades.
will continue to be small through 1941.
vices
The Bureau's ad¬
agricultural situation
the current and prospective
on
continued:
for
Plans
the
that
1940.
in
as
Bureau
the
farm
1941
total
production
of
output
Favorable
said,
are
agricultural
price and
maintenance
upon
now
will
of
be
demand.
needs
Bureau
that
but
of food,
agricultural
current
feed and fibers
are
prospects
the same
is contingent,
adjustments
increased domestic
fully adequate for current
plus carryovers.
The
reported
the total
cash
farm
that
compares
income
favorably with 1939
is
declining seasonally,
Income in the
figures.
quarter of the year may be slightly larger than in the fourth quarter
last
of
Supplies
about
1941
for
farmers in order to obtain maximum benefits from
by
with
made,
being
products
income outlook
1939,
when
total
marketings
from
and
Government
payments
was
$2,750,000,000.
Prices of practically all farm products except hogs
chickens averaged higher in the first 10 months of this year com¬
about
and
pared with last.
Highlights
statements
in
of
the
other countries,
high
current
that wheat prices
account.
by
prospective
marketing
situation
include
Bureau
expected to remain independent of prices
that domestic cotton
record this season,
improved
and
are
mill consumption will set a new
that the market for flue-cured tobacco has been
quotas
v
and
Government
purchases
•
for
.
British
of Dr. Robert E. Wilson, of the National
for the rise in demand as
a
result of the Nation's rearmament
program.
that petroleum demands for the
date "have been much less than
enough to offset the loss of our exports to the Continent of
Although
admitting
national defense program to
Europe," he emphasized the potential demand not only from
the
Army and Navy, but from industry and "from men who
employed for the first time in many years."
Dr.
Wilson further held that "by this coming spring these in¬
creasing demands, will on the whole, offset our loss of exports,
and thereafter will increase steadily to a figure substantially
beyond any total requirements the industry has yet seen."
While admitting that production of crude oil from existing
wells will be adequate, Dr. Wilson suggested a 4-point
program in which the petroleum industry could undertake
expansion with its own capital.
They are:
1. Increased capacity for high-grade, synthetic aviation
fuel.
Existing capacity "is substantially less than enough
to meet present estimates of full war-time demand after our
plane-building program is complete," he said.
2. Continued growth of ordinary refineries "to keep pace
with the growth of peace-time consumption and keep custom¬
ary reserve of around 20% of shutdown capacity available
for possible wartime expansion."
3. Increased storage facilities to guard against possible
interruptions of supply.
4. Some further development of gasoline pipelines and
inland waterway transportation, particularly on the Eastern
will be
seaboard.
In addition to suggesting the above 4-point
program for the
industry itself to finance, Dr. Wilson outlined certain activi-
The Commercial & Financial Chronicle
2864
undertake at its
He disclosed that the Defense Commission
recommended to the Navy the accumulation on the
Nov.
16,
1940
reasonable
proportion of the profits made by producers.
profits, according to proposed decree, will be used for
public works."
Price changes follow:
ties which he held the Government should
a
own
Such
has
expense.
Eastern
seaboard and at the
reserves
of fuel
"substantial
new
oil."
Atlantic naval bases of
Domestic supplies of
heavy fuel oil on the Eastern coast are not now adequate to
meet both naval and industry demands if a major Atlantic
naval effort should become necessary, he reported.
In this
connection, the Commission's petroleum expert, intimated
that the Government, to increase Eastern fuel oil supplies,
might build additional crude oil pieplines to Eastern re¬
'
;1 ;■:
■" ■■■.■ ''''- : '
Another feature of the convention, held in Chicago's
Hotel Stevens, was the speech of William R. Boyd, Executive
Vice-President of the American Petroleum Institute, who
fineries.
.
spoke for Axtell J. Byles, President, unable to make his
scheduled appearance because of illness.
Mr. Boyd, with¬
out referring directly to the suit filed against the Institute
and 22 major oil companies on Sept. 30 by the Department
of Justice, charging unlawful monopoly, price-fixing and
conspiracy in violation of the Sherman Act, said that he did
not believe that "by any stretch of fact it can be proved by
competent testimony in any court of justice" that the In¬
stitute has engaged in anv illegal or collusive activity.
In describing the Institute as an association for the promo¬
tion of higher standards, improvement of quality of products,
elimination of waste and service to the consuming public,
Mr. Boyd said he believed that it is scrupulously observing
all legal restrictions.
He explained further that, in legisla¬
tive affairs, the Institute maintains no lobby.
"The In¬
stitute does not make any recommendation or suggestion to
any individual producer or refinery how much oil he should
produce or how much oil he should refine or store, nor to any
marketer about how much oil he should sell
or
to whom
or
at what
how
or
the
Institute.
price he should sell it."
It is the contention
of the Department of Justice suit, it will be remembered,
that the Institute has been utilized by the 22 defendant
companies "as an instrumentality for promoting, supervising
and enforcing the various illegal policies and practices set
forth in the complaint."
The suit asked the dissolution of
,
Expanding demand brought about an advance of 15 cents a
barrel in the posted price of Pennsylvania grade crude oil by
the Joseph Seep Purchasing Agency of the South Penn Oil Co.
on Nov. 12, effective immediately.
This is the first advance
in prices of Pennsylvania grade crude oil this year, the market
having been weak with reductions of 25 cents each in May,
June and July as over-production brought price-cutting in
the market picture.
Under the new price schedule, Brad¬
ford-Allegany moved back to $2; Southwest Penn Pipe Line
up to $1.65 and Eureka Pipe Line up to $1.59 a barrel.
No change was made in the price of Corning grade crude oil.
Reflecting the sharp expansion of production in Texas, the
daily average production of crude oil for the United States
was
up 104,250 barrels during the week ended Nov. 9,
totaling 3,584,200 barrels, the mid-week report of the
American Petroleum Institute revealed.
This was nearly
15,000 barrels above the estimated daily average market
demand for November fixed at 3,570,000 barrels by the U. S.
Bureau of Mines. Texas output was up 106,000 barrels to a
daily average of 1,347,250 barrels.
California was the only other major oil-producing State to
show a gain in output, with daily average production on the
West Coast spurting 303,00 barrels to hit a figure of 615,600
barrels.
Illinois
wells
hit
a
new
low for
some
time with
a
decline of 14,350 barrels cut the daily average to 338,700
barrels.
Kansas production was off 13,750 barrels to a daily
figure of 168,950 barrels, while a drop of 2,100 barrels for
Louisiana pared the total there to 280,000 barrels. Oklahoma
was off 1,250 barrels to 394,050 barrels.
An increase of better than 1,000,000 barrels in inventories
of domestic and foreign crude oil was reported for the week
ended Nov. 2 by the United States Bureau of Mines.
The
Federal agency report showed that stocks moved up 1,074,000
barrels to hit a total of 263,820,000 barrels.
Although
holdings of domestic crude oil were up 1,415,000 barrels,
this was partially offset by a decline of 341,000 barrels in
stocks of foreign crude oil.
Heavy crude oil stocks in
California, not included in the "refinable" stocks, were off
186,000 barrels to 12,397,000 barrels.
The United Press
on
Nov. 14 reported
from Mexico City
12—South
Nov.
Oil
Penn
Pennsylvania grade crude oil
advanced
15
cents a barrel.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
?2 fO
1.02
Bradford, Pa
Corning, Pa
Illinois
-
-
1.05
.90
Western Kentucky.....
Mid-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
1.03
1.25
.73
GAS PRODUCTION—OUTPUT
TAILED
MOUNTING—MOTOR
LINE
RECOMMENDS
LAMP"
PRODUCTS—"THE
REFINED
Eldorado. Ark., 40
$1.03
Rusk, Texas, 40 and over
1.10
Darst Creek
73
Michigan crude
76-1.03
Sunburst, Mont.
.90
Huntington, Calif., 30 and over... 1.15
Kettleman Hills, 39 and over
1.38
CONTRA-SEASONAL
FUEL
OF AVIATION
INVENTORIES
SHOW
REFINERY
DRAIN—LOWER
CUR¬
GASO¬
OPERA¬
TIONS, GAS OUTPUT AID IN CUT—HEATING OIL MARKET
STRONG
;.v': R:'-Y"":
'
Not
only is the petroleum industry guilty of holding too
much gasoline in storage tanks but it is not expected to do
anything to improve the situation before the start of the
heavy consumption period next spring, the current issue of
"The Lamp"—published by Standard Oil Co. (N. J.) points
out in a strong stand for curtailed refinery operations.
Estimating that there are 15,000,000 barrels of "excess"
gasoline in stock now, "The Lamp" contended that "the
present surplus points definitely to the advisability of reduc¬
ing refinery activity for the production of motor gasoline." It
will be recalled that the fuel oil inventory is much stronger
this year that it was last season when heavy refinery opera¬
tions were necessary to keep abreast of the record demand for
fuel oil for home heating.
The industry's overall outlook, it was continued, for¬
tunately, is by no fheans as black as the inventory situation
taken by itself might indicate.
At least three factors justify
a
more
optimistic outlook ahead—domestic demand for
gasoline is holding well in spite of the loss of export markets;
by proper adjustment of crude runs to stills it is possible to
supply an expanded market for fuel and heating oils without
adding unduly to gasoline; and higher stocks of gas oil and
distillate this year make increased crude runs unnecessary.
American production of aviation gasoline of all grades has
reached a record of about 45,000,000 gallons monthly and
stocks have more than doubled in the past year, Fred Van
Co vera, director of the Department of Statistics of the
American Petroleum Institute, told oil men gathered at the
annual meeting in Chicago this week.
Stocks of aviation
gasoline total about 240,000,000 gallons, against consump¬
tion of 100,000,000 gallons in the domestic market in 1938,
and perhaps 25% better in 1939.
The contra-seasonal trend of declining stocks of motor fuel
continued during the week ended Nov. 9 when, the A. P, I.
report disclosed, holdings of finished and unfinished gasoline
were
off 927,000 barrels to 79,847,000 barrels.
A cut of
better than 300,000 barrels in gasoline production plus de¬
cline of 0.7 point in refinery operations to 81% of capacity
were instrumental in bringing about the drain upon stocks
of gasoline. * Daily avergae runs of crude to stills were off
25,000 barrels to 3,510,000 barrels.
With the seasonal rise in demand
movements of fuel oils from
picture for
refined product
this
residual fuel oil
were
bringing about sustained
storage tanks, the general market
was
Stocks
bullish.
of
off 512,000 barrels during the Nov. 9
gas and oil distillate were off 207,000
The recent advances in prices of heating and fuel
period while holdings of
barrels.
oils
have
been
well sustained and
credence to the belief that higher
U.
S.
are
strength lends
not too far away.
Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York—
New York—
St. OH N. J.$.06
-.06 A
-.06 M
Gulf
Other Cities—
Texas
Socony-Vac. .06
Rich Oil (Cal)
warner-Qu.
$.04^-.05 H
Chicago
$.07^.-08
.08H-.0SH
Shell East'n .07K-.08
T.Wat.Oil. MX-MS4
?
further
prices
New
Orleans.
Gulf
...
ports
.06M-.07
.05
0VA-.05H
Tulsa
.08X--08H
.07H-.08
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
$.041 New
North Texas
i
$.0511 Los Angeles
(Bayonne)
.03
Orleans.S.05X-.05M
H-.051 Tulsa
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Harbor)—
Bunker C
Diesel
$1.50
.04
<
'
$1.00-1.25
-.04K
:
i
$1.00
New Orleans C
California 24 plus D
Phila., Bunker C
1.50
2.10-2.20
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
7 plus
*
that:
i
Chicago—
$.04|
28.30 D
I Tulsa.
.$.02 Ji-.03
$.0531
Gasoline, Service Station, Tax Included
"President Lazaro Cardenas today sent to
the Chamber
Deputies a measure providing for reorganization of the
nationalized petroleum industry.
"1. Mexican producers will be obliged to guarantee the
Government royalties on subsoil rights in proportion to oil
produced.
"2. A new basis for the distribution of net production will
z
New York
*
Brooklyn
be introduced.
crude oil production for the week ended
Nov. 9, 1940, was 3,584,200 barrels.
This was a rise of
104,250 barrels from the output of the previous week.
The
current week's figures were above the 3,570,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during November.
Daily average pro¬
of
"3.
Distribution
of profits on
the basis of 75% for the
law to enable Mexican
regular commercial companies.
"5. Investments by Mexican operators to rehabilitate
the equipment taken over from foreign companies when
Mexican expropriation became effective.
"The proposed decree will state that expropriated pe¬
troleum properties belong to the Nation as well as subsoil
deposits and that, accordingly, the Government should take
producers to operate
as
$.171 Newark
.171 Boston
Not including
$.17
$.1661 Buffalo
.1851 Chicago
.17
2% city sales tax.
Daily Average Crude Oil Production for Week Ended
Nov, 9, 1940, Gains 104,250 Barrels
The
daily
Government and 25% for workers.
"4. Amendment of the organic
z
American
Petroleum
Institute
estimates
that
the
average gross
duction for the four weeks ended Nov. 9, 1940, is estimated
at
3,593,000 barrels.
The daily average output for the week
11, 1939, totaled 3,797,200 barrels.
Further
ended Nov.
details
as
reported by the Institute follows:
Volume
principal
Imports of petroleum for domestic use and receipts in bond at
totaled 1,430,000 barrels,
United States ports for the week ended Nov. 9
a
daily
Nov.
ended
weeks
bonded
or
(In Thousands of Gallons)
whether
make the separation in
for domestic use, but it is impossible to
the week ended
of 4,286 barrels, all
Receipts of California oil at Atlantic Coast ports during
Nov. 9 amounted to 30,000 barrels, a daily average
Philadelphia.
Reports received from refining companies owning 86.2% of the 4,535,000
barrel estimated daily potential refining capacity of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,510,000 barrels of crude Oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 79,847,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,502,000 barrels during the week.
other petroleum products
was
Stocks
Production
weekly statistics.
of which
GASOLINE
STOCKS OF NATURAL
PRODUCTION AND
barrels daily for the four
all oil imported,
figures include
These
9.
gallons on Sept. 30. This, the first decline since December,
1939, left stocks about 48,000,000 gallons above a year ago.
of 216,000
of 204,286 barrels, compared with a daily average
average
barrels for the week ended Nov. 2, and 223,071
2865
Chronicle
The Commercial & Financial
151
"•'V
•/
received at the port of
Jan.-
(Figures in Barrels)
Sept.,
Sept.,
At
Plants
At
1940
1940
1939
Refin¬
& Ter¬
Refin¬
eries
minals
eries
Appalachian
3,182
33,265
Oklahoma
Kansas
4,768
-----
Tpxas
82,619
9,304
Actual Production
(a)
Dally
Week
Weeks
Change
Week
lated,
Stale
Ended
from
Ended
Alloiv-
Nov. 9,
Previous
Nov. 9,
Nov. 11,
ments
ables
1940
Week
1940
1939
5*363
649
7,560
486
3,864
25,756
3,696
2,143
12,138 110,924
210
1,351
42
33,178
2,024
aver.
924
84
15,834 122,601
336
1,381
714
335
714
233
6,300
68,503 65,777
50,509 436,753 457,498 110,670
2,376
5,754
2,203
2,219 111,930
2,028
3,125
8,347
7,800
19,108
24,427
197,652 196,560 1697262 1592388 144,480 151,116 152,544 170,940
5,833
6,194
6,588
6,341
Ended
Require¬
672
6,132
48,422
Total..
Four
M.
Calcu¬
6*806
49*098
56*363
4+63
2,977
Rocky Mountain
Ter¬
minals
9,917
2,759 22,118
33,739 299,060 323,752
4,788 46,360 43,855
79,107 663,751 556,506
9,723
79,927 66,877
5*315
111., Mich., Ky__
&
5,754
3,696
East coast
California
B. of
Plants
Aug.,
1940
Arkansas
PRODUCTION
At
At
Jan.-
Sept.
Louisiana
OIL
AVERAGE CRUDE
DAILY
Aug. 31, 1940
Sept. 30, 1940
Total (thousands
4,706
Dally
4,680
151
147
aver.
3,632
3,598
3,440
37,914
40,411
157
of barrels)
{Nov.)
4,070
139
t.
Oklahoma.
413,000
390,000
b394,050
—1,250
396,200
431,800
Kansas
186,000
190,000
bl68,950
—13,750
184,200
164,900
b2,350
+ 850
2,250
74,150
107,450
—12,350
80,400
82,150
+ 6,850
107,850
95,350
30,000
+ 1,650
30,200
231,600
34,400
Nebraska..
Panhandle Texas
North Texas
West Central Texas-
+ 5,700
76,250
95,700
+73,400
356,500
495,200
August average, stated the
+3,650
217,750
236,400
+22,400
236,600
245,100
Department of the Interior, in
—200
65,800
212,950
-1,900
66,900
215,550
274,000
279,973
280,000
-2,100
282,450
71,000
13,800
69,508
69,400
+ 250
69,300
67,050
North Louisiana
Louisiana...
Arkansas
201,700
267,500
68,950
bl4,650
—2,050
15,250
950
385,000
338,700
-14,350
346,650
329,000
14,200
bl9,950
—450
19,400
86,400
87,100
—5,600
89,100
51,000
47,500
+ 350
47,500
74,300
64,150
62,000
18,200
Illinois
3,450
3,950
109,400
Indiana
nois and Indiana)..
...
75,000
...
Colorado
New
18,050
104,000
104,000
d571,000
583,000
oil
These
are
of domestic crude
Bureau of Mines' calculations of the reauirements
based upon certain
November.
+ 73,9.50 2,986,750 3,170,500
626,700
606,250
+30,300
615,000
3,584,200 +104,250 3,593,000 3,797,200
Total United States 3,570,000
a
101,350
101,450
2,968,600
Total east of Calif. 2,987,000
California
"—loo
3,400
3,700
....
Mexico
+ 6,150
75,800
18,900
Wyoming
Montana
As
premises outlined in its detailed forecast for the
may be supplied either from stocks, or
requirements
month of
from new
production, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated reauirements to determine the amount of new crude
to be
c
a.
m.
Texas
Nebraska, Mississippi, and Indiana figures are for
Kansas,
week
Nov. 7.
According to calculations of the Texas
Railroad Commission, this Is the approxi¬
30-day allowable as of Nov. 1.
Past exnerience indicates it will increase
as new wells are completed arid if any upward revisions are
made. All fields in
the State were ordered shut down for nine days, namely Nov. 2, 3, 9, 10, 16, 17,
mate net
24, 28, and 30.
d Recommendations of Conservation Committee of
California Oil Producers.
Indicated above do not include any estimate
might have been surreptitiously produced.
Note—The figures
CRUDE RUNS TO STILLS;
FINISHED AND
largely responsible for the gain in the
was
previous months.
material gain in production was more
The
tion
of any oil which
PRODUCTION OF GASOLINE AND STOCKS OF
GASOLINE AND GAS AND FUEL OIL
Refined Products
gasoline and distillates were 43.9% and 13.7%, respec¬
tively, the same as in August.
A year ago the gasoline yield was 1.2%
higher, the distillate yield 1.4% lower.
The
domestic demand for motor fuel
in September was 52,297,000
The
yields of
barrels,
Exports of motor fuel were higher
6% higher than a year ago.
or
generally expected, but the total of 1,907,000 barrels was less than
half what it' was in September,
1939.
The favorable demand situation
was nullified by
increased runs to stills, so that the reduction in gasoline
stocks
was
below expectations.
Inventories of finished and unfinished
than
83,701,000 barrels the first of the month to
30, the latter being about 11,000,000 barrels
from
declined
81,907,000 barrels on Sept.
above the level of last year.
The domestic demand for
gas
7% above a
oil and distillate fuel was
oil was 5% lower.
the price index for
48.9, compared with 49.2% in
but the domestic demand for residual fuel
According to the Bureau of Labor Statistics,
year ago,
petroleum products in
August and
September, 1940, was
1939.
53.3 in September,
barrels, hence the operating
81% in August and 85% in September,
PRODUCTION OF
report was
ratio was 83%, compared with
1939.
represented by the data in this
capacity
oil
crude
The
WEEK ENDED NOV. 2,
(Figures in Thousands of Barrels of
moderate reduc¬
crude oil stocks, the
in
4,310,000
UNFINISHED
1940
than offset by heavier con*
particularly runs to stills, so that there was a
first in nearly a year.
sumption,
gasoline
produced.
b Oklahoma,
ended 7
was
daily average rose over 100,000
two
103,400
Eastern (not incl. Illi¬
Michigan
national output, as its
barrels to 1,318,000 barrels. The gain in
general throughout the State, and the only district which
decreased was East Texas.
Most of the other important producing States
decreased, but daily production in both Kansas and Louisiana rose about
1C,000 barrels above the August averages.
Illinois production continued to
slump, but the decrease in the daily average (from 389,500 barrels in
August to 364,200 barrels in September) was much less than in the
Texas
17,100
Mississippi
Bureau of Mines, United States
iits current monthly petro¬
It further stated that:
leum report.
1,291,000 c1324 000 1,347,250 + 106,000 1,337,150 1,547,400
Louisiana...
months'
September, when the daily average
halted in
3,644,600 barrels, or nearly 80,000 barrels above the
to
rose
was
production of several
oil
244,850
Texas
Total Texas
Total
duration
crude
77,950
Coastal Texas
Coastal
263,100
in
decline
The
374,800
212,200
Texas
Southwest
+4,700
225,860
West Texas
East Central Texas..
East
Sept., 1940
Crude Petroleum and Petroleum Products,
CRUDE PETROLEUM BY
PRINCIPAL
42 Gallons Each)
FIELDS
STATES AND
(Thousands of Barrels)
Daily Refin¬ Crude Runs Gasoline
Produc'n
to Stills
Capacity
ing
at
Po¬
District
P.
port
Rate
ing
P.
Re¬
tial
Stocks of Fin¬
a
Stocks at
Refineries, <Scc.
ished <k Unfin¬
C.
Incl.
Daily Oper¬ Natural
Aver.
ated
Blended
Gas
Oil
Resid.
Fin¬
Fin.
&
& Dis¬
ished
Unfin.
tillates
Oil
17,837
18,719
16,255
12,579
120
84.5
467
2,734
3,205
600
439
90.2
536
80.0
2,176
12,864
13,559
5,978
3,637
156
743
420
76.9
255
78.9
280
59.6
119
71.3
479
1,281
1,542
399
2,239
1,524
1,071
89.2
865
90.6
2,630
11,156
12,518
8,739
8,884
Missouri
Inland Texas..
Texas Gulf
z918
5,916
6,151
1,672
Gulf
164
97.6
116
72.5
271
2,174
2,399
1,390
1,624
No. La. & Ark.
101
51.5
42
80.8
126
406
433
338
562
Louisiana
Rocky
121
56.0
48
70.6
259
787
872
131
413
836
87.3
525
71.9
1,432
13,693
15,379
10,766
73,926
86.2 3,169
341
Mtn
California
81.0
10,217
68,848
74,777
47,268 105,817
1,285
4,970
5,070
Reported
Est. unreported
1,140
1,870
1940
Nov. 2,
1940
3,510
3,535
4,535
4,535
11,502
11,808
Arkansas—Rodessa .
Rest of
73,818
79,847
48,408 107,687
74,877
80,744
48,615 108,199
♦U. S.B.of M.
3,497
1939
yl2,209
69,167
74,360
39,431 112,902
oasis,
a At refineries, bulk terminals, in transit
November, 1939, daily average,
y This is a week's production
Bureau of Mines November, 1939, daily average,
z 12%
reporting capacity did not report gasoline production.
*
Estimated Bureau of Mines
and pipe lines,
based
on
the
x
U.
8.
September Statistics on
Natural Gasoline Production
production of natural gasoline increased in September,
1940, according to a report prepared by the Bureau of Mines
for Harold L. Ickes, Secretary of the Interior.
The daily
average in September was 6,588,000 gallons compared with
6,341,000 gallons in August.
The outstanding increases
occurred in the Panhandle, Texas, Gulf, and Appalachian
Tlie
-
1.8
1.8
93
557
1,086
2,125
2.178
—
-
State
70.8
69.9
13,852
71.7
1,781
1,874
18,748
72.6
19,306
13,025
14,938
1,409
47.0
46.8
I,305
2,468
43.5
43.2
82.3
83.9
13,196
18,378
439.8
447.3
612.6
98
California—Kettleman Hills-Long Beach—
3.3
California
Total
120,070
116,941
621.2
167,978
167,876
4.0
127
993
364.2
389.5
10,443
1,033
62,747
17.2
14.5
141
115,550
3,077
196.0
186.2
5,056
48,802
44,168
444
Illinois
12,900
23,233
5,881
-
Colorado—
14.8
14.4
423
3,893
4,217
6,612
220.4
211.0
5,284
49,968
Indiana
Kansas
-
Kentucky
525
Stocks
at
refineries, and plants and
terminals decreased
295,596,000
17.9
698
59,534
5,322
45.9
1,295
12,910
12,078
284.5
274.8
77,766
47.5
50.4
7,277
1,894
69,053
16,687
761
25.4
18.6
577
19.2
18.8
"504
5,070
4*309
3,046
101.6
104.5
3,034
26,891
383
12.8
12.8
434
29,657
3,815
2,346
28,774
31,407
——
Rest of State
—
—
Mississippi
—
Montana
—
-----—
Mexico
New York
- - -
Oklahoma—Oklahoma City-Seminole
Rest of State
9.1
9.3
247
2,987
3.179
6,231
7----
99.5
105.0
2,507
3,274
106.0
108.8
207.7
211.5
6,805
12,397
1,321
413.2
425.3
12,586
------
Total Oklahoma
44.0
44.7
1.409
9,176
305.9
278.4
10,337
6,910
230.3
205.6
7,390
II,055
2,477
Pennsylvania
Texas—Gulf coast
15,673
7,007
2,956
272
Ohio
368.5
374.0
12,353
57,496
117,677
13,185
3,754
2,359
27,711
31,519
59,773
119,003
12,707
505
West Texas
16.8
14.0
812
9.426
314.2
281.2
9,195
83,074
90,219
57,960
104,859
17,387
5,423
76,604
39,549
1,318.3
1,214.8
42,033
371,498
354,452
2,587
3,911
2,678
4,020
11,615
15,635
—
—
East Texas
Panhandle
Rodessa
Rest of State—..—--—
Total Texas
82.6
61.6
1,946
92,202
63,880
107,358
19,783
5,201
286
Total United States
Iiiocnnrl
382
64.3
66.0
15,175
78.3
80.0
1,539
1,921
15
—
290
14.0
2,349
of State
Total Wyoming
Other a
9.4
419
-
9.5
14.0
1,930
Virginia
Wyoming—Salt Creek
T
gallons the first of the month to
17.5
46.6
1.425
Rodessa
Michigan
794
1,399
8,536
Louisiana—Gulf coast-——
Rest
14,802
12,114
22,769
516
Rest of State
West
1,569
1,349
2,583
12,962
18,463
10,925
Wilmlngton
districts.
from 323,484,000
1939
1940
53
Total Arkansas
New
Nov. 9,
1939
Average Average
Total
Total Louisiana
♦Est. tot. U. S.
Nov. 9,
Sept.,
Fuel
91.0
Appalachian ..
Ind., 111., Ky__
Okla., Kansas,
1,459
Jan. to Sept.
Aug.,
Daily
Daily
Total
Total
84.4
643 100.0
1940
1940
543
East Coast
September,
ished Gasoline
fineries
C.
ten¬
1
Re¬
0.5
0.4
12
90
109,387 3,644.6 3,565.3
WohroKln
TVnnpRKPP.
And Utah
19,086
108,168 1021,005
60
923,361
The Commercial & Financial Chronicle
2866
ESTIMATED
DEMAND OF ALL OILS
SUPPLY AND
Nov.
PRODUCTION
PENNSYLVANIA
OF
BEEHIVE
(Thousand* of Barrels)
16,
1940
ANTHRACITE
AND
COKE
(In Net Tons)
Jan. to
Jan. to
Sept.,
Aug.,
Sept.,
Sept.,
Sept.,
1940
1940
1939
1940
1939
New Supply—
Domestic production:
Crude petroleum...
109,337
3,645
4,706
.
Benzol
110,623
108,168 1021,005
3,726
40,411
30,557
271
225
2,291
1,039
115,474
112,525 1063,707
3,810
Total production.......
3,725
961,557
3,522
average.
3,751
3,882
...
149
531
1,079
3,777
4,074
2,553
29,179
20,759
1,230
11,483
781,500
7,830
2,971
5.714,200
21,727
Includes washery and dredge coal, and coal shipped by truck from
authorized
14,703
541
17,930
1,708
123,303
1,289
2,173
119,639
121,130
3,988
use
supply, all oils
...
Dally average
3,907
Increase In stocks, all oils
1,898
13,367
ESTIMATED WEEKLY PRODUCTION OF COAL,
d7.343
52,049
(The current weekly estimates are based on railroad carloadlngs and river ship¬
revision on receipt of monthly tonnage reports from dis¬
ments and are subject to
trict and State sources or of final annual returns from the operators.)
<138,427
Demand—
Week Ended—
Total demand
Dally average
Exports b:
Crude petroleum
...
4,260
Oct. 20, Oct. 19, Oct. 28, Oct. 29, Oct. 26.
1929
1940
1940
1939
1938
4,170
0,760
6,925
10,797
40,452
61,983
90,731
Motor fuel..
.
52,297
55,346
49,347
4.638
440,130
48,592
411,901
4,114
42,846
Colorado
10,715
8,732
10,010
113,774
96,324
Georgia and North Carolina
2
Alaska
Kerosene
Gas oil and distillate fuels
Residual fuel oils.......
....
25,567
25,897
26,966
242,321
....
2,150
2,024
2,207
17,851
17,205
135
150
116
918
719
611
587
433
5,147
5.071
3,827
3,320
1,072
21.514
20,457
1,128
3,099
1,553
6,697
6,986
0,024
6,430
5,609
Coke.........
.......
Asphalt.....
...............
Road oil
Still gas
3
4
295
293
251
f
e
f
371
398
53
66
77
81
132
88
122
115
150
137
216
217
1
1
1
1
Arkansas and Oklahoma
231,725
Lubricants...
Wax
2
300
Alabama
_................
Avge.
1923
65,147
e5,288
....
Domestic demand:
,
Oct.
Stale
124,723 1071,329 1044,589
4,157
3,910
3,826
5,173
Refined products
.
BY STATES
(In Thousands of Net Tons)
117,380 1123,378 1006,102
3,913
4,100
3,685
3,978
70,300
11,717
80,200
15,150
5.306
c998
1,712
120,928
4,031
..........
For domestic
new
2,059,200
90,900
operations,
b Excludes colliery fuel,
c Sum of 44 frill weeks ended Nov. 2, 1940,
and corresponding 44 weeks of 1939 and 1929.
Refined products:
In bond
1929
753,000 41,649,000 44,213,000 61,156,000
715,000 39,570,000 42,002,000 56,753,000
874,000 1196,000
United States total..
a
140
3,772
.............
For domestic use..
1939
1940
Beehive Coke—
Dally average
Crude petroleum:
In bond
1939
920,000 1259,000
liery fuel.a
Comm'l production b
Imports b:
Total
1940
c
Nov. 4,
including col¬
Total,
3,382
4,132
a
Dally
Oct. 26,
Pa. Anthraclle—
923,361
3,606
4,680
114,306
......
3,565
263
Dally average
Natural gasoline.....
,
Calendar Year to Date
Week Ended
Nov. 2,
1940
f
f
880
890
1,062
1,060
1,297
1,558
333
293
371
325
354
520
54
48
69
76
92
Kansas and Missouri...
110
124
158
141
157
161
Kentucky—Eastern
722
667
981
814
996
764
142
145
155
176
311
238
28
23
41
27
Illinois
Indiana.......
...
;/
Iowa
Western
v
116
Losses
Total domestic demand
Dally
242
171
54,577
1,579
1,426
3,100
15,821
110,200
3,070
3,555
...
35
7
15
12
15
28
66
72
87
75
21
19
29
30
62
58
51
60
91
80
f44
f36
404
360
550
483
582
817
2,414
2,310
2,711
1,979
3,021
3,149
114
94
124
111
114
118
15
13
16
19
24
69
69
95
83
109
121
293
259
371
317
269
231
14,308
110,091
average
59
8
North and South Dakota.......
49,492
222
2,242
...
..................
67
New Mexico
Miscellaneous
■
968,894
Michigan..
898,711
3,536
107,001
3,567
Maryland...
1,677
3,292
Ohio
Pennsylvania bituminous
Stocks—
Tennessee
Crude petroleum:
Texas
Reflnable In United States
203,124
204,252
234,555
263,124
12,562
12,798
14,085
12,562
7,038
7,702
294,095
290,778
5,891
274,028
7,038
294,095
Heavy in California............
Natural gasoline......
Refined products............
...J......
Utah
234,555
14,085
5,891
274,028
Virginia.!...
;
Total all oils
570,819
675,530
528,559
570,819
45
47
38
47
44
68
1,680
2,301
1,785
2.260
1,488
640
440
744
539
846
805
129
116
142
136
169
184
2
1
1
1
*0
f4
8,750
West Virginia—Southern.®.....
528,659
145
147
127
148
138
Days' supply
Wyoming........
8,210
10,661
8,802
11,625
11,310
b Imports of crude as reported to Bureau of
Mines; all other Imports and exports from Bureau of Foreign and Domestic Com¬
merce.
c
Exclusive of
108,000 barrels
imported Into
........
Other Western States.c
From Coal Economics Division,
Total bituminous coal
1,259
826
1,149
880
1,822
1,968
10,009
9,036
11,810
9,682
13,447
13,278
Pennsylvania anthracite.d......
non-contiguous territories,
26
1,831
Washington
Northern b__...
a
82
d Decrease,
e Exclusive of 10,000 barrels
exported from non-contiguous territories,
but Inclusive of 740,000 barrels shipped from U. S. to territories.
Total, all coal
a Includes operations on the N. & W„ C. & O., Virginian, K. & M„ B. C. &
G.f
and on the B. & O. In Kanawha. MaRon, and Clay counties,
b Rest of State,
including the Panhandle District and Grant, Mineral, and Tucker counties, c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
October Anthracite Shipments Total
3,657,876 Net Tons
anthracite from published records of the Bureau of Mines,
net
tons)
reported
were
as
with "other Western States,"
ESTIMATED
October,
Sept.,
1940
preliminary estimates based
are
and
coal
mining
Pennsylvania RR
1939
1939
trucking mines
based
upon
786,648
891,018
863,082
699,383
309,089
762,096
439,543
807,533
404,518
480,620
..
New York Ontario & Western
Ry
Lehigh & New England RR
producing over 1,000 tons a year.
The estimates here given are
information available, and dilfer In some cases from the
previously published in the weekly coal report.)
the latest
434,013
624,061
320,837
383,053
315,749
101,703
172,896
Erie RR
350,790
450,898
662,504
434,086
373,310
297,973
95,529
204,471
418,046
398,523
417,081
Alabama
403,583
Ark. and Okla
85,432
64,085
230,433
263,488
State
.v::'
Jan.
Alaska
3,657,876
3,587,206
4,333,105
Indiana
United
States
Bureau
of
1,232
1,236
1,302
1,192
1,185
1,258
1,160
359
142
64
78
83
164
325
344
673
468
414
340
249
310
453
560
3
4
3
3
2
2
2
1
2
5,090
4,350
3,173
3,007
2,842
3,077
3,856
3,995
1,894
1,550
1,295
1,200
1,095
1,175
1,503
1,542
295
230
182
180
170
174
207
245
961
754
555
385
354
330
377
491
552
3,498
2,910
3,085
3,460
3,153
3,450
3,610
3,284
970
695
560
504
433
535
682
712
167
158
137
114
102
91
98
114
66
60
57
33
10
6
10
33
38
298
253
198
214
210
184
198
225
218
New Mexico
125
102
74
89
82
80
82
72
70
No. & So. Dakota.
Ohio
177
117
76
1,730
1,570
7,984
1,780
1,824
1,942
1,987
1,857
8,583
8,624
8,452
9,449
9,865
9,944
567
464
532
527
470
497
477
69
78
53
67
220
192
158
1,289
1,156
1,143
1,296
76
57
442
68
270
1,436
Virginia..
96
142
65
52
47
154
202
332
368
1,110
1,265
1,310
1,260
,
50
182
Northern _b
Wyoming
c
134
120
119
104
114
118
130
150
8,440
2,825
7,544
2,546
7,235
7,364
8,519
7,597
8,454
8,711
8,371
2,485
2,449
2,541
2,364
2,620
2,760
2,683
625
Washington
Oth. West. States
212
1,900
8,822
426
Utah
estimated production of
Pennsylvania anthracite for the week
ended Nov. 2,
1940, is 920,000 tons, a decrease of 339,000
tons from the
preceding week.
When compared with the
output m the corresponding week of
1939, however, there
is an increase of
167,000 tons (about 22%).
320
594
Tennessee
Texas
reported that the
105
2,092
9,899
;
Pa. bituminous
amounted to 10,582,000
Mines
12
1,317
380
W. Va.—South'n.a
The
Sept,
12
Montana
Department of the Interior, disclosed that
the total production of soft coal
in the week ended Nov. 2
is estimated at
8,610,000 net tons, as against 8,750,000 tons
V3.,V/^LPrec m£ week. This indicates a slight decrease,
140,000 tons, or 1.6%, in the week of Nov. 2.
Production
tons.
Aug.
9
Maryland
Michigan
Bituminous Coal Division
corresponding week of 1939
July
15
3,850
1,320
Western
Weekly Coal Production Statistics
the
June
13
5,980
2,107
Iowa
in
May
12
930
Ga. and No. Caro.
Ky.—Eastern
The,c"rrent weekly report of the
United States
April
11
539
Kan. & Missouri..
tt
Mar.
10
1,330
Colorado
4,280,905
Feb.
10
Illinois
Total.
beehive
companies,
853,988
343,395
Delaware Lackawanna & Western RR.
Delaware & Hudson RR, Corp.......
BY STATES,
on railroad carloadlngs and river ship¬
coke, supplemented by direct reports from a number
local coal operators' associations, and detailed monthly
production statistics complied by the State Mine Departments of Colorado, Illinois,
Pennsylvania, Washington, and West Virginia.
In making the estimates, allowance
of
of
685,635
..I
OF COAL.
SEPTEMBER, 1940
(In Thousands of Net Tons)
(Figures
ments
current figures
....
PRODUCTION
is made for commercial truck shipments, local sales, and colliery fuel, and for small
September,
1940 '
Central RR. of New
Jersey
V-V
MONTHLY
JANUARY TO
follows:
October,
Reading Co
Lehigh Valley RR_.
e Average weekly rate
f Alaska, Georgia, North Carolina, and South Dakota Included
for entire month,
Shipments of anthracite for, the month of October, 1940,
reported to the Anthracite Institute, amounted to 3,657,876 net tons.
This is an increase as compared with shipments
during the preceding month of September of 70,670 net tons,
and when compared with
October, 1939, shows a decrease of
675,229 net tons.
Shipments by originating carriers (in
as
477
407
393
433
606
2
1
2
1
359
♦
296
*
396
*
♦
3
Total bitum. coal 44,976 39,277 35,244 32,790 34,896 32,400 35,890 39.010 38,050
Pa. anthracite_d__
5,622
3,546 3,773 3,746 3,957 4,367 4,408 3,775 4,053
Total all coal
50,598 42,823 39,017 30,536 38,853 36,767 40.298 42,785 42,703
Includes operations on the N. & W., C. & O., Virginian, K. & M., B. C. <fc G.,
on the B. & O.
in Kanawha, Mason and Clay counties,
b Rest of State,
including the Panhandle District and Grant, Mineral, and Tucker counties,
c In,
a
COMPARABLE
8JATES PRODUCTION OF
DATA ON
PRODUCTION
SOFT
COAL,
WITH
OF CRUDE PETROLEUM
and
eludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvani-
antbracite from published figures of the Bureau of Mines.
Week Ended
Nov.
1939
Preliminary Estimates of Production of Soft Coal for
1940 d
1939
1929
a—
8,610
1,435
K
^
8,750
1,458
10,582 373,621 318,409 446,294
1,764
1,440
1,226
1,712
5,574
Crude Petroleum b—
Coal eouivalent of weekly
output.
tanL
5,831
5,609 260,009 238,044 195,018
comparison ana statistical convenience tbe
lignite., b Tot?J. barrels produced during the week converted to
f^ur?JTng. 6-000.000 B. t. u. per barrel of oil and 13.100 B. t. u.
m;L iu?
n?°?t .oI the supply of petroleum products Is not
competltive with
„
ShLin
coal.)
'
a
Month of
October, 1940
-
Total, including mine fuel
Daily average
A»
1940
* Less than 1,000 tona
c
2, Oct. 26, Nov. 4,
1940
Bituminous Coal
Calendar Year to Dale
Subject to current adjustment.
(
Minerals Yearbook, 1938," page 702.)
c Sum
°' and corresponding 44 weeks of 1939 and 1929.
According to preliminary estimates made by the Bureau
of Mines and the Bituminous Coal Division of the United
States Department of the Interior, bituminous coal output
the month of October, 1940, amounted to 38,300,000 net tons, compared with 46,394,000 net tons in the
during
corresponding month of last year and 38,650,000 tons in
September, 1940.
Anthracite production during October,
1940, totaled 4,234,000 net tons, as against 4,985,000 tons
a year ago and 4,056,000 tons in
September, 1940. The con-
Volume
solidated
The Commercial
151
of
statement
the
aforementioned
two
organiza¬
follows:
tions
Cat. Year
Number
Average per
for
of
Working
Month
Working
Day
(Net Tons)
Days
(Net Tons)
27.0
month,
(Net Tons)
38,300,000
October, 1940 (Prelim.)—
Bituminous coal.a
expected to average around 90,000 tons a
stated at the meetings. Esti¬
mated use of copper for next year may total 1,200,000 tons.
To control
the price situation, officials in Washington favor the idea of stocking foreign
Anthracite.b
of
41,484,000
2,023,500
364,900
September, 1940 (Revised)—
24.0
Anthracite _b
1,610,000
26.0
38,650,000
4,056,000
Bituminous coal.a
1,784,000
.
«>-«•
271,800
Beehive coke
against defense orders
pound on
foreign copper is not expected to interfere with plans now under con¬
sideration.
Under an old law, enacted during the World War period, the
Government could import raw materials in emergencies free of duty.
The October statistics of the Copper Institute showed that stocks of
refined duty-free metal declined 20,695 tons during the month, with stocks of
blister up 3,518 tons, making the net decrease 17,177 tons.
Production of
blister or crude during October was 86,594 tons, of which 73,432 tons rep¬
resented the production of the mine group usually referred to as mine out¬
metal
October, 1939 (Revised)—
Beehive coke
Sept.
convenience the
and semi-anthracite outside of Pennsylvania.
and dredge coal, and coal
shipped by truck from authorized operations.
fet Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
Refined
Lead
in good volume early in the week, when producers
price 15 points on Nov. 8, establishing the quotation at 5.80c.t
raised the
and Shipments of Slab
Production
Zinc
American
Institute
Nov.
on
New
Zinc
7 released the
statistics:
None
164,618
Corrected.
|P Demand for lead
October
None
185,313
Export
83,076
103,771
96,485
Domestic.
Stocks, refined
r
Oct.
Sept.
Deliveries:
86,694
a78,238
82,843
Blister
production, including colliery fuel, washery
b Total
in tons:
Oct.
Production—
production of lignite and of anthracite
The
The import tax of 4c. a
call for action.
The figures are summarized as follows,
752,800
historical comparison and statistical
Includes for purposes of
and releasing such copper
country
43,584",666
4,985,000
266,800
Anthracite.b
a
in this
put.
46,394,000
Bituminous coal.a
1,080,000 tons a year, it was
or
should the situation
1,419,000
4,234,000
Beehive coke
to End
during the next year is
copper
October
Total
2867
& Financial Chronicle
was
settling basis of the American
St. Louis. Early on that day
therefore our
York, which was also the contract
Smelting &
Refining Co., and at 5.65c.,
business
some
was
closed on the
5.65c., New York, basis,
Produced
Shipped
Slock at
Shipped
Operat¬
Retorts
Orders
weighted average. Sales for the week
in the previous week. Foreign
lead was sold for domestic consumption to meet the unusual demand,
Producers consider the present total supply of foreign and domestic lead
ample for current requirements of the industry.
The strike at the Selby lead smelter, in California, was settled and the
During
Period
During
End of
for
ing End
During
End of
men
of Period
Period
Period
following tabulation of slab zinc
SLAB
ZINC STATISTICS
quotation of 5.75c. for Nov. 8 is a
(Tons of 2,000 Pounds)
r
Retorts
(a)
V-v;j
Period
Period
Export
Average
18,566 tons, against 9,531 tons
involved
(ALL GRADES)—1929-1940
Unfilled
returned to work on Nov.
11.
Zinc
'v.
602,601
75,430
143,618
129,842
124,856
6,352
67,999
68,491
18,585
196
31,240
47,769
26,651
41
239
19,875
21,023
27,190
23,099
105.560
28,887
18,273
8,478
15,978
30,783
61,186
78,626
48.339
40,829
Year
1932....
Year
1933
Year
1934
631,601
504.463
300,738
213,531
324,705
366,933
119,830
148
32,944
Year
1935
431,499
465,746
83,758
69
38,329
32,341
661,969
44,955
0
42,965
37,915
569,241
395,554
65,333
126,769
0
48,812
20
38,793
45,383
34,583
Year
1929
Year
1930
Year
1931
Year
1936
Year
1937
623,166
589,619
Year
1938
456,990
436,275
314,514
218.517
344,001
352,663
170
18,560
23,653
February.....
42,639
44,277
39.613
March..
46.084
January......
...
39,828
45,291
40,641
39,607
April
43,036
May-.:—,——
June
42,302
39,450
July—
39,669
43,128
August
40,960
42,225
49,928
September....
37,284
69,424
73,327
November
60,117
63,524
64,407
December....
57,941
53.468
October
Total for year.
Monthly avge.
538,198
44,850
128,407
128,192
127,985
130,380
133,075
135,241
39,365
39,191
39,379
34,179
29,987
38,447
38,617
38,041
29,314
29,250
0
39,500
39,459
38,251
38,763
36,331
36,291
36,331
0
35.491
0
34,443
37,729
43,109
35,865
35,416
41,366
49,379
44,773
93,116
79,639
45,428
47,340
66,197
53,751
0
0
■'
0
0
v.-;.
131,782
122,814
95,615
72,405
61,522
65,995
0
0
0
0
33,655
46,867
48,159
A fair volume of
and the
quotation was lower.
Straits tin for future
3~9~333
—
■
Nov
Nov
9
Vn
0
54,862
February
52,774
51,050
65.256
March
55.475
49,909
70,822
April
52,189
46,803
76,208
364
May..
51,518
67,224
70,502
2,800
.....
August
60
;:yy 0;
47,287
*43,674
47,188
*43.633
2,342
58,796
1,710
49,939
64,065
44,670
2,935
63,119
—
September——
66,824
47,863
47,287
36,808
30,965
4,023
22,600
280
*44,802
49,805
49,513
*44,727
1940
49.524
*44,936
48,989
*44,179
46.577
*41.834
47,545
*42,498
46,536
*41,793
47,231
*42,216
59.043
50,715
*44,427
53.164
48,991
69,508
7, 50.000c.;
12, 50.000c.;
V/'v.'vy..;, ;vy'yv,
was
QUOTATIONS)
METALS ("E. A M. J."
*47,179
52.444
53,979
Dom.,Refy. Exp., Refy.
New York
New York
St. Louis
St. Louis
7.25
11.850
10.000
50.876
5.65
5.50
7
11.800
10.300
51.000
5.65
8
5.75
Nov.
9..._
11.785
10.300
7.25
Nov.
7.25
51.000
6.80
Holiday
9.960
5.65
Holiday
Holiday
Holiday
5 65
7.25
Nov. 11
Holiday
11.800
10.050
60.750
6.80
Nov. 12
63,726
9.950
50.750
5.80
7.25
11.800
5.65
Nov. 13
5.760
5.620
7.25
11.807
95,445
Average
116,420
f.o.b. refinery,
Average prices
Again Advanced 15
Unchanged—Tin Easier
"Metal and Mineral Markets" in its issue of Nov. 14
said that buyers of lead were nervous about the price situa¬
tion in that metal and continued to purchase large tonnages.
This activity brought about another uplift in the quotation
of lead.
Copper and zinc statistics released during the
week were strong, but prices named by leading producers
remained unchanged.
Tin was somewhat easier.
Iridium
advanced, but platinum was unchanged.
The Government
acquired a large quantity of quicksilver. Ferromanganese
first-quarter 1941 business.
Zine
Least
Tin
Nov.
53,552
*48,253
Straits
Electrolytic Copper
55,389
Price
Metals—Lead
60.375
y/--
DAILY PRICES OF
*42,884
49,197
*44.387
Points—Copper and Zinc
on
60.250
50.500
i3,5o.oooc.
*44,665
figures
reaffirmed
60.250
60.500
50.375
nominally as follows: Nov.
50.125c.; Nov. 9, 50.125c.; Nov. 11, Holiday; Nov.
zinc, 7.250c.;
The above
The
publication further reported:
50.875
10.092
ended Nov. 9 are: Domestic copper
f.o.b. refinery, 10.246c.; Straits
York lead, 5.670c.; St. Louis lead, 5.53 c.; St. Louis
for calendar week
11.812c.; export copper,
New
tin, 50.950c.;
and silver, 34.750c.
& M. M.'s"
quotations are "M.
sales reported by
to the basis of cash. New York or St.
pound.
.
;■
markets, based on
Copper, lead
prices were
50.250
50.625
.......
tin, 99%, spot,
145,326
In total shipments.
Non-Ferrous
50.250
50.375
50.625
34,580
the domestic slab zinc situation under existing
have been adjusted to eliminate some production
from foreign oonoentrates shipped for export, Inadvertently included, and to include
all production from foreign concentrates when shipped for domestic consumption.
•
Equivalent retorts computed on 24-hour basis,
a Export shipments Included
the
Nov.
47,496
Note—To reflect a true picture of
conditions,
50.375
50.500
*43,732
49,744
*48,680
64,787
56,422
October..
50.500
*43,614
*47,705
65,227
57.606
51,175
50 125
TTnU
Nov. 13
Nov. 8,
63,532
52,399
53,935
60.250
50.750
....
50.400
60 750
8
Nov
Feb
Jan
Dec
;
50.625
7
1949
(Revised Figs.)
48,660
arrival was as follows:
Nov
Nov. 12—.—
598,972
49,914
for forward
showed little interest
during the week, chiefly
week, however, buyers
Nov. 11
January...
June
business was done
At the close of the
delivery.
Chinese
July
.
vyyv/.;.
Tin
35,874
0
■
:
trade believes.
.y;'
193*
'
producers continued to quote Prime Western
zinc at 7He., St. Louis.
Sales of the common grades during the week
ended Nov. 9 totaled 13,611 tons, with shipments at 6,209 tons.
Unde¬
livered contracts of the Prime Western division at the end of the week stood
at 126,253 tons.
Domestic production of zinc for October, all grades,
totaled 56,422 tons.
Total output of United States smelters, including
zinc made from foreign ore, probably came to 65,000 tons in October, the
Despite strong statistics,
■
appraisal of the major United
■
States
producers and agencies. They are reduced
Louis, as noted. All prices are In cents per
based on sales for both prompt and future
delivery only.
are quoted on a delivered basis; that Is;
As delivery charges vary with the destination,
and zinc quotations are
deliveries: tin quotations are for prompt
In the trade, domestic copper prices
consumers' plants.
shown above are net prices at refineries on the
New England average 0.225c. per pound above
Export quotations for copper are reduced to net at refineries on
board.
On foreign business, owing to the European War. most sellers are
offerings to f.aj. transactions, dollar basis.
Quotations, for the present,
change In method of doing business.
A total of 0.06 cents is
basis (lighterage, Ac.) to arrive at the f.o.b. refinery quotation.
delivered
at
Atlantic seaboard. De¬
the refinery basis.
the Atlantic sear
the figures
livered prices in
restricting
reflect this
deducted from f.ajs.
Due to the
European war the
usual table of daily London
only
£258*41
prices is not available.
Prices on standard tin, the
prices given, however, are as follows: Nov. 7, spot,
three months, £260%; Nov. 8, spot, £260, three months,
£261%; Nov. 11, spot, £258%, three months, £260%;
Nov.
12, spot,
13, spot, £259,
£258%, three months,
three months, £260%.
£260%; and Nov.
Copper
Sales
week amounted
month so far to 24,294 tons.
Valley, but in other directions as high
obtained on prompt metai. The fact that more foreign metal
on British orders for fabricated materials tends to lift some
of copper for
16,188 tons,
to
The large
bringing the total for the
used
of the tension from
The Ministry
the market.
of Finance of Chile
in Washington on
received word from its representative
States Government had reached
Nov. 8 that the United
Chile and other Latinstated. Confirmation
of this report from Santiago was lacking here, but in copper circles the
news was accepted as an accurate indication of what authorities in Wash¬
ington have in mind in reference to supplying sufficient copper to provide
an
purchase copper from the mines of
countries, a cable to the United Press
agreement to
American
for any
defense needs.
Meetings on the price
4n
United^StateslSteelJCorp.
Washington.
and supply situation in copper have been in progress
present.
Domestic production of
Copper officials were
Shipments 12.8%
September
mine operators held to 12c.,
12 He. was
as
is being
domestic account during the last
Shipments of finished
steel products by
Above
subsidiary com¬
United States Steel Corp. for the month of
October, 1910, totaled 1,572,408 net tons. The October ship¬
ments compare with 1,392,838 net tons in the preceding
month (September), an increase of 179,570 net tons, and
with 1,345,855 net tons in the corresponding month in 1939
(October), an increase of 226,553 net tons.
For the year 1940 to date shipments were 12,006,135 net
panies of the
tons,
compared with
8,901,942 net tons in the
period of 1939, an increase
of 3,101,193 net tons.
comparable
2868
The Commercial & Financial Chronicle
In the table below
we
Nov. 11,1940, $22.61 a Gross Ton
Cne week ago...
1940
January
February
1939
1,145.592
870,866
670,264
747.427
522.395
931,9 )5
907.904
845,108
771.762
627,047
550,551
1.084,057
April.
May.........
795,689
609,811
June
1,209 684
July
August
1,296,887
607,562
745.364
September....
October..
1,392,838
1932
1,268,403
1,252,845
1,663,113
1.485.231
1,443,477
1,405,078
1,315,353
1,225.907
624,994
885,636
1,086,683
1,455.604
615,521
635,645
484,611
1,345,855
730.312
1,406,205
1,443,969
749,328
December.....
765,868
Tot. by mos.
11,752,116
1,364,801
1,388.407
1,110,050
931,744
7,286,347 14.184,772
29,159
*87,106
11,707,251
Increasing
General
The "Iron
Age"
Defense
as
Consumers
Seek
Business
an
time general consumers
are
experiencing no serious inconvenience
anticipating their requirements further ahead because
gradually lengthening deliveries.
are not
casual
buyers, particularly those who have had no
regular
be having some difficulty in
getting steei, but others
supply, may
if
they wait their
carefully in
turn.
Steel companies
effort to prevent
over-buying.
the present intense
pressure may last
While
are
scrutinizing all orders
an
for several months, it
is
believed that there
may be some relief by next
April, at the latest, when
an easing of demand from
the automobile
industry
and the railroads and a
letting down of steel
constrution
of the
many
new
been erected.'V
activity by virtue
defense plants and additions will
have
With the construction phase of the
defense program out of the
way, in
least, there will, of course, be larger demands for
steel for manu¬
facturing defense items. For example, about
remains
to be placed.
Only about
185,000 tons for United States contracts has
thus far been ordered.
Despite the intense pressure for some steel
products, steel companies are
actively soliciting business in other items which have
lagged behind. Among
the slower products are
narrow hot rolled
strip, oil country pipe, light rails
and tin plate,
although improvement has recently been
taking place in
some of
these.
of
being sought.
are
A large tonnage
high manganese strip will be
required, for example, for
Stainless steei is to be used for
many army
field ranges
recently ordered.
army
helmets.
requirements, including 34,000
The British will take
greatly increased quantities of steel during the next
they can obtain it. Some companies have been asked
somewhat.
triple recent allotments, which had been
permitted to decline
The British program to build
120 ocean freighters in the United
States would call for about
400,000 tons of steel.
Much of the recent steel
buying has been for first quarter, as deliveries
are not
generally obtainable before that time
except on a few items; there¬
fore, first quarter price announcements are
eagerly awaited.
Fully sensing
the inflation
dangers inherent in a greatly
mounting national debt and
increasing purchasing
will do
nothing of its
it is
power among the masses,
own
watching closely its
accord to
own
the steel industry probably
hasten that possible
development,.but
costs, which
are
beginning
zontal price increase is
probable in the first quarter.
companies
to rise.
or
like
$20.75, the first change since the
No hori¬
a
few weeks
however.
Buffalo steel
.
Reflecting increased
of
a
demand for beehive
coke, the Connellsville furnace
ton on first quarter
contracts.
Ingot production remains at
96% for the third consecutive week, a number
open hearth furnaces
having gone out for repairs,
offsetting higher
operations at
ingots,
at
Chicago, Youngstown and
6,461,898
net tons,
time high.
THE "IRON
in the West.
October output of
representing 96.1% of capacity,
AGE"
was
an
...
One month ago
One year ago
a
Lb.
2.261c.
2.261c.
2.236c.
steel bars, beams, tank
plates,
wire, rails, black pipe, sheets, and hot
rolled strips.
These products
on
represent
85% of the United States output
1939
1938
1937
Jan.
Low
9
16
Nov. 22
11.00
June
21.92
Mar. 30
1986
12.92
Nov. 10
17.75
Dec. 21
1935
12.67
June
9
13.42
Dec.
10.33
Apr.
29
1934
1933
1932
-
1931
1930
-
1929
-
—
9.50
Sept. 25
Aug.
6.75
Jan.
12
6.43
July
5
6
8.50
Dec.
29
11.25
Dec.
9
14.08
Dec.
3
8
8.50
Jan.
1931
11.33
Jan.
1930
15.00
Feb.
18
17.58
Jan.
29
1929
The
American
nounced that
cated
that
Iron
and
Steel
Institute
telegraphic reports which
operating rate
of
Nov.
on
11
3
an¬
it had received indi¬
steel
companies having 97%
the
steel capacity of the
industry will be 96.1% of
capacity for the week beginning Nov. 11, compared with
96.0% one week ago, 94.4% one month ago, and
of
year ago.
This represents
from
estimate
the
for
93.5% one
or 0.1%,
increase of 0.1 point,
ended Nov. 4.
an
the
week
indicated rates of steel operations since Nov.
1939—
1940—
Nov.
6—
Nov. 13_„
.92.5%
.93.5%
.93.9%
.94.4%
.92.8%
Nov. 20..
Nov. 27..
Dec.
4..
Dec. 11..
Dec.
Feb.
5
71.7%
Feb.
12
Feb.
19
Feb.
26..
68.8%
67.1%
65.9%
June
Mar.
4.
64.6%
June
17
64.7% June
62.4% July
60.7% July
61.7% July
61.3% July
60.9% July
60.0% Aug.
61.8% Aug.
65.8% Aug.
70.0% Aug.
24
.91.2% Mar. 11
18..
.90.0% Mar. 18
.73.7% Mar. 25
Dec. 25..
Apr.
Jan.
1..
Jan.
.85.7%
.86.1%
.84.8%
.82.2%
.77.3%
8..
Jan.
15..
Jan.
22..
Jan.
29..
"Steel" of
markets,
on
1
Apr.
1940—
1940—
8
Apr. 15
Apr. 22
Apr. 29
May
6
May 13
May 20.
May 27
June
Weekly
6,1939, follow:
1940—
73.0%
76.9%
80.3%
84.6%
87.7%
86.5%
74.2%
3
10
1
8
15
Sept.
2
Sept.
9
82.591
-.91.991
92.991
Sept. 23
92.591
Sept. 30
92.691
Oct.
7_....94.291
Sept. 16
Oct.
14
86.4% Oct.
86.8% Oct.
88.2% Nov.
90.4% Nov.
90.5%
22
29
5
94.491
21
12.
.95.79
4.
.96.09
11.
.96.1«
89 5%
19
94.
28.
89.7%
91.3%
26
Cleveland, in its summary of the iron and steel
Nov. 11 stated:
Announcement
of first-quarter iron and steel
prices is expected to be
development of the industry, action which many look for
by Nov. 15, no important changes being expected.
Prices
of
ferron.anganese and other alloys and certain minor items were reaffirmed late
the
next
major
last week and may indicate the
of
general price trend.
Reasons advanced
probable
stability of prices are good steel company
by recent reports; sentiment at Washington in favor
shown
prices
generally
reasonably
;
low
materials
raw
prices,
for
earnings,
of
as
moderation
and
desire
of
steel
producers to keep all phases of business on an even keel.
a rise in costs
would force up steel prices at this
time, it is
believed.
Moreover, a mere reaffirmation of prices would relieve
slightly
the
tension
would
ask
advance
tions
on
deliveries,
them
to
as
some
materialize
is
also
Steel production
last week
Prices
mild
rate.
Producers
who
i
own.
Users
of
pig iron
and
barter
of
materials
raw
as
are
Apr.
24
1.945c.
1.792o
Jan.
2
1.870c.
1.883o.
1.662c.
2.192c
Mar. 15
3
Sept.
6
Jan.
13
Jan.
7
May 28
May
Dec.
2
29
Dec.
9
Oct.
29
quota¬
^
96^% of capacity.
two
months
predict
three
one
by
means
no
of
;vv.
it
to accept analyses
Some steel makers plan to
necessaiy
ones.
such
famine
as
coke
for
pig iron.
Yet
proportions, problems being
Production of
supply.
open-hearth and bessemer
ingots in October of 6,461,898
on record, according to the American Iron and Steel
Institute, with the average rate of 96.10%, compared with 93.71% in
November, 1939, the previous peak of recent years.
The Institute's weekly
predictions in October averaged 94.36%, indicating better performances
tons
the highest
was
than
promise through crowding of furnaces.
Bessemer converters worked
80.13% in October, therein being the best field for future
improvement.
at
Automobile
ended Nov.
Orders
assemblies
9
and up
ago
at
in
for freight cars
last year.
against
For 1940
55,090
are
sales
are
estimated
an
2,856 units
for
for
a
due
to
in October
up
the
reach
1940
new
120,948 units,
highs
for
the week
compared with 86,200
a
year
week.
to Nov.
same
12,195, the largest since October
1 orders have been 51,492 freight cars
were
period
of
1939.
Prominent
export to Brazil of 46 locomotives,
one
in
lot
railroad
of
26
for
the
Ministry of Public Works; the other of 20 to the State of Sao Paulo,
which also bought four three-coach multiple-unit trains.
British
steel prices
were
marked up Nov. 1 by
£1 15s. on semi¬
and
heavy steel, and
£2
on
plates,
with corresponding
advances
light steel.
Plates and
shapes continue products most difficult to deliver with
promptness.
One company has ordered salesmen
Steelmakers
see
no
to cut by a
chance of
4
Mar. 10
pig iron
steel
W
...
find
another,
among
yet
two-thirds their number of calls.
Oct.
unchanged
fair distribution rather than
able
8
■■■■■>■■/
slightly different from their customary
May 16
Jan.
for
up
often
scrap
Oct.
Jan.
sold
are
2.236c.
2.211c.
2.249c.
2.016c.
contracts
general
backlogs by spring.
Consumers' inventories on Dec. 31 will be
the lightest in years.
Stocks of warehouses are badly depleted in certain
sizes and shapes while
they try to supply many mill customers in addition
3
2.056c.
a
mcnths'
17
1
December
of
minor
consideration alongside desire of
reasonably
Shipping dates continue to be extended, though at a
May
9
indicating
;.';v ■' ■''■;
unchanged at
was
Jan.
Mar.
having
failure
a
still
are
deliveries.
prompt
18
Dec. 28
The
straw
a
generally.
Apr.
18
consumers
postponed into 1941.
2.211c.
Oct.
2.236c.
Mar. 13
12.25
2
2 249c.
1935
10
7
13.00
-
1933
1932
on
2.062c.
2.118c.
1.953c.
1.915c.
1.981c.
2.192c.
1936
1934
-v*"
Lvw
15.00
finished
2.261c.
2.286c.
2.512c.
2.512c.
and Chicago.
19.83
-
May
business
High
1940
on
No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia,
Apr.
of
Steel
Based
Based
20.54
14.08
as
Nov. 11, 1940. 2.2610.
One week ago
Dec. 16
Dec. 17
$16.04
all-
COMPOSITE PRICES
Finished
15.90
3
composite price is up
issue of Oct. 10.
but at Detroit there have been several
declines of
Advances have occurred in a
number of other markets,
grade is up 50 cents
3
18.21
14
High
materials
of
up 50 cents,
amount.
May
$20.67
_.
two smaller
quarter.
are
16
15
to their
One
Scrap prices are moving upward in some
districts after
comparatively few changes.
The "Iron
Age" scrap
8 cents to
Dec.
Oct.
are now
selling at present prices for first
quarter, though most
producers adhere to a price in
effect at time of shipment
policy.
Prices of
ferroalloys have been reaffirmed for the first
grades
14.79
7
Only
two or three months if
to double or
6
Jan.
Oct.
the
Varied items for the defense
program
6
Jan.
27
22.50
575,000 tons of shell steel for
contracts
Dec.
18.71
part at
United States and foreign
Jan.
$20.67
there will perhaps be
of the fact that
Jan.
13.56
13.66
1937
the best month of the
year for most of the steel
except the necessity of
or
16.90
5
5
1939
'•
October.
Occasional
1
Dec.
1940
The "Iron
Notwithstanding the fact that the steel industry is engaged in the
greatest
activity of any period of its history, there is
surprisingly little confusion.
Defense orders are being taken care of with
the required dispatch, while at
of
May
Jan.
18.21
-
Nov. 11, 1940, $20.75 a Gross Ton
increasing
surpass those of last month.
Orders thus far received have been
20% or more above those of the same
period last month. In the first week of November a
large company booked
40% more tonnage than in the
corresponding week of
source of
16
Aug. 11
May 14
'"y 1':'-'''Steel Scrap
Spreads
companies, the November bookings promise to
same
Feb.
18.73
17.83
5
15.90
-
1929
Protection
priorities and further delays in deliveries.
Age" further reports:
the
20.25
9
Nov. 24
16.90
1931
possibility of Govern¬
was
Mar.
2
Nov.
17.90
-
1930
volume of orders for steel results from the
combination of a
greater number of defense orders now flowing to the mills
and the efforts being exerted
by manufacturers and dis¬
tributers not primarily
engaged in defense work to protect
themselves on steel against the future
Although October
6
Jan.
1938
Further
ment
July
J "Vv
Nov. 14 reported that
on
Sept. 12
19.61
14.81
1933
One week ago
Orders
20.61
19.73
1934...
One month ago
One year ago
and
Sept. 19
June 21
18.84
-
-
1932
Decrease.
Steel
$22.61
23.25
1936..
4,323,845 16,812,650
2
23.25
-
1935...
4,329,082 16,825,477
*5,237
*12,827
7,315,506 14,097,666
*44,865
LOW
Jan.
22.61
-
1938
1.262.874
1,333,385
299,076
250,008
$22.61
-.
1937
1,529,241
1,480,008
1,500,281
340,610
336.726
Philadelphia,
22.61
1939
1,617,302
1,701.874
365,576
Valley
Chicago,
Buffalo,
Valley,
aud
Southern Iron at Cincinnati.
22.61
-
High
1940
1,605.510
294,764
316,417
539,553
adjust-
Total
464,524
1940
Based on average for basic iron at
furnace and foundry Iron at
$22.61
.
One month ago
One year ago
1929
449,418
422,117
429,965
369,882
1,161,113
875,972
648,727
1,672,408
November....
•
1937
1,009,256
March
Yearly
1938
16,
Pit Iron
periods since January, 1929:
ous
Nov.
list the figures by months for vari¬
extending
The
deliveries
three
stabilizing
within
another
60
reason¬
half to
continually
days.
compilations of the magazine "Steel" are
again unchanged, this being the fifth consecutive week for the usually
more
volatile steel
scrap
item at $20.54.
Iron and steel remains at
$38.06; finishel steel, at $56.60.
The unchanged production rate of 96%% was the result of advances
in
two
composite
districts,
declines
price
in five and unchanged rates in five.
Pittsburgh
Volume
1 point to 97;
Chicago,
were:
New England, 5 points ,to 85,
points to 93;
Unchanged
at
at 94,
eastern Pennsylvania
were
October,
1939,
226,553
■+>
tons.
- -
+;,*'■•
'/■
^
week of previous years,
from the week immediately
week
ago
Excess reserves of
be
to
and other Federal Reserve
pages
on
2896 and 2897.
(+)
or
4,000,000
Bills discountedU.
S.
Government securities,
2,254,000,000
and guaranteed
Industrial
advances
Total Reserve bank credit
..
Gold stock..
Treasury currency...
Member bank reserve balances
Money in circulation
Treasury cash
Treasury deposits with
Non-member deposits and other
eral Reserve accounts..
+11,000,000
of
Member Banks in New
ASSETS AND
•
LIABILITIES OF WEEKLY
Decrease
condition
The
6:
statement
$71,000,000 in holdings of
(—)
decreases of
Government,
Loans
1939
and
$
$
$
investments—total..
Loans—total
Commercial, industrial
agricultural loans
—4,000,000
+ 950,000,000
22
459
23
30
168
57
115
29
376
541
846
2,130
19
59
19
1,866
77
320
1,843
79
326
463
-157
117
29
391
470
1,681
110
117.
29
391
344
959
2,687
Other loans....
Treasury bills
Treasury notes...
United States bonds
guaranteed
by
36
2,087
576
399
18
26
Cash in vault
64
52
296
135
771
297
134
768
89
249
666
45
105
363
1,198
44
272
45
170
337
1,103
42
243
74
2.028
508
94
1,994
508
94
1,792
501
63
105
368
1,225
45
273
334
1.213
1,185
5,449
76
80
368
..........
domestic banks..
Other assets—net
9,951
721
35
9,853
721
36
8,256
670
48
3,868
610
3,466
645
1,518
1,341
6,627
90
83
A
deposits—adjusted
deposits
U. S. Government deposits
Inter-bank deposits:
Time
Domestic banks.
Foreign banks
Borrowings..
Other liabilities...
Capital accounts
296
1,509
297
1,507
267
1,479
999
6
1,017
6
..
..........
....
16
263
'
the Federal
Week
obligations guaranteed by
the United States
"other securities,"
*
:
States Government
■
bonds increased
.
.
$33,000,000 in
all reporting member banks, and de¬
creased $22,000,000 in the Chicago district.
Holdings of obligations
guaranteed by the United States Government increased $67,000,000 in
New York City and $71,000,000 at all reporting member banks.
Holdings
of "other securities'
decreased $82,000,000 in New York City and $79,000,000 at all reporting member banks.
Demand deposits—adjusted decreased $178,000,000 in New York City,
and $28,000,000 at
$69,000,000 in the Chicago district, and
Time deposits increased
member banks.
$11,000,000
cisco district,
porting member
$266,000,000 at all reporting
$20,000,000 in the San Fran¬
in New York City, and $34,000,000 at all re¬
banks.
■■
domestic banks increased
Deposits credited to
and
. A:
$128,000,000 in New York
in the Dallas district,
A
$19,000,000 in the Chicago district, $16,000,000
$223,000,000 at all reporting member banks.
and liabilities of report¬
together with changes for the week and
ended Nov. 6, 1940, follows:
(+) or Decrease (—)
the principal assets
increase
v
since
■•'•;/
$
Assets——
investments—total..-.24,729,000,000
Loans—total.
9,008,000,000
Loans and
Commercial, Industrial
CUlturalloans
Nov. 8, 1939
Oct. 30, 1940
Nov. 6. 1940
and agri-
' $
$
+127,000,000 +1,894,000,000
+ 99,000,000 +487,000,000
4,827,000,000
304,000,000
+ 54,000,000
450,000,000
+40,000,000
452,000,000
1,222,000,000
36,000,000
1,717,000,000
——3,000,000
751,000,000
1,827,000,000
6,832,000,000
+15,000,000
—7,000,000
+28,000,000
2,698,000,000
3,613,000,000
Reserve with Fed. Reserve banks.. 11,832,000,000
Cash in vault
520,000,000
Balances with domestic banks.... 3,339,000,000
+71,000,000
—79,000,000
—198,000,000
—6,000,000
+ 69,000,000
Open market paper
...
Loans to brokers and dealers In
securities
for purchasing or
securities.---------
loans
Loans to banks...............
Other
loans
bills
Treasury
notes
United States
bonds
by United
Obligations guaranteed
States
.—.......
Government
+8,000,000
_
...
Other securities
+ 497,000,000
—12,000,000
—144,000,000
-—48,000,000
+38,000,000
—1,000,000
+157,000,000
+ 49,000,000
—342,000,000
+ 983,000,000
....
+ 448,000,000
+ 269,000,000
+1,980,000,000
+ 20,000,000
+ 250,000,000
.
14
65
3,815
611
banks..
1,527
1,324
6,626
91
85
337
United States Government...
Reserve with Fed. Res.
Liabilities—
329
957
2,671
67
....
the
Other securities
Demand
2,321
654
2,344
669
8,858
2,943
2
member banks in 101
$79,000,000 in holdings of
$54,000,000.
New York City
Treasury
$
$
for purchasing or
Loans to banks
Balances with
9,758
2,942
158
...
carrying securities
Real estate loans
Obligations
9,799
2,958
3
with Federal Reserve banks, and $266,deposits—adjusted, and an increase of $223,000,000 in
domestic banks.
Commercial, industrial and agricultural loans increased somewhat in
every Federal Reserve district.
The total increase at all reporting member
the year
Chicago
Nov. 6 Nor. 15
1940
1939
$
2
ing member banks,
and
Open market paper
Loans to brokers and dealers..
Other loans
15
1940
+
deposits credited to
Other
Nov. 13 Nov.
1940
-
of weekly reporting
Real estate loans
Nov. 6
66
000,000 in demand
Holdings of United
York City and
New York City
-—
%
$198,000,000 in reserve balances
banks was
CITIES
1940
+
following principal changes for the week ended
554,000,000 in commercial, industrial, and agricul¬
$40,000,000 in loans to brokers and dealers in securities, and
tural loans,
Dollars)
Nov. 13
Assets
71%
Increases of
carrying
(In Millions of
—
82
explained above, the statements of the
Nov.
REPORTING MEMBER BANKS
CENTRAL RESERVE
IN
+1 %
-
leading cities shows the
Chicago—Brokers' Loans
statement of the Board of Governors of
»
79%
of business Nov. 6:
the
Federal Reserve System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
Below is the
70
%
—3
72
—1%
Returns of Member Banks of
System for the Preceding
A summary of
Returns
47%
—2
81
City,
1,963,000,000
.....
•:
i
3
41
compiled.
A.-rU
:
L-v\'
will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
—2,000,000
Fed¬
+
In the following
+123,000,000
+2,465,000,000
+10,000,000 +1,011,000,000
—10,000,000 —130,000,000
—61,000,000 —160,000,000
8,395,000,000
2,211,000,000
F. R. banks.
404,000,000
31%
71
68%
4
—
18%
—3
cannot be
+ 2,000,000
+73,000,000
.14,052,000,000
+1
—1
New York and
Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
—36,000,000 —-389,000,000
+ 56,000,000 + 4,402,000,000
...
17
31%
43
.......
U*
As
+11,000,000
3,062,000,000
—1
1
+
30%
23
—1%
18
31
.+
Chicago member banks are given out on
+ 37,000,000
2,326,000,000
21,637,000,000
..
27
Reserve
—395,000,000
59,000,000
._
.....
Complete
—73,000,000
8,000,000
13)
30%
1927
Nov. 15, 1939
$
including
(not
$7,000,000 commitments, Nov.
Other Reserve bank credit
.
64
+ 1
1930
accounts.
—
direct
+1
24
1929
Since
$
43
+1
1928
balances and related
Nov. 13, 1940, follow:
Nov. 6, 1949
$
:;T};
+1
28
1931
Nov. 13 will be
Increase
1940
Nov. 13,
%
—
53%
1933.
;A;A: -A-;
The principal change in holdings of bills and securities
was a reduction of $73,000,000 in United States Government
securities, direct and guaranteed: holdings of bonds decreased
Changes in member bank reserve
items during the week and year ended
4%
—10
80
%
74%
1932
000,000 for the week.
found
43
—
1934
estimated
increase of $70,-
$48,000,000 and of notes $25,000,000.
The statement in full for the week ended
+ 3%
—6
1935..........
member banks on Nov. 13 were
approximately $6,800,000,000, an
,
1936...
Banks
During the week ended Nov. 13 member bank reserve
balances
increased I $73,000,000.
Additions to member
bank reserves arose from decreases of $10,000,000 in Treasury
cash and $61,000,000 in Treasury deposits with Federal
Reserve banks and increases of $56,000,000 in gold stock
and $2,000,000 in Treasury currency, offset in part by a
decrease of $36,000,000 in Reserve Bank credit and increases
of $10,000,000 in money in circulation and $11,000,000 in
non-member deposits
—8
65
l
+
96
34
+4
39
+1
58
67%
62
1937
+
96
92
%
+
1938
Federal Reserve
Week with the
The
93%
—1
credited
Leading independents are
and 99% 2 weeks ago.
Independents
99
97
1939
,
preceding:
U. S. Steel
Industry
production
together with the
with the nearest corresponding
ingot production for the week ended Nov. 11, is
placed at 97% of capacity, unchanged from the previous
week, according to the "Wall Street Journal" of Nov. 14.
This compares with 96^% two weeks ago.
The "Journal"
further reported: .' V:
A.;;A
A'.'.;
XT. S. Steel is estimated at a shade under 99%, against a fraction over
a
of the percentage of
approximate changes, in points,
1940..
weeks
(
table gives a comparison
The following
Steel
100%
preceding week, and 94%% 2
\•
-
ago.
94, and St.
100, Cincinnati at
compared with 95% in the
with 96%,
Declines
Buffalo, 2
and Detroit, 2 points to 93.
Wheeling at 98%, Birming¬
Louis at 85%.
Shipments of finished products by the United States Steel Corp. in
October were 1,572,408 net tons, highest since the all-time top of 1,701,874
tons in May, 1929.
Shipments over the first 10 months of the year have
been
12,006,135 tons against 8,901,942 tons for the corresponding span
of 1939.
October's increase over September was 179,570 tons, and over
ham
2869
Commercial & Financial Chronicle
and Youngstown gained 1 point to 92%.
Cleveland, 3% points to 86%;
points to 97%
2
rose
The
151
898
....
.....
16
263
16
269
10
Demand
Time
21,592,000,000
5,383,(XX),000
532,000,000
deposits-adjusted
deposits
Government deposits
Inter-bank deposits:
Domestic banks
U. S.
„
Foreign banks
Borrowings
Member
...
....
Trading
on
Curb Exchanges
The
Securities
—266,000,000 + 2,932,000,000
+34,000,000 +133,000,000
+ 4,000,000
—3,000,000
8,930,000,000
667,000,000
1,000,000
+ 223,000,000
—1,000,000
+ 978,000,000
—54,000,000
New York Stock and New
During Week Ended Nov. 2
and Exchange
York
Commission made public
total
yesterday (Nov. 15) figures showing the volume of
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended Nov. 2, continuing
a
series of current figures being published weekly by the
The Commercial & Financial Chronicle
2870
Commission.
Short sales
shown separately from other
are
sales in these figures.
Trading
the Stock Exchange for the account of mem¬
week ended Nov. 2 (in round-lot transac¬
tions) totaled 920,010 shares, which amount was 17.17%
of total transactions on the Exchange of 5,203,600 shares.
This compares with member trading during the previous
week ended Oct. 26 of 596,255 shares, or 17.57% of total
trading of 3,400,750 shares.
On the New York Curb Ex¬
change member trading during the week ended Nov. 2
amounted to 148,065 shares, or 17.16% of the total volume
on
that Exchange of 769,130 shares; during the preceding
week trading for the account of Curb members of 106,610
shares was 18.84% of total trading of 533,990 shares.
on
Commission
16,
made available
the
following data for
the week ended Nov. 2:
The data published are based upon weekly reports filed with
the New
York Stock Exchange and the New York Curb Exchange
by their respective
These reports are classified as follows:
members.
New York
■
''
New York
Slock
Total number of reports received
1. Reports showing transactions
Curb
Exchange
Exchange
1,070
823
202
Shares in members' transactions as per cent of twice total round-lot volume.
calculating these percentages, the total of members' transactions is compared
a
In
90
627
transactions
Includes
b Round-lot short sales which are
rules are included
while the Exchange
with "other sales."
Odd-Lot Trading
New York Stock Exchange During
on
Week Ended Nov, 9
The Securities and Exchange Commission made public
yesterday (Nov. 15) a summary for the week ended Nov. 9 of
complete figures showing the volume of stock transactions
for the odd-lot account of all odd-lot dealers and specialists
who handled odd lots on the New York Stock Exchange,
continuing a series of current figures being published by
the Commission.
Figures for the week ended Nov. 2 were
reported in our issue of Nov. 9, page 2730.
The figures
are based
upon reports filed with the Commission by the
odd-lot dealers and specialists.
STOCK TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
Week Ended Nov. 2,1940
the
on
floor
purchases and sales,
exempted from restriction by the Commission
Sales marked "short exempt" are included with "other sales.
c
581
....
both
volume includes only sales
69
244
of members'
107
241
specialists
as
2. Reports showing other transactions initiated
7
Total
3. Reports showing other transactions initiated off the
for Week
floor
4. Reports showing no transactions........
.....
Odd-lot sales by dealers (customers
specialists' other round-lot trades.
On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected
by dealers
engaged solely In the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks In which they are registered are not directly comparable on the
The
,y,
■
number
of reports
in
more
than
one
a
32,667
Number of shares.....
951,024
Dollar value
33,438,578
Odd-lot purchases by dealers (customers' sales):
Number of orders:
Customers' short sales..
total
may
874
Customers' other sales.a
28,633
Customers' total sales.
77,7
the various classifications
than the number of reports received because
in
purchases):
Number of orders
Note—On the New York Curb Exchange, odd-lot transactions are bandied
solely
by specialists in the stocks in which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not
segregated from the
two exchanges.
1940
with twice the total round-lot volume on the Exchange for the reason that the total
bers during the
The
Nov.
29,507
more
single report may carry entries
classification.
Number of shares:
TOTAL
ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX^
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF
MEMBERS *
Customers' short sales
Customers'
Customers' total sales.
Week Ended Nov. 2,1940
Total for
813,196
Per
v.".Week
A.
22,158
791,038
other sales.a.
(SHARES)
Cent
Dollar value
a
Total round-lot sales:
Short sales
Round-lot sales by dealers:
Number of shares:
165,640
...
Other sales.b
5,037,960
-
\rr:
■
f7!' 77-/7;: 7.7.
Short sales
Total sales............
B.
26,895,644
-
Other sales.b
5,203,600
Round-lot transactions for account of
members, except for
the odd-lot accounts of odd-lot dealers and
specialists:
Transactions of specialists In stocks in which they are
463,850
Short sales
on
the floor—Total purchases
Short sales..
8.94
263,180
Short Interest
......
295,990
3. Other transactions initiated off the floor—Total
purchases
The
5.37
31
Oct.
~139^835
Short sales
....
...
by
was
517,713 shares on Sept. 30, both totals excluding short
positions carried in the odd-lot accounts of all odd-lot deal¬
ers.
....
As of the Oct. 31 settlement date, the total short inter¬
est in all odd-lot dealers' accounts
pared with 61,063 shares
792,360
STOCK
STOCK
SALES
ON
THE
TRANSACTIONS
NEW
17.17
FOR
YORK
ACCOUNT
CURB EX¬
OF
MEM¬
(SHARES)
Total for
.
.
The
Cent
a
7
issues
in
which
in
which
a
change
occurred
number
47,730 shares, com¬
The Exchange's an¬
a
the short
the Exchange on
on
short interest
in
of
more
than
position of
Oct.
81,
5,000 shares
more
than
2,000
during the month.
of
31,
exclusive
408
on
Sept.
issues
of
in
which
short
interest
dealers'
odd-lot
a
short
position,
was
reported
as
of
388
compared
short
interest
was
30.
.'7
9,730
Total sales
In
.....
Short sales
following
tabulation is
pf
1938—
74,285
1,050,164
.
.........IIIIIIIIII"
Total sales.....
July
29
Aug. 31
95,170
2, Other transactions Initiated
on
the floor—Total purchases
Short sales
Other sales, b.
11.01
729.480
May 31
June 30....
588,345
669,530
687.314
July 31
Aug. 31
500,961
Nov. 30
Dec. 29
v
i
•
■
'
30
Oct
31....
Feb. 28
•
29,550
mmmm
Sept 29
447,543
Dec
1939—
28,750
1.........
1940—
---
31
mmmm
529,559
Jan.
31.....
454,922
*662.313
mmmm
28....
28
Jan.
800
Total sales
the
•
Apr.
Sept. 30
21,495
•
833,663
Oct.
90,200
•
Mar. 31
Nov. 29
Other sales.b.
shown
1939-
June 30
4,970
...........
the
existing at the close of the last business day for each month
since June 30, 1938
769,130
Feb.
29
485.862
Mar. 29
488.815
667,804
651.906
Apr.
30.....
....
mmmm
481,599
May 31
mmmm
435,273
June 28
570,516
July
mmrn'
623.226
Aug.30
479.344
Sept. 30
381.689
Oct.
630,594
428,132
....
446.957
31
...
474,033
*517,713
31
Revised.
3.32
.;
3. Other transactions initiated
off the floor-Total purchases
Increase
of
$10,175,000 In Outstanding Bankers' Ac¬
During October—Total Oct. 31, $186,789,000—$34,327,000 Below Year Ago
20,180
ceptance
Short sales...
Other sales, b.
3,650
19,695
Total sales.
23,345
purchases.............
2.83
115,960
Short sales
9 420
Other sales.b—
Total sales
or
was
Sept. 30.
on
individual stock issues listed
28
Oct.
759,400
B, Round-lot transactions for the
account of members:
1. Transactions of specialists in
stocks in which they are
registered—Total purchases
138]645
.......
.......
........
C. Odd-lot transactions for the account
of specialists:
Customers' short sales.....
...
Customers'
existed,
Per
1,230
were
with
Week
'
Other sales.b
4. Total—Total
the
there
shares
Week Ended Nov. 2,1940
A. Total round-lot sales:
Short sales
continued:
nouncement
920,010
Of
ROUND-LOT
.
as of the close of business on the
date, as compiled from information ob¬
the Exchange from its members and member
530,442 shares, compared with a revised figure
157,910
127,650
.........
Total sales..
A
Exchange announced Nov. 12 that
866,865
....
Short sales.b
BERS *
Stock
existing
of
........
Total—Total purchases
AND
York
settlement
firms,
25,250
132,660
Total sales
CHANGE
New
the short interest
tained
Short sales
Other salee.b.
Exchange Increased
in October
265,040
................
Total sales...
TOTAL
New York Stock
on
30,950
Other sales,b
4
466,110
*
237,750
Sales marked "short exempt" are reported with "other sales."
b Sales to offset customers' odd-lot orders, and sales to
liquidate a long position
which is less than a round lot aie reported with "other sales."
a
394,660
.........
130,330
.....
71,450
Other sales.b.
Other transactions initiated
70
Total sales
registered—Total purchases
7
130,260
—
Round-lot purchases by dealers:
Number of shares..
1.
Total sales..
7"
7 i:;v,
...
other sales.c
"
Total purchases.
Total sales..
148,065
17.16
0
60,169
60,169
37,576
•
The term "members" includes all
Exchange members,
partners, including special partners.
their Arms and their
The volume of bankers' dollar acceptances
outstanding on
Oct. 31, 1940, amounted to $186,789,000, as
compared with
the Sept. 30 figure of $176,614,000, it was announced Nov. 14
by the Acceptance Analysis Unit of the Federal Reserve
Bank of New York.
As compared with last year, when the
acceptances outstanding amounted to $211,116,000, the Oct.
31 total represents a decrease of $34,327,000.
The advance in the volume of acceptances
outstanding on
Oct. 31 over Sept. 30 was due to increases in credits drawn
for imports, domestic shipments and domestic warehouse
credits, whereas the comparison with a year ago shows that
only import credits were above Oct. 31, 1939. The following
is the report for Oct. 31, as issued by the Reserve Bank on
Nov. 14:
Volume
BANKERS
The Commercial
151
DOLLAR
1939
Oct. 31,
Sept. 30, 1940
Oct. 31, 1940
$20,585,000
2
120,058,000
9,304,000
2,023.000
Dividend
Philadelphia
Cleveland
2,275.000
5
Richmond
876.000
191,000
Atlanta
1,361.000
7
Chlcaeo
4,886,000
1,196,000
4,553.000
St. Louis
506,000
322.000
757,000
9
Minneapolis
973,000
923,000
1,398,000
10 Kansas City
76,000
Dallas
12
74~,000
356,000
16,943,000
17,526,000
18,379,000
$186,789,000
U
$176,614,000
$221,116,000
San Francisco
__
Grand total
Increase for
month,
■
V;\,
1.
r';
.
«'■.
■"
'■
■„
■'
.
Oct. 31,
Oct.
Sept. 30, 1940
1940
.
authorized were
3.73% and 32.05%, respectively, while the smallest and largest receiver¬
ship distributions were $19,800 and $67,169,000, respectively.
Of the
16 dividends authorized two were for regular dividend payments and 14
were
for final dividend payments.
Dividend payments so authorized
ACCORDING TO NATURE OF CREDIT
■
issued to receivers for payments
individual dividend percentages
The smallest and largest
'
.
31. 1939
during the month ended Oct. 31,
$90,576,000
$80,361,000
19,891.000
8,987,000
21.762,000
8,820,000
Domestic warehouse credits
28,325.000
26,249,000
$84,840,000
40,219,000
10,973,000
35,400,000
Dollar exchange
10.500,000
10,992,000
28,430,000
31,950,000
1940, were as follows:
17,734,000
Im ports., c
__
Exports
Domestic shipments..
...
Based on goods stored In or
PAYMENTS
DIVIDEND
OF INSOLVENT NATIONAL
THE MONTH ENDED OCT. 31, 1940
CREDITORS
TO
fc BANKS AUTHORIZED DURING
Total
tion of
Percentage
Author¬
Funds by
Authorized
Claims
ized
28,410,000
...
Distribu¬
Date
Dividend
Dividends
Proved
Authorized
shipped
between foreign countries
to Date
Beach, Cal. 10-24-40
Wash¬
$27,900
84.05
10-24-40
19,800
Name and Location of
Bank
BY ACCEPTING BANKS
BILLS HELD
Own bills
$96,339,000
52,745.000
...
Bills of others.
Seaside Nat. Bank of Long
Increase for month
"RATES" ON
PRIME
NOV. 14,
Buying Rates Selling Rales
Days—
Buying Rates Selling Rales
'•'
Days—
Dealers'
Dealers'
Dealers'
Dealers'
30
X
7-16
120
9-16
X
60
X
7-16
150
H
9-16
90
X
7-16
180
X
52.05
9-16
\;
10-
following table, compiled by us, furnishes a record of
outstanding at the close
of each month since April 30, 1938:
748,600
91.73
4,203,900
68.25
2,087,400
59.86
217,200
335,844,900
346,600
73.1267
100.0
618,100
46.98
821,800
88.6
76.81
655,200
126.500
71.51
596,500
First Nat. Bank of Ambler,
The
606.800
68.304
38.100
9-40
Ohio
10-11-40
Pa
Commerc'al N. B„ Philadelphia. Pa._ 10-31-40
10-22-40
Ashland Nat. Bank, Ash'and, Wis
National Bank of Toronto,
134,500
75.0
43,100
Hl__ 10-18-40
36,400
111. 10-29-40
60.700
New Albany N. B., New Albany, Ind- 10-28-40
156,800
Rockland Nat. Bank, Rockland, Me.. 10-10-40
10-16-40
109,600
First Nat. Bank of Hagerstown, Md
10-25-40
32,300
First Nat. Bank of Midland, Md
10-18-40 67,169,000
First Nat. Bk.-Detroit. Detroit, Mich
22,400
10- 2-40
Biraga County N. B. of L'Anse, Mich
86,400
First Nat. Bank of Royal Oak, Mich.. 10-23-40
10-12-40
70,700
Falls Nat. Bk. of Niagara Falls, N. Y
First National Bank of Wllmette,
1940
353,300
50.6
First National Bank of Savanna,
ACCEPTANCES
BANKERS'
i
ington, D. C
Amount
$689,700
International Exchange Bank,,
$149,084,000
7,324.000
Total
CURRENT "MARKET
Banks
During October
continued:
Decrease for year, $34,327,000.
$10,175,000.
Insolvent National
16
1940, authorizations
of dividends in 16
insolvent National banks, Comptroller of the Currency
Delano reported on Oct. 12.
Dividends so authorized will
effect total distributions of $68,658,100 to 633,886 claimants
who have proved claims aggregating $355,989,100, or an
average percentage payment of 19.29%.® His announcement
1,648,000
5,472,000
8
in
Payments
During the month ended Oct. 31,
were
602.000
6
August showed signs of flattening
Authorized
$20,189,000
159,988.000
8,984,000
3,343.000
New York
3
4
$20,444,000
128,913,000
9,395,000
Boston
which had been under way
out.
price advance
commodity
the
and
the middle of
since
RESERVE DISTRICTS
FEDERAL
Federal Reserve District
1
markets,
OUTSTANDING—UNITED STATES
ACCEPTANCES
BY
2871
& Financial Chronicle
50.0
1,486,300
5,965.300
1,209,600
71.12
61.900
the volume of bankers' acceptances
mm
May 31...
June 30...
mm
mm
30...
July
255,402.175
Jan.
31...
mm.
248.095,184
Feb.
29...
Mar. 31...
mm
245.016.075
Mar. 30...
29...
m'm
237,831,675
Apr.
246.574,727
244.530,440
May 31...
June 29
236,010.050
July
235,034.177
215,881.724
Aug, 31...
81...
221.115,946
Oct.
278.707.940
268,098.573
Jan.
31...
Feb.
28...
264.222.590
264.748,032
Apr.
258.319.612
May 31...
June 30...
• mm
Federal
%
1940—
$
1939—
%
1938—
Apr. 30.._
mmm
mm
•
mm
30...
mm
229,230.000
233,015,000
229.705.000
223.305.000
Advanced
Bank of New York
$1,137,733 in October
Loan
Home
$1,137,733 were granted during October to
Credits of
its
30
31...
Sept
Oct.
Nov. 30...
Dec. 31...
mm-
mm
m m
mm
261.430.941
savings and loan
Vov. 30...
mm
member
222.Sou nop
associations in New Jersey and
New York, the Federal Home Loan Bank of New York re¬
ported on Nov. 2.
October volume compares with advances
of $1,217,258 in September, and with advances of $2,377,138
made in October, 1939.
The Bank's announcement further
Dec. 30...
mm
Aug. 31
232.644.000
stated:
v.
mm
31...
269.561.958
273.327.135
July
Aug. 31...
mm
269,605,451
Sept. 30...
mm
Oct.
•mm
-mm
•mm
31...
213,685.000
206.149.000
•
Sept. 30...
31...
mm
mm
mm
188.350,000
181.813.000
176.614,000
*mrn
186,789,000
Paper Outstanding on Oct. 31 Increased
$252,400,000, Reports New York Federal Reserve
Commercial
to
Bank
Federal
The
Reserve
Bank
New
of
announced
York
yesterday (Nov. 15) that reports received by this Bank from
commercial paper dealers show a total of $252,400,000 of
open market paper outstanding on Oct. 31, 1940.
This
figure compares with commercial paper outstanding on
Sept. 30 of $2.50,700,000 and with $205,300,000 on Oct. 31,
1939.
Following we give a compilation of the monthly
figures for more than two years:
''
.• ■ ■
institutions in the
Second Federal Home Loan Bank District, amounting to $20,210,928 at
Oct. 31, is the largest since the Federal Home Loan Bank System was
established in 1932 as the central credit agency for thrift and homefinancing institutions.
At the same date last year outstanding advances
in the Second District totaled $19,163,263.
In the two States comprising
the
district,
405 savings and loan associations are members of the
net
The
Federal
Home
Loan
Bank System.
Savings, Building
and Loan Association
ity in Third Quarter Was
Month Period Since 1929
In
to member
balance of outstanding advances
third
the
quarter of 1940 savings,
■
Dec. 30...
214.400,000
205,300,000
Dec. 31
186,900,000
209.300.000
Nov.30...
206,300,000
mm
201 100.000
Oct.
mm
194,200,000
Sept. 30... mm
213,100,000
212,300,000
180,700.000
188,500,000
Aug. 31
mm'
209,400,000
mm
210.700,000
191,900,000
191,200,000
195,300.000
June 30...
Sept
30
Aug. 31
250,700.000
*244.700.000
31
232,400,' 00
Sept. 30...
mm
224,100,000
Aug. 31...
234,200.000
July
31...
July
June 29
...
May 31
238,600.000
Apr, 30.
233,100,000
Feb. 29..
31
Jan.
June 30...
May 31
226,400,000
Mar. 30
mm
31...
Apr. 30...
Mar. 31
219,400,000
♦
mm
mm
mm
mm
Feb. 28...
195,200,000
Jan.
252 400.000
Nov.30...
I
31
209.900,000
31
Oct.
1939—
$
1939—
1940—
Oct
mm
mm
mm
mm
31
mm
31...
mm
May 31...
225.300.000
251.200.000
Revised.
National City Bank of New
York Reports Manufacturers
Seeing High Rate of Operations for Some Time
as
Observing that
"the industries and the commodity mar¬
October," the National
kets have had another busy month in
Bank of New
City
York, in its November "Bank Letter,"
that "for the most part manufacturers
sell more than they are shipping, and
issued Nov. 4, states
have
continued
their
unfilled orders have piled up
to
further."
In part, the
bank adds:
The
tendency
strated
some
buying to spread
around the circle has been demon¬
time.
lines,
or
or
of
a
in certain cases.
the first quarter
strong.
In
of 1941 or
ESTIMATED LOANS
related
Per Cent of
the
defense
program,
where
forward
buying
is
Amount
Total
$39,417,000
Construction
Repair and
Home
modernization. _
purchase— —
Refinancing
to
ASSOCIATIONS IN THE
35.3
Purpose
these
materials, usually into
later; and prices of these materials have been
naturally most pronounced, sales
pare
MADE BY ALL
UNITED STATES
defeat
...
lines
which they were made
follows:
They hear talk of possible priorities in some
of inflation.
They are no longer fearful of an early British
slump in exports of steel and other war supplies.
For all
they have lengthened their commitments for
reasons
three years ago.
loans and the purpose for
half-year's period two and
Analysis of September
prudent to cover future needs for materials.
They are concerned lest their
sources of supply get tied up with Government
orders, which has already
happened
period
Loan League
full
of
Manufacturers can see a high rate of operations ahead for
When they sell for future delivery at fixed prices it is only
again.
building and loan
for any three-
activity reached its peak
since 1929, the United States Savings and
reported on Nov. 2. A. D. Theobald, Assistant
Vice-President, pointed out that $343,698,000 was disbursed
to home-owners during the quarter, 26.8%
more than in
the corresponding period of last year.
The League's an¬
nouncement continued:
September was the sixth consecutive month to see more than $100,000,000 lent by these local thrift and home-financing institutions.
While
this month's $111,775,000 disbursement was 5% below the 11-year high
achieved in August, it was still the fourth highest for any month of the
year, Mr. Theobald said.
Construction loans played only a slightly less important part in the
'September activity than they had in August, 35.3% as compared with
36.1%.
This was the second highest proportion of loans to go for new
building during any month of 1940, and was a considerably higher per¬
centage than during any month of 1939.
The League official pointed out
that the home-building activity of the Nation had gained new highs in
the first nine months of 1940 and the savings and loan lending volume
had been influenced by this demand.
For the full third quarter $121,812,000 was lent by the associations for new construction, more than in a
month
1938—
July
association lending
Lending Activ¬
Highest for Any Three-
Other purposes
during the past two or three months com¬
6,283,000
40,947,000
15,493.000
9,645,000
5.6
36.6
13.9
8.6
$111,775,000
favorably with any similar period on record. . . .
that forward commitments have been made, and increased require¬
Now
the situation unquestionably will be strengthened if
back to a consumption basis.
Fortunately, there
is good reason to hope that this may be the most common policy.
There
are plainly
limits to the inventory risks that business men will assume;
all know that war 3nd the effects of war are hard to foresee; and the
lessons of 1937 are fresh.
Retailers are helping to keep the situation
ments
provided for,
Deposits in Mutual Savings Banks at
1940, According to National Associa¬
tion—$69,559,014 Saved by 1,676,417 Depositors
Christmas Club
buying is again dropped
stable
at
the
by conservative purchases and commitments.
Signs were appearing
end of the month that some of the tension was passing in the
New Peak in
Total
Christmas Club savings
in mutual savings
the new high
States for 1940 reaches
of
the United
of
69,559,014, distributed among
banks
mark
1,676,417 accounts, an in-
The Commercial & Financial Chronicle
2872
1939 of
over
crease
$8,174,100 in deposits and of 237,685 in
number of
depositors, it was announced on Nov. 12 by the
National Association of Mutual Savings Banks.
The aver¬
account was $41.49, the Association said.
age
In the five
deposits and a gain of 40,916 in depositors.
The average
for the five Boroughs for 1940 amounts to $44,
according to the Association's announcement, which also
The
mutual
21
of
account
banks
savings
272,688 depositors.
Brooklyn
of
In Manhattan
$11,170,330
hold
the
to
17 mutual institutions have
$7,372,646 of
Christmas money which they will pay out to 143,860 de¬
Next in order, eight mutual institutions of Queens hold $2,320,200
positors.
their
ii.
three
Christmas
mutual
belonging
accounts,
institutions
mutual
66,999
to
$1,082,000
report
the
Bronx
owners.
Two
In
savers.
for
27,532
savings banks in Richmond will draw Christmas checks for $925,000,
18,721 Christmas savers.
payable to
Up-State the leading cities
funds
will
positors
be
follows:
as
Rochester,
;
its
.
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
>YY V■
Y'Y.Y.
Tenders of $285,555,000
Received to Offering of $100,Treasury Bills—$100,411,000
Accepted at Average Price of 0.003%
$1,735,000
Albany,
deposits
and
deposits
and
30,026
depositors;
28,412
de¬
Yonkers,
$620,051
deposits and 12,286 depositors; Syracuse, $600,000 deposits and
depositors; Schenectady, $525,000 deposits and 14,611 depositors;
$525,000 deposits and 10,026 depositors.
The average account for
up-State cities amounts to $47.15.
of
000,000
Secretary
92-Day
of
Morgenthau
Treasury
the
announced
on
Nov. 8 that the tenders of the offering last week of $100,-
000,000, or thereabouts, of 92-day Treasury bills totaled
$285,555,000, of which $100,431,000 was accepted at an aver¬
age price of 0.003%.
The Treasury bills are dated Nov. 13
and will mature on Feb. 13, 1941.
Reference to the offering
appeared in our issue of Nov. 9, page 2732.
The following regarding the accepted bids to the offering
is from Mr. Morgenthau's announcement of Nov. 8:
Total applied for_$285,555,000
Total accepted
$100,411,000
Range of accepted bids:
in point of mutual savings bank Christmas
$1,139,757
1940
of any tax now or hereafter imposed by the United States or any
possessions.
YYYY yY./y Y/. •' y
Y,'
Treasury Department Circular No. 418, as amended, and this notice
of
account
said:
16,
purposes
Boroughs of New York City a total of $22,870,176 was de¬
posited in the clubs of the mutual institutions by 519,800
savers, according to the Association.
As compared with
1939 these figures represent an increase of $2,341,138 in
Nov.
'
High
Low
—100.
Y-Y,
.
YYY'k
■
99.999.
Equivalent rate approximately 0.004%.
Average price— 99.999. •+•
Equivalent rate approximately 0.003%.
—
v
13,000
(69% of the amount bid for at the low price
was
accepted.)
Utica,
For
the
State of
New
funds
Christmas
30,801,434
of
represented a
dejw>sitors,
'
Massachusetts
the
17
Christmas
This
funds
was
number
funds
mutual
$16,146,919
1939
over
Christmas
institutions
of
and
Clubs
operate.
depositors
$1,646,919
in
second place
took
Massachusetts
The
numbered
deposits
and
391,495.
87,495
of
in
depositors.
Connecticut
mutual
$7,426,413
banks
savings
and
had
deposit
on
in
their
Christmas
their
depositors numbered 164,054.
These figures
represented a gain above 1939 of $1,104,954 in deposits and of 18,373 in
number of depositors.
//■'''/)''/'
New
Jersey stood fourth with deposits of $4,158,822 and depositors
numbering 70,714, an advance for the year of $490,572 in deposits and of
of
of
Bonds
Secretary of the Treasury Morgenthau announced on Nov.
that all outstanding 3-%% Treasury Bonds of 1941-43
are called for redemption on March 15,1941.
Approximately
$545,000,000 of these bonds are now outstanding.
Mr. Mor¬
14
genthau indicated that it is probable that prior to the re¬
demption date, holders of these bonds may be offered the
privilege of exchanging them for other interest-bearing
obligations of the United States..
The text of the formal notice of call is as follows:
J%%
deposits and depositors during a year of
said Myron F. Converse, iPresident of
the National Association of Mutual Savings Banks.
"Un¬
doubtedly this gain emphasizes the tendency to save for
difficulties,"
special purposes.
I hope that every Christmas Club saver
will enjoy the funds accumulated for the 1940 holiday."
Public
1.
Bonds
of
3.
for
Notice of Cull for Redemption
that
all
outstanding
dated March 16, 1931,
are
hereby called for redemption
1941,
given
which date interest
on
the
regarding
on
of
Holders
the
other
he
to
issued
such bonds will
presentation
these
bonds
privilege of
20,
cease.
surrender
of
the
in advance of the redemption date,
may,
exchanging all
or
part of
any
their called
be
bonds
interest-bearing obligations of the United States, in which event
public notice will hereafter be given.
HENRY
Offering of $100,000,000 of 91-Day Treasury Bills
and
Treasury
later.
\Y'Y%;-::VY\';
of National Defense Series—Will Be Dated Nov.
3%%
redemption under this call will be given in a Treasury Depart¬
circular
offered
hereby
information
for
ment
is
1941-43,
Full
2.
bonds
1941-43
3%% Treasury Bonds of 1941-43, and Others Concerned;
notice
March 15,
on
in Christmas Club
Treasury Bands of
Holders of
To
"It is an impressive example of the will to save for happy
objectives that we have had this very considerable increase
New
Z%%
May Be Offered
Another Series in Exchange
395 accounts.
many
to Redeem $545,000,000 of
1941-43 on March 15—Holders
Treasury
depositors
bank
savings
where
totaled
gain
a
of
and
-
mutual
States
whole, mutual savings banks reported
a
as
numbering 796,954.;
These
gain Of 3,611,418 deposits and of 160,860 in total
totals
in
York
y
Treasury Department,
Washington, Nov. 14, 1940.
MORGENTHAU
Jr.,
Secretary of the Treasury.
•'/'
'*
>
♦
1940
Secretary of the Treasury Morgenthau announced Nov. 15
that tenders are invited to new offering of
bills to the amount of $100,000,000, or
91-day Treasury
thereabouts, to be
sold
on
a
will
be
received
discount
basis
to
the
at
the
branches thereof up to 2 p.m.,
be received at the Treasury
Reserve
United
States
of
British
Imports into
on
Tax"
"Purchase
Tenders
The Treasury Department announced on Nov. 12 that it
lias received numerous inquiries concerning the effect on
and
imports into the United
highest bidders.
Federal
Treasury Department Explains Effect
Banks,
the
(EST.)
Nov. 18, but will not
Department, Washington. The
Treasury bills, designated National Defense Series, will be
dated Nov. 20 and will mature on Feb.
19, 1941, and on the
Tax"
became
which
of the so-called "Purchase
States
effective
in
United
the
Kingdom
on
Oct. 21, 1940.
Act
This tax is imposed under a British Finance
sales of many classes of merchandise to retailers in
on
the United
maturity date the face amount of the bills will he payable
without interest.
There is a maturity of a previous issue
Kingdom. The rate is 16 2/3% or 33 1/3%, de¬
pending upon the kind of merchandise.
Although called a
"purchase" tax, the Treasury explained, the liability for
of
payment
Treasury
This
bills
Nov.
on
issue
new
bills
of
20
in
will
amount
be
issued
of
$100,166,000.
pursuant to the
provisions of Section 302 of the Revenue Act of 1940, ap¬
proved June 25, 1940.
The Treasury's announcment adds:
Under
tions
the
may
authority of that
be
issued
to
section
provide
"National
Defense
Series"
obliga¬
Secretary Morgenthau, in his
the offer¬
announcement of
Ihey
000
bills)
will
of
be
tender
tender
for
be
must
pressed
the
on
lenders
in
will
be
ment
securities.
of
or
trust
form
$100,000,
1940,
all
thereof
up
than. $1,000
$1,000.
with
must
only,
and
$500,000
in amounts
and
$1,000,-
not
not
be
an
The
will
price
than
more
be
considered.
offered
three
Each
be
must
decimal
ex¬
places,
used.
deposit from
Treasury bills applied for, unless the tenders
express
guaranty
of
payment
by
an
incorporated
/
the
closing hour for receipt of tenders
received
at
the
Federal
Reserve
Banks
on
or
Nov.
18,
branches
to the closing hour will be opened and
public announcement of
prices will follow as soon as possible thereafter,
probably
acceptable
the
serves
allot
following morning.
the
The Secretary of the Treasury expressly
right to reject any or all tenders or parts of
tenders, and
less than
shall be
final.
rejection
allotted
must
re¬
to
the amount applied
for, and his action in any such respect
Those submitting tenders will be advised of the
acceptance
thereof.
be
Payment
made
the
at
immediately available funds
on
at
the
Federal
Nov.
ordinarily
a
part of the selling
The tax does
apply to any exports.
In its further statement in the
matter the Treasury Department says:
Under Customs
ad
by
the
or
United
the
value
the
by
the
for the assessment of
importer
or
the
value
whichever is higher (Section 503,
The primary basis of appraisement is the "foreign"
1930).
appraiser,
whichever
value,
similar merchandise is
is
higher
(Section
402,
Tariff
Act
of
freely offered for sale for home consumption
wholesale quantities
usual
incident
to
States.
making
and in the usual
course
of trade
in the
date of exportation, including all expenses
ready for shipment to the United
merchandise
the
The
"export" value is similarly defined, except that it is a price
merchandise is offered for exportation to the United States
which
at
States the basis
declared
The "foreign" value of imported merchandise is the price at which
or
the
in
is
Customs
"export"
1930).
such
the
of
of
law
duties
valorem
reported
price
offered
Reserve
20, 1940.
for
Banks
'
Under
incorporated banks
responsible and recognized dealers in invest¬
from others must be
accompanied by a deposit
company.
tenders
is
not it is separately itemized.
or
instead of for home consumption.
from
amount of
Immediately after
the
of
100,
Tenders
accompanied by
bank
or
bearer
accepted without cash
10% of the face
are
less
multiples
Fractions
and trust companies and
on
in
$10,000,
tax
country of exportation on the
amount
an
basis
99.125.
g.,
of
issued
$1,000,
(maturity value).
No
e.
(the
denominations
or
y;::y-'
the wholesaler, and in taxable sales
on
the
not
Tariff Act
ing, further explained:
of
price, whether
the
Treasury with funds to meet any
expenditures made, after June 30, 1940, for the national defense, or to
reimburse the general fund of the
Treasury therefor.
is clearly
the amount
bills
Treasury
in
cash
.
or
other
1
\
is
tax
to
the
such
in
a
that
extent
it
is
of
part
a
is
merchandise
similar
or
the
controlling decisions of our courts, such a tax as the "purchase"
part of the "foreign value" as defined in the present tariff law,
the
freely
market value
for
offered
or
sale
to
price
all
at
which
purchasers
The "purchase" tax is ordinarily included
in the wholesale prices prevailing in the United Kingdom.
It will be apparent from the foregoing that imports from the United
Kingdom which are subject to ad valorem duties must ordinarily be
country of exportation.
assessed
such
with
duties
from
exempt
United
in
unless
in
the
Kingdom,
taxable
or
United
preclude
the
purchasers
basis
of
a
value
tax
when
sold
for
which
or
includes
an
similar goods
are
home consumption
in
the
unless such or similar goods are not offered for sale
for home consumption in the United Kingdom, or
transactions
such
the
purchase
or
the
on
the purchase tax unless such
appropriate amount for
in
similar
goods
finding of
the
usual
are
only
Kingdom
a
offered
under
for
such
price at which
of trade.
sale
for
home consumption
restrictions or conditions as
they are freely offered to all
course
The Treasury bills will be
exempt,
as to principal and interest, and any
disposition thereof will also be exempt, from
inheritance taxes.
(Attention is invited
to Treasury Decision 4550,
ruling that Treasury bills are not exempt from
the gift tax).
No loss from the sale or other disposition of the Treasury
gain
all
from the sale
taxation,
bills
shall
be
except
or
other
estate
allowed
as
President
and
a
deduction,
or
otherwise
recognized,
for
the
Roosevelt
Medical
President Roosevelt
stone
Lays Corner Stone of New Naval
in Bethesda, Md.
Center
on
Nov. 11 participated in the corner¬
laying exercises of the new Naval Medical Center at
Volume
The Commercial
151
2873
& Financial Chronicle
SECORUM"
"NOVUS ORDO
President described
the building as "a tribute to a living democracy, a democ¬
racy which intends to keep on living."
His address follows:
This morning at the tomb of the Unknown Soldier the American people
paid their tribute at the shrine of those who gave their lives in defense of
country.
It is fitting that thiR afternoon we assemble again in the
Bethesda, Md., and in a brief talk tbe
which
almost
In
well-being of those who, living, wear
the
uniform of our defense.
is saving
Y':
This mission today is particularly close to my heart.
During the trying
days of the World War, when serving as Assistant Secretary of the Navy,
I well remember vhe
tremendous load of patients that were cared for
under the restricted facilities at the naval hospital overlooking Constitu¬
tion Avenue.
That hospital occupies an historic site—the place where
General Braddock landed in 1755, when George Washington was serving
his aide-de-camp.
In 1812 the Naval Observatory was located there,
and in 1893 the grounds and the building were assigned as the Naval
Museum
of Hygiene.
Later, in 1902, the Naval Medical School was
founded, and, as you know, has accomplished great things in the training
of medical officers and in the cave of tens of thousands of our naval
Nation
This
life
human
is
in
gaining in
war
This Nation, thereby,
foresight.
and in peace.
7;■
;• ■s
Y;: Y"'Y-'Y". :YY ;:-r.vV
But
can
called government.
Without
increased capacity and
We
might become necessary in a
point that
any
national
tions
an
of elec¬
It was
which extended the civilization of the period to the greater part
age
we shall have a 500-bed hospital
and equipment. On these grounds will
provided quarters for the staff officers and nurses and enlisted per¬
building
this
is
completed
incomparably modern in structure
be
'
sonnel.
the
with
I
am
provide ample
acres
care
was
dedication
The
of
the
work of construction has
National
Health
Unknown
World
■•:'Y Y:
an
to
Controls
so
honor
of
democracies
must
The
On
Y^Y;
;y
which commemorates
in a
North America.
Colonies that
There, by the
democracy—the United States of America.
apcept that as fact because, truly and fundamentally,
order—nothing like it had ever been seen before.
We must
spread into almost every part of
It
spread in many forms—and over
it was a
accept it
the civilized world.
the next century almost all peoples
acquired some form of popular expression of opinion, some form of
of franchise* of the right to be heard.
The Americas and the
British Isles led the world in spreading the gospel of democracy among
had
election,
peoples great and small.
y.YY'
Y;YY'YY''' 'YY:"Yy "VY-1 Y} Y.Y'
YY,
had discarded
Yyy. Y-:-,-^';':'
People felt that way until 1914, when a definite effort was made in a
part of the world to destroy this existing "new order of the ages"—to
destroy it after its relatively short trial, and to substitute for it the
doctrine that might makes right.
The attempt failed 22 years ago today.
You and I who served in the period of the World War have faced in
later years unpatriotic efforts by some of our own countrymen to make
us believe that the racrifices made by our Nation were wholly in vain.
A hundred years from now historians will brand such efforts as puny
and false.
A hundred years from now historians will say rightly that the
World War preserved the new order of the ages for at least a whole
generation—a full 20 years—and that if the Axis of 1918 had been suc¬
cessful in military victory over the associated nations, resistance on behalf
of democracy in 1940 would have been wholly impossible.
America, therefore, is proud of its share in maintaining the era of
democracy in that war :n which we took part/ America is proud of you
who served—and ever will be proud.
YY'YY^YY''
YY'YyYYY;Y
I, for one, do not believe that the era of democracy in human affairs
can or will be snuffed out in our lifetime.
I, for one, do not believe that
mere
force will be successful in sterilizing the seeds which had taken
such firm root as a harbinger of better lives for mankind.
I, for one, do
not believe that the world will revert either to a modern form of ancient
slavery or to controls vested in modern feudalism, or modern emperors,
or
modern dictators, or modern oligarchs in these days.
The very people
world
the
And
feudalism,
as
a
whole felt with much right that it
conquest and dictatorship.
will themselves rebel.
months or even a few years in the lifetime of any of
live and think in terms of our grandparents, and
our
own
parents, and ourselves, and our children—yes, and our grandChildren.
We alive today—not in the existent democracies alone but
also among the populations of the smaller nations already overrun—are
thinking in the larger terms of the maintenance of the new order to
which we have been accustomed and in which we intend to continue.
We recognize certain facts of 1940 which did not exist in 1918—a need
for the elimination
of aggressive armaments—a need for the breaking
the end of fighting between
their
under
We
'
down
of
alive today
harriers
in
a
more
closely knitted world—a need for
restoring
and spoken word.
We recognize that the processes
be greatly improved in order that we may attain
those purposes.
•'.■
Y.'
Y:: !: ;
But over and above the present, we recognize and salute the eternal
verities that lie with us in the future of mankind.
You, the men of 1917 and 1918, helped to preserve those truths of
democracy for our generation.
We still unite, we still strive mightily to preserve
intact that new
order of the ages founded by the fathers of America.
honor
of
in
the written
democracies
must
The New York
"Times" of Nov. 12, in reporting the observ¬
in this country and other nations,
of Armistice Day
said, in part:
The
of
the
twenty-second anniversary of Armistice
world 'bowed in grief at the shrines
I *■:
Day yesterday found
of the dead of the
most
first
World War.
with full-throated melancholy and London streets trembled
from the skies as men and women put wreaths on
the Cenotaph.
Grim-faced men stood with bared heads as a groom put the
King's and Queen's offering on the pile.
In
the morning
Marshal Petain set out from Vichy for the great
cathedral at Clermont-Ferrand to join in pryaer at a mass for the
1,500,000 Frenchmen who died in the war of 1914-18.
A little group
outside the cathedral bravely raised its voices in "La Marseillaise."
In
France the service had a deep religious note.
Big Ben tolled
under
human
iron heels
What are a few
us?
ance
said:
World War, it is permissible for me to search far back in
the history of civilization in order to visualize important trends.
On the Great Seal of the United States, which for a century and a half
has reposed in the loving care of a long line of Secretaries of State of the
United States, appear these words:
beings
seaboard of
forbidden by
■
President's address follows:
this day,
the
along
because the new order
Nov. 11, delivered in the
1918—a need
the breaking
a more closely knitted world—a need for restoring
and spoken word. We recognize that the processes
be greatly improved in order that we may attain
those-purposes.
forward—the era
Y;*YY
in the Old World—among the
We must
order of the ages."
barriers
beginnings originated, it is true,
of trial and error, democracy, as it has since been accepted in
many lands, had its birth and its training.
.'Y.YY'Y
There came into being the first far-flung government in all the world
new
of Day
Armistice Day address, on
in
in the written
of
close,
whose cardinal principle was
Vested in
Toward the close of his address the President
We recognize certain facts of 1940 which did not exist in
for
the elimination of aggressive armaments—a need for
down
between ages.
the
armies, barons and empires. ' Human
non-existent—democracy was not permitted.
however, the appearance of tiny movements in tiny
still
its
organized
were
National
"new
could
period
processes
at
tomb of the Unknown Soldier, in Ar¬
Cemetery, President Roosevelt declared
that he does not believe that "the era of democracy in
human affairs can or will be snuffed out in our lifetime."
"I, for one," said the President, "do not believe that the
world will revert either to a modern form of ancient slavery
or to controls
vested in modern feudalism or modern emperors or modern dictators or modern oligarchs in these
days."
"The very people under their iron heels will, them¬
selves, rebel," he asserted.
The President criticized the
''unpatriotic efforts by some of our own countrymen to make
us believe that the sacrifices made by our Nation
[in the
World War] were wholly in vain," and he declared that
America "is proud of its share in maintaining the era of
democracy in that war in which we took part."
The Presi¬
dent's remarks verged "on the Great Seal of the United
States, which," he said, "for a century and a half has
reposed in the loving care of a long line of Secretaries of
State of the United States," and on which he stated appear
the words: 'Novw Ordo Seclorumwhich means, 'A new
order of the ages.'"
As to this, in his comments, he said:
In
almost every century since the day that recorded history began,
people have thought that they were creating or establishing some kind
of
dark
philosophers, among the seekers of many kinds of freedom
those who governed.
;Y"-YY
■ , • Y Y>Y YY
Those beginnings found their freest development in the
amphitheater at the
lington
That
because it was an interim
system,
was
Those
Dictators--^Natioiv-lvid0;YCerenioniea; on
22d Anniversary
In
Revert
hiding.
1776—the age in
of
Armistice Day Address Reaffirms
Democracy—In Address at Tomb of
Soldier Declares It as His Belief That
Not
and the
hardly be
orderly progress deteriorated,
led by . tiny people, forecast the next vast step
which, thank God, we still live.
places,
practice."
Will
Modern
into
overrunning of Europe by vast popula¬
East,
exploration—marching
and
Toward
proceeded
Institute
age
feudal
tion
President Roosevelt in
in
an
farther
learning
drove
previ¬
Definitely,
direction.
thousand years ago, with the Crusades,
guilds, the kings and the renaissance, that age
which immediately preceded our own was born and grew and flourished.
That was an era of enormous distinction—arts and literature and educa¬
President, on Oct. 31, was noted in our
issue of Nov. 2, page 2576, and in our issue of this week we
are referring to the indorsement by Dr. Goldwater of New
York of the statement in that address of the President
there was no intention on the part of the Government "to
Faith
which forced its own conception
Then, with the reawakening of a
by the
socialize medical
age
,
the
collapse and
from
movements
called
Though efficient and
Bethesda
an
millions of less civilized people who
age.
Rome's
With
space
that the physical
was
on
an
of human illness.
happy, too,
well.
It
life
personal dictatorship.
lived under tribal custom or centralized
harmonious cooperation between Government
and industry and labor, it is at least three months ahead of schedule and
we hope to occupy these buildings by next October.
To all who have and
have had a part in this work, I give the thanks of your Government.
In the years to come 1 am confident that the striking architecture of
this great center
will receive approval.
It is a departure from the
Colonial type of many recent structures, as it is also from the monu¬
mental classic design of the buildings within the District of Columbia.
It
combines, I think, a practical usefulness for the facilities which will
inhabit it and, at the same time, the harmony of its lines give expression
to the thought that art is not dead in our midst.
This Naval Medical Center of which I iay the cornerstone is a tribute
to a living democracy—a democracy which intends to keep on living. ;
so
of
ways
conquest and
Rome
security
>
for any emergency that may be
reasonably anticipated.
It is convenient to transportation by road and
lail.
Across the highway, with its great research laboratories, the National
Institute of Public Health, dedicated last week, is still its good neighbor.
And within this Naval Medical School itself will be joined the task of
the clinician and the teacher.
Technical instruction will go hand in hand
247
Its
and
laws
Rome—an age of a strange admixture
military
world.
known
of the then
of
and
laws
and
the
mobilization.
When
.:Y'YY''"':: Y>Y-Y"
the age of
to
came
sword
to
Greece.
graphical area.
the
expansion
government in which the
civilized society goes back to the
We must remember, however, that while the
philosophy of democracy was there first expressed in words and on paper,
the practice of it was by no means consistent, and was confined to a rela¬
tively small number of human beings and to a relatively small geo¬
ancient
of
clays
tion
for
Y.
■'"Y
..
the philosophy of orderly
question,
governed had some form of voice in a
this present one.
and
properly recognize that in 2,500 years
few "new orders" in the development
years
some
ours descends I suppose
there have been only a
of human living under a thing
which
from
civilization
of
scheme
the
in
we
very
ously had
:•
for better facilities led your Gov¬
ago to initiate the move from the old historic site to
These new buildings had become a necessity even before
existing expansion in our defense forces.
I have referred to foresight,
that is one reason that in
planning we have provided opportunity
for
need
The
ernment
day that recorded history began,
creating or establishing some kind of
the
that
as
personnel.
since
century
every
people have thought that they were
"new order of the ages."
our
patriotic cause of preserving the
Ages."
"A New Order of the
means:
bombs rained
The Commercial & Financial Chronicle
2874
President
Arlington
fervent
Roosevelt
and
Cemetery
speech.
.
stood
.
by
the
the
of
grave
Unknown
the
amphitheater
enormous
Soldier
vibrated
in
his
with
Throughout this land, in city, village and hamlet, sober-faced men and
walked quietly or paraded to the shrines of the World War dead
hear
and
prayers
hope
of
messages
and
From
courage.
legion
a
of
bugles
everywhere quavered the melancholy music of "Taps."
moved along main streets and through autumnal parks in the
metropolitan district as the general populace, the American Legion, the
Veterans of Foreign Wars, came to pay tribute to the soldier dead.
In
Parades
this country, as
in France, a strong religious note was apparent.
At 11 a. m. the hour of the Armistice, a sudden bush fell on the city.
The roar of Bubway, bus and trolley died away.
Cabs stopped in the main
streets and in the side streets, and men and women lowered their heads
in attitudes of reverence.
One
of
Eternal
of
most
Light
World
the
on
Madison
at
was
Square.
the
Ten
base
of
thousand
director
city
of
selective
laid
lives
the
in
last
were
ad¬
World
the
War,
world,
we
Place in Program of National Defense—Norman H.
Davis and Maj.-Gen. Harbord also Urge Support of
Drive
?v.'H
Nov. 10 urged tlie American people
on
join the Red Cross and to generously support it during
the annual
Day
membership roll call which opened on Armistice
continue until Nov. 80.
Stating that the
will
and
operations,
and
Enrolment
great program of national defense."
in the
"The rapid expansion
defense
man-power," said the President, calls "for
increase in Red Cross service to our
soldiers, sailors and their families at home."
The Presi¬
corresponding
surance
Health
National
The
annual
to
auxiliary of
the great
Our
is
vitally
armed
our
important
forces
to
Red
the
of national
program
all
practical
aid
public
in
any
Behind
both
service,
Under
Cross
its
is
to
communication
an
essential
which is
As
an
place
in
engaged.
to turn to the Red Cross for
we
are
now
and that high trust always has been
voluntary relief organization is a record of
time of war and peace, which makes it an
in
aid
to
between
them
and
the primary
of
one
armed
our
and
forces
the
people of
to
dutieB of
act
as
medium
a
United
the
the Red
States.
home.
of service it would
President's
The
failed
take
to
as
resources,
Cross
home
nursing, first aid and emergency relief.
All this requires
increased equipment and more trained workers in Red
chapters.
We
must
not
forget, however,
in
even
times of special emergency, that
the continuation
of the vast peace-time work of the Red Cross is equally
Its health and educational services have peculiar value at this
important.
time.
the
Likewise, it must continue to be prepared to give instanc help in
of such great natural calamities as famine, fire,
flood and
event
epidemics.
The
be
.
•'/'v
expansion of these national services, which should
through the Red Cross, America's officially recognized
maintenance and
coordinated
voluntary
relief
will have, I am sure, the generous support of
patriotic American.
These services are made possible by our mem¬
every
bership
national
The
against
Red
paredness.
Red Cross membership button, which millions of
during the coming weeks, is a splendid symbol of our
wear
unity
American
Cross,
agency,
dollars.
Americans will
Cross
Chief
As
the
will
forces
invite
Executive
of
destruction
of
each
of
the
us
to
and
share
Nation
and
misery.
in
this
Soon
national
President
of
the
am
sure
the
American
I
attribute
belief
in
the
the
hospital
hospital
the
demonstrate America's inner strength and
unity, and urged
as
one
way in which all could work together for the
defense.
As to Mr. Davis's remarks, we quote from
Washington advices to the New York "Times," which also
common
said:
six
reminded
months
new
roll
and
its
his
ago
for
that
went
all
call with
work
listeners
the relief
to
for support
defense
the
$21,000,000 raised in the campaign
of war sufferers abroad, while the
for the organization's domestic relief efforts
services.
Major-General James G. Harbord, Chairman of the New
Chapter of the American Red Cross, was a speaker on
12
over
radio station WJZ
in
the drive for
contribu¬
tions, at which time he said that the slogan "America First"
summed up the purpose of the American Reel Cross.
In
"Times" he
the
was
the
same
time
confident
that
gave
you
relief
to
war
sufferers
in
will give double credit
other
when
lands.
you
For this
have
Cross
tlio
of
of
the
services rendered
national
more
plans
picture.
than
3,700
New
York
Chapter, I naturally stress the Red
in this city.
First, however, let us look at
Our New York Chapter, great as it is, is but one
to
you
Chapters
plans after
offered
against
considered
of
the
American
Red
careful
a
the
costs
judgment
nearly
more
met
the
than
any
other
families
Cross.
to
a
belief
this
A
that
study
of
requirements
available
all
of
unexpected
the
of
non-profit
all
form
union
of
pro¬
.yMr
country
today
there
60
are
non-profit
the
hospital
service
plans,
Hospital Service of New
protection at
In
addition, there
hospital
low subscription charges.
prepayment medical plans, as a rule not
non-profit
are
Associated
jet fully developed but. showing promise of. future growth, which provide
protection against the cost of medical service.
But this is a mere begin¬
I
ning.
that the public, including especially employer and employee
in a serious effort to make socialized medicine
propose
groups,
get together
now
for
unnecessary
regularly employed
any
The President's speech at
in
issue of Nov. 2, page
our
President
Roosevelt
worker.
Bethesda,
2576.
Oct. 31,
on
Proclaims Nov,
Day—Continues
Observance
Practice
21,
Started
Week Earlier—16
given
was
Thanksgiving
Last
States
Year
of
Celebrate
to
Nov. 28
President
Nov.
21,
Roosevelt
which has
year
Nov.
9 proclaimed
Thursday,
Day, and declared that "in a
calamity and sorrow fall upon many
on
Thanksgiving
as
seen
peoples elsewhere in the world may we give thanks for our
preservation." The President followed the precedent he set
in 1939 when he moved
Thanksgiving Day a week earlier
than the customary last
Mr.
Roosevelt
business
said
he
who had
men
Thursday in November.
took
this
requested
action
a
for
Last year
the
benefit of
longer interval between
Thanksgiving and the Christmas holidays; this was reported
in our issue of Nov. 4, 1939,
page 2900.
The President's
proclamation designating Nov. 21 as Thanksgiving Day this
reads
year
as
follows:
THANKSGIVING
DAY—1940
By the President of the United States of America
A
1,
Franklin
hereby
D.
designate
a
elsewhere in the world
On the
the
21st
day
'
'•■■■;
United
of
States
calamity and
seen
may
day, in the
God, who hast
same
we
hour, let
us
America,
1940,
to
be
'
sorrow
give thanks for
same
of
November,
day of thanksgiving.
a
which has
year
President of the
Thursday,
observed nationally as
In
PROCLAMATION
Roosevelt,
fall
our
pray:
upon
peoples
many
preservation.
,
Almighty
given us this good land for our heritage, we
humbly beseech Thee that we may always prove ourselves a people mindful
Thy favor and glad to do Thy will.
Bless our land with honorable
industry, sound learning, and pure manners.
Save us from violence, dis¬
cord, and confusion; from pride and arroganey, and from every evil way.
of
Defend our liberties,
and fashion into one united people the multitudes
brought hither out of many kindreds and tongues.
Endue with the spirit
of wisdom those to whom in Thy Name we entrust the
authority of gov¬
ernment, that there may be justice and peace at home, and that, through
obedience to Thy law,
the
earth.
the
In
of
In
day of
witness
we may show forth Thy praise among the nations of
prosperity, fill our hearts will thankfulness, and
trouble, suffer not our trust in Thee to fail.
Amen.
whereof, I have hereunto set my hand and caused the seal
the time of
the United States
Done
year
the
of
at
our
United
the
of America to be affixed.
City
of
Washington this ninth
Lord nineteen
States of
hundred and
America
the
one
day of November, in the
forty, and of the Independence of
hundred and sixty-fifth.
[SEAL]
D.
ROOSEVELT.
By the President:
OORDELL
-
HULL, Secretary
of State.
According to the Associated Press, 82 States will observe
the Nov. 21 date this year,
Chairman
matters
of
I
considered
the record.
"As
service
their
was
FRANKLIN
"During the past 14 months the American Red Cross has done double
he said.
"It fulfilled all its obligations in our own country and
at
hospital
also quoted as follows:
duty,"
am
these
Because
the Government to do it.
or
York, and which provide
in
York
Nov.
and eventually
care
labor leaders in
whose activities resemble those of
to
it
He
opportunity to promote non-profit pre¬
be made available in full measure to
most
protection
It
.
.
have
who
Congress of Industrial Organizations which has endorsed
of
their
and
.
to say:
on
leaders
is to be found in the action of the International Execu¬
the
service
members
Red
Davis, National Chairman of the Red Cross,
address broadcast from Washington on Nov.
10, also
opportunity
labor
by
all emergencies.
supineness of
illness.
tection.
the
Norman H.
an
the
heeded
inevitability of socialized medicine.
tive Board of
do
an
of
be
they have sat back and waited for George
people will proudly and cheerfully
emphasized that the roll call provided
the
Dr. Goldwater went
should
in
care
pre¬
respond.
in
31,
Nov. 1 from Dr. S. S. Gold-
on
provide."
warning
medical
all who possibly can do so to join the Red Cross
during this period of annual enrollment—Armistice Day to Nov. 30.
It is a
which I
of the
Oct.
on
Hospital Service of New York that
needs of
I strongly urge
call to
Increase
dedication
which are or can
working people for assured hospital
plans
assured
for
warfare, in transferring the tragedy of the battlefields,
with all its suffering and destruction, to the heart of civilian populations,
lias emphasized the importance to our civil defense of such Red Cross
services
the
Bethesda, Md.,
at
relieve
advantage
meet the
Modern
greater
1
The
ing increase in Red Cross service to
at
this
on
does not intend to "socialize medical
"will
statement
of
defense man-power calls, therefore, for a correspond¬
our soldiers, sailors and their families
our
obligations
minds of physicians and
laymen who feared that the country might soon be plunged
into a complicated system of socialized medicine staggering
in cost, difficult to administer, and doubtful as to the kind
national life.
congressional charter
rapid expansion of
has
which
citizens.
great
our
render
our
emergency,
this
inseparable part of
of
Cross
defense in
people have learned through the years
fulfilled.
certain
at
assurance
water of the Associated
this
In
membership roll call of the American Red Croes,
begin,
imposes
follows:
as
Institute,
that the Government
dent's statement follows:
about
you
in Voluntary
non-profit
our
charter
President Roosevelt's
forms
essential place
an
As
program.
Hospital and Health In¬
Plans, Says Dr. S. S. Goldwater
available
a
defense
President Roosevelt's Statement that Government Does
voluntary
of
national
United States and their Army and Navy.' "
the
of
the
One obligation is
armed
Cross has
the
to
to make provision
upon
act in matters of voluntary relief and in accord with the military
naval authorities as a medium of communication between the people
notable exception
the Red
is called
'To
membership roll call "is vitally important to all our citi¬
zens," the President added that "as an auxiliary of our
forces
looming
the
in
part
payment
President Roosevelt
to
American Red Cross
practice" brought comment
their
down
doing it to bring permanent peace to
future.
They have not died in vain.
our
service,
President Roosevelt in Annual Appeal for Support of
American Red Cross Declares Latter Has Essential
;
"
per¬
said:
He
who
Americans
they
dedicate
McDermott,
assemblage.
these
To
believing
Cross
Red
flags, heard fervent speakers call for vindication of
V.
Arthur
the
its
organization.
War
Colonel
service
.
present the
doing
give
they
1940
piesumably know, the American Red Cross operates under a congressional
Although the Government does not appropriate funds to finance
the
dead, stood in attitudes of prayer when the silvery notes
"Taps" quavered over the park.
dressed
united,
Nation.
Not Intend to Socialize Medicine Should
here
meetings
side of
west
communities;
16.
charter.
...
impressive
the massed
faced
sons
the
the
for
home
their
serve
"At
women
to
they
entire
.
Nov.
Individually,
while the following 16 States will
adjhere to the traditional Nov. 28:
Arkansas,
Nevada,
sylvania,
Connecticut,
Oklahoma,
South
New
Dakota,
Florida,
Kansas,
Hampshire,
Tennessee
Iowa,
Massachusetts,
North Carolina, Rhode
Vermont.
and
Island.
Maine,
Penn¬
The
151
Volume
Says
Roosevelt
President
Resources
Protect
to
tarianism—Message to
Is Organizing Its
Against Totali¬
New England Conference
Country
Democracy
a
message to the New
England conference which
opened in Boston yesterday (Nov. 15), President Roosevelt
said that "our country is organizing its incomparable re¬
sources of men, materials and machines" to protect democ¬
racy against the "forces of totalitarian despotism."
The message, addressed to Ralph E. Flanders,; newly
elected President of the New England Council, a civic in¬
dustrial business organization which sponsered the conference
in conjunction with the Governors of the region's six States,
In
limitation.'^|Mr.l Roosevelt acted on the
of Commerce
Administrator, who told the President
that, unless the outstanding mortgage limitation was in¬
creased from $3,000,000,000, the Housing Administration
would have to cease its operations about Dec. 1. In a letter
$4,000,000,000
recommendation of Jesse H. Jones, Secretary
To
McDonald, Federal Housing Administrator, Mr.
congratulated him "upon the remarkable record
you have made."
The President's letter to Mr. McDonald follows:
Roosevelt
I have your letter of
Our defense must be
of our citizens directed t® that great purpose.
New England is playing a most important part in this effort.
Already
more than $1,000,000 in defense contracts have been awarded to the in¬
by the united will
Their prompt and
to
effective execution is
and outstanding at any one
$4,000,000,000."
vital
I note that you
housing act, as amended, I
of the
be of
great value to the work of the Council in this time of emergency. Through
you, I send my greetings to the conference and my best wishes for your
selected a man well acquainted with some
Your knowledge and experience should
'
in the days to come.
success
in
the
Roosevelt Says Adjustment of Real Estate
Would Probably Come Within Scope of
Taxation
A
National Tax Commission
Nov. 12 informed the National
R§al Estate Taxpayers, that the adjustment
of real estate taxation would probably come within the
scope of a national study of
taxation recommended by
President Roosevelt on
Conference of
Morgenthau. The President ex¬
pressed this opinion in a message to the conference which
met in Philadelphia in conjunction with the annual conven¬
tion of the National Association of Real Estate Boards
Secretary of the Treasury
13-15.
Nov.
The President's letter
Although the field of
follows in part:
real estate is primarily
of concern to the States,
taxation
established
the consideration of problems concerning such
properly belong on the agenda of a national commission
I recognize that
would
to
study the
coordination of Federal, State and local
before the Ways and Means
During the hearings
taxes.
Committee on the
Morgenthau recommended the creation
of such a commission, composed of men of ability, high in public confi¬
dence and familiar with the intricacies of tax law, to study the problem
of Federal-State conflicts in taxation and the overlapping of taxes.
If the Congress acts upon his suggestion, I feel sure that the Treasury
Department will be glad to assist such a commission in every way possible.
Revenue Act
of 1939, Secretary
mentioned in these columns Oct. 19, page 2294,
Estate Taxpayers Conference pointed out that
"the concentration of national effort on defense, with its
inevitable new and necessarily heavy calls on tax-paying
As
the
was
Real
ability, means that
this
the
real estate tax adjustment
juncture a step of fundamental
balance of our whole national
becomes at
importance in
economy."
preserving
for
Roads
Automobile Manufacturers' Convention
President Roosevelt in a letter to the American Automobile
Association, which opened its convention in Washington on
Nov. 14, expressed the belief that "there is need for some
Message to
improvements on our major system of roads and concentra¬
tion on connecting these with centers of mobilization and
defense
Stating that
production."
transportation is vitally
defense, Mr. Roosevelt said "we are
fortunate that defense needs can be met without any serious
interference with civilian traffic."
In his message addressed to Thomas P. Henry of Detroit,
President of the Association, President Roosevelt, according
to Washington advices to the New York "Times" said:
You are holding your 38th annual convention at a very important time
in the history of our country.
I have observed with a great deal of interest
that your major discussions will be devoted to aspects of national defense
in which organizations such as yours can render most effective service.
Transportation is, of course, vitally essential to national defense.
We
are fortunate that defense needs can be met without any serious interference
with civilian traffic.
Your organization can give great assistance in the
coordination of normal and military highway use, and also render valuable
aid in the securing of such additional facilities as may be found necessary.
There is immediate need for some improvements on our major system of
roads and concentration on connecting these with centers of mobilization
essential to national
and defense
defense and related civilian activities
there will receive wholehearted support from your organization.
I send
good wishes to you and those in attendance at your annual meeting.
phases of national
.
+
$1,000,000,000
President Roosevelt Approves Increase of
in FHA Mortgage Insurance Authorization—Raises
Limitation to Maximum
President Roosevelt on
$4,000,000,000
Nov. 14 approved an
increase of
$1,000,000,000 in the outstanding principal of mortgages
which may be insured by the Federal Housing Administra¬
tor. Acting under Title II of the Housing Act, the President
thereby raised the mortgage insurance to the maximum
by them.
Congress to Vote on
Sine Die Adjournment Resolution
Tuesday—President Roosevelt Says Congress
Make Its Own Decision—Has No New
Should
,
Legislation to Send to Present
Session
issued a statement on Nov. 13 saying
that President Roosevelt believes that Congress should make
its own decision on the question of sine die adjournment and
that he has no new important legislation to submit to the
The White House
present Congress. Earlier in the day (Nov. 13) Speaker of
the House Rayburn announced that an adjournment reso¬
lution would be offered in the House next Tuesday (Nov. 19)
and he urged members to be present for the vote.
resolution will be presented in the Senate by
A similar
Majority
For the past month the Senate and House
have been taking three-day recesses, simply carrying out
Leader Barkley.
procedure of meeting on Mondays and Thursdays without
any business.
This was necessary due to a con¬
stitutional provision that neither branch of Congress can
recess for more than three days at a time without the consent
of the other.
The agreement on three-day recesses was
mentioned in these columns Oct. 19, page 2284.
The President's statement in the matter, made public by
Stephen Early, White House press secretary, also denied
certain newspaper stories that he had ordered Congressional
leaders to "get Congress out of town." Saying that he was
speaking for the President, Mr. Early issued a statement
saying in part:
The President is and has been at all times entirely willing and agreeable
the
transacting
the present three-day recess arrangement, to con¬
session or to adjourn.
He believes that the Congress should make its own decision.
He told Speaker Rayburn today that in so far as he was concerned he
did not have any new legislation of such importance to justify its being
sent to the present Congress, and neither was he particularly interested in
to Congress
to continue
tinue in continuous
U.
legislation introduced and
pending before the present Congress.
Supreme Court Rules Against NLRB In Its
Requiring Republic Steel Corp. To Reim¬
burse
Relief Agencies
For Aid To Discharged
S.
Order
Employees
In
a
6-to-2 decision the
United States Supreme Court on
that the National Labor Relations Board
does not have the right to require employers to reimburse
12 ruled
Nov.
organizations for aid extended to employees held to
discharged illegally under the Wagner Labor Act.
The proceedings, it was pointed out in Associated Press
accounts from Washington, Nov. 12, grew out of a Board
order directing the Republic Steel Corp. to reinstate 5,000
or
more employees
who participated in the 1937 "little
steel" strike. The Supreme Court previously has refused to
review the reinstatement order, it was indicated in these
advices, which said:
The Labor Board had held that the money it ordered reimbursed would
be deducted from the amount found due the employees for back pay.
A
government spokesman estimated that approximately $200,000 to $400,-
relief
have been
000 was
involved in the Republic
In the
Steel case.
6-to-2 opinion delivered
by Chief Justice Hughes
that the Board had acted beyond its authority
in issuing such an order against the Republic Steel Cor¬
it was held
poration.
production.
I know that ah
$4,000,000,000.
congratulate you upon the remarkable
occupants or rented
any
in
Administrator, making an agregate of
record you have made
as Federal Housing Administrator.
You have demonstrated that comfort¬
able homes for people of moderate means can be provided at low cost
and without loss to the government, whether the homes are owned by the
I want to
Sees Need for Some Improvement
Defense
Transportation—Sends
President Roosevelt
hereby approve an Increase of $1,000,000,000
which may be insured by the
outstanding principal of mortgages
Federal Housing
on
President
recommend the limitation be increased, and, therefore,
authority contained in Section 203 (A) of the national
in accordance with the
problems.
defense
$3,000,000,000, "except
amount may be
the President such aggregate
increased to not to exceed
15 years been active in developing
the interests of all New England.
It is now in a position to make a sub¬
stantial contribution to the defense efforts by continuing its leadership
for co-operation among those regions.
In electing you to the Presidency of this organization at this particular
basic
time may not exceed
that with the approval of
England Council has for
time, the Council has
Loan Admin¬
30, 1940, your outstanding mortgages
insured, together with commitments and business in process, amounted
to $2,814,000,000, and that applications for mortgage insurance currently
average about $120,000,000 a month, and that the aggregate amount of
principal obligations of all mortgages insured under title II of the act
adequate defense.
an
The New
15, addressed to the Federal
Oct.
istrator, and note that, as of Sept.
is organizing its
dustries of those six States.
Loan
to Stewart
against the forces of totalitarian despotism,
incomparable resources of men, materials
assured and it can best be assured
Democracy
protect
country
and machines.
Federal
and
follows:
our
2875
Commercial & Financial Chronicle
From the Associated Press, we
"We do not
think," the Chief Justice
quote further:
said, "that Congress
intended to
virtually unlimited discretion to devise punitive meas¬
prescribe penalties or fines which the Board may think:
would effectuate the policies of the (labor) act."
Justices Black and Douglas dissented from the majority stand on relief
reimbursement, but said they would have acquiesced in the opinion if it
had been based on the ground that discharged employees "must themselves
be the recipients of the back pay" in question.
"But the judgment here," their dissenting opinion added, "does not rest
vest in
ures,
upon
the Board a
and thus to
such
an
interpretation.
The holding appears to
be on the
ground that the Board may not require full back pay
.
.
.
received pay for services performed on a governmental relief
if he has
project pro¬
vided exclusively
for the needy
unemployed."
The Commercial & Financial Chronicle
2876
Justices
and
Black
Douglas expressed
knowledge that he might be "called
the
belief that
and
ployees would have earned but for their wrongful discharge, regardless
of any
assistance government
employment, might well be
have rendered them during their
may
with the act."
.V-,
According to
ficient to sustain
an
a
deterrent effect is suf¬
order of the Board, it would be free to set
the
before reinstatement
employees
their
back
manifestly
pay
because
up any
defense
were
"That principal
directed to
be
these
employees whole."
would apply," Justice Hughes observed, "whether the
employees had earned the amounts in public
on Housing, whose Chairman is Dr.
Ilenry E. Hoagland, Professor of Business Finance at Ohio
State University, formerly director of the Home Owners'
Loan Corporation and a former member of the Federal
The majority opinion also declared that the Labor Board "proceeds upon
misconception" of the Wagner act because "the act is essentially reme¬
a
dial" and "does not carry a penal program
declaring the described unfair
labor practices to be crimes,"
Home Loan Bank Board.
,
Emphasizing
The Labor Board gaid it regarded the work relief funds received
by the
men while away from their regular
employment as "a sort of windfall"
which
neither
retain.
the
corporation
the
employees for
back
should reimburse the government
"In this view,"
for
the
nor
employees should
It added that the order could be viewed
reimburse
to
the Board said,
pay
as
be
allowed
a
but
that
the employees
bookkeeping convenience
i
the corporation to pay the government
directly."
Supreme Court to review the Republic
referred to in these columns, April 13, 1940,
page
2975.
was
Supreme Court Rules Trader in Non-Capital Securities
May Deduct Individual Losses from Federal Income
Tax—Other Tax Rulings
The U. S. Supreme Court on Nov. 12 ruled that a securi¬
ties trader, in computing his Federal income tax,
may offset
losses from the sale of non-capital securities owned
by him
individually against profits from the sale of similar securities
owned by him and another person as partners. In
reporting
this ruling, the Associated Press had the
following to say:
Justice Frank Murphy delivered the opinion, which involved
tion by Harry H.
Neuberger,
a
conten¬
a
member of the New York Stock Exchange,
that he should offset
a $25,588 individual loss for 1932
against a profit of
$142,802 by the firm of Hilson & Neuberger.
Justices Owen J. Roberts,
Hugo L, Black and William O. Douglas dissented.
The Board
of Tax
Appeals and the Federal Circuit Court disallowed
the $25,588 deduction claimed.
A $9,201 deficiency tax had been assessed
by the Commissioner of Internal Revenue.
This ruling was one of the five decisions in tax
the Supreme Court handed down on Nov. 12.
which
The
other
all of which sustained the Government's viewpoint,
as follows in a
Washington dispatch of Nov.
12, to the New York "Times:"
cases,
described
were
A
corporation is
repealed—even in
subject
cases
the
to
1936
profits tax—since
Income realized from the sale of Federal
tax-exempt bonds is not exempt
from taxation but only the interest therefrom.
The government of Puerto Rico may
of oil from bonded tanks to ships for use as fuel
on
the high seas.
A taxpayer must abide by the limitations of time
file
as
to
when
law.
'.
than
may
'V:/v;
liability under the
/'lv
.'V:
durable, "permanent" construction,
temporary or makeshift expedients.
housing of
kind
any
"must
The report points out that
protection
assure
from
wind, rain, cold, heat
snow," and "must be suitable for normal family life," and says that
any "temporary" housing meeting these requirements "can have but little
advantage either in cost or time of erection."
The report further warns
and
that
"the
ultimate
The committee says
priced
housing.
defense
of
and
the
'temporary'
housing
30%
another
for
$2,500
"this
always
doubtful"
of
the
workers
income
means
will
be
making
an
average
40% of the workers will
average $29 weekly,
The needed housing will have
remaining 30% about $20 weekly.
suitable
is
aftennathi of blight and slum."
an
the great need of the present emergency is for lowresearch report shows that for a typical group of
about
week;
report,
from
ranges
a
such
house
as
these.
"More specifically,"
should
fall
which
in
cost
a
says
range
of
$4,000,
to
including land, for at least a two-bedroom unit,
corresponding monthly rentals of $20 to $35 without light or fuel."
great advantage of housing operations in the low-priced field, says
with
A
the
per
the
be
to
The
industries
$50
of
removal
the net result is to "leave
and too often
is that such houses meet both normal and emergency needs,
offer to investors "safety in financial operations."
The
points out that "even in most of those places where concentration,
and hence risk to investment, may be
greatest—the shipbuilding centers of
report,
therefore,
report
the
East
Lakes
Coast
and
the
regions—there
is
industrial
an
centers
extensive
supply
a
in
needs
As
in these
areas
sufficient
the
which,
of
amount
in
a
It
of
is
and
the
Great
low-priced housing of good
difficult
few months,
housing
new
the Northeast
of
lack
quality to meet normal requirements.
to
or
visualize building
to
in
meet
a
few years,
long
will
accumulating
low-priced field."
concrete
suggestions
housing,
the
for
committee
least competitive with
plified
he
amended tax return in order to reduce his tax
an
stated:
The committee recommends houses of
rather
priced
apply its 2% sales tax to the sale
the
avoiding such dangers today the
that the Government promptly formulate
a national housing policy and make its
provisions "clearly
and widely known."
The Fund's announcement regarding
programs
undistributed
where State lax prohibits distribution of dividends.
action,
urges
and,
cases
immediate
first step toward
a
committee
the report
case
for
jobs in war industries, and threatened to reduce the output
of a major munitions plant by as much as one-third.
As
The refusal of the
Steel
necessity
shortages caused an annual labor turnover of 500% to
1,000% in some shipyards; caused 50% of women workers
sought by Labor Department placement service to refuse
to
directing the corporation
lost,
the
research report shows that during the World War housing
"for interim support."
"It is but
be of permanent, not temporary,
be concentrated in the low-priced
should
the Fund's Committee
private employment."
or
should
it
field; and Government should make every effort to aid and
stimulate private building before starting direct operations
itself.
The report was prepared under the supervision of
deducted from
been received,
Century Fund—
Building Before
Private
on
housing
construction;
"the amounts earned by
having already
amounts were not needed to make the
Aid
special research report, "Housing for De¬
Nov. 8 by the Twentieth Century Fund,
a
fense," published
system of penalties which it would deem adequate to that end."
Justice Hughes's majority opinion noted that
by Twentieth
Should
Entering Field
•/.' y:<
"That argument proves too much for if such
Issued
Government
The majority opinion, however, said:
V
1940
Concentrated in Low-Priced Field, According
Report
to
un¬
factor in inducing an employer to comply
a
16,
Defense Housing Should Be of Permanent Construction
employer's
an
to pay out the wages his em¬
upon
Nov.
helping
to
speed
recommends
the requirements
"use
up
of
the
supply
materials
of
which
loware
of the defense industries, and sim¬
and standardized methods of construction, which reduce labor and
waste, conserve the amount of skilled labor required for con¬
material
struction, and cut down the usual erection time."
The
report, it is stated, contains the first published fig¬
showing the allocation, by cities, of upwards of $6,000,000,000 in defense contracts. There is also a table of hous¬
ures
Both
Army and Navy Spent Large Amounts in Second
Half of October
Contracts and expenditures in the defense program in the
second half of October aggregated
and $325,438,629 for the
with
a
total
$381,537,102 for the Navy
Army, while agencies were credited
$14,447,193 in the period. The report also
of
shows the total
spent and contracted for since last July 1,
and in this respect is different from
previous reports which
carried the total
as
from last June 13.
mary of figures made available
Government Reports:
Following is
Nov.
9
by
the
a
sum¬
Office of
NATIONAL SUMMARY OF DEFENSE CONTRACTS AND
EXPENDITURES
(Based
on press
releases of July 1 to Oct. 31, 1940)
ing vacancies in the principal cities and centers of defense
industry in the United States, indicating that critical hous¬
ing shortages are already developing in many defense
centers.
Looking
Oct. 15
Oct. 16 to
>
Oct. 31
$2,749,052,366
4,651,136,832
__
__
_
Federal Works Agency:
Work Projects Administration
The
building
rackets
—w
whole,
the
com¬
industry
is
frequently
subject
to
local
monopolies
July 1 to
Oct. 31
and
and
everywhere is particularly sensitive to labor and materials
The necessity for freeing housebuilding from arbitrary restraints
and for increasing the flexibility of its operations
is, therefore, a major
objective in an emergency housing program.
On the question of whether Government or
private indus¬
try should supply the greater part of defense housing,
^auusivc
ui.
$325,438,629 $3,074,490,995
381,537,102
5,032,673,934
59,681,183
the
that Government policy should "encourage
the continuance of private building effort over a wide area",
says
6,195,578
uouwauiH
not
require contracts.
Note—(2)
72,416,121
The
24,144,000
7,907,833
and announce
mane
Coverage: Army—total coverage; Navy—contracts
of $5,000
In addition the Navy Department has allocated
approximately $1,000,-
000,000 for armament
on
naval vessels
will appear in "contracts"
Correction
to
List
as
of
orders
being constructed in private yards.
placed for the materials.
This
are
Registered Investment Advisers
Published in
the
Chronicle
issue of Nov. 9, pages 2736 to
2739, inclusive, we
published a complete list of the several hundred investment
counsel firms whose registration
statements, filed with the
Securities and Exchange
Commission, had become effective.
Through a typographical error, the firm of Sullivan &
our
Crowell, Inc. appeared in the list incorrectly as Sullivan &
Cromwell, Inc., and, to avoid any possible confusion, we
herewith call attention to the
error.
upon any phase of
operation only on good evidence that private means
longer available for, or capable of, meeting the need."
1,712",255
puDnc; agreements cleared by the
Production Section of the National Defense
Commission which have not yet appeared
press releases as signed contracts; and orders
placed by supply depots which do
and over.
direct
12,734,938
24,144,000
__
on
In
a
shortages.
are no
United States Housing Authority
Education
sum
as
and the Government itself "should enter
Army
Navy
not
housing industry
mittee finds that:
committee
July 1 to
i
at the
committee
believes
Government
the
should
formulate
clear
policy of just what forms of assistance
it will provide for private operations and under just what
a
circumstances it will consider itself obliged to take up direct
operations.
-:i
;•
Thomas W. Lamont in "A
Friendly Caution to Japan"
Expresses Concern for Japanese People in Present
Situation—Urges that They Seek Peace and Pursue
It—In Address Before Academy of Political Science
Advocates Increasing Help to Great Britain and
More Material Aid to China
"A
Friendly Caution to Japan"
was
the title under which
Thomas W. Lamont, partner in J. P. Morgan & Co. Inc.,
the Academy of Political Science at the Hotel
addressed
Astor in New York
Nov. .13 in
discussing the Far East
Japan Mr. Lamont said that
"like many others who have admired the extraordinary
accomplishments of the Japanese people in peace time pur¬
suits, I have earnest desire that their aggression should not
situation.
on
With reference to
Volume
The Commercial & Financial Chronicle
151
drive
mv
own country into a position of
open enmity."
"That wish," he said, "is strengthened because of the fact
that for years I was personally active with many others, in
carrying through plans of friendship for and material aid to
Japan."
In part, Mr. Lamont continued:
The task of composition between Japan and China is to
difficult
should
be
final
close and lasting
New Order."
Academy of Political Science, Points Out That U. S.
Is Working Shorter Number of Hours Than Any
Other Nation—Proposes Output Be Increased by
Japan must understand the new China, for years gradually
and
that she has
and to
superiority, and the idea of "Asia's
crystallizing
from
a
into
people
a
Japan
nation.
a
must
Working 6 Instead of
independent;
realize that China is bound to become and to remain free and
great destiny before her, one more significant even
than her
aggressive neighbor.
more
I
not
am
proposing
a
form of American appeasement towards any
any
What I am doing is to sound
Let that be made clear.
friendly but urgent caution to that old friend and now new Axis partner,
Japan.
Perhaps I
quixotic, a mere business man, to speak in these
am
terms to Japan and to
the
land
many
Japanese with whom I am acquainted, some
Yet when I stop to think of that rugged, beautiful
of them in high place.
those scattered islands,
on
their extraordinary loyalty
have cherished over their
of the intense industry of the people, of
to their Emperor,
2,600
of the culture which they
of established government, of their
years
endeavor to adapt the best things from Western
all these things before my very eyes,
seen
grave
and
far astray from the paths of safety and the community
so
It is because of my sincere friendship for Japan
liberty-loving nations.
the
and
and concern
misgivings for their future under rulers who have led them, perhaps
half blindly,
of
civilization—when I have
I can but have pity
people themselves plunged into this tragic situation;
for the Japanese
people,
Japanese
because
which they always
of the gratitude
expressed for the great material help which Americans rendered to them in
their time of need, that I dare not keep silence
to pursue
when I
see
Japan continuing
policies fraught with grave peril to her and to our relations
with
Days Weekly—Increase in
as Greatest Source of
5
Wages and Costs Regarded
Inflationary Danger
history of 3,000 years, that she desires friendship not enmity with her
part of the Axis.
by Alfred P. Sloan Jr. as Motivating
Economic and Social Progress,
Effective National Defense—At Meeting of
Force Leading to
But Japan must abandon once for all in
relationship.
the Far East the Nazi theory of racial
Viewed
"Work"
art, there is
in culture and in
why the propinquity of the two nations should be utilized for
every reason
emerging
+
In
in interchange of trade—Japan primarily industrial,
agricultural—in forms of religion,
the financial power here brought into being can
hardly be over-estimated," he said. "Within a short time
after the enactment of the law, the Corporation has au¬
thorized credits totaling several hundred millions of dollars.
No attempt was made, as far as I am informed, to learn
whether the money could be obtained through the ordinary
capital markets,"
extent of
domination, there
between Japan and China.
grounds for adjustment
the written language,
China
be sure a most
only in its fundamentals, but in its face-saving necessities.
one, not
Yet in every region of relationship save that of political
2877
Asserting that "the motivating force leading to economic
and social progress as
well
as
the most effective National de¬
underlying concept of any well ordered
economy—is "Work," Alfred P. Sloan Jr. Chairman of
General Motors Corp. declared on Nov. 13 that there are
onty two ways our standard of living can be advanced.
More
work or work more efficiently performed—or better still,
both.
These are the only true ways."
"As long as we work
less," he continued, "as long as we discourage technological
progress, as long as we believe in something for nothing, as
long as we think we can raise the standard of living by legisla¬
tion, without work, we shall always be in potential danger."
fense—and
the
He added:
lies primarily in the lack of intelligence with which
Our weakness today
discharging our great National economic responsibilities and second¬
we are
arily in the lack of understanding
of our people as to where their true in¬
Our strength lies in the abundant natural resources
lie.
terests
essential materials with which our country
her.
What the attitude of the Chinese may
invincible determination
Chinese—these
are
too late for the
form
as
For America our only effective answer to the
I began.
First, to Britain increasing help, help in every
She is fighting for life, for the freedom of the
possible.
and so for the defense of this hemisphere.
seas,
material
policies
aid
The time is not
policies which can still be changed.
Far Eastern threat must be:
material
her hostile attitude towards
for Japan,
as
Japanese to seek peace and pursue it.
I end
so
But
her continued but weakened effort to dominate the
America and Britain,
And
they have already shown, to drive the invader
of China.
from the soil
be I do not know beyond what
public prints, namely, that they intend, with the same
is reported in the
in
heroic
her
on our part are our
struggle
for
Second, to China more
Such
independence.
vigorous
out of war on
best hope and means of keeping
either ocean.
»
Defense Program Could Revive Capital
Markets, Says E. F. Connely—Head of I. B. A.—
Sees Business in Need of Only Some Indication
Financing of
That
It
Fair Return
Allowed to Make
Be
Properly managed, the financing of the defense program
capital markets after a decade of deepening
stagnation, Emmett F. Connely, President of the Investment
Bankers Association of America, said in addressing the open¬
could revive the
ing session of the 54th annual convention of the Land Grant
Colleges and Universities at the Drake Hotel, Chicago on
Nov.
"Both the investor and the industrial borrower
11.
optimistic by nature," Mr. Connely said adding that,
them into action. All that
are
"it does not take much to spur
is needed is
some
kind of
reassurance—some
business will be allowed to
return, under conditions
He likewise stated:
a
brilliant opportunity for such
markets, on terms which compensate for the obvious
difficulties
would take
provides
on
new
involved,
and
I
those markets
convinced that
am
life and begin once more to function
in the national
interest.
and producers.
In those who believe in the
order and efficiency.
In those who believe in
and the
In our great industrial
organizations, our scientists, our technicians, our creators
though it may be the hardest way."
true way, even
Mr. Sloan,
who spoke at the annual dinner meeting of the
Academy of Political Science at the Hotel Astor in New York
City, pointed out that "the political philosophy of recent
based upon the doctrine that accomplishment in
liability."
The result he said
"has been that the economy has been restricted in its essential
development so as to throw upon the enterprise system a
burden of continuous unemployment, increasing indebtedness
increased taxes, higher prices, curtailed productivity, a re¬
duced standard of living, to say nothing of a Nation having
lost confidence in its own virility, uncertain as to the pos¬
sibilities of its own future."
He continued in part:
years seems
important way is a social
an
Now that the present
let
than a "breathing spell" neces¬
Ironically the very individ¬
the very industrial organizations, which, during the past few years,
been under political attack and help up to public scorn as enemies of
sitated by the program
uals,
have
the
political regime has been re-established in power,
hope that industry can expect more
us
of National Defense.
public interest have now become
vital instrumentalities of Natioal De¬
The Nation turns to them to protect
fense.
itself against aggression.
.
.
.
The economic effect of our program
of National defense is of transcending
It serves to counteract
the deflationary forces already dis¬
importance.
The energizing power of our system
cussed.
times is the profit
of free enterprise in ordinary
motive, together with the ambition for success and ac¬
National Defense effort stems
powerful of all human emotions—protec¬
An entirely different group of economic forces now
The energizing power of the
complishment.
importantly from that most
more
tion of National life.
They must be identified and appraised if we are to attempt to
during the next two or three years.
But those factors
prevail.
evaluate the economy
which have so beset us
and impeded our progress during recent years are yet
They are still with us and will return with accelerated
reckoned with.
to be
Once let it be understood that this program is to be financed
in the open capital
and
indication that
fair and normal rate of
a
of reasonable political stability."
The National defense program
reassurance.
risks
earn
abounds.
force when the present emergency
is over,
.
.
.
defense anywhere, involves two phases:
take up the surpluses in the system.
The second
begins when a state of full employment and maximum capacity of existing
facilities finally is reached.
Our economy today is in the first phase.
The
effect on the enterprise system is first a gradual and then an accelerated ex¬
Any program of war or
First, production acts to
spreading out with increasing force from certain motivat¬
reflected in greater or less degree throughout the whole
longer hours.
New payrolls are cre¬
ated.
The most important impact is felt in the durable and capital goods
industries so seriously restricted for so many years past.
As this process
continues, by far the great majority will be convinced that the good old days
are with us once more.
The defense program promises a synthetic pros¬
pansion of activity
The I. B. A. President termed such a course a
"beginning
correcting" the conditions responsible for the stagnation
that has spread over most of the last 10 years.
He indicated,
however, that the trend toward Reconstruction Finance
at
Corporation financing of industry's participation in rearma¬
was exactly in the opposite direction.
In describing what he termed two sets of "blue-prints"
for carrying out the defense program, Mr. Connely declared:
ment
One of them presents a
plan which, on the basis of experience, promises
effective and economical production of guns, tanks, airplanes, and war¬
an
ships, while at the same time it preserves the elements of liberty and free
enterprise for the future.
costly
armament
control, which
effort,
we are
The other indicates a halting, confused, and
involving
an
extreme
planning, and coordination of effort, and a central
Let's not fool ourselves about
authority to execute the industrial program.
the necessity of
centralized power.
mistakes of 1917.
We
are not
private initiative.
its decisions, but in a way
it will know how to
we
It will either
production manager, employer
financier of business; or it will be delegated to an agency of
citizens which will get the job done without
cracy upon
going to repreat the early
Power is going to be lodged somewhere.
be exercised directly by the Government as
of labor, and
degree of governmental
not likely to throw off when the emergency is past.
There must be central
Such
laying the fatal hand of bureau¬
which business can
Payrolls increase as we pass to
area.
perity for the next two or three years.
...
The American industrial machine is not designed to
produce the things
And little flexibility exists. That is
Our available assets for defense
are management, technical skill, effieient workers, ability ot organize and
capacity to construct such different instruments of production as now are
needed.
The problems is new plants, new machinery, special tools required
that
now
working organizations
of
a
defense project
The opportunity to expand existing facilities to
limited to facilities already existing to make the
same specific things.
And, in the case of many of the vital things, existing
capacity falls far short of the needs.
Such are the realities.
I make these observations to emphasize the point that nothing can be
meet the
most
incident to defense
«
*
centering
curtail the production of things incident
accelerating the production of materials
such production is being delayed by peace time
until
•
than any
Output can
be increased 20 % by working six days a week in place of five days.
It seems
clear this should be the first step, if the point is reached when the slack of
unemployment has been taken up and the increasing speed of industry has
America to-day is
Connely said, referring specifically to the expanded
authority of the Reconstruction Finance Corporation. "The
defense demands is
gained in the first phase should we
normal needs for the sake of
needs.
was
control in the Government
marked in the financial part of defense preparations,
Mr.
and production, months more to devlop the maximum
capacity and effieiency.
the kind of system
That
needed.
of mass production.
the necessary personnel and its evolution into effective
At the best a year is needed between the inception
by the new designs,
other
are
most vitally
to our
had in 1918.
Tendencies toward
are
inherent in our system
will be ruthless in enforcing
understand and respect—and
an agency
quit when the job is done.
ing centers until it is
working a shorter number of hours per week
Nation—certainly any other involved in war or defense.
been utilized to
the fullest practical extent.
The Commercial & Financial Chronicle
2878
It appears clear that we can
and should, in our own self-interest, impose
We should expand existing
Nov.
I say that with confidence because the machinery by
the new set of demands upon the existing ones.
will be accomplished is already In
production in harmony with the increased purchasing power available, to
1940
16,
which these things
It has, in fact, already been
tested and has met the test.
productivity.
the point of full
week should the necessity arise.
We should increase the hours of work per
Under such a program, the standard of
It would, in all probability, be somewhat ad¬
vanced during the period of emergency.
The burden of unemployment,
living could be maintained.
such
a
drain on the economy, would be relieved to offset, in part, the cost of
the defense program itself.
Taxes and other revenues of the government
Another speaker at the dinner session was Representative
F. Lea, Chairman of the House Committee on
Interstate and Foreign Commerce and co-author of the
Clarence
Transportation Act of 1940. Declaring against government
ownership and operation of the railroads, Mr. Lea said:
In other words,we should meet this emergency by
would be increased.
In my opinion there is one
expanding the production of goods for both peace and defense rather than by
ship and operation.
unduly diverting the production of usable goods to the implements of de¬
those
fense.
procedure must recognize that shortages will appear, both in mar*
a
Priority should be adopted in such
It is impos¬
cases.
sible to attempt to forecast these factors, because the full scope of the de¬
fense program
The intelligent
does not yet appear to be fully established.
approach is to adopt such economic policies as are clearly sound and desir¬
able and, through evolution, deal with each set of circumstances as it de¬
A revolutionary approach is
velops.
both
dangerous
and unnecessary.
Likewise, it is unintelligent.
.
•.
According to Mr, Sloan "the most striking danger to-daysource
of inflationary danger at the moment is in the increase
in wage rates and its impact on costs."
serves the most profound consideration."
This he said "de¬
From his address
also quote:
As we embark on a defense program,
In economic effects to
major
a
inflation is inevitable.
war,
comparable in scope and potential
the question is whether a new era of
Price disorders exert
a
profound influence on the
They work against the efficient mobilization of the Nation's
economy.
An inflationary process affects prices, profits, rents and wage
resources.
It creates arbitrary and useless changes in the dis¬
unevenly.
rates very
tribution of real income.
It results in
an
irrational allocation of the war
It leads to endless
burden between different groups in the communities.
the difference between victory and defeat.
vention of
It might well
It involves losses in productive efficiency.
controversies.
It is evident that the pre¬
price inflation is of absolutely vital consequence.
a
Experience demonstrates that once the vicious spiral is under way it is
alsmot impossible to check
of
a
it.
The establishment, at the very beginning,
Thus neither prices, wages,
so-called price ceiling has been suggested.
interest
nor
It is questionable
rents would be increased without approval.
by itself, would be effective.
It is the sources of
price disturbances that must be successfully attacked.
Otherwise the im¬
whether such a plan, taken
the source will force prices through whatever ceiling may be
pact from
Competitive bidding by government procurement agents is a
established.
The philosophy that high prices
possible source.
Wage increases
creased output is another source.
are
are
essential to an in¬
another.
Financing
the
methods that result in an increase of spending power out of proportion to
availability of consumer goods, over-liberal extensions of bank credit, and
others.
,
,
.
an
operation free of
than counterbalance any advan¬
more
Production needed from marginal producers involving higher
organization.
be covered by specific arrangements rather than by a
can
rise in the price level.
Priority is
a
In my judgment, the evolution of transportation in the last three
has
made
of
railroads
general
useful tool for preventing price increases
decades
undesirable.
increasingly
competition
was
of minor importance, and highway transportation, instead
of being a competitor, was a feeder to the railroads.
important factors in
are
tition with each other.
owned and
receive?
Now all these agencies
They
transportation systems.
our
How could
are
in compe¬
expect privately owned and
we
fair
on a
operated
equal basis with publicly
or
operated railroads with the political favors they would likely
The natural evolution of the Government ownership plan would
be to take in all the competing agencies with a duplication of service and
deficits.
At the
morning session of the meeting, which was open
public for the first time, the speakers included: John
A. Stevenson, President of the Penn Mutual Life Insurance
Co.; Donald Kirkpatrick, General Counsel of the American
Farm Bureau Federation; J. E. Bryan, President of National
Industrial Traffic League; and C. E. Smith, Vice-President
of the New York, New Haven and Hartford RR.
The meeting was concluded on Nov. 14 with a symposium
on
suggestions for further improvement of service on the
railroads.
Those taking part in the final session of the con¬
vention were: E. E. Norris, President of the Southern Rail¬
way, Jacob Aronson, Vice-President of New York Central
RR.; R. H. Smith, Vice-President and General Manager of
Norfolk & Western Ry.; J. A. Phillips, Chairman of the
Railway Labor Executives Association; J. T. Saunders, VicePresident of Southern Pacific Co.; Charles Donley, past
President of National Association of Shippers' Advisory
Boards, and R. V. Fletcher, Vice-President of the A. A. R.
In his talk on Nov. 13, Mr. Kirkpatrick appealed for flexi¬
bility in rail rates, saying in part:
to the
High rates cannot insure railroad prosperity.
...
Farmers believe that rail rates should be adjusted downward when prices
fall,
this would tend to maintain volume, prevent diversion of traffic to
as
In the end, such
benefit the railroads, agriculture and the public generally.
policy would
a
Conversely, the
railroads should be allowed reasonable rate increases in times of prosperity.
Even then, in their own interest, railroads should not ask for rate increases
which would divert traffic to other transportation agencies.
As shortages appear, such materials may be conserved for
in materials.
defense purposes by restricting the amounts other purchasers
mitted to buy.
This process curtails demand.
price level stable.
would be per¬
It helps to maintain the
Consumer
It is probably the simplest and most effective means of
made the occasion for increases in wage rates that cannot, generally
The entry
be
speaking;
Loans
Are Important Contribution
Banking System, Says W. B. French
of A, B. A.
Probably the wage rate presents the greatest danger and the one hardest
The principle is sound that the defense program should not
Credit
Democratic
to
reaching the end.
to control.
ownership
government
Three decades ago air and pipe-line transportation were unknown, water
other agencies and preserve employment.
■
Competitive bidding for essential materials can be checked by intelligent
costs
political influences that would
transportation agencies to compete
is inflation" and he made the statement that "the greatest
mean
insuperable objection to government owner¬
It is hard to conceive of such
tages from unified government ownership and operation.
Such
terials and labor.
we
existence.
lending
of commercial banks into the
field
referred
was
to
Nov.
on
credit
consumer
14
as
service
a
to
be justified."
society
In his
concluding remarks Mr. Sloan said in part:
the
I hope that the domestic political economic abuses which have beset
economy, can
be brought to an end, or corrected to an important degree.
the
It would certainly be construed as justifying the return of confidence in
long-pull position of constructive enterprise.
sede discouragement.
Encouragement would super¬
National economic sanity could be reestablished.
employment would cease to be a National problem.
and opportunities for many years
of
new
would be realized.
Un¬
The pent-up ambitions
Plans for the erection
they have existed during recent years, I hope for all this and not because
as
such
a
stimulation is needed during the period of our defense activity, but
because it and more will be needed
as an
offset to the highly prejudicial in¬
Bankers
Association
in charge of the Association's Con¬
Department.
Addressing the National Con¬
Credit
sumer
Credit Conference held
Today
We
approximately
have
hold
Needs Says J. J. Pelley
Meeting of Association of American
Railroads—Representative Lea Regards Govern¬
ment Ownership of Roads Increasingly Undesirable
at
The
banks
annual meeting of
the Association of American
Railroads, held at the Biltmore Hotel in New York City
Nov. 13,
more
pledge to maintain adequate service for the demands of com¬
and the needs of national defense.
Speaking at the
dinner in the evening, J. J. Pelley,
President of the Associa¬
tion, declared that the railroads are ready to do whatever
may be asked of them in the Nation's defense program and
will do it under private ownership and operation. Recalling
the difficulties the railroads had in 1917, Mr. Pelley said there
would not be a repetition of those troubles because the means
which will prevent them has been put in operation.
He
stated, in part:
Next time the Government will control its own use of the little priority
tags which did so much to slow up
and congest the movement of freight, if
Next time,
should ever again become necessary to issue such things.
it
thousands of carloads of materials will not be rushed to locations
where
Freight will not be put into cars unless it can
unloaded promptly at destination.
Next time, through the machinery
they are not then needed.
be
of the 13
regional Shippers Advisory Boards, and through the resources of
the car service division of this
in 1917—shippers and
car
Association—neither of which
was
in existence
railroads will cooperate in the handling and use of the
consumer
credit
to
The
stay.
in
the
coordinated.
in
form.
some
lends
itself
Let
American
few
to
the
but
wage
earners.
banker
as
much
is
is
in
things
6ome
the community wealth.
The development of
now.
spectacular.
in
Volume
anxiety to do
our
is
a
important
".'V;
It behooves
credit
consumer
to
good job for
banks
our
respect of the public.
in
banks let
the
us
/
:
credit for what it is and not try to
consumer
economic
a
other
any
issuing this credit a banker must
huge responsibility.
His position
that of a quasi-public official.
He is the
cure-all.
The
less
money
that
It
does
not
increase
purchasing
going into the repayment of these loans represents
each
has
borrower
to
spend for something else while
paying off the loan.
However, the development of
sion
than
credit
It only advances purchasing power for a few months, or, at most, a
years.
that
is
begin by accepting
it
this
a
the distributor of
these
field,
us
justify
he
as
the confidence and
lose
not
responsibility for
he also takes on
community
well
as
remember
to
issue
to
.v
the
average
custodian
him
position
of
itself
credit
Consumer credit does permit
is
produce,
some
but
benefit,
in
the
not
added
only
credit has helped in the expan¬
automobiles,
as
Consumer
equipment.
funds.
such
industries
certain
similar
consumer
helps
a
refrigerators, and
to budget his
radios,
borrower
earlier possession of goods, and this of
in
help and
the
economies
recreation
the
goods
possible
themselves
of their
because
possession.
The
upon
establishment
recognition
of
of
consumer
three
very
credit
departments
in
banks
important conditions: first,
is
that
a
based
vast
people of limited income, with over 86%
earning less than $2,000 a year; second ,that people, regardless of the
size of their income, always
have and always will borrow money, and
further, that they have a perfect right to borrow; and third, that since
this is so, the banks should provide loans for at least a part of them, and
majority of
these
wage
earners
loans, .if they are to
banks, must be made
on a
are
be of any benefit to society as well as to the
profitable basis.
time
credit loans,
satisfactory lending pro-
Mr. French said that considering the relatively short
banks have been engaged in making consumer
supply.
Next time shipping and railroad transportation will be
business
advantageous
V
assuming
power.
merce
issue
and other types of lending to
:■■■
on
the member roads of the organization renewed their
banks
6,000
loans,
this
in
are
better,
consumer
At the
University of Wash¬
developed the field into personal loans, automobile loans, house¬
loans, equipment
In
—Speaks
the
at
ington, in Seattle, Mr. French said:
recognize early that
Railroads Ready to Meet Defense
to individual borrowers, and
as
sumer
lender.
fluences resulting from its liquidation.
well
as
was termed
"a further important contribution to what is
already the most democratic banking system in the world,"
by Walter B. French, Deputy Manager of the American
enterprises and expansion of current ones, set aside awaiting the clari¬
fication of the existing order, would correct the weaknesses of the economy
whole
as a
they have done well in perfecting a
The Commercial & Financial Chronicle
Volume 151
cedure.
However,
Mr.
provement.
Two
is
there
still
for
room
im¬
credit lending by
consumer
banks that
be improved
can
first, the inadequate knowledge of the costs of conducting this small
business, which concerns the economic aspects, and second, the matter
are:
loan
of
features of
added,
he
French further said:
which has to do with the social aspects of
advertising and promotion
business.
the
,v!
Future Status of Commercial Banks Will Be Influenced
by Manner in Which They Meet Finance Require¬
ments for Defense Says D. M. Nelson, Co-Ordinator
of Defense Purchases—Addresses Officials of Fed¬
eral Reserve Banks and
Urges Assistance in Behalf
of Small Business
"The
future
will in large part be
banks 'meet
local
for
total
commercial
of
of
Small
the
Defense Advisory
system
banking
manner in which our
of providing total finance
influenced by the
defense," according to
Director
tion at
the
the challenge'
Coordinator
Nelson,
a
statement by Donald M.
National
Business
and
Purchases
Defense
Activities
Division of the
Mr. Nelson made this asser¬
on Nov. 12, of officers of
Commission.
meeting in Washington,
a
the various Federal Reserve banks and their branches and
procurement officers of the Army and Navy.
Also present
at the conference were Marriner S. Eccles, Chairman of
the Board of Governors of the Federal' Reserve System, and
five members of the Defense
Chester Davis, and others.
fulfillment of
The
;
which
total
which
in
manner
finance
In
defense
the
program
this Nation
banks of
commercial
the
the commercial
of
Commission; William S. Knud-
Ralph Budd, Leon Henderson,
Mr. Nelson is quoted as saying:
Settinius,
Edward R.
sen,
grave challenge
The future status
has raised a
must
face.
banking system will in large part be influenced by the
local
our
reporting
banks
rise
to
challenge of providing
the meeting
Nov. 13 said:
a
Associated
Washington
Referring to President Roosevelt's announcement last week that roughly
of defense production would go to Great Britain, Mr. Nelson said a
one-half
"feeding the assembly lines for guns, tanks and planes."
Nelson
these questions:
posed
facilities?
How
place around
existing prime contractors?
How can we insure that existing subcon¬
tractors and potential subcontractors will have access to needed capital
"How
can
we
and
existing
tap
we
create
can
new
but unused subcontracting
of subcontractors
to
take their
credit ?"
"There
somewhere
lacked
be
must
along
capital
or
According
Journal"
breakdown
no
collapse of
our
assembly lines because
who
belt there was a subcontractor
credit with which to complete a defense order."
to
advices
Washington
13,
Nov.
of
or
transmission
the
institutions, Mr. Fenninger said:
some
in making
years trust men
in
an
interest rates; we have as a result
of many of our
lization to which the trust investment
This is
official
to
the
"Wall
Street
the
announcement of
The
problem behind us, however, is not the
It is the
to encourage
loans;
that
claims as security for
local banks to make loan commitments on condition
obtain
borrowers
assignment
Government
of
Government
contracts;
to
furnish
business
enter¬
prises in their districts with information on the procedure to be followed
relative to obtaining defense contracts; and to assist small business enter¬
prises to obtain necessary financing from their local
Board of
The
banks.
Despite the belief
small business activities, said a dispatch from
Nov. 12, to the New
of large
is also taken:
Local banks will be
A
in
encouraged to make loan commitments to those seek¬
industry for the expanding defense program was announced by
the Defense Commission labor chief.
caused
the
us.
have in the fundamental soundness of American
ignore the fact that most unusual conditions confront
proportions in
many
will continue to be a hard one.
parts of the world, unemployment of large
Regardless of the political situation
that we will have for
some
years
it
seems
impoverished
an
Europe which in order to maintain itself will produce goods at lower cost in
competition with our high-cost goods.
seen,
The effect
on
us
cannot be fore¬
but it is hard to believe that it will not be very detrimental to
Perhaps we too face some major adjustments in
and the
new
What
living.
our own
us.
business methods
we as trust men must do to meet these
conditions which will arise from time to time is
a
changes
job demanding
best thought and study.
"Both the bank and the
university must be left free from
control if they are to make their largest con¬
tributions to the public welfare," it w$s asserted on Nov. 7
by Franklin B. Snyder, President of Northwestern Uni¬
versity, Evanston, 111., in the course of an address delivered
at the banquet featuring the trust conference.
Mr. Synder's
topic was, "The Bank, the University and the Public Wel¬
fare."
In developing his theme Dr. Snyder declared:
unnecessary
in its vaults and savings
and
money
departments, and the university in its libraries
Unless this wealth is put into circulation and unless the
museums.
in the vaults and the books in the library
are
used, neither the bank
the university will perform its full duty to the public.
The second tie between the two is the fact that both
are
credit, the belief in the integrity of the other fellow.
on
in the young
destroyed,
so
Dr.
Sidney
following announcement to be made regarding
of managerial organizations in industry:
"The program for strengthening the managerial organization is based
underlying policy of planned development of all supervisory agents.
in effect founded
Just
as
banking
the university could
on
its faculties and
people who crowd its classrooms.
Synder further stated:
Both the bank and the university must be left free from unnecessary
control if they are to make their largest contributions to the public welfare.
The
university which is subject to censorship imposed from the outside
like the universities of Germany and Austria,
will soon,
cease
to
be of
The bank, the industrial corporation, which is hampered or
intimidated by needless or thoughtless legislation, will stagnate—and the
significance.
It is in this area that the bank and the university
make their largest contribution to public welfare—by
can
preserving, protect¬
ing, and defending the liberty which makes possible individual initiative
and
free
enterprise.
"More integrity
in
every
private and public service"
was
Nov. 8 at the Conference by Judge Evan A.
Evans of the United States Circuit Court of Appeals of the
called for
on
Seventh'Circuit.
Judge Evans stated:
Perfection is unattainable.
Hillman,
Hillman
we may
we cannot
reasonable to expect
...
training program to assure trained junior executives and supervisors
Mr.
of most concern to
numbers still existing and now some artificial stimulus to business resulting
from the defense program, we cannot but feel that the trust investment man
Washington,
York "Times," from which the following
ing Government contracts.
We might
With 10 years of government deficits, a huge government
debt, war
us.
public will suffer.
Governors of the Federal Reserve System
designated Ernest G. Draper as its representative to direct
the officers selected in each Reserve Bank to handle the
.
one
not function unless it believed in the men and women
to familiarize local banks with the procedure to be
accepting
bonds in their capita¬
question of the future.
industry,
availability of small business enterprises in their districts to participate in
in
seen new industries ex¬
no
may turn for diversification.
particularly true of the motor and chemical companies.
would collapse if commercial credit were
Following this conference at Washington it is expected that the desig¬
Federal Reserve Bank officers will be in a position to report on the
followed
man
recite at considerable length the list of difficulties experienced in
obtaining
sound investments at reasonable prices and yielding reasonable income.
nated
defense program;
experienced the redemption through call
choicest bond investments; we have
pand into sound, successful exterprises, but with
nor
meeting, its purpose was set forth as follows:
the
have been faced with extraordinary difficulty
We have been a gradual reduction in
investments for trusts.
Both the bank and the university are conservators of wealth—the bank
this admonition:
voiced
he
Then
groups
Emphasizing the investment difficulties experienced by
trust
our
heavy burden was being placed upon the "army of subcontractors" who were
Mr.
during the last year in understanding the use¬
investing trust funds.
In Phila¬
delphia during the past year, Mr. Fenninger explained, "the
four largest trust companies have established common trust
funds and already a large amount of trust monies have been
invested through them.
This gives impetus to the spread of
the plan which many of us believe to be the best method of
investing small trusts for diversification and stability of both
principal and income."
fulness of this method of
and ways of
on
Press dispatch on
meet this
defense.
total
for
has been made
For
of
status
2879
Walter Reid Wolfe, Vice-President of the City Bank Farmers
Trust Co., New York City.
Material progress it is stated
of
our
not
am
It cannot be hoped for.
But the solution
Nation's problems is to be found in greater integrity.
speaking of financial integrity alone.
Of
course,
I
I include integrity of labor,
and labor unions, of stockholders, small as well as large, of courts, of mem¬
bers of the
bar, of statesmen and of politicians, of all individuals in aU their
the strengthening
activities.
on
of more meticulous
Emphasis on qualities or leadership; full information as to company policies
in all fields, particularly industrial relations policy; delegation of suf¬
ficient authority to responsible executives; planned transfers and rota¬
tions
in
office;
fair and just
and worker; salary in¬
nepotism make up the
encouragement of professional development;
relationships in status and pay between supervisor
based on performance, and elimination of
creases
Yet, while I do not single out any one group, I do emphasize the necessity
action by those who occupy the positions of vantage in
They must be held to stricter accountability than those who
our
society.
are
in what is termed the lower stratum.
are
cited by others.
ment is never
untrue.
ble
Their instances of transfression
In court, too often we hear the complaint that punish¬
meted out if the offender is
a
large financier.
Yet it emphasizes the necessity of those holding the
The charge is
more
responsi
positions measuring up to their responsibility.
main features.
eight to 10 weeks are required to select and train
the four stages of elementary supervision, intensive
difficult and responsible work and complete responsi¬
"Under this program
supervisors through
instructions,
more
bility."
Developing Common Trust Funds Reported
ABA Mid-Continent Trust Conference by C. W.
Fenninger—Freedom for Banks and Universities
Urged by F. B. Synder—More Integrity in Private
and Public Service Called for by Judge Evans—
Other
Speakers
Substantial progress in the development of common trust
funds was reported to the Mid-Continent Trust Conference
of the Trust Division of
the American Bankers Association in
Chicago on Nov. 7, by Carl W. Fenninger, President of the
Division, who is Vice-President of the Provident Trust Co.,
Philadelphia, Pa.
,
nn
said the Divisions Committee on Common
Funds will continue its work under the leadership of
Mr. Fenninger
Trust
quirements of each institution with the object of coordinating
policies with operating methods, Cooper
D. Winn, Jr., insurance manager of the Guaranty Trust Co.
of New York, told the Conference on Nov. 7.
Mr. Winn
urged trust officers to consult freely with insurance counsel¬
lors in order that their institutions can obtain "appropriate
and adequate coverage."
Five problems of business management confronting trust
institutions which have the reaponsibility of operating busi¬
ness enterprises placed in their care under trust agreements
were analyzed on Nov. 8 by Thomas H. Beacom, Jr., As¬
sistant Vice-President of the First National Bank of Chicago,
in addressing the Conference on Nov. 8.
Asserting that
most management problems of businesses left in trust arise
from the corporate form of family enterprises, rather than
from individual or sole proprietorship companies or partner¬
ships, Mr. Beacom declare that this arises- from the fact
terms of insurance
Progress in
to
Adequate insurance protection for trust institutions can be
through careful analysis of the particular re¬
secured only
The Commercial & Financial Chronicle
2880
that the laws of most States do not give executors the
power
to carry on sole proprietorships, and because in the case of
1940
the Crucible Steel Co. to return to work
immediately so that
pledges to aid in the defense effort "may be given
substance."
partnerships, the original business enterprise ceases to exist
the death of one of the partners, and a new one is begun
the surviving partner as
manager.
However, Mr
Beacom added that virtually all businesses
regardless of their
legal form have four "common denominators" of management
John Thornton, secretary-treasurer of the local
with
union, said
the local officers had "expected" such reaction from national
officers but intended to proceed with
negotiations in their
own manner.
Two company-union conferences were held,
but Mr. Thornton said there was little possibility of an
early
agreement because the men were "very determined" to
"settle once and for all" the wage issue.
"Aside from service occupations, which
occasionally can be
operated without any machinery, there are four universal
elements," he asserted.
"These are men, money, machines,
These four 'M's'
16,
union
upon
and materials.
Nov.
the four horsemen of the
are
balance
sheet, and these four factors must be aided and
by sound marketing and merchandising policies and
organization."
Mr. Beaom further said in part:
Strike at Fort Dix, N. J., Settled
four-day jurisdictional strike of 700 laborers on the
national defense project at Fort Dix, N.
J., was ended on
Nov. 11, after more than five hours of
negotiations between
representatives of the dissenting unions, Department of
Labor representatives, Army authorities and officials of the
contracting and subcontracting firms.
The Strike was called Nov. 8
by Local 369, Hod Carriers
and Laborers Union of Trenton, N.
J., because apprentices
of Local 1489, Carpenters and Jointers
Union, were doing
laborers work in loading and
unloading lumber, according to
Michael Neylon, business
agent for the laborers.
abetted
Finally, keep
an eye on the taxes.
The
With substantial increases in normal
tax rates still in prospect and the addition
of
a
graduated
dividend policies will have to be accomodated
to
new tax
excess
profits tax,
burdens.
Closely
held corporations have been
ment in its drive to
singled out for special attention by the govern¬
impose penalty taxes where there have been unreason¬
able accumulations of
surplus.
supervision of
dollar
to
managements
Government
can
The nub of the trustee's problem in the
business enterprise
any
divide.
have
comes
down to this:
have part
can
of it
part
There is
of it for taxes;
one
labor, and
for
supplying the commodity used in
manufacturing, or selling; the man who from his savings provides the ma¬
chinery of production can be paid for Its use.
No one of these four
groups
can
No concessions
have all of the dollar, because not
any one of them can operate without
the other.
the
Officers of trust institutions at the Conference
urged to seek the advice of "competent, disinterested
and unbiased counsel" in all
legal matters concerning the ad¬
were
on
the
penters' apprentices "should continue to handle fabricated
materials and the laborers handle
rough material", and that
"the laborers would return to work on Nov. 12
at which
time the project would resume its full stride."
A previous reference to the strike
subject of "Advice of Counsel as Limited to Fiduciaries,"
Mr. Cox declared that it is in the interest of trust
institutions
as well as of the estates
they administer that trustees secure
adequate legal advice because in
many instances, courts of
charges of negligence or mis¬
management if they have acted upon the advice of counsel.
Towner Phelan, Vice-President of the St. Louis Union
Trust Co., St. Louis, Mo., told the Conference on Nov.7
law will defend trustees
against
Brewster
that the future of the trust business
depends to a large extent
the willingness of trust institutions to undertake sound
Public relations cuts to the
of
an
business.
It
concerns
The
well
as
you are
worthy of the confidence and respect of the public,
The major
long-range problem of trust institutions is that
developing a greater volume of small trust accounts and
improving the technique of handling smaller accounts in
order to make them profitable, it was asserted at the
Con¬
ference on Nov. 7 by Chester D.
Seftenberg, Vice-President
and Trust Officer of the Oak Park Trust and
Oak Park.
Savings Bank,
Speaking on the subject of "Problems of Smaller Trust
Departments," Mr. Seftenberg pointed to a trend toward
fewer
large trusts and a greater number of small trusts.
Seftenberg asserted that among the operating problems
confronting trust institutions there are three which par¬
ticularly command the attention of smaller institutions.
These are, he said, the
problems of adequate equipment and
well-organized business routine, that of asking and obtaining
adequate and reasonable fees, and that of new business and
advertising.
Mr.
The future of the trust business holds
promise in spite of
its increasing problems and
complexities, Oliver A. Bestel,
President of the Corporate Fiduciaries Association of
Chicago
and Vice-President of the First National Bank
of Chicago,
on
Nov. 7 in
addressing the Conference.
His
remarks follow, in
declared
part:
becoming
more
complex and expensive, and
taxation
adjudications are increasingly perplexing and difficult.
There are
laws, regulations, and control, estates are
diminishing and income is
decidedly lower, new business is on the decline, and too
often, compensation
is inadequate.
more
But I do not think
While
we
we
should become
unduly alarmed over these conditions.
recognize that they
times, nevertheless they
we
or
are
are not
probably
more
insurmountable.
have very little control over
many of these
will find men of vision
capable of
difficult than in earlier
It is
probably true that
situations, yet
doing just
we now
have
a job as has been
probably better, and who can and will work out these
problems successfully.
We should recognize the fact that we shall
always
us
similar problems of lesser
A reference to the
page
Dispute Settled
between
rival
adjusted yesterday at the regional office of the National
Labor Relations Board, 120 Wall
Street, New York City, at
was
meeting arranged
a
by Sidney Hillman, member of
Advisory Commission.
National Defense
as
good
at
the
a
or
our
2746.
involved.
which has
union.
hood
a
The United Automobile
Workers, Local 365,
contract, demanded that the drivers join their
Two locals of the A. F. of L. International
Brother¬
of
Teamsters, 807, in New York City and 478 in
Newark, N. J., both demanded the drivers. The teamsters
stopped trucks from delivering materials to the plants and
thus seemed likely to force a halt in the work.
Under the terms of the
agreement, selection of a bargain¬
agency for the truck drivers will be left to the National
Labor Relations Board, all
employees were to return to work,
three teamsters laid off were to be
rehired, and to receive
ing
for the week they
pay
diction
the
to
A
previous reference to the strike appeared in
our
of Nov. 9, page 2743.
issue
Painters Union Awarded Pay Rise
by Mayor LaGuardia
About twelve thousand union painters in
Manhattan, the
and Staten Island will receive a
wage increase of
10 cents an hour under the terms of an
arbitration award
handed down on Nov. 9 by
Mayor
Bronx
LaGuardia, of New York
City.
The award was based on the report by Louis S.
Posner, former member of the State Mortgage Commission,
whom the Mayor appointed as referee after
settlement of
the strike called by District Council 9 of the
Brotherhood of
Painters, Decorators and Paperhangers, American Federation
of Labor, against the Association of Master
Painters and
Decorators.
In
reporting the
pay
rise award of the union, the New
York "Times" of Nov. 10, stated:
After five weeks spent
issue of Nov. 9,
out if the 'board awards juris¬
Union.
Both sides agreed to
were
Teamsters
accept the board's decision.
greater degree.
meeting appeared in
dispute centered around three truck drivers employed
the Long Island City
plant, and would have affected
plant in Newark, New Jersey, where two other drivers
were
done in the past, and
have with
Union
controversy
The
of
are
Corp.,
jurisdictional
issue of
fighting planes in plants of the Brewster Aeronautical Corp.,
what you say about
yourself.
Today trust operations
Aeronautical
week-old
our
unions affiliated with the A. F. of L. and C. I.
O., which
seemed likely to disrupt production of more than
500 navy
the kind
institution yours is, the soundness of the
policies you follow, and the
degree to which
as
roots of your
appeared in
Nov. 9, page 2743.
upon
steps in improving their public relations.
Mr. Phelan described
public relations as consisting of
much more than
superficial efforts to create favorable im¬
pressions in the public mind.
He asserted:
P.
between the union delegates themselves after our
company
brought pressure to bear upon them for disrupting our
building program".
He said it was decided that the car¬
ministration of estates, by Edward M.
Cox, Trust Officer of
the First National
Bank, Kansas City, Mo.
Speaking
granted the laborers in settlement of
were
David
Appell, vice-president in charge of
operations for the George A. Fuller Co., contractors for the
project, said that "an amicable adjustment was made
Nov. 8
on
strike.
in collecting data from both sides, Mr. Posner
recommended that the old hourly
wage of SI.50 be increased to SI.60 and
that an impartial chairman be
designated to devise plans for stabilizing the
painting industry.
The referee
reported that the average annual earnings
city under the $1.50-an-hour scale had been about $800.
"An industry that betrays so low an
average of annual earnings is under
of painters in this
Strike Shuts Crucible Steel Co.'s Mill
at
Midland, Pa.
Congress of Industrial Organizations Steel
Workers Organizing Committee closed
down the Crucible
Steel Co.'s mill at Midland,
Pa., on Nov. 12, putting some
A strike of the
4,500
men out
of work.
plant had been operating 24 hours a day, turning out
airplane parts and guns and shells which were
machined at the company's New
Jersey plant. The union
which has a contract with the
company, demanded an
for
increase of 12
hour in pay.
A national officer of the C. I. O. Steel Workers'
Committee,
on
cents
Organizing
called upon S. W. O. C. strikers
at
demonstrate that
"We take it
reached, there is
as an
no
room
for
it
cannot
pay
living
a
discussion
as
to
increase,"
any
economic postulate that
at least
an
Mr.
established in¬
Until this point is
wage.
whether
or
not
wages
are
high."
the
painters returned
to
work
on
Sept.
27,
after
a
one-month
strike, representatives of the employers and the union promised the
Mayor
that they would abide by the arbitration award.
The district council's plea for a short work-week in the
slack Winter to
spread employment
painters
be
Dec.
an
Nov.13,
responsibility to
Posner said.
dustry must accord its workers
When
The
steel
a
was
heeded by Mr.
and March
15
restricted
to
a
Posner, who recommended that
three-day work-week
in
the
period
between
15, when unemployment in the industry is heaviest.
The problem of devising an equitable formula for
distributing work in this
period
was
left to the impartial chairman.
Volume
University.
Mr. Johnston was first on the pro
the theme of which was "National Unity," following
playing of the National Anthem and the drinking of a
toast to the President of the United States.
Mr. Johnston
differentials for certain painting classifications.
gram,
The increase is retroactive to Sept. 27, and the new contract
in
of Fordham
for the establish¬
The referee's report rejected the request of contractors
ment of wage
force until
Aug.
1,
ditions may be asked
Reconsideration of
1943.
wage
will remain
the
and working con¬
by either side at the expiration of each year of
the
said dictatorship could not come to this country while a
minority opposition of 22,000,000 voters existed and while
many millions of the people owned homes, automobiles, life
insurance policies and savings accounts.
But he warned that
menacing trends in government must be guarded against.
agreement.
Henry D. Moeller,
Trade Committeeman in
for the Association of Master
charge of labor relations
Painters and Decorators,
ment on the award until he had
declined to com¬
Union officials
analyzed all its provisions.
could not be reached.
He said the Chamber did not regard with trepidation the
coming third-term of President Roosevelt and urged that all
groups within the Nation unite behind the government in
promoting the National defense.
Admiral Woodward held that the present European conflict
is only the "first phase of a determined totalitarian attempt
at world domination" and lauded the acquisition by the
previous reference to the painters' strike appeared in
1940, page 1826.
A
issue of Sept. 28,
our
Chain
Clerks
Store
End
With
Strike
2881
& Financial Chronicle
The Commercial
151
Increases
Wage
Settlement of the strike begun four weeks ago by
meat cutters and prolonged by 7,000 clerks, resulted
2,100
in the
reopening of about 1,500 Atlantic & Pacific, American, and
Food Fair stores, operating in Eastern Pennsylvania, South¬
United States of off-shore naval bases which he said increased
the Nation's coast security by at least 75%.
He viewed
present world conditions as the most difficult in history and
Delaware.
declared the need for national preparedness is "more acute
By a vote of 2,211 to 1,555 the clerks accepted a compro¬
and unquestionable today than ever before."
He offered
mise settlement of their own demands, whereas the meat
cutters ended their part of the strike two weeks ago with j encouragement however by stating that the existing navy
of the United States is the greatest of any single nation in
a
separate agreement.
The strike had kept more than*
the world.
12,000 employees, including warehousemen, truck drivers,
Father Gannon, discussing religion as the first point in our
bakery workers and building trades workers, away from
educational program said that the most dangerous ingredient
their jobs for a month.
of the prevailing philosophy of education is "experimentalism.
In reporting the settlement of the strike the New York
Others he listed as pragmatism and socialism.
"Times" of Nov. 13, said:
The invocation
was
delivered by Bishop William T.
Participating in the strike settlement vote were clerks of thirty-three
Manning.
■'
Food Fair markets, but the contract will not go into effect at those stores
Warning that the price of National security is high and that
until the present one expires on Dec. 5.
The new contract for all three
New Jersey and
ern
chains will expire on
The settlement
to
$2
June 1,
taxes will be heavier Mr. Johnston
1942.
the clerks with general
provided
wage
increases of $1
week and gave to the Retail Clerks International Protective Asso¬
a
ciation,
upon to
obtained by grocery clerks anywhere in the country.
$21.50
shop contract
increases to
gave
cashiers and
checkers,
include sick benefits without loss of
overtime in cash instead
for
refuse to go through a
week from fifty-one
year;
going through and our own defense burden will seem
time and a half
what England is
light indeed, for
national security is a priceless possession.
and the right of an employe to
In the meantime, while making our
picket line established by another union.
failed to win
The clerks
a
in their demand for
a
life of the country must progress.
reduction of the work
Nation, if
hours to forty-eight.
Vultee Aircraft Company Defense
Work Stopped
of
the New York "Sun" of Nov.
than 3,000 of the 3,700
roll
of
membership of
the the
declaration
company
of the union, issued the strike order
had failed to file
union's demands with a Federal conciliator
an
answer
to the
officials
later made public
a
communication to
Lyman
Sisley,
Department of Labor Commissioner of Conciliation here, but Mr. Michener
been filed for nearly two and a half hours after the
agreed time.
it
did
not
meet
Mr.
the union demands,
Michener added,
the
company'8 proposal would not have forestalled a strike order in any event.
Instead
of the
15-cent
increase in minimum pay asked
from 50 cents an hour to 65 cents,
a
by the union,
three months later.
immediately, and not at some future time," Michener said.
He announced that
at
meeting last
a
their compromise proposal
night,
its
communication
of 65 cents an hour minimum, and reverted to
"The
sum
to
the
Federal
Conciliator,
Vultee declared
it
by which the company offered to increase its labor cost in
(which
was
rejected by the union)," the
"However, of far greater importance is the fact that the company will
few
that
more
required to double its present personnel over the course of the next
months,
than
responsibility.
a
but the union demand would have the effect of more than
doubling the additional labor costs to the company."
administration, or by no
any agency of government during the next four years will the
of the democratic form of the government of the United States
forefathers be weakened or fundamentally
Greater peace-time powers
Annual Banquet of New York
"National Unity" Theme,
Rear Admiral
Chamber of Commerce—
with Percy H. Johnston,
Woodward and
Rev. Robert I. Gan¬
Speakers
Defenses against both external and internal forces threaten¬
ing the United States was the keynote of addresses delivered
at the 172nd Annual Banquet of the Chamber of Commerce of
the State of New York, held on Thursday of this week,
Nov. 14, at the Waldorf-Astoria Hotel in New York City.
Speakers were Percy H. Johnston, President of the Chamber
and Toastmaster, Rear Admiral Clark H. Woodward, United
States
than to
Nation.
With the consent of a
majority of a Congress which was predominantly of his own party he has
assumed many powers which heretofore were regarded as the inalienable
prerogative of that body.
In the last eight years
myriads of bureaus—many of which make
their own
of which assume sole
right to define the extent of their own authority—have been organized.
In September employment in the Executive branch of the government
reached the huge total of 1,058,596.
This, in peace-time, was a larger
number that we had in war-time 1917 and 1918, which established a new
We must not
high.
holders
can
lose sight of the fact that an army
become a first line of defense
Navy, and the Rev. Robert I. Gannon, S. J., President
of Federal office
and offense In perpetuating an
'
administration in office.
Government has encroached more
In the fields of commercial
tion, mortgage and loans, and the
and
deeply into the field of private enter¬
We find it competing on a grand scale with public
and savings banking, home construc¬
prise than ever before.
more
keenly felt.
selling of bonds its competition is
being
The government has supervision and extreme
carriers, air travel, the radio
exchanges, the refinancing of
and even
The list is a lengthy one and ever
regulation powers over the railroads and other
and
television,
over
commodity
and
security
financing of new business ventures,
financial and trade advertising.
grows
longer.
Toward what goal
evidenced
by
arbitrary powers,
trends of government,
is this tremendous accumulation of
paternalistic
and bureaucratic
leading us?
What has been its effects on
Has
it raised the National
the cost of government?
income?
Has it enabled the Government to
has forced on industry
Has
it
practice the same rigid economy
it
?
helped to increase
Has it reduced relief
employment?
rolls?
Has it made industry better
as
changed.
have been entrusted to the President
other Executive in the history of the
any
crisis like the present?
non
dared attempt to
It is a solemn
It is a sacred trust.
by no act of his, or by no policy of his
foundation
as
communication added, "is a sum amounting to $1,141,224.
be
It is
conduct of
in an amount equal to $1,411,624 per year," based
employment.
original offer to the union
its
voluntarily assumes
responsibility which none of his predecessors cared or
take.
established enterprises and the
union proposals "because they would increase the labor
costs of the company
upon present
shattered and cast aside.
illustrous counsels of
The one man who should be most
wise or ill-considered.
As the first Executive to be elected to a third term, he
a
more
Vultee workers withdrew
their original demand for 75 cents.
In
was
utilities.
"The union is out to better conditions of the lower bracket employees
had rejected the
because our President—the
deeply concerned about it now is President Roosevelt.
he declared the company offered only
slight wage increase at the end of three months with another slight in¬
crease
States
interpretations of the 1 aw which created them and some
declared it had not
Since
the past
by the hour agreed upon yes¬
terday afternoon.
Vultee
United
Republicans and Democrats alike—has permitted what a great
Time alone will tell whether that departure from the
more
5,200 employees.
some
a
a
production workers in the plant, which has a pay
L. H. Michener, regional director
with
claims
going to become a political pessimist and turn
the
minority regarded as a sacred tradition—to be
-<
built by our
Automobile Workers Union
United
future of
the
on
President of
vow
15, said:
The
bearish
a
planes for the United States and another $11,000,000
worth for export.
In reporting thejstrike
Busi¬
and both receive equal
capacity and speed.
As I said before, I am not
C. I. O. picket line formed
on Nov.
15 at the Vultee Aircraft Company, at Downey,
California.
This is the first strike of its kind in a factory
manufacturing military craft since the start of the present
national defense emergency program. A breakdown of wage
negotiations caused the walkout.
The strike will halt work on orders for $39,000,000 worth
called, and
Free enterprise cannot thrive when it is
cooperation from the government if the National defense machine
is to function at maximum
by Strike
was
defenses impregnable, the economic
We cannot be defensively strong as a
weak industrially.
and labor must cooperate fully with each other
and fair
strike
we are
over-regulated, unfairly taxed and beset by conflicting labor factions.
ness
A
freedom takes.
Ask Poland! Ask Czechoslovakia! Ask Finland! Consider
Other provisions
others.
seniority for
of time off,
But the cost of security is cheap when weighted
make its sacrifice.
against the toll which loss of national liberty and individual
Union officials said the new contract raised $20-a-week clerks to
and
We will have to work
Already the youth of the Nation is being called
harder and get along on less.
affiliate of the American Federation of Labor, the first closed-
an
continued:
The National debt limit will have to be raised.
able to serve the Nation in time
of grave
i
Is it now a menace to our
present democratic form
of government?
If
of our Government, as shaped
by the Constitution, be stretched without collaps of the whole framework?
These questions are of deep concern to 130 odd million people whose
security and inheritance of the American way of life to a large extent have
just been entrusted to the leadership of the President for another term.
The people must learn to make sacrifices—learn that the function of
government is not to support the people, but on the contrary the people
support the government.
Our forefathers encountered and endured ills
far beyond any experienced by this generation.
They did not look to the
government to alleviate hem.
They were strong, courageous, self-reliant
men and women who met and conquered life's harships and responsibilit es.
We need a return of this pioneering spirit—a willingness to suffer and per¬
severe if the Nation that they builded for us is going to endure.
not, how much
further can the original fabric
The Commercial & Financial Chronicle
2882
That is why I say that in accepting a third term the President has a solemn
obligation to see that no word or action of his
of any official or agency of
or
government places in Jeopardy the things the founders of this Nation fought
and died for.
May God grant him the
his high office that the people may be
courage
and wisdom to
united, that the Nation
conduct
so
may
remain at
honorable peace but be prepared for defense againt any foe, and that progress,
prosperity and contentment may return to
Robert L.
the follow¬
ing:
missioned since 1933.
preceding 1933.
This is 8.5 times
From
a poor
third among naval
in 1933
powers
P. Kingsley, Clarence L. Law, James T. Lee, Leroy A. Lincoln, L. Seton
Lindsay, Edward H. Little, George McAneny, T. H. Mclnnerney, Stuart
Lee Marshall, Charles G. Meyer, Alfred H.
S. Morgan, John J. Newberry, Edward J. Noble, William J. Noonan, Win¬
"Furthermore, due to
earth.
on
and constant target
maneuvers
We have the most air-minded navy in the world and the
naval air
arm
efficiency of
our
is unequaled.
aside to start construction
Vinson-Trammell
Act
authorized
In 1938 an increase of
Capt. Edward V. Rickenbacker,
Recovery Administra¬
37 warships.
on
took
sudden and
a
C. Stanley, Clarence G.
John C.
This
more
followed early this
was
Shift
the unanimous demand for
by Congress.
....
.
,
so-called two-ocean navy
a
This produced immediate
the navy a 70% increase In strength, or 200 combatant vessels ag¬
gave
gregating 1,325,000 tons plus 2,400 planes at
total cost of $3,969,053,312.
a
"This most gigantic shipbuilding program in all history will bring our total
to 651 combatant vessels of
3,412,440 tons and 15,000 aircraft,—the largest
and most powerful navy in the world
.
,
capable of meeting any de¬
.
mand that may be made upon it, including a simultaneous attack in either
both
oceans
by
a
combination of belligerents.
were
made by the Navy Department on Sept. 9,
within 2 hours after the President signed the bill.
been approached in this or any other country.
co-operation
of
Mr.
Knudsen,
Industrial
Such
record has
a
never
It was made possible by the
Production
Executive
on
the
National Defense Advisory Commission, In conjunction with previous care¬
ful planning on the part of naval officials during the two months the bill was
under consideration by Congress."
home product, manufactured right here in New York, but
distributed nationally.
Education have
First,
exaggerated
brought
up
it.
on
Experimentalism.
Republican Sentiment from East
shift
a
the East
Williamson,
Midwest
to
But what
Second,
Its
are
ingredients?
Third,
Pragmatism.
cialism—and of the three the first is easily the most dangerous.
to
in
the center
of
Republican sentiment from
area since 1936, Dr.
the Middle Western farm
Opinion, declared
Nov. 8.
on
An account in the New York
"Times" of Nov. 9, noting this, reported Dr. Gallup as stat¬
ing that with the
principal reaction against the New Deal
the Dust Bowl
in
States, two of the traditionally Republi¬
States, Maine and Vermont, swung in the opposite direc¬
can
tion.
At the
time Dr.
same
Gallup noted the reduction of
to
54.5%, and
So¬
For the
sharp trend toward the conservative side
a
in most States.
The "Times" further reported Dr. Gallup as
follows:
"Not
for
r.;■'
since
the
President
Wendell
email
as
Willkie
Roosevelt
Civil
this
six
v"-■.r; J
War
a
has
Vermont
given the Republican candidate
percentage of ite total vote
year,"
points
Mr.
Gallup said.
within
this
year
than
were
the
stronger
whereas
out
against the Democratic landslide four
out
against
in
to
vote
could
nation-wide
the
"Another
drawn
Republican
phenomenon
interesting
the
for
travel,
candidates
two
for instance,
in
from
years
in
this
ago,
which
States
State lines
almost
the
Massachusetts
us.
Prudent experiment, of course, can always add to our treasury of know¬
ledge, but scrapping the past
violence.
can
only make
us
the playthings of intellectual
So that convinced of the old Mid-Victorian heresy that man is
progressing from slime to perfection and that whatever Is, is better than what
went before—the men who
perpetual
for
scramble
nauseated with novelties.
that
have stood
shape
What
the test of
a
National education
our
As
novelties.
if
need
we
needed
we
are
hundred generations,
what
we
We need two virtues in
need,
our
anathema to the High Priests of American Education.
the other is
humility.
For,
students which are
One is discipline,
This discipline should show itself externally in obedi¬
of carefully selected intellectual tools, but even more in
as someone has
trace of
hypocrisy
complex.
or
timidity about it.
It is simply
an
humility.
was
trained
plan of creation.
It shows
me
my
that."
This has of course no
It is miles away from an inferiority
important application of realism.
tion of my own absolute and relative values.
It shows
in life.
purpose
It is
me my
a
Without them, I
can never rise above the
fusion.
place in the
a
true
in
the
"Yet
the
wise.
forces of con¬
we
our
present circumstances that
would
ail feel is the first point in our educational program?
The Board of Education took
a
step forward yesterday
the hostile crowd that packed the hearing gave due notice, the
is only just
machines
beginning.
We
influence to have
can use our
our
of
and
more as
in
lighten the burden of schools, colleges and universities where the ideals that
are
dear to all of
cannot be more
us
are
still
cherished, sometimes at great sacrifice.
I
specific without falling into the role of Cicero pro domo suo.
Among the guests at the speakers' table
were:
J. Pierpont Morgan, Winthrop W. Aldrich,
Bishop William T. Manning,
Thomas I. Parkinson, Irving T. Bush, William L.
DeBost, J. Barstow Smull,
Richard W. Lawrence, Albert Goldman, William T.
Dewart, B.C. Forbes,
Kenneth C. Hogate, Charles B.
McCabe, David J. McLean, Arthr Hays
Sulzberger, Lieut. George DeMetropolis, U. S. N.. Ernest K. Satterlee,
and Charles T.
Gwynne.
Henry Bruere, LeRoy W. Camp¬
bell, Pierre C. Cartier, Louis S. Cates, Victor E. Cooley, Stuart W. Cragin,
Hon.
Hamilton Cross.
.
:
.
Unless
the
of
one
parties
two
of
the
would
same
'
New Deal
the
The
area.
Roosevelt
is
the Midwest
farm area,
sharpest defection came in
this year was 25 percentage
Minnesota,
Wisconsin
and
Montana
Democratic vote.
the distinction
of
being the most Republican
Maine and Vermont, which shared
■/■v-v:-;
:•'> v-
pre-election report showed Roosevelt with 52% of
or
only 2.5% less than he received.
Institute
report
and
the
election
on
Following is a
a
State-by-State
V
Aetna
Gallup
Gallup
Actual
Survey
Election
% for
% for
Survey
New
Jersey
.
Wyoming
Alabama
Connecticut
.
-
_
Minnesota.-
.
.
Oregon.;
.
South Dakota-
.
Roosevelt
tion
43%
0
California
56
59
3
86
86
0
Colorado
45
48
3
59
59
0
Illinois
48
51
3
52
52
0
Iowa
45
48
3
53
.
Devia¬
43%
Maryland
% for
Roosevelt
.
Election
% for
53
0
Missouri
49
52
3
3
Roosevelt Roosevelt
.....
Devia¬
tion
86
86
1
Montana..
57
60
.53
54
1
New Mexico
53
56
51
52
1
New York
49
52
3
54
53
1
Ohio...
49
52
3
41
42
1
Rhode
54
57
3
Island..
3
.
.
Florida
.
Georgia
Massachusetts
Oklahoma
.
-
.
2
Vermont.
42
45
3
56
54
2
Wisconsin
48
51
3
72
-.74
2
Arizona
61
65
4
87
85
2
Indiana
45
49
51
53
2
Kentucky
54
58
4
56
58
2
Nevada
56
60
4
48
Arkansas.
Delaware
50
2
New Hampshire
49
53
4
80
82
•
4
96
2
North Carolina.
72
76
4
43
2
Pennsylvania..
49
53
4
46
44
2
Tennessee
64
68
4
97
95
2
Idaho
49
54
Texas.
79
81
2
Maine.
43
49
6
Virginia.
70
68
2
Utah
55
62
7
57
59
9
4b
59
57
2
52.0
54.5
2.5
.
Nebraska
Francis D. Bartow, Neal Dow Becker, Walter H.
Bennett, Willis H. Booth,
Edward G. Broenniman, Lewis, H.
Brown,
final
popular vote,
comparison
basis:
a
than
vote
And the
Bowl
holds
now
Institute's
Mississippi
Henry C. Alexander, J. Stewart Baker, Stephen Baker,
from
..v-;.; •'•/;
Michigan
Others at the dinner included:
Alfred L. Aiken,
machines
as
It may mean that
commonly supposed.
Democratic
machine.
Dust
1936.
the total
':v
interesting
strong Democratic machine should
Republicans.
defection
the
Dakota
fight
occasion offers
the
having taken that honor from
State,
it
a
decline of from 11 to 17 points in
Louisiana
we can more
higher
machines.
the
that
State with
under his vote in 1936.
Dakota, Kansas, Colorado,
We
professed enemies of all religion, and
a
is
"South
children in
insist that schools be not controlled and classes be not taught by
than
where the vote for
Kansas
can
State political
points
the public schools—at least those whose parents so desire—trained each in
his own religion in a way that will
impress the child with its importance.
of
Dakota,
a
Roosevent!
/"
assumption
a
of
particularly
"South
is attested
for
is especially
State lines
North
showed
area
vote
.
effective
Democratic
case
center of
"The
and
the
represent
than a
more
an
adjoining State
presumably hold
■'
group of States listed above—States in which there are party
varying potency—all voted in about the same ways.
produce
weak
with
"The
anything be done, then, in
Fortunately—yes.
less
are
untenable
the
presumably
With these virtues
campus
■■
further the end which
as
organized
51.
effectiveness
the
machines
makes
which
apparent obliteration of
on
such
recogni¬
cultivated in my youth I can hope some day to be not
learned, but
but
check
said, "The worst education which teaches self-
The other essential virtue mentioned
49, and Illinois
"This
and not find the
similarity in the vote of States in this
percentages
man
passing through
New York 52, New Jersey 52, Pennsylvania 52, Ohio 52,
exactly cancel each other,
.
control is better than the best which teaches everything else and not
Can
Indiana
legitimate authority; internally, not only in trained intellects which
can use a set
wills.
are
things that are im¬
:
I'll tell you
We
following
the
Massachusetts 53,
engaged in a
things that are old, things
mutable.
ence to
are
novelties!
York, New Jersey, Pennsylvania, Ohio and Indiana,
"The remarkable
by
A
proportion.
same
to Illinois,
proportion of Willkie voters and Roosevelt voters changing by
few per cent.
had lived before
sharply
not
were
containing many States tending
areas
past, ignoring the accumulated experience of themuman race, starting anew,
no one
stood
they stood
year
New
if
for
actually
and
1936,
two
cast
President
Maine
trend.
that
is
Tuesday's election—whole
the 55%
as
"And in
2% of carrying the State.
Maine and Vermont
ran
whole tendency of this particular experamentalism is toward cutting off the
as
Demo¬
George Gallup, Director of the American Institute of Public
Perhaps 65% of the Nation's Superintendents of
been
Frederick W.
Analysis of the returns in the presidential election, Nov. 5,
"Thus,
What, for example, is the prevailing Philosophy of Education in America
a
of
shows
came
It is
Voorhees,
Hon. Pliny W.
cratic
Father Gannon said, in part:
today?
F.
Whitney, Frederick A. Wickett,
the Democratic majority throughout the Nation from 62.5%
"It is of interest to note that contracts for the construction of all 200
ships recently authorized
Stoli, Jack I. Straus, Harold S. Sutton.
Thome, David L. Tilly, Stephen
Opinion—Dr. Gallup Notes Reduction of
Majority from 62.6% to 54.5%
then followed
.
An additional bill, enacted in September,
.
,
Rocke¬
Shown in Report of American Institute of Public
In May, the
...
decisive turn,
throughout the country almost overnight.
action
William O. Robe tson, John D.
C. B. Winslow, Sir William Wiseman.
"Due to the European cataclysm and the increased activity in the Far
arose
William A. Pren-
.%■
Warburg, Cary D. Waters. Thomas J. Watson, Sidney Weinberg, Cornelius
the fall of France.
Eastern struggle
■
The next year the
building the Navy to treaty strength.
20% was authorized.
underage strength of the Navy to 1,724,480 tons.
war
•
feller, Jr., Frank F. Russell, Walter Sachs, Walter H. Sammis, William J.
by another increase of 11% in tonnage, thus bringing the total allowed
European
k/'- '•
\
'<
'• O'-' :;
Otto E. Reimer, Arthur M. Reis, Samuel W. Reyburn, Edward Reynolds,
Vanderbilt
"In 1933 sufficient funds from National Industrial
were set
William H. Pouch,
: f ':
: \X;
Schieffelin, Jr., John M. Schiff, Dunham B. Sherer, James Speyer, Robert
frequent battle
our
Lewis E. Pierson, Hon. Louis Pink,
dergast.
practice, our fleet is maintained in 'M-day' readiness status at all times.
or
Manville, Jr., M.
Meyers, Jeremiah Milbank, William A. Mitchell, Francis H. Moffet, Junius
have
we
next month or even to¬
year,
but today, we have) "the greatest most powerful and most effective
of any single Nation
navy
com¬
built in the 7 years
as many as were
today" (and I wish to interpolate: not next
morrow,
year
Hoguet, Frank K. Houston, Hon. Murray Hulbert, F. M. John¬
chester Noyes, John K. Olyphant, Jr., Ralph Peters, Jr,.Jesse S. Phillips,
"As of Oct. 31,—2 weeks ago,—137 war vessels have been built and
tion
1940
McNamara.
H. E.
From Admiral Woodward's remarks we quote
16,
Howard W. Jordan, Leonhard A. Keyes, Walter G. Kimball, Walton
son,
land.
our
Nov.
Henry U. Harris, Lamar Hardy, Will H. Hays, Col. Gilbert T. Hodges,
.
94
41
r
North Dakota.
South Carolina
.
.
Washington
.
West Virginia.
.
TJ. S. A
5
John M.
Davis, Harry P. Davison, Joseph P. Day, Hon. Thomas C.
Desmond, Julian F. Detmer, Arthur O. Dietz, Saul F. Dribben, Anthony
Drexel Duke, Frederic W. Ecker, Lawrence B. Elliman,
Harry R. Farjeon,
O. H. Fogg, Hon. Henry W. Goddard, Robert Goelet, F. Abbot Goodhue,
William J. Graham, William S. Gray, William G. Green.
According to the "Times" of Nov. 13, from the start of
the
campaign a majority of the public correctly believed that
Roosevelt would be reelected, Dr. Gallup on
President
Nov.
12
wrote
in
an
analysis
of
Institute
surveys
made
Volume
The Commercial & Financial Chronicle
151
during the Presidential
of
the
The item in the Nov. 13 issue
race.
"Even
in the early days of the
campaign, when the Institute's surveys
showing the candidates running a fairly even race," Dr. Gallup wrote,
public thought by a ratio of 60 to 40 that Roosevelt would win.
were
"the
The
percentage expecting the President to win rose steadily throughout
September and October, reaching a high of 74% in early October.
On
Oct.
be
28,
week before the election, 66% were saying the President would
a
reelected."
*
Dr.
Gallup listed the percentage of voters who expected
as 68%
on
Sept. 6, 73% on Sept. 20, 74% on
Sept. 24 and Oct. 8, 71% on Oct. 22, and 69% on Oct. 25.
that
tion,
the
"Times" continued:
result
to
release
national
L.
Willkie
Urges Supporters to Function as
"Loyal Opposition" for Good of Country—Defeated
Republican Presidential Candidate Says Minority
Should Not Abandon Principles
Fought for—Pro¬
Five Steps to Counteract Threat of Inflation
poses
In
radio address to the Nation, on Nov. 11, Wendell L.
a
Willkie,
the
Republican
presidential
who
candidate
on
Nov. 5 failed of election, declared that "a vital element in
the balanced operation of democracy is a strong, alert, and
watchful
opposition."
next four
loyal
task for the
our
We must constitute ourselves
years.
and
"That," he said, "is
public-spirited
opposition
party."
a
vigorous,
Willkie
Mr.
added:
It
has
been
suggested
world
the
join the majority.
there
only
be
would
that
in
minority
only
order
should
This would
present
united
a
surrender its
dominant party—only
one
political philosophy of life.
one
to
now
front
to
a
and
convictions
that in the United States of America
mean
This is
economic philosophy—
one
totalitarian idea—it
a
is
a
Mr.
Willkie
be
cannot
went
to
on
made with
words
"our
that
say
with gestures.
or
and
who
works.
000,000
But
we
increase
can
if
increase
national income of lees
is only $70,000,and woman
national income to $100,000,-
with
program
a
national
present
to
thus
bear the debt and
hope to
can
we
income
the standard of living of every man
lower
we
and
energies
new
believe
not
$100,000,000,000—our
increase
can
we
our
for this defense program out of the increase, and that
pay
readily be produced if we free private enterprise—not for
profiteering but for natural development.
Fifth, and finally, our Government must change its punitive attitude
toward
witch
can
both
the
of
little and
opposition
big business
have
Regulations there must be—we
men.
recommended
consistently
hunting must be
But
that.
the
day of
over.
stated
national
that
unity "can be achieved
only by recognizing and giving serious weight to the view¬
point of the opposition."
Concerning defense, Mr. Willkie
said "that there is no disagreement among us about the
defense
of
America," behind which
He
stand united.
we
added:
But
here
It
one.
particularly,
is
be
to
as
minority
a
party,
watchful to
constantly
see
safeguarded and that the vast expenditure
for-that
And
and
iar
so
role
our
that
is
an
America
of funds which
is
we
important
effectively
have voted
is not wasted.
purpose
in
the
more
have
I
as
hope that
the
privilege to speak for you, I
the rim of
help to maintain
we
elsewhere by supplying those defenders
This should be done
the limit of
to
our
express once
freedom
in
Britain
with materials and equipment.
ability but with due regard to
our
defense.
own
this
boast that never in the history
of American presidential campaigns has a candidate gone further than I
did in attempting to create a united front.
However, I believe that our aid should he given by constitutional
methods and with the approval, accord and ratification of Congress.
Only
thus can the people determine from time to time the course they wish to
point I think I
the hazards
say
can
they wish to
with
run.
Witli regard to the organizations which were founded to
American
unity
It must be
do
arising out of this defense
000,000—unless
take and
slave idea—it must be rejected utterly.
I
than
On
threatening
investments
new
income.
taxes
He further
Wendell
2883
help "the cause that we have been fighting for," Mr. Willkie
he had received thousands of messages urging their
forged between the ideas of the opposition and the practices
said
and
continuance, and in expressing the hope that "they will be
the
policies
remarks
of
try behind
Administration."
the
his
In
further
"We who stand ready to serve our coun¬
he said:
right, and I will say the duty, to debate the course of our
Government."
Asserting that "ours is
he averred that "should
note
lives
our
would have
years
that
we
who have
you
chose
a
permit
ever
two-party system,"
party to domi-
one
entirely, democracy would collapse and
dictatorship."
Therefore, to
which
stood
we
for
is
the
in
And
election.
recent
principles
are
like
not
a
taken off when
constitutional duty to debate the policies of this or any other
and
to
freely and openly to those who
yourselves
express
Now
let
however, raise
me,
single warning.
a
On Nov.
Let
us
therefore, fall into
for
the
not,
sake
be
must
ductive
be
can
which
we
We
do
Federal
believe
by
in
opposition
an
a
votes.
against—it
America;
strong
be strong and
can
powerful
very
a
the
only
piling
money
the
control
of
successful;
however
the
by
created
believe that
the
this
long
offers hope
of
of
for mil¬
economic dependence
Nor do
government.
upon
for
we
the
the
is
exist.
run
Warning
national
the continuance
stand
for
a
we
believe in verbal pro¬
free America, an America of oppor¬
of its citizens.
We
only kind of an America in which democracy can
That this is the only kind of an America that
enterprise
imagination
and
youth and expanding life for all
our
"the danger that
of
debt,"
us
through
the following to
Willkie had
Mr.
people.
our
threatens
our
say,
in
part:
days
the election
after
debt
limit
that
Immediately after
Exchange
sign
cated
prices
on
the New York
Stock
This was not a
of fever.
Those who are familiar with these
that the announcement of the Treasury indi¬
unanimously
danger—sooner or later—of inflation.
a
Now you
all know what inflation means.
course
in Europe.
of money—a decline
other way 'round, inflation
power
clothing, amusements,
ably these prices rise faster
suffer
$49,000,000,000 to $65,000,000,000.
and^pther exchanges jumped sharply upward.
agreed
poisonous
rent,
from
announcement,
of health, but a sign
things
recommended that the
this Administration
be increased
and
standard
the
declines.
You have lately watched its
.
.
.
Thus, in order to counteract the threat of inflation and to correct some
of
the
economic
mediately.
First, all
necessary
I
errors,
see
five steps for
expenditures
Federal
except
our
Second,
program
There
is
the building of
should
be
new
Work
effort should be made to
plants and new machinery for the defense
as far as possible
nationalization under the guise
no
by private capital.
of
defense
of
any
Federal funds.
as nearly as possible
the pay-as-you-go plan.
Obviously, we cannot hope to pay for all the
defense program as we go.
But we must do our best. That is part of the
American
Third,
industry
taxes
with a consequent outlay of
should be levied so as to approach
„
sacrifice that
Fourth,
we
taxes
must
should be adjusted to take
enterprise so as to give it freedom under wise regula¬
were
on,
on
that
day,
remember that this
free system of government must
millions of others—on the heroic island
of France and Belgium—yes, perhaps
upon
cities
We
It has given hope wherever man
next
the
President.
He
is your
President;
We all of us owe him the respect due to his high
him that respect.
give
our
four
the
Roosevelt
Franklin
country.
And
we pray
We will support him with our best
that God may guide his hand during
in the supreme task of administering the affairs of
people.
years
President
Roosevelt
Pledges
to
Work
Shoulder
to
Put True Americanism
Matters—Thanks
Weil-Wishers
for
Shoulder with Those Who
All
Congratulatory Messages
President Roosevelt in
statement issued Nov. 13 thanked
congratulatory messages on his re¬
a
those who had sent him
and pledged his
election
determination "to work shoulder
shoulder with all who place true Americanism above all
considerations."
The President also stated that he ap¬
to
preciated the "pledges of loyalty and support" received from
"sincere men and women who did not cast their votes for the
Administration."
These messages, Mr. Roosevelt added,
"reflect a spirit of national unity in essential things which is
most welcome."
His statement follows:
In the face of a
constantly mounting number of congratulatory messages
I feel that I must,
am
in this statement, extend my hearty thanks to
all who
remembered me.
have thus
heartened and encouraged
by all these messages of good will from
thousands of well-wishers.
No less
appreciated than the others are the
received from sincere men
Administration.
These messages, in particular,
unity in essential things which
true
pledges of loyalty and support
and women who did not cast their votes for the
is most welcome.
reflect a spirit of national
In union we shall find our
strength.
their greetings I give this assurance of gratitude and
appreciation.
In acknowledging these pledges of loyal support
and full cooperation in
forwarding the interests of the Nation, I pledge my
heartfelt
determination to work shoulder to
canism above all other
shoulder with all who place true Ameri¬
considerations.
...
R. W. Babson,
»
Presidential Candidate of New Prohibi¬
Party, Asks President Roosevelt to Work for
Coalition
with
All
Political Parties—President
tion
Welcomes Cooperation
In
a
congratulatory message to President Roosevelt on
third term, Roger W. Babson, the Presi¬
his reelection for a
dential candidate of the New
Prohibition Partv, requested
"work for coalition both with Republicans
and minority parties."
President Roosevelt, in replying to
Mr. Babson, said that he will welcome "the cooperation of
all citizens."
The following is the text of Mr. Babson's
that the President
telegram:
The President:
make to defend this democracy.
and Government restrictions
the brakes off private
Mr. Willkie in referring
...
elected
President.
my
efforts for
those for national defense and
accomplished
should be
have
office.
Government to take im¬
relief ought to be cut to the bone and below the bone.
relief, obviously, has to be maintained, but every
substitute for relief productive jobs.
-
people in Germany and in Italy.
hopes to be free.
We
ruined
the
To ail who have sent
It means a rapid decline in the purchasing
in what the dollar will buy.
Or, stated the
means a rise in the price of everything—food,
automobiles—necessities and luxuries.
Invari¬
than wages, with the result that the workers
of living
you
given hope to millions
to
I
Two
national
side
which
Britain—in
our
usurpation
war.
the other hand,
tunity
have
of
by the
bureaucracy;
of
up
machines,
and
matter
Above
borrowed
spending of
too deeply about it
pro¬
authority in the hands of the Executive; the discourage¬
citizens
to
No
did yesterday.
as we
I feel
It is of the very essence of my belief
great, free expression of our faith in the
of the principles for which we fought and
unlimited
the
political
enterprise,
our
vocations
in
for
productive
the
some
sincerely today
as
not
enormous
of
of
On
of
Government;
tion of
lions
only
be
not
must
opposition
a
few million
a
of opposing things just
error
reserved to Congress; the subjugation of the courts; the concentra¬
powers
ment
Ours
for—an
For
Ours is
minority by only
a
the partisan
free.
hold
electorate
were
opposition.
remind you
me
we
opposition
an
America.
strong
Let
of
5
my
to the Nov. 5 election said:
He
represent you in your State and National Government.
opposition.
individual.
any
organizations in
to be weakened by even a semblance
cause
democracy is fruitful of leadership.
even
over.
It is your
Administration
personal advantage to
any
great
for that 1944 will take care of itself.
that
He continued:
football suit to be put on in order to play a game and then
the game
of
to lead, I say:
me
appropriate to continue these
however,
not,
I do not want this
At the beginning of his address
sincerely given yourselves to this cause,
so
is
It
name.
we
"Your function during the next four
is that of the lcyal opposition."
You believe deeply in the principles
you
continued," he said:
Commander in Chief, nevertheless retain the
our
r
Hearty
minds you
congratulations.
A defeated statistician, however, humbly re
that 1% of the vote properly allocated would have elected Wen
The Commercial &
2884
coalition both with Repub¬
Therefore, know you will work for
dell Willkie.
Please keep well—four great years are
parties.
licans and minority
W.
ROGER
ahead.
BABSON,
Candidate for President of
New
Prohibition Party.
My heartfelt thanks for your message
I shaLl welcome
of congratulation.
cooperation and the cooperation of all citizens in giving the country
those "four great years" which you mention.
Best wishes for your con¬
your
tinued health and happiness.
FRANKLIN
ROOSEVELT.
D.
Assistant Secretary of the Navy from
became senior partner of
Robert Winthrop & Co., continuing in that capacity until his
retirement a year ago.
From the New York "Sun" of Nov.
31 we take the following account of Mr. Winthrop's career:
:
Prime Minister
of Great Britain
Chamberlain,
former
Westminster
Abbey, the resting place of many of Great
Britain's historic figures, it was reported in Associated Press
advices from London, that day, which also said in part:
Representatives
of
Family
Royal
the
and
members
attended the 40-minute ceremony, the Church of
which
was
carried out in
of the
Cabinet
England burial service,
atmosphere of peace and serenity despite the
an
persistent air raids which Mr. Chamberlain had sought in vain to prevent.
At the close of the ceremony
Mrs. Chamberlain, heavily veiled, knelt on
the floor, took chrysanthemum
petals from her handbag and dropped them
into the two-foot square,
purple-lined crypt.
:
(
;
with an Astrakhan
Prime Minister Churchill, clad in a long black coat
service.
Gloucester, brother of King George VI, represented the
-j
".-v:'.;/-■:
collar, stood intent among his Cabinet Ministers throughout the
Duke of
The
Royal-Family.
final prayer.
The Archbishop of Canterbury offered the
Many present
were
Chamberlain's
Mr.
in uniform.
ashes
beside the plain gray stone
placed at the south side of the Abbey
were
Mr.
private secretary to the late President William
then Governor of the Philippines.
A year later
Executive Secretary of the islands and in 1903
rose in colonial service to become Judge of the Court of First Instance.
President Theodore Roosevelt appointed him Governor of Puerto Rico
in
1904.
In 1907 he was called back to the United States to become
Taft,
who
made
Assistant
was
resigned as Prime Minister of Great
May 10 of this year and from the cabinet of his
successor—Prime Minister Churchill—a month ago
(on
on
Oct. 3). In Associated Press advices from London, Nov. 11,
the New York "Sun" of that date, Mr. Chamberlain's
to
summarized
career was
Born
in
follows:
as
18,
Birmingham, March
British steel magnate to occupy the post of Prime Minister
of his
immediate family to play
history.
He
a
national
figure.
of them.
^'—;y
'
bankers
Winthrop joined the firm of Robert Winthrop & Co.,
He was a member of the
managing board of the Delaware. Lackawanna & Wetsern RR. Co. and Presi¬
dent of the Cayuga & Susquehanna RR. Co.
20
at
He retired
Exchange Place.
last year.
During liis career, Mr. Winthrop bad served as a
director
an.d likewise of the National City
various corporations,
of
Bank of New York.
♦
Economist and Professor
University—Was First Chair¬
Dr. F. W. Taussig,
of
Death
Harvard
Emeritus of
of United States Tariff Commission
man
political economist, pro¬
and one of tbe
Graduate School of Business
Dr. Frank William Taussig, noted
of
founders
Harvard
the
University
Harvard
of
emeritus
fessor
Nov. 11 in Cambridge, Mass., fol¬
Dr. Taussig, who was 80 years old,
first Chairman of the United States Tariff Com¬
died
Administration,
on
lowing a brief illness.
the
was
He was the author of
economics and international trade and was
regarded as an authority on tariff problems.
Dr. Taussig, who wras born in St. Louis, Mo., in December,
1859, taught economics at Harvard for 53 years, retiring in
1935 after 34 years as Henry Lee Professor of Economics.
After his retirement, he continued writing, and recently com¬
pleted a new edition of "Principles of Economics," originally
published in 1911.
Boston advices No. 12 to the New York
mission, serving from 1917 to 1919.
books
many
on
"Sun" said:
In
and 1907, toward the end ot Dr.
1900
University, Dr.
vard School
Besides
Eliot's administration at the
Taussig took the initiative in starting the Har¬
by personally obtaining pledges for its support.
of Business
being the author
of many books on tariff and other
economic
questions, Dr. Taussig was editor of the "Quarterly Journal of Economics"
from 1896 to 1937.
He was a member of the Advisory Committee on Peace
which
Paris
in
met
after
the
World
War,
The
Association.
Economic
American
and
a
former President of
the
of honorary degrees from
recipient
American and foreign universities, Dr. Taussig was
also a Chevalier
of the French Legion of Honor.
and the third
Death of C. B. Seger, Former
Chamberlain's lot to carry through the project that was
dearest to the heart of his father when, in 1932, as Chancellor
of the Ex¬
President of Union Pacific
Ry. and United States Rubber Co.
Despite this, and despite the over¬
•
It fell to Mr.
President Taft made him
1909,
-'V;;
.
In 1914 Mr.
shadowing brilliance of his father and half-brother, he went higher than
either
In
Treasury.
of the Navy.
When President Woodrow Wilson took
1913 Mr. Winthrop was succeeded in his naval post by Franklin D.
leading role in contemporary British
a
hard-headed business man who was nearly 50 years old
was a
before he became
of the
Secretary
Roosevelt.
many
1869, he was the second successive
was
Secretary
Assistant
fHarvard 1
Chamberlain
Britain
18, 1874, in Orange, N. J., was graduated
receiving his law degree there in 1900.
In
became
he
year
Howard
marking the burial place of Andrew Bonar Law,
the Prime Minister of 20 years ago.
Sept.
of. '97,
class
he
office in
^
Prime Minister of Great
Britain, died on Nov. 9 at the age of 72 at Highfield Park,
Hackfield, Hampshire, England.
Although Mr. Chamber¬
lain's death occurred at 5.30 p. m. (11.30 a. m. New York
time) Nov. 9, it was not made known until the next morning
(Nov. 10).
Mr. Chamberlain had undergone an operation
in July of this year and had been in declining health.
He
became gravely ill on Nov. 8 and lapsed into a coma several
hours before his death.
The body of the deceased was cre¬
mated on Nov. 13 at Golders Green Mortuary in North
London.
The ashes were placed in an urn inscribed with his
name and dates of his birth and death.
On Nov. 14 the
ashes were buried beneath the stone floor of the nave of
Neville
born
Winthrop,
Harvard,
that
Assistant
Death of Neville Chamberlain, Former
March, 1913, when he
until
1909
from
Babson,Tabson Park, Mass.
1940
16,
1907 to 1909, and as
Mr.
Babson:
following is the President's reply to Mr.
The
Hon. Roger W.
Nov.
Financial Chronicle
President of the Union
States Rubber Co., died on Nov.
his country home near Lynchburg, Va.
He was 73
Bronson
Charles
Seger,
former
Pacific Ry. and the United
11
at
Press advices from Lynchburg,
Richmond "Dispatch" of Nov. 12,
the following account of Mr. Seger's life:
Associated
of age.
chequer, he introduced an empire preference tariff schedule in his budget.
years
This reversed the
Nov. 11, apjiearing in the
century-old British policy of free imports, a projectfor
which his father had fought vainly from
As
view
Prime Minister,
on
Mr. Chamberlain
1903 until his death in 1914.
gave
regarded as having a sound
was
foreign affairs, studied largely while he was
Chancellor of the
Early in his tenure
Exchequer under his predecessor, Stanley Baldwin.
he virtually took over the direction of the Foreign Office, gave
his young
Foreign Secretary, Anthony Eden, a vacation and tightened up the strings
of British
He
policy.
worked
/,
untiringly in
dictator countries.
which his father had held 40 years before.
was
'
office
He entered national politics in
elected Member of Parliament for the Ladywood division
of
Birmingham.
in
1923, Chancellor of Exchequer,
In 1922 he
was
Postmaster-General, Paymaster-General
1923-24; Minister of Health,
Pacific sys¬
Pacific as auditor.
Pacific from 1913 to
Pacific and later joined the Union
Vice-President
was
and
Comp.
of
Union
the
He continued as a director and
resigning the Presidency in 1919.
1918, when he became President.
Mr.
Seger
became
President of the United States Rubber Co.
that position
and held
live.
He
was
also
member
in 1919
until he resigned and came to Virginia in 1929 to
of the Dominion Rubber Co. and served as
President
company's boards until his retirement.
of both
Chairman
Southern
starting
1904 to become auditor of the
Francisco in
tem of the Southern
of the executive committee after
...
Mr. Chamberlain in 1915 became Lord Mayor of Birmingham, an
1918, when he
boy.
to San
He went
Mr. Seger became connected with the
branches in that territory and became Secretary after
Ry.
office
an
as
He
effort to smooth out difficulties with the
an
Born in New Orleans, La.,
Pacific
1929-29,
and Chancellor of the Excehquer again from 1931 to 1937.
Mr. Chamberlain became Prime Minister
on
May 28, 1937, when Stanley
Baldwin retired after engineering the abdication of Edward
Deatb of
VIII and the
coronation of George VI.
As Chancellor of the Exchequer he brought his
early business training and
acumen
mass
of world
war
loans into
new
into good use.
rates
enormous cost
and so
of the country's re-armament
program.
It
was
Mr. Chamberlain who
was
in charge
of the Treasury when England
departed from the gold standard in 1931, when the United States followed
suit in 1933 and when
war
debt payments were halted.
He had a hand in
the muchly criticized Ottawa Empire conference and in the
succeeding ill-
starred world economic conference in London in 1933.
Death
of
Beekman
Winthrop,
Former
Puerto Rico—Had Also Served
as
of
Governor
Assistant Secre¬
tary of United States Treasury and the Navy
Retired from New York Banking Firm Year Ago
—
Beelcman
Wintlirop, retired banker, former Governor of
Puerto Rico, and former Assistant Secretary of the United
States
Treasury
and
Luke's Hospital, in
06 years
of the Navy,
New York City.
died
on
Nov. 10 in
St.
Mr. Winthrop, who was
Senator Key Pittman,
the
year
Senate Committee
Democrat of Nevada, Chairman of
Foreign Relations and President
on
Washoe
heart attack.
He was 68 years of age.
Senator Pittman, who had been
reelected to a sixth successive term at the Nov. 5 elections,
defeating Samuel Piatt, Republican, was in ill health when
he returned to his home State to campaign for his reelec¬
tion.
He was taken to the hospital on election eve (Nov. 4),
and suffered a heart attack on Nov. 9, resulting in his
pro
tempore of
the Senate, died on Nov. 10 at the
Hospital, in Reno, Nev., following a
General
death Nov. 10.
President Roosevelt and
Secretary of State Cordell Hull
joined with others in official circles in
expressing grief at
Senator Pittman. In a message to Mrs. Pitt¬
the President said that the "Nation loses his guiding
in a time of world crisis when his leadership
the passing of
man,
hand
...
greatly missed."
will be
old, had not been active in business for more than
since his retirement as senior partner of the New
York banking firm of Robert Winthrop & Co.
Mr. Winthrop served as Governor of Puerto Rico from
1904 to 1907; as Assistant Secretary of the Treasury from
a
Committee—President
of
Expresses Loss to Nation—Secretary
State Hull Lauds Services
saved the taxpayers huge sums, although he later was called upon to get
much of this back because of the
Key Pittman, of Nevada, Chairman
Foreign Relations
Roosevelt
He converted the great
issues with lower interest
Senator
of Senate
I
am
shocked
and
pected passing of
as
President
Committee
ship will
on
pro
my
The President's message follows:
deeply grieved by the news rof the sudden and unex¬
old friend Key.
The Nation loses his guiding hand
of the Senate and as Chairman of the great
tempore
Foreign Relations in a time of
be greatly missed.
world crisis when his leader¬
Volume
I
personally
the loss of
mourn
a
friend of 30 years' standing on
depend.
My heart goes
sympathy, in which Mrs. Roosevelt joins.
loyalty
whose
deepest
Pitt-
Secretary Hull said:
man,
friendship
his
had
to "have
privilege and
It was a
have been his
distressed beyond measure.
grieved and
was
honor
an
to you in
out
expressing his sympathy at the death of Senator
In
I
always
could
I
and to
colleague for
and unstinted public
service and we all have been truly fortunate that during these critical
years the Chairman of the Senate Committee on
Foreign Relations has
been in the skilful hands of a man of the outstanding attributes of lead¬
his lifetime to unselfish
devoted
He
years.
many
ership and keen intellect possessed by Key Pittxnan.
Funeral services for the late Senator were
held
Nov. 14
on
in Reno, where he lay in state. Gover¬
E. P. Carville of Nevada issued a proclamation designat¬
in the State Building
nor
ing Nov. 14
offices
day of mourning and ordering all State
during the afternoon.
The United States
as
Potocki, Polish Ambassador to United States,
Resigns—Jan Ciechanowski to Succeed Him
Count
Count Jerzy Potocki, Polish Ambassador to the United
States, has submitted his resignation to the Polish Govern¬
ment in exile in London, it was disclosed by Embassy officials
in Washington on Nov. 11.
No reason for the resignation
was
given.
Although Poland was partitioned under a
German-Russian agreement signed in September, 1939, the
United States refused to recognize the agreement and has
continued to recognize Count Potocki as its Ambassador in
Washington; Secretary Hull's announcement of this was re¬
ferred to in these columns of Oct. 7, 1939, page 2166.
The
resignation of Count Potocki,- who has held this post for
about four and one-half years, is expected to take effect
Dec. 15.
a
closed
recessed upon
Senate, out of respect for Senator Pittman,
learning of his death until Nov. 12.
A large delegation of
Senators and members of the House of Kepresentatives
Potocki's
and
dictators
for
succeeded
tions
Committee
.
the
of
start
first Roosevelt
the
was
privately
tutored
was
.
Presbyterian
University,
he
the
to
went
at
Senate Foreign Rela¬
his philosophy that foreign policy
by Congress and carried out by the President. . . .
Pittman
was
born in Vicksburg, Miss., on Sept.
Senator
.
1933,
9,
State
and was
graduated from
Clarksville, Tc-nn.,
at
Washington,
of
militant,
even
...
of the powerful
Administration man but not one of the
an
was
It
variety.
formulated
He
March
on
He
Administration.
stamp
the chairmanship
to
of a strong,
advocate
an
foreign policy for the United States.
19, 1872.
Southwestern
to
and began
there,
Republican, and lost.
A year later Mr. Nixon
the unexpired term and won.
He was
a
Pittman
eought
times,
successive
had
Pittman
Mr.
no
died and Mr.
reelected five
....
....
invitation to membership on the Senate
The rule of seniority brought him the
the same time his colleagues named him
President pro tempore of the Senate.
He piloted the Neutrality Act of 1939 through the Senate, and was largely
responsible for limiting war supplies trade with other nations to a cashand-carry basis.
Contending that sinkings of American ships by German
submarines were the main cause of United States entx*y into the World
in
but accepted an
Washington,
Relations Committee.
in 1933 and at
Foreign
United States Supreme
1939, cele¬
brated on Nov. 13 his 84th birthday.
The former Justice
received "numerous congratulatory messages at his home in
Washington, D. C., from all sections of the country, said
Washington advices, Nov. 13, to the New York "Times" of
Nov. 14, which added:
Senator
War,
trade
also
He
Pittman won out against protagonists of permitting unre¬
with belligerents.
instrumental in writing into the law restrictions against
was
and he firmly opposed relaxation of
extending credit to belligerents,
that
provision despite I he fact that he favored increased aid to Great Britain. ...
Senator Pittman was Secretary of the State Democratic caucus from 1913
to
1917.
tions
He
the
at
committee
Governor
on
the
was
E.
Democratic
Platform and Resolu¬
of 1924, and Chairman of the same
convention also chose him to notify former
Smith
ticket.
,
Congratulations and good wishes of the National
President Roosevelt Receives
held in London.
New Luxemburg Minister
President Roosevelt received on Nov.
8 the credentials of
Hugues Le Gallais, as Minister of Luxemburg. In accepting
the letters of credence of Mr. Le Gallais, who has been
Grand Duchy, the President ex¬
pressed the desire of the American people to see the country
regain full independence.
Reporting this Washington ad¬
vices Nov. 8 to the New York "Times" said:
Charge d'Affaires of the
"In this tragic
to the
of
hour in the history of your
Minister, "the sympathy
Luxemburg,
the United States desire
country," Mr. Roosevelt said
nothing more than to see them happy once more
presenting his letters, the
inspires my countrymen while they await a
happier future."
The Germap
W.
invasion of Luxemburg was referred to in
1940, page 2963.
issue of May 11,
Resignation as Ambassador to
France—President Roosevelt However Would Con¬
C.
Bullitt Tenders
tinue
Him in
Palestine
A
mer
my
Ambassador to
Nov. 7 I submitted
I have expressed my desire to resign as
orally to the President, and on
resignation to him in writing.
I could be of more service to my country
I have felt that
write and
President again, as
if I were free to
restrictions imposed by official position. The
previously, expressed his wish that I should not resign,
speak without the
and there for
Isador Breslau, Executive
dispatch received at national headquarters
of the Zionist
in celebration of the birthday of
in
American Jewish boys of the colonizing group, Hashoof Ein Hashofet, which was established
Hatzair.
Mr.
the
Savings Banks Life Insurance Fund of the'State of New
York, assured the former Justice of the continued growth of
Savings Bank Life Insurance in New York. He said:
a telegram of congratulation sent on Nov.
13 to
Brandeis, Judge Edward A. Richards, President of
In
of Savings Bank Life Insurance
the founder
As
ment here in
in Massachusetts you
gratified at its develop¬
After 32 years of operation
of its growth in that State and
should feel proud
New York in the last two years.
in Massachusetts,
the success of your plan of low cost
life insurance for
of record in that State.* Here in New
York more and more people are buying their life insurance "over the
counter" ac our mutual savings banks.
In the short time savings bank
life insurance has been available in this State over $11,0000,000 of this low
cost life insurance has been purchased.
I confidently predict that within
voluntary purchasers is a matter
will
the next few years we
insurance
not
see a
substantial extension of this form of life
New York but in many other
only in Massachusetts and
States that have
mutual savings banks.
Secretary of Treasury
the present the matter rests.
Morgenthau on Vacation Tour
Puerto Rico, Virgin
Inspects Defense Progress in
Islands and Jamaica
Secretary of the Treasury Morgenthau this week has been
inspecting defense progress in Puerto Rico and the Virgin
Islands.
Mr. Morgenthau left Miami, Fla., by plane on
Nov. 8 and arrived the same evening at San Juan, Puerto
Rico.
On leaving Puerto Rico on Nov. II he said that he
had found progress on defense works to be satisfactory.
The
Secretary on Nov. 11 and 12 visited the island of St. Thomas
in the Virgin Islands and then left in a Navy plane to look
defense progress at
over
Jamaica.
Resigns as Executive Director of Re¬
National Committee—Chairman Martin
Hamilton
John
publican
Praises His Services
Executive Director of the Republican Na¬
resigned on Nov. 9 in order to resume his
business career.
In a letter to Representative Joseph W.
Martin Jr., Chairman of the Committee, Mr. Hamilton in
tional Committee,
that
asking
the
resignation take effect
immediately ex¬
pressed appreciation at the opportunity to serve in the
recent campaign.
Mr. Martin, who succeeded Mr. Hamilton
as
National Chairman last July, accepted the resigntaion
"with regret" and thanked Mr. Hamilton for his services.
Mr. Hamilton had been active in the Committee for five
years, serving as General
His letter of resignation
Counsel and then as Chairman.
follows;
Nov.
9,
1940.
My dear Joe:
I
Ambassador to France,
announced'Nov. 14 that he has submitted his resignation to
President Roosevelt but that it has not yet been accepted.
Mr. Bullitt explained in a statement that he believes he
could be of more service to the country if he were free to
write and speak without restrictions of public office.
His
return to the United States last July was mentioned in our
issue of July 27, page 488.
Mr. Bullitt's statement follows:
Since last August
Rabbi E.
Organization reported special festitivies
Post
William C. Bullitt, United States
France, several times
and
John Hamilton,
under their gracious sovereign."
torial acquisition by violence
our
organization,
the
Justice Brandeis in the colony
that the people of
Minister said:
"At this tragic hour in my country's history our eyes are turned to the
United States, which, under your enlightened leadership, have become
the foremost guardian of the traditions of justice and right.
"Your declaration that the United States would never recognize terri¬
In
of
Director.
of the United States goes out to the people
who may take comfort in the assurance
in full independence
Administration of the
E. I. Kaufmann,
Organization were extended in messages from
Zionist
of New York of his nomination for President
In June, 1933, Senator Pittman was United
the monetary and economic conference
States delegate to
of
Convention
That
1928.
in
Alfred
the Committee on
Secretary of
National
Justice
Court from 1916 until his retirement on Feb. 13,
chairmanship
stricted
Brandeis,
his honor in 1937 by
S.
••,,7;7 y;
special interest in foreign affairs when he arrived
7.:•
Insurance
Life
D.
President
The same year
1890.
in
studied law
be
practice in Seattle two years later.
.
.
.
In 1910 he ran for the United States Senate against the late George
Nixon,
Court Justice Brandeis Celebrates
Birthday—Lauded as Founder of Savings
Bank
Louis
rubber-
should
,
Supreme
84th
summarizing the career of Senator Pittman
"Herald Tribune" of Nov. 11:
Senator Pittman, who entered politics after practicing law in the West
and prospecting for gold and silver in Alaska, Canada and Nevada, had
been a member of the Senate 6ince 1912.
He was an outspoken foe of
He
successor.
Former
The following
appeasement
Ciechanowski, Under-Secretary of Foreign Affairs for
been named as Count
Jan
the Polish Government at London, has
attended the funeral.
is from the New York
2885
Chronicle
The Commercial & Financial
151
am
mittee,
effect
I
tendering you,
my
as
the Chairman of the Republican
resignation as the Executive Director of
National Com¬
the committee, to take
immediately.
want you
to know that I have
enjoyed working with you as Chairman.
appreciated the opportunity to be of such service during
as
was
possible to our candidate and to my party.
With every good wish for your continued success, I am,
I
the campaign
Sincerely yours,
JOHN HAMILTON.
Chairman
My
It
Martin's letter follows:
Nov.
9, 1940.
dear John:
was
with
regret
that I received your
resignation.
I can appreciate
retire and resume your business career.
thank you for the splendid work you performed for the
party in the campaign.
Personally, I appreciate it, as did all the others
fully your desire to
First, I want to
The Commercial & Financial Chronicle
2886
to
The party is further indebted to you
gallant leadership in the dark days, and as Chairman I am pleased
cipal speaker, and he will sum up in his remarks the vital role played by
campaign management.
and the future part the
good hope for your future success and happiness, I am,
With every
'
Sincerely
.
'
♦
appointment of Mr. Martin as Chairman was referred
our issue of July 13, page 188.
Member
W. Madden—Latter Nomi¬
of NLRB to Succeed J.
Judge of U. S. Court of Claims—Nathan
Witt Resigns as Secretary of Board
nated
President
Roosevelt
Senate
the
yesterday
nomination
the
(Nov. 15) submitted to
Harry A. Millis, Chicago
five-year term on the National
of
Educator and Economist, to a
Labor Relations Board, taking the place vacated by Chair¬
man J. Warren Madden.
The President at the same time
sent to the Senate the nomination of Mr. Madden to be
a
Judge of the United States Court of Claims.
Coincident
with the naming of Mr. Millis to the NLRB, Nathan Witt
resigned as Secretary of the Board.
Leon Fraser and
Donaldson
Brown
Elected
Directors
The member banks
in Group 1 of the Federal Reserve
comprised of banks with capital and
surplus of over $1,999,000, have elected Leon Fraser, Presi¬
dent of the First National Bank of the City of New York, as
a Class
A Director, and elected Donaldson Brown, Vice-
Bank of New York,
the
of
Board
Vice-President
and
Motors
Corp., New York City,
bank.
Each
of
General
Class B Director of the
beginning
1, 1941. Reference to the nominations appeared in our
issue of Nov. 2, page 2590.
was
chosen for
as a
term of three years
a
Jan.
11-13 in New York City
The Congress of American Industry , annual meeting of the
National Association of Manufacturers, will have as its theme
this year
"Total Preparedness for America's Future," it was
on Nov. 10 by N. A. M. President H. W. Prentis
Jr. who at the same time stated that the Congress will be held
Dec. 11,12, and 13 at the Waldorf Astoria Hotel, New York
City. Marking the 45th annual meeting of the Association,
this year's Congress of American Industry will bring together
some 5,000 industrial leaders, representative of the
more
than 40,000 manufacturers affiliated in the N. A. M., and
the National Industrial Council.
The three day program,
which will feature as speakers many prominent authorities on
government, economics, industry and labor, is planned to
dramatize the need for total preparedness—both in the
spiritual and intellectual life of America, as well as materially,
announced
in armaments and
men.
by Mr. Prentis, the central theme of the
been divided into five main subjects for
has
Congress
discussion:
X.
The Need for Total Preparedness.
2.
Production Aspects of Preparedness.
3.
Economic Aspects of Preparedness.
4.
Intellectual and Spiritual Defenses.
5.
Post War Readjustments.
The Association's
announcement
Curb
York
Exchange
V.
Governors"—Names
Appoints Three "Public
F. Ridder, Major B.
H.
Namm and Dean J. T. Madden
George P. Rea, President of the New York Curb Exchange,
Nov.
14 the appointment of three "public
governors" of the Exchange. They were Victor F. Ridder,
Publisher of The Journal of Commerce and other newspapers;
Major Benjamin H. Namm, President of the Namm Depart¬
ment Store in Brooklyn, and Dean John T. Madden of the
School of Commerce of New York University.
Mr. Rea
stated that "with the appointment of these three men to its
governing board, the Curb Exchange opens its doors to the
public and admits them to direct representation on its Board
of Governors and to
participation in the shaping of policies."
The three new public governors are known as "Class C"
directors, to serve as representatives of the public not
engaged in the securities business, and are of equal standing
with the other governors and have equal voting power,
Mr. Rea pointed out.
Following the keynote address by Mr. Prentis at a luncheon on Wednes¬
Wolcott Made Secretary
'
O. 0.
Farrington, former assistant director of the Western
Division, Agricultural Adjustment Administration, has been
named Vice-President of the
Commodity Credit Corporation
Goodloe, resigned, it was announced on
Nov. 7 by Carl B, Robbins, President of the CCC.
Mr. Good¬
loe, who had been with the Corporation since its organiza¬
to succeed John D.
tion in
1933, resigned to become Vice-President of the De¬
fense Supplies Corporation, a division of the Reconstruction
Finance Corporation.
The announcement said:
Mr.
Farrington has been with the Department of Agriculture since 1928,
when
ha
1933
he
Cotton
With
joined
the staff
transferred
was
the
of
the
to
Bureau
AAA
of
and
Agricultural
became
Economics.
assistant
chief
of
In
entirely
the
discussions
to
of
"Production
Thursday afternoon will include
Aspects of Preparedness" and will
a
Aspects
devoted
Preparedness."
of
As
wide field, including the problem of
Platform,"
one
Particular
detailed discussion of "The Economic
a
as
well feature the adoption of "Industry's
of the high points of the Congress each
emphasis
will
be
placed
upon
year.
"Intellectual
and
Spiritual
Defenses" at the Friday morning (Dec. 13) session of the Congress, which
will stress the close inter-relationship between all American freedoms—civi
and
religious, political and economic
1
Projecting itself into the future the Congress
afternoon the subject of "Post
The
Annual
Dinner which
will
discuss
on
Friday
War Readjustments."
in
years
past
has
been
addressed by dis¬
tinguished figures of national and international repute is the concluding
event
of the
Congress and will be held
Ballroom of the Waldorf Astoria.
be announced
In
on
Friday evening in the Grand
The principal speaker of the evening will
shortly.
addition to other features
on
the
Dinner
Program, will be the in¬
troduction
of the
facturers.
Election of officers, along with members of the N. A. M. Board
President
new
of the
National Association
of
Manu¬
1941, will be held during the Congress.
Preceding the annual Congress of American Industry there
will be a two-day session (Dec. 9-10) of the National In¬
dustrial Council. The Council, sponsored by the N. A. M. is
a conference
group of local, State and national industrial
associations.
Its annual meeting preceding the Congress of
American Industry brings some 200 executives of these
associations together for discussion of the various phases, of
economic and legislative problems and for discussion of
association programs for the year.
At this year's Council
sessions, also held at the Waldorf-Astoria, phases of the
defense program in its relation to industrial activities will be
studied and round table panel discussions will be featured.
Main
Theme
Bankers'
nomic
Western Division.
panel discussion of
a
skilled labor, apprentice training and legislation affecting defense production.
the
of the Agricultural Conservation Program in
1936, he became assistant to the administrator and in 1939 became assistant
afternoon,
The Thursday morning (Dec. 12) session of the Congress will be
Marketing Section.
the inauguration
director of
same
"National Defense and the Economic Outlook."
of Directors for the year
C. C. Farrington Elected Vice-President of Commodity
Credit Corporation—Succeeds J. D. Goodloe—L. O.
program
day, Dec. 11, the Congress will hear discussions of "The Need for Total
planned, these discussions will cover
announced
regarding the
further stated:
Preparedness" and, later in the
New
'
As announced
of New York Federal Reserve Bank
Chairman
'
'
"Total Preparedness for America's Future" to Be Theme
of Annual Congress of American Industry to Be
Held Dec.
as
Financial
expect to play in this respect.
can
sented at the speakers'table.
JOSEPH MARTIN JR.
President Roosevelt Nominates H. A. Millis
City
leaders, and representatives of City and State governments, will be repre¬
■'
yours,
The
to in
Francisco in providing financial services for the surrounding region,
San
acknowledge it.
v'-".-:;:.
16, 1940
George N. Keyston, President of the Stock Exchange, will be the prin¬
active in the
for your
Nov.
Annual
of
Association
Problems
Be Held
Dec.
Convention
Will
of
Inyestment
Be Financial and
Eco¬
From War—Meeting
Hollywood, Fla.
Arising
8-13
at
to
The 1940 convention of the Investment Bankers' Associa¬
tion
He is a graduate of Brown
University, the New
York Law School and is a member of the New York Bar.
of America, to be held Dec. 8 to 13 at Hollywood,
Florida, will have as its central theme the big financial and
economic problems arising out of the war. Such questions as
the financing of defense preparations, the dangers of in¬
flation and the possibilities of setting up safeguards against
an uncontrollable boom and the inevitable aftermath, will
feature the program, according to the preliminary announce¬
ment issued Nov. 14 from the office of the Association in
Luncheon
Chicago.
In making the announcement, Emmett F. Connely, President of the Association, stated:
Mr.
Farrington engaged in wheat, cotton and dairy farming in Okla¬
homa prior to 1928.
He is
graduate of the Oklahoma Agricultural and
Mechanical College at Stillwater.
a
The Corporation also announced the selection of Leon O.
Wolcott, as Secretary of the organization.
Mr. Wolcott
since Sept. 1939 has been Assistant to the
Secretary of Agri¬
culture.
Be
to
Held
in
San
Francisco
Nov.
20
#
as
Tribute to City's
Financial Leadership in West
The San Francisco Chamber of Commerce and the San
Francisco Stock
A late convention this year has given us
Issues related to national defense clarified to a point where our convention
address itself to the most
can
Exchange will be joint sponsors of a "Finan¬
cial Leadership" luncheon on
Wednesday, Nov. 20, it was
discuss the problems.
announced
dual
on
Nov, 13.
This marks the first time in the
long history of these institutions that they have combined
to sponsor such an event, said the
announcement, which
emanated from the San Francisco Stock
The luncheon next Wednesday, planned
as
financial center of the West,
as
a
Commerce.
It added:
tribute to San Francisco
as
a
financial center, will
by the Commercial Club and the Junior Chamber
The luncheon will take place in the Commercial Club.
We
are
of
pressing matters confronting the country.
capitalizing upon the situation by having outstanding authorities
standpoint
They will also be considered in our forums from the
of what is best for speeding
emergency, military or
our preparations
against
economic, and also best for the preservation of
our
institutions and mode of living.
We
are not
speakers and
details of the program. Many
of the subjects for convention forums have yet to
yet prepared to announce the
even some
be settled upon.
and the part the San Francisco Stock
Exchange has played in building San Francisco
also be sponsored
Exchange.
the advantage of seeing major
Mr.
Connely also emphasized the degree to which the
being kept flexible and so able to deal with the
phases of the Nation's financial situation.
program was
most current
Volume
The Commercial &
151
2887
Financial Chronicle
Special convention trains will be operated from Chicago
special cars from St.
will be ex¬
Dec. 2,
the 11th floor of 20 Broad
camera studies and rare coins
The Hobby Show, which will be open on
wood-carvings,
and New York and there will also be
hibited.
Louis, Detroit, Cleveland, and possibly other cities. New
specials will leave in the morning of Dec. 7, and the
Chicago specials in the evening of Dec. 6, all arriving at
Hollywood on the morning of Dec. 8. The New York trains
will carry Boston delegates and pick up those from Phila¬
delphia, Washington and Baltimore. The special cars from
Detroit and Cleveland will be joined on to eastern trains in
Washington.
The Chicago train will carry Twin City and
the far West delegates, and pick up special cars from St.
through Dec. 14, will be held on
Street. Admission is free.
Last year the Hobby Show
Louis
matters.
York
en
route,
American Bankers Association to
Hold 1941 Convention
Sept. 28-Oct. 2
Association
Oct. 2, it was announced
B. A. president, who is
of the Board of the American National Bank,
The Hotel Stevens will be headquarters for the
American Bankers
The 1941 convention of the
will be held in Chicago, Sept. 28 to
on Nov. 7 by P. D. Houston, A.
Chairman
Nashville.
convention.
+
Comparative Figures of Condition of Canadian
Banks
following we compare the condition of the Canadian
banks for Sept. 30, 1940, with the figures for Aug. 31, 1940
and Sept. 30, 1939:
In the
CONDITION
OF
STATEMENT
OF THE DOMINION
BANKS
THE
OF
was
visited by approximately 4,000
M.
Lamport, senior partner of
OF CANADA
*
Arthur
York.
He
consulted
was
by
56
the
Sept. 30,1940 Aug. 31,1940 Sept. 30,1939
$
$
subsidiary coin-
One of his last acts was to
send
a
Total.
4,838,005
4,043,993
4,373,417
5,684,311
9,737,835
Elsewhere
8,881,998
10,057,728
Dominion notes
81,793" 92 9
70,569",756
54",037,977
231,339,028
221,023,344
30,009,585
215.539,672
3.413,410
29,291,221
134,478,593
98,815,739
4.746,465
33,779,857
117,420,891
4,146,932
4,147,487
when he became senior partner.
Mr. Lamport at the time
Chairman of the Board of the
dated Gas Utilities Corp.
♦
34,217,105
33,804,748
20,433,445
4,877.515
Notes of other banks
currencies
CheQues on other banks
secured,
Loans to other banks in Canada,
^ Including bills redlscounted
with
made
Deposits
balance
and
correspond
Kingdom
ents In the United
ents elsewhere than In Canada
and the
134,981,149
201,088,429
Provincial
and
1,308,549,158 1,305,434,519 1,179,333,626
Government securities
Canadian municipal securities and Brit¬
ish,
and
foreign
public
colonial
144,708,583
110,197,055
curities other than Canadian
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans In Canada on stocks, deben¬
a
sufficient
value
marketable
153,567,777
109,623,930
191,299,062
131,229,012
to
37,582,763
38,431,669
939.819,822
130,531,554
37,183,091
50,908,928
983,041,761
127,869,111
Other current loans A discts. in Canada.
Elsewhere
51,167,663
52,063,655
891,421,126
147,696,966
Loans to the Government of Canada...
14,612,581
Non-current loans,
vided for
7,715,997
7,432,342
3,805,069
at
9,067,655
7,863,783
71,679,086
71,432,740
72,188,368
64,302,050
54,604,359
4,823,341
10,839,904
;
estimated loss
4,819.842
11,020,251
not more
less amounts (If any) written
than cost
off
2,323,862
2,056.286
/
4,181,065
Liabilities of customers under letters of
credit
as
contra
per
•
Mr. Lemmermeyer was
also posted today as a
proposed partner of
»
meeting yesterday (Nov. 15),
the Personal Trust
New York Chapter, American In¬
stitute of Banking, presented a discussion of current trends
in Estate, Gift and Income Taxes.
According to an an¬
nouncement made on Nov. 14 by Edgar B. Landis, Trust
Officer of the Chemical Bank & Trust Co., New York, two
prominent attorneys, II. Herbert Romanoff, Chairman of
the Joint Committee on State and Federal Taxation of the
Table group of
Aiqerican Bar Association, and A. Fi Schaffner of Patterson,
Eagle, Greenough & Day, were to address the meeting on
MacNeill, trust officer
William McKinley,
the legal questions involved.
Earl S.
of the Continental Bank & Trust Co., and
assistant
officer of the Bankers Trust Co., were to
practical considerations.
trust
discuss the
the
with
enjoy the same floor privileges presently
during the latter's absence from the Exchange
»
Minister of Finance
for the security of note circulation....
Deposit
become a floor alternate will be
Committee on Nov. 28. He has been a floor clerk for
prior to which time he was a floor employee of
Homans & Co.
5,068,635
11,283,776
pro¬
Mortgages on real estate sold by bank..
premises
7,955,119
7,512,736
3,918,822
municipalities
Real estate other than bank premises...
Bank
15,530,132
112,681,442
65,253,692
towns,
107,952,549
2,173,937
cities,
14,53l"99i
104,209,058
Loans to Provincial governments..
to
The Exchange further said:
If approved, he will
naval duty.
on
At its
cover
and school districts
naval duty.
exercised by Mr. Havemeyer,
Round
of
Elsewhere than In Canada
Loans
or
application for Mr. Lemmermeyer to
considered by the
(
se¬
tures, bonds and other securities
The
the Exchange.
'
142,869,945
United Kingdom
Government
has received notice from the United States Naval
Department that he may be called to active patrol duty.
He is a Lieutenant in the United States Naval Reserve, and
will be the third member of the Exchange to leave for active
Homans & Co., since 1929,
Due from banks and banking correspond¬
Dominion
member of the New York Stock
meyer
military
due
from other banks In Canada
Due from banks and banking
Charles F. Havemeyer, a
Consoli¬
—
Exchange since November, 1922, and a partner of Homans
& Co., has applied to the Committee on Admissions for ap¬
proval to designate Henry J. Lemmermeyer as his floor
alternate, the Exchange announced Nov. 14.
Mr. Have¬
3,555,893
Notes of Bank of Canada
United States A other foreign
telegram to the
congratulating him on his reelection and expressing
regret that his illness had kept him from a more active part
in the campaign.
Prominent in Jewish activities, Mr.
Lamport was National Treasurer of the United Palestine
Appeal, National Co-Treasurer of the United Jewish Appeal
for Refugees and Overseas Needs and was formerly coChairman of the Greater New York Jewish Appeal.
Born
in Franklin Falls, N. Y., Mr. Lamport received his early
education in Burlington, Vt.f where his family had settled
in 1884, and was graduated from the College of the City of
New York in 1902 with a degree of Bachelor of Science.
From 1905 to 1921 he was associated with the Lamport
Manufacturers Supply Co., New York City, and then formed
the concern of Lamport, Barker & Jennings, Inc., invest¬
ment bankers.
In 1923 Mr. Lamport founded the firm of
A. M. Lamport & Co., of which he was President until 1936
$
6,654,297
4,083,538
In Canada
Deposits with Bank of Canada...
died
New
years old.
Mr. Lamport was frequently
Roosevelt Administration on economic
■
Current gold and
the investment
banking firm of A. M. Lamport & Co., New York City,
on Nov.
8 in his apartment in the Hotel Lombardy,
of his death was also
Assets
of the
people.
President
»
in Chicago,
Exchange
Shares of end loans to controlled cos
Other assets not included under the fore¬
going heads
3,728,473,291 3,610,217,282 3,604,770,755
Total assets.
Announcement was also made on
Nov. 14 by E. R. Shum-
of the Bankers Trust Co., Secretary of
of the inauguration of "The Fiduciary,"
bulletin of the group.
way
the Round Table,
the new monthly
•
Liabilities
92,558,303
93,388,294
100,184,603
76,149,043
113,915,291
74,823,803
64,786^2 64
63,213,327
52,424,464
1,003,895,110
877,429,002
763,496,393
Notes In circulation
Balance due to Dominion Govt, after de¬
ducting adv. for credits, pay-lists, Ac
Advances under the Finance Act
Balance due to Provincial governments.
Deposits by the public, payable on de
mand In Canada
by
Deposits
the
♦
1,654,968,286 1,634,403,137 1,692,112,655
490,094,254
402,883,176
403,331,994
Deposits elsewhere than In Canada
Loans
from
other
banks in Canada,
secured, Including bills redlscounted—
Deposits made by and balances due to
11,665,535
10,475,030
20,229,763
15,480,849
25,609,361
158,919
24,885,931
196,715
44,359,644
475,234
65,253,692
4,218,546
1,501,321
133,750,000
banking correspond¬
United Kingdom
9,367,396
24,359,072
other banks In Canada
64,302,050
4,239,380
2,233,294
54,604,359
3,786,871
1,425,433
133,750,000
145,500,000
banks and
ents In the
than
Elsewhere
in
Canada
and
the
United Kingdom
Bills payable
Acceptances
and
letters
of
credit out¬
standing
Liabilities not lncl. under foregoing heads
Dividends declared and unpaid
Rest or reserve fund
......
Capital paid up
145,500,000
...
133,750,000
145,500,000
3,706,514,894 3,689,936,8033,584,184,084
Total liabilities.
ABOUT
ITEMS
BANKS,
TRUST
COMPANIES,
&c.
Arrangements were made on Nov. 7 for the sale of a mem¬
bership in The Chicago Stock Exchange at $1,500, un¬
changed from the last previous sale.
♦
r
being made for the third annual Hobby
the New York Stock Exchange, John Reiner,
Preparations
Show
of
are
Chairman of the Committee
(Nov.
15).
maintain a branch office
Del., according to the
Department's "Weekly Bulletin" of Nov. 8.
Banking Department to open and
901 Market St., Wilmington,
at
payable after
public,
notice or on a fixed day In Canada
Due to
Commercial Investment Trust, Inc., New York,
received on Nov. 4 authorization from the New York State
The
Stamp
in charge, announced yesterday
collections,
sculpture, oil-paintings,
Vice-President of the Brooklyn Trust
Co., Brooklyn, N. Y., yesterday (Nov. 15), completed 50
years of continuous service with the company and its prede¬
cessor institutions.
Born in Brooklyn in 1870, Mr. Weekes
entered the Nassau Trust Co. on Nov.. 15, 1890, after he
had been employed by the American Exchange National
Bank for about two years.
As a result of successive pro¬
motions, he became Assistant Secretary of the Nassau Trust
Co. a few years later, and when the company opened its
first and only branch at the corner of Fulton Street and Red
Hook Lane, he was placed in charge of it.
Not long there¬
after he was elected Secretary of the company, and took an
active part in its management during the panic of 1907.
When the company was merged with the Mechanics Bank of
Brooklyn in June,. 1914, Mr. Weekes became a Vice-President
of the Mechanics Bank continuing in charge of the branch
office.
When the Mechanics Bank, in turn, was absorbed
by the Brooklyn Trust Co. through merger in February,
1929, Mr. Weekes was elected a Vice-President of the
Brooklyn Trust Co., in which capacity he has since continued.
For the last eight years Mr. Weekes has been in charge of
the company's real estate department.
Among the officers of the Brooklyn Trust Co., Mr. Weekes
shares with Edwin P. Maynard, Chairman of the Board of
Francis Weekes, a
The Commercial & Financial Chronicle
2888
Trustees, the distinction of having spent more than half a
Mr. Maynard completed 58 years in
banking last September.
.V-y \ ■.
v
7.;;
*
:7 V:
At a meeting of the Board of Trustees of the Bay Ridge
Savings Bank of Brooklyn, N. Y., George L. Knight was
elected to the Board, it was announced on Nov. 15 by
Robert S. Darbee, President.
Mr. Knight, a resident of the
Bay Ridge section of Brooklyn, and a graduate of Drexel
Institute of Technology, is a Vice-President of the Brooklyn
Edison Co., Inc.
The Bay Ridge Savings Bank, which was
organized in 1909 represents the savings of over 76,000 people
in the community with deposits of more than $36,000,060.
century in banking.
Howard Worthington Lewis, retired
Philadelphia banker
philanthropist, died at his home in that city on Nov. 8.
85 years old.
In regard to Mr. Lewis's business
career, we take the following from the Philadelphia "In¬
quirer":
and
He
was
He
President of the old Farmers & Mechanics National Bank and
was
became VifA-president of the Philadelphia National Bank after the two were
merged.
He
Secretary of the Philadelphia Clearing House Committee
was
for six years, President of Group I of the American Bankers Association,
head of the Northern Liberties Gas Association and
delphia & Darby Passenger Railway Co.
a
director of the Phila¬
He retired from business several
\
v.
years ago.
Howard W. Sehotter has been elected
Tradesmen's National Bank & Trust
Director of the
a
Co.
of
Philadelphia,
Pa., succeeding Edmund Williams, Vice-President of the
institution, who resigned.. The new Board member is
Treasurer of the
Pennsylvania Railroad Co.
On Nov. 12 the La Salle National Bank of Chicago, 111.
(formerly the National Builders Bank) opened for business
in its new and attractively decorated banking quarters in the
Field Building, 135 South La Salle Street.
The bank's new
home occupies 16,000 square feet of first floor and basement
space in the La Salle-Adams corner of the building with an
additional 10,000 square feet of Safe Deposit Vault space.
Laurance Armour is Chairman of the Board and C, Ray
Phillips, President. An announcement by the bank, reported
in a recent issue of the Chicago "Journal of Commerce,"
stated that C. W. Torset had been made
Assistant Vice-
an
President, and Arthur J. McConville, John F. Singleon,
Dean A. Wright and W. M. Dickey chosen Assistant Cash¬
iers.
Mr. McConville, it was said, would continue as
Manager of the credit department.
•
Directors of the United Savings Bank of Detroit, Mich''
at their
regular monthly meeting on Nov. 6, voted to retire
outstanding preferred stock amounting to $400,000, it
is learned from the Detroit "Free Press" of Nov. 10, which
continuing said:
the
This retires all of the $1,030,030 of preferred stock issued in 1934, held
by the Reconstruction Finance Corporation.
authorized
increasing the
$1,000,000 by issuing
holders
a
At the
stock of the
same
bank
time, the Board
from
stock dividend payable Dec. 20,
Nov.
of record
capital structure will be
common
30.
as
When these
changes
are
$750,030
to
1940, to stock¬
made the
bank's
follows:
Common stock,
reserves, over
At the
a
share
same
on
$1,000,030; surplus, $1,030,030; undivided profits and
$450,030.
meeting, the directors declared
a
cash dividend of 50 cents
the 75,000 shares of common stock currently outstanding, pay¬
able Dec. 10 to stock of record Nov. 30.
Dr. A. D. McCannel has been elected President of the
First National Bank of Minot, N. D., succeeding the late
Robert E. Barron, it is learned from the "Commercial West"
of Nov. 9.
Dr. McCannel, prior to his election to the
Presidency, has been
a
Vice-President of the institution,
and for 25 years a member of the Board of Directors.
added in part:
paper
In his
will
new
serve
The
77;7'.7'::
capacity, Dr. McCannel will take part in policy-making and
an advisory role, but actual
management will continue to
also in
be vested in Vice-President Ray A. H. Brandt.
At the
same
Board—Lee
time, directors of the bank elected
H.
Piper,
Vice-President
and
two new members to the
General
Manager
Midwest
Lumber Co., Minot, and Henry H.
Westlie, President, Westlie Motor Co.,
Minot.
Nov.
the advance
were
American Potash & Chemical, 4 points to
73; New England Tel. & Tel., 2 points to 121 and Pittsburgh
Plate Glass, 3 % points to 94%.
Public utility shares were
comparatively quiet although there were occasional gains of
around a point in the preferred section.
Paper and cardboard
stocks were higher, St. Regis pref. leading the advance with
a gain of 4% points to 75%.
Oil issues improved and most of
the aircraft stocks registered fractional gains.
The New York Curb Exchange, the New York Stock Ex¬
change and the commodity markets were closed on Monday
in observance of Armistice Day.
Curb stocks moved briskly upward on Tuesday with the
industrial specialties again in the forefront.
Trading was
fairly active the transfers climbing up to 237,315 shares.
Considerable profit-taking was apparent as the market opened
but this was absorbed as the session progressed and the
advances outnumbered the declines as the day ended.
One
of the strong stocks was Van Norman Machine Tool which
moved to a new top with a gain of 1 % points at 3234Ship¬
building shares were featured by Bath Iron Works which
reached new high ground at 17%.'. Aluminum Co. of Am¬
erica was down 3 points to 163 and the oil stocks were
generally off. Outstanding among the advances were Cellu¬
loid pre!.72H points to 34%; Corroon & Reynolds pref., 2
points to 69; Crown Drug pref 7 3% points to 21%; Godchaux
Sugar A, 3 points to 23; Tubize Chatillon A, 3 points to 39%;
Singer Manufacturing Co., 1 point to 112 and Pennsylvania
Salt, 1 % points to 191%.
Moderate setbacks were apparent all along the'line on
Wednesday and a number of the trading favorites that
registered gains during the preceding session were lower as
the market closed.
Aluminum Co. of America which forged
ahead 5% points on Saturday declined to 160 and Great
Northern Paper receded 3% points to 44.
Aircraft shares
were irregular, Brewster and Ryan showing small advances
while most of the other members of the group were lower,
Fractional declines were in evidence in the shipbuilding shares
and many of the active issues among the industrial specialties
were
down.
7;7^7777.7:
-7
Price movements
were toward higher levels during much
trading on Thursday.
There were some setbacks
due to profit taking but the latter was quickly absorbed
and made little impression on the market trend.
The trans¬
fers totaled 242,990 shares against 181,680 on the preceding
day. There were 395 issues traded in of which 172 advanced,
104 declined and 119 were unchanged.
Several new tops
were registered including among others Koppers
Co. pref.
which gained 2% points to 94 at its peak for the day, Ray¬
mond Concrete Pile pref. which forged ahead 2 points to 45;
Celanese 1st participating 7% pref which moved up 2 points
to 126 and G. A. Fuller $3 conv. pref. which gained % points
to 33. Public utilities were higher, particularly those in the
preferred section and substantial gains were listed in the
industrial group.
Aircraft shares were stronger with the
exception of Vultee and Bellanea which were unchanged.
Shipbuilding stocks were represented on the side of the ad¬
vance by Bath Iron Works and N. Y. Shipbuilding (founders
shares) and paper and cardboard issues were off at the close.
Irregular price movements with closing quotations at
lower levels were the outstanding characteristics of the curb
market trading on Friday.
There were occasional gyins
among the industrial shares and a number of the public
utility preferred stocks were higher but the declines were
largely in excess of the advances as the market closed. Air¬
craft issues were down from fractions to a point or more and
the shipbuilding shares were generally weak.
Paper and
cardboard stocks were quiet and oil issues moved within a
narrow range.
As compared with Friday of last week prices
were fractionally lower, American Cyanamid B closing last
night at 35% against 36% on Friday a week ago; Childs Co.
pref. at 9 against 10; Cities Service at 6 against 6%; Chicago
Flexible Shaft at 72 against 73%; Electric Bond & Share at
4% against 5; International Petroleum at 10% against 11%;
Lake Shore Mines at 14% against 15%; Niagara Hudson
Power at 3% against 3%; Sherwin-Williams Co. at 78%
against 80%; Singer Manufacturing Co. at 111 against 111%
and United Shoe Machinery at 56% against 58%.
of
the
.
THE CURB MARKET
DAILY
points. New peaks were
by some of the shipbuilding issues and a number of
the more active stocks among the industrials moved into new
high ground. Aluminum shares were up and down and oil
issues were moderately higher. Aircraft stocks reached
higher
1940
Shipbuilding (founders shares) % point to 21%. Aluminum
Co. of America was again active and climbed upward 5%
points to 166. Other strong issues prominent on the side of
TRANSACTIONS AT
Trading on the New York Curb Exchange was fairly active
on Tuesday
following the Armistice Day holiday, and as the
market advanced under the guidance of the industrial
shares,
the gains ranged from 2 to 4 or more
16,
THE
YORK
NEW
CURB
EXCHANGE
Bonds {Par Value)
Stocks
tNumber
Week Ended
Nov.
15, 1940
of
Shares)
Foreign
Domestic
Government
Foreign
Corporate
Total
reached
levels at times but failed to hold their
gains and the utility
issues advanced and declined without definite or sustained
trend.. ;
Saturday
Monday.
Tuesday
leadership of the industrial shares, the market
moved briskly upward during the 2 hour
trading period on
Saturday. There were no spectacular features but the gains
were
substantial
in
many
instances
and
the
volume
of
235,120
181,855
240,720
171,710
Friday.
Total--
—
Sales at
Exchange
$5,081,000
$139,000
$61,000
Week Ended Nov. 15
$5,281,000
38,000
Jan. 1 to Nov. 15
1940
1939
1940
1939
980,205
731,235
36,524,922
39,929,275
$7,509,000
143,000
$260,030,000
$391,449,000
2,199,000
3,930,000
165,000
5,867,000
6,156,000
$7,817,000
$268,096,000
$401,535,000
Bonds
Domestic..
Foreign government
980,205
22,000
$5,081,000
Stocks—No. ol shares.
transfers climbed up to
approximately 151,000 shares against
the preceding Saturday. Shipbuilding stocks were
particularly active; Todd Shipyards forging ahead 1 % points
to 76M; Bath Iron Works, 1% points to 17% and New York
54,000
24,000
10,000
4,000
4,000
34,000
HOLIDAY
New York Curb
80,000
on
883,000
1,151,000
1,064,000
1,268,000
...
__
WednesdayThursday-
Under the
$715,000
$725,000
H
915,000
1,193,000
1,122,000
1,326,000
$1,000
$9,000
150,800
Foreign corporate
Total
........-
61,000
139,000
$5,281,000
Volume
2889
& Financial Chronicle
The Commercial
151
EXCHANGE RATES
FOREIGN
522 of the Tariff
Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
requirements of Section
Pursuant to the
Watling, Lerchen & Co.
Members
Detroit Stock
New York Curb Associate
Exchange
York Stock
New
Chicago Stock Exchange
Exchange
Ford
give below
DETROIT
Building
a
record for the week just
BANK TO
;
Exchange
compiled from official sales lists
1940, TO NOV. 15,
NOV. 9,
1
Detroit Stock
both inclusive,
Nov. 9 to Nov. 15,
1940, INCLUSIVE
Rate for Cable Transfers in
Value in United States Money
Noon Buying
Country and Monetary
New York
Unit
sales
Friday
passed:
CERTIFIED BY FEDERAL RESERVE
TREASURY UNDER TARIFF ACT OF 1930
RATES
EXCHANGE
FOREIGN
Randolph 6630
Telephone
1930, the Federal Reserve
of
Act
Stocks—
2%
1
Allen Electric com
4*4
com—5
Atlas Drop Forge
Range Since Jan.
Nov. 15
High
300
1%
Feb
4%
4%
2625
2%
Aug
7%
July
12%
Sept
1.25
8%
8%
753
50c
50c
800
81%
Consolidated Paper com. 10
82%
243
55%
May
90%
16%
156
15
Oct
16%
a
a
a
a ■
a
a
a
a
a
a
a
a
Bulgaria,
55
1%
90c
1%
Denmark,
4
4
4%
70c
70c
100
1%
Apr
1%
May
1
4
3
1,000
50c
Oct
1%
Apr
35
35%
285
27
May
35%
Nov
31%
32%
995
20%
14%
14%
125
10% May
3%
3%
2%
2%
900
19%
645
6%
2,705
*
.1
1
3
19%
Fruehauf Trailer com ....
Gar Wood Ind com
6%
Graham-Paige com
Grand Valley Brew com.
.
Goebel Brewing com
Hall Lamp com
Hoskins Mfg com
.091300*
.238178
.238164
Switzerland, franc
.232050
.231981
.232000
.231981
.231993
Yugoslavia, dinar...
.022416*
.022416*
.022416*
.022416*
.022416*
Jan
6%
Apr
Asia
China—
Jan
Chefoo (yuan) dol'r
Apr
Hankow (yuan) dol
Apr
Shanghal(yuan) dol
Tientsin (yuan) dol
2%
5,955
50c
July
1%
Jan
400
30c
Sept
80c
Apr
8%
100
5%
Feb
13%
Apr
19%
310
14% May
19%
Nov
12%
250
10
May
14%
Jan
June
Apr
Feb
Australia, pound—
Oct
52c
Jan
1%
Jan
60c
Mar
May
14%
1,244
9
5%
1,634
1,325
1,360
1,000
3
48c
1%
60c
1.00
32c
1
35c
25%
340
1%
100
1.25
4,800
19%
May
Feb
May
1% May
75c July
16c Sept
56
3%
1%
Jan
1.25
.057812*
.058375*
.058656*
.233531
.233406
.234125
.234175
.235041
.301666
.301666
.301666
Japan, yen
.234387
.301666
.234387
.301666
.234387
.234387
.234387
Straits Settlem'ts, dol
.471000
.471000
.471000
.471000
.471000
3 228000
3.228000
3.228000
3.228000
3.228000
3 215833
3.215833
3.216666
3.216666
3.217500
228333
3.228541
3.229375
3.229375
3.230000
South Africa, pound. 3.980000
3.980000
3.980000
3.980000
3.980000
27c
550
1%
Nov
2%
.909090
Official
Free..
60c
July
1.25
7%
546
6%
Nov
11%
Jan
Canada, dollar—
Mar
2%
North America—
Apr
6%
Apr
7%
1%
2
2
3,200
1%
13%
14%
578
9% May
18%
18%
8%
281
12% May
5,321
4% May
3%
3,067
2% May
8%
16
18%
8%
4%
44%
14%
1%
755
31%
410
8%
July
Mar
Peninsular Mtl Prod com
1%
1%
1%
1
Mar
Prudential Invest com...l
1%
1%
1%
1%
250
1% May
2
1%
500
1
1%
2%
650
5
Rickel (H W) com
2
10
Scotten-Dillon com
2%
21
1,465
5%
4%
5%
Sheller Mfg com ........
200
21
21
3% June
7
Apr
2
Nov
1
720
May
1%
1%
10%
10%
100
10%
1%
1,550
1%
July
July
14%
1%
2%
Tom Moore Dist com
47c
100
26c
Jan
60c
4%
4%
2,000
4%
Nov
4%
4%
100
2% May
4%
9
350
4
Jan
9
600
1
May
2%
23
May
.297733*
.060575*
.060575*
.060575*
.060566
.060575*
.050166
.050166*
.050166*
.050166
.050166*
.051680
.051650*
.051680*
.051650*
.051650*
.040000*
.040000*
.040000*
.040000*
.040000*
.570000*
.570000
.570000*
.570000*
.570000*
.658300*
.658300
.658300
.658300*
.658300*
.381250*
.390100*
.390125*
.390437*
.393500*
—
peso..
Mar
100
.297733*
Nov
1%
.297733*
Oct
4%
.297733*
Mar
United Shirt Dist com....*
.866125
.297733*
Uruguay, peso—
Controlled
May
Udylite
.867000
Apr
47c
.867500
Export
Colombia,
Mar
*
.867875
Official....
■
Tivoli Brewing com ...... 1
.909090
.867000
Chile, peso—
Jan
Jan
.909090
Free..
Nov
3
.909090
Official
Jan
25
.909090
...
South America—
Apr
2% May
17% Aug
.204000*
.909090
dollar-
Argentina, peso
Brazil, milreis—
Apr
Aug
.868671
.204000*
Free
Jan
1,150
.909090
.869375
.204000*
Official
Mar
12
.909090
.870000
.204000*
peso..,
Newfoundl'd,
Feb
33%
.909090
.870390
Free
Nov
3%
33%
11%
.909090
.869687
.204000*
Official....
Mexico,
Apr
"Ii%
pound.
day
Africa—
Feb
100
dollar(British) rupee.
New Zealand,
Apr
1,000
71c
.059250*
Hongkong,
India
Nov
19c
a
a
a
a
Holi¬
a
.057312*
Feb
26
1%
Reo Motor com
a
a
a
a
a
Australasia—
May
16%
6%
2
May
71c
*
a
.091300*
.238141
Jan
18c
—
a
a
a
Jan
1%
Parker-Wolverine com
;
t
.091300*
40c
55c
3%
'
.238214
1%
25%
1%
.
a
.091300*
35c
1%
Parke Davis com
.039875
a
2%
Michigan Sugar com. _ ..
Micromatic Hone com
Packard Motor Car com
a
.039825
.039825
.039825
a
650
60c
1
Mid-West Abrasive com50c
Motor Products com.....*
Motor Wheel com
5
Murray Corp com
10
a
4%
Michigan Silica com
McClanahan Oil com
a
a
.238125
2%
1%
1.25
a
a
32%
3%
Jan
1 % May
40c
1
1
Prod com
a
a
Nov
37%
4%
LaSalle Wines com
a
.091300*
100
13%
Kresge (S S) com
a
Spain, peseta
Sweden, krona..,
11%
.1
10
.050400*
Rumania, leu
3,139
—
Kinsel Drug com.
Masco Screw
Mar
19%
com__l
.050400*
.039875
2%
com..*
1
Hurd Lock & Mfg com
.050385*
a
_
8%
Houdaille-Hershey B
.193633*
.050400*
a
Portugal, escudo
88c
10
2%
Kingston Products
15%
Poland, zloty
54%
40c
Hoover Ball & Bear com.
.193633*
a
a
2%
1
*
.193633*
a
2%
10
1
1
General Motors com
.193633*
krone
52%
General Finance com
Hudson Motor Car
2
19%
V
Apr
34
.399850*
.399850*
May
2% May
800
Frankenmuth Brew com.
Jan
.399850*
.399820*
.399920*
a
Norway,
3,200
Federal Motor Truck com
a
Netherlands, guilder.
60c
Federal Mogul com
a
.193633*
Jan
2%
.
.019500
a
pengo
Apr
55c
Prod com _
.036875
.019500
.050385*
Hungary,
Mar
2%
Ex-Cell-O Corp com
.035000
.036250
.019500
Greece, drachma
1%
60c
Eaton Mfg com..
.035000
.036428
a
May
2%
Detroit Paper
.035000
.019500
Italy, lira
Det-Michigan Stove com.l
.
4.036250
Germany, reichsmark
Jan
2%
a
4.035000
France, franc..
Feb
125
a
.019500
Free
1%
1
100
1%
a
Finland, markka
4%
Nov
:.
$
;
4 .035000
4 .035625
July
98% May
210
115
1%
|
a
krone
Official
53c
4,895
115
Nov. 11
|
Engl'd, pound sterl'g
2% May
2,410
Continental Motors
lev.
Czechoslov'la, koruna
Mar
,
Consumers Steel com
1
com__l
Det & Cleve Nav com
10
Detroit Edison com
100
Detroit Gray Iron com
6
a
a
Apr
16
16
a
Jan
52c
.6
a
Jan
50c
13%
250
Chrysler Corp com
$
Feb
855
1,457
90c
8%
Nov. 14
$
Nov
1%
6%
26%
90c
Brown McLaren com
Apr
7%
26%
6%
25%
Brlggs Mfg com
2% May
4% Nov
Aug
4% June
May
1
*
.1
Burroughs Add Machine.*
Burry Biscuit com
12 %c
Baldwin Rubber com
Nov. 13
$
Nov. 9
High
Low
Shares
2%
2%
Nov. 12
$
1. 1940
Week
rrites
u]
LOW
Europe—
Belgium, belga
Hale
Price
for
Range
Week's
Last
Par
Std Tube B com
(Fred'k) com
Stearns
.1
Walker A Co A
<,:V. 9
*
*
United Specialties
Universal Cooler B
27
90C May
27
1%
1,900
2,325
1
Feb
2%
Apr
11%
275
7
June
13%
Apr
No par value.
CURRENT
—Alfred
W. Young has become
NOTICES
associated with the institutional
bond
Weeks & Harden, members of the New York Stock
21 years in the financial district,
formerly with Blodget & Co., subsequently managing the institutional
department of Baker,
Mr. Young, who has spent
Exchange.
was
Blodget, Inc., a successor
& Co. to set up
Taylor & Co. as
manager of their corporate bond trading department.
—Coincident with the expansiorf of the facilities of their investment
organization, E. W. Clucas & Co., members of the New York Stock Ex¬
change, announce the association with them of Hibbard E. Broadfoot and
Dudley G. Luce, both formerly with Merrill Lynch & Co., Inc.
Mr.
and trading department
of Stone & Webster and
In 1934, Mr. Young joined A. M. Kidder
and in 1939, he went with Kean,
organization.
their bond department,
Broadfoot
wili be manager of the
retail sales department and Mr. Luce
department and act as a sales rep¬
of the firm's research
will be in charge
resentative.
—Robert A. Morse has become
associated with Harvey Fisk & Sons,
Inc.,
State and municipal
bonds, in their municipal bond department.
Mr. Morse has been identified
with the municipal bond business for the past 10 years.
He was originally
associated with Lehman brothers in their municipal bond department and
has recently been with the municipal bond department of Otis & Co., Inc.
—Johnson & McLean, Inc., Union Trust Building, Pittsburgh, have
opened an office in the Hawley Building, Wheeling, W. Va. with E. Kemper
Nelson Jr. as their representative.
Mr. Nelson was formerly associated
with McGregor, Irvine & Co. as manager of their bond department.
—Manufacturers Trust Co. has been appointed by the City of Long Beach,
New York, Exchange Agent and Depositary for the exchange and (or)
stamping of bonds in accordance with the Offer of Exchange made by the
investment bankers
City under date
specializing in U. S. Government,
of April 15, 1940.
of the State of
—Frank M. Dixon, Governor
Alabama, will address the
Clyb of New York at its next luncheon meeting
Bankers Club on Nov. 20.
Henry S. Morgan, President
will preside at the luncheon.
Bond
—"News
Reviews," a four-page summary
trends, has been
67 Wall St.,
of fire and casualty insurance
prepared for distribution by
Huff, Geyer & Hecht, Inc.,
New York City.
„
of Federal Screw Works as an armament
—A discussion
being
to be held at the
of the Bond Club,
distributed by Alexander Eisemann
City.
speculation is
& Co., 42 Broadway, New York
Nominal rate,
No rates available.
a
COURSE OF BANK
Bank clearings
Jan
2%
11%
*
Feb
1%
1%
Wayne Screw Prod
•
27
1.50
1
com..4
Spring & Wire
*
Warner Aircraft com
Young
'
IX
Non-controlled
CLEARINGS
this week show a decrease
compared with
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that fbr the week ending today (Saturday, Nov. 16)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 11.7% below those
for the corresponding week last year.
Our preliminary
total stands at $6,136,584,957, against $6,951,470,749 for
the same week in 1939.
At this center there is a loss for
the week ended Friday of 13.5%.
Our comparative sum¬
mary for the week follows:,
a
year ago.
Clearings—Returns by
i'i'
Chicago.
1939
$2,637,899,508
$3,049,032,607
—13.5
295,152,529
—12.9
79,487,923
77,600,000
338,710,041
442,000,000
242,032,723
104,307,357
102,400,000
120,028,000
161,866,000
—25.8
116,467,933
118,892,201
143,896,332
—19.1
101,108,218
118,792,329
130,180,322
—22.3
73,844,131
74,731,042
—1.2
$4,156,877,451
912,390,515
$4,907,948,753
1,016,005,015
—10.2
$5,069,267,966
.1,067,316,991
$5,923,953,768
1,027,516,981
—14.4
days
week.
$6,136,584,957
$6,951,470,749
—11.7
- r—-
++ —
-
_
Philadelphia.
---
Boston
.........
City........
St. Louis
San Francisco
Pittsburgh
Detroit
—
—
...
Cleveland., i ."
.. .. .- . .
Baltimore
.
345,000,000
191,397,008
—21.9
—20.9
—23.8
—24.2
+ 0.1
-
five days
Other cities, five days
Eleven cities,
Total all cities, five
All cities, one
Cent
1940
New York.
Kansas
Per:
Telegraph
16
Week Ending Nov.
i,
day
Total all cities for
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
(Saturday) and the
—
15.3
+ 3.9
by the
cannot
today
Saturday figures will not be available
the last day
today.
Accordingly, in the above
of the week in all cases has to be estimated.
until
noon
In the elaborate
detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous—the week ended Nov. 9.
For that week there was an increase of 46.1%, the aggregate
of clearings for the whole country having amounted to
$5,782,760,506, against $3,957,717,711
in the same week in
The Commercial & Financial Chronicle
2890
Outside of this city there was
1939.
Week Ended Nov. 9
Clearings at—
Inc.
1940
districts in which they are located, and from this it appears
that in the New York Reserve District (including this city)
expansion of 58.2%, in the Boston Reserve
and in the Philadelphia Reserve District
Cleveland Reserve District the totals are
larger by 36.7%, in the Richmond Reserve District by
38.7% and in the Atlanta Reserve District by 30.7%.
In
the Chicago Reserve District the totals record a gain of
33.9%, in the St. Louis Reserve District of 27.0% and in the
Minneapolis Reserve District of 22.5%.
In the Kansas
City Reserve District the increase is 11.7%, in the Dallas
Reserve District 21.8% and in the San Francisco Reserve
District 32.3%.
^ :-'w+
In the following we furnish a summary by Federal Reserve
or
1938
Dec.
1937
Seventh Feder al Reserve D istrict—Chi cage—
an
Mich.-Ann Arbor
Detroit
800,757
309,188
393,602
67.825,638
2,036.639
292,805 + 173.5
120,387,075
68,493,759
+75.8
3,630,107
2,431,896
+49.3
1,365,265
+ 15.5
Wayne
Indianapolis..
1,815,375
1,519,890
+ 19.4
793,510
05,712,330
2,961,233
1,337,495
1,088,390
21,370,000
18,259,000
+ 17.0
15,243,000
17,875.000
1,309,138
3.851.088
Grand
Rapids.
Lansing
V
1,576,465
—
Ind.—Ft.
South Bend...
2,733,902
1,583,655
6,359,718
4,651.826
+36.7
Wis.—Milwaukee
20,581,463
15,369,423
966,787
+72.6
Terre Haute...
+33.9
la.—Ced.
Rapids
Des Moines
1.308.518
+20.1
20,070.509
1,087,621
8,039,594
3,059,415
Chicago
Decatur......
8.048,244
+ 24.9
7,645,340
3.715,549
HI.—Bloomlngton
■'
1,571,049
1.888,585
4.880.470
15.063,781
1,007,863
10.050.577
Sioux City
3,079,521
355,109
241,420,048
+20.7
+4.4
2,505,346
336,626
+23.0
—3.3
218,882,720
284.999,162
787.100
1,024.859
370,860
298,428.405
1,450,425
1.506,577
368.840
Peoria
4,038,640
3,130,013
+29.0
2,937.851
Rockford
1,515,988
1,573,700
916,751
+65.4
851,122
1,365,814
1,232,178
+27.7
975.862
1.289.202
501,976,055
374,970,538
+33.9
343,328,599
451,407,108
Eighth Federa I Reserve Dis trict—St. Lo uis—
Mo.—St. Louis..
88,200,000
73,200,000
+20.5
37,016.510
+ 24.9
29,642,163
64,600.000
districts:
Springfield....
OP BANK
1939
%
District of 38.4%
of 48.1%.
In the
SUMMARY
16, 1940
increase of 33.9%,
an
the bank clearings at this center having recorded a gain of
59.1 %.
We group the cities according to the Federal Reserve
the totals show
Nov.
4,025.047
CLEARINGS
Total (18
cities)
Ine.or
1940
Week Ended Nov. 9 1940
Federal
1st
Reserve
1939
Dec.
S
Dists.
Boston.... 12 cities
1938
1937
308,490,784
222,827,778
%
+38.4
219,460,814
216,144,399
1,994,791,807
2d
New York.. 13
"
3,155,008,493
3d
PhlladelpblalO
"
403,028,510
4th
Cleveland..
7
"
317,391,356
6th
Richmond
0
"
0th
Atlanta.... 10
"
f
S
+58.2
2,188,180,875
3,029,742,100
255,539.997
330.104,829
203.860,257
255,598,105
101,038,941
+ 48.1
232,101,467 +36.7
116,099,253 +38.7
110,156,024
128,726,203
193,268,936
147,920,465
+30.7
134,771,988
Ky.—Louisville..
Tenn.—Memphis
111.—Jacksonville
135,780.954
275,465,471
7th
Chicago
"
501,976,055
374,970,538
+33.9
343,328,599
St. Louis...
4
"
162,251,242
127,770,114
+27.0
113,073,260
7
"
117,621,609
95,992,014
+22.5
77,532,859
22,191,787
495,000
+93.7
466,000
581,000
127,770,114
+27.0
113,073,260
127,674,886
959,000
162,251,242
x
Total (4 cities)
x
127,674,886
Minneapolis
74,200,000
30,702.099
19,788,305
24,432,951
Qulncy
451.467,168
8th
9th
28,218,955
+47.7
36.075,732
101,359,601
18
10th Kansas City 10
11th Dallas
"
136,422,667
6
"
"
247,522,274
Total
...113 cities
Canada
32 cities
97,295,947
119,429,943
60,564,076 +21.8
52,172,892
62,077,854
+32.3
181,193,954
214,257,929
187,080,615
Ninth Federal
Minn.—Duluth..
Minneapolis
5,782,760,506
3,957,717,711
2,039,806,625
449,885,911
363,688,588
+46.1
+33.9
3,976,567,466
5,172,363,971
1,861,274,791
2,244,832,725
+23.7
358,726,835
290,942,34
Inc.
1939
S
f
First
Reserve Dist rict
Federal
Me.—Bangor....
Portland..
Mass.—Boston..
Fall
River
711,119
2,248,705
208,615,048
1,142,055
424,622
Lowell
■Boston
416,589
64,957,757
19.333,333
25,324,299
2,175,287
593,750
+23.4
1,918,241
+ 55.4
495,596
1,014,171
2,810,542
—0.7
697,273
4,043,772
Helena
Total (7 cities).
Tenth Federal
+43.9
2,518,186
815.716
3,010.266
117,621,609
95,992,014
+22.5
77,532,859
101,359,601
1.006,651
1938
Lincoln
1937
Omaha
Kan.—Topeka..
Wichita
1,195,759
474,649
1,644,453
193,823,872
627,145
+38.0
1,618,273
190,052,715
+ 82.1
759,443
1,791,079
184,838,966
662,736
367,209
+ 15.7
410,828
Reserve Dis trict—Kans
New Bedford..
769,587
582,717
+32.1
576,771
3,264,159
+27.9
1,576,619
8,149,695
+49.2
3,001,340
1,609,245
8,550,806
New Haven...
4,512,873
3,317,945
+36.0
3,438,747
R.I.—Providence
10,952,200
8,040,400
+26.8
N.H.—Manches'r
611,401
416,975
+22.6
7.912,700
334,187
City
127,146
7 5,579
.+68.2
145,975
2,181,734
+4.8
78,155
102,121
+25.8
1,823,329
32.068,385
2.734,419
3,049,899
91,378,950
26,812,493
2,208,440
2,479,129
+ 19.6
25,067.761
1,527,986
111,666,376
+23.0
+ 20.5
w '109,965
1118,709
*
2,319,391
29,679,734
Pueblo
Total (10 cities)
2,384.060
1 3.282.624
83,670,490
3,356.874
+9.2
62,936,288
178,691,480
—15.4
2,285.514
639,721
516,661
+ 23.8
568,296
626,738
+ 9.4
522,437
582,254
130,422,667
122,134,113
+ 11.7
97,295,947
119,429,943
2,360,877
l
ft
"
618,527
2,880,540
+44.0
Conn.—Hartford
4,176,277
2,269,940
12,156.957
583,323
685,730
St. Joseph
Colo.—Col. Spgs
516,308
Springfield....
as
i 2,183,216
1
2,840,098
Mo.—Kan. City.
361,458
5,698,063
152,951
2,745,368
Hastings
_%
+70.7
+30.7
4,485,024
48,385,404
922,673
Mont.—Billings.
or
Dec.
4,184,826
+ 25.5
+20.0
2,684,433
N. D.—Fargo..
—9.0
61,079,937
22,620.264
Neb.—Fremont-
Clearings air1940
5,185.167
76.625,714
8. D.—Aberdeen
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Nov. 9
Reserve DIs trict—Minne apolls-
27,153,199
St. Paul
2,730,894,634
Outside N. Y. City
+ 11.7
122,134,113
73,739,639
12thSan Fran... 10
Worcester
Total (12 cities)
308,490,784
222,827,778
Feder al Reserve D istrict—New
Second
N. Y.—Albany.
4,594,048
Buffalo......
Elmira—...
Jamestown
Rochester
Westchester Co
Conn.—Stamford
N. J.—Montclalr
...
Northern N. J.
Gelveston
+ 50.3
729,749
Third Federal
+38.7
22,300,000
Chester—...
615,338
5.790,110
503,521
17,684,150
22.690,008
373,899
546,846
+39.8
540,280
722,737
+ 69.1 2,115.292,675 2,927,531,246
+ 54.8
5,375,999
7.633,474
+ 1.2
2,960,449
3,946.077
3,568,442
4,005,805
+ 44.5
365,297
12,028,431
17,753,880
N. J.—Trenton..
Total (10 cities)
408,028,510
York
+ 12.1
+40.0
2,441,330
3,463,102
318,094
12,482.160
+27.8
18,121,656
Yakima.
..
CalifL'g Beach
2,877,139
Cincinnati....
59,952,348
111,717,047
Columbus
1.676,000
704,164
2,290,000
+32.4
+30.1
2,701,181
3,327,555
60,564,076
+ 21.8
52,172,892
Youngstown...
Pa.—Pittsburgh
Total (7
cities)
_
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
S.C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
Total (6
11,590,600
1,819,614
2,773,819
472,887 + 161.5
238,537 + 134.7
357,973
300,487
495,281
276,101
1,171,060
+ 12.0
949,123
1,241,542
267,000,000
936,895
1,947,329
680,319
+ 47.9
247,000,000
1,037,478
319,000,000
1,527,641
+ 55.8
756,044
+43.3
1,794,700
+ 51.9
1,071,636
1,931,400
1,508,276
2,667,700
275,465,471
+48.1
255,539,997
330,104,829
34,471,440
16,119,169
3,585,514
3,030,486
27.941,453
998,240
24,764,034
12,510,625
2,658,102
2,448,677
cities).
Sixth Federal
Tenn.—Knoxvllle
+47.8
+28.4
+ 43.4
232,101,467
Reserve Dist rict
673,923
1,797,065
142,186,000
110,369,000
Augusta
Macon
...
La.—NewOrleans
2,010,629
2,547,030
+38.1
79,827,637
103,750,161
+36.7
203,860,257
255,598,105
-Richm ond-
+ 80.6
249,167
+77.6
1,870,000
875,954
1,140,852
+40.3
49,757,885
22,370,895
60,766,656
24,817,306
161,038,941
116,099,253
+38.7
110,156,024
128,726,203
+ 29.7
35,032,123
348,731
2,305,000
39,347,658
4,536,663
20,261,000
25,561,949
2,512,883
2,994,893
17,432,586
49,900,000
1,188,969
996,137
18,010,000
+ 51.5
2,806,469
3,359,616
+ 22.9
14,525,219
15,691,071
+36.7
48,300,000
46,600,000
+39.4
832,739
+38.5
942,898
14,811,000
1,141,036
1,049,675
12.479,000
+ 12.5
18,436,319
+38.6
1,993,329
+20.1
x
203,214
19,054,337
1,433,132
17,627,137
1,619,059
x
178,102
30,790,130
+ 14.1
145,443
160,960
47,535,636
+29.2
31,920,751
cities)
26,280,788
991.784
33,583,171
1,134,592
22,651,765
12,326,098
27,113,772
2,873,319
2,808,266
107,351,000
+31.8
+ 39.2
+28.8
147,920,465
+30.7
134,771,988
14,216,409
1,973,924
1,083,345
+ 54.4
2,333,215
+22.0
2,343,049
1,379,109
2,188,776
247,522,274
187.080,615
+32.3
181,193,954
214,257,929
+23.8
+28.8
+39.6
•
Grand Total (113
cities)
5,782,760,506 3,957,717,711
+46.1 3,976,567,466 5,172,363,971
Outside New York 2,730.894,634 2,039.806,625
+33.9 1,861,274,791 2,244,832,725
Week Ended Nov. 7
Clearings at—
Inc.
$
Canada—
1939
$
»
or
Dec.
1938
%
%
162,581,547
101,455,471
+60.2
110,227,930
Montreal
112,641,973
42,256,098
20,830,799
100,035,752
+ 12.6
107,566,056
47,255,850
Winnipeg
Vancouver...—.
1937
S
90,816,275.
87,768,456
35,348,979
13.487,093
20,956,351
50,207,224
54,852,511
17,472,275
33,180,392
—23.0
Ottawa
Quebec
5,939,664
6,216,126
—4.4
Halifax..
4,283,966
3,342,877
+28.2
2,380,174
Hamilton
6,607,839
5,770,660
+ 14.5
4,534,843
4,800,482
2,384,191
4,392,431
7,105,930
2,408,310
2,030,947
6,919,956
+2.7
7,551,229
5.615,735
2,059,255
+ 17.0
1,854,663
+ 9.5
1,690,016
1,798,620
1,470,191
1.397,895-
2,661,908
4,883,027
+ 22.1
+5.7
2,339,918
2,184,926
6,599,028
—13.6
4,358,130
5,039,109
440,858
+25.3
344,921
Calgary
...
St. John
Victoria
London
...
Edmonton
5,161,187
5,702,785
Regina
Brandon
Lethbridge
3,250,067
552,465
+ 19.2
16,044,160
+ 51.3
27,157,895
5,610,279
613,899
887,367
—30.8
997,546
Saskatoon
Moose Jaw
1,999,898
1,957,341
+2.2
867,246
765,345
+ 13.3
1,440,238
692,344
Brantford
Fort William
1,074,527
1,013,054
782,489
469,642
728,514
898,699
1,354,139
3,769,660
471,324
432,181
1,046,351
890,773
+41.9
650,452
3,875,801
2,824,760
408,640
...
New Westminster
Peterborough
Sherbrooke
Kitchener
Windsor
;
Prince Albert
Moncton...
Kingston
709,368
1,402,626*
497,736
942,903
+ 14.0
822,870
893,438
812,710
+24.7
848,738
733,931
641,973
+21.9
595,588
648,334
333,607
+40.8
588,194
+ 23.9
663,097
563,688
977,508
—8.1
842,477
673,824
1,237,816
2,666,021
+ 9.4
801,247
+41.4
+ 9.1
1,121,695
2,588,699
361,145
+ 17.5
775,543
306,825
226,474
2,526,004
343,013
713,552'
517,049'
547,090
•
900.485
634,785
Chatham
740,048
689,734
+ 7.3
Sarnia
523,161
485,913
+7.7
528,182
516,097
1,071,974
997,658
+7.4
1,045,995
896,667
449,885,911
363,686,588
+23.7
358,720,835
Sudbury
135,780,954
546,271
36,053,400
193,268,936
62,077,854
SCO
+ 41.0
+ 34.9
*
1,512,369
3,046,823
Total (32 cities)
Total (10
881,209
2,847,322
Medicine Hat
Reserve Dist rict—Atlant
Miss.—Jackson..
Vlcksburg
10,486,200
1,325,101
+75.3
1,657,230
1,379,834
Ala.—Blrm'ham.
82,152,502
75,930,805
33,013,517
68,200,000
Fla.—Jacks'nville
8,159,700
1,204,003
2,548,334
52,788,777
+ 15.0
"""0»9
+ 17.3
Francl
Toronto
1,666,286
43,799,505
67,192,497
373,090
1,859,000
39,765,335
1,130,288
54,134,061
18,837,479
46,653,604
1,466,092
Ga.—Atlanta
Mobile
+ 41.1
317,391,356
21,420,527
'
2,039,649
46,684,446
77,908,306
+23.7
Nashville
£
1|6,941,517
Stockton
Francisco.
San Jose
1,991,535
890,242
888,620
+ 55.9
9,368,300
1,581,870
2,799,895
91,719,001
3,301,000
Richmond
—2.5
1,247,858
47,389,715
'
Santa Barbara.
San
Total (10 cities)
506,511
126,660,789
Mansfield
6,851,211
3,516,693
3,550,904
124,127,000
3,024,544
1,486,462
2,504,382
Pasadena
+ 58.2 2.188,180,875 3,029,742,100
338,791
39,407.661
1,315,490
Ore.—Portland
Utah—8. L. City
27,137,806
3,263,776
4,690,742
355,226
Feder al Reserve D Istrict—Clev eland
Ohio—Canton...
Cleveland
1,462,833
38,777,503
—7.8
3,048,600
1940
Fourth
+ 47.4
+27.2
1,311,436
44,511,806
8,311,261
2,602,000
778,973
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
10,432,130
+37.8
+ 55.3
335,124
1,236,444
1,461,071
2,878,829
1,059,828
1,273,041
2,727,000
Wilkes-Barre..
73,739,639
8,926,667
Reserve Dist rict—Philad elphia
1,311,391
395,000,000
Scranton
3,769,482
4,095.597
559,813
Lancaster
Philadelphia..
Reading
Total (6 cities).
+ 81.0
District—Da Has—
27,600,000
308,578
520,493
Bethlehem....
2,538,000
1,031,336
3,966,802
Wichita Falls—
955,373
23,800,000
cities) 3,155,008,493 1,994,791,807
Pa.—Altoona
1,933,694
56,602,714
7,667,093
Fort Worth-
'216,144,399
1,181,052
33,000,000
558,390
4,144,941
4,001,288
Syracuse
Dallas
La.—fihreveport.
219,460,814
York-
+ 24.2
Eleventh Fede ral Reserve
Texas—Austin—.
414,083
3,699,816
785,713
3,051,865,872 1,917,911,080
8,134,126
5,253,824
New York..
Total (13
3,915,611
9,060,200
860,328
Bingham ton...
Newark.
+38.4
1,897,760
9,330,949
*
Estimated,
x
No figures available,
290,942,344'
Volume
The Commercial &
151
THE
Quotations of representative stocks
each
40/6
88/1 J*
£52
Cable A Wire ord
£9*$
Central MId A Invest..
31/3
29/-
Cons Goldflelds of 8 A.
Courtaulda 8 A Co
V
Closed
De Beers
31/3
29/7*$
£5
£5
60/6
8/18/1*$
16/l*$
24/6
24/6
103/9
104/4*$
£14*$
£14*$
67/6
67/6
60/3
Distillers Co
Electrlc A Musical
Ind
Ford Ltd
16/1*$
HudsonsBayCo
Imp Tob of Q B A I..
London Mid Ry
Metal
£51*$
£9*$
Bo*
Rand Mines
£6
£6
Rio Tin to
£7
£7
78/9
Roils Royce
United
Molasses
14/1*$
Vlckers
West
£2*$
ENGLISH
The
£54
£9*$
£5
63/8/6
16/3
25/25/106/10*$ 106/3
£15?$
£15*$
67/6
67/6
£6
£7 *$
31/10*$
16/-
5%
37/6
22/4*$
14/9
CABLE
MARKET—PER
FINANCIAL
£2J$
£2J$
£2J$
London,
follows the past week:
daily closing quotations for securities, &c., at
as
Mon.,
Tues..
Nov. 11
Nov. 12
23 5-16d.
Closed
per oz__
168s.
Consols, 2*$%-
Closed
Nov. 13
23 5-16d.
168s.
£75*$
£76
£75?$
£101*$
23J$d.
168s.
168s.
168s.
£75*$
£76
Nov. 15
Nov. 14
23 5-16d.
23*$d.
168s.
Gold, p.fineoz.
Frl.,
Thurs.,
Wed.,
Sat.,
Nov. 9
£101*$
British 3*$%
Closed
W. L
£101*$
£101*$
£101*$
British 4%
Closed
1960-90
The
States
£112*$
£112*$
Louis Ry. 1st mtge. bonds
bonds
New York Fire Protection Co., 1st mtge. 4s
New York Shipbuilding Corp., 1st mtge. 5s
Northwestern Public Service Co. 1st mtge. 5s
♦Ohio Cities Water Corp. 1st mtge. oonds
Phelps, Dodge Corp. 3*$% debentures
Pennsylvania Glass Sand Corp., $7 pref. stock
Philadelphia Rapid Transit Co. real estate bonds
Portland General Electric Co., 1st mortgage 5s
Power Securities Corp, 6% bonds
Public Service Co. of Colorado 4 % debentures
Richmond Terminal Ry, 1st mtge. 5s
(newly mined)
71.11
71.11
71.11
71.11
71.11
THE BERLIN STOCK EXCHANGE
Closing prices of representative stocks as received by cable
day of the past week:
Nov.
Nov.
Nov.
9
11
12
■Percent
Allegemcine Elektrlxltaets-Gesellschaft(6%)179
Berliner Kraft u. Licht (8%)...
219
Com me r I Bank (6%)....
Deutsche
Bank
(6%)
Deutsche Reichabahn (German Rys.
Bank
140
151
.......
(6%).
Farbenlndustrie I. Q.
7%)
...
Relchsbank (new shares)
Siemens A Haiske
(8%)
-
Verelnigte Stahlwerke (6%)..
AUCTION
The following
securities
were
Nov.
Nov.
Nov.
13
14
15
of Par
182
180
179
Dec. 31
San Antonio Public Service
Nov, 25
Jan.
1
Jan.
2
Pulp & Paper Co., Ltd. 6% debs
Co, 1st mtge. bonds
Southern California Edison Co., Ltd., 1st mtge. bonds
Standard Steel Construction Co., Ltd., class A stock
Stouffer Corp., class A stock
Toledo Edison Co. 3*$ % debentures
Vlcking Pump Co. preferred stock
Watauga Power Co. 1st mtge. 6s
Werner Bros.-Kennedy Co., 1st mortgage 5s
West Virginia Pulp & Paper Co. 1st mtge. 3s
Whitaker Paper Co., 1st mortgage 7s
Woodward Iron Co. 2d mtge. 5s
—
140
196
120
262
140
Dec.
1
Dec.
1
Dec. 15
Dec. 1
Dec. 1
—Dec. 1
Nov. 22
2
Dec.
bonds
Dec.
4
223
220
141
140
140
151
162
151
151
140
140
140
140
197
198
198
198
120
120
120
120
267
264
267
272
140
141
141
141
sold at auction
Per
Name of
Abbott Laboratories
Share
Company
When
on
Wednesday
I.e. stamped—
....
......
..........
2
20 Colonial Marble Co., Inc., common, and 42 6*$% pre!., par $50
60c. lot
20 Stimpson Co., Inc., preferred
50c. lot
40 National Chemical A Mfg. Co. common, par $1
8*$
113 7-80 Central Public Utility Corp. class A, par $1
$1 lot
Bonds—
Per Cent
$500 Sixteen Court Street, Inc., 1st mtge. Income 4s, July 15, 1945, reg
2*$ flat
AND SINKING FUND
NOTICES
list of bonds, notes and preferred
stocks of corporation called for redemption,
together with
sinking fund notices.
The date indicates the redemption or
making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
last date for
Date
Company and Issue-—
Alabama Water Service Co. 1st mtge. 5s
Alabama Power Co. 1st mtge. 5s
5s 1957
American Gas & Electric Co., 2*4 % debentures
3 *$ % debentures
3 H % debentures
1st mtge.
♦Appalachian Electric Power Co. 4*$% debentures
Ashland Home Telephone Co. 1st mtge. 4*$s
Athens Railway &
Electric Co., 5% bonds.-
Atlantic Ice & Coal Co. 1st mtge. 6s
Co.,6% preferred stock
Baltimore Mortgage Corp., 2-6% bonds
Bear Mountain Hudson River Bridge Co. 1st mtge. 7s
Bedford Pulp & Paper Co., Inc. 1st mtge. 6*$s
Auto Finance
Page
Dec.
5
Mar.
1
Dec.
1
Nov. 29
2178
1424
2034
2793
Nov. 29
Nov. 29
Dec. 16
2793
2793
2932
Nov. 20
Jan.
1
Dec.
1
Jan.
1
-.Nov. 22
Apr.
1
Dec.
1
Brooklyn-Manhattan Transit Corp., $6 pref. stock
Dec.
♦Brooklyn & Queens Transit Corp. pref. stock
Jan.
Byrdun Corp. collateral trust notes
Nov.
Capital City Hotel Co., Inc., 1st mtge. 6*$s
Dec.
Carolina Clincbfleld & Ohio Ry. 1st mtge. 6s__
Dec.
Central Maine Power Co. 1st mtge. 4s
Nov.
Chesapeake & Ohio Ry. 3*$% bonds
-.Dec.
Cincinnati Gas & Electric Co. 1st mtge. bonds
Dec.
♦Clark'8 Ferry Bridge Co. 1st mtge. 6s
Dec.
♦Cleveland Cincinnati Chicago & St. Louis Ry. 1st m. bds. Nov.
Colon Development Co., Ltd., 6% pref. stock
..Nov.
Columbus & Southern Ohio Electric Co. 4% bonds
Nov.
Connecticut Railway & Lighting Co., 4*$% bonds
..Jan.
Consolidated Oil Corp. 3*$ % debentures
Dec.
Crane Co. 3*$% debentures
-.Dec.
Crown Cork & Seal Co., Inc., 15-year 4% bonds
Nov.
10-year 4*$% bonds
Nov.
Eastern Car Co., Ltd., 6% bonds
Jan.
Fairbanks, Morse & Co. 20-year bonds
Dec.
Germani-Atlantlc Cable Co. 1st mtge. 7% bonds
Apr.
Gruen Watch Co. class B pref. stock
Feb.
Gulf Public Service Co. 1st mtge. 6s
Apr.
Houston Natural Gas Corp. 1st mtge. 6s
Dec.
♦Illinois Consolidated Telephone Co. 1st mtge. 4*$s—
Jan.
-
2514
2811
2515
1588
2060
2812
2668
2813
1443
2813
5
5
2
2
30 Nov. 15
1 Dec. 11
14 Dec.
5
15 Jan.
4
16 Nov. 20
16 Nov. 02
(quar.)
Extra
2 Dec.
9
2 Nov. 19
2 Nov. 19
16 Nov. 27
4*$% preferred (quar.).
Machinery (quar.)
(year-end)
Fran.) (quar.)--U. S. funds
Extra (payable in U. S. funds)
Associated Breweries of Canada Ltd.—
t$lH
7% preferred (quar.)
leoc
Common (year-end)
Atlanta Gas Light 6% preferred (quar.)
Atlas Corp. 6% preferred (quar.)-----W.i3X
Automotive Gear Works, Inc., $1.65 conv. pref.
5c
Baltimore Radio Show, Inc. (quar.)
15c
6% preferred (quar.)-Bangor Hydro Electric 7% preferred (quar.) —_
3
1
-
1885
2794
2634
2794
2794
2036
2036
2037
2934
14
5
2795
2795
15
25
1
1
1
15
29
25
1
1
1
29
29
1
1
1
1
1
1
1
1888
2346
2490
2639
2936
2936
2491
2491
2798
2640
2640
2640
2640
2350
2645
1433
2352
1573
1724
2943
14 Nov. 30
2 Nov. 20
2 Nov. 20
American Trust Co. (San
Andian National Corp. (s.-a.)
Dec.
6% preferred (quar.)
Bank of Nova Scotia (quar.)
Barber (W. H.) Co. (quar.)
—
Nov. 20
Nov. 15
Nov. 15
Dec.
2 Dec.
2 Dec.
l\'A
10
10
16
16 Nov. 30
16 Nov. 30
2lNov. 15
2 Nov. 15
16 Dec.
5
Extra
Beau Brummel Ties
Bessemer &
Nov. 15
Nov. 26
-
Nov. 26
Dec.
2
Nov. 19
Dec.
—- —
Transit Co. (liquidating)...
2
Dec.
—
2
Dec.
Briggs & Stratton (irregular)
Brockway Motor Truck Co
Brooklyn & Queens
16
Nov. 23
-
Lake Erie RR., preferred (s.-a.)
Berghoff Brewing (quar.)
Blue Ridge Corp. $3 conv. preferred (quar.)
Payable in cash or common stock. —
Borg-Warner Corp. (special)
Common (quar.)
Boston Wharf Co
Brewing Corp. of America (irregular)-.-
14
14
Dec.
Dec.
im
Extra
Holders
15 Jan.
20 Dec.
American Meter Co.
$ per Share
Stocks
Alabama Power Co.
1156
113
2661
2362
23 Dec,
23 Dec.
(quar.).
Extra.
4*$% preferred (quar.)
Allis-Cnalmers Mfg irregular
American Business Shares, Inc. (quar.)
American Cities Power & Light class A (qu.) —
American Fork & Hoe Co
—----American Gas & Electric
By R. L. Day & Co., Boston:
a
2659
Payable of Record
6% preferred (quar.)
SALES
5 Regent Co. common v.
will be found
2808
2658
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of pastdividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
The dividends announced this week are:
Extra
Below
2807
2658
are
Amer. Laundry
REDEMPTION CALLS
2951
2658
;
219
141
of the current week:
Shares
2655
2805
2805
1287
180
219
...
140
196
...120
262
140
....
(8%)
179
219
140
161
6
1
1
1
Riordon
Dividends
71.11
Dec.
Dec.
Dec,
Jan.
2805
2608
DIVIDENDS
34*$
34*$
345$
34*$
34*$
Dec. 15
Jan.
1
—Nov. 29
2805
2358
2358
in the United
price of silver per ounce (in cents)
the same days have been:
U. S. Treasury
Dresdner
bonds
on
BarN.Y.(Ior'n) 34*$
each
serial
Youngstown Sheet & Tube Co., 1st mtge.
♦Announcements this week,
£112*$
£112*$
£112*$
Jan.
1
Jan.
1
Nov. 26
Jan.
1
Feb.
1
Nov. 20
Nov. 22
Jan.
1
Jan.
1
♦New York Chicago & St.
79/4*$
80/36/3
21/7*$
14/9
2507
Dec. 15
New York City Omnibus Corp. prior lien
New York Connecting RR. 4*$% bonds
£6
&K
2651
2805
2507
National Supply Co., 1st mortgage
3*$s
serial bonds
2946
2947
2505
2948
Nekoosa Edwards Paper Co. 6%
-
555
2650
2803
2948
2653
1
1
1
1
1
-—Jan.
Jan.
Dec.
Dec.
Dec.
National Acme Co.. 1st mortgage 4*$s
National Candy Co. 5% notes
National Gas & Electric Corp. 1st lien 5s—-
63/6
8/6
1282
Nov. 25
Dec. 1
Jan.
1
Montana-Dakota Utilities Co. 4*$% bonds
♦Nanaimo-Duncan Utilities, Ltd., 1st mtge. 5*$s
31/-
2047
1
Jan.
1
Vec.
1
—Dec. 2
—Jan.
1
Nov. 30
bonds
Michigan Public Service Co. 1st mtge. 5s
♦Mississippi River Power Co. 1st mtge. 5s
£5
2801
15
J;00*
Dec.
3*4% debs
♦Mercantile Properties, Inc., 5*$%
£53*$
£9*$
32/6
30/7*$
78/9
35/7*$
21/4*$
14/7*$
£2*$
reported by cable, have been
Silver,
Jan.
Lockhart Power Co. 1st mtge. 4*$s
Lcckhart Power Co., 1st mortgage 4*$s
♦Louisville & Nashville RR. 4% bonds
Medusa Portland Cement serial bonds
Wltwatersrand
Areas
as
40/6
90/7hi
78/9
35/7*$
21/4*$
14/4*$
35/7*$
21/3
Shell Transport
40/6
90/7*$
£6
£7*$
40/3
87/6
British Amer Tobacco.
Fri.,
Nov. 15
61/6
8/3
16/1*$
24/3
105/7*$
£15*$
67/6
Tues.,
Nov, 12
Thurs.,
Nov. 14
£5
Mon.,
Nov. 11
Wed.,
tfov. 13
40/3
90/£51X
£9*$
31/3
30/-
ScU.,
Nov. 9
2943
Dec. 27
1st mtge. 4*$s—
Iowa Electric Light & Power Co. 1st mtge. 4s_.
Iowa Southern Utilities Co 5*$% bonds, series 1925
day of the past week:
Boots Pure Drugs
t-v
♦Industrial Rayon Corp.
Inland Steel Co., 1st mortgage uonds
International Business Machines Corp.
received by cable
as
Pnat
Company and Issue—
EXCHANGE
LONDON STOCK
2891
Financial Chronicle
2
Nov. 30
Bucyrus-Erie Co. (interim).
Buda Co. (resumed)
Nov. 22
Nov. 16
Nov. 16
Nov. 15
Canada Foundries &
Class B (interim)
Dec.
Canadian Car & Foundry,
:——
Case
14
Dec.
31
Dec.
pf.
(Philip) Mfg. Co., 6% pref
t$l
UK
—-
5% preferred (quar.
5%
2
Dec.
(J. I.) Co. (resumed)
7% preferred (quar.)
Central Illinois Light 4*$ % preferred (quar.)
Chase (A. W.) Co. 6% preferred (quar.)
>ac. Ry.Cine. New Orl. & Tex. P;
Common (irregular)
2
Dec.
Class B
Carey
2
Dec.
class A
(initial)
Canadian Industries class A & B (final)
7% preferred (quar.)
Canadian Tube & Steel Products Ltd.
6 % preferred (accumulated)
Capital Wire Cloth & Mfg., Ltd., $1.50 conv.
2
Dec.
Forglngs class A_.
preferred (quar.
5% preferred (quar.
5% preferred (quar.
5% preferred (quar.
City Ice & Fuel Co. common
6*$% preferred
Coast Counties Gas & Elec., 5% pref. (initial) —
Columbian Carbon (year-end)
—
Consolidated Paper (irregular)
$1*1
150c
$5
UK
UK
$1K
$1K
UK
16 Dec.
7
Dec.
1 Nov. 12
Nov. 25 Nov. 15
Dec. 24 Dec. 12
Jan.
1 Dec. 12
Jan.
2 Dec. 20
Nov. 11 Oct.
Dec.
Dec.
31
Nov. 29
Nov. 15
Mar.
Feb.
June
May 15
Sept.
Aug.
15
15
Dec.
Nov. 15
30c
Dec.
Dec.
16
Nov. 13
26c
Dec.
Nov. 25
$1.60
Dec.
Nov. 22
50c
Dec.
Nov. 20
Dec.
The Commercial & Financial Chronicle
2892
|
Name of
1
Company
$1H
Continental Can, $4.50 pref. (quar.) —
Continental Casualty Co. (Chicago) (quar.)
Extra.
>
Jan.
2 Dec.
10
15 Nov.
6
Nov.
Dec. 16 Nov. 15
Nov. 30 Nov. 21
Nov. 30 Nov. 21
Nov. 30'Nov. 21
Dec. 16 Nov. 25
20c
10c
Extra,
$4 preferred (quar.).
$1
3c
—
50c
Dec.
13 Nov. 22
Nov. 23
50c
Dec.
Dayton Power & Light, 4H% pref. (quar.)....
Devonian Oil (quar.)
—
Dictaphone Corp., common
—
8% preferred (quar.)
Diversified
Investment
Fund,
Inc.
(Detroit
Mich), class A (irregular)
Dominion-Scottish Investments, Ltd.—•
$1'A
Dec.
25c
Dec.
Nov. 20
Nov. 30
50c
Dec.
Nov. 15
$2
Dec.
Nov. 15
5% preferred (accumulated)....
Dominquez Oil Fields (monthly)
—
Dun & Bradstreet, Inc., $6 pref. (quar,)......
3:50c
Dec.
25c
Nov.
Common (initial).-
-:—.—
--■
—...
—
Nov. 15 Nov.
$1H
Jan.
Dec.
Dec.
Nov. 23
Nov. 18
Nov. 18
Nov. 18
>».6% preferred (quar.)
Electric Boat Co
Dec.
Dec.
Dec.
mn
$1H
$1H
......
Eastern Mass. Street Ky. 6% 1st pref
Eastman Kodak (quar.)....
50c
$l'A
37 He
—
—
Dec.
40c
...
Electrographic Corp. (quar.)
2
5
Jan.
Dec.
5
Dec.
Nov. 26
Jan.
25c
Dec,
Dec.
SI M
Nov. 26
Nov. 26
Nov. 26
Dec.
$1%
7% preferred
20
Dec.
Dec.
5Gc
— —
—
Extra
El Paso Natural Gas,
Common (quar.)
5
Nov. 20
Nov. 18
50c
Common (quar.)
Durez Plastics & Chemical, common..,
7% preferred (quar.)
6% preferred (quar.)
$1
— ...
Empire Power Corp., $6 pref. (quar.)
$2.25 cum. participating
-—
English Electric Co. of Canada, Ltd.—
$3 non-cum. class A (quar.)
Equity Fund, Inc. (quar,)...
Evans-Wallower Zinc (irregular)..
MtPaid with proceeds from sale of East St
Louis plant.
Ever Ready Co. (Great Britain), Ltd., ord
►^Preference
Excelsior Insurance (Syracuse, N. Y.), irreg
Extension Oil Co., Ltd. (irregular)..
Finance Co. of Amer. (Bait.) class A com. (qu.).
—
...
Nov.
Nov. 19
60c
7% pref. (quar.)
Dec.
$1H
t50c
Dec.
Dec.
Dec. 13
Nov. 30
Nov. 30
Dec.
16 Nov. 30
62 He
Nov. 15 Nov.
$1.70
15%
10%
8
Nov. 16 Nov.
9
Dec.
Nov.
6
Dec.
Nov.
6
20c
Dec. 23 Dec.
?2c
Nov. 30 Nov. 23
12
Name oj Company
$1H
Oklahoma Gas & Electric Co. 6% pref.
DeS."
20 Dec.
10
Oct.
25
5Cc
$1H
UIH
Extra
—
—
...
,
Hecla Mining
(irregular)
Heyden Chemical
Hollinger Cons. Gold Mines (monthly)
Extra..,
30 Dec.
10
1 Jan.
15
1 Jan.
15
.0458
Feb.
75c
Dec.
16 Dec.
2
50 c
Dec.
16 Dec.
2
Dec.
....
4
Jan.
2 Dec.
4
Dec.
Dec.
25c
....
Intertype Corporation (irregular)
30c
Dec.
Jewel Tea Co. (quar.)
Kaufmann Dept. Stores
60c
Dec.
5% pref. (quar.)
Inc., common
$1.25 conv. preferred (quar.)
Kerr Addison Gold Mines (interim)...
Kleinert (I. B.) Rubber Co. (irregular)
KresgeDept. Stores 4% conv. 1st pref. (quar.)..
La Salle Wines & Champagne, Inc.
(quar.)....
Libby-Owens-Ford Glass (year-end)
Lincoln Service Corp. (Wash., D. C.) quar.)—_
participating
6% cum. partic. pref. (quar.)
7% prior preferred
Lionel Corp. (extra)
Lincoln Stores, common (quar.)
7% preferred (quar.)
Liquidating Shares
Kennedy's
—
.
......
_
......
....
....
.
—
...
Madsen Red Lake Gold Mines, Ltd
Dec.
Dec.
Nov. 30
Dec.
2
Jan.
Dec.
5c
Nov.
Nov. 12
30
Dec.
Dec.
Nov. 20
Oct.
Oct.
Oct.
Nov.
Nov.
15
15
15
Dec.
4c
Dec.
9c
Dec.
Dec. 10
Nov. 25
Nov. 25
15c
$1
40c
Dec.
Dec.
Nov. 26
Nov. 22
Dec.
Nov. 27
25c
Dec.
Nov. 20
Extra
25c
National Credit Co. (Seattle) 5% pref.
(quar.)
$1H
National Grocers Co., Ltd., $1.50pref.
(quar.)__ 337 He
National Life & Accident Insurance Co. (Nash¬
Dec.
16 Nov. 20
National Container Co
ville) (quar.)—
National Transit Co
Neisner Brothers (quar.)
Extra
New Bedford Cordage Co. common
Common class B
7% preferred
Newberry (J. J.) Co. (quar.)
Newmarket Mfg
New York Air Brake (year-end)
North Pennsylvania RR. (quar.)
Ogilvie Flour Mills, preferred (quar.)
II
I__
Nov. 15 Nov.
Jan.
llDec.
Dec.
25c
Dec.
25c
Dec.
25c
Dec.
25c
Dec.
$1H
Dec.
Dec.
2 Nov. 20
16 Nov. 30
16 Nov. 30
16 Nov. 30
2 Nov. 18
2<Nov. 18
2 Nov. 18
23 Dec.
60c
Dec.
50c
Nov. 15 Nov.
Dec. 16 Dec.
$1
$1
10
9
2
Nov. 25 Nov. 18
Dec.
2 Nov. 18
Dec.
Dec.
Dec.
Dec.
50c
Dec.
Nov. 15
15c
Nov.
Nov.
$1
15c
60c
t$lH
2c
2
2
2
Nov. 15 Nov.
8
Dec. 20 Nov. 30
Nov. 15 Oct. 31
Dec. 14 Dec.
5
Nov. 30 Nov. 15
Dec.
Dec.
15c
Dec.
Dec.
Nov. 20
Nov. 20
Nov. 20
10c
2
Dec.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Jan.
Jan.
Dec.
Nov. 22
United Gas & Electric Co.
7
7
14
Dec.
Nov. 23
Dec.
Dec.
Nov. 20
Nov. 18
Nov. 18
Nov. 23
Dec.
Nov. 20
Jan.
Dec.
6
Nov. 25
Nov.
Nov.
Dec.
Mar.
Dec.
Nov. 27
Dec.
Nov. 27
Feb.
24
'
(N.
Dec.
Dec.
Dec,
Nov. 30
$1M
$1
$1H
Dec.
Dec.
2
Dec.
Dec.
5
Dec.
Nov.
Nov. 19
Nov.
1
75c
*4.
-d
$2
10
Dec.
Dec.
2
Dec.
Dec.
2
Nov. 30 Nov. 15
Nov. 30 Nov. 15
Dec.
88C
'
Dec.
Dec.
J.j—
5% preferred (semi-annual)
Extra
7
J40c
J40c
$1M
—
IOC
Dec.
50c
Dec.
$1
_———
Dec.
Nov. 30
Nov. 30
Nov. 30
Nov. 30
Dec.
7
Dec.
7
Jan.
Dec.
2
25c
Nov.
Nov. 18
30c
Dec.
5c c
Dec.
Dec. 10
Nov. 20
Nov. 20
-
$15*
Upson-Walton Co. (irregular)
Valley Mould & Iron Co
$5.50 prior preferred
Viking Pump Co., $2.40 pref. (quar.)
Common (year end)
Waialua Agricultural Co., Ltd. (irregular)
Walker & Co., $2.50 class A
Walker (Hiram) Gooderham & Worts, Ltd.—
Common (quar.)
$1 preferred (quar.)
Welch Grape Juice, pref. (quar.)
$1.37H Dec.
Dec.
Dec.
1
50c
Dec.
Dec.
1
60c
Nov.
Nov. 20
60c
t62Hc
Nov. 20
Dec.
Nov. 29
25c
Dec.
$1H
—
Dec.
$1
Nov.
Nov. 29
Nov. 15
25c
West Canadian Hydro-Elec. Corp., Ltd.—
80c. cum. participating pref. (quar.)
West Coast Telephone, 6% pref. (quar.)
_
Western Utilities Corp., 6% conv. pref. (quar.)
Nov. 20
Dec.
Dec.
Nov. 20
Dec.
Nov. 22
Nov.
Nov. 12
$1
15c
Nov. 19
lc
Dec.
$1H
Dec.
Nov. 13
20c
„
Dec.
Nov. 29
10c
I1.18M
4M (1897) cum. pref. (quar.)
6 % preferred (cash or common stock)
Dec.
10
Dec.
Nov. 15
Dec.
Nov. 15
Jan.
Jan.
$1H
30c
6% preferred (quar.)
—
Dec.
$1H
$1H
$1H
6H% preferred (quar.)
7% preferred (quar.)
Westvaco Chlorine Products 5% pref. (final)
Woodward Governor Co. (quar.) —
Nov. 25
Dec.
50c
Western Auto Supply (quar.)—;
Western Union Telegraph (resumed)
Westgate-Greenland Oil Co
Wheeling Electric, 6% pref. (quar.)
Willson Products (quar.)
Wisconsin Electric Power, common
Dec.
J20c
37 He
Common..-
Wisconsin Public Service
27 He
50c
t$lH
1
14
Nov. 22
—
U. S. Freight (interim)
Nov.
14
5
Nov.
30c
-
7% preferred (quar.)
2
30 Dec.
31c
$2H
Ci^iSS JE$
Nov. 15
Dec.
1
Dec. 10
Nov. 20
Nov. 20
2
10c
Underwood Elliott Fisher Co. common
Nov. 25
Dec.
16 Dec.
25c
United Aircraft (year-end)
United Amusement Corp., Ltd., class A_
Dec.
Dec.
Dec.
10C
(quar.)
Common (irregular)
Timken Roller Bearing (year-end)
Twin City Fire Ins. Co. (Minn.), (s.-a.)
Nov.
Dec.
16!Nov. 22
$10
Tatcher Mfg. Co. (quar.)
$1
81 He
15c
16 Nov. 22
Dec.
25c
Thew Shovel, pref.
UK
2
12
■_
Dec.
25c
-
Texon Oil & Land-
Dec.
7
Nov. 25
Nov. 20
Nov
Nov.
2
on
Texas-Pacific Land Trust, ctfs
Sub. shares
Dec.
75c
Muskegon Piston Ring Co
Teck-Hughes Gold Mines (quar.)-—
Tennessee Corp., common (resumed)
Common (r 6um_d)
Dec.
Dec.
Dec.
Dec.
17
common.
7% preferred (quar.)
United Public Service Corp
U. S. Gypsum Co. (quar.)
Dec.
Dec.
10c
4% non-vot pref. stock
10 shares of
Nov. 30
Nov. 30
15c
Monarch Machine Tool
each
Dec.
Dec.
2
Jan.
XI
60c
-
37 He
87 He
mi%
•
i$9H
I t$46 H
8% preferred (participating)
Mission Dry Corp. (quar.)
Stock div. of 1 sh.
United Gas & Electric Corp. (resumed)
Nov. 15
Dec.
Dec.
Dec.
40C
Sunshine Mining (quar.)
Talon, Inc. (quar.)
Nov. 30
Nov. 20
Nov. 20
Dec,
Dec.
25c
Nov. 30
Dec.
10
Jan.
10c
12Hc
12Hc
Dec.
Dec.
10
40c
—
Dec.
Nov.
2
10
Dec.
$1H
Dec.
25c
Dec.
Dec.
Jan.
35c
Spear & Co., 1st & 2d pref. (quar.)
Spencer Kellogg & Sons
$2
25c
Nov. 22
Dec,
5bc
;
25c
Nov. 29
Dec.
Jan.
$IH
$1H
25c
10c
participating.
31
$1
40c
Common (irregular)
15 Dec.
15c
25c
—
2
30c
20c
,
Middle States Securities (quar.)
Midwest Oil Co. 8% preferred (s.-a.)__
Jan.
3 H%
Corp. (irregular)
Michigan Public Service Co. 7% preferred
6% preferred
$6 prior preferred
31 He
t$5
$1H
Metal Textile Corp. $3.25 partic. pref.
(quar.)
Preferred
20c
3c
Magazine Repeating Razor, preferred
Masonite Corp. 5% preferred
(quar.)
Common (quar.)..
Master Electric Co. (stock div.)
Mastic Asphalt, preferred (extra)
Common (quar.)
McLouth Steel
$IX
16 Dec.
20 Dec.
6
Dec. 14 Nov. 30
Nov. 20 Nov. 16
Nov. 22
25c
Southwestern Life Ins. Co. (Dallas) (quar.)
2|Dec.
Nov. 28 Nov. 18
Dec. 16 Dec.
2
Nov. 20
Nov. 20
Dec.
$1H
Jan,
40c
Nov. 20
Dec.
Nov. 15 Nov.
—
Preferred
7% preferred (quar.)
6% preferred (quar.)
$2 preferred (quar.)
2 Nov. 15
25c
...
Dec.
Dec.
Southern Advance Bag & Paper Co.—
Dec.
1 Nov. 15
2 Nov. 20
16 Nov. 30
Nov. 30
15c
$1
50c
Intercontinental Rubber Co, (year-end)
International Shoe Co. (extra)
-
Extra.
Stix Baer & Fuller Co
Dec.
Dec.
Nov. 19
25c
30c
....
Nov. 25
Dec.
-
-
25c
......
Nov. 19
Dec.
25c
:
Extra
25c
Imperial Oil Co. (s.-a. reduced)
Indian Motocycle Co
6% preferred
Industrial Bank of Hartford, Inc. (quar.)
International Petroleum (s.-a.)
Dec.
15%
15%
(final)
Storkline Furniture (quar.)
Extra
5
Dec.
30c
Royalite Oil (semi-ann.)
San Carlos Milling Co
Security National Savings Bank & Trust (St.
Louis) (irregular)
Shattuck Denn Mining (irregular)
Shenandoah Life Insurance (irregular)
Simmons-Boardman Pub. Corp. $3 conv. pref—
Simon (Win.) Brewery (quar.)
Solar Aircraft (irregular)
Sontag Chain Stores (quar.)
2 Nov. 18
l|Dec. 11
Nov. 20
Nov.
t62 He
(semi-annual)
Risdon Manufacturing Co
Roan Antelope Copper Mining (Amer. shares)
Robertson (H. H.) Co. (quar.)
2 Nov. 18
16'Dec.
Nov. 29
Nov. 16
5c
(quar.)
Dec.
26 Nov. 26
Nov.
20c
Dec.
Dec.
Nov. 29
Dec.
25c
stock
(Phila.)
Dec.
Dec.
Nov. 20
Dec.
$1H
$1H
$1H
;
-
35c
Jan,
Dec.
25c
50c
—
-
—
50c
62 He
$2
Home Fire & Marine Insurance (quar.)
Humble Oil & Refining (irregular)
...
Nov. 22
25c
8% preferred (quar.)
Real Estate Loan Co. of Canada, Ltd. (s.-a.).—
Reed-Prentice Corp., 7% preferred, payable in
35c
Illinois Central-Leased Line (special)
Nov. 30
Dec.
$1H
$1H
— —
14 Nov. 15
2 Nov. 25
75c
.....
'
Interstate Hosiery Mills
Dec.
Feb.
25c
....
■
$50
.0458
Group No. 1 Oil Co..
Hartford Electric Light (extra)
Common i,irregular)_
Hazeltine Co. (quar.)
Extra
Nov. 25 Nov. 15
Dec.
2 Nov. 15
Nov. 25
Dec.
33c
-
Ordinary shares (final)
Rich's, Inc., 6H% pref. (quar.)
Greenfield Tap & Die Corp., $6 pref
Green Mountain Power, $6 pref...
Dec.
50c
Rhokana Corp., Ltd., series A
Nov. 15 Nov.
5
Dec.
2 Nov. 20
Dec.
2 Nov. 20
75c
$1H
$3H
$1M
58 l-3c
11
1 Nov. 18
Dec. 20 Nov. 20
412-3c
11
Dec.
35c
70c
.
or common
Nov. 23
14 Nov. 22
75c
Prentice-Hall, common (quar.)
$3 preferred (quar.)
Proctor & Gamble, 5% pref. (quar.)
Public Finance Service, $6 pref. (quar.)
Public Service of Colorado—•
cash
Nov. 15
Dec.
Dec.
30c
-
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Pullman Company (quar.)
Extra (quarterly)
Pure Oil Co. (year-end)
5% preferred (quar.)
5H % preferred
6% preferred vQuar.)
Rand's (Pittsburgh), common
Dec.
20c
2%
Stock dividend
Pneumatic Scale Corp. (irregular)
Portland & Ogdensburg Ry., quaranteed
11
2 Dec. 20
Nov. 25 Nov. 15
$2»1
—— -
Reliance Insurance
Jan.
16 Nov. 30
Nov. 23
Nov.
11
5
16 Nov. 30
Dec.
75c
11
5
Dec,
Ltd.—
6% prior preferred (quarterly)
-----Palisades Corp. (La.) (liquidating)-.
Pennsylvania RR. (year end)
Pennroad Corporation (irregular).Petroleum Corp. of America
Stock dividend (one share Consolidated Oil for
each 5 shares Petroleum Corp. of America)
Phelps Dodge Corp. (year-end)
Phila. Germantown & Norris RR. (quar.).,.
Pittsburgh & Lake Erie RR. (irregular)
Pittsburgh Coke & Iron, $5 conv. pret. (quar.) —
Plymouth Oil Co. treduced)
Dec.
Nov. 15 Nov.
Nov. 15 Nov.
$1H
15c
Pacific Power & Water Co.,
10c
5
Dec. 21 Nov. 30
Dec. 21 Nov. 30
Dec.
1 Nov. 20
Dec.
1 Nov. 20
—
Orpheum Building (semi-annual)
Dec. 21 Dec.
15c
—
2
20c
Dec. 21 Dec.
(quar.)
Extra
Dec. 15
2 Nov. 15
2 Nov. 15
$1H
iquar.)
7% preferred (quar.)
15c
21 Dec.
Dec. 21 Dec.
Dec.
Dec.
Old Dominion Co. (liquidating)
Dec. 21 Dec.
Dec. 16 Dec.
common
—
Dec.
Record
2 Nov. 13
50c
——
—
10c
:..... ......
..........
41 2-3c
Dec.
oj
58 l-3c
5% preferred (monthly)-6% preferred (monthly)
7% preferred (monthly)-.
5H % preferred (quar.)
6%c
Firemen's Fund Indemnity (San. Fran.) (quar.)
50c
Ford Motor of Canada class A (quar.)..
25c
Class B (quar.)
25c
Fruehauf Trailer, common
,
35c
5% conv. preferred (quar.)
$1H
Gallaher Drug Co., 7% preferred (quar.)
$1H
7% participating preferred (quar.)
35c
r.
General Amer. Investors, $6 pref. (quar.)
$1H
General Finance, 6% pref. (semi-ann.)
30c
Gen. Shareholdings Corp., $6 conv, pref. (option
dividend series) payable in cash or stock
mn
Giddings & Lewis Machine Tool (stock)
100%
Gosnold Mills Corp., 5% prior pref
t62Hc
Great Northern Paper (quar.)
5b c
-- ......
Holders
Payable
Ohio Power Co., 6% pref. (quar.)
Ohio Public Service Co.—
Extra
Rheem Manufacturing
Extra.
Class B
16, 1940
When
Holders-
30c
Cook Paint & Varnish (increased)
Cornucopia Gold Mining (initial)
Curtiss-Wright Corp., class A
When
Payable of Record
30c
—
_
Per
Share
Nov.
Dec.
Nov. 30
Nov. 30
Dec.
Nov. 30
Dec.
Nov. 30
15
15.833c Dec.
25c
Dec.
Nov." 18
3%
Dec.
Nov.
3
Dec.
Nov. 13
Dec.
Nov. 29
Jan.
Nov. 20
Jan.
Nov. 20
Jan.
Dec.
Woolworth (F. W.) & Co.,
Ltd.—
6% preference registered (s.-a.)
6% preference registered (final)-Wright Aeronautical (year-end)
Wright-Hargreaves Mines, Ltd
Extra
Interim
.—
noc
15c
noc
1
2
Volume
Below
give the dividends announced in previous weeks
we
and not yet
being given in the preceding
Share
Company
Holders
When
Per
Name of
table.
Payable of Record
Nov. 18
Dec.
2
Acme Steel Co. (quar.)
Aetna Ball Bearing Mfg
...
Nov. 20
Alabama Water Service Co. $6 preferred (quar.)
Alberta Wood Preserving Co. 7% pref. (quar.)
Dec.
23
Nov. 15
Allegheny Ludlum Steel, pref. (quar.)
Dec.
-
Allied Laboratories (quar.).
5
Dec.
Alexander & Baldwin Ltd
16
Allied Stores Corp., 5% pref.
Industries
Aluminium, Ltd.
Dec.
(quar.)
Preferred
Nov. 20
(quar.)
Dec.
Nov. 15
Dec.
4
Dec.
2
Dec.
American Chicle Co. (quar.)
Extra
4
Dec.
(quar.)
2
Nov. 15
$2H con v. preferred (quar.)
$2 con v. preferred (quar.)
American Home Products Corp. (monthly)
American Investment Co. of Illinois (quar.)
5% preferred (quar.)
$2 preferred (quar.)
American Mfg. Co. (quar.)
Preferred (quar.)
Nov. 15
Nov. 14*
Nov. 20
Dec
16
16
14
Dec.
14
Dec.
Dec.
Nov. 20
American Metal
Nov. 20
(quar.)
-
American Oak & Leather Co.—
5% cumulative preferred (quar.)
5% cumulative preferred (quar.)
American Paper Goods Co
4-1-41
Dec.
Dec.
American Public Service, preferred
16 Dec.
20 Nov. 30
American Radiator & Standard Sanitary Corp.—
Preferred (auar.)
5
Nov. 25
Nov. 20
American Rolling Mill Co
Nov.
American Smelting & Refining
American Steel Foundries
1
Nov. 30
American Thread Co. pref. (semi-ann.)
American Tobacco Co., com. & com. B (quar.)_
Nov. 30
Nov.
9
Anglo-Canadian Telephone A (quar.)
Anglo-Huronian, Ltd
Nov. 15
16
Nov. 20
Dec.
Archer-Daniels-Midland
Nov.
Armstrong Cork Co. (interim)
Preferred (quar.)__
1st
preferred
4
Nov. 30
Nov. 15
Nov. 15
Artloom Corp. 7% pref. (quar.)
Associated Dry Goods 2d preferred
Nov. 15
(quar.)
(quar.)
Nov. 21
Atlantic Refining Co.
Atlas Powder Co
Nov. 29
Dec. 20
Auto Finance Co. (quar.)
Extra
Nov. 20
Bank of America N. T. & S. A. (quar.)
Preferred (initial, semi-ann.)
Dec.
14
Dec.
14
Barlow & Seelig Manufacturing
Class A (quar.)
Nov. 15
Nov. 15
Nov.
Barnsdall Oil Co
Dec.
Nov. 15
Nov. 15
Beaunit Mills, Inc., preferred
Nov. 20
(special)
Nov. 22
Belden Mfg. Co
Bendix Aviation
Berkshire Fine
5
Nov. 15
Extra
Beech-Nut Packing Co.
7
Nov. 12
Bastian-Blessing Co. (year-end)
Bathurst Power & Paper, class A (interim)
Beattie Gold Mines (Quebec) (quar.)
Nor.
Spinning Associates, Inc.—
9
Dec.
Nov. 23
Dec.
7% preferred
$5 preferred
Nov. 23
Nov. 12
Bethlehem Steel Corp
Dec.
7% preferred (quar.)
Bigelow-Sanford Carpet Co. (year-end)
Preferred (quar.)
Bird & Son Inc. 5% pref. (quar.)
Birmingham Gas preferred (quar.)
Birmingham Water Works Co. 6% pref. (quar.)
Jan.
Dec.
Dec.
Nov. 19
Nov. 19
Dec.
23
Dec.
Dec.
Nov.
(quar.)
Oct.
3
31
16
2
Dec.
Nov. 22
Dec.
16
Dec.
Brooklyn
Nov. 15
Dec.
Nov.
Nov. 15
Nov.
8
&
Queens Transit—See Gen. Corp. and Invest¬
ment News section of this issue.
Brooklyn Telegraph & Messenger Co. (quar.)__
Buckeye Pipe Line
Bullock's, Inc
Bunker Hill & Sullivan Mining & Concentrating
Dec.
2 Nov. 20
Dec.
Dec.
2 Nov. 20
14 Nov. 22
50c
Dec.
2 Nov. 11
25c
Butler Bros
Preferred (quar.)
Butler Water Co. 7%
Dec.
Dec.
2 Nov. 12
2
5 Nov.
Dec.
1 Nov.
6
Dec.
1 Nov.
6
37Hc
$14
$2.15
pref. (quar.) —
preferred
Representing div. due May 1, 1936, of $14,
plus interest to Nov. 30, 1940.
Calhoun Mills (quar.)
California Art Tile class A
Campbell Wyant & Cannon Foundry
Dec.
preferred
(quar.)
25c
pf. (qu.
pf.(qu.)
(quar.)
Shares Corp. A & B__
75c
2 Nov. 12
2 Nov. 12
9
2 Nov.
2 Nov.
Dec.
2 Nov. 20
Dec.
5c
17 He
4c
56&
!5c
9
7
Nov. 25 Nov.
Nov. 25 Nov. 14
Nov. 30 Nov. 15
Nov. 30 Nov. 15
1-2-41 Dec. 21
Dec.
15
$6 pref. (quar.)
Rubber pref. (quar.)
—
Bank (Toms River, N. J.) (qu.)_
Bank of Jersey City (quar.)
(M. H.) Co. (guar.)—--------- —
Connell Dredge & Dock Co..
7% pref. A (quar.)
Nov. 15
Dec.
Nov. 15
Nov.
7
General Motors Corp
Nov. 15
$5 preferred (quar.)
General Steel Wares part.
-
Extra
General Cigar Co., pref. (quar.).
General Instrument Corp. (quar.)
pref. (quar.)
preferred (part, div.)
(interim)...
Preferred (quar.)......
Globe-Democrat Pub. Co. 7% pref. (quar.)
Gold & Stock Telegraph Co. (quar.)
Goodyear Tire & Rubber Co
*
$5 conv. preferred (quar.)
Gossard (H. W.) Co. (year-end)
-
25c
1-2-41
4-1-41
50c
Dec.
2 Nov.
50c
Dec.
2 Nov. 15
15c
Nov. 30 Nov. 16
Apr.
1 Mar. 18
Dec.
Extra...—.,
Dec.
16 Nov. 20
2 Nov. 20
\
15
Dec.
16
Dec.
Dec.
2
2 Dec.
Dec.
25c
9
16IDec.
Jan.
$1H
of Porto Rico
Falstaff Brewing (quar.)
Preferred (semi-ann.)
Fansteel Metallurgical Corp., preferred (quar.).
Farallone Packing Co. (quar.)
Quarterly
Farmers & Traders Life Insurance (quar.)
Faultless Rubber Co. (quar.).
Special
Federal Compress & Warehouse (quar.)
Dec.
Dec.
2, Nov. 20
Nov. 20 Nov.
Dec.
.
Dec.
t$15c
2 Nov. 15
Nov. 25 Oct. 31
Jan.
2 Dec. 14
$1H
(quar.)..—
Fairbanks,
16
17
20 Dec. 31
Dec.
75c
Dec.
2 Nov. 15
2
2 Dec. 10
2 Nov. 16
Nov.
1
Dec.
$15*
Mfg. Co
—
Ely & Walker Dry Goods Co
Empire & Bay State Teleg. Co. 4% gtd. (qu.)..
Empire Capital class A (extra)
Preferred A (quar.)
-EmporiumOapwell Co. 4H% preferred (quar.)_
E vers harp, inc., new 5% pref. (quar.)
—
New 5% preferred (quar.)
r
Dec.
31 Dec.
Jan.
$1H
Eaton
7% preferred (quar.)
Freeport Sulphur Co. (quar.)
Dec.
12
16 Dec.
Dec.
Dec.
•
Florida Power Corp.
Dec.
Dec.
Jan.
20c
7% preferred (quar.).
Dec.
17
2 Nov
Dec.
$1H
$5
.).
6% preferred (quar.,
Public Service preferred (quar.)
Part,
Dec.
2 Nov. 20
Dec.
2 Nov. 15
Jan.1*41 Dec. 20
9
Dec.
2 Nov.
2-10-41
3-1-41
Dec.
1 Nov. 20
Dec. 20 Nov. 20
38c
East Shore
Nov. 28
Jan.
30c
$2
'30c
Preferred (quar.)
East St. Louis & Interurban Water—
Glidden Co.
9
Nov. 20 Nov.
5
1 Dec.
Jan.
2 Nov. 18
Dec.
75c
(quar.)
....
Dominion Coal Ltd. preferred (quar.)
Dominion Foundries & Steel pref. (quar.)
Douglas Aircraft Co
Eagle Picher Lead—
Nov. 20
$15*
$3H
$14
$1H
20c
5% preferred (quar.)
Fitz Simmons &
Nov. 30 Nov. 15
Nov. 30 Nov. 15
Dec. 14 Nov. 30
25c
Dominion Bridge, Ltd.
Federal Light & Traction
Ferro Enamel Corp
16 Nov.
16 Nov.
16 Nov.
16 Dec.
1 Nov.
1-2-41 Dec. 23
62.4C
Faber, Coe & Gregg, Inc.
Preferred (quar.)
Morse & Co
30
30
29*
6
Dec.
13
Dec.
7
2 Nov.
Dec.
8
Nov. 20 Nov.
Dec. 23 Dec. 13
Dec.
Nov. 29 Nov. 15
Dec.
2 Nov. 15
Dec.
2 Nov. 26
(semi-ann.)
—
Di-Noc Mfg. Co. 6% cum. pref. (quar.)..
$120
Discount Corp. of N. Y
Resulting from reduction in capital stock and
change in par value of shares.
J55Hc
Distillers Corp-Seagrams, Ltd. (quar.)
Dixie-Vortex Co., class A (quar.)
Doctor Pepper Co
(quar.)
...
$1
Dolese & Shepard Co
t50c
Dome Mines, Ltd
Dominion & Anglo Investment Corp., Ltd.—
Dec.
11
30c
Dec.
15c
Preferred
Nov.
10 Oct.
1 Dec.
56^c
35c
Dexter Co
Diamond Match Co. (quar.)
Jan.
Dec.
Dec.
$2H
Detroit-Hillsdale Sc Southwestern (s.-a.)
Fishman
Nov.
Dec.
$15*
Deere & Co., preferred (quar.)
Dentist's Supply Co. (N. Y.) (auar.)
Nov. 30
50c
25c
75c
Denver Union Stockyards preferred (quar.)..
Detroit Gasket & Mfg., pref. (quar.) —
Dec.
Caterpillar Tractor (quar.)
Celanese Corp. of American—
Common stock div. of lsh. of com. for each
30 shs. of common stock held
7% cumulative prior preferred (quar.)
7% cumulative 1st part, preferred (s.-a.)
Central Arkansas Pub. Serv. 7% pref. (quar.)__Central Illinois Public Service Co.—
$6 and 6% preferred
Central Paper (initial quar.)
1
14 Nov. 30
9
1 Nov.
"ft
First National
Nov.
1
10 Dec.
$15*
7% preferred (quar.)
Cuneo Press, Inc., 6H% preferred (quar.)
Curtis Mfg. Co. (Mo.)
Curtis Publishing, prior pref. (initial)
Cushman's Sons 7 % preferred
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual).....
—
Decca Records, Inc
First National
50c
10 Dec.
Dec.
pref. (initial)
Firestone Tire &
$1H
Dec.
Dec.
$14
87Hc
$14
$1H
(quar.)
Crum & Forster Insurance
Dec.
8
Nov. 22 Nov.
Dec. 16 Nov. 16
62 He
20c
1
Crucible Steel Co. of America, 5%
Nov. 30
8
16 Nov.
4
Nov. 23 Nov
Nov. 29 Nov. 15
Dec.
25c
50c
..
1 Nov. 15
30c
Crow's Nest Pass Coal Co
Nov. 30
& 2nd pref. (s.-a.)—
2 Nov. 15
Dec.
—
$1H
6% preferred (quar.)
Carman & Co. class B
5 -iNOV. 15
1 Nov. 15
Dec.
t$lH
Crown Cork & Seal Co., Inc., $24 cum.
Crown Drug Co
Nov. 30
14
Dec.
Dec.
50c
Extra
Dec.
2c
1 Nov. 15
5 Nov. 15
$1H
Co
Creameries of America, Inc., $3 H conv.
Crown Zellerbach, pref.
Dec.
62 He
(quar.)
2 Nov. 15
4c
75c
Creole Petroleum Corp
Dec.
2 Nov. 15
Dec.
2c
Copperweld Steel Co
Cum. conv. pref. (quar.)
Crane Co. preferred (quar.)—
1
6 Nov. 22
50c
Cooper-Bessemer prior preferred
Copper Range
6
tin
A and B
Canadian Malartic Gold Mines, Ltd
Canfield Oil Co
Canadian Industrial Alcohol class
Dec.
& B
Dec.
$1
Canadian General Electric (quar.)_
2 Nov. 19
Dec.
Nov. 28 Nov. 14
2 Nov. 15
Dec.
Consolidated Cigar Corp. 7% cum. pref..
Consolidated Edison of N. Y. (quar.) —
Dec.
2
Dec.
Connecticut Light & Power, pref.
Connecticut Power Co. (quar.)
Nov.
2
6
Dec. 31 Dec.
2 Nov. 19
Dec.
$
Coniaurum Mines, Ltd
Extra
Dec.
2
16 Dec.
16 Dec.
Dec.
Compania Swift Internacional (quar.)
Dec.
16 Dec.
Dec.
6 H % pref. O (qua.)
Community Power & Light
Nov.
2 Nov. 12
2 Nov. 12
2
16 Dec.
2
16 Dec.
Dec.
-
Columbia Brewing Co. (quar.)_
Columbia Broadcasting Co. class A
Commonwealth Utilities Corp.—
25c
t50c
WH
Dec.
(quar.)
25c
Nov.
Dec.
gtd. (quar.) —
Colgate-Palmolive-Peet, preferred (quar.)
Nov. 25
Nov.15
$1
t$1ui
Canada Wire & Cable, class A (quar.)
Class B (interim)
9
2 Nov. 11
2 Nov. 11
Dec.
Collins & Aikman
20c
Canada Bud Breweries
Catawissa RR. Co. 5% 1st
16 Dec.
Nov. 30 Nov. 16
2 Dec. 20
Dec.
Fa jar do Sugar
20c
15c
Co. (quar.)
Burroughs Adding Machine
(quar.)
SI 4
50c
$1
Brown Shoe Co
Jan.
$6 preferred (quar.)
Dec.
Brooklyn Edison Co. (quar.)
Canada Cement Co.,
6
Jan.
.*■
.....
Transit and
Dec.
Dec.
Boyertown Burial Casket Co. (quar.)
Brandon Corp. 7% preferred (s.-a.)
Bridgeport Gas Light Co. (quar.)
Bristol-Myers Co. (quar.)
Brooklyn-Manhattan
Nov. 15
Dec.
Extra-
Dec.
Nov.
pref
Bower Roller Bearing
Class A
Nov. 18
Dec.
Common..
Preferred
Oct.
Dec.
preferred (quar.)
Boston Woven Hose & Rubber Co.,
Byers (A. M.) Co.
Nov. 20
Nov. 20
Dec.
i_
Blaw-Knox Co
Bloch Bros. Tobacco, 6%
Bohn Aluminum & Brass
Boston Fund
Dec.
6
Dec.
Dec.
Dec.
Dec.
Crum & Forster pref.
2 Nov. 15
2 Nov. 12
Dec.
(semi-ann.)
Container Corp. of America
Continental Diamond Fibre
Dec. 31
-
7% pref. (quar.)
1
8
Nov. 26 Nov.
Dec. 12 Nov. 12
Colorado Fuel & Iron Corp
Nov. 15
American General Corp. $3 conf. pref. (qu.)
2 Nov. 20
Dec.
Coca-Cola International Corp
Class A (semi-ann.)
Preferred
1 Nov. 15
Dec.
-
Class A
Nov. 11
American Chain & Cable
Preferred
15
1 Dec.
2 Nov.
Dec.
Year-end
15
Dec.
Inc
(quar.)
7% preferred (quar.)
American Box Board Co., 7% cum. pref. (quar.)
American Capital prior preferred (quar.)
14
Jan.
Dec.
Coca-Cola Co
Nov. 15
(quar.)
Century Ribbon Mills, pref. (quar.)
Champion Paper & Fibre
Preferred (quar.)
Chartered Investors $5 preferred (quar.)
Chicago Corp. con v. preferred
Chicago Yellow Cab
Chile Copper Co
Chrysler Corp
Citizens Bank of Brooklyn
City of New Castle Water Co. 6% pref. (qu.)
Clearfield & Mahoning RR. (.s.-a.)
Cleary Hill Mines (quar.)
Cleveland & Pittsburgh RR. sp.
Guaranteed (quar.)
-
Nov. 30
Aluminum Mfg..
Preferred
16
-
20 Nov. 30
Dec. 20 Nov. 30
2 Nov. 20
Dec.
Dec. 16 Nov. 30
$7 preferred
Extra
Payable of Record
Dec.
Central & South West Utilities $6 preferred
,
Nov. 25
.
Aluminum
Share
of Company
Holders
When
Per
Name
The list does not include dividends an¬
paid.
nounced this week, these
Allied Mills
2893
The Commercial & Financial Chronicle
151
3c
$1H
5c
5c
$2H
Dec.
3-15-41
1 Nov. 15
1 Nov. 15
18 Dec.
9
14
Dec. 16 Nov. 30
Mar. 16 Feb. 28
Jan.
2 Dec. 11
1 Dec.
1 Dec.
16
25c
Jan.
25c
Jan.
50c
Nov. 30 Nov. 20
Nov. 30 Nov. 20
25c
16
2 Nov. 18
5
20 Dec.
1 Nov. 15
$1H
Dec.
25c
Dec.
$1H
87Hc
1%
Dec.
15c
Dec.
25c
Dec.
$14
Dec.
87 He
25c
Dec.
2 Nov. 15
Nov. 20
Nov. 15
Nov. 15
Dec.
Nov. 15
Dec.
Nov. 15
50c
$15*
15c
$1
$14
$15*
19c
Jan.
2 Dec.
26
Dec.
23
Dec. 31
1 Nov. 15
Jan.
1 Dec. 15
Dec. 12 Nov. 14
6
Feb.
1 Jan.
8
Nov. 20 Nov.
8
Nov. 20 Nov.
Dec.
40c
Dec.
28 Dec.
56 He
Jan.
2 Dec.
1 Nov
$15*
$1H
Dec.
Jan.
25c
Dec.
$14
Dec.
60c
12
12
20
2 Dec. 21
16 Nov. 15
16 Nov. 15
Nov. 18 Nov.
7
The Commercial & Financial Chronicle
2894
Per
Share
Name of Company
Granby Consol. Mining Smelting & Power.—.
15c
When
2 Nov. 15
Grand Union Co. div. arr. certificates....
Preferred (quar.)——*
Griesedieck-Western Brewers Co.—
,
SI
1H
IX
iSM
—.
5X% conv. preferred (quar.)——————
Griggs, Cooper <fe Co. 7% pref. (quar.)
...
Hackensack Water (semi-ann.)—
Preferred (quar.)
——......
Hale Bros. Stores (quar.). mm mm m.m mm m'm m m mm m mm mm
Hallnor Mines, Ltd. (quar.)
Hamilton Watch preferred (quar.)....
Hancock Oil of Calif. A & B (quar.) —..... —Class A & B (extra).--—
Hanna (M. A.) Co.. $5 cumulative pref. (quar.)
Banners Oil Co.. common
Harbison-Walker Refractories........
Preferred (quar.)..--...-..
—— —
....
43 He
25c
15c
»J£
25c
SIX
2c
50c
six
MX
---
—
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly
—....
Hires (Chas. E.) Co
—
Hobart Mfg. Co. class A (quar.)
.........
Holophane Co. ...... .——
Holt (Henry) & Co.jpartic. class A—......—
Homestake Mining Co. (monthly)
—,
—
Hoover &
34 He
5c
Hard Rock Gold Mines
Hazel-Atlas Glass Co
Allison, preferred (quar.)
Horn (A. O.) Co., prior pref. (quar.)
Secondpreferred (quar.)
—
Horn & Bfardart (N, Y.) preferred (quar.)..—
Huntington Water Corp. 6% pref. (quar.).....
7% preferred (quar.)..—————
Huston (Tom) Peanut Co., 7% preferred (s.-a.)
Hygrade Sylvania preferred (final)..—
Idaho Maryland Mines (mo.)
Imperial Chemical Industries, Amer dep. rec—
Ingersoll-Rand Co.
— —
Inland Steel Co. (quar.)————.........
—
15c
15c
30c
37 He
60c
37 He
SIX
8He
Payable in U. S. funds.
V
International Ocean Telegraph Co. (quar.)
Interstate Natural Gas
Iron Fireman Mfg. common v. t. c.
(quar.)—.
Island Mountain Mines (interim)
———
Jaeger Machine Co...-...—
—
Kendall Co., $6 part. pref. A (quar.)..
Kentucky Utilities junior pref. (quar.)
Klein (D. Emil) Co—...—
Preferred (quar.).—...
...
Knickerbocker Fund, shs. of beneficial int.. —.
Kresge (S. S.) Co
Kroger Grocery & Baking..6% preferred (quar.)
7% preferred (quar.).......-.....——
Lake of the Woods Milling. ...
Preferred (quar.)....
i
Lake Superior District Power 7% pref, (quar.) —
6% preferred (quar.)..—
Landis Machine preferred (quar.)—
—
Lanston
5c
I!
50c
zfi
7c
50c
$1
SIM
S1H
62Hc
8c
30c
60c
50c
25c
SI
SIX
40c
Special—-.——*
Liggett & Myers Tobacco (quar.)....
-----
60c
SI
SI
*
.
..
.
.
*-*, .
_
.
25c
(Quarterly.)
— .
12HC
.
20c
S1H
...
t25c
pref.—
30c
SIM
S1H
Lunkenheimer Co., 6H% pref. (quar.)
$1
.__
—.—
Lynchburg <fc Abingdon Telegraph (s.-a.)__.--McGraw-Hill Publishing Co., Inc
Mclntyre Porcupine Mines.......—
Extra..
MacLeod-Cockshutt Gold Mines","Ltd11—IZIZ
Macy (R. H.) & Co. (quar.).........
Madison Square Garden...
Manhattan Shirt Co. (quar.)..............
■
........
.
..
Manischewitz (B.)& Co., 7% pref. (quar.)
May Department Stores (quar.J
...
Mead Corp., $6 preferred A (quar.)
i
S5X preferred B (quar.)..———-—Mercantile Acceptance Corp. 5%
pref. (quar.)..
6% preferred (quar.)........
Metal & Thermit Corp........
—
............
Preferred (quar.)..——
Miami Copper Co--.----.—
■
Mid-Continent Petroleum
Middle West Corp. (initial)
"
_
&
15c
1
Dec. 17
Jan, 20
Oct.
31
Nov. 29
Nov. 8
Dec. 20
1 Jan. 17
2 Nov. 15
2 Nov. 15
2 Nov. 15
2 Nov. 15
Dec.
Dec. 16
Nov. 30 Nov,*20"
Jan.
2 Dec. 14
Nov. 9
Dec.
Dec.
Dec.
Nov. 12
Nov.
1
Dec.
Dec.
Nov.
1
Nov. 15
Dec.
Nov. 15
25c
50c
Extra--.----..."""
25c
SI
25c
t20c
~
—
.
tlOc
§1M
.
")
.
Moran Towing, 7% preferred (quar.)...
Morris Plan Insurance 8ociety (quar.)-.-....
$2H
S1H
35c
SI
—
_ZZI
25c
Preferred (quar.)--—-Motor Wheel Corp. (quar.)-.....—
ZZ~
Mt. Diablo Oil, Mining & Developm't Co.
(qu.j
Extra..—
Mountain Fuel Supply..
Mountain Producers (semi-ann.)
Mueller Brass Co. (year-end)
Muncie Water Works, 8% pref. (quar.).......
SIX
(quar.)
......
—_
.
—.
•
.
Dec. 21 Nov. 22
Jan.
Dec. 18
Dec.
Nov. 16
Dec.
2 Nov.
9
1-2-41 Dec. 23
Jan.
2 Dec. 14
Dec.
2 Nov. 19
2
45c
.
Dec. 16
Nov. 30 Nov.
9
Dec. 10 Nov. 25
Dec. 10 Nov. 25
9
Dec.
2 Nov.
Dec.
2;Nov. 9
Nov. 30 Nov. 15
Nov. 30 Nov. 20
Dec. 31 Dec. 21
.Nov. 30 Nov. 16
10 Dec.
Minneapolis-Honeywell Regulator (quar.)Z ~~~
5 X % cumulative preferred (quar.).
...
Monsanto Chemical Co., pref. A & B (semi-ann
Moore (Wm. R.) Dry Goods Co. (quar.)
Jan.
Dec,
6c
Z""~ """"
8
$2
S3
Nov. 10
Nov.
1
$^o
S1H
SIM
25c
Murphy (G. C.) Co. (quar.)-.
Murray Corp, of America.
2 Nov. 20
2 Nov. 20
5 Dec.
25c
25c
20c
—..ZZZZZZ—Z.Z
Motor Finance Corp,
Dec.
2
Nov. 15
1 Nov. 25
2 Dec. 14
Dec.
1
Nov. 20
Dec. 27
Feb.
1
Nov. 20
Dec. 12
Dec
2
Jan. 2
Feb.
Dec.
Dec.
9
Dec.
Dec,
50c
Midland Grocery Co., 6%
pref. (s.-a.)
Midwest Oil Co. common (semi-ann.).—Z_IIIZ
Extra...—..—.
Dec.
Nov.
25c
ioc,
SIX
quar")ZZZZZ.ZZ
Preferred B (quar.)—..—Mission Corp.---.
Modern Containers, Ltd. (quar.)
Dec.
Jan.
Dec.
Dec. 31
Nov. 15
30c
55|H c
40c
—
2
Dec.
2
Dec.
2
Dec. 16
Nov. 25
1
2 Nov.
Jan.
2 Nov. 11
Dec. 20 Nov. 30
Dec.
2 Nov. 8
Nov. 30 Nov. 15
2 Nov. 12
Dec,
Dec.
2 Nov. 12
1 Dec. 20
Jan.
2 Nov. 18
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec.
Dec.
5 Dec.
1
25c
Michigan Public Service (initial,
Michigan Silica (quar.)—..
Jan.
Nov. 15
Nov. 15
Loose-Wiles Biscuit 5% pref. (quar.)...—.....
Lord & Taylor. 1st pref. (quar.)- —
Ludlow Mfg. Associates————
Extra.
Nov. 21 Nov." _9
Dec.
7 Sept. 26
Dec.
2 Nov.
4
2 Nov. 15
Dec.
Dec.
2 Nov. 15
Dec.
2 Nov.
6
Dec, 31 Dec.
2
Nov.
50c
...
......«—*
15
Dec.
25c
Lock Joint Pipe Co. (increased mo.)-.
Monthly.
Building Supply Industry Series
Business Equip. Industry Series
Chemical Industry Series.....
Electrical Equip. Industry Series
Food Industry Series
Dec.
————
Special guaranteed (quar.)..............
Loblaw Groceterias A & B (quar.)..
Class A & B (extra)..—
:
Bank Stock Series......
Dec.
SIM
—...
...
—
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
...—.—
—
40c
lc
lc
25c
30c
50c
$2
$1
25c
Dec.
Dec. 23 Dec.
13
6 Nov, 20*
Dec.
1 Nov. 15
Dec. 23 Dec. 20
Dec.
2 Nov.
4
Dec.
2 Nov. 15
Dec.
Jan.
1 Dec. 26
Dec.
16 Nov. 25*
10 Nov. 25
Dec. 10 Nov. 25
Nov. 30 Nov, 20
Dec. 20 Nov. 19
Jan.
2 Dec. 20
Jan.
2 Dec. 20
Jan.
2. Dec. 20
Dec.
2 Nov.
9
Dec*
1-2-41 Dec. 30
Dec.
2 Nov. 15
Dec.
1 Nov. 22
Nov* 30 Nov.
Dec. 24 Dec,
Dec. 10 Nov.
2 Nov.
Dec.
2 Nov.
Dec,
Dec.
6 Nov
Dec. 16 Nov.
Nov. 22 Nov.
Dec. 16 Dec.
Dec.
2 Nov.
Nov. 30iNov.
16
14
20
15
15
15
25
8
2
21
18
....
Machinery Industry Series
Metals
-—
-
Nov.
Nov.
Nov.
Nov.
Series
Oil Industry Series
Public Utility Industry Series
Railroad Series
Nov.
Nov.
Railroad Equip. Industry Series
Steel Industry Series
Tobacco Industry Series
Nipissing Mines, Ltd
Noranda Mines, Ltd. (interim)
Norfolk & Western Railway (quar.)
2 Nov,
9
2 Nov. 20
15 Dec. 13
30 Nov. 15
16
16
Dec|.
NoV.
2
14
2 Nov. 14
2 Nov. 14
29
28
6
9
15
15
20
16
15
20
22
8
25 Nov.
25 Nov.
25 Nov.
25 Nov.
25 Nov.
25 Nov.
25 Nov.
25 Nov.
Nov. 25 Nov.
Nov. 25 Nov.
Nov. 25 Nov.
Nov. 25 Nov.
—
12
20
15
$1
Little Miami BR. Co., original capital (quar*)—
Loew's London Theatres Ltd., 7%
Lone Star Gas Corp. (year-end).
Dec.
2 Nov.
Nov, 25 Nov.
2 Nov.
Dec.
Dec.
2 Nov.
$1
25c
Class B (quar.)
Extra..--'----—-..i..---.--
Link Belt Co. (quar,)...
Preferred (quar.)..
Lionel Corp. (quar.)—
29 Nov. 19
27 Dec. 17
2 Nov, 15
1 Nov. 15
2 Nov. 15
...
Jan.
Life Savers Corp. (quar.)———————
—
21
6
Nov. 30
Dec. 13*
SIM
Lehigh Portland Cement pref. (quar.)........
Le Tourneau (R. G.), Inc. (quar.).....
Lexington Water 7% pref. (quar.)————
Extra
20 Jan.
—----------
Insurance Stock Series.
SIX
six
SIX
Six
Monotype Machine
Nov." I§"
Holders
Dec. 14 Nov,
2 Oct.
Dec.
Nov. 25 Nov.
Nov. 18 Nov.
2 Nov.
Dec.
2 Nov.
Dec.
2 Nov.
Dec.
1 Nov.
Dec.
1 Nov.
Dec.
Dec. 10 Nov.
Dec. 14 Nov.
Dec.
2 Nov.
————
Merchandising Series.
S1H
six
.....
—
15
Dec.
—
2 Nov. 12
1 Dec. 20
2
—
—-
Dec. 16
Nov. 15
Nov. 15
Nov. 15
1 Nov. 15
1 Nov. 15
1 Nov. 15
preferred (quar.)
National Gypsum Co., pref. (quar.)
National Lead class A preferred (quar.)
National Power & Light Co
National Tea Co., preferred—
Naumkeag Steam Cotton.
Nebraska Power. 6% pref. (quar.)———
7% preferred (quar.)
Nelm-Marcus, preferred (final)—_—
Newberry (J. J.) Realty Co. pref. A (quar.)
New England Distillers, Inc., $3 cum. pref.
New Jersey Zinc Co
New York & Queens Elec. Light & Power (quar.)
Preferred (quar.)
New York Stocks, Inc.—-Special stock—
Agricultural Industry Series—
Alcohol & Dist. Industry Series—
Automobile Industry Series
Aviation Industry Series.
2 Nov. 12
—
,*
■-
-
—
A and B
Dec.
Dec.
.
—
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Jan.
Nov.
Dec.
Dec.
Dec.
Dec.
1
Nov. 18
Jan.
...—
-
Dec.
Jan.
2 Nov. 15
37 He
Kelsey-Hayes Wheel class A....
- -—
Kemper-Thomas 7% special pref. (quar.)-——
Jan.
1
1
Dec.
Dec. 31
Dec.
2
2
Dec.
Dec.
2
2 Nov. 12
SIX
Jantzen Knitting Mills pref. (quar.)—.
Kansas Pipe Line & Gas., preferred (quar.)
......
National Dairy Products
Dec.
six
—
Preferred (quar,)..
1 Nov. 20
When
1940
Payable of Record
Dec.
Jan.
Jan.
Nov.
Dec.
Dec.
Jan.
—
National Brush (quar.)
Dec.
Dec.
SIX
....
National Battery, preferred (quar.)
National Biscuit Co
2
45c
.
International Harvester, pref. (quar.)
Dec.
Nov. 30 Nov.
Nov. 30 Nov.
16,
Nov. 30 Nov. 18
Dec.
2 Nov. 12
Muskegon Motor Specialties class A (qu.).- -t
SIM
S1H
six
S3H
Extra...........—*
International Nickel Co. of Canada
Company
National Automotive Fibres, pref. (quar.)..—
...
......
Name of
Muskogee Co., 6% cum. pref. (quar.)
Payable in U. S. funds subject to Canadian
Foreign Exchange Control Board.
Great Atlantic & Pacific Tea Co..
Per
Share
Holders
Payable of Record
Dec.
Nov.
Nov.
Nov.
Dec,
Dec.
Dec.
—
25 Nov.
25 Nov. 4
25 Nov.
4
25 Nov. 4
25 Nov. 4
25 Nov. 4
25 Nov. 4
25 Nov. 4
11 Nov. 15
16 Nov. 15
19 Nov. 30
Nov. 19 Oct. 31
Decl 10 Nov. 23
9
Dec.
1 Nov.
Preferred (quar.)
North River Insurance Co. (quar.)
Northeastern Water & Elec. Corp., $4 pref. (qu.)
Northern Pipe Line Go
;
Dec.
2 Nov. 15
Northland Greyhound Lines, Inc.—
Dec. 20 Dec.
$6H preferred (quar.).———
Nov. 25 Nov.
Northwest Bancorporation
Northwestern Public Service Co.
7% cumulative preferred
Dec.
■;—
6% cumulative preferred.
Northwestern Telegraph Co. (semi-ann.)
Norwich Pharmacal Co
Nova Scotia Light & Power pref. (quar.)
Ohio Oil Co
—
Prior preferred (quar.)
in?
(quar.)
$3
Ontario & Quebec Ry. Co. (s.-a.)
preferred debenture stock (s.-a.)
2%
Otis Elevator Co
SI H
30c
Preferred (quar.)
Ottawa Electrle Ry (quar.)
Oxford Paper Co. S5 preferred
Pacific & Atlantic Telegraph Co. (s.-a.)
Pamour Porcupine Mines
SIX
50c
—
-—
(s-a)
Pender (David) Grocery, class
Class A (quar.)--.
—
(quar.)
....
*■
---------
Pennsylvania Glass Sand, pref. (final)
Pennsylvania State Water Corp. $7 pref. (qu.)*
Pennsylvania Water & Power Co. (quar.)——*
Preferred (quar
Peoples Gas Light ii Coke (quar.)—
— — -—
2
Noy.
1
1
2 Nov.
Dec. 20 Nov. 22
Dec. 20 Nov. 22
Dec.
Dec. 30 Dec. 16
1 Nov. 15
Dec.
1-1-41 Dec. 14
2-15-41
2-4-41
25c
$3
25c
SIX
SIX
SI
Jan.
Dec.
Dec.
Tan.
1
Dec.
Jan.
2 Nov." 12"
2 Dec. 16
—
Pfeiffer Brewing Co. (quar.)___-_——
Philadelphia Suburban Water Co. pref. (quar.).
Phillips Petroleum Co. (quar.).
Phoenix Hosiery, 7% preferred—————
Pilgrim Trust (Boston) (quar.) —
Pillsbury Flour Mills (quar.)
*
—
Pinchin, Johnson & Co., Am. shs. (interim)*
Pitney-Bowes Postage Meter (quar.)---———
Extra-'--—-—**
Six
50c
Tan.
2 Dec.
16
Jan.
15 Dec.
21
$1
—
■Extra.
Dec.
16 Nov. 20
25c
SIX
50c
871i
40c
m
10c
—*—*—*————
Pittsburgh Plate Glass
;-—
Pittsburgh Youngstown & Ashtabula, pref. (qu.)
Pollock Paper 8c Box 7% preferred (quar.)
Poor & Co., class A (quar.)_
—.
$2
IX
IX
He
25c
Pressed Metals of America-—
11*
7% preferred (quar.)-——
$5 preferred (quar.)
6% preferred (quar.)
Purity Bakeries Corp—*
Quaker Oats Co* preferred (quar.)
Quaker State Oil Refining---
—
-
Quebec Power Co. (quar.)
—
Ralston Steel Car Co..
Reading Co., first preferred (quar.)
Reliance Grain, preferred—
——
Reliance Steel Corp. Si H conv. pref. (quar.)
Republic Insurance of Texas (quar.)—Republic Investors Fund, Inc.,
6% preferred A & B (quar.) —
Richmond Fredericksburg & Potomac RR.
7% gtd. preferred (s.-a.) — ——
6% guaranteed preferred (s.-a.)—
Roberts Public Markets (quar.)
Rochester Button Co pref. (quar.)-Rochester Gas & Electric 6% pref. C & D (qu.)_
5% preferred E (guar.)—*
— ————
Rolland Paper, preferred (quar.)
Roxy Theatre, Inc., pref. (quar.).:—
Ruud Manufacturing Co. (quar.)
—
Saco-Lowell Shops.
—
—
-
—
—
—
-
—-——
—-----
.*
— -
St. Joseph Water Co. 6% pref. (quar.)———
St. Louis Bridge, 6% 1st pref. (s.-a.)
3% second preferred (s.-a.) ———
—-—
San-Nap-Pak Mfg. Co., pref. (quar.)—•*———
Savannah Electric & Power, 7H % deb B (qu.)—
8% debenture A (quar.)—
—~————
7% debenture C (quar.).—.*■,—
(quar
6 H % debenture D (guar.)—------Sears, Roebuck & Co. (quar.)—
.
Extra------:
—
Secord (Laura) Candy Shops (quar.)——
*—
50c
35c
$m
*
—
Jan. 10 Dec. 20
Nov. 30 Nov. 12*
1
Nov. 30 Nov.
Dec.
1 Nov. 19
Jan.
2 Dec. 23
Dec.
Dec.
2 Nov. 15
6 Oct. 22
Nov. 20 Nov.
1
Nov. 20 Nov.
1
Dec. 23 Dec.
2
Dec.
2 Nov. 20
Dec. 15 Dec. 15
Dec.
1 Nov. 15
Dec.
Dec.
2 Nov. 15
Dec.
Public Electric Light, 6% pref. (quar.)————
Public Service Co. of N. J. 8% pref. (quar.)*—-
Servel, Inc.-—
Dec.
50c
35c
25c
50c
35C
—
——
14 Nov. 16
2
14 Dec.
Dec. 14 Dec.
5
Dec. 20 Dec. 10
Dec.
2 Nov. 15
87Hc
,
Preferred (semi-ann.)
;
Peerless Casualty (New Haven)pref.
Peninsular Telephone
Preferred A (quar.)
Dec. 16
10 Nov. 22
2 Nov. 16
2
2 Dec. 14
2 Nov. 15
2 Nov. 15
Nov. 30 Nov. 12
Nov. 30 Nov. 12
Nov. 30 Nov. 12
Jan.
1 Dec. 20
Dec.
2 Nov. 20
Dec.
2 Nov. 20
6c
Parker Pen.—
Parker Rust-Proof Co. (quar.)
Extra
Nov. 20
Dec.
Dec.
Dec.
—
5%
Nov. 20
Dec.
Jan.
Dec.
Preferred (quar.).
Ohio Seamless Tube..
Okonite Co. pref.
12
9
25c
25c
50c
11m
30c
2 Nov. 16
14 Nov. 15
14 Nov. 15
Dec.
Dec.
14 Nov. 15
14 Nov. 15
Dec.
2 Nov. 18
Dec.
Nov. 30 Nov.
1
Dec. 16 Nov. 29
Nov. 25 Oct. 28
Nov. 30 Nov. 22
Dec. 12 Nov. 21
Dec. 14 Nov. 30
Dec.
2 Nov. 22
Nov. 25 Nov. 11
15c
Feb.
$3H
$3
May
May
Dec,
Nov.
Dec.
S1H
SIX
Dec.
Dec.
3?]§
Nov.
Dec.
Nov.
Nov.
Nov
Nov.
six
SIX
Nov.
Dec.
Jan.
Dec.
$3
SiH
17Hc
SIX
$2
SIX
SIX
75c
Jan.
Dec.
—
5
Nov. 20
Dec.
Nov.
12
12
15
16
6
7
Nov. 12
Dec. 15
Dec. 15
Dec. 20
10
Jan.
Dec.
Jan.
Dec. 10
10
Dec. 10
Nov.
8
Nov.
8
Nov. 15
Jan.
Jan,
Dec.
SIX
Dec.
Dec.
Dec.
25c
15
Apr. 30
Apr. 30
10c
37 He
20c
;—
1 Jan.
Dec.
Nov. 14
Volume
The Commercial & Financial Chronicle
151
Share
Shawinlgan Water & Power Co. (quar.)
Sheaffer (W. A.) Pen (quar.)—
Extra
—-
—
.
-,
Shenango Valley Water Co., 6% pref. (quar.)__
Simmons Hardware & Paint
Simonds Saw & Steel.
Siscoe Gold Mines (quar.)
5c
$ih
92 X
(Uquidatlng)
——
...
——...
25c
5c
——
Sonotone Corp.Preferred (quar.)--.—-——
Soundview Pulp Go
Preferred (quar.)
South American Gold & Platinum CoSouth Bend Lathe Works (quar.)
—
South Pittsburgh Water, 7% pref. (final)—
-
-----
15c
50c
—
SIX
——
10c
50c
SIX
SIX
6% preferred (final)——
Southeastern Greyhound Lines, conv. pref. (qu.
Non-con v. preferred (quar.)
;
So.Calif Edison Co., Ltd.—6% pref B (quar.
Southern California Water, Q% pref. (quar,) —
Southern Grocery Stores, Inc.
——
30c
30c
Sovereign Investors, Inc. (quar.)--—
Spiegel, Inc pref. (quar.)
Standard Brands, Inc. (preferred (quar.).
Standard Cap & Seal Corp., pref. (quar.)—
Standard Dredging preferred (quar.)
Standard Oil Co. of California
37m
9
Nov. 20 Nov.
Dec. 14 Nov. 30
2
Dec. 16 Dec.
10c
-
SIX
SIX
—
-
40c
Dec.
Dec.
25c
95c
25c
Dec.
25c
Standard Oil Co. of N. J., Ipc. (s.-a.)—
Extra
50c
25c
Standard Wholesale Phosphate & Acid Works-
40c
Stecher-Traung Lithograph5% pref. (quar.)-Sterling Products, Inc..
Stewart-Warner Corp
Straw bridge & Clothier, prior preferred (quar.)
Stromberg-Carlson Telep. Mfg. pref. (quar.)
Sun Oil Co. (quar.)
SIX
25c
-
Dec.
$1.
_
25c
Dec.
Dec.
SIX
68Xc
Jan.
Dec.
Preferred (quar.)
Sunray Oil Corp
Preferred (quar.)
Sylvania Industrial Corp. (quar.)--.
■
Extra-
—
-.
—
37 He
10c
15c
Extra
■
Preferred (quar.)—
Toburn Gold Mines, Ltd. (quar.) —
Extra
Todd-Johnson Dry Dock A & B
Preferred A & B (quar.)——
Tokheim Oil Tank & Pump (quar .)
—
-
-----
10c
35c
Dec.
Dec.
Nov.
Nov.
Dec.
Dec.
Dec.
SIX
10c
■
.
------
J2c
J2c
—
25c
—
37||c
———
Toledo Edison Co.
7% pref. (monthly)-----—
6% preferred (monthly)-----5% preferred (monthly)—
;
Toronto Elevator, Ltd., pref. (quar.)--———
Trane Co., pref. (quar.)
Union Gas Co. (Canada) (quar.)
.—
—-—
58 l-3c
50c
41 2-3c
65c
20c
10c
—
45c
—
5% preferred (Initial, quar.)
United Chemical, Inc. preferred-United Fuel Investments, Ltd., 6% pref. (qu.)
United Gas Corp., $7 preferred
—
United Gas Improvement (quar.).;
Preferred (quar.)
I
United Mercnants & Manufacturers, Inc
United Molasses Ltd. Am. dep. rec. (interim)_
United New Jersey Railroad & Canal (quar.) United Specialties Co. (quar.)
United States Casualty pref. (semi-ann.)——
United States Petroleum Co. (quar.)
United States Pipe A Foundry Co. (quar.)
United States Playing Card
United States Plywood, preferred (quar.)
United States Rubber Co. 8% non-cum. pref..
United States Steel Corp., common
Preferred (quar.).————United States Sugar Corp., pref. (quar.) —_
Preferred (quar.)
Preferred (quar.)
United Wall Paper Factories pref. (quar.)
Universal Insurance (quar.)-—
Upper Michigan Power & Light Co. 6% pf. (qu.
Vanadium-Alloys Steel
.
25c
SIX
75c
75c
2a
-
M
7lf|
-
22
-
——
—
—
—
,
Extra-,
.—
Preferred
.—
(quar.)Vapor Car Heating, Inc. 7% preferred (quar.)
7% preferred (quar )
-——
Ventures, Ltd. (interim)
—
Vick Chemical Co. (quar.)
—
——--- ——
50c
50c
37 He
2%
$1
SIX
SIX
SIX
SIX
SIX
25c
$1H
$1
Virginian By. preferred (quar.)——--—
Preferred (quar.)---—
Preferred (quar-)---——
Vogt Manufacturing
——
Wabash-Harrison (s.-a.)-——
Walgreen (quar.)—:—
Preferred (quar.)--—--Warren Foundry & Pipe——
——
— -
Extra..
—-
-----
Washington Railway & Electric
Partic. units benef ownership com. stock—
Wesson Oil & Snowdrift Co., Inc., pref. (quar.)
West Texas Utilities, $6 preferred (quar.)
Western Cartridge 6% preferred (quar.)-——
Westinghouse Air Brake Co——---—
^ y— "
•"*'*» 'm
Westinghouse Electric & Mfg
Participating preferred
Whitaker Paper Co
Preferred (quar.)
—
White (S. S.) Dental Mfg. (quar.).--—
Whitman (Wm.) & Co., preferred (quar.)--—Williams port Water Co. $6 pref. (quar.)
Wolverine Tube Co. 7% cum. pref. (quar.)
Woolworth (F. W.) Co. (quar.)--.——
Worthington Pump & Machinery Corp.— "
4H% prior preferred
4 H% convertible prior preferred
—
Wrigley (Wm.) Jr. (monthly)
—
Monthly
—.
— _
«»
m
m*
—
(Rudolph)...
P-—
Preferred (quar.).—
—
Zion's Co-operative Mercantile Institution (qu.)
*
Nov.
6
Nov. 15
Nov. 12
Nov. 15
Nov.
9
8
Nov. 25
Nov. 25
Nov. 25
Oct. 22
Oct. 22
Nov. 15
Transfer books not closed for this dividend.
Dec.
2 Nov.
2 Nov.
2 Nov.
7 Nov.
3
15
15
15
25
23
Dec.
2 Nov. 15
1 Nov. 14
1 Nov. 14
10 Nov. 30
1 Nov. 14
3-9-41
3-1-41
Dec. 21
Dec.
2
Dec.
2
2-1-41
Nov. 29
Nov. 15
Nov. 15
Jan. 18
37 He
5-1-41
10c
50c
10c
Apr. 19
8-1-41 July 19
Dec.
2 Nov. 15
Dec. 16 Nov. 30
Dec. 20 Nov. 20
Dec. 14 Nov. 15
Dec.
2 Nov. 15
Dec.
2 Nov. 15
Nov. 30 Nov. 15
Nov. 30 Nov. 15
Dec.
2 Nov. 15
Jan.
2 Dec. 14
Nov. 20 Oct, 31
Dec. 14 Nov. 20
Dec. 14 Nov. 20
Nov. 30 Nov. 8
Nov. 30 Nov. 8
Dec. 27 Dec. 14
Jan.
1 Dec. 14
Nov. 16 Nov.
1
Jan.
1 Dec. 14
Dec.
2 Nov. 12
Dec.
2 Nov. 18
Dec.
2 Nov.
8
40c
SIX
50c
SI
S10
25c
SI
SI H
$l2g
75c
$1
SI
15c
SIX
SIX
60c
Dec, 14 Dec.
Dec. 14 Dec.
S1H
deduction of
a
tax of
SI H
25c
Dec.
Jan.
25c
4
2 Nov. 20
2 Dec. 20
Nov. 30 Nov. 20
Jan.
1 Dec. 20
Dec. 15 Dec.
5
10c
SIX
50c
*
of non-residents of Canada
5% of the amount of such dividend will be made.
951,000
1,155,000
79,808,000
87,524,000
Total reserves-.———
9,502,139,000 9,518,513,000 7,059,718,000
Bills discounted:
Secured by U. S. Govt, obligations
direct and guaranteed
185,000
309,000
60,000
Other bills discounted.
680,000
1,500,000
1,173,000
Total
bills discounted———
865,000
1,779,000
1,233,000
1,779,000
1,809,000
1,974,000
396,202,000
275,286,000
413,679,000
285,136,000
410,798,000
389,944,000
Industrial advances--.—
U S. Govt, securities, direct and guar¬
—
anteed:
Bonds
Notes
Bills
32,949,000
.....
Total U. S. Government securities
direct and guaranteed———
671,488,000
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected items
Bank premises
Other assets
————
Total assets—
698,815,000
833,691,000
674,132,000
17,000
2,548,000
214,003,000
9,731,000
15,933,000
Total bills and securities—
701,827,000
837,474,000
17,000
4,253,000
244,816,000
8,888,000
22,569,000
17,000
1,720,000
138,460,000
9,731,000
16,031,000
10,418,503,000 10386,299,000 8,177,735,000
—...—;
^
Liabilities—
F. R. notes in actual circulation
1,495,216,000 1,499,195,000 1,203,510,000
7,408,444,000 7,402,588,000 6,096,910,000
122,816,000
162,042,000
152,504,000
627,916,000
627,477,000
158,688,000
445,730,000
443,193,000
228,860,000
—.
Deposits—Member bank reserve acc't-.
U. S. Treasurer—General account—
—
—,
—
Total deposits————,
8,604,906,000 8,635.900,000 6,636,962,000
190,589,000
124,510,000
215,141,000
1,425,000
1,244,000
1,855,000
Deferred availability items.-
Other liabilities, lncl. accrued dividends.
Total liabilities-^—
10,292,136,000 10260,849,000 8,057,468,000
Capital Accounts—
Capital paid In
Surplus (Section 7)—
Surplus (Section 13-b)
51,079,000
-
51,089,000
53,320.000
63,326,000
7,109,000
...
Other capital accounts.——
50,915,000
52,463,000
7,457,000
9,432,000
7,109,000
13,920,000
14,853,000
Total liabilities and capital accounts..
Ratio
of
10,418,503,000 10386,299,000 8,177,735,000
deposit and
F. R. note liabilities combined——
Commitments to make industrial ad¬
total
to
reserve
94.1%
93.9%
90.0%
715,000
vances.—
715,000
1,907,000
t "Other cash" does not Include Federal reserve notes or
Reserve bank notes.
x
These
over
'
bank's own Federal
a
;
■
certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
are
100 cents to 59.00 oents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Weekly Return of the New York City
Clearing House
The weekly statement issued bv the New York City
Clearing House on Friday afternoon is given in full below:
STATEMENT
OF MEMBERS OF
ASSOCIATION AT
THE
NEW
YORK
♦
HOUSE
CLEARING
CLOSE OF BUSINESS THURSDAY,
14, 1940
NOV.
Net Demand
Time
Undivided
Deposits,
Deposits.
Profits
♦
Clearing House
Average
Average
Surplus and
Capital
Members
%
Title Guar A Trust Co..
6.000,000
Marine Midland Tr Co—
6,000,000
12,500,000
7,000,000
7,000,000
13,977,600
220,515,000
26,773,000
614,876,000
69,711,900 02,502,273,000
752,934,000
57,637,800
185,796,000 52,174,123 000
40.151,100
723,413,000
73,554,900 Cl,120,575,000
310,495,000
21,193,100
108,927,600
705,996,000
53,435,000
700,263,000
59,631,000
4,470,600
136,804,500 dZ,134,190,000
4,116,000
58,547,000
82,445,800 61,202,053,000
1,481,300
16,447,000
127,459,000
9,473,100
425,951,000
28,009,000
8,662,900
123,906,000
88.739,000
10.382,700
518,518,000
937,003,900 15,062,386,000
Bank of New York.—„
Bank of Manhattan Co.
National City Bank
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
Continental Bk <fc Tr Co.
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
New York Trust Co.—.
Comm'l Nat Bk Ac Tr Co
Public Nat Bk 4 Tr Co.
Totals.......
*
—.
6.000,000
20,000,000
77,500,000
20.000,000
90,000,000
41,748,000
21,000,000
15,000,000
10,000,000
60,000.000
4,000,000
100,270,000
500,000
25,000,000
19,373,000
42,033,000
190,881,000
6,882,000
72,558,000
101,877,000
56,827,000
28,823,000
907,000
736,526,000
6,581,000
1,084,000
43,826,000
3.671,000
64,102,000
2,235,000
3,061,000
38,071,000
2,051,000
52,703,000
official reports: National, Sept. 30, 1940; State, Sept. 30, 1940; trust
companies, Sept. 30, 1940.
Includes deposits in foreign branches as follows: (a) $287,131,000 (latest available
date); (6) $65,838,000 (latest available date); (c) $2,688,000 (Nov. 14); (d) $70,454,000 (latest available date); (e) $22,464,000 (Oct. 16).
As per
Stock and Bond Averages
Below
are
the
daily closing
averages
of representative
stocks and bonds listed on the New York Stock Exchange
as
compiled by Dow, Jones & Co.:
Bond*
Stock*
10
•;
.
10
Total
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
30
Date
Nov.
15
135.59
29.93
21.06
45.57
108.28
110.51
90.84
14
136.97
30.29
21.40
46.08
108.16
95,59
95,63
48.90
Nov.
49.51
110.29
90.90
Nov.
130.01
30.12
21.06
46.00
108.15
95,26
49.54
110.15
90.78
137.41
21.68
30.20
HOLI DAY
46.22
108-10
95.24
49.70
110.11
90.79
Nov.
13
12
11
Nov.
9
138.12
22.05
46.39
Nov.
case
951,000
4
t On account of accumulated dividends.
t Payable in Canadian funds, and in the
.
Nov. 15
Dec.
Dec.
Dec.
..
Wurlitzer
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
50c
—
$
81,582,000
—
Other cash t
Other deposits—;
25c
SIX
six
20c
----------
$
6
2 Nov. 15
1-1-41 Dec. 3n
37 He
— ——-
notes
6,1940 Nov. 15,1939
9,419,600,000 9,437,754,000 6,971,039,000
—
Redemption fund—F. R.
Nov.
"v;
Gold certificates on hand and due from
United States Treasury.*.
Foreign
Nov.
37 He
—
Nov. 13,1940
Assets*-'
Nov. 15
Dec.
—
-
date last year:
Nov. 15
2 Nov.
16
16
16
22
22
20
20
14
14
1
50c
—
Van Raalte Co—
Extra-
9
2 Nov.
Dec. 14 Nov. 20
Nov. 18 Nov. 11
Dec.
2 Nov. 18
Nov. 13
Dec.
Nov. 13
Dec.
Dec.
Nov. 12
Jan.
Dec. 20
Nov.
8
Dec.
Dec. 23 Nov. 29
Dec. 23 Nov. 29
Dec. 16 Dec.
2
Nov. 23 Oct. 11
Jan. 10 Dec. 20
Nov. 26 Nov. 20
Dec.
2 Nov. 18
5
Dec, 15 Dec.
Dec. 20 Nov. 30*
Jan.
1 Dec. 16
Nov. 30 Nov. 16
Dec. 20 Dec.
6*
Dec. 20 Nov. 20
Nov. 20 Nov.
1
1-15-41 Jan.
2
4-15-41 Apr.
2
7-15-41 July
2
Dec.
2 Nov. 25
SIX
—
Union Investment Co
———_
Union Tank Car Co. (quar.)_
United Biscuit Co. of America.————-----
-
Dec.
35c
------
—
_
Dec.
20c
-
Roofing Co. (quar.)——
26
26
28
28
Dec.
1
Dec.
2
Dec. 14
Dec.
2
25c
5c
5c
Tennessee Alabama & Georgia By
Terre Haute Water Works 7% pref. (quar.)Texas Gulf Producing.——
Texas Pacific Coal & Oil Co. (quar.)
Tide Water Assoc. Oil (quar.)
Tilo
1 Dec.
2 Nov.
Nov.
Nov.
Dec.
Dec.
25c
----—
Syivanite Gold Mines (quar.)
Extra
2 Nov.
16 Nov. 25
2 Nov. 12
Dec. 20 Nov. 27
I
-
8
1 Nov.
2 Nov. 15
Dec.
—
Swan-Finch Oil Corp., (quar.)
2 Nov. 15
2 Nov. 20
16 Nov. 15
Dec. 16 Nov. 16
Dec. 16 Nov. 16
Dec. 16 Nov. 15
Dec. 16 Nov. 15
5
Dec. 14 Dec.
Dec. 31 Dec. 14
Dec.
2 Nov. 15*
Standard Oil Co. (Indiana) (quar.)
.Extra———
following shows the condition of the Federal Reserve
Bank of New York at the close of. business Nov. 13, 1940,
in comparison with the
previous week and the corresponding
Dec.
40c
—
12
15
The
.
37Hc
-
15
15
20
Dec. 14 Nov. 23
Dec. 16 Nov. 30
Dec. 20 Nov. 7
Dec. 14 Nov. 20
4
Dec. 20 Dec.
4
Jan.
1 Dec.
Dec.
1 Nov. 15
Nov. 25 Nov. 15
7
Nov. 20 Nov
Nov. 30 Nov. 15
Jan. 15
Jan. 15
Dec.
1 Nov. 15
Dec
1 Nov. 15
Dec. 15 Nov. 20
Dec.
1 Nov. 15
Dec.
2 Nov. 20
2m
-------
23
9 Nov. 25
Dec.
70c
.
Skelly Oil Co-__.
Snider Packing Corp
Nov. 25 Oct.
Nov. 25 Nov.
Nov. 25 Nov.
Dec.
1 Nov.
Dec. 12 Nov.
Dec.
2 Nov.
$1H
Sherritt Gordon Mine Ltd--.
Sherwin-Williams Co., preferred (quar.)
New York
Payable of Record
22c
50c
25c
«,
Condition of the Federal Reserve Bank of
Holders
When
Per
Name of Company
2895
29.96
HOLI DAY
HOLI DAY
107.97
95.17
49.75
109.96
90.71
The Commercial & Financial Chronicle
2g9Q
Nov. 16, 1940
Federal Reserve System
Weekly Return of the Member Banks of the
the Board of Governors of the Federal Reserve System, giving the principal
items of resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always $ week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appear in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Following is the weekly statement issued by
which
this
Commencing with the statement of May 19, 1937. various changes were made In the breakdown of loans as reported In
statement,
were
of the Federal Reserve Bank of New York of April 20, 1937, as follows:
.
.
..
The changes in the report form are confined to the classification of loans and discounts.
This classification has been
to
amounts of (I) commercial. Industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purple of purchasing or carrying
securities
The revised form also eliminates the distinction between loans to brokers and dealers In securities located In New York
and those
outside New York City,
Provision has been made also to Include "acceptances of own bank purchased or discounted
with acceptances and commer described In an announcement
changed prirnarlly
show the
City
in "all other loans, as formerly.
industrial and agricultural loans
clal paper bought in open market" under the revised caption "open market paper," instead of
Subsequent to the above announcement, it was made known tnat the new items
commercial,
would each be segregated as "on securities" and "otherwise secured and unsecured."
A
more
detailed explanation of the revisions was
Federal Reserve Districts—
Total
Boston
New York
ASSETS
$
$
S
$
„
page 3590.
Atlanta
Chicago
$
$
$
$
a
other loans,
of Dollar,)
CITIES BY DISTRICTS ON NOV. 6,1940 (la Millions
Cleveland Richmond
Phila.
and
„
Chronicle,
published in the May 29, 1937. issue of the
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
ASSETS AND LIABILITIES OF
located
„
Dallas
St. Louts Minneap. Kan. City
$
5
$
San Fran.
$
S
24,729
1,227
10,630
1,206
1,941
737
680
3,513
738
425
725
566
9,008
637
3,302
480
740
294
348
1,041
349
213
328
292
984
Loans—total..
4,827
319
1,967
230
301
136
180
632
199
111
195
197
Commercial, Indus, and agrlcul. loans
360
304
70
84
37
8
2
43
9
3
21
2
13
Open market paper
Loans to brokers and dealers in secure.
12
450
12
330
22
18
3
7
36
4
1
3
452
17
206
32
Loans and investments—total.......
Other loans lor purchasing or
Loans to banks....................
36
1
29
1
1
1,717
138
491
108
207
•
135
12
31
23
2
...
115
82
......
1
...—
79
68
54
......
■
'
1 65
38
55
33
66
121
94
98
737
330
mm'*'*-*-
7
6
3
299
11
997
28
138
117
37
264
35
352
2,900
339
638
200
113
*1,080
160
United States bonds...
...
57
1,598
90
140
53
66
29
82
122
1,503
6,811
269
278
67
113
559
110
42
133
500
756
228
142
1,542
242
115
197
•
2,698
3,613
Obligations guar, by U. S. Govt
Other securities
682
11,832
Reserve with Federal Reserve Bank..
;
f
.
i
73
270
175
33
22
37
6,832
Treasury notes
385
------
20
751
1,827
Treasury bills
40
9
58
127
1
------
11
13
P-
7
12
68
33
47
181
50
195
80
1,222
.......
10
14
24
Other loans.......................
3
'
carrying
securities
Real estate loans
•
2,341
2
45
195
60
357
144
473
:
520
145
111
22
25
14
82
13
17
12
25
.........
Balances with domestic banks.......
3,339
194
238
227
365
265
201
614
188
124
303
287
333
Other assets—net..
1,242
73
462
80
94
39
47
% 78
22
'17
23
31
276
21,592
1,395
10,586
1,028
1,522
567
432
2,940
519
329
555
497
1,222
5,383
232
1,092
260
742
205
191
980
192
117
147
134
1,091
532
13
61
47
43
34
42
138
15
3
20
32
84
8,930
391
3,966
465
494
353
311
1,333
375
170
434
283
355
667
22
Cash In vault
-
47 V,-"
;
LIABILITIES
Demand deposits—adjusted.........
Time deposits
United States Government deposits..
:
/
Inter-bank deposits:
Domestic banks.....
.....
7
17
1
------
......
1
......
1
1
— -»
------
......
------
......
......
------
741
19
304
14
17
37
10
21
6
7
3
4
299
3,816
248
1,632
216
384
98
96
410
96
61
106
89
380
Foreign banks.............
Borrowings
Other liabilities
Capital accounts
611
5
2
'
-
m — -
------
Weekly Returns of the Board of Governors of the Federal Reserve System
The
following was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Nov. 14,
showing the condition of the 12 Reserve banks at the close of business on Wednesday. The first table presents the results
for the eight preceding weeks and with those of the corresponding
and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon th*
returns for the latest week appear in our department of ilCurrent Events and Discussions."
for the System as a whole in comparison with the figures
week last year.
The second table shows the resources
COMBINED RESOURCES
AND
LIABILITIES OF THE
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV.
on
Other cash *
....
Oct. 2.
S
$
S
Sept. 18,
Nov. 15,
1940
Oct. 23,
19^0
1940
1940
1940
1940
1939
$
$
S
S
Oct.
16,
Oct.
9,
319,347
19,415,244
19.363,028
335,574
19,512,948
19,280,299
19,167,300
9,395
10,073
10,074
309,787
341,290
19,643,483
19,631,662
25,
18,843,300
19,032,300
19,324,301
Sept.
18,953,303
11,789
327,977
19,077,299
11,284
326,661
19,393,798
9,894
308,168
19,711,860
hand and due from U. S. Treas.x.
Redemption fund (Federal Reserve notes)
Total reserves
Oct. 30,
1940
$
ASSETS
Gold otfs.
Nov. 6,
1940
13,
1940
$
1940
Nov.
Three Ciphers (000) Omitted
13,
11,381
S
14,866,654
347,534
18,756,298
11,398
344,387
19,293.069
19,202,624
19,112.083
15,230,623
860
861
1,089
3,722
3,230
5,396
11,790
10,253
353,716
Bills discounted:
Secured
by U. S.
Government obligations,
951
949
1,044
992
1,312
3,370
Other bills discounted
3,293
3,542
2,955
2,533
2,425
4,615
1,349
4,298
Total bills discounted
4,244
4,491
3,999
3,525
3,737
7,985
5,647
4,582
4.091
6,485
8,215
^ 8,161
8,193
8,305
8,325
8,400
8,375
8,664
8,612
11,561
1,377,700
949,600
1,379,200
953,600
1,386,100
965,800
1,397,700
985,800
1,400,100
999,000
1,318,600
1,105,000
1,318,600
1,115,000
1,318,600
1,115,000
1,305,442
direct and guaranteed—
Industrial advances
United States Government securities, direct and
guaranteed:
Bonds
....
Notes
1,330.000
924,100
Bills
1,239,172
104,705
Total
U.
S
Govt
securities,
direct
and
Uncollected
_
Total assets
2,351,900
2,363,730
2,383,500
2,399.100
2,423,600
2,649,319
2,395,562
2,415,485
2,437,622
2,433.600
2,446,846
2,433,600
2,344,992
2,446,303
2,667,365
47
47
47
47
47
47
47
23,784
942,969
41,274
20,970
696,906
41,258
55,364
19,754
759,353
41,306
55,534
22,233
760,247
41,348
54,189
21,552
22,149
768,046
41,257
54,679
22,875
694,970
41,294
53,547
22,412
23,216
1,071,624
41,257
53,676
20,573
689,084
41,259
54,893
851,710
41,310
52.713
964,817
22,797,980
22,852,648
22,754,742
22,998,962
22,584,369
22,616,869
22,462,203
22,526.578
18,998,684
5,642,700
14.051,798
403,851
1,125,150
562,736
5,629,576
13,979,418
465,268
1,122,101
558,413
5,548,874
14,176,535
375,707
1,091,831
5,508,424
14,015,812
462,610
1,057,344
603,002
5.479,364
13,927,014
5.464,238
13,800,205
678,060
1,045,458
667,597
5,520.271
14,147,775
383,052
1,071,443
528,776
541.066
5,406,985
13,703,112
792,532
1,011,324
513,645
5,395,924
13,624,419
790,361
1,035,459
513,309
16,143.535
883,710
4,935
16,125,200
675,244
4,331
16,211,670
723,645
16,131,046
736,357
16,138,768
986,147
16,080,321
659,124
16,064,789
723,391
16,020,613
670,157
15,963,548
803.296
5,057
4,147
3,658
3,874
3,441
3,653
3.137
4,853
22,434,351
22,489,246
22,391,821
22,636,997
22,222.683
22,255.859
22,101.408
22,165,905
18,650,305
137.719
Bank premises
Other assets
2,332,800
47
22,674,880
_
2,327,300
2,339,952
47
23,041,638
items
2,254,100
2,266,559
55,145
guaranteed
Total Dills and securities..
Due from foreign banks
................
Federal Reserve notes of other banks
137,678
151,720
26,839
47,165
137,638
151,720
26,839
46,724
137,653
151,720
26,839
45,753
137,641
137,632
151,720
151,720
26,839
45,486
26,839
44,819
137,630
151,720
26,839
44,606
137,637
151,720
26,839
135,602
151.720
26,839
50,480
137,720
151,720
26,839
47,350
44,477
36,361
1.
47
42,035
70,581
LIABILITIES
Federal Reserve notes in actual circulation....
Deposits—Member banks' reserve account...
United States Treasurer—General account._
Foreign
II
Other deposits
Total deposits
Deferred availability items
Other liabilities, lncl. accrued
........
dividends..III.
Total liabilities
1,056,401
517,853
4,805,254
11,587,156
564,123
454,277
317,728
12,923,284
916,914
i
CAPITAL ACCOUNTS
CaDital paid in
Surplus (Section 7)
Surplus (Section 13-b)
579,053
...
_
Other capital accounts
Total liabilities and capital accounts
149,152
27,264
23,041,638
22,797,980
22.852,648
22,754.742
22,998,962
22,584.369
22,616,869
22,482,203
22.526,578
18,998,684
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
90.5%
90.3%
90.2%
90.1%
89.6%
7,288
7,351
7,422
7,583
8,078
89.5%
8.007
85.9%
7,269
89.8%
7,598
89.6%
Commitments to make industrial advances...
89.7%
7,459
9,919
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
61-90 days bills discounted
1,444
1,166
1,941
6,334
4,113
2,929
2,606
1,486
500
243
264
271
180
235
369
263
158
3,546
960
1,004
1,022
904
612
391
288
474
675
476
639
746
728
735
735
677
741
521
189
996
789
523
456
269
290
200
175
131
986
4.244
4,491
3.999
3,525
3.737
7,985
5,647
4,582
4.091
6,485
1,312
1,816
'
278
*
Over 90 days bills discounted
Total bills discounted
Volume
2897
The Commercial & Financial Chronicle
151
Weekly Returns of the Board of Governors of the Federal Reserve System (Concluded'
Three Ciphers (000) Omitted
Nov.
Oct.
30,
Oct.
Nov. 6,
13,
Oct.
23,
1940
1940
1940
1940
Oct. 9,
1940
16,
1940
1940
Nov.
Sept. 18,
1940
Sept. 25,
1940
Oct. 2,
15,
1939
Maturitv Distribution of Bills and Short-Term
Securities
(Concluded)
1,467
1,598
1,467
1,313
1,316
1,412
120
108
257
276
196
148
131
115
136
357
515
518
343
319
199
255
251
305
311
1,011
296
305
473
490
445
592
407
304
205
476
5,873
5,763
5,807
5,904
6,073
6,060
6,204
6,279
6,362
8,250
8,215
1-15 days Industrial advanoes
16-30 days industrial advances
31-60 days industrial advanoes
8,161
8,193
8,305
8,325
8,400
8,375
8,664
8,612
11,561
1,411
61-90 days industrial advances
Over 90 days industrial advanoes
.....
Total industrial advances...
1,345
1,661
1,382
U. 8. Govt, securities, direct and guaranteed:
1-15 days
16-30 days
69,280
35,425
....
31-60 days
61-90 days
92,500
2,327,300
2,232,800
2,351,900
2,383,500
2,399,100
92,500
2.331,100
92.500
2,254,100
2,341,100
2,341.100
2,544,614
2,254,100
2,327,300
2.232,800
2,351,900
2,383.500
2.399,100
2,423,800
2,433,600
2,433,600
2,649,319
5,935,887
293,187
5,891,395
261,819
5,837.873
288,999
5,814,154
5,785,779
277,355
5,771,996
5,732,623
292,632
268,385
5,7(3,707
29o,722
5,692.745
293,883
296.821
5,096,606
291,352
5,642,700
5,629,576
5,548,874
5,520,271
.5,508,424
5.479,364
5,464,238
5,406,985
5,395,924
4,805,254
6,034,000
5,987,500
5.946,500
6,485
4,226
5.806,500
3,079
5,796,500
2,744
5,202,000
2,342
5,878,000
2,195
5,830.500
2,976
5,930,500
1,842
5,844,500
2,772
6,036,772
Over 90 days
5,990,476
5.948,842
5,932,342
5,880,195
5,850.985
5.834.726
5.809,579
5,799,244
5,204,337
Total U. 8. Government securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank....
In actual circulation
Collateral
Held by
Agent as Security for
Notes Issued to Bank—
Gold etfS.
band and due from U. 8. Treas...
on
By eligible paper
Total oollateral.
•
"Other
does
cash"
Include
not
Federal
Reserve
notes.
gold taken over from the Reserve banks when the dollar was devalued from 100 oents to 59.0#
31, 1934. these certificates being worth less to the extent of t ie difference, the difference Itself having been > pnroDrtated as nrorit by the Treasury untie!
These are certificates given by the United states Treasury for the
z
cents
2,337
Jan.
on
provisions of the Gold Reserve Act of
'
1934.
WEEKLY STATEMENT OF RESOURCES AND
Three
Omitted
Federal Reserve Agent at—
certificates
on
%
hand
and
Total reserves
19,393,798 1,141,266 9,419,600 1,017,292 1,312,516
465
470
951
1,453
9,894
19,894
25,038
81,588
308,168
31,684
537,774
19,711,860 1,174,403 9,502,139 1,042,800 1,332,875
from United States Treasury
Redemption fund—Fed. Res. notes..
559,810
1,522
20,514
BUSINESS NOV. 13, 1940
9
San Fran.
9
9
9
9
Dallas
9
it. Louis Minneap. Kan. City
Chicago
9
due
Other cash •„
RESERVE BANKS AT CLOSE OF
Atlanta
9
9
%
$
9
Cleveland Richmond
Phila.
Neva York
Boston
Total
ASSETS
Gold
LIABILITIES OF EACH OF THE 12 FEDERAL
(000)
Ciphers
306,464
402,259
364,367 2,983,135
778
1,080
482,116
246
387
480
37,298
13,489
7,163
16,474
381,353 3,021,513
495,851
314,014
419,213
286,917 1,140,092
16,208
1,499
563
11,368
.
27,450
298,848 1,169,041
Bills discounted:
Secured by U. 8. Govt,
bllgatlons,
3,293
30
2
20
35
178
134
85
60
216
85
209
1,413
94
209
115
62
236
120
387
1,530
98
108
311
266
5
266
212
222
608
292
401
865
30
4,244
Total bills discounted
158
4
192
117
185
680
30
951
direct and guaranteed
Other bills discounted
8,215
1,007
1,779
2,382
338
819
396,202
50,839
151,269
64,487
48,627
35,325
105,103
26,138
44,807
35,678
77,214
275,286
56,933
39,557
37,618
66,232
133,290
92,611
69,984
924,100
111,573
77,522
111,131
95,324
51,350
1,330,000
189,095
225,901
118,611
80,164
256,372
96,490
63,756
109,294
87,028
161,556
671,488
188,345
2,254,100
96,615
64,409
111,036
87,348
189,061
Industrial advances
U. S. Govt, securities, direct A guar.:
Bonds
Notes
U.
Total
Govt,
8.
securities,
direct and guaranteed........
2,266,559
162,593
674,132
191,878
226,531
119,545
86,537
256,874
47
Total bills and securities......
3
18
5
4
2
2
6
1
2,018
3,406
40,280
135,585
1,743
54,400
1,620
21,391
1,998
1,981
3,342
2,420
2,183
1,372
1,566
3,081
5,772
2,492
514,169 3,420,498
653,213
404,372
570,921
Due from foreign banks
23,784
Uncollected Items
82,989
799
2,548
214,003
59,831
41,274
assets
2,843
9,731
3,737
15,932
3,440
79,208
2,590
3,207
1,538
126,446
5,424
5,953
4,492
55,145
premises
Other
549
942,969
Fed. Res. notes of other banks......
Bank
""108
4,634
23,041,638 1,427,117 10418503 1,304,439 1,698,771
Total assets..............
767,802
see
LIABILITIES
4
1
1
2,132
562
3,429
38,863
51,007
1,114
2,867
2,825
4,863
a
38,966
429,501 1,420,272
455,598 1,495,216
387,945
510,348
265,662
183,429 1,205,028
211,879
154,906
202,402
92,840
470,787
5,642,700
F. R. notes In actual circulation
097,619
15,329
75,633
33,503
914,771
29,085
356,751
317,261
29,167
23,153
7,082
182,707
771,331
20,075
274,036
20,551
22,100
24,573
16,979
22,381
23,153
3,815
231,086 1,874,535
65,224
19,443
92,612
27,012
6,759
4,958
241,242
14,051,798
403,851
782,015 7,408,444
4,311
9,763
2,105
56,358
23,412
822,084 1,029,943
408,576
282,499 2,039,130
Deposits:
Member bank reserve account
U. 8. Treasurer—General account.
54,993
562,736
Foreign
Other deposits
122,816
627,916
445,730
20,064
1,125,150
7,585
14,824
33,186
71,774
13,713
i
376,063
224,072
326,731
288,600
875.674
81,097
190,589
60,004
117,450
77,465
34,719
134,625
52,998
15,730
30,582
30,229
40,222
883,710
539
179
210
557
136
162
348
1,425
503
172
454
190
4,935
500,857 3,379,940
641,676
394,870
565,965
16,143,535
Total deposits
Deferred availability Items..
Other 11a bill ties, lncl. accrued dlvs
864,657 8,604,906
22,674,880 1,401,806 10292 136 1,270,596 1,664,280
Total liabilities
751,882
CAPITAL ACCOUNTS
417,841 1,393,031
Capital paid In
137.719
9,337
51,079
11,889
14,079
5,349
4,680
13,993
4,167
2,957
4,422
151.720
10,405
53,326
14,198
5,247
5,725
22,824
4,709
26.839
2,874
7,109
4,393
3,246
713
Other capital accounts
50,480
2,695
14.853
3.363
2,078
2,194
1,429
8,312
2,123
3,152
1,001
2,392
3,013
Surplus (Section 13-b)
14,323
1,007
5,0-12
3,974
1,266
2,320
514.169 3,426,498
653,213
404,372
576,921
23
401
50
128
11,607
10,224
2,121
4,160
Surplus (Section 7)
Total liabilities and capital accounts 23,041,638 1,427,117 10418,503 1,304,439 1,698,771
926
715
253
1,010
Commitments to make Indus, advs
7,269
*
"Other cash" does not Include Federal Reserve notes,
a
767,802
508
577
538
FEDERAL
Total
Federal
RESERVE
Phila.
New York
S
$
Reserve notes:
Boston
1,779
3,289
429,561 1,420,272
2.674
4
Less than $500.
NOTE
STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
1,142
S
Cleveland Richmond
S
534,708
201,601 1,236,607
30,979
18,172
San Fran.
9
%
S
9
9
S
9
S
9
408,552
Dallas
Minneap. Kan. City
St. Louis
Chicago
159,402
223,945
211,372
102,072
522,326
9,232
51,539
84,837
20,607
18,360
279,263
13,601
12,066
4,556
8,910
5,642,700
455,598 1,495,216
387,945
516,348
265,662
183,429 1,205,628
611,879
154,900
202,462
92,840
470,787
6,034,000
Issued to F. R. Bank by F. R. Agent
490,000 1,600,000
410,000
538,500
290,000
205,000 1,250,000
234,000
161,500
215,000
106,000
534,000
514
310
95
291
1,452
234,095
161,791
210,452
106,000
534,000
5,935,887
293,187
Held by Federal Reserve Bank....
In actual circulation
475,926 1,580,053
Atlanta
20,328
held by agent as security
for notes Issued to banks:
Collateral
Gold
certificates on band and due
from United States Treasury
Eligible paper
_
_
6,036,772
Total collateral
30
2,772
...
410,310'
490,030 1,000,514'
80
538,500
United States Treasury Bills—Friday, Nov. 15
Rates
quoted
are
290,080
205,000 1,250,000
Quotations for U. S. Treasury
Notes—Friday, Nov. 15
for discount at purchase.
Int.
Int.
Bid
Bid
Asked
Nov. 20 1940
Jan.
Jan.
10 1941
Dec
1940
4 1940
Jan.
22 1941
Dec
11 1940
Jan.
29 1941
Dec
18 1940
Feb.
5 1941
Feb.
13 1941
Dec
0
20 1940
Jan
2 1941
United
June
00 ggg
Natl Defease Series
Government Securities
Exchange—See following page.
States
York Stock
Maturity
Mar. 15 1941...
9 1941
Nov. 27
Ashed
0 §
on
the New
15 1941...
Dec.
151941...
Rale
Maturity
Asked
Bid
\Vx%
IH%
101.25
101.27
101.26
10128
Sept. 15 1943
Dec. 16 1943...
Rate
102.13
102.30
103
102 13
102.15
\M%
102.1
102 3
Mar. 15 1944...
Mar. 15 1942...
IH%
102 30
103
June
15 1944—
1%
H7o
2%
1 H%
104 2
104 4
104.1
104 3
Sept. 15 1944...
Mar. 15 1945...
1%
H%
m%
102.19
102 21
15 1943
transactions
at
Daily, Weekly and
ine
Asked
1H%
8ept. 151942...
Dec. 151942...
June
Bid
102.11
1%
new
Yearly—See page 2913.
101.12
101 14
102.13
102.15
101 2
101.4
Nov.
2898
Stock and Bond Sales—New York Stock
16, 1940
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
;
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
account Is taken of such sales in computing the range for the year.
United States Government Securities
Below
furnish
the New York Stock
on
No
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
V
Dally
we
Record's; V. S. Bond Prices Nov. 9 Nov. Ill Nov. 12 Nov. 13 Nov. 14 Nov. 15
(Higb
■ i(
■
121.30
(Low.
Treasury
4 Ms. 1947-52
(
a
121.30
121.30
121.30
121,30
121.29
2
10
Daily Record of U. S. Bond Pricesi Nov. 9 Nov. 11 Nov. 12 Nov. 13 Nov. 14 Nov. 15
121.29
j
3
.
Total tales in $1,000 units..,
121.30
121.29
Treasury
2Mb, 1945
(High
| Low.
(Close
Total sales in
$1,000 units
(High
114.16
114.13
(Low.
114.13
114.12
(CloBe
114.16
114.12
(Close
Total tales in $1,000 units...
22
2
Total sales in $1,000 units...
(High
| Low.
115.24
115.24
(High
■
4s, 1944-54...
:■
:
115.25
115.24
115.24
115.24
115.25
115.24
115.24
115.25
115.24
1
6
1
2
102.8
Total taut in $1,000 units..
108.11
108.11
108.11
108.9
Total tales in $1,000 units...
103.9
| Low.
108.23
108.24
108.25
108.23
108.23
108.21
108.25
108.23
108.23
1
2
1
109.25
109.26
J09.25
109.25
109.23
109.25
2
—(Low.
Holi¬
(Close
day
109.25
Total sales in $1,000 units...
1
(High
112.25
105.15
105.6
40
Low.
112.25
112.25
*1
Total sales in
107.1
107.1
-{Low.
106.9
Holi¬
109.23
C^los©
106.9
day
1
Total sales in $1,000 units...
2s, 1918-50
14
;
1
103.12
103.9
103.11
103.12
103.13
103.9
103.11
103.12
103.13
10
11
*1
9
112.2
(High
jLow.
{Cl0S6
112.10
112.6
112.2
112.10
112.6
112.2
112.10
*15
4
(High
3s, 1944-49
108.10
1
Low.
Total sales in
108.10
(Close
108.10
$1,000 units...
fHIgh
*1
112.29
112.22
112.26
112.24
112.29
112.22
112.26
112.24
112.29
112.22
112.26
112.24
jLow.
(Close
1
10
2
Total sales in $1,000 units...
1
Low.
110.29
110.30
110.22
6
10
(High
110.22
110.30
111.4
Total sales in $1,000 units...
3s. 1942-47—
110.25
111
110.30
111.4
(Close
4
_
1
111.7
111.4
(High
6
8
110.3
110.1
109.31
110.3
110
109.31
110.3
110
109.31
(Close
Total sales in $1,000 units..
Home Owner®' Loan
110
Close
(Low.
2MB. 1942-47
110
Low.
110
(High
2
$1,000 units...
(High
108.10
108.6
(Low.
IC/lOSMS
108.9
108.5
108.4
108.10
108.5
108.4
Total sales in $1,000 units...
11
3b, series A, 1944-52
2
1
(High
(High
109.30
j
103.13
j Low.
110
109.30
109.30
109.26
109.30
109.30
11
(Close
109.30
2
sin 11,000 units...
*
25
110.1
109.31
bonds.
109.27
110.1
110.1
110.1
Total sales in $1,000 units...
102.30
2 Treas.
109.27
Treas.
2
Treas. 3s,
High
110.8
109.31
110
110.6
109.25
109.29
109.25
Close
Total tales in $1,000 units...
110.8
109.25
110
109.28
table
includes
only
sales
of
coupon
1951-55.. 112.30 to 112.301
110
Low.
above
J Cash sale.
3Ms, 1943-47..108.8 to 108.8 11 Treas. 2V8s, 1955-60.-110.19 to 110.25
3^8, 1943-45.. 108.22 to 108.22 1 Treas. 2Ms, 1945-17.. 109.29 to 109.29
1
4
1
1
t Deferred delivery sale.
Transactions in registered bonds were:
109.27
3
102.30
(Close
Odd lot sales,
Note—The
109.26
110.1
(High
J Low.
(Close
\Low.
_
Total sales in $1,000 units...
1
110
*1
102.30
(High
1 Ms, 1945-47
/
109.30
(High
m
103.13
Total sales in $1,000 units...
109.30
(High
Total sales in $1,000 units...
ta
103.13
(Low.
2MB. 1942-44
J Ixjw.
_
108.4
(Close
Low.
■
Close
Total tales in $1,000 units...
Total
103.13
Total sales in $1,000 units..
112.6
i Close
Total sales in $1,000 units...
2Mb. 1958-63
106.4
5
4 Low.
2?4s, 1956-59....
105.26
103.11
(High
itMs, 1951-64
106.4
103.13
,,■/ Total sales in $1,000 units..
Federal Farm Mortgage
3 Mb, 1944-64
Low
Total sales in $1,000 units...
2Hb, 1948-51
105.26
I CrlOS©
(Close
■total sales in
106.4
(Low
2s, 1953-55
(Close
2Mb. 1955-60
105.26
(High
(High
j Low.
38, 1951-56..
16
(High
106.9
Total sales in $1,000 units...
"'**
107.1
$1,000 units...
;
(High
-
4
(Close
112.29
Total tales in $1,000 units.
105.12
9
(Low.
2s. 1947
112.29
(Close
1
V/:"-.
(High
112.29
■
3s, 1946-48...
Close
109.23
(High
3)48, 1949-52
105.12
108.21
7
■
3)48, 1946-49
105.17
105.6
108.21
I 'Olosc*
Total sales in $1,000 units...
3 Ms. 1944-46
105.11
105.15
•
108.26
-j Low.
-
-100
105.15
Low.
Total sales in $1,000 units...
(High
3Ms, 1943-45
105.25
(High
2J*B, 1954-66
1
10
105.25
105.25
105.22
Total sales in $1,000 units...
;
103.11
103.8
(Close
;
2
105.22
CI OS©
"'7
103.11
Total tales in $1,000 units...
107.29
105.22
Low.
2Mb, 1951-53
103.11
103.8
2
107.29
107.29
(High
2
1
(High
'
3^8, 1941
107.31
107.31
2
Total sales in $1,000 units..
108.9
108.11
'v'"-.":
107.24
107.24
*1
Low
108.9
108.11
Low.
■
108.1
108.1
Close
1
108.11
(High
3Hs, 1943-47
108.5
108.5
(High
2Mb, 1950-52
102.2
/
.
107.31
Low.
Total sales in $1,000 units..
102.2
102.8
110
107.24
108.1
108.5
Close
2 Ms, 1949-53
102.2
102.4
(High
1 Low.
(Close
3 Mb. 1941-43
110
(High
115.24
(Close
Total tales in $1,000 units...
3 Ms, 1946-56
110
1 Low.
2Mb, 1948
2MB. 1960-65
15
5
United States Treasury Bills—See previous
page.
United States Treasury Notes, &c.-—See previous
page.
7
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Monday
Tuesday
Wednesday
Nov. 9
Nov. 11
Nov. 12
$ ver share
$ per share
$ ver share
5358
*116
*3512
57
658
2234
*15i2
43'4
54
16i4
4334
5
77
6i2
25
*76
*10i8
173
1078
1334
778
Stock
*
12i8
10i2
1984
253s
1012
173t2
1078
1334
—
77
6l2
"578
34
58
1214
Closed—
10i4
115s
IOI4
*1912
24i8
20i4
24i»
Armistice
1034
203S
253s
Day
*10
*10
103s
17314 174
*1038
11
13i2
16
1634
167s
6334
643s
62
6414
72
72i2
38is
173s
134
*16's
47
465s
10
48
*....
6
53
934
*46
172
*103s
Par
10
Abbott Laboratories
Co
347«May 25
60
Nov
8
Adams Express
No par
4J4May 28
9
Jan
3
No par
16>sJune 5
12i2June 15
36i2June 10
lgJune 10
60 May 21
4 May 21
3gJune 4
634June 10
4i4May 21
7 May 21
15i2May 21
2234
Steel
500
Adama-Millls corp
16'4
800
Addre8s-MuJtgr
42i4
11,000
"I«
1,700
Air Reduction Ino.
No par
Air Way El Appliance..No par
Alabama & Vicksburg Ry.100
Alaska Juneau Gold Mln.__10
Corp.
10
Allegheny Corp
..No par
5M % Dt A with $30 war. 100
6M % pf A without war. 100
12
11&8
12
IDs
12
IOI4
10
103s
10
10
201S
2058
20i2
1,000
$2.50 prior conv pref. No par
245g
20i8
2478
20
2434
2418
2478
13,100
Algbny Lud St! Corp. .No par
Alleg A West Ry 6% gtd-_100
*76
103s
IOI4
174
172
*76
103s
172i«
11
*103s
11
778
7212
38's
1314
778
*7212
37i8
1314
8
7312
375s
163s
1638
1712
1®8
*
lh
17&S
15i2
15s
16
47
47
47
51
1714
18
17
63i2
62
10
6H2
938
48
46
46
912
912
*46
1734
63l4
9&S
48
t In reoeivership.
—
1012
7,100
1,900
.
11
17ll2 17314
11
*103s
13
131,
75S
8
1,300
Allen Induswies Inc
2,300
Allied Chetnfca. & Dye. No par
Allied Kid Co
.....6
100
1,600
10,400
72l2
73
37
37i4
8.900
1612
15«
16i2
800
1&8
400
500
1634
1634
400
50U
51i2
3,300
1
Allied Mills Co Inc
No par
Allied Stores Corp.___.No par
7
Mar 26
Jan
8
li, Jan 8
145, Jan 3
121, Jan 4
22
Sept 25
26i2May 10
74i2Sept 30
12«4 Apr 16
182
Apr 9
14
5
JaD 25
16«4 Apr 23
93s Jan 2
49i2 No»
56i2 Oct
1H, Sept
61, Aug
19
Sept
167, Sept
451, Apr
25
271,
68
Mar
Jan
Sept
>4
Jan
Feb
68
6i,
Dec
10
Jan
*8 July
6*4 Aug
2
Sept
68
114 Sept
Feb
20i, Sept
41, Sept
18
8
June
14
Apr
23i, Sept
281, Jan
52
May
6*4
Apr
I6I1, Apr
10
91,
6
Apr
Apr
Apr
69
Sept
Sept
H7g Oct
2001, Sept
147, Sep*
151, Sept
113, Jan
737,May
8
541, Apr
Jan
4
28
17l2 Nov
2
Amalgam Leather Co Ino
6% conv prefened..
Amerada Corp
No
par
HsMay 15
9i2May 28
38i2May 23
123, Apr
H4June
581, Apr
5
50
12i8May 22
41«« Jan 12
21
Jan
4
16
Apr
Apr
75
Apr 15
26
June
47
Dec
9*4 Sept
46i, Dee
173,
Jan
60
Jan
1
60
63
4,800
1,900
American Bank Note
6%
10
Del. delivery,
77
71i2 flept
I49i2 Sept
417,
61
a
8
4
Jan 2
78Mar 11
19i, Jan
Apr
Apr
331, Apr
3Hj Mar
Juno 10
6,100
9l2
120
6
68is
June 22
June
8
271, Apr
634June 11
135i2June 10
87,May 15
10
53
Feb
214iMay 22
1714
48
70i, Feb 14
461, Apr
147
Highest
share I per share
5% preferred..—.-.... 100
AUls-Chalmers Mfg
No par
Alpha Portland Cem__No par
17
9i2
61
per
4i2May 21
65 May 28
Am Ajrric Chem (Drt>..No par
Am Airlines Inc
10
*46
)
May 22
10*8
1,600
share
May 22
4H2
10,300
per
May 21
2234
578
$
50
1,200
«1«
share
30
5,600
77
per
Lowest
110
658
5i2
$
Year 1939
Highest
100
preferred
Acme
»I«
Range for Previous
No par
conv
56i2
634
*
1
No par
25
4M%
Abraham A Straus
6
1314
*13s
Lowest
473g
»x«
734
7212
3714
*1614
*16
1,400
*35l2
X5614
578
1314
Bid and a8kedpriees.no sales on this day.
77
53i«
11834 11834
"1.
34
*76
734
17l2
l7s
173s
*
Shares
5g
1138
8
38i2
934
$ per share
*76
17i2
*1«4
*1612
*46
$ per share
578
..
38
47
$ per share
Range Since Jan.
On Basis of 100-Share Lots
Week
Exchange
1334
8's
72I2
385s
173s
184
1734
48
18
*7H2
Nov. 15
*
77
63
»u
1134
10i2
1958
Nov. 14
53
*53
53i2
533s
53i8
119
119i2 *116
11912 *116
40
*35i2
4738
*3512
473s
5734
57
57
*56i2
5712
678
65s
634
6&8
678
*22
23
22
22
*2178
2234
16
16
1614
16is
*16's
167s
43
4334
42U
43i2
42l2 43
5S
"l«
"i»
s4
*uu
1
2234
•l«
*....
Nov. 13
*35l2
5712
634
6?8
EXCHANGE
Friday
*116
40
57h
STOCKS
NEW YORK STOCK
the
Thursday
•
53i2
119«2
Sales
for
Saturday
n
0 referred
New stock,
r Cash sale,
11
2*s Jan 9
Apr 22
18
.
10
6
June 10
123, Apr
9
50
35
June 18
50
3
x Sx-div.
y
Ex-right.
Jan
12
Apr
Aug
71
Aug
48*, Jan
197, Jan
33, Sept
21
Sept
741, Sept
24i, sept
1 Called for redemption.
Volume
New York Stock Record—Continued—Page 2
151
AND
HIGH
Nov. 9
$
per
SALE
Monday
j
share
Nov. 11
|$
Wednesday
Tuesday
I
.
Nov. 12
,
| Nov. 13
$ per share
per share
$
per
74
734
84
384
3734
384
384
*129
1324
7-4
93
92
924
American Bosch Corn
1,900
Am Brake Shoe A Fdy_ No par
28
50
5H% oonv pret
100
Amer Cable & Radio Corp
1
128
135
li4 Oct 2
87 May 21
164 May 27
18 May 28
34 May 21
134May 28
100 May 21
112 May 23
9 May 23
64May 18
284 July 18
1164 Jan 29
314
624
61
61
61
64
2234
224
224
224
224
22
*7
115
*7
12
*8
6,200
3,200
Am Chain A Cable Ino.No par
115
100
*1204 122
100
*111
115
*111
12
5%
cony preferred
American Chide
12
8
8
74
100
No par
Am Coal Co of Allegh
*8
12
100
65
624
22
1144 1144 *111
Preferred
American Car & Fdy_.No par
Preferred
100
224
304
61®4
1224 1224 *1194 1224 *1194 123
Co NJ25
10
American Colortype Co
600
64
64
64
64
74
64
64
1,000
Am Comm'l Alcohol
114
114
114
*104
114
104
104
1,000
American Crystal Sugar
79«4
114
7934
*1034
80
*79
814
814
*784
24
24
814
24
20
24
824
24
54
14
*44
734
64
♦74
64
114
*75
24
*44
14
154
74
74
74
54
64
10
100
American Encaustic Tiling... 1
2,700
24
2
44
44
44
200
14
14
14
14
1,600
164
104
164
154
154
2,300
17 preferred-.
3
3
1,700
S7 2d preferred A,..No par|
16
34
Amer European Sees___JVo par
Amer & For n Power
34
*34
34
*124
134
134
134
134
134
124
124
400
414
394
404
*124
3834
13-4
39
404
40
414
384
404
18,800
44
*134
54
324
544
14
21
21
34
34
44
44
32
32
32
544
6534
544
2
*14
*2034
224
44
*124
*464
124
54
14
44
44
*124
13
50
*46
1,500
534
14
14
224
44
44
*124
*46
5,200
534
la4
214
544
14
*21
44
33
32
*54
I84
21
21
5
33
44
44
44
314
124
*46
50
'»
324
50
44
124
44
5
434
31 a4
£54
34
*124
50
17
174
174
174
174
174
174
174
164
4,200
300
85
86
844
134
854
134
85
86
834
85
24
24
3
1334
1334
1334
24
184
3
244
244
244
34
34
514
514
4434 '454
734
74
*156
1594
■
'
Stock
7
504
424
74
94
Closed—
94
304
4834
1444 145
474
Armistice
*14334 145
55
150
Day
474
284
30
284
2934
124
124
124
1334
164
764
*154
167
*13
1634
17
17
774
77
*154
164
724
7334
*148
724
7334
*148
151
54
*154
164
167
1664 1674
72
724
7334
734
54
17
174
27,100
744
64
64
1,840
1,500
104
36
474
144
500
10
146
294
284
114
11,200
3,400
294
124
1134
*124
134
164
154
164
1,700
834
794
134
164
82
824
1,800
16
164
1664
6,500
824
154
154
1664 1674
71
714
164
16734
73
724
166
400
71
714
3,000
72
724
3,700
1504 1504
54
54
100
724
*1484 152
54
64
534
84
884
84
84
54
84
84
834
84
84
984
*904
974
*964
964
*904
964
964
964
94
94
94
104
10
104
94
14,700
84
*96 /
934
52
10
1
■
524
534
74
734
84
52
204
*52
52
29
*334
344
36
*16
284
1634
*154
113
*1114 113
134
24
334
154
15
24
24
*33
34
524
74
534
84
574
7«4
564
74
34
344
164
16
16
*113
*
14
24
344
*24
*33
344
1094 1094
54
54
5134
524
*40
*41
74
32
33
*324
-
3234
54
524
74
3234
84
84
*84
534
*54
54
*82
102
*82
74
54
534
53
534
*41
314
*84
84
6
534
*82
102
74
758
74
*744
80
*75
81
*88
92
*90
92
74
*354
*334
36
*91
*75
914
*35
36
6
54
57
56
74
*60
314
324
84
194
2334
24
72
72
*11234 1194
7
*64
3
184
54
184
434
11
54
174
44
534
900
24
244
244
234
*10«4 110
1074 103
74
74
74
78g
6,900
24
74
*484
744
3
*17
64
74
3
24
18
17
*7212
3,700
200
744
600
80
7
7
64
24
24
1,700
600
24
17
180
..100
7% preferred
No par
Arnold Constable Corp
6
A. tloom Corp
No par
7% preferred100
Associated Dry Goods
1
100
100
6% 1st preferred...
7% 2d preferred
Assoc
Investments Co.No par
100
5% preferred
Atch Topeka A Santa
Fe-.1G0
6% preferrred
—100
Atlantic Coast L.'ne RR—100
At; G A W 1 8S Lines
1
100
6% preferred
Atlantic Refining
..25
50
6% preferred.....
No par
Atlas Powder
5% conv
preferred..—100
-No par
No par
Ne par
Atlas Tack Corp
Austin Nichols
55 prior A
17
54
54
38,900
Aviation Corp.
174
174
2o,700
Baldwin Loco Works v t
44
44
10,300
BaRImore A Ohio
64
54
6
6
44
54
584
5,600
84
9
9
94
94
84
84
1,400
45
45
90
444
74
*284
294
29
30
30
104
104
*2834
294
104
*29
10
444
114
74
11
114
294
29
*29
104
29
104
30
444
444
114
74
8
114
29
94
29
74
4,800
1,000
120
74
29
104
10
104
29
284
29
*10534 108
*10534 108
108
*1004 108
*1004 108
11,300
900
10
*1134 114
1134 1134 *1134 114
24
24
244
244
244
*234
*10534 108
*1054 108
*10534 108
*1134 114
24
*1134 114
2334
2334
33
*30
*120
*30
33
125
125
74
74
734
73,
*10
*10
—
35
204
*1004 108
«•«»«,
344
344
334
34
204
204
204
204
♦
33
*120"
84
334
344
204
204
57
Beneficial Indus Loan.. No par
2,100
pfd|2.60dlv ser'38No par
Beet A Co
No par
Bethlehem Steel (Del).No par
324
32
324
314
324
9134
894
904
894
914
884
13Q34 1314
27
274
2034
204
204
114
104
11
214
214
*124
90
124
134
*83
*20
*83
214
21
124
*124
134
*84
90
on
this day.
130
130
800
Beech-Nut Packing
— .
Pr
57
33
894
39,600
2,700
1304 1304
100
7% preferred
274
274
28
28
204
204
20
204
1,000
Blgelow-Sanf Corp Ino.N" par
Black A Decker Mfg CoN> par
104
104
7,700
Blaw-Knox Co
21
£104
194
104
204
21
89
Bid and asked prices; no sale
1294 130
274
274
2034
*194
104
104
1st preferred
1,500
894
274
Bayuk Cigars
12,100
314
1314
..5
Ino.-..-No par
100
Beatrice Creamery
26
J5 preferred w w
No par
BarnsdaH oil Co
194
934
274
2034
104
preferred——60
194
3134
*544
6)4 %
No par
Brothers
334
100
----
314
57
Barker
334
*10
*544
57
preferred......——100
Bangor A Aroostook......-60
Conv 6% preferred..
100
Barber Asphalt Corp.———10
50
Co—-.20
Beidlng-Heminway
No par
Belgian Nat By* part pref
Bendlx Aviation
5
904
57
o—13
100
Beech Creek RR
33
*1234 125
84
84
84
*10
4%
oiD »)(The)_3
Preferred x-warrents.No par
125
*544
324
*54
700
*1004 108
*
33
1214 1214
8
84
20
124
*124
15
90
*84
90
124
*84
Feb 23
18
Mar 13
4
J In receivership,
a
|
I
|
1,100
700
180
I
Def. delivery.
No par
Inc
5
Brotbers.No par
Blumenthal A Co pref
100
Bliss A Laughiin
Blooming dale
nNewgtock.
rCaahsate.
4
May 21
June
6
97i2June
6
4
May 21
35
May 21
9
Apr 20
4
Apr 4
94 Jan 4
102
July 23
4384 Apr
11
44May 22
9
Aug 29
80
49i2May 22
29i2June 18
82 May 23
65
13
May
211
Jan 11
4314June
6
57
May 23
H2i2June 11
4
May 21
„
74 June 11
12
Sept 17
24i2May 28
174 May 22
494June 25
22i2May 21
03l2May 23
l09i2May 22
14
May 21
15 May 15
5®4May 15
13i2May 21
11
May 14
54
June 27
x Ex-dlv
»
144
Oct
153
204 Aug
84 Apr
41
9
Apr
154 Apr
754 Mar
13 7g Deo
144 July
Oot
184
34
Sept
974 Sept
Jan
Deo
Jan
Jan
1534 May
184
754
132
Oct
Sept
44 Sept
84
78
Apr
Apr
34 Apr
284
Apr
4
Aug
24
Apr
2084
Apr
35
Apr
134
Apr
884
Apr
14
Apr
21
Apr
97
May
34 Aug
3384 Apr
60
Mar
314 Sept
74 Sept
54
73
54
Apr
Jan
Apr
Jar.
254 Jan
8
*3
274May
110
7
Jan 25
978Mar 19
51
Feb 14
804May 13
124«4 Jan 10
84 Mar
54 Mar
1978May
29i2May 14
May 22
254 Aug
354 Apr
1274 Sept
694 Apr
90
1004 Mar
124May 23
2®4May 15
34May 15
7i2June 11
34
May 21
8i2May 21
4
May 15
20 May 21
102
Sept
Jan
84 Apr
June 17
9
Apr
324 Mar
May 28
Apr
104 Deo
Apr
Aug 16
102
117s June
50
30
4
106
Apr
41
10
7i8June 10
204 May 21
llli2June 10
18l2May 21
Apr
28
Mar 26
7
May 21
178 Feb
32
45
224 Apr 20
22i2 Apr 20
7
Oct
214 Sept
34 Apr
£93
6
6
l8i4May 21
May
Apr
70
674 Apr 24
234 Jan 3
June 24
112
8
Nov 14
May
39i2May 21
95gMay 22
8i«June
9'4June
Apr
874
894
68
584 Jan 4
224May 21
0i8May 22
34May 22
96i2 Jan 12
Deo
34 Aug
Aug
9
Sept
25
1714
9
414 Apr 8
224 Mar 8
1134 Aug 23
1578Novl2
44 Apr 10
354 Feb 27
1104 Apr 30
74 Apr 22
644 Apr 22
l34June 17
23
60
Apr
25i2May 21
June
Sept
Sept
Apr
594 Nov 14
84 Nov 14
8
8
434 Sept
73
1014 Apr 16
12
Apr 23
107
9>4 Jan
254 Nov
33
148
5i4May 21
June
34 Jan
304 Nov
1754 Mar 12
834June 11
0 May 21
7
184
*43
93
24May 21
102
54
45
3
894 Apr 16
9134 Apr 9
1534 Oct
64 Nov 14
124 Jan 4
136
117b Sept
184 Sept
864 Sept
54 Jan
64 Sept
224 Deo
140
144 Apr 12
174 Jan 6
234 Feb 23
124May 28
704 Aug 20
lli4May 21
145 May 28
69 May 22
70 May 21
-.--6
44
54
9
1524May
334 Jan
May 25
19i2May 21
9i4May 22
11
May 18
4% conv pref series A... 100
Atlas Corp
174
7
*
$6 conv prior pref...No par
Armstrong Cork Co
434
11
130
Anchor Hock Glass Corp.
54
174
*84
Feb
70
6l7|May 22
139
4i4May 22
$5 prior conv
44
1134
74
*5334
100
Preferred
Amer Zinc Lead A Smelt...
.534
174
114
344
No par
No par
44
*74
*204
J0 1st preferred
184
54
114
*10
Am Water Wks A Elec.No par
American Woolen
44
54
6
11
*Il9*
.100
10
6% preferred
Type Founders Ino
9
*7
*
25
Common class B
Am
174
184
45
*1004
25
174
54
*164
45
*2334
Co... 100
6
*84
*29
744
600
49
41
49
1,800
*1124 1184 *1124 1184
*112-4 119
3
24
10,700
19
74
*64
*
184
49
74
»
*174
74
119
-
*17
49
7
m
194
74
724
U
154
194
73
119
m
194
494
3
184
v:
400
6,100
19
1074 1074
74
200
84
534
19
74
:i''
54
*804 102
84
74
204
*4834
74
494
100
2,300
4,OJO
154
74
8,800
604
32
564
154
154
*484
604
314
*84
544
154
154
234
57
74
57
21
1074 1074
554
5814
314
140
20
Tobacoo._No par
Armour<fcCo(Del)pf7% gtdlOO
Armour A Co of Illinois .—5
26,800
15
Am Sumatra
Amer Telep A Tel eg
American Tobacco
900
184
194
100
Preferred
30,000
934
19
Refining..100
34i4
*324
1,500
174
154
American Sugar
1094 1094
54
54
*24
934
174
194
234
194
54
15
*13
*354
15
No par
Archer Daniels Mldl'd.No par
50
mem
184
5534
No nar
300
+
94
55
American Stores
1,000
m
*35
55
Amer Steel Foundries..No par
24
*113
*92
534
...100
6% preferred.
May 15
30UMay 21
May 28
12i2May 21
«•'
544
25
American Snuff
12.60
55 dlv preferred
No par
Andes Copper Mining......20
A P W Paper C clno
...5
400
534
122
Preferred
500
36
184
5638
23
.100
Amer Smelting A
164
93
184
Building Co .No par
Retg.No par
May 21
*344
93
9434
6
May 21
*75
18
9
8
1284 Mar 6
114 Feb 23
374 Apr 15
54
April
147
Apr 16
Oct
20
93
914
Amer Ship
6
Anaconda W A Cable..No par
79
194
184 Nov
744 Nov
94May 15
48UMay 21
400
36
914
Mill.....26
American Safety
Aug
174 Sept
84 Feb
84 Sept
140
Sept
Mar
35
£93
*75
163
June 12
4^% conv preferred
100
Raaor.-18.60
American Seating Co ..No par
American Rolling
8
104 Jan
Apr
100
36
914
18
244
27,800
77
914
*10719 108
10,800
84
57
136
Jan
54
Nov
84
78
100
5
8
62
54
184
184
344
54
7-4
28UMay 21
4»4May 21
Preferred
Mar
32
24
*804 102
74
84
914
154
154
*84
534
102
174
*19
~
1094 1094
1094 1094 *1094 1094
3434May 21
No par
San'y.No par
$5 preferred...
132
Aug
24
54 Jan
634 Jan
*16
3534
164
144
14,500
26
May 21
384
2834
24
10
Mar 19
June 10
30
284
*344
144
No par
f6 preferred...
Am Rad A Stand
121
May 15
Oct
64
254 Oct
1154 Mar
Aug
11
Mar 20
18
284
294
154
24
2
13
41
3
1
3
4
25
35
*524
56
*113
No par
Amer Power A Light...No par
1164 Sept
July
404 Oct
Apr 27
Jan
Nov
Jan
Jan
294 115,800
57
*52
113
American News Co
278 Mar
22s4
87i2
1478
34
pref
25
Anaconda Copper Mining..60
*524
55
344
164
74
84
19,200
;
100
584
56
594
100
....
American Stove Co
*124
72
54
54
400
544
544
146
114
1334
164
73
13,900
144
294
294
124
714
2,300
1,180
474
464
*141
*1484 163
152
354
33
364
4684
144
10
10
55
79
16734
120
150
164
78
30,000
734
55
*124
1334
*13
1,400
2,000
64
*145
12
11,400
184
55
284
U34
6% preferred
*1604 162
150
*534
*145
l^May 15
124 May 28
90
July 3
2014 June 11
Apr
Apr
254 Apr
4184 Apr
14 Jan
144 Jan
3»4 Sept
Mar 29
67
May 18
744
174
74
1444 1444
55
*145
554
150
10
94
30
453,
74
Amer Maoh A Fdj Co.No par
504
434
10
64 Jan 6
134 Aug 24
May 25
8
8
6
38
64
174
744
64
934
354
64
35
484
64
*94
174
184
744
9
364
464
*145
514
444
64
Exchange
35
*55
51
434
74
June
Apr
12
Apr 22
35
12U Sept 13
41tjMay 31
10 May 22
100
Preferred
214
52
1594
1734
1
60
Amer Metal Co Ltd—No par
444
1604 161
3
par
5% conv preferred
5,100
34
5138
74
74
1594 161
Amer Internat Corp.—N
Amer Invest Co of 111
American Locomotive..No par
"""506
5
664 Apr 3
378 Apr 1
lfyMay 21
May 23
18
100
214
444
734
184
3
45i2May 21
No par
Amer Mach A Metals. .No par
*1054 107
244
244
*224
3
34
34
244
34
38
2,100
34
514
74
*156
25
May 24
24
444
74
514
444
74
64
;
25
May 28
pref
Feb
24 Sept
484 May
14 Dec
124 Apr
3
134
224
54 Sept
64 Apr
23
6% non-cum
Aug
61
4
8
244 Jan
Dec
5
50
6% conv preferred
800
*1054 107
74 Jan
May
9
American Hide A Leather... 1
24
214
204
*1054 107
1094 Apr
4
5
60i2May 3
64 Apr 23
*134
134
134
21
244
34
-
174
734
214
107
*105
1064
94
3
204
204
*105
1334
24
304 Aug
134 Apr
100
154 Apr 18
914 Mar 25
34 Mar 8
64 Apr 16
24 Jan 8
284 Jan 8
2UMay 21
9igMay 28
23 May 21
179
4
Feb 23
984 Apr
84 Jan
7,300
3,400
174
86
10
American Ice
———
85
No par
American Home Products... 1
500
134
*46
ffl preferred
500
,
44
4
13
No par
500
214
50
No par
Amer Hawaiian SS Co
1404May
lUMay 22
34 June 17
1
May 15
lO^May 21
24
484
14
Apr
Sept
164 Aug
9
Nov
13
140
834
3
234 Jan
Apr
150
Nov 15
65
115
57«4 Sept
Aug
Apr
125
334May 10
75
5
31>4
June 28
180 4 Nov 12
41« May 18
8 May 21
Sept 30
Corp.,20
6% 1st preferred
14
*44
14
164
154
74
24
5
14
16
34
_
25
American Can
200
10,500
304
294
62
12
_
6,300
180
180
224
115
4,800
94May
4584 Jan
64June 26
May 21
May 24
1
Highest
% per share 9 per share
8
Jan
34 Aug
3
3
2,100
314
125
9 per share
74
214
*7
S per share
Par
384
304
614
*1144
Highest
74
18084
18034 *178
304
304
314
304
*123
Lowest
Lowest
Shares
Year 1939
100-Stara Lots
384
14
14
On Basis of
1324 1324
14
14
924
914
394
1324 1324
14
92
944
18034 18034 *178
95
94i2
*1764 1804
$ per share
74
74
39
EXCHANGE
Week
| Nov. 15
$ per share
.
74
39
14
924
14
1®4
Friday
i
Nov 14
*1284 1324 *1284 1324
14
14
|
share
74
38
Thursday
.
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
PRICES—PER
Sales
for
LOW
Saturday
2899
64 Jan
8
4
4
4
15
10
2
Jan
—
—
21
o«in
z49»4 Dec
15
Apr
584 Aug
94 Aug
184 Sept
1044 Apr
7
Apr
434 Apr
50
Aug
110
June
44
Apr
2
Apr
10
Nov
34 Aug
94 Aug
378 Aug
484 Sept
147s Jan
114 Dec
524 Jan
49
164 Apr
104 Aug
30
Nov 13
134 Jan
4
3684 Apr 17
1154 Mar 12
364 Apr 10
1124 Apr 22
105 May
7
324 Oct
.12)
3
Jan 24
9
2
9
224 Mar 13
97g Apr
674 Apr
304 Apr
664 Jan 18
39
Jan 3
93'4 Nov
1314 Nov
344 Jan
22t2 Apr
114 Jan
23 U Jan
Apr
244
Apr
114 Aug
154 Apr
1094 Oct
17
Apr
98
Apr
27«4 Sept
10478 Sept
74
62
Apr
Nov
164
Apr
174
Apr
Apr
484
32
Sept
9
9
5
4
4
3
504 June
994 Apr
157S Apr
22
Dec
3
134
Dec
35
Apr
10
4r>r
85
Oct 29
Ex-rights
Dec
0
84 Jan
14
84
Apr
Apr
t Called for redemption.
New York Stock
2900
LOW
AND
HIGH
SALE PRICES-PER
SHARE,
NOT PER CENT
Record—Continued—Page 3
$ per share
Monday
Tuesday
J
Nov. 9
,
Nov. 11
Nov. 12
$ per share
$ per share
17 %
1812
3312 34
107% 107i2
*5412
57
24
I
Thursday
,
Friday
Nov. 13
(
Nov. 14
|
Nov. 15
$ per share
Shares
$ per share
3334
33
33
33
33
105
105
105
105
55%
56
*63
55
*2334
24
*2334
1934
21%
t. 24
24
1934
20
1934
19%
19%
21%
22%
21%
1»4
3734
4%
*138
38
484
4%
134
*1%
38
*37
I84
38
12%
1338
1284
4%
13%
4%
I284
13
2578
3912
26i4
40
2534
2634
25%
26%
40%
40%
48
48
48
48%
4%
18
34
23«4i 24
11.
11
113g
1093410934
5%
65
109
534
5%
66%
65%
734
8%
3584
32%
18%
834
8%
884
3%
15%
5%
3%
3%
8%
3%
15%
5%
16%
1434
*19%
20%
19%
5%
20
4%
10%
4%
10%
81%
I384
20«4
4%
10%
81%
13%
20%
5%
1934
4%
884
55
*5012
I84
1%
8
Stock
384
3%
49
6134
4984
28
28%
118% 118%
7%
*62
I884
3
7%
6%
*2%
*91
34%
*45
*284
38
3%
*3%
3634
*60%
II84
*100
30
*112
21
105
23%
*17%
234
3
4234
43%
97%
*95%
*1
14%
3984
43%
97
97
105
43%
97
*38%
39%
48
*%
%
%
*914
12
9%
98s
88%
9%
88
*45
100
%
1,800
2,800
%
16
87%
*45
2%
....
*
12
*2%
*30
12
234
32
81%
82%
80%
9%
87%
8784
9%
8734
9%
88%
133
*45
3
3934
133
55
3%
40
133
*82%
85%
49%
29%
*48
49%
*48
50
*48
50
101%
30%
....
30%
33
32%
33%
33%
142
*140
110% 11134
109
110
110
*60%
*60%
*100
28
12%
12%
62
12%
101% *10034 101%
30
*112
29
*112
2
29
...
£21%
*1%
21%
2
*1%
2
2
2%
2%
2%
2%
2
1%
1%
1%
2
2234
23%
23%
2334
22%
23%
23%
24
23%
23%
23%
5%
5%
5%
1%
23%
*84
85
84
84
5%
83%
83%
*70
77
*70
77
75
75
82
82
81%
6%
82
*79%
5%
82%
*112
110
....
*70
81
3234
33%
99%
4034
40%
41%
33
*102% 110
1034
1
11%
1%
""800
3,300
133
20
75
82%
*99
40%
6%
22%
32%
99% 100
41
S3
29
1
55%
53%
55%
53%
54%
30%
29%
30
29%
30
•Bid and asked prices; no sales az this day.
53%
29%
54
30
1 In receivership,
%May 15
% Oct 11
6%May21
8%May 16
23%May 21
No par
........
45
May
91
Aug
1
77
9
137b
3% Nov
May 9
30% Apr 18
29% Mar 23
478 Apr 3
43% Nov 12
98
106
100
par
No par
No par
1001
Aug 16
54
29%
62,300
2,200
17,700
delivery.
par
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
Columbia Gas A Elec
No par
6% preferred series A... 100
5% preferred
100
Columbian Carbon Co.No par
Columbia Pictures
No par
preferred.No par
Commercial Credit
10
Sept
Sept
64% Sept
30% Dec
10978 Aug
19% Jan
72% Mar
36% Sept
5%
Jan
113% Aug
12% Sept
14% Sept
678
96
Oct
Sept
_62%i_J[MJ
"l3
Jan
47% Jan
22% Sept
105
Dec
30
Jan
10
Apr
Aug
47% Sept
4
Sept
4% Sept
14
Oct
20%
Jan
39% Sept
60% Nov
78 Sept
53% May 28
Jan
8
63%
Apr
94%
9
8% Oct 28
Sept 26
44
Sept 16
85
Apr
79
Jan
1478 May
97% June
2
May 15
24
May 21
124
July
8
14% Jan 26
98
z60
May
46%May
25% May
25%May
131
May
99%May
22
21
22
21
56 May 24
10%May 21
June 10
94
16%May 21
108 May 23
Feb
16
May 21
16
May 21
4%May 22
67%May 28
59
June
3
71
May 29
3%May 21
14%May 24
27%June 10
6
Jan 30
4% Apr 26
40% Apr 18
133
Nov 14
Nov 15
Mar 26
Jan 10
Mar 8
Oct 21
Sept
Oct
41% Apr
45% Apr
1
69
Feb
115
68
69
Sept
42
Jan
34% June
Feb
39
Oct
78
Mar
45% May
60% Jan
38
Dec
Sept
135
Mar
Sept
133
63
Feb 27
58
Jan
20
Feb 2i
11% Apr
102
Sept 24
35% Apr 8
112% Feb 10
24
Apr
20%
100
Oct
2% Aug
8% 8ept
37b Sept
9»4 Sept
3% Aug
8% Sept
25% Dec
25% Dec
11%
Apr
14
Apr
Apr
5%
74%
62%
73
6%
38%
98%
4
113
Mar
6
16% Apr
5
42
%May 22
May 21
134June 28
73% Jan 8
Apr 8
9
Feb
Jan
91
Mar
Jan
83
Feb
Apr
Dec
15% Dec
3
May 21
Apr
14
108% Feb 21
Ex-rights.
37%
4
4
8% Mar 15
23% Jan 29
33
Dec
4
Jan 26
Jan
Dec
18
4
98% Apr
48
Apr
Jan
62%
111% Dec
247g Sept
26% Mar 12
26% Mar 12
7% Apr 8
93% Apr 8
79
21% Apr
Apr
May 10
June
y
Feb
1067b Sept
20% Apr
105
8
Ex-div.
Oct
May
Mar 30
97
z
Oct
140
131
par
25%June 10
Mar
125
4
Commercial Solvents
No par
Commonw'lth A Sou..No par
No par
68
4%
34%
Feb 14
8
Commonwealth Edison Co..25
46% Sept
2% Apr
15
Apr
140
May
142
Apr
Cash sale.
17b
1% Sept
9% Mar
91% Apr
66
'35.No
%
41
June 10
r
4
94% Mar
122% Mar
Apr
June 13
New stock.
33
25
32
n
Sept
85% July
9
95
4M % conv preferred
100
Comm'l Invest Trust
No par
$6 preferred series
x43
Nov
5
Corp .No
ser
Sept
•
No par
pf
Jan
8
15% Sept
13% Jan
May 21
1% Aug 28
434 Apr
conv
6%
41% Sept
34
9
20
534 AI*
$4.26
Jan
Jan
,Jun
Aug
% Aug
7% Apr
10
Apr
4% Dec
1% Oct 24
22", 300
47
3
l%Sept 26
200
3% Sept
10% Sept
17%
20%
% Jan
100
3,400
Oct
1% Sept
1% Aug
9% Apr
44
Mar
60
100
4,000
July
30% Aug
100
41
Jan
Sept
63
11% Mar 28
16% Apr 15
6% Mar 26
.No par
Colgatp-Palmollve-Peet No
conv
17%
30
% Oct 16
7% May 21
......
$2.75
6% Sept
16% Nov
847g Nov
39% Nov
4% 2d preferred
500
20
Sept
9% Jan
23% Mar
95% June
4% 1st preferred
900
Jan
100
No par
10
Cluett Peabody & Co..No par
Preferred
100
Coca-Cola Co (The)...No par
1,300
30
34% Mar
20% Dec
I884 Jan
7% Sept
85%
Colorado A Southern
5%
22%
32%
*99% 101%
17
Jan
Jan
6% Nov
97% Jan 16
2% Jan 3
2% Jan 24
12% Jan 4
14% Jan
1,150
80
Sept
Sept
Apr
Aug
8
55%
21% Oct
29% Sept
48
5%
5% Aug
Sept
13% Jan
106% Aug
6% Apr
x3% Dec
27
Apr
16
70
June
18
16
700
32
22
74
1,000
25,300
3% Apr
3% Apr
85% June
4
Oct
1,280
82%
3«4 June
22
7434
114%
43%
83%
2,800
Oct
18% Apr
2% Apr
103% Sept
8% Feb 15
36% Feb 15
May 21
20
77b Aug
68
41
25% Nov
% June
City Stores
6
Clark Equipment
No par
CCC A St Louis Ry Co
100
Colo Fuel A Iron
Apr
Jan
9
par
preferred
13% Apr
2
15% Dec
60% Dec
30% Aug
3
100
$4.25
38%
84
Aug
% Apr
5
Collins A Aikman
7
Apr 16
41% Jan 10
110
Sept
Sept
May
July
Apr
Apr
July
Aug
Apr
Apr
Jan
63
% Jan
6H% preferred
City Investing Co....
100
Mar
100
May 21
1,300
2%
63%
Dec
jan
Aug
3i»Nov 15
City Ice A Fuel.......No
Class A
8
May
1
26% Apr 22
3% Jan 3
114% Mar 9
5% Apr 5
ll%May 10
6
35
4
72
June 19
"7^156
Jan
118% Jan 5
56% Jan 4
35% Apr 29
119% Sept 28
12% Feb 15
56
700
36t2
3%
29%
4%
32%May
76
Apr
Mar
% Feb
47b Aug
Apr
12
Apr
Apr
4
1
Ap
Apr
Aug
9%
6
26
40
6
3
7
25%
11%
13%
48%
15%
317b
41
in Nov 13
25
preferred
May 22
Apr 17
June
1
Apr
6% Mar
578 Apr
187« Apr
2% June
478 Sept
34% Oct
7% Feb
100
Chrysler Corp
5%
41
40
108
21%
32%
Def
Feb 21
Feb 21
1%
24%
2334
80
a
9
19% Apr 18
23ia Apr 3
_.100
75
53%
29%
4
12%May 21
1
Sept 17
*102% 110
*102% 110
11%
11%
10%
11%
1
1
1
1%
1%
54%
Jan
Feb
"Y,o66
11%
30
preferred
Chicago Yellow Cab
*102% 11Q
11%
Mar 13
21%
1%
2%
*65
40
conv
6% conv preferred
5
80
25
100
7% preferred......
6% preferred
*112
*1%
2%
16%
26%
52%
17a
8%
Clev El Ilium $4.50 pf.No par
40
29
3
Clev Graph Bronze Co (The).l
Clev & Pitts RR Co 7% gtd.50
Special gtd 4% stock
60
Climax Molybdenum..No par
2,000
62
12%
*99% 101
2% Oct 15
30% May 28
84%June 17
Pr pf (S2.50) cum div No
par
JChic Rock Isl A Pacific
100
50
38", 100
*60%
12%
5
40
83%
*109% 110
Sept
Nov 13
1,500
33%
23%
6%
99%
55
3234
23%
5%
82%
*2112
32%
40
220
31%
*32%
1%
*23%
6%
32%
88%
*140
1%
24
21%
*99%
1,800
50
1%
23%
23%
5%
82%
6%
40%
9%
No par
Preferred series A
Chickasha Cotton Oil
83
3
6
Childs Co...
Chile Copper Co
30.000
39%
No par
400
90
22%May 24
6% pf. 100
200
32
*48
*20%
21%
99%
83%
21%
1%
2%
6%
33%
*120
21%
1%
2%
21%
333s
3334
62
12%
12%
10034 10034
28% 29
*5%
21
1%
33%
...
*60%
21%
21
*102% 106%
10%
10%
32%
142
62
3
39
100
...
85%
33%
*45
10
12%
2%
*7434
*7434
90
74%
7434
113% 114% *113% 11412 *113% 114%
35%
35%
35% 35%
35%
35%
*83
30%
12%
*2%
*30
9%
85%
142
*9%
81%
65
May 21
2% Oct 15
Sept 4
88
*Chic A East 111 Ry 6% pf.100
JChic Great West 4% pf..l00
Chicago Mail Order Co
6
Chicago Pneumat Tool .No par
2,200
'4
*83
11%
400
48%
85%
62
11%
*84
%6
12
4
par
Cab Mfg
tChesapeake Corp
Chesapeake A Ohio Ry
400
"""500
*47%
3%
112
11,200
%
3934
3234
43%
96%
1%
%
*3
29%
"""800
48%
33%
June 12
2%May 18
100
Cham Pap A Fib Co
Common
Checker
%
39
142
1,000
19%
2%
*47%
3%
34
20
23
*16
39%
142
*1
105
48%
%
*284
*68
*2234
*17%
2%
42%
400
38%
*11384 114%
35%
35%
106
3%May 22
39%
3%
133
Central HI Lt 4H% pref__100
J Central RR of New Jersey 100
Central Vloleta Sugar Co
l%May 15
15%May 21
15 May 28
99% June 22
17%May 22
10% June 10
39%
383s
*130
Aug 15
1
39
9
55
May 21
June 15
17
6% prior preferred......100
Chain Belt Co
No par
39
80%
88
5
48
Certain-teed Products
200
40
*32
83%
No par
5% preferred
100
Central Aguirre Assoc. No par
Central Foundry Co
1
4,060
10,800
*11%
2%
234
105%May 22
4,400
%
3384
100
5%
35%
2134
*8%
9
10
42%May 15
20
May 21
5%
33%
*21%
%«
12
*2%
No par
Celanese Corp of Amer.No par
June 10
Cerro de Pasco Copper.No par
»16
,
33%
81%
Caterpillar Tractor
Celotex Corp
May 24
39%May 23
100
9,400
14%
10
2
1
7% prior preferred..
1
3
37%
13%
10
76%June
100
Preferred
13%
*9
36% Aug
22%May 21
100
Preferred
Century Ribbon Mllle.No
3%
*47%
3i#
Corp
Case (J I) Co
100%
*38%
10%
234
*91
1334
3i«
12
500
800
*8%
13%
13%
%
34
3%
*16
%
%
10
130
634
96%
1%
*34
50
2,400
7,000
6%
*2%
*104
23%
19
2%
-
Carriers A General
July 16
36%
5%
35%
21%
*1
*1
1384
48
37
42%
97
*84
*8%
9
3%
2%
4,300
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co..
6
550
3%
100%
2334
*1734
234
34
9%
13%
48
55
19
3
5
13% Jan
82
6% Mar
5,000
113% 113%
4
6%
6%
4234
1%
84
2334
3
*3%
6%
*2%
*104
105
19%
1%
3%
33%
21%
23%
97
3%
7%
4
3
40% Jan
20,500
119
18%
7% Jan
23% Apr
2%May 22
30
63
1133s 114%
;
7%
May 21
4%May 21
May 21
ll%May 21
11
11
3
5% Apr 22
3%May 23
90
18
1
Calumet A Hecla Cons Cop..6
No par
Canada Dry Ginger Ale
6
Campbell W A C Fdy
3
12% JaB
16% Oct 23
29%May 28
4,600
63
3
*
California Packing....No par
5% preferred
50
Callahan Zi no-Lead
1
4
Apr
29% Apr
21% Apr
11% Apr
1
64
183g
3
May 21
Jan
9% Apr
Oct 31
36
No par
118
4934
29%
6
33 preferred A
27
36% Nov 15
21% Jan 10
Capita] Admin class A
62
28%
2
6%May 21
4%May 21
17%May 28
2%May 24
6%May 22
39 May 22
9
May 21
14
May 21
60% July 25
No par
Participating preferred.. 100
Byron Jackson Co.....No par
30
41%
1%
7%
Apr
15% Aug
Cannon Mills
118
48%
7% July
par
May
100
1,200
1,700
118
Jan 19
17%May 21
12%May 22
30
Butte Copper A Zinc
Byers Co (A M)
7
6% Jan
600
31%
3%
20
1
1
6% conv preferred...
1
11
72% Nov 14
8% Nov 9
34
40,300
*4
No par
3%May 22
111
Canada Southern Ry Co—1001
Canadian Pacific Ry
26
4%
39%
434
40%
90
39%
62
18%
5%
32%
22
31
*17%
*2%
*58
4
6%
*1%
1
49%
29*4
11834
7%
7%
118
36%
*23
*1%
40%
£48%
29%
19,600
1,700
19,200
4%
*3
60%
1%( 20", 100
7%
16
15%
50
40%
*88%
31%
117
36
*21%
104
2134
*99
59
116
320
38%
4%
3834
434
41
90
31%
No par
No par
500
38%
3
5
5%
22
2134
6%
4%
3584
31%
22%
5%
40
*91
19«4
*11384 114%
353s
3538
112
1534
14%
100%
23%
90
*140
*91
37%
31
*21%
104
133
28%
33%
3%
5
108
3%
3%
113% 114
101
*91
3684
......10
8
3834
59%
5984
6034
*114% 116
*114% 116
49
4 934
48% 4984
29
2834 2934
29%
118
118
118%
118%
7%
7%
7%
7%
101
Butler Bros
15%
14%
40
*3%
*6%
*3%
1,800
53
3
3%
6%
5%
20
5
7%
16%
31
Jan
Apr
Apr
Sept
Aug
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
May 28
May 23
Bush Terminal
12
13
Aug
32
94%
97
May 21
Burlington Mills Corp
Burroughs Add Macb-.No
29
Dec
22
Apr
3
Bulova Watch
Maris
13% Apr
26% Nov
41% Nov
63% Apr
4% Nov
24% Sept
116% Oct
24
Jan
7
21
Bullard Co—
4
Jan
Apr
12% Nov 14
100
Budd Wheel....
Jan
12%
16%
18'4
1%
19%
5%
63% Dec
13%
31%
No par
...
3
121% Dec
Jan
6%May 23
Bldg dep7%pf_100
21
3
3%
6%
Bush Term
*20
31 %
3%
6%
120
1,700
1,700
3
3%
3%
113% 113%
8,500
3,700
13
30%
3%
I'2
15%
13
*88%
Day
3
15
*50%
1%
7%
18
*68
*4684
40
32
3,300
*38%
63
*130
*80
4%
1734
6,000
3%
61%
$3
*87%
13%
40
35%
7% preferred
Jan
51
25% Jan 4
37% Apr 30
29% Apr 6
13%May 21
100
35%
4,500
1%
7% preferred......
Budd (E G) Mfg
3
27
....6
1734
4%
89%
9%
9
13%
360
Jan
7
Apr 25
Mar 27
Sept
100% Sept
May 21
14%May 21
par
Bucyrus-Erle Co
10%
78%
1%
13% Jan 30
No par
22,400
May 21
49
par
Brune Balke-Collender.No par
4%
734
par
34
15%
13%
*38% 40
4% ;
4%
18
9
«...
784
16
Brown Shoe Co
10%
21
53
8
No par
116 preferred series A No
Brooklyn Union Gas...No
"2,500
78%
2934
Transit
4% Nov 13
13%May 22
27 May 22
38 May 23
1% Jan 5
5
'2'. Sod
434
3%
xi„
284
734
15%
63
iiu
12
*50%
Jan
123% Jan 3
70% Mar 20
Brewing Corp of America
3
Bridgeport Brass Co
No par
Briggs Manufacturing.No par
Brlggs & Stratton
No par
3384
6%
Jan
28%
9
38% Nov 15
25,900
2,170
18,700
2,700
6,100
*19%
34%
16
Nov
May 22
10%
81%
13%
*8884
31%
42%
32
20%
54
1%
18%
42%
%
%
%
*9%
20%
*50%
1%
40
6%
71
7%
16% Aug
34
May 18
11,800
share
28% Apr 15
1
12%May 21
Highest
$ per share $ per
26
110
534
68%
7%
share
100
Boston & Maine RR
4%
*39%
3
3984
*47%
20%
62
*234
13%
13%
12%
per
Bower Roller Bearing Co....5
10%
£80
42
5
*1
13%
18%
21%
*92
13
20
*39%
31%
23%
5%
13%
I84
8
110
8%
20
4%
62
5
*18
5%
1934
10%
55
11%
3%
15%
5%
8%
18%
21%
*103
3%
*1434
65
3034
y
3%
15
Closed—
*113%
334
35%
3434
18
32%
17%
*4%
*39%
*88%
31%
3%
114
8
18%
Armistice
32
60
32
4%
41
89%
89%
3184
3%
114
34%
82
5
89%
6%
72%
69%
7%
3434
8
*4%
Exchange
6
5%
7034
10%
14
40
110
80%
16%
*38
43
4834
11%
12%
109% 110
11%
4%
10%
13%
13%
*47
8134
734
16%
16%
34%
*31%
1734
41%
4834
$
"606
I84
Bklyn-Manh
15%
5%
...
4:
13
26%
Year 1939
Lowest
29%
24%
25%
2%
5,000
18%
40%
4%
share
June 10
17
5
2,600
31%
334
40%
*4%
*38%
3834
1
15
Bristol-Myers Co
Brooklyn A Queens Tr.No
534
66
40
3834
Bond Stores Inc
Borden Co (The)
Borg-Warner Corp..
400
3434
*38
38
600
4834
18%
7%
10,900
*47%
32
16%
13%
5,800
22%
800
3534
1%
1934
21%
*1%
24%
19%
21%
134
per
99
No par
40%
18%
20%
24
20
Class B
*39
41%
*47
35%
*60%
140
24%
1234
25%
*40%
1940
Range for Previous
Highest
12% Aug 16
19% May 22
May 23
51%May 22
17%May 28
5
No par I
3,300
32
■V.;
Bon Ami Co class A
20,800
7%
13%
54
$
......6
Bohn Aluminum A Brass
4%
8I4
*80
Boeing Airolane Co
170
13
26%
734
,
67,200
1,300
4%
11%
10812 10812
3%
4%
Par
12%
25%
10%
53s
64%
54
Lowest
4%
*4%
4%
4%
4%
4%
4%
17%
17%
17%
17%
18
17%
17%
*115% 116% *11534 116% *115% 116% *115% 116%
1584
16%
15%
1534
15%
1534
15%
15%
*31
34
35
I *31
*31% 35
*31%
35
24
24 »
24
2334 2334
23% 24
24%
4%
4%
17%
18
»11578 U6I4
16
10l8
*32
19% 20%
32% 33
*105% 107%
*1%
21%
36%
21.
38
19%
2134
■.*138
;
1984
20%
21.
I
$ per share
33
19%
56
Ranoe Since Jan. 1
On Basis o) 100-Share Lots
Week
20%
16,
EXCHANGE
.
106% 106%
24
STOCKS
NEW YORK STOCK
the
Wednesday
183s
56
Sales
for
rday
Saturday
Nov.
Apr
Oct
42
Apr
103% Sept
8% Aug
1% Dec
4584
Jan
z25%
Apr
96
Oct
15%
Jan
30% Mar
57
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
72% Aug
32% Dec
? Called for redemption.
Volume
WW
AND
New York Stock Record—Continued—Page 4
151
HIGH
SALE
PRICES—PER
8TOCKS
NEW YORK STOCK
the
Nov. 11
Sales
S per share
*3
% per share
Nov. 12
$ per share
378
*3
20%
*13%
201a
1334
*12%
12%
19%
*13%
*12%
24
2534
11%
2534
11%
11
*81
85
*80%
88
88
88%
7%
25%
7V
8%
25% 255s
io6i4 io6i4
34
9%
*234
6
*1%
4%
♦18%
106
17
9
106
*34
9%
*234
6%
*1%
4%
19%
27g
0%
1934
100%
17%
17
116
26%
21%
60
52%
52%
46%
J.177
4%
*14
22
104
197g
*434
*27%
1*41
*38%
1534
*91
2
*44
33%
97g
29%
100
13.200
I,500
110
200
18.100
44,500
1,700
200
118
8%
39%
3?g
4%
4%
4%
21
*25
*11
*16
•ll
S18
22%
105%
21%
2134
105%
197g
*434
27%
28%
42
197g
5%
2734
*41
Stock
42
*38%
16%
40
105
*19%
20
*434
5
26-%
27%
*41
Closed—
16*4
90
45%
9434
1634
16%
*90
91
46
8934
447g
94
95%
94
27g
Armistice
3
5%
12%
534
75%
13%
24
24
75
Day
2%
*44
3
5%
5%
75
75
2
1034
30
*41
8*5 preferred..........100
Continental Can Ino.
20
5,500
300
600
6,600
100
7,100
1,700
7,600
Crown Cork A Seal
S2.25
600
13,800
180
220
Cuba RR 6% preferred
10
610
2%
49%
34%.
II,800
34%
10%
10
*46
29%
29%
300
800
2,500
10% 162,600
8,200
29%
75
*68
75
*68
75
*42
55
*42
55
*42
55
*42
55
*1734
6%
*112
21%
*27%
*17%
13%
..4 4
*%
*115
1534
*29%
*37i2
884
18%
*112
*112
21%
21%
2I84
"moo
27%
600
1734
2734
18%
27%
17%
12734
17%
18
18%,
14
13%
37g
147g
14
14
14%
13%
14%
*%
*it
4
4%
3i«
118
*114
1534
31
15%
1584
30
30
38%
38%
834
19
9
38%
9%
1934
20%
118
18%
86%
88
123
23%
19%
86%
13934 140
2234
23%
*6%
7%
10%
10%
♦114% 120
169% 1707g
1267g 127%
*117%
38%
39%
5%
6%
142%
*170% 176
35%
35%
*14%
15%
36%
37
15%
16%
®16
35%
2234
137% 139
2234 22%
7
V 7
10
*114
169
*127
*1171,
3784
6
141%
*170%
35%
*14
36%
1584
•le
5
35%
31%
35%
30%
33
33%
33
1
31%
40%
110%
8
*73
78
*80
*83
1%
1%
*70
%
31%
41%
*110
7%
35%
22%
18%
8534
22%
18%
84%
136%J137
129
127%
*1171,
*117%
3884
37%
6%
584
142
141%
176
*170%
35
35%
15% *14
37
36%
1534
16
%
5%
4%
35%
34%
3134
30%
33
33%
%
*«4
32
31%
41
41%
110% 110
7%
7%
IDA
1 OA
39
6
142
176
35
32%
84
6%
45%
22%
12%
99
15
19
3%
84
19%
92
92
15%
39%
79
11%
*10%
3534
3534
*35
23
23
18%
85%
i884
8534
22%
18%
84%
137%
138
138%
%
1%
1%
1%
80
3%
8%
32%
84
7
31%
*%
*5%
4434 jr46%
22% 22%
12% A12%
*96
,99
27%4 28
15
k15
3%
384
%
%
19% 1934
92% 92%
129
i 128% 128%
'
117% *115% 120
38%
36%
37%
11T
x
117
37%
5%
1
71
5%
141
CI.
mr*
534
5%
142
6% partlc preferred——26
Diamond T Motor Car Co...2
Distil Corp-Seagr's Ltd-No par
5% pref with warrants.. 100
Dixie-Yortex
Doehler Die
35%
No par
No par
Casting Co No par
Dome Mines Ltd
No par
Douglas Aircraft......No par
Dow Chemical Co
Dresser Mfg Co
No par
...No par
1
DunhlL International
Daplan Silk..........No par
8%
~
preferred
40
7,200
200
3634
36%
15%
36%
16%
35%
15%
37
16
6,400
*%
4%
33%
%
434
34%
1,600
Eleo A Mus Ind Am shares...
14,600
Electric Power A Light-No par
5,300
97 preferred—.....No par
29
29%
2,400
$6
33
33
1,200
35%
30%
33%
»i«
»u
4%
35%
30%
33
33
22,300
%
3134
%
3134
500
preferred——.—No par
Elee Storage Battery..No par
tElkfHorn Coal Corp. .No par
32
32
32
1,400
El Paso Natural Gas—......3
41
40
41
40
40
1,100
Endlcott Johnson
110
*110
110
110
734
*%
1
1%
*1%
84
1
%
110%
7%
7%
*73
7%
79
79
80
80
'
*83
*%
*%
34
1
84
1
1%
1%
1%
1
1%
1%
1%
*1
3%
8
9
9
31%
*lZ
31%
31%
31%
s4
*%
%
*%
*6%
4534
6%
46
2134
45%
21%
*6
4534
22%
*12%
97
27%
1434
3%
*%
19
9384
7
46%
22%
13
97%
2734
1434
3%
%
19%
9384
*68%
3%
*68%
""260
.60
6% preferred....—...100
Engineers Public Service
1
$5 preferred
No par
95H preferred...—No par
$6 preferred—No par
Corp.
.
.
3%
31
3
Ex-Cell-O Corp
4,500
7%
45%
"""70
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
100
1,700
Fairbanks Morse A Co-No par
21%
1,800
29%
2,600
*14%
334
14343
1434
1434
900
384
3%
3%
Federal Motor Truck—No par
%
%
1984
*93%
1334
39%
%
20
95 1
1384
39%
3,300
1,400
1,300
%
19%
*93%
19%'
9434
15
15
15
14
14
39%
39%
39%
3984
40
*
I
I In receivership,
a
12
400
98
30
300
900
1,300
Del. delivery.
4
4
9
Nov
9
40
95% Nov 12
Jan 6
8%May 10
4%
91% Feb 24
17
Apr 22
29% Feb 24
4% Jan 4
61
May
4
33
4K% oonv preferred
Ferro Enamel oorp
100
1
Fidel Phen Fire Ins N Y.I2.50
n
New stock,
r Cash
sale,
x
35% Oot 28
11% Mar 8
Oct
4
6% Mar
7
18% Nov 12
8% Apr 4
113% Apr 12
23% Apr 9
61%" Sept
07% Sept
Aug
177
5
5%
>4
125%
23%
36%
110
14% Apr
9
13
41%
40%
96
94
2% Aug
Apr
48
Aug
9
Aug
13
Sept
191* Sept
28% Dee
7% Sept
63% Sept
3% Sept
Apr
38
Aug
Apr
Apr
"1314" Nov
Jau
4%
55% June
13% Apr
3% Aug
14% Sept
4% Apr
103
Sept
I684 Apr
32% Nov
91
%
Deo
36% Sept
5% Aug
13% Sept
66
Sept
9% May
Apr
55
Aug
101% Apr
Mar 30
6
Mar
Dee
13% Jan 18
Jan 17
108
Apr
Apr
Apr
189% Apr
8
126%
111%
12%
3*4
138%
June 10
128% Nov 15
118% Jan 19
44%May 8
0% Nov 12
100*4 Jan 2
June 10
178
37
Mar
4
May 23
June 10
July 24
12% Aug 27
2%May 15
'uMay 22
16 May 28
5
79
June
10
May 21
27%May21
Ex-dlv.
y
Jan
9
9
4
Apr 16
Apr 20
Jan 4
Jan 8
Apr
17%
41%
18%
1«4
8%
Jan
40% Nov 1
30% Nov 1
33%May 2
1»4 Jan 10
41% Jan 3
46
Apr 13
Mar 19
112
12% Jan
8
83
Jan
8
89
Jan
97
Jan
8
8
7g Jan
I84 Jan
3% Jan
1% Apr
67% Aug
5
Feb
4
6
3
4
7
112
Sept
Sept
Apr
July
Apr
155% Sept
15% Apr
15% Sept
22% Apr
8% Apr
1% Sept
6% Apr
20% Apr
18% Apr
23% Apr
% Apr
28
7
7
09
Apr
% Aug
1
Aug
1% Sept
1% Apr
65% Sept
June
11234 Dee
25% Oct
27% July
18% Dee
28
Oct
87g Sept
1% Jan
125% Oot
82% Jan
34% July
4478 July
10% Nov
20% Mar
90
July
13% Nov
35% Jan
22% Jan
34
July
87*4 Nov
144% 'Dee
17% Dee
19% Jan
14
June
116% Nov
188% Sept
124%
118%
317g
8%
180%
183%
307g
19?g
Aug
Feb
Deo
Sept
Jan
Feb
Oot
July
40% Oot
18% Nov
3% Mar
12%
Jan
41%
Jan
38
Feb
35
Sept
3% Sept
42*4 Nov
Sept
65
III
Apr
621* Apr
65% Apr
Sept
17% Mar
10% Sept
Jan
32% Aug
*103% Mar
Nov
25
Apr
94%May 10
120
Sept
93
Deo
Mar
10
Jan
8% Sept
8
26
Deo
52% Sept
June
10
30
Jan
62
20% Sept
Apr 9
Apr 24
Feb
37% Mar
17% Deo
30
171
Apr
Apr
Apr
Apr
24% Apr
23% Jan 10
Feb 29
Jan
82% Aug
9
24% Apr 23
38
Deo
2% July
88
Jan
75
Apr
11
-
May
10% Jan
40% Deo
5% Nov
31% Jan
32% Sept
Sept
Apr
Sept
85
10
Federal Water BervA .No par
Federated Dept Stores. No par
116
28
28
29%June 5
17%May 21
Federal-Mogul Corp........5
12
*95%
Feb 26
18
HgMay 14
Evans Products Co———6
28%
1284
99
45
43% Apr
21%May
95%May
103
%May 15
67% Aug 7
2% May 25
5 May 21
20% Jan 16
% Oct 24
3%June 10
Eureka Vacuum Cleaner....6
2884
,
105% Nov 12
82% Feb 5
7»4 Jan 2
88% Apr 3
8
%May 15
28
*12
*97
3
Jan
Oct22
De
61% Sept
Jan
Apr
Sept
3
Sept
% Sept
16
8ept
93
Apr
26% Jan
6% Aug
20% Apr
Jan 10
Apr 10
43% Feb 8
10% Feb 21
20% Nov 12
8584 Apr 5
%May 15
31%
84
7
Jan
49
Jan
Jan
tErie Railroad
100
4% 1st preferred.—...100
4 % 2d preferred
100
Erie A Pitts RR Co
60
""800
D to
22% Mar
11% Apr
12% Aug
3% Sept
Equitable Otfloe Bldg—No par
12,400
*3%
Sept
17%
54%
150
9
3
3
2
400
200
24%
4
8
8
6
19% Apr
23% Jan
1,300
3,700
80
May
7% Apr
1% Apr
23
84
Fajardo Bug Co of Pr Rioo—20
Federal Light A Traction—15
$6 preferred....—.No par
Federal Mln A Smelt Co.....2
*21*4
15
Bid and aaked prices; no sales on this day.
20
12,100
90
90
3%
80
7%
j *73
1%
80
3%
9%
*70
%
80%'
80%
*83
1
1%
1%
%
179
May 22
10% May 28
25 May 21
10%May 21
%May 22
3 May 15
l8%May 21
15% May 21
x24%June 6
%May 22
26 May 21
35 May 22
102 May 22
5%May 21
63 May 31
66 May 31
Electrle Auto-Lite (The)....6
Electric Boat..
.......3
84
1017g
8
0
22
4
14
434
34%
29%
8
3
156
6% cum preferred—....100
Eaton Manufacturing Co
Edison Bros Stores Ino.....
14
5
8
117
Eastern Rolling Mills.......6
Eastman Kodak (N J).No par
14%
>
5
Apr
25%May
70 May
61% Jan
05% Jan
114 May 22
112%May 22
25%June 10
3
May 15
Eastern Airlines Ine........ 1
14%
16
Jan
33
l46%May 28
$4.60 preferred.
No par
Duquesne Light 5% 1st pf.100
14,600
4,100
25
28% May
113
100
20
Du P de Nem (E I) A Co
30
34
Co..
Class A.——
9
Aug
Jan
Mar
Mar
Sept
Sept
Sept
Jan
117gMay 22
8%May 21
2%May 21
% July 11
98%May 22
12%May 21
25%May 22
32 May 21
4>4May 15
12%May 21
66%May 24
9%May 16
30%May 22
14 May 21
ll%May 22
66% July 3
133 Sept 13
14*4 Jan 12
5
May 21
9%June 10
No par
Mar
Apr
June 10
21
...
.
June 13
l3%May 22
35
108%
2%
12%
77g
97g
6%
Mar
23
107
Sept
100
15
21
22
22
No par
,Aug
II
*87% Sept
32% Apr
*106
Sept
5
Apr
29% Apr
1% Apr
19% Aug
16% Apr
l4%May
3 May
l384May
3%May
700
3,200
Apr 9
Jan 26
Ajw 9
Mar 6
Feb 2
45
Deere A Co
Feb
91
2
May 10
Davega Stores Corp........6
Conv 5% preferred...
25
85
Deo
00
2,100
176
49%
116%
9%
40%
434
1
7
Devoe A Reynolds A—No par
142
4
97% Jan 10
Sept
Diamond Match
175
1% Apr
11%
42
Detroit Edison...........100
500
15% Jan 10
19%
73%
Davison Chemical Co (The).l
Dayton Pow A Lt 4H % pf-100
Dee
'
Mar 29
800
,
19% Apr 24
92
660
8~io6
231, Nov 15
106%-.ov 9
32% Mar 14
JDenv A R G West 6% pf.100
1,200
9
3
5% Nov 14
June 10
Delaware Lack A Western..50
6,300
June 17
4
4
97,
82% Nov
9% Oot
Apr
75
.......
Delaware A Hudson......100
141
*172% 175%
35
35%
39%
*11
31
Preferred -...—.....20
Diesel-Wemmer-Gllbert.
10
400
200
11%
3584 VS 90
1,500
22%
19
6,600
85%
12,200
138%
1,800
22%
4,700
4,200
7%
17
Apr
4% Apr
8% Apr
2% Jan
27
101% Jan
% Dee
7*4 Sept
8% Dee
6% Aug
1
July
1*4 Apr
8% Aug
88
Sept
9% June
Cushraan's Sons 7% pref—100
$8 preferred..
No par
Cutler-Hammer Inc—.No par
14%
90
1%
*1%
*68%
79
1934
79%
11
Apr 5
Mar 25
Jan 5
31% Oct 9
6% July 26
21%May 21
300
9
15
22
32%
110%
1%
10%
Sept
Prior preferred......No par
Curtlse-Wright—
»—1
Class A
1
200
1934
19%
79%
Press Inc......
..5
Curtis Pub Co (The)
No par
Preferred
..No par
8,800
39%
8%
19%
*10%
127%'*128%
120
82
80
*39
9
22%
684
*83
%
39
9
Cuneo
900
*10
*80
*1
15%
29%
22
23
22% 23%
7
684
7%
7%
10
10%
10%
10.. 1
10%
120
*114% 120
*114% 120
*114% 120
169
169'4 167
168% 169% 16434 167%
10%
90
14%
*
35%
83
28%
*38%
11
*80
26%
*15
11
*83
8
*%
9%
20
80
3884
90
8
3%
9%
19%
*76%
83
7«4
31%
*%
*6%
12%
1534
29%
79
3%
*95
15%
29%
3884
*73
%
1%
1%
1%
15%
29%
38%
3%
Preferred.............. 100
Packing Co .......80
Cudahy
13,000
3%
334'
*%
l4
114% 114%
15%
15%
*29
30%
334
*i«
%
*%
%
114
115
*114
117
79
3%
45
4
*73
*3%
22
3%
*117% 120
5%
36%
3I84
*%
....
21%
2734
17%
14%
35%
*1%
*112
....
100
2,000
*
7%
21%
1*35%
7»4
*112
200
18
21
11%
35%
23%
19
*110
*17%
6%
684
2734
17%
80
*7g
31%
19
2,200
2I84
*11
40%
*17%
684
2I84
4%
28
*76
®1#
684
*4
4
21%
11
5
*6%
21%
22
28
76
142
*17%
4%
19
4
28
18
11
f 847S
21%
21%
76
$19%
2I84
6
80%June 12
12 May 22
75 May 21
25 May 21
75% Oct 10
l84May 24
3% Aug 15
60 May 21
9%May 23
19%June 6
1% Oot 16
100
Cuban-American Sugar
3,000
35
par
4,500
234i
5%
1334i
24%'
49
No par
w_.No
5% conv preferred.-...100
75%l
49
w
7,200
75
34%
pref
$5 conv preferred...No par
Crucible Steel of Amer.No par
13%
24%
2
I
eonv
1834 Nov
3% May
18% June
36
July
Pref ex-warrants
No par
Crown Zellerbach Corp......6
27,500
45%
94%!
*68
21%
4%
June 13
2,000
39 I
16%
90%
75
22%
4%
18%
7
75
5% conv preferred......100
Crosier Corp (The)....No par
*68
2134
*4%
18%
*6%
June
Cream of Wheat Corp (The).2
42
Oct 28
May 25
4 May 21
TuSept 28
13
270
5%
13%'
43
l
.25
Co
1.100
55
4%
18%
6%
Coty Internal Corp.....
Crane
5
165
..........100
1,300
75
22%
Preferred.
coty mc
June
May 21
106%May 81
4%May 21
27% May 25
2 May 15
!6%June 10
l8%May 21
15% Mar 16
47 May 21
41 May 28
.
5%
27%
5%'
76
70
r-opperweld Rteel Co.......6
conv
pref 5% series
50
Corn Exob Bank Trust Co.20
Corn Products Refining
25
330
6
83
Continental Rteei Corp. No par
5,000
700
June
84 May 16
Continental Motors
.......1
Continental Oil of Del
..6
19%
*42
*4%
No par
89,400
18,800
105
*41
24%
2%
1
2% May 21
8*4 May 22
$4 50 preferred
No par
Continental Diamond Fibre. 5
Continental Insurance.
$2.50
%
*68
22
R
*484
2684
13%
6%May
2% May
5%May
_
2,000
2,100
21%
39
16%
90%
44%
93
234
10%
29%
May
97%May
% Aug
par
Claw
8
Apr 9
Apr 6
9% FCb 21
Apr
95
23
Connol HR of Cuba
6% pf. 100
Consolidation Coal Co
25
5
15% Aug
5% Apr
73
Apr
79% Apr
7% Nov
92
29
21
21
21
26
22
23
22
100
34%
1012
29%
29%
29
29
75
Consol Edison of N Y..N0 par
15 preferred........No par
Connol Film Industries......1
i884
42
2
7% Jan
May
May
4%May
10
63
7%kay21
105
24%
2%
Consolidated Cigar
No par
7% preferred
100
6H% prior pref........100
Consol Coppermlnes
Corp...5
Highest
$ per share $ p*r share
5
Apr
8% Feb
19
Apr
80% Jan
1334 Sept 24
12% July 8
31% Apr 15
Continental Bag Co el A No par
49
34%
10%
Jan 15
June 12
17%June 10
1
1,600
3,400
-39%
16%
17 1
90
90%
45%
45%
94%
95
*3
3%
75
8
10
par
6% Jan 3
24% Feb 17
93%May 22
9%May 21
39
5%
$ per share
par
Ctfs of denoslt... .......
Connol Aircraft Corp
Year 1939
Lowest
2%May 22
14 May 18
par
5% convpre*err d-—.100
Consumers Pow $4.50 pfNo par
Container Corp of America.20'
*%
20%
13%
*45
10%
*%
21%
21%
105% 105%
19% 20
484
5
27
27%
25
12%
*24
2%
34
29%
3
49%
34
5
39
45
Exchange
42
39
$ per share
Conde Nasi Pub Inc...No
Congnlenm-Nalrn Inc..No
Congress Cigar....
mNo
Range for Previous
Highest
$2 partlc preferred.-No
par
Consol I-aundrles Corp..
6
Consol OH Corp .....No
884
78
8284
39%
39%
115% 116
*784
8
3884 39%
4
4%
20%
20%
24% 24%
1934 20%
83%
*7%
26
12%
26 J
11%
83s4
92%
7%
24%
106%
%
8%
%
*82%
40%
*116
21%
20
5%
3%
5%
75
12%
24%
2%
497g
34
10%
30
9
Jii»
39%
4%
197g
104
46
*2%
5%
*73%
12%
*23%
118
17%
8%
%
*82%
39%
1
1,100
700
13%!
-
*14
95
16%
8%
200
19
1934
1984
20%
26
25% 25%
20% 20%
20% 20%
59
59
58%
59
58% *57
58
58
52
52
52
5234
51%
5134
*50% 52
46%
46%
46% 47%
46
46% 47
46%
*176
178
*177
190
*177
*176% 190
187
4% . 47g
4%
4%
484
5
4%
5
22%
93
23%
106
812
39%
19
105
93
23
106
8%
*116
6%
i84
5%
5
8%
38%
20%
484
44%
i"1
Lowest
2,400
9%
2,500
2%
3 1
6%
6% 22,200
*1%
184
434
5% "e'ioo
23
2384
1,000
700
106% 106%
3,600
16%
17
87g
39
26
177
40
16%
118
8%
38%
37g
4
197«
46%
6%
*1%
*1%
4%
2134 22
106% 106%
17
17%
Week
3%
19 I
*90%
7%
23%
106%
*84
9%
8%
24%
25
106% 106%
%
%
9%
9%
234
2%
82%
4034
*116
87g
39
60
6
11%
83*4
90%
734
82%
39%
41
19%
9%
*234
26
90
7%
25%
106%
7g
9%
27g
6%
83%
4134
*82%
26%
207g
25
19
12%
*80
90
7%
7g
41%
334
80%
90
*3
18%
*13«4
*12%
25%
11
*80
13'4
10%
7g
83%
8%
26
12
7g
40%
39
87g;
19
Range Since Jan. 1
On Basis oj 100-Share Lots
$ per share 1 Shares
3%
1334
*12%
25«4
7g
*82%
116
6%
3%
20%
1334
12%
13%
12%
25%
*113g
80%
Nov. 15
$ per share
3%
*19
*84
17%'
834
1
*3%
106%
9%
2%
Nov. 14
$ rer share
1
1«4
4%
21
106% 106%
41S
9
%
3%
19%
1334
12%
27%
11%
74
90
8%
25%
106
84
9%
1*4
Not. 13
2901
EXCHANGE
Monday
Nov.O
.
NOT PER CENT
for
Saturday
,
SHARE,
'
Jan
1378 Aug
80% June
89
Aug
95
Aug
178Sept
3
Sept
6
Sept
3% Sept
05% Sepr
6% Mar
1
3% Sept
11% Apr 25
3484May 10
8% Mar 11
49% Apr 8
31% Apr 18
18% Apr 8
Apr
Apr
% Dee
2% Apr
24
Apr
Apr
Apr
f?
25%
1%
87a
437S
38%
18%
Mar 27
81
Jan
98
29% Jan 15
15% Oct 2
4% Jan 4
1
Jan 9
25
Jan 3
29
Dee
31%
Deo
2% Aug
% May
18% Aw
82*4 Sept
""0%
Nov
Jan
Oet
Feb
Nov
1
102
Jan
95
20
Apr
Jan
3
6
8
40% Feb 14
Ex-rlghta.
6
14%
17% Nov
27%
Apr,
13
1%
Jan
Nov
Jan
Sept
Jan
Sept
Aug
Deo
27%
89*4
23%
40% Dee
T Called tor redemption.'
Nov. 9
Nov. 11
$ per share
$ per share
$ per share
*14*4
*937g
44%
167g
36%
*22%
8*4
*14*4
20%
17
94%
44l2
17U
35i2
23«4
8*4
•163s
! 9412
435g
94l2
44
17
17
8
*106*2
173s
35
*35
35*2
*35
*22*4
23*4
*22*4
734
8*8
31%
32%
734
77g
31*2
*30
31*2
32
177g
17
10734
106
3%
3%
*2912
30*4
36*4
3634
*2*2
2%
3
3
*16*8
17*8
19*2
1634
19*2
17
19%I
19*4
20
*11
*45
*100
54
1*100
7*8
18
88
1834
34%
35
*11634 122
*30
*88%
90%
12712 128
40
*88*4
40
63
90*4
Stock
12478 i2478
48% 48%
*4l2
434
7i2
7%
*108% 1097S
Exchange
Closed—
%
Armistice
17
*102*4
5g
— -
Day
58
*18
19i2
297g
29*4
*11*8
50%
*2114
H34
5312
217S
11%
11%
2034
*20
3%
125*4 125*4
*47*2
4834
47«
.
47g
61
16*8
40*4
2*2
2%
*75
40*4
2%
41
*2*4
238
2*2
2*2
2%
85
*75
85
1434
1334
1434
60
6034
60
60
18*2
19
86*4
1834
86*4
19*4
86*4
14*2
*84
*178
17*4
900
19
830
-2
2
2
50
6%
6%
7*8
7
7%
1834
89*2
7
18*4
87*2
88
1834
867g
1834
88*2
18%
127*2 127*2
517g
5234
127% 127*2
z62%
63*2
127% 127%
125*2 125%
125*4 125%
125*2 125%
49
49
*46*2 49
4%
4%
4%
434
7*4
7%
7%
7%
10834 10834 *10834 110
*2
%
*2
*2
16*2
16%
16%
16%
4834
41
41
52*2
*41*2
2%
2%
2%
*2*4
2*4
*2*4
*75
85
*75
53%
*102*2
%
18%
29%
91»
18
2834
58,800
7,500
200
2,100
""360
General Motors Corp
9J8
18
29
100
2,200
June
1
6
100
11,090
21*4
11*8
20
*21
21%
400
General Telephone
11*4
20
900
Gen Theatre Eq Corp ..No par
400
Gen Time Instru Corp .No par
42
2*4
2%
85
42
42
2*4
2%
2*4
2*4
5,300
7,800
1,700
1,400
2,000
1,900
$6
60
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
No par
10
May 21
60*2
61
45
May 21
18%
*84
19
86
Zl834
19%
5% preferred
No par
Goodyear Tire A Rubb. No par
*83
86
2
2
*178
100
2
700
2
32%
64,900
6,600
,7*4
684
12%
7*8
12%
z67s
1*8
7
1284
6*2
*12%
684
1234
10
*10*4
10%
15%
35*4
24%
18*4
29%
22*4
*12
10
10
10
16
16
*1434
1534
35*4
35*4
23%
1778
2978
35*4
*23%
17%
28%
35%
24%
18
29%
22*2
*12%
10*4
*15*4
35%
*23%
18
29
217g
10*4
15%
35*2
24*2
18%
29%
22%
1
*14
35%
*23*2
17%
28%
22
22
22
22
*132
135
*133
135
134
135
*132
135
*35
55
*35
55
*35
55
*35
100
1,200
Granby Consol MSA P
6
Grand Union w div ctfs.No par
Without dlv ctfs
Grant
ll%May 22
15*4 May 21
2,700
Great Western Sugar. .No par
5%
31%
31%
"i",666
1134
12
117g
12%
12%
II84
12
11%
117g
16,800
1034
12%
11
11
11
11
11
II
11
1,400
1834
20*8
1884
134
19%
134
19%
19%
2%
18%
19%
9,200
2,100
2*8
1234
*33
*32*4
1334
*1558
*105
2*8
13%
23g
13*2
33*4
33
14
*33
*32*4
1334
*15%
16
*105
...
25*8
257g
*92*2
2%
6%
684
*92*2
278
99*2
3
8
8*8
8*4
93*2
93*2
*155*2 164*2
1658
1678
75*8
127
*55*2
*108
75*2
127
108
112
11*2
16*4
17
31*2
11*2
*105*2
5334
*37
14
61
*109
31%
9
9
*11*4
*105%
51%
54*8
37%
14*8
37*2
14*4
61%
111%
434
61
*109
47g
37*2
38*2
34
*%
195s
5*4
91»
5g
*
434
38
*%
*3%
*3*4
19*4
4*2
33%
*32*4
13%
33
13*8
16
*15%
*105
>
—
1234
*33
32%
*13%
2*8
99%
3
8%
93*2
*126
150
*92*2
234
99
99%
234
137g
*12%
*32*2
13*2
33%
32%
*32
33
13%
*15%
16
*103% 106
*15%
6*2
*92*2
278
2%
33%
130
13%
19
5*8
5b
104
26%
*126
T.166
9834
77g
9834
8
700
73
73
73*2 73%
74%
74%
127
12634 12684 *126*2 127*2 127
*5334
60
*53*2
60
55%
55%
108
III
111
*108% 111
*109% 111
*15
16*2
16*4
*15%
16%
*15% • 16*2
31
31
31
31
31*8
31%
31%
9
884
884
*8*2
9
8*2
8*2
12
11*4
11%
12
*11*4
1134
11*4
*105%
*105%
*105*2
53
51%
52
51%
5178
51*4
53*8
37
37
3734
3734
*37%
3784 *37*2
14
14%
1378
14
137g
14%
14%
61
*61
*61
6O84
6034
61%
61%
115
111% *109
110
110
*108
110%
478
4%
412
434
5
434
5
38*2
3734
38*2
38*2
39*4
38%
39%
34
*%
34
*%
%
%
84
3%
*3*4
3%
*3*4
3%
3%
3%
19
19
19%
19%
19%
1834
19
5%
484
5*8
434
5
484
5
11
»ie
11
%
%
"
X In receivership,
a
25
7% preferred class A..
Hall Printing
10
Co
5,200
800
1,400
70
100
300
100
1,500
1,200
1,400
6H% preferred.
400
25
Preferred
Jan
Apr
7%
128
4
Dec
Sept
2%
8
89% Nov 14
19% Apr 16
11734 Nov 12
17*4
106
Oct
2
31
Apr
41
Jan
Apr
Mar
9
29% Apr
Apr
43
Apr
16
Dec
36% Jan
107*4 Sept
49% Apr 15
118% Jan
~
% Dec
% Jan
130
May 27
5% May 21
83*4June 27
2
Aug 16
897gJune 6
7% June 10
127% Mar 23
68%May
'
7% Apr
112
Jan 10
3
105
110
Jan
106
No par
No par
Sept
28
Apr
3*4 Sept
1% Jan 11
19% Jan 4
Mar
Apr
*4 June
12% Sept
Sept 30
2
5
4
85*2 Aug
% June
Sept
*»i» Apr
14
18% Apr
33*4 Jan
15% Jan 11
19% Apr
12% Aug
65*4 Nov 14
16
Apr
7
15
Apr
2434 Mar
13% Jan
4
8% Sept
23% Apr 27
10% Aug
97*2 Nov
106
May
23% Jan
15%
684
43%
_
6*4 Mar 6
6178 Mar 14
9
Jan
3
Apr
Apr
Oct
6% Aug
43
Nov 14
65
Sept
4
14
Sept
44% Mar 26
4% Apr 22
34
May
19% Jan
2%
Sept 19
1478 Jan
J an
17g Apr
3% Apr 11
4
10% Nov 8
16*4 Apr 8
36*4 APr 8
25% July 17
0
Jan
13% Apr
53
Apr
21%
Apr
Nov
87
27g June
67
Dec
% Aug
4% Apr
14% Dec
9*4 Dec
10
Apr
24*4
Jan
227g
Jan
12% Apr
16% Apr
18% Jan
8
30
Nov
7
29% Jan
2
23% Aug
6
129% Sept
Feb
Jan 29
42
May
35% Apr
5
24%
17*4 Jan
4
14% Apr
12
3
10
25% Apr 29
3% Apr 18
30% Apr 18
9
Apr
29
May
Jan
2%Nov 9
14% Nov 12
34% Apr 22
37
Jan
9
17
Jan
8
106% Jan 12
105*2 Mar 30
28% Jan 4
138
Apr 12
9% Apr
104
Apr
5
9
4% Apr 16
113% Jan 29
11% Apr 8
Jan
8
Jan
Apr
%
Apr
2
Jan
5
Apr
Apr
20% Feb 19
110
6% cum preferred
Herehey Chocolate
Apr
7
10
166
Hercules Powder
Jan
36%
56% Apr
Jan 12
l2%May 23
Jan
125*2 Dec
130*8 Jan
June 11
9
Apr
96
17
May
Apr
123
Sept
47g
Feb
71
Jan
2
Apr
93
Apr
8% Apr
100
Sept
148
Oct
21% Apr 22
10
Apr
63
Apr
Mar 20
No par
8
May 21
100% Apr 9
133% Jan 30
67*4 Apr 16
115% Jan 9
18*4 Jan 4
35% Apr 4
934 Nov 8
16% Apr 20
100
103
May 13
110
Mining
12.50
Houdallie-Hershey cl A-No par
35
May 21
May 22
60%
Jan 12
47*4 Sept
38
Apr 13
27
100
$4 conv preferred
No par
Hlnde A Dauch Paper Co
10
Holland Furnace (Del)
10
Hollander A Sons (A)
Holly Sugar Corp
6
preferred
Homes take
Nov 15
126*4 Aug 8
60 June 11
9478May 21
12% July 16
19 May 21
4% July 15
28
Ma* 30
128% Apr
54
Jan
100
Sept
Apr
29*4 Sept
5% Nov
8% Aug
14*4
95
...No par
8»4May 21
16*4 Apr 15
8%
Household Finance....No par
64%May 22
103
Aug 24
71% Apr 25
lllUMay 13
67a Jan 3
60%
Class B
5%
100
preferred
4,300
Howe Sound Co
..5
Hudson A Manhattan
100
100
Def. delivery,
Jan
86
Houston Oil of Texas v t c„25
12,100
40
8
4% Sept 23
3
155
7,400
3,100
7,200
June 25
73
100
400
1434June 26
1% Aug 22
11 May 21
1*2 Oct 4
8% Nov 1
29%June 5
30 May 20
9%May 21
lOUMay 22
100*4June 18
No par
Motors
45% Aug
5*2 May
4
1178 Jan
1
25
Helme (GW)
Hercules
145
100
Hecker Products Corp
2,700
600
100
1
100
...—2
A
Hazel-Atlas Glass Co
7%
"5",300
9%May 22
9
May 29
l6%May 23
Hayes Mfg Corp
Apr
3% Apr
sr9% Sept
96
65
95
10
3,900
preferred
100
Co $5 pf.No par
preferred
7% Aug
9
July
3
67*4 Jan
8*4 Jan
142
Hanna (M A)
Hat Corp of Amer class
Apr
July
2
Mar 20
June 13
Harbison-Walk Refrac.No par
10
9,400
8
preferred
No par
Hackensack Water........25
6%
6!
95
27g
8
$5
6%
250
2,500
27g
8
100
Gulf Mobile A Ohio RR No par
130
*6%
No par
preferred
Hamilton Watch Co.—No par
97
278
99
this day.
900
1
Aircraft Corp
Guantanamo Sugar
10
16
104
x26
60%
Bid and asked prices; no sales on
10,200
95
99
Grumman
8%
"9",300
.10
5H% conv preferred
*103% 106
6%
99
784
2%
14
*126
634
684
178
Greyhound Corp (The).No par t
18
74% 76%
*12634 130
*55%
*
*33
2
134
*16
93
93
93
93
93*4
93*4
155*2 155*2 *155% 164% *155*2 164*2 *155*2 162
17%
1778
16*2
1734
17%
17%*
17%
1734
*927g
62
*16*4
31*2
87g
6'
99
99
101
*98
150
*126
150
634
...
13
2*4
1378
2%
18
104
10434 10434 *103% 10434 xl04
26«4
27
2634
27%
26*a
2634
104*2 104l2
*126
2*4
14*8
33*4
33
14
16
*178
*16
18% May 22
100
1
Green (H L) Co lnc
784 Apr
104
27% July 30
23 May 22
.100 *123
Preferred
Green Bay A West RR
31*4
18
preferred
Great Northern pref—-No par
150
31*4
*16
26
Gt Nor Iron Ore Prop..No par
31*4
2%
10
7,200
33,700
31*4
19
(W T) Co
18
22
14
22
7
10
May 18
May 21
21*4May 29
31*4'
2
No par
10
June 11
1% Oct
25 May
%May
4%May
9>gJune
6%June
20
31*4
*16
No par
Granite City Steel
100
55
187g
1
Graham-Paige Motors
400
600
12%May 22
69
No par
No par
100
Preferred
10
1*8
32%
67g
*30
$5 conv preferred
Gotham Silk Hose
20
Apr
1%
20*4 Apr 4
69% Mar 7
2478 Apr 4
97% Feb21
4% Feb 8
71*2 Jan 9
1% Jan 30
9% Apr 10
Goodrich Co (B F)
19%
106% Mar 27
94
20
Sept
18%
90
1,400
14,300
8684
27
July 16
2l",700
2
25
15
30
24
Apr 30
Sept 4
May 21
16%
19
6*2 Apr 18
32% Jan
3834 Apr
3% Sept
6% Apr
2
63
*84*4
66% Aug
1% Apr
109% Nov 15
77
15*2
31*2
*17
2
May 21
May 22
30
63
32*4
19*4
2*8
No par
16%
1
11
No par
preferred
63%
31*4
2*8
4%May 21
43 May 22
11 May 21
No par
preferred
4 H % conv
9
15%
16*8
*105g
183g
No par
Glidden Co (The)
300
Feb
lOigMay 22
3
Sept 9
3034 Oct 17
5
Gillette Safety Razor—No par
$5 Conv preferred
Glmbel Brothers
300
98
100
General Tire A Rubber Co
July 22
14 May 21
1684May 28
784May 23
1378May 28
20
Corp
preferred
6%
"5", 000
85
*75
*30*2
55
10
1
pref—No par
General Shoe Corp
11%
32*4
1*8
23%
17%
28%
13% July 23
20 May 21
No par
6434
1*8
35*4
24i4
18
2934
22*2
13912
100
62
1*8
1234
100
1
No par
*11
11*4
19%
May 22
%June
Gen Steel Cast $6
Apr
Aug
72%
934June 10
86*2 Jan 15
%May 15
preferred
Apr
14
39
No par
65*4
11
21
103%
4
21*4 Apr 29
Jan
No par
No par
S6 pref opt dlvser
General Refractories
9
Apr
Gen Railway Signal
Gen Realty A Utilities
9
Jan
44
Gen Public Service
6%
"Y.SOO
1
Genera) Printing Ink
$6 preferred
Nov
35
101
32%June 10
3*2 June 10
6%May 21
No par
Common
32
107*4 Apr
Sept 19
116
...No par
$5 preferred..
Gen Outdoor Adv A—No par
40
4,000
1,400
100
10
preferred
5%
May
77«4May 21
118 May 28
37*4May 28
28
$6 conv pref series A.No par
No par
General Mills
'1,300
2,100
No par
$4.50 preferred
No par
Gen Gas & Electric A..No par
800
200
Electric Co.—No par
General Foods Corp
220
68,600
100
preferred....
7%
General
6
l234May 23
102 May 21
26*gMay 21
735% Oct 24
llligMay 22
%May 17
No par
61%
103s
*35
180
27
48*2 Feb
100
7% cum preferred
General Cigar lnc
—-
32*4
35*8
*23*2
17*2
22
1,400
1,000
25
22
15
15
1134May 24
No par
Class A
6
3584May
6%May
118 May
184May
4*gMay
6
No par
6
No par
Cable Corp
Apr
17
8
6% Apr 22
15*4
14*4
1278
29
General
25
4
8% Nov
14% Apr 24
61 May 3
June
Jan
Apr
Sept
25*4 Apr
June 14
94
4,000
1,200
15
21% Apr 6
38% Mar 26
8
45%June 14
3%May 21
Baking....
2
Jan
3»4May 28
S6
S8 preferred
Bronze Corp
46
Apr
99%
38%
Jan 24
106
5
Gay lord Container Corp
General
7%
June 19
17%
3
6H% conv preferred
50
Gen Amer Investors...No par
1,700
4
May
97
Gannet Co conv 16 pre! No par
"i~,66o
136
334
37g
7*8
18%
*47
No par
Gar Wood Industries lnc
General
7
*133
7%
136
37g
21i
14
11
l0%May 21
10
preferred
2,700
1
15%
*132
"moo
S3
Gamewell Co (The)
12
24
28
12
Sulphur Co
10
Gabriel Co (The) cl A..No par
Galr Co lnc (Robert)...
1
Free port
54
7%
:
200
1234
1234
*45
*30
32*4
78
6*2
*1234
6,300
6*4
1
*25
10
105
6
2034 *20% 21*2 *19%
104*2
104% *103
10412 *103 " 10412 *103
14
14%
15%
15%
1334
14*8
I43g
14%
3%
3*2
3*2
3%
3*2
3%
3%
3*2
37
37
*35%
37
36
36
35%
35%
7
7
7*2
7*8
7*4
7%
7*8
7*4
64%
65
64%
65
63*2
6334
617g
63
16
16
16
16
16
16
1534
16%
61
1534
17
19
5434
20*2
36*4
7*4
*39
3*4
6
2*2 Aug
20 May
24%May
l%May
2% June
Francisco Sugar Co
F'k'nSimon&Co lnc 7% pf_100
54
54
4%
4%
7%
7%
7*2
7*2
108*2 108*2
108*2 108*2
%
*2
*2
*2
16*8
16*2
16%
16*2
*102*2
*102%
*102*4
*91«
9i«
9i#
5g
»t6
18% *17
*17*2
19*2 *17
29
29
29
297g
29*2
11
*11
1134
*11*8
11%
63
54*2
62
53*2
55*2
21*8
21%
21%
21*2
21*2
11
11
11*4
11*8
11*4
35g
7
6,100
1,100
3,600
37
2%
No par
No par
17 conv preferred
June
9%May 21
61 May 22
10
Foster-Wheeler
*103
*101% 104i2
14*4
1434
*36
100
19
19
19
18%
18%
*117
11734 *115*4 116% *115*4 117%
34
34*2
35*8
34%
34%
34%
3634
37%
37*2
38%
37*4
38%
118% 118%
*11634 122
*11634 122
%
3g
%
3g
%
3g
*30
40
*30
40
*30
40
8934
90
*897g
90*4
89%
89%
5434
5334
2,000
18%June 10
preferred
No par
Gen Am Transportation
5
*17%
127
127
54ig
h
*16U
3g
38
%
*30
38%
37
37i2
38'8
1185s 11858
%
3478
34*2
s
102
100
87
18*2
117*4 117%
117
117
37g
7%
7%
3%
31%
Sept 25
22
100
104
*133
136
37g
87
87
*18
7%
*133
37g
• 7%
18*2
19
19%
88
*18
54*8
7
7*4
3%
7*4
4
712
130
3
6%
5% conv preferred......100
Food Machinery Corp..
10
102% 102*2 *100
104
6312
6,300
36%
2%
0
*100
1834
3%
50
0
6*4
1,000
10
4H% conv preferred
31
13
*45
136
*133
136
*3l2
714
*11*4
50
6*4
64%
7*8
714
*133
13
104
54
543g
*11%
*45
6*2
63a
104
6
13
127g
50
6%
*102
6
6
No par
Florsbelm Shoe class A .No par
109*2
*102
105
105
*5%
50
57g
*45
6%
3*8
♦102
105
*102
6
Florence Stove Co
Follansbee Steel Corp....
16% Sept
6
3
22% Jan
2H4 Jan
share
$ per
$ per share
21
21
22
22
2434June 10
19 May 20
6% Sept 23
No par
700
30
109
108*2 109
3*4
3%
30
30*2
*36*4
36*2
2*2
2%
3*4
3%
17%
17*4
19% 20
108
3
104
FUntkote Co (The)
"moo
33*2
17%
177g
17%
17%
3%
578
*12%
8,600
share
Sept 7
12%May
84
May
32%May
l0*sMay
100
6% preferred series A
per
14
First National Stores—No par
400
30
32*2
f
Rubber—10
,100
1,900
*106%
*106%
31
37*4
23g
3
17*4
31
— -
427g
17%
43
1634
31*2
16%|
104
43
Par
Fllene'z (Wm) Sons Co.No par
Firestone Tire A
23*4
8
3h
37
25s
19%
*10
35*8
23*4
8
*29l2
3634
2%
312
34
20
Lowest
Highest
Lowest
2,600
43
17%
35*2
*106*2
*104
107
3%
*2912
36l2
2%
2«4
16%
9934
31
*30*2
177g
107
*29
31%
*947g
1734
*9478
32
i
32
31
3H2
♦106%
17is
Shares
15
18
9934
*11%
17%
*2212
35*4
23*4
8*4
35*4
*22*2
$ per share
14%
167g
Year 1939
Lots
On BatU of 100-Share
Week
14%
20*2
16*2
9934
43
1634
*14*4
16*2
*94l2
42i2
16*2
EXCHANGE
Friday
Nov. 15
S per share
$ per share
20*2
167s
16*8
1940
Range for Previous
1
Range 8ince Jan
STOCKS
NEW YORK STOCK
the
Thursday
Nov. 14
Wednesday
Nov. 13
j
Tuesday
Nov. 12
NOT PER CENT
SHARE,
SALE PRICES—PER
Monday
Saturday
Sales
for
AND HIGH
LOW
Nov: 16,
New York Stock Record—Continued—Page 5
2902
5%
100
preferred
Hud Bay Mln A Sm LtdNo par
Hudson Motor Car
No par
fHupp Motor Car Corp
n
New stock,
r
Cash gale,
1
x
33sMay 22
28
Aug 16
% Oct 25
2%May 22
12 May 24
3
May 15
%May 14
Ex-dlv.
y
50% Feb 21
1% Feb 20
7% Feb 20
27
Jan
6
6% Feb 17
1
Ex-rlghta.
Jan
2
102
May
Apr
Apr
Oct
Sept
4% Sept
40
%
27a
21*4
4%
•4
Apr
Dec
Sept
Sept
July
Aug
5 Called for redemption.
New York Stock
Volume 151
LOW
AND
HIGH
SALE
PRICES—PER
Record-Continued—Page 6
Nov
Monday
9
.
Nov. 11
$ per share
9
Tuesday
1
Nov.
!
$ per share
$ per share
NOT PER
Nov. 13
Nov. 14
Nov. 15
Week
$ per share
$ per share
$ per share
Shares
9%
8%
9%
8%
8%
9.200
17%
*16%
17%
16%
16%
800
6% preferred series A... 100
12
38%
39
39
39
*38%
*4%
20%
39
39
39
230
Leased lines
31
June 12
3
May 18
*6%
4%
*4%
21%
*4%
21
6%
20%
6%
6%
93
94
14%
13%
14%
7
6%
26%
7
27%
110
110
26%
110%
4%
*3%
4
11%
12%
2%
*28
30
*158
1%
*28%
162
54%
165
?;■
-
158
56%
10%
5%
5%
28
27%
*127
.'/
''
v:.
27%
;""
140
15%
64%
*2%
6%
26
6%
'(1
.
1
'•
/
56%
*25%
110
'■
*127
28%
140
54%
27%
*127
28%
140
28%
*127
15%
17%
17
64
65%
64%
69%
68%
*2%
2%
*2%
42
41%
41%
36%
37
37%
37%
*36%
30%
30%
30%
27%
30%
30%
27%
*26%
*103% 105
*103% 105
41
*105
M
17%
710
700
International Salt
600
28
*26
2%
8%
2%
*2
2%
8
8%
*90
90%
*90
90%
*90
8%
90%
*90
*7
7%
*7
8
8%
90%
8%
29
8%
13%
13%
13%
13%
13%
47
46%
47
*46%
47
46%
47
*46%
63%
65
65
65
65
Stock
*127
Exchange
5%
18%
14%
*14
128% *127
14%
*118
*126%
"13%
128%
99% 101%
14%
14%
i
Day
5%
5
5%
18%
18
18%
19
14%
13%
13%
*13%
102
102%
8%
18
17%
'*?"*••
,
9%
*100
101%
34%
37%
9
105
*103
8%
17%
9
*90
5%
*90
105
8%
103
8%
103
17%
18
8%
9
y.
a!';}*-■ *100
102
36%
38
37%
15
15
*100
102
37
37%
39
40%
2
*36%
*1%
*24%
25%
1434
39%
*1%
24
25
2
rr25
25%
26
25%
*2%
*26%
25%
4
*2%
4
27
27
26%
26%
31
30%
31%
30%
7%
*17%
7%
*7%
17%
13%
6%
2
4
7%
19%
13%
13
7l2
*6%
1%
26
:
.
•
v.-•
■.
11%
*25%
•
44%
7%
43%
7%
7%
*39
41%
97% 97%
97%
97%
*176% 182
21
21%
25%
26
38
38
10%
10%
16%
7
26%
24%
24%
114% 114%
2%
2%
1%
-•1%
4%
3%
24% 24%
24%
*113% 114%
2%
2%
3%
24%
11%
18
13%
26
25%
24
37%
14%
36%
11%
2%
25%
26
26%
30%
30
30%
7%
7%
7%
17%
17%
13%
13
17%
13%
3%
7
7i2
26
26
26
23%
24
24
26%
24%
116
114% 114% *114
2%
2%
2%
2%
1
*1
1%
1%
4%
3%
4%
434
23%
24%
24% 24%
11%
11%
11%
11%
25%
26
26%
44%
45
46%
46%
26%
47%
7%
7%
7%
41%
97%
97%
7%
*39
*39
41%
41%
16%
16%
17
33%
30%
106%
32%
32%
29%
106%
29%
*106
20%
21%
38%
3%
17
16%
17
32%
32
32%
29%
30%
29%
30
15
*107% 108
20%
163
20
20
20%
63
63
*128
*106
106
64%
*158
*19%
64
163
158% 158%
19%
19%
20
64%
64%
33
*31
33
*31
33
*128
132
131
131
*130
132
28%
29%
29%
29%
28%
29%
29
27
27%
27%
10%
27%
27%
10%
27%
11
27%
*10%
34%
34%
34%
2%
33%
33%
2%
2%
33%
2%
2%
*6
2%
*6
7%
15%
1
10%
*6
15%
15
1
15%
5%
9%
4%
9%
15%
15%
16
4%
,9%
15%
34
35%
34%
35%
34%
5%
9
34
V
15
1
1
1
15%
5%
10%
7%
15%
15%
*%
10%
*1
12%
*7
40
Laclede Gas Lt Co St Louis 100
1,400
114
Lee Rubber A Tire.
3,000
Lehigh Portland Cement
4% conv preferred..
{Lehigh Valley RR
114
*2%
1%
4%
23%
12%
26%
1%
4%
46%
7%
*39
5,000
23%
12%
26%
47%
7%
41%
3,400
17
16%
31%
28%
2%
*25%
*102
*13%
16
"l4"
*13%
16
16%
*110% 111
27
26
....
14
16%
110% 110%
27
*8% .9
37
36%
8%
8%
27
27
*8%
36%
8
8%
37
52%
*2%
*24%
102
4%
28%
27
9
3,500
49,000
5,100
200
41,600
3,500
5,600
500
Lion Oil Refining Co.—No par
370
l0l8May2l
22% July 3
20i2May 21
97
May 22
15%May 21
Liquid Carbonic Cor p..No par
Lockheed Aircraft
Loews
Corp
1
.....No par
Inc...
$6.50 preferred
..No par
Loft Inc
1
29
Lone Star Cement
Corp No par
Long Bell Lumber A
No par
Loose-Wiles Biscuit
5%
2,900
No par
400
Louisville Gas A El A ..No par
Louisville A Nash vllle.... 100
-
—
60
Mac Andrews A Forbes
6%
10
preferred..........100
128
No par
28%
3,400
1,400
1,700
m-0
-
-
-
May
20i2May
878June
2H2May
112 Aug
No par
Madison Sq Garden—No par
10
Magma Copper
Manati Sugar Co
1
No par
Mandel Bros
25
15
400
Manhattan Shirt
/ 1%
300
Maracalbo Oil Exploration—1
5
12%
29%
30%
5,800
Marine Midland Corp
900
1,000
*172
52%
3%
26
102
x51
51%
3%
*3
3,400
200
26
*24%
*102
60
*13
14
300
16
16
2,700
2,600
111% 111%
26% 26%
9
9
9%
Market St Ry 0% pr
3%Ma^ 22
21
June 10
7% preferred
100
May Department Stores—10
Maytag Co—..,
No par
$3 preferred—
No par
$0 1st cum pref
No par
McCall Corp..
No par
McCrory Stores Corp
1
160
June 12
<
36%May 22
2!4May 22
20 May 23
90i2June 14
lOi2May 22
10 May 21
93
May 21
17igMay 21
100
0% conv preferred
McGraw Eleo Co
700
McGraw-Hill Pub Co..No par
6
20
1
36l2
35%
35%
1,500
8%
4%
8%
5,200
McKeesport Tin Plate
4%
27%
26%
20%
26%
{In receivership,
4%
a
17,700
3,100
Def. delivery,
n
New stock,
r Cash sale,
x
76
87
Sept
18
13
Jan
32% Sept
Apr
119% Sept
Jan
June
10%
7% Nov
125
Mar
4
Sept
Jan 15
122
Aug
133
June
10434 Oct 29
35
Apr
Apr
83
Sept
16
13
Apr
121
MarlS
758 Apr
20U
15i2
102i2
15i2
Nov 15
Jan
Nov
Jan
109
8
12
8
18
14
Apr
1878 NOV
1978 Apr 23
1035s Apr 10
387s
26
Feb 16
4
Feb 20
29i2 Jan
34% Apr
3
9i2 Jan
2H2Sept 12
16% Jan 11
7% Nov 9
3534 Jan 4
2434 Nov 12
115
Jan
8
4
Jan
3
1% Jan 5
434 Nov 14
2472 Nov 8
14
Feb 19
29
Jan 11
63% Jan
3
9U Apr 20
45
Apr 16
109
Apr 15
109% Apr 5
180i8May 9
23% Apr
29% Jan
117% Jan
5% Apr
11
8%
90
Sept
Apr
4
3
0
Aug
79
June
Apr
Apr
Apr
1% Apr
127g Apr
20
Apr
3% Dec
23% Sept
20% Apri
7
Jan
Jan
Jan
10% Nov
997g Jan
18
July
5
20
11%
Apr
7% Apr
8%
<
24
12% Apr
85
19%
121%
Apr
28
Jan
15% Nov
40% Apr 18
284 Jan 24
31>4 Apr 8
Sept
100% Dec
14% Mar
10% Mar
99
Sept
40% Sept
1078 Sept
38
Dec
4
Sept
30% Oct
26% Aug
5% Jan
29% July
29% Oct
Apr
13%
12% Sept
23%
12
18% Mar
Jan
3% Apr
Jan
Jan
6% July
37% Oct
25
Jan
17
Apr
26
Mar
Dec
118
Mar
112
2% Sept
% May
1% Apr
20
Sept
9%
Apr
23
Apr
36% Apr
4%
Apr
6% Sept
3% Sept
8% Sept
27% Jan
13% Nov
32% Mar
66% Mar
10
Sept
33
Sept
43% Aug
95
Sept
108% Aug
109% Aug
95% Sept
152
Sept
15
Apr
180
May
19
Nov
20% Aug
31% Apr
40% Sept
14% Apr 27
10
18% Sept
18% Mar 27
13% June
417# Apr 15
29% Dec
30% Sept
41
Apr
37% Mar 16
109% Apr 8
39% Apr 8
46% Jan 2
4% Apr 10
18 s4 Jan 11
109%May 3
26% Apr 2
102
May 3
21% Jan 4
05
Nov 14
Aug
101% Sept
0
Mar
38% Sept
2
47
Mar
19
Jan
32% Deo
64%
Jan
109% July
21% July
62
Jan
Aug
0% Sept
16% Sept
22% Mar
105
Jan
19% Apr
138
Sept
15% Jan
30% Apr
110
June
24% Feb
159% June
20% Mar
07
Sept
3
28
Apr
35
Aug
130%May 10
297s Nov 14
31
Apr 16
1284 Jan 4
124
Feb
135
Nov
18
Aug
33%
Oct
25% Sept
43%
Feb
11% Sept
19%
Jan
25%
40
35
38
Jan
Mar
8
4% Apr 18
778 Mar 11
10% Jan 17
l%May
9
3234 Apr 16
170
Mar
"
63% Jan
4% Feb 23
30% Apr 3
105
Apr
Apr
6% Sept
Apr
7%
16
Apr
2% Sept
4% Apr
378 Aug
6% Sept
8% Mar
17% Nov
Apr
20% Aug
2
May
9%
30
Sept
20% Aug
155
Nov
40% Apr
3% Sept
24% Dec
46% Nov
8% Dec
57% Jan
37% Sept
170
July
53% Oct
0% Mar
30% Mar
Jan
105
Apr
8
9%
Jan
15%
17%
108%
25%
111% Nov 14
29
Apr 3
9% Apr 25
88
39
3
8
8% Apr
32% Apr
Oct
Apr
1
107s
127g Jan
Oct
10
93
47% Jan
Sept
1
5
8
Mar 29
10% Jan
177g Apr
June 26
Jan
15% Apr
5% Sept
Sept
June
Aug
Nov
Dec
Dee
10% Jan
59% June
18% Sept
1
1
May 15
l7l2May 28
$3 series conv pref...No par
Feb
Oct
6%May 15
10
{McKesson A Rob bins. Inc. .5
978
14 s4
Jan
4
Mclntyre Porcupine Mines. .5
8%
6
June
Jan
Sept
105
47% Apr 10
1434 Apr 15
40% Jan
Mathleson Alkali Wks.No par
9%
59
5% Oct 23
11% Nov 14
10% Nov 15
600
37g Sept
Sept
18
3
2034June 25
0%May 21
2l34June 10
1
par
7%
8
jan
67% Dec
6% May
Sept
Jan
278May 21
884May 21
6
pref.100
Martin (Glenn L) Co
4
Sept
24
21
6
22
10
4
May 21
lli2May 23
84May 31
Macy (R H) Co Inc
700
10
23
17
27%
11
May 15
17
31
21
38 May 18
2534May 22
.........100
2,200
3
June
l3i2June
105i4May
1834May
138%May
15i8May
100
10
preferred
Lorillard (P) Co..
7% preferred
2
25
4
*36
36%
sales on this day,
30%
13%
13%
16
15%
111% 111%
*26% 26%
8%
4%
4%
27%
*3
26%
27%
4%
28%
no
52%
13%
8
13
30%
*172
3%
8%
4%
Bid and asked price;
-
15%
15%
110
110%
28%
•
30%
52%
26
4
Link Belt Co...
87
No par
102
*36
1,400
1,700
13UMay21
27 May 21
9
May 15
No
*25
26%
8%
Lima Locomotive Wks.No par
Masonite Corp
102
13%
May 22
Martin-Parry Corp
*172
234
3%
26
30%
33
June 19
Mack Trucks Inc
4%
May 15
16
5,200
*1
June 10
5
87
30,700
46,100
31%
52%
30
109
29%
*14
10
23
17
17
21
18
21
25
35%
31
52%
6
No par
Series B
28%
34%
2%
2%
*6% yl 6%
34 Apr
May
23
15
28
21
22
100
131
34
May 21
l5i4May
9l2May
l8%May
LIbbey Owens Ford Gl.No par
Libby McNeil A Llbby
7
Life Savers Corp
...6
Liggett A Myers Tobacco..26
Preferred
32%
*10%
9
Jan
Lily Tulip Cup Cor p..No par
1,600
Jan
May
1434
25% Aug
3% Jan
I
Jan
Nov 14
77i2 Jan
3,400
Y
6534
138
Aug
Mar 27
132
300
300
158% 158%
19%
19%
65
2
60
1
34%
11%
29%
*30%
12%
*29%.
30%
June
May 28
May 22
May 22
'
106
63%
*30%
Lerner Stores Corp
par
3534
13%
*25
30
400
5,900
2,800
.
100
60
34%
35%
30
*102
32%
1,300
Lehigh Valley Coal
No
6% conv preferred
Lehman Corp (The)
Lehn A Fink Prod Corp
26
Marshall Field A Co—No par
12%
*172
40
1,400
2,000
2%
...6
13,230
5,100
30
—
5
29
17
8i4May
May
3%May
l63gMay
lSigMay
lOOUJune
l%May
No par
700
2,200
11%
16%
12%
—
1%
Lane Bryant.
7%
Jan
Sept
7% Aug
127i2 Nov 15
52
12
No par
24
0%
4
Oct
8%
May
4
100
(The)
10%
15%
30%
—
15
preferred
Lambert Co
11%
15%
11%
53
6%
5%
90
5
30%
31%
34%
2%
Kress (S H) A Co
10%
15%
12
—
11
Kimberly-Clark...u...No par
KlDney (G R) Co
$6 prior preferred...No par
Kresge (S 8) Co...
.10
Kresge Dept Stores...
1
5
30%
31%
29%
27%
92
87i4June 20
24i8May 21
10 May 21
2784May 21
li2May 22
17l2May 20
19i2May 23
2 May 21
22i2 Aug 13
23i2May 22
Keystone Steel A W Co.No par
27%
26%
2334
131
Kendall Co $0 pt pf A._No par
Kennecott Copper
No par
3,900
Sept
3
Apr 29
.478 Jan
1058 Jan
8l2May 21
434May 22
cl A.l
7%
123
133
June
95
Class B
17%
12%
*7%
17%
106
400
-_5
10%
10%
52%
*2%
2%
*6%
*14%
7%
30%
*172
65
*31
32%
132
*10%
106%
3,600
.100
No par
Kroger Grocery A Bak.No par
20%
19% 20
21%
20%
20%
21%
39
39
39
38%
38%
38%
40%
40%
3%
3%
3%
3%
3%
4%
4%
4%
15
14%
14%
*14%
14% 14% *14%
14%
*107% 108
*107% 108
*107% 108
*107% 108
20
20
19%
19% 20%
19% 20%
20%
*158
163
106
290
3%
20
38
16%
31%
400
26%
30%
*94% 97
96% 96% *93
96%
96%
94%
97% Z94
95% 96%
*177
182
185
*180
185
*180
*178% 185
22% *21% 22%
*21%
*21% 22%
21% 21%
26
26%
26%
26% 26%
26%
26% 27
39
38
38
37%
38%
38% 38%
38%
11
11%
11%
10%
10%
10%
10%
11%
97%
*96%
57,800
2,700
1,600
1%
24%
25%
26
7%
14%
40
25%
6%
30
37%
40
25%
*2%
*25%
30%
>
36
*14%
1
Keith-Albee-Orpheum pf._100
conv
Dec
Jan 11
8%
10
Oct
105
Kelsey Hayes Wh'l
35
Dec
*90
8,600
8,800
4
107
14
5% conv preferred
Kayser (J) A Co
3
Jan
14
10
17% Sept
JaD
84
122%May
100
200
166'4 Aug
387s Jan
10212 Oct 10
434 jan
2,300
1,100
Sept
3% Apr
2% Aug
5% Apr
esg Jan 5
14i2 Apr 20
7
Oct
33
20%
Kaufmann Dept Stores..
142
Jan 23
Oct
195'4 Mar
71% Sept
40»4 Sept
19%
200
171
4578 Sept
41
38
44
100
.
Sept
9
...No par
4% preferred
145
37#
Apr
Apr
3,100
i.
„
107s Sept
1% Apr
19H2 Mar 12
6234 Jan 4
Oct
19
5%
5
.
Dec
5% sept
00% June
1175sMay 28
3i8May 21
11 May 23
9
May 23
92
May 21
7l2May 21
«.
Dec
109 %
2% Apr
7% Aug
16
Jan
Sept
578
46%
Jan
Kan City PAL pfser B No par
Kansas City Southern.No par
-
Apr
3
34>4May
No par
Preferred
21
Jan
20%May
1
Johns-Manvllle
90
Jan
98'4 Sept
Apr
9% Apr
4% Apr
17% Apr
618 Nov 14
1278 Jan 4
23a Apr 6
122
1
Co
07
Mar 28
38
Aug
29%
31% May
600
1%
24%
25%
*234
26%
2
Jarvls (W B)
20
7,200
9
9
*8%
*8%
*102% 105
*102% 105
18
18%
1734
18%
8%
9%
9%
8%
102
102
101
101
14%
25%
1%
4,800
100
Jewel Tea Co. Inc..
9
1678 Apr 11
7ig Nov 14
473a Mar 20
113
Sept
157
1034
86
4
29
48i2May
978June 10
19%
14%
36%
2
3%
24%
*11%
*25%
400
Nov
131
147i2 May
Jan
39%
l3i2May
No par
1
preferred
Jan
9% Sept
3618 Jan
28i4 Nov
Jones & Laughlln St'lpref.100
Kalamazoo Stove A Furn.-.IO
5%
35%
14%
25%
25%
*7
1,100
67
*118
105
$6
11%
Apr
Apr
Apr
37l2 Oct 10
May
4%May
74% June
5%May
Island Creek Coal..
4%
June
Interstate Dept Stores.No par
10
.
15%
*2%
1,000
29
73
ls4May
l78May
Preferred—
4% Bept
Jan
Nov
934 Apr
2H4May
97% Jan
Intertype Corp
Mar
2078May
37
100
Foreign share ctfs
Jan
49
538 Jan 24
50i4 Feb 0
No par
No par
mi*
-
500
3
2034
35
26
100
7% preferred
Telep <te Teleg
6
June
10% May
40%May
l34May
No par
Inter
700
3,500
•
47
66
66%
*118
*118
*13%
8%
63
7,500
128%
127% 127% *127
102
103%
102% 104%
14%
14%
14%
*14%
18
Armistice
105
14%
13%
28%
28%
5
*102% 105%
8%
17%
28%
*126%
99% 101
14%
Closed—
*17%
*30%
200
*102% 106
,
19%June
100
preferred
May 22
109
Internat Rys of CentAmNo par
5%
June 11
3%May 23
International Shoe....No par
International Sliver
50
5% conv preferred
June 10
share
per
Apr
38% Sept
94
May 26
134May 22
5t4May 22
15
23
Hiohest
share %
Aug
43ij Apr
0i2 Jan
22
22
11
10
145
..100
Inter Paper A Power Co
37%
30%
27%
2%
8%
o* 00 r?
Preferred.
~
41
*36%
28% 29
127% 127%
13%
13%
5%
-
40
z30%
8
*118
*19%
-
9
16%
Jan
38
Int Nickel of Canada..No par
3
24% Jan
Apr 16
136
100
100
2%
*28%
Preferred
138s jan
per
118
18%May 21
Int. Business Machines-No par
Internat'l Harvester...No par
2%
8%
*126%
100
share
168
23sMay 15
0l2May 21
1
May 21
Agricultural..No par
Prior preferred
69%
2%
-
Internat
98,900
30,000
8%
64%
128%
100% 101
14
13%
25%
140
2%
i.5-
No par
16%
663g
*2%
2%
*127
*13%
6%
28%
*127
2
28%
No par
Interlake Iron
5%
2%
8
Interoont'l Rubber
53g
28
2
f
91
100
Int. Hydro-Elec Sys class A.26
2%
':y> V
6% preferred
Int Mercantile Marine.No par
Internat'l Mining Corp
1
2
64%
*17%
6,300
No par
per
Lowest
June 26
66%May
7%May
458June
21*4 Aug
1
Interchemlcal Corp
600
900
No par
Insuranshares Ctfs Inc
200
2%
8
Inland Steel Co
Inspiration Cons Copper...20
2,800
2
90%
30%
1,000
145
67,300
1,900
23,900
8%
8
33,900
l038May21
May 26
72
100
2%
2%
*90
6,400
20% Nov 13
5
May 23
No par
6% preferred...
10%
37%
30%
107
Ingersoll-Rand
180
165
2%
2%
*2%
8%
4,000
31,000
2,700
1,400
1000
9%
2%
41%
42
100
2%
69%
2%
*27% 28
*103% .105
1,400
55%
165
17%
30%
*26
54%
28%
140
16%
37
*37
55%
15%
27%
26
25%
n
56%
4%
558 May 21
May 21
Indianapolis P & L Co..No pat
lnaian Refining
__10
Industrial Rayon
No par
30
*36
*103
26%
110
1,800
1,200
7%
700
*30
27%
4%
21
634
109% 109%
55
100
RR Sec ctfs series A
*152% 157
*152% 157
94
93
91% 92%
x92% 93%
14
13%
13%
14%
13%
14%
7
7
7
7%
*7%
7%
28
20% 26%
26%
26%
27%
110
110
*108% 109% *108% 110
4
3%
4%
5%
4%
5%
12
11%
11%
11% 12
11%
*2
2%
2%
2%
2%
2%
32
30
30
*28% 30
32%
158
162% *161
157% 158
161%
2%
42%
28%
*126%
13%
*46%
7%
65%
42
*4%
20%
4%
21
16%
2%
Illinois Central BR Co
'
*162
165
165
*161% 165
*162
2%
2%
2%
2%
2%
2%
10
10%
10%
10%
9%
9%
5
5
5
5%
5%
5%
2%
9%
2
30
158
56%
165
2%
4%
21
26
26
26%
107% 108% 108% 109
157
151% 151% *152
12%
20%
$
9
3%
*158
share
17
11%
*1%
*14%
per
9%
4%
110
3%
S
17%
22
13%
*6%
26%
*106
Par
Year 1939
Hiohest
9
25% 26%
*10512 106
*151% 157
94
92%
31%
29%
Lowest
\
Ranoefor Previous
100-Share Lots
17
6%
*40
Rano« Sine* Jan. 1
On Basil of
39%
22
44
EXCHANGE
Friday
9%
*4
'
STOCKS
NEW YORK STOCK
the
CENT
IThUTsddy
<
17%
17%
*37%
'■">
12
SHARE,
1WccLn&S(L(ty
Sales
for
Saturday
2903
Ex-dlv.
y
Ex-rights.
8%
Apr
1 Called for redemption.
New York Stock Record—Continued—Page 7
2904
AND HIGH
WW
Nov. 9
I per share
$ per share
10
978
75
*73
*66
67%
*66
68%
30
30%
23%
21
21
21
38%
10%
38
38l4
10«4
14
14
14%
23%
23%
23
21
20%
37%
37%
1034
20%
3734
11%
14%
14
14
39%
117% 118
49
49%
118
118
49
49
14
83%
84
*114% 115%
*117% 118%
40%
40%
*35
37%
30%
14
18%
23%
478
43i
*73%
75
*49
60%
16%
23
23%
8%
*8%
884
10
12%
18%
11%
18%
22%
22%
8%
9%
13%
18%
*8%
Exchange
Closed—
*84
89
Armistice
*17%
13%
19
14
14%
14
109
107%
107
37%
778
71%
7%
11%
42%
43%
834
1578
16%
31«4
26
23»4
*35%
734
71
7
7
7
7
8%
85
24
37
7%
7234
37
12%
11%
45%
4634
49%
5%
47%
484
9
19%
*18%
*78
80
80
8%
600
1,200
9
*18%
19%
80
80
*108
109
109
48%
16%
47%
47%
16%
47%
1584
15%
16%
17
17
17%
16
17
31
32%
31
32%
32%
26
26
25%
33
26
31%
26%
32%
26
*8%
*434
*8%
10
6
11
934
_
.
*110
*52
58
*52
58
*52
*220
223%
♦111
a8
143
11%
*93%
7%
114
114
*51%
51%
8
3%
3%
17
8
15
7%
%•
%
*%#
34%' *32%
*33
223%* 222
110% 110% *110
18
18%
17%
56*4
57 i
57%
223%
55%!
55%
3%
32
16
*55%
19%
19
*93%
95
18%
I
95
7%'
7%
7%
*114
38
38
3%
30%
334
32%
15
15
|
11%
44%
24%
53%
*14%
15
8
3%
15%
734
7%
15%
7%
3%
16
15
7%
.
784
11
11
28%
28%
*11%
12%
29%
29
29%
39%
39%
*39%$ 40
14
14
14%
*14
12234 12234 *122% 12234
*152
prices; no saleson this day.
Apr
43%
—No par
New York Dock
4%May 22
No par
5% preferred
50
110
45
13% Jan 15
May 23
175 May 22
105 May 25
14%May 21
47%May 22
47%May 22
15 May 14
84%June 5
4%May 15
101 May 24
27 May 22
2%May 15
25% Aug 13
14
July 2
20
100
Adjust 4% preferred
North American Co....—10
50
60
6% preferred series
6k % pref series
.1
North Amer Aviation
Northern Central Ry Co—50
100
Northern Pacific Ry
North States Pow $5 pf No par
Northwestern
Telegraph—50
1-60
Norwich Pharmacal Co..2.60
200
Preferred
6%June10
10%May 21
7%May 21
95 May 23
2%May 22
ll%June 11
l24>4June 11
7 May 21
21 May 21
No par
No par
Ohio Oil Co
2,700
2,100
Oliver Farm Equip
10
1,200
8% preferred A
Oppenheim Collins
100
No par
6,700
Otis Elevator
No par
20
Omnibus Corp
0
(The)
-.100
6% preferred..
No par
*152
300
4,500
8»4
3%
3,800
Pacific Amer Fisheries
15%
734
450
12
*11
100
200
610
Pacific Coast Co
1st
Inc—5
10
No par
No par
preferred..
2d preferred.
Pacific Finance Corp (Cal).lO
28%
28%
2,500
Pacific Gas A Electric
39%
14%
39%
14%
1,400
Pacific Ltg Corp
Paciflo Mills
12234
30
152
20
152
{ In receivership,
19
No par
100
Owena-Illlnols Glass Co. 12.50
Outlet Co
a
900
Def. delivery,
Pacific Telep A Teleg
6% preferred
n New stock,
25
No par
No par
100
100
r Cash sale,
June 10
47 May 24
115%May 24
42
June 10
4% June
2 May
8 May
3%May
9%May
25%May
33 May
8 May
115
144
10
22
22
22
21
22
22
21
Sept
Feb
115% Mar 11
117% Aug 15
106
Nov
10*4 Sept
15% Sept
118% Mar
119
May
120
Mar
47
July
62
Mar
% Jan
4
3
Jan
4
58% Nov
2
47g July
% Jan 11
20% Apr 22
357s Apr 6
226%May 4
113% Oct 19
23*4 Jan 3
8
59
Jan
68
Jan 10
3
20*4 Jan
% Dec
1% Dec
%May
8% June
31% Dec
Sept
Nov
103% Sept
18% Apr
62% Sept
113
June
50% Sept
12% Apr
59
82
Jan
7
June
100
Sept
7
29
6% Jan
3
42% Jan 12
1% Sept
17
33% Deo
217
Nov 15
38
17g Sept
5% Sept
Jan
168
9% Jan 3
114
Sept 26
95
Sept
Sept
2*4 Apr
26%
Feb
69% Aug
Aug
29% Nov
89
Nov
14%
113
Dec
40
Oct
Jan
32%
Apr
6% NOV
44% Aug
Aug
101% Sept
10%May 29
8*4May
7
6
23% Apr
14% Mar
4
4
12
112
Mar 28
5% Apr
18% Jan
144
12% Jan
47
4
4
Feb 19
3
Nov 15
z4% Sept
Sept
Jan
20% Mar
113% May
15% Sept
Oct
27% Jan
148% July
Apr
July
Apr
16
Sept
65% Sept
2012 Dec
128
712
33
4
55
Jan 22
120
Jan 17
32% Apr
30
100% Sept
4*4 Aug
16%
8%
Jan
40%
114%
Jan
54
Dec
Jan
120
Dec
6
60
Apr
70
Jan
10% Apr 20
0% Jan 6
23*4 Feb 13
12% Jan 4
14
Apr 15
3
64% Jan
34% Apr 16
Jan
3
16% Jan
4
50
May 25
139
Mar 12
June 18
154
Jan 24
t Ex-dlv.
Apr
1*4 May
8% Apr 22
12% Apr 22
% Apr 27
% Oct 24
% Oct 30
Norwalk Tire A Rubber No par
18,200
May 21
Apr 27
June 6
104
50
N Y Lack A West Ry Co.. 100
JNYNHA Hartford
100
Conv preferred
100
{N Y Ontario A Western.. 100
N Y Shlpbldg Corp part stk..l
Noblltt-Sparks Indus Inc
6
Norfolk A Western Ry
100
non-cum pref
50%
14%
14%
12234 12284 *121
—
Apr
Preferred
*7
02
18%
53%
*14%
I
17% Sept
30
24%
15
Apr
8%
9
Nov 14
9
24
8%
July
3
*115
*3
42
112% June
Jan
53%
3%
87% Aug
105% Sept
33% Mar
3%May 21
25
8%
29% June
39
May 21
15
20%May 21
*51%
8%
Apr
100
*24
3%
Apr
6% preferred series A
NYC Omnibus Corp ..No par
$6.50 conv 1st pref ..No par
Outboard Marine A Mfg—-5
8%
18%
32
Oct
23% Sept
25% Sept
45% Sept
Otis Steel Co
*3%
60
Feb
73% Mar
4
26% Nov
109
11%
Jan
11% Sept
10% Apr
1,700
3934
*152
6%May 24
8% Sept
29*4 Nov 14
14% Feb 20
2434 Nov 15
10534 Nov 9
Jan
Apr
Deo
27
9,000
39%
1234
20% July 20
Jan
2% Apr
6
Jan
Aug
Sept
15%
20
Apr
41
Apr 29
53% Apr
10
82
59%
60%
6%
10
33% July
8% Apr 2
10% Apr 11
10%June 24
25% Mar 13
110
July
5% Aug
Feb
35% Sept
3
4
11%
50
June 12
27% Jan
173% Aug
3
47
50%
May 22
100
Apr
6*4 Apr
49% Nov 14
91
Jan
Mar
Oct 145
62
Nov 14
48
Sept
14%
4
Jan
107S
Jan
1034
50
177| June
18%
106
18% Jan
46%
51%
Feb
Jan
21% Jan
11%
50%
8%
Oct
0%
28%
8%May 21
46
*51%
Jan 31
Jan
Mar
8%
9% May 21
11%
*115
114
Apr
100
44
53%
Sept
4% Jan
20% Sept
10% Sept
8% Sept
83
Sept
4%
No par
11%
25
Jan
Sept
23*4 Sept
20% Jan
10
Sept
18% Aug
117% Jan
12%
8
26
4
6
3
12% Jan
Jan
17% Nov
95% May
N Y Chic A St Louis Co
4334
*51%
7% Nov
96
Nov
110
3
7*4 Oct
20% Apr
15% Jan
15
28% Mar
107
Jan
114
38*4 Sept 18
87a Jan 3
73% Jan 3
9*4 Jan 4
14%May 3
36
Jan
176
14% Dec
x8% July
16
22
21
24
23
20%May 24
34
Aug 6
3% Jan 4
5% pref series A
Newmont Mining Corp
11
*24
18% Sept
7% Sept
21% Sept
1477, Oct
10% Apr
87
Sept
17% Apr
24% Jan 24
171% Oct 15
19
Apr 1
99% Apr 17
20% Jan 3
16% Jan 8
13*8 Mar 12
18% Apr 17
116% Jan 3
36'4 Sept
5%May
48 May
4%May
8 May
4H% conv serial pref... 100
Newberry Co (J J)
No par
Dec
9%
8*4 Sept 23
Sept 25
10% Apr 15
7%May 21
270
-
2078 Nov
10
8% Oct 14
14 May 21
72 July 31
2,600
3%
62
Aug
132
42
*115
52
Nelsner Bros Ino
70% Dec
111% Nov
9% Jan
7% Aug
27
No par
44% Mar
14*4 Sept
14
152
4
Jan
43% Sept
5% Sept
148% Jan 29
No par
Nehl Corp
30
34
Aug
13%May 21
.—No par
1
Natomas Co
100
38
*37
;
3%
4
22% Apr 9
173% Jan 31
N# par
National Tea Co
4,700
200
i
105
June 19
25
National Supply (The) Pa.. 10
$2 conv preferred
40
LH % Prior preferred
100
6% prior preferred
100
36,000
%l
Mar 14
8% Nov 14
53
Apr 8
7% Feb 15
22% Jan 3
23% Oct 29
Jan
7%
37g Aug
111
June 19
132
National Steel Corp
24% 10,400
33%
400
222 I
300
111
•
260
17% 24,800
57%.
700
56%
500
19%
38,400
95 I
20
7%' 17,800
2334
*114
38
National Pow A Lt
10%
38|
*ht.
%|
25%
24%
29
*11%
1234
29%
3934
14%
14%
*121
12234
29%
39%
Bid andasked
7%
*114
*15
11%
4334
24%
8%
*152
7%
56%
19%
95
National Oil Products Co
N Y A Harlem RR Co
%
Oct
Jan
l4%May 22
100 rieo May 29
...100
Nat Mall A St'l Cast Co No par
58
%
%
ht
1778
Apr
June 10
60
19
30
Sept
Apr
Sept
30%May 21
800
7%
7%
7%
734
734
x7%
7%
18
18%
18%
18%
18%
1834
19%
11
11
11
10%
11
10%
11
11%
*103% 106
104% 104% *103% 106
*103% 106
5
5
5
5
5%
5%
5%
5%
17%
1734
17%
1734
18
17%
17%
18
143
143
*141% 143
*141% 143
*141% 143
52%
8
56%
19%
*93%
15%.
♦115
52
18%
56%
%
1
Co
$4.60 conv preferred-No par
National Lead Co
...10
Apr
Apr
9
7%June 6
6%May 21
Nat Enam A Stamping No par
Nat Gypsum
700
*54
17
No par
Oct
Apr
50
5%May 23
10
6% preferred
6
No par
500
|
No par
Nat Distillers Prod
13,200
7i2
18%
53%
♦115
18
31
38
3%
110
56%
15%
25
*51%
18%
57%
55%
19%
95
8%
110
31
3
44
*24
111
*37%
3%
*30%
*36%
12
44
%
18%
*11278 114
*36%
38
3%
3%
30%
30%
*15
15%
1778
**16
*56%
55%
18%
18%
104%
5%
*16
111
95
784
734
18%
11%
%
23%
24%
24%
34
34
*33%
34%
*220% 223% *221% 223%
1878
5634
56%
18
*16
38
23%
112
*93%
*16
*11
%
*16
58
ll%June
10484 Nov 15
104% Nov 15
3
May 28
.....100
100
7% Pref class A
7% pref class B
Nat Dept Stores
113% *110
*56
58
%
%
%
<19
33%
114
Gas Co—1
No par
Nat Dairy Products
New York Central
3,000
10%
11
*109% 112
113%
*109% 112
*110
9'4May 22
0
May 21
N Y Air Brake
79,900
6%
6
6
10%
*5%
15% Oct 25
400
18,200
23,400
47%
15%
6%
8
600
*47%
15%
10%
*25%
Nov
.100
10
Newport Industries
1
N'port News Ship A DryDock 1
$5 conv preferred
No par
"5",600
108
108
108% 109
48
16%
17%
*46%
15%
*108% 112
33%
300
44%
4534
*44% 4534
*44%
4534
111%
111% *106
*107% 111% *107% 111% *106
28%
29%
2834
2934
27%
28%
28%
29%
10
9%
9%
10%
9%
10
934
10
25
2434
25%
2584
25% 26
25%
26%
10%
2434
100
46
*44
114
*
9,700
9%
*79%
112
*11%
5%
5%
8*4
19%
884
*18%
1,700
1,400
1,260
80
834
19
12,100
49
*9
9%
200
7%
11%
48
7%
100
7% preferred A
21,100
4,900
734
71%
12% Sept 20
86
No par
6% preferred B
1,600
6
June 11
2% Sept
21
114*4 Sept
121
May
122% May
67*4 Oct
47
Sept
37% Mar
10%
4
9
30
June 10
l6%June
Jan
1% Sept
10
Apr 18
Mar 29
5% July 15
7% June 20
155
1
Sept
Apr
Aug
Sept
15*4 Mar 20
June 15
9
Jan
83
June 10
Ino-.l
Jan
2*8
40%
31%
22%
9%
5% Nov 14
56% Nov 14
3»4May 21
11
Nat Bond A Share Corp No par
Register
10
18% Apr
20% Jan
May 21
41
100
100
36
48
30% Feb
Jan
Mar
9*4
112
Oct 24
122
13% Jan 13
7% preferred
200
24%
7%
8%
*108
3%
*1484
*7%
17,000
70
11%
80
834
20%
172
36
7%
71%
44
9%
85%
300
147
37%
*36
10,500
23%
24
000
8%
1984
147
2334
23%
21%June 20
8% May 22
12
May 21
15 May 21
2%May 14
20 May 21
8%May 22
56
May 28
97%May 22
Nat Bond A Invest Co-No par
600
14
*170
148
7%
*9
8,100
169
71%
7%
484
5
7%
2134
85%
20%
19%
734
43%
1,000
7%
85
72
7%
IO84
43%
45
4%
1034
0%
148
37
43%
6%
8%
784
11%
1,000
*12%
7034
634
550
169
169
145% 145%
23%
10,400
9%
85
19%
19%
*168
14%
13%
2
4
54
Aug
1
3
Feb
1
5% pref series A..
10434 105%
104% 105
21%
884
Jan
45
Corp—......5
National Biscuit Co.......10
89
13
66
Nat Aviation
300
400
15%
21%
80
*434
23
12,000
169
*15%
21%
834
*84
43%
42
7%
21%
12%
*110
*140
9,700
169
31%May 21
33% May 21
Jan
July
0%
2% Aug
% July
% Dec
10% Apr
85*4 Apr
110
Sept
July 31
6% conv preferred.....—10
400
12
18%
18
12%
14%
14
114
5
9%
1134
105% 10534
105% 105%
6%
6%
7%
7%
112
17%
9%
*84
*110
*102
Nat Automotive Fibres
8%
*8
„
119
Nashv Chatt A St Louis... 100
National Cylinder
13%
12%
*108
.
1,800
020
2,000
7%
43
6
7%
18%
11%
National Acme Co
100
12
43
*11%
26
7%
2234
7,800
26
47
15%
16%
31%
*55%
7,800
14
169
*108
46
18%
25,200
22%
23%
19
10534 107
5634
8%
1534
|
May 23
113%May 27
preferred
100
Murray Corp of America.. 10
Myers (F A E) Bro
No par
Nash-Kelvlnator Corp......6
51%
534
1534
5%
% Jan
19% Jan
May
5%
12
9%
884
26%
%
200
114
147s
3
8
3
4
2
% Jan
Dec
85%
8*4 Aug
4*4 Jan
Sept
120% Nov
Sept
1134 NOV 15
1% Jan 2
119
Nov
Apr
30
6034 Nov 14
7
No par
No par
No par
preferred
Nat Cash
146
19
*%
74
$7
Munsingwear Ino
Murphy Co (G C).
3,500
20%
19»4
4%
80%
47
111%
29%
10
*834
400
""166
146
9%
6
1,080
13%
85
5
25
6,400
12%
15
21
21
18
l%May 22
%JuDe 27
%June 21
9%May 21
1
18%
*168
9
*44%
*107%
28%
5
Mull Ins Mfg Co class B
18
40
2% Sept
6
1
13
8%
85
20%
109
145% 145%
24%
24%
„
2,400
Corp...
Mueller Brass Co
Motor Wheel
"
*50
534
Jan 20
4% Apr 24
2%May
20 May
7%May
%May
Corp. .No par
Motor Products
z8%
8%
51%
110
95
No par
56
73%
June 20
44% Sept
103% Sept
110
2,800
18%
.
8%
84%
-
460
8
Montg Ward A Co. Inc.No par
Morrell (J) A Co
No par
Morris A Essex
60
13%
12
80%
100
1834
12
*18%
20
18,600
Apr
Apr
No par
$4.50 preferred
Preferred series B
20
Apr
18% Apr
54
81
Monsanto Chemical Co
Apr
6%
11%
101
20
10
Mohawk Carpet Mills
4,800
25
9
100
100
100
{Missouri Pacific RR
6% conv preferred
89
12
*4%
*87S
300
1,400
*110%
22%
1134
12%
12%
14
* 14%
arl3%
1334
1107
107
108% 109
10734 108% zl0634 10684
8%
*42
900
38% Nov 13
12% Apr 10
17%May 9
40% Apr 8
Dec
6% Jan
28% Jan
21% Sept
39% Jan
107g Sept
11% Sept
7
28%May
Aug
May
No par
7% preferred series A
2,100
434' .'
54
*11%
16
Mo-Kan-Texas RR
2,300
2%
*18
13
7%
190,000
%
%
2
14
Feb21
28
30%
July
122
No par
10
$6,50 preferred
3
23%May 21
103 May 24
33%May 21
No par
Mission Corp
*84
7%
21%
11%
42%
4,500
11*4
6
5
34% Mar
6% Jan
ll%May 21
4% conv pref series B...100
Minn Mollne Power Impt_..l
400
00
10*4
8%
83s
8%
9%
9%
9%
12
12%
12-%
18
18%
18%
*166% 160%
170
15%
15%
15%
13%
734
2134
7%
70%
290
5,800
19
*7%
21%
*35%
900
89
7%
2178
19%
48
May
9% Jan
0%May 21
8% cum 1st pref
100
Minn-Honeywell Regu.No par
*57%
75
15%
23
13
7%
21%
*168
Midland Steel Prod
400
*18
7
*81
600
119
*84
7
8%
7,600
24
Miami Copper
19
14
12%
13%
7
*12
6
...5
Mid-Continent Petroleum..10
Co—
Mesta Machine
89
*84
*18
12%
12%
9%
12%
18%
•160
170
*168%
15%
15% *15%
12%
18%
Day
109
Merch & M'n Trans C 0.N0 par
'
9%
15%
15
23%
8*2
Stock
170
*106
16
Nov
1,400
18,000
11*
106% 106%
4%
4%
5%
5%
Nov
63
1,300
21
48
12
*50
50%
5%
16%
5%
17%
17
10%
8%
73
1,470
25%
39%
56%
*110%
834
834
50%
6
534
6
684
8%
60%
8%
8%
*49
75
*110%
*110%
4%
July
397| Aug
28% Deo
ll%May
10
Aug
119
2%
12
56
2
24%May
2%May
14%
39%
55%
4%
55
12%
4%
0
May
(The)—......_1
6% conv 1st pref
50
14%
10%
%
2%
May
82
Mengel Co
37%
*73%
51%
*11%
12%
•74%
12%
75%
4%
51%
*11
51
12%
2%
%
85
1,700
14%
%
2%
2%
50
51
*74%
*110%
8%
%
5
6
24
22
22
13
22
64
4,300
1134
10%
10
14% Sept
Feb
53% Feb
No par
4%
%
*16
*16
*%
**16
*»u
%
*16
».«
%
%
*%
%
%
'u
15%
15%
15%
15%
14%
15%
1434
1434
82
82
82%
83%
83%
84%
83%
85%
115
115
*114% 115% *114% 115% *114% 115
*118
119
*118
119
118% 118% *117% 119
40
39%
40%
4034
39%
40%
40%
41%
38%
*36%
38% *37
36%
36%
*35%
37%
30
30%
30%
30%
30'4
3012
30%
30%
14
1334
1334
14
13%
14
1334
14%
18
1888
18
18%
18%
18%
18%
18*2
22%
23
23
23%
22%
23%
23%
23%
%
434
%
2%
*»j«
30%
13%
177g
22%
9%
%
2%
14
4%
60%
60%
9%
65
Aug
~~7~9o6
$6 preferred series A .No par
37%
10%
106% 106%
4%
4%
60%
0084
107
9%
10
%
2%
4
48%
4
65
54%
*9%
*%
107
3%
4
4
*52
48%
107
100
105% 106%
11834 119
Jan
6
90
29%
24
39%
39%
11884 11834
48
48%
39%
40
*39
88
3
6
100
$5.50 pref ser B w w.No par
Melville Shoe Corp....
1
*20
10% Oct
101% Nov
Apr 15
14%May
1
6% conv preferred
Mead Corp
4%
25%
19%
38%
10%
22%
20
4%
4%
6% Aug
4
107
McLellan Stores Co
68%
Highest
$ per share $ per share
May 21
May 31
7%May 28
1,100
80
Lowest
Highest
$ per share
share
per
Year 1939
100-Share Lots
Lowest
$
Par
29%
30%
484
4%
23%
22%
11%
14%
68%
43,1
4
9%
*73
*65
29%
4
4
80
*73
*65
2934
29%
30%
On Basis of
Week
Shares
68%
*66
30%
.' 37
Nov. 15
80
*73
75
*73
Previous
EXCHANGE
$ per share
$ per share
7%
734
734
734
*7%
8
734
104% *100
104%
104% *100
104% *100
1034
11
10
10%
10%
1034
10%
$ per share
*100
10478
9%
Nov. 12
7%
7\
7h
*100
NEW YORK STOCK
the
$ per share
Tuesday
Monday \
Nov. 11
Saturday
STOCKS
for
Friday
Thursday
Nov. 14
Wednesday
Nov. 13
1940
16,
Ran re for
Ranoe Since Jan. 1
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
Nov.
y Ex-rights,
7% Sept
77s Nov
Aug
2% Apr
11% June
25
3% June
9% Apr
27% Apr
1512 Sept
12*4 Mar
34*4 Mar
Apr
62
9% Apr
Apr
128
Sept
132
41
114
Nov
Oct
21% Sept
June
150% July
f Called for redemption.
Volume
AND
HIGH
Nov. 12
Nov. 13
I per share
$ per share
418
*6%
31*
16%
$ per share
$ per share
11
7
3'4
3312
22
<1
2is
1078
8i2
46i2
88i2
*2%
234
34
*14
*15
3334
22*4
33*8
1
1034
83s
*45*2
87*2
4678
88*2
278
*34
*13
22
*20*2
43
43
4278
*2
43
10
8
734
3514
734
367a
*43-%
53s
*234
23%
914
Closed—
9%
82*4
1478
Day
17712
33i2
1314
9i2
78
*»1«
6i8
14is
1418
45
59i4
117
11612
325g
33
11078 1107s
124l2
*123
*138
161
*160
>
*115i2 118
26%
818
*87
80i2
11%
2678
8%
87%
807g
1138
5*8
*7334
62
2%
37
*35
39*2
3*2
44
44
47*2
4412
35
64
17*2
17*2
17%
17%
17
17
9
9*4
"in
13,,
6*8
1334
*6*8
13%
13%
*1334
14%
44l2
14
43
58*4
58%
116*4 116*4
32*8
3234
11034 111
*123
124%
*122
87%
87%
88
88
*88
82
82
*10%
5%
11%
10%
5*2
80%
81
81
11
11*2
11
11*4
10%
*10
10%
11*8
9%
5%
5%
5%
5%
5%
*7334
62*4
2*2
95
63
2*2
*7334
*7334
62%
*2%
6284
2%
»7334
62%
2%
95
6234
2%
37*4
*34%
95
6234
2*2
3634
11%
10
5*2
95
*35
37
*35
36
20%
*20
21*4
*20
21%
2034
20S4
400
19%
28*4
18
1834
28
28
10,200
1,400
1,900
20%
62*4
2*2
15*8
26%
14%
*26*4
22*2
22%
*2i8
212
*2%
18
18%
17%
18%
27
27
27%
27%
1434
27
22%
2*2
3138
27%
2*2
27*2
*8%
934
*8*4
934
*8%
9
*8%
*834
*83j
10
912
5834
93t
5834
65
1%
23i8
1%
24%
9%
*2%
*27
*834
934
9%
*834
9%
9*2
*59
64
*49
64
*59
62*2
*59
13%
1234
13%
96,500
3,310
2,100
4,600
23*2
95*4
8934
13%
23*4
95%
89%
23%
97
91
13
13
1334
12%
111
*26
30
28
28
27
28
*105
112
*108
111
*108
112
13%
*92
71
71%
71%
14
14
1334
14
95*8
*90%
7034
14%
70
11%
95*8
11%
34%
60
*90%
11
1134
3434
8%
8%
*5%
1034
10%
1034
10%
35%
54
8%
634
34%
35*8
3434
11*2
34%
3434
53*4
53*4
8*s
53*4
8*4
53*4
8%
*53*4
8%
6*2
6*8
6*8
6
6%
534
5%
5%
534
6
I684
1634
15
47
34
8
5*2
17*4
14*8
*45*4
*%
39%
5%
173g
15
4678
78
41
8
*6*8
5l2
14%
17*4
15*2
46
46
17*4
*%
40%
'11
%
%
*2%
3*4
'it
3%
*4
*4
4314
43
110
37%
•
%
4034
*%
40
*%
**8
*2i2
110
383s
4284
5*2
43*4
10934 110*2
37%
38*2
Bid and asked prices; no
14%
*4534
sales
on
♦%
%
*2*2
*4
42*2
42%
10934 110%
38
38%
this day.
400
1,400
3ie
100
%
3*4
*4
5*2
42*2
42*2
10934 110
37%
38
1,300
14%
♦%
%
41
41
*%
%
*2*2
%
3*4
*4
5*2
42%
42%
10934 110
38*4
II,100
834
5*2
1,600
12,200
17%
47
%
%
90
17%
15
47%
%
41'4
17%
15
%
5,800
6
47
*%
"9",900
60
6
17*4
14%
*it
3*4
5*2
34*8
*53%
47
40*2
41
4,000
95*8
10%
*6
20
720
72%
1334
70%
14
95%' *90%
7034
35
*5314
300
30
111
*26%
3834
%
330
14,000
*2*2
{ In reoelverahlp.
a Del.
1,400
1,070
5,800
delivery,
27% Sept
43
30%
Nov
7%
684 Sept
1984 Sept
45
Sept
Apr
21
45% Oct
£9% Apr
Apr
13% Sept
40
Sept
17
Apr 25
25
Sept
Jan
6«4 Sept
10% Sept
684
Apr
28%
Apr
Apr
8% Mar
47% Sept
48% Aug
8% Nov 14
10% Feb
40*2 Jan
Jan 11
36
87% Oct 19
75
Jan
%Mar
97%May
734 Apr
74
% July
Sept
45
41*4 Jan
66
8
36
28% Apr 26
23
Apr
47
91
Aug
1% Sept
10312 Mar
7
Jan
25
Apr
35
July
31%
Apr
46*2 Sept
2
Aug
3% Sept
Jan
45*2 Mar
31% Sept
234 July
Nov 14
6% Feb
Feb
Oot
45
Apr
May
2
4% Jan
13% Apr
24
Aug
35% Mar
72
Oct 21
110
51
Sept
Apr
12
Sept
32% Sept
14% Sept
Jan 17
2%
7% Nov 14
35*8 Nov 15
9% Nov 7
12
4
Apr
Mar
83
May
60
Apr
95
Sept
158
Sept
175
Aug
Oct 26
16% Nov 15
164
~
178
Oct
8
8*8 Jan
May
June
May
2
46% Nov 15
11% Sept
16*2 Sept
4% Aug
6% Apr
22
Apr
11
Jan
4
151% July
142
Aug
Plymouth Oil Co
5
Pond Creek Pocahontas No par
No par
el A No par
%May 29
3
1*4 Mar 12
2234 Feb 9
17% Nov 8
12*4 Jan 4
2% Feb 27
pref .No par
1
434 Oct
6%May 21
6%May 21
Pittston Co (The)
{Porto Rio-Am Tob
100
7% pflOO
No par
Pressed Steel Car Co Ino
5% conv 1st pref
6
5% conv 2d pref....
60
Procter A Gamble
No par
30*4 Nov 15
...
100
31% Apr
101% Sept
129
Apr
143
Aug
May 22
165
2
147
Sept
166
June
118
111
Sept
117% Deo
41% Sept
II84 Sept
Apr
Jan
15% Feb
15% Feb
3
Apr
4
3
4
8
6
13
June
May 22
37%May
17% Apr
Apr
Nov
4
40
Jan 12
5)4 % conv preferred—.100
Reynolds Spring
1
Reynolds (R J) Tob class B. 10
75% Mar 28
6%May 21
7%May 21
70
June 26
39
May 27
8%May 21
16%
Apr
10
13% Feb
10*2 Jan
9
9
Apr
9%
Dec
14i2 Sept
17% Jan
75% Mar
6
60
Apr
4
7g July
24% Nov 9
105*4 Sept 19
12% Apr
43
Apr
Nov 14
42
Apr
91
14*4 Jan
30% Apr
113
Nov
June 10
% Oct 15
2
Jan 30
4
Jan
7
63
84
Sept
56
Sept
884 Nov 15
7*a Jan 3
Feb 27
12
22% Apr
4
Deo
11%
Jan
35
Sept
45
Jan
62
July
58
Jan
10*4
Jan
6%
Apr
934
6% May
10
Oct
17*2 Sept
Sept
34
15% Sept
Jan
15% Nov 12
Sept 20
9
84
Jan
3
27%
<8 Jan
2
% Jan
3
%
%
1%
3%
Apr
Apr
June
Aug
May
May
27%
82%
10%
Apr
Jan
Apr
1% Feb
42
5
May 10
May 21
May 21
111% Mar 28
17
May
21
38% Nov 13
z Ex-dlv.
Jan
Jan
Apr
87
48
96
84
1484
6%
4*4May 18
63
Mar 14
9
37% July
7% Junei
7884
8
3
Apr
Aug
8
Oct
% Apr 19
21% July
9%
11% Nov 14
May
Nov
3
9
15% Feb 201
96% Apr
75
Apr
Oct
Nov
2*4 Nov
28*2 Sept
9584 Deo
89% Oct
20% Jan
40% Jan
72% Nov 15
44
26
Dec
50
Jan
66
3*4 Aug 8
ll%May 28
1234 Oct 16
45% Oct 22
%May 15
3
Nov 12
May 22
5%May 22
Mar
Apr
June 10
434May 22
54
6%
52
No par
Sept
5% Sept
Dec
7
32
Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
July
2%
8
2
17% July 26
8
Deo
8% Nov
May 15
May 21
May 21
19
28*4 Deo
2284 Sept
2884 Oot
Dec
1
70%May 21
27
3
1
Republic Steel Corp...No par
60
16
Oct 31
Jan
43s Feb
55
Mar
69
prior pref ser A. 100
Revere Copper A Brass
6
Class A
.........—10
7% preferred
.....100
5 k% preferred
100
Reynolds Metals Co..-No par
23*2 Sept
23
69
14
Apr
6% June
12% June
10% Apr
20% Sept
16%
27
7
r Cash sale,
53%
8
29%May
May 28
Steel Corp_.l
preferred-No par
{Rutland RR 7% pref
100
St Joseph Lead
—10
{St Louis-Ban Franclsoo—100
6% preferred
100
{St Louis Southwestern... 100
5% preferred......
100
Safeway Stores
..No par
6% preferred
/.
100
Savage Arms Corp
No par
8*2 Jan
85% June
67% Jan
June 20
23
6
Ritter Dental
Aug
Apr
69
50
........—10
16
5
85% June
9
z37*4June
preferred—...100
Aug
Apr 16
90
RR Co..100
Reo Motors vto
81% Jan
18% July
11
7% Apr
0%May 21
8
Aug 5
10
1
90% Mar
70
36% July
6
Preferred with warrants. .26
Sept
63>4 Aug
1084 Jan
May
15%May 22
18%May 21
May 28
9%May 28
1934June 8
17 May 22
l>4May 21
24%May 23
-—100
n New stock,
6% Aug
ll%May
97%May
89
Sept
z22% Aug
32% Jan
June 12
24
Reis (Robt) A Co 1st pref. .100
Reliable Stores Corp. _. No par
$2 60 conv
Deo
112
Apr 15
48%May 21
2*4 Oct 8
34 June 19
100
Rustless Iron A
Sept
Apr 20
4%May 23
4% 1st pref erred......—50
4% 2d preferred....
50
Hosiery—
6
Richfield Oil Corp
49
66
119*4 Feb
41*4 Aug
114% Aug
128% Aug
Mar 29
9*2 8ept 19
Real Silk
Common
Apr
Mar
128
90
Raybestos Manhattan. No par
Rayonler Ino...
—
1
$2 preferred
.....26
Reading Company.....—60
6% conv
6 % conv
Apr
112
145
73%May 28
9
June 5
1
Co
Remington-Rand
18
60%
6
684 Oct 21
Ref Corp.. 10
Preferred
Sept
I684 Sept
June
84
of Amer—No par
15 preferred B
No par
$3.50 conv 1st pref-.No par
preferred.
Jan
"16%
114% Oot 14
l6%May 21
Radio Corp
conv
Aug
143
.100
Radio-Keith-Orpheum
Sept
2%
726
5% conv preferred......100
Purity Bakeries
No par
Quaker State Oil
May 21
17
16% Sept
6% Sept
3
43*2 Apr
110% May 22
100
100
100
pf 15-No par
—No par
No par
preferred
6"
8
115% Jan 11
112%May 22
Sept
~
45% Nov 8
71*4 Apr 16
118% Jan 2
June
'29). 100
5
8
Deo
2% Sept
24
% Aug
July
8
1^9
% Apr
17% Sept
6% Apr
7*2 Aug
14% Jan
1434 Jan
May 21
5
63
No par
preferred
7% preferred..
8% preferred
6%
21
J—No par
5% pf (ser of Feb 1
Pub Serv Corp of N
Rensselaer A Sara
62*2
91
1%
1378
295s
300
15
151% July 3
% Feb 14
15 May 28
12% Jan 13
6%May 21
100
100
pf.100
Reliance Mfg
"2", 900
9%
23*2
96%
1%
1278
8%
9%
91
1%
94
50
""166
13",600
1%
89*4
700
1%
1%
22%
300
200
1%
22*2
9534
1%
89
1,500
59
59
24%
94
95%
9%
5934
89
*92
9
*8%
8%
31%
*59
23%
93*2
14
9
2%
5934
89
1,500
26*2
22%
2%
31%
*58
94
"
14%
26*4
22*4
59
94
71
14%
9;
14%
27
22%
2%
30*4
59
89
111
9
10
9%
31%
200
22,000
Deo
25% Nov 15
2l34May
._
Pittsburgh A West Va
6%
15
15
*26*4
*22*4
*2%
30*4
*8*4
*8%
*834
9%
*7
*8*2
9
10
18*4
27%
*10
17
Oct
Pure Oil (The)
300
11*4 Sept
Sept
Pullman Ino
2,700
2,300
Mar
5
16% Jan
6
15~l66
82*2
33
8
23,900
90
81
2*2 Aug
17*2 Aug
4
16% Apr
Pub Ser El A Gas
81
5% Sept
Feb 17
4234Nov 14
May 21
6%
190
484 Sept
Apr
7
$5 preferred
300
94*4 Aug
'4
Oct
100
141
141
140% 140% *136% 142
158
159*4
160
160
161
161
*159% 161
*115*2 117% *115*2 117*8 *115% 117% *115% 117%
26%
27
2634
27*2
26*4
2634
26*8
26%
9
8
8*4
8%
8%
8*2
Apr
8
40*2 Sept
20% Sept
800
140%
Apr
74
8
Feb
26*2
11,100
124
48
11*4 Mar
6912 Deo
48*2
3034
30*4
*122
124
Deo
June
110% 110*8
31%
31
2:11034 11034
123
140
117
117
112
5,300
x5%
2%
18
Postal Teleg'b Ino
59*2
13% July
12% Aug
I,300
13,500
5834
Apr
Nov 15
6*8
100
Aug
4%May
5
May
l6%May 22
Poor A Co class B
300
Apr
1*4
5*4
Nov 15
2,000
4,000
13%
13%
11%
12% Mar 4
lOWay 13
62*2 Jan 5
67
2,500
42%
Sept
233s Nov 7
2% Mar 12
37
8*2
34
21
Jan
May 21
18%
1734
200
Sept
May 21
8%
34
13*4
13%
116
116
"2,165
47
10
ser conv pr
Pit Youngs Asht Ry
*41
59%
59*2
32%
31%
15
70%
44
123
22
111
*42
112
26%
*2612
*13%
5834
5912
11534 116
1,450
1*4
Apr
4% Sept
19
6^ % 1st
6%
.
14
13%
*13%
*42
13*4
*16*4
6*4
1334
14
43
6*8
460
18*2
"1,
6*4
7% pref class B
5% pref class A
2,130
36
2% Nov 12
44*2 Apr 9
4% Jan
167
No par
37
26
13% Nov
100
Pittsburgh Steel Co
67
14% Sept
1% Apr
90%May
154
No par
*155
18*4
17%
No par
410
46%
6
6*4May
64%May
Pittsburgh Forglngs Co
1
Pitts Ft Wayne A C Ry Co. 100
Pitts Screw A Bolt
36
1
17%
17%
8%
1434
267s
2212
*59
46
Jan
Feb
18
6
16
Pitts Coke A Iron Corp No par
S5 conv preferred
Jan
13%
May
May
35 May
107*2 Feb
3%May
100
preferred
8,700
3,500
734
10%
13
6%
107*2
7% Sept
72
22
100
Pittsburgh Coal of Pa
7% guar preferred
178
7*2
10%
%
»i»
50
13,900
66
..
'8
9*2
2,000
1,500
85%
16%
*176
1334
13%
%
1414
*255s
2212
*27
16
6
*155
*155
265s
17I4
65
%
2078
18
273s
2058
10*2
3534
1334
13%
14*4
155
6
*81
8
10*2
46
36*2
45*2
65
"7",000
Jan
Sept
7
36
100
Co
Jan
Feb
14%
8
27%May 22
2% May 24
Pillsbury Flour Mills
26
Pirelli Co of Italy "Am shares"
60%
104
Nov
Oct 23
June
Sept
10% Nov
95
May 21
3% May 18
Jan 10
100
Preferred
Sept
6% Sept
30
preferred
Pitt C C A St L RR
7
35%
8%
634
33*2
834
178
734
36
20
135
*155
177*2 *176
36
9*4
300
71
*66*4
*
*155
*176
I07s
*17
23%
*23
600
$6
Sept
92
8
*4 Mar 20
No par
Phila A Reading C A I.No par
Philip Morris A Co Ltd
10
Phillips Jones Corp
No par
7% preferred
100
Plllhlps Petroleum
No par
Phoenix Hosiery.........—5
100
16%
1534
1534
46
7*4
34
8%
85*4
*81
85*4
14%
45%
71
8%
834
834
*81
39%
4%
135
634
3134
30
12,200
39*4
4*8
23%
*
65s
6%
29*2
50
334
*66*4
71
135
500
5*2
47%
23%
2334
2334
*66*4
*
65
49
*35
5*2
95
62
2%
3834
3*2
39
2,400
80
*10*8
11
*10
534
45
44
133s
80
*5%
*4534
80
5%
300
7i#
*%
7ie
45
10*2
*138
141
84
7%
10%
45
17
17%
84
*3
*34
17
17
*16U
93s
84
80
934 Nov
2
Apr
35
45*2 Apr
5
Oct 31
102
21
23
21
21
21
22
22
28
21
Deo
884 Sept
June
%
2
68
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...60
600
Jan
6%May 18
25%June 10
37*4May 26
70 June 11
Pfeiffer Brewing Co ...No par
20,900
79*8
734
10*4
*
1
400
38%
43*4
84
34*2
1334
*34
734
37*4
43%
734
51
38*4
8*8
64
*155
*7%
44
55s
*5*4
5
Petroleum Corp of Amer
38%
734
37
81
80
No par
Pet Milk Co
*43
*3g
*44
14,800
8%
8%
8%
8*4
44
*63i2
22
*155
8
44
11
*20
3g
178
*176
8is
105s
45%
35
7%
IOI4
59
100
8234
*155
*155
14i8
22
658
31*4
9*2
82*4
15*4
65s
Armistice
15%
1378
740
*20
77s
135
29*2
9'4
83
14%
*43%
450
27
68
*
6%
31
6i2
3034
6
43%
27
2334
68
Exchange
70
135
*176
43
2 734
43%
*235s
2312
*67
*——
*10
42%
27
3
42
Stock
""566
11
42%
39*8
3
3%
45
4134
*2
11%
49
3834
393s
38l2
*41
41%
27*2
20*4
8*4
77s
3678
43%
8234
83
*42
44
"MOO
*21%
2*2
60
Peoples Drug Stores Ino
5
Peoples GL4C C(Chio)._100
{Peoria A Eastern Ry Co.. 100
Pere Marquette Ry Co
100
5% prior preferred
100
6% preferred
100
RR
Pennsylvania
19%
5
22
21
25
22
18
23
May 22
l%June13
6%May 21
17% May 22
ll%May 21
15 May 22
6%May 28
Penn G1 Sand Corp v t c No par
43",700
9% Sept
June 12
1
l%May
11% May
9%June
15 May
15 May
$7 conv pref ser A...No par
25%
22
4*4
6% Deo
4
4
l%May 22
No par
Penn-Dixie Cement
7,000
3,200
15%
25%
42*2
*2
300
234
3%
40
Apr
5*4June 26
10
Penn Coal A Coke Corp
43*2
80*2
5*2
80
44
71
3934
42
43%
80*4
5*2
80
No par
*13
*2134
26*2
3s
\ 53s
44
Penney (J C) Co
3*2
4234
3534
38
No par
3,000
*42
44
82%
Penlck A Ford-.
88*4
234
2534
22
8*8
'it
*%
800
8734
15*8
20*4
8412
*83
Patino Mines A Enterprises .10
*10*4
778
3678
36*8
*43
44
3,900
3%
25%
1
1034
8%
46*4
6,000
8*4
46*4
3
3%
2.50
Pathe Film Corp
10%
10%
8%
4634
88
2*2
8%
8*8
77s
8%
Parmelee Transporta'n.No par
2*2
1034
22
*20
22
*20
Parker Rust Proof Co
600
4234
*2
4334
2778
26*2
31% July
l3%May
%May
5%May
400
*234
22
No par
Parke Davis & Co
2,700
41
42l2
l%May
1%
*13
*20*2
2*2
11*2
1
33%
21%
10%
253s
2434
Park Utah Consol Mines
ll", 900
*1
33
1538
34i2
25*4
22
43
2%
234
3*8
38*4
*13
17%
2*2
*15
*21
87«4
278
1
33%
22
8*2
46*2
212
234
278
3434
1534
*2*4
1034
4314
27
87*4
Park A Tilford Ino
1
1*8
8734
*45
100
10
3,500
2'2
8*2
4678
8*2
85s
6% 1st preferred
6% 2d preferred
4%May
64 May
6%May
15 May
1,600
10
17%
100
3
Deo
Jan
Jan
7%
11%
10
26% June 11
99
Sept 13
No par
4% conv preferred
Paramount Pictures Ino
24", 500
9*8
94
10
*1
11
1034
1078
Paraffine Co Inc
10%
33*8
*215s
1*8
100
94
2%
3358
22*4
1
*38
share
per
4% Mar 11
25*4 Apr 4
May 21
6% Jan 16
%May 22
1
Panhandle Prod A Ref
I
Deo
8*4 Jan
12
5
Pan-Amer Petrol <fc Trans p.. 5
900
94%
*15
1
22*4
84
No par
share
per
7
7% Jan
2%June 10
5*2 Oct 18
2%May 15
10
Pacific Western Oil Corp
,
%
3934
104«2
..
38
10
17*8
9
*».«
104*2 *102
8%
9*4
94
1038
10
17
9
5>i
9
93s
94
238
*2034
265s
9
94
2434
4314
Pan Amer Airways Corp
11
25s
25
*103s
21,300
100
18*8
*9
25g
2%
1734
334
17*2
17*8
245s
*2
Packard Motor Car
378
3338
234
234
3434
15is
29,500
10*2
22*4
834
46%
900
334
18*8
238
8834
734
3%
334
1678
9%
9412
1038
*15
11
7
37s
%
%
H
38
38% *3634 38*2
1055s *102
1055s *1C2
9*8
94'4
103s
22
1
*15
7
*8*2
378
*102
934
9414
103s
17is
212
335s
678
Highest
Lowest
per share
$
share
per
Pacific Tin Consol'd Corp_..l
17,600
4%
$
Par
4%
4
7
*6*2
17
934
*36%
3934
1055s
9i2
9414
IOI4
7
58
%
*%
*37
♦102
Shares
rear 1939
Lots
Highest
Lowest
4*8
4*4
4
4%
4*8
*6*4
334
16%
*8*2
17i8
*9
the
On Basis of 100-Share
Week
$ per share
$ per share
4%
EXCHANGE
Friday
Nov. 11
Nov. 9
Wednesday
,
Range jot Precious
Range Since Jan. 1
STOCKS
NEW YORK STOCK
Nov. 15
Thursday
Nov. 14
Tuesday
Monday
Saturday
1
NOT PER CENT
SHARE,
SALE PRICES—PER
Sales
for
LOW
2905
New York Stock Record—Continued—Page 8
151
y Ex-rights.
2% Nov
49*2 Sept
7t Sept
2
Jan
6
,
Sept
6% Sept
51*4 Nov
109
Aug
23
Sept
1 Called for redemption.
New York Stock Record—Continued—Page 9
2906
Nov.
Tuesday
9
Nov. 11
Nov
S
share
ver
$ per share
.
11
m
*107% 109
*10758 109
11
IU4
79%
80%
34
*3%
hi
%
"1«
*4
14%
14%
2%
14*8
14%
212
78l2
2*8
79%
*2%
79%
80
12
12%
12
12%
xl2
15%
*7234
•;
1014
1584
73%
4%
414
5%
*10%
1078
6%
20*8
*1*4
20%
30%
30%
2
2%
793g
4%
54
38
10%
10%
10%
106
106
6
6
*106
20%
*184
2034
31
6%
20%
2
21%
2134
2134
115
116
114
112
112
*112
11134 112
20%
20%
2034
10
10%
*934
10%
1034
*16%
9
9%
9%
21
21%
20%
10%
*9*4
10%
16%
16
16
9%
9%
2%
2%
13%
13%
20% 20%
*132% 140
9%
9%
2% ■'J'.'Lv.V
13%
2%
*13
20%
20%
*132i2 140
28%
9*8
28*4
27%
934
9%
13*4
2234
14%
2%
5%
2*8
5
*21U
42*4
4334
35
*55
21*4
35
*19%
Exchange
43
Closed—
*00%
7%
34%
*5612
57%
7%
7%
55
34
Armistice
56
34
Day
4
57%
7%
34%
4
3%
24%
2%
*20
21
"
42%
43%
34%
*56%
7%
35%
55
No par
Sears Roebuck A Co—No par
61%May 21
Servel Inc
1
8%June io
163b Jan 11
1534
2,100
Sbaron Steel Corp
No par
73%
4%
400
4,000
10l2 Nov
73i2 NOV 15
5J4 Jan 11
52%
5%
100
$3.60 conv pref ser A .No par
1,400
37%
00
Sbattuck (Frank G)_—No par
Sbeaffer (W A) Pen Co .No par
1034
4,900
8i2May21
fili4 Aug 1
3
May 21
4012 Aug 10
4»4May 21
34
May 29
7% June 0
57%
7%
55%
34%
3334
634
6%
109% 109%
1%
1%
4
3%
*14%
153s
17
16%
20
19%
27%
27%
36%
35%
20%
2
*•«»
*112
38,100
2,300
57,200
South Am Gold A Platinum—1
1,600
So Porto Rico Sugar-—No par
2
13%
20%
20
*135
150
14%
23g
:'m
2%
*5
*19
42%
43
7,100
35%
2,600
57%
7%
55
55%
54
55
33%
34
32%
33%
7%
634
6%
6%
6%
111
109% 109% *108
1%
1%
1%
1%
3%
3%
334
334
*14
15% *14
15%
16% 16'%
16%
16%
zl9% 20'%
19% 20%
x'27
27
273«
27%
36
37
37
37
37
36%
37
05i2
06
65
g0334
64
3634
36%
37%
6434
64*4
63%
8 ig
8%
8%
884
8%
8%
83S
8%
434
4%
8%
4% "-.4'*4
484
5
5
5
5
8
7%
884
8
7%
8
7%
9U
9%
1*8
18*4
1%
19%
1734
*2334
1%
18
17i2
24%
*2334
*4%
5%
:)
71$
17
24%
23%
*434
22%
2334
23%
*4%
2238
£19%
7%
0%
19%
1%
17%
23%
19%
134
1634
*23%
5
8%
7
7
*4%
*3234
36*4
6I4
6%
3%
6
>
3034
0%
7%
3%
36t2
6%
5%
*39
8%
*9*4
41%
*934
4%
8%
10%
*7i2
41%
*2%
*35%
2%
37%
2%
37%
4%
3312
35
*4%
4;%
3412
4%
34%
■'
5%
■
,
:
5
*4%
35
1%
18
5
34
4*8
1%
18
10
5%
35
*3%
7*4
38%
3%
36%
39%
10%
29
29%
18*8
9%
91%
29%
50*4
51%
50%
*91
19%
1%
17%
734
39
1%
18%
17
1%
20%
334
92
384
3%
6
8%
10%
41%
4
41
5%
34
5%
43.1
35
1%
18%
10
*458
5
*9*8
434
6%
17
*1*4
*16
8*4
2
*8%
9%
9%
42
*37%
5%
33%
41
5
*4%
1%
*17
9%
33%
538
5
*4%
34%
1%
29
4934
29%
5134
9%
2%
70
434
5%
9%
2%
*73%
1
19%
9
39%
3%
3634
6%
5
9
93g
334
34
5%
434
34%
1%
19%
19%
23g
2%
*73%
9%
2%
76
1684
16%
16%
*1%
2
2
19%
*134
19%
8%
34%
33%
34
13%
74%
14%
74
75%
75
75%
13%
74%
115
*114
115
834
*114
*39
*234
41
14%
75
5%
9
23
9%
*114
115
32,600
Studebaker
10,300
75
115
334
8%
39%
3%
33%
4%
*4%
34
52
5%
8%
2%
73%
4%
*9%
4%
33%
4%
434
34%
1%
19%
10%
94%
29%
52%
5%
19%
8%
2%
73%
5%
9%
35
13%
74%
*82%
83
83
83
14
19
14
14
zl3%
1334
54%
54%
20
20
19%
14
46
19%
1334
18%
13%
53%
19%
1%
3134
53%
*19%
53
53
53
54
20%
*19%
20
1%
1*4
1%
1%
134
32*4
33*8
3234
32%
33%
*19%
1%
32%
20
1*4
•
Bid and asked
Tioesmo sales
54
33
on
this day.
♦
I84
32%
In receivership,
800
a
14%
27%
46%
1834
13%
53%
19%
134
3234
10
pref
conv
1
100
No par
No par
No par
$4.60
conv
June 10
May 18
2i4May 22
97gMay 25
12i8May21
1014 Oct 10
2034May 28
297gJune 1
23 May 21
66
May 21
4%May 15
418 May 20
6
May 21
5%May 21
4034 Aug 6
118i2May 29
7i8May 15
12i2May 21
U8 Oct 4
918 May 22
20 May 21
3
May 22
*17%May 29
105s Aug 20
4»4May 21
334May 22
4i8May 21
28i2May 20
3
May 22
4i4May 14
33
May 26
2i2May 21
2078May 23
53s Oct 23
30i2June 27
2% June 11
June 19
May 15
10
20
June
5
234 Feb
5
4
2
Jan
2684May 28
1
May 18
8
May 21
8%May 28
81
May 28
18
May 21
35i8May 21
4i4May 21
5,700
Transcont'l A West Air Inc..5
Transue A Williams St'l No par
Trl-Contlnental Corp_.No par
l0i4May21
$0 preferred
Truax-Traer Corp
64
3,000
6,700
1,400
25,700
15,900
10
20th Cen Fox Film
$1 60 preferred
4i2May 22
li4May 22
Aug
5
No par
318 May 21
10
0i4May 22
Truscon Steel Co
CorpNo par
5
May 21
Nopar
14
May 22
City Rapid Tran_No
par
preferred
100
Twin Coach Co
1
Under Elliott Fisher Co No par
Union Bag A Paper
No par
Union Carbide A Carb.No par
Union El Co of Mo$6 pf No par
Union Oil of California
25
Union Pacific RIt Co
100
Oct 29
2i2Mar 11
105s Jan
3034May 10
162i2 Apr 23
li8May 22
l378May 22
0i4May 23
21i2June 10
9i4May 21
697sJune 10
105
May 27
700
900
1.500
Feb
00i2 Apr
40% Apr 10
0
25s Jan
7i2 Jan
900
$3
6,300
n
preferred
New stock,
r
No par
Cash sale.
tTx-dlv.
v
Sept
14
Apr
Apr
Mar
60
1412
Apr
Apr
Nov 12
80«4 Jan 3
878 Feb 15
8U Apr 2
125s Jan 5
125s Feb 21
4
124i2Sept 17
1078 Jan 20
27% Jan 5
212 Jan 3
1814NOV 8
35% Feb 28
26
22
26
3
3
11
Mar
6
55$ Mar
5
812NOV 14
475g Apr 4
4l4 Apr 4
Nov 13
8
4
8
8
63
Mar 21
4
Feb 16
3U Sept
185s July
35*8 Sept
143
Dec
2914 Dec
215g Jan
23U
Jan
36*8 Nov
43*4 Sept
3*g Jan
9i2 Sept
70i4 Nov
Apr
Apr
2212 Dec
617g Sept
34% Dec
57*4 Dec
1812 Apr
63s Dec
94
Oct
Dec
63
Dec
10i2 Mar
75i2 Mar
34 5g Dec
7U
108
Jau
June
6I4
Jan
Apr
10*8
Jan
Apr
207g Oct
25*8 Oct
3358 Sept
30
Sept
Aug
63% Sept
20U
Apr
36
Sept
65
Apr
80
Dec
0i2 Aug
35a
Apr
8%
Apr
518
Apr
10
Oct
45*4 Sept
118i2 Sept
66
Jnn
75s
10
7iz Apr
8
Jan 27
May
0
May 10
2978Nov 8
5212Nov 15
Mar 14
217S Apr
4
9%Nov
2s4 Jan
9
4
Apr
22*4 Sept
57fi Sept
17
128i2 June
11*4 July
3812
Jan
3% Sept
2212 Jan
30i2 Mar
105g Jan
Apr
25U Sept
24*4 June
37i2 Sept
12*8 Sept
9i2 Sept
4% Aug
83s Aug
478 Aug
3314
Oct
35s Aug
4
Apr
3212 Aug
314 Aug
26
Sept
7
Aug
7i2
43i2
014
918
50*4
6*4
38i2
Mar
July
Mar
Sept
Sept
Jan
Sept
11*8 Sept
5*4 Nov
9
Jan
8i2 Sept
2212
Jan
1512 Dec
24
Oct
Dec
01
Oct
48
314 Dec
14
534 Apr 22
38i4 Apr 16
2% Jan 4
Apr
19U Sept
1*4 Aug
35
9
Jan
7*4 Sept
Jan
30
Nov
12%
17*8
42iz Feb 16
634Mar 8
7
Sept
15ig Sept
38
4612 Jan
97
17i4 Mar
24
Sept
135s Apr
24U Sept
22*4 Aug
2%
Sept
41
Oct
Apr
6
Nov
Apr
33
Nov
1% Jan
2*4 Sept
17
Apr
112 July
7i2 Apr
9i2 Aug
83
10*4
3414
5
0i4
5t|
Oct
37g
Oct
4*4 Nov
3314 Nov
3*4 Jan
1814 Dec
1414 Mar
Sept
90
Feb
Apr
25
Dec
64i4
Jan
Apr
Sept
Apr
818 Sept
1278 Dec
10 7g
6ig
Apr
2
Mar
82i2Mar
74
Apr
10i8 Apr 24
13i4 Jan 4
25i4 Jan 23
6
Apr
1414 Sept
118s
Dec
2614
Jan
19*4 Sept
3414
Jan
7
53a Apr 15
3i4 Apr
4
30
Apr 4
13i4Mar 14
45
Feb 19
18*4 Apr 22
883s Jan 4
110%May 2
17i2 Jan 8
Nov
Unlted-Carr Fast Cor p. No par
United Corporation
No par
200
25,100
13
127
4*4
10
1812 Jan
2284 Jan
20ig Jan
14
l2i2May 28
4212 May 23
12
May 24
l%May 29
20i2June 11
Sept
2
110i8 Oct 24
2234 Jan 21
No par
No par
21
r
12% Apr
10U Aug
1% Sept
Apr
89% Feb 10
10
July 13
297gMay 11
533s Apr 16
23a4 Apr 4
18
Apr 17
855sMay 2
2018 Nov 1
27S Apr 4
United Biscuit Co
United Carbon Co
Apr
11*8
814 Aug
June 10
3
Dec
36
70
May 21
Sept
Apr
12
Jan
127
11
23
Oct
112
4*4
IDs Jan
37
Jau
3U June
Jan
42
40
Nov
87g Sept
32*4
Apr
67i2 Apr
7is Mar
247g Apr
3214 Jan
95s Jan
7%May
0
Apr
Oct
11*4 Feb
38i2 Aug
17U Sept
70
1% Aug
Jan
057sMay
64
2812
2912
38'4 Apr
37
77g Sept
,
16% Apr
15% Aug
May
May 14
23s4 Apr 11
29
Jan
Jan
Sept
1077g
34
Jan
98
12
97* Aug
39
778 Apr
183g
21*4
9812 Aug
4*4 Apr
1712 Apr
2i4 Dec
Jan
May 25
7
Jan
Apr
May 21
31% July
June
1U8 Apr
15i2 Apr
12
No par
28
10%
71
United Aircraft Corp_.--.-_5
Un Air Lines Transport
5
33,300
17,600
1,200
37g May
0i2 Dec
Sept
72
Dec
1538 Jan
20i2 Jan
3478 Jan
Union Tank Car
3,600
51
23%
7
1
3>8 Sept
24*g sept
3% Jan
8578 Nov
Apr
30i2May
3
117 U May
1% June
60% Apr
11% Apr
10% Apr
9
4% preferred...
100
Union Prem. Food Stores,Inc. 1
4,100
Def. delivery,
No par
Sept
101
11% Jan
2434 Feb
12i2 Jan
18i2 Jan
May 21
Tlmken Roller Bearing.No par
Transamerica Corp
2
100
22
334 July 11
5
May 22
Timken Detroit Axle.-
600
23<4May 10
Apr ~
8
4,700
5,300
Nov 12
8% Jan
058 Jan
12i2 Jan
3
10
Jan
2% Apr 29
31
47
30
pref.-.—No par
24
33
1
$3.60 cum preferred.No par
Tide Water Associated Oil..10
108% Feb
058 NOV
72
100
—
40i2 Feb 13
I3ig Jan
60% Oct 14
14%May 29
9,500
3,000
115
8134
No par
100
Thompson (J R)
25
Thompson Prods Inc.-No par
Thompson Starrett Co.No par
7%
14
18%
100
2,100
2,800
2,100
10,400
300
81%
19
4,000
Twin
14%
x27%
5
25
$3 dlv conv preferred
Third Avenue Ry
100
14
18*4
840
600
47
6
Preferred
134
81%
14%
27%
9
60
Mfg
Thermoid Co
1634
23
l3i4May21
17i2Nov 6
li2May 21
3»4June 12
^
134
2234
14
%
30
5,500
$3.60
1634
*114
-
The Fair
100
9
.1
Texas Pacific Coal A Oil
4,600
34%
13%
72%
25
Tennessee Corp
Texas Corp (The)
6%
81%
-
Sutherland Paper Co
10
Sweets Co of Amer (The)—.50
11%
6
13%
84%
27%
46%
18%
13%
9,800
18,200
100
13%
83%
14
mm,'1
100
13%
27%
ei
4
84
463s
mm
-
41
13%
27%
45%
I884
*13%
~
Texas Pacific Land Trust
Texas A Pacific Ry Co
83
47
'wU
-
Thatcher
13%
2738
•
700
84%
45
m
200
13%
27%
—
8%
9%
83
27%
Superheater Co (The)—No par
Superior Oil Corp
1
Superior Steel Corp—.—100
Texas Gulf Produc'g Co No par
13%
44%
.—100
Sunshine Mining Co.—--10c
Texas Gulf Sulphur
86
43
preferred
pari
5,000
1384
*2634
1
No
6,100
1,100
3,500
84%
1
500
8%
Corp (The)
6%
4%
37
13%
83
No par
Sun Oil Co
84
14
Stone A Webster
9
13*4
*82%
8.400
53%
124%
9%
20%
134
83*8
"
1
41
4%
19%
5
20%
9%
1634
34
4%
8%
*9%
29
2
8%
8%
38%
3%
16%
13%
*3%
6%
*1%
34%
*4%
3234
36%
6%
884
Stokely Bros A Co Inc
6
Talcott Inc (James)
5*4% partlc pref
Telautograph Corp
11%
*34%
1338
10
100
334
8%
63s
1334
Sterling Products Inc.
Stewart-Warner Corp
Without warrants
*9%
34*4
25
700
6%
13
No par
Standard Oil of Indiana
6%
5%
3234
11%
*18
No par
6%
6%
5%
3234
6%
19%
No par
Symington-Gould Corp w w.l
434
*9%
*16
$6 cum prior pref
2,800
29%
51%
5
1
preferred
7%
94
434
$4.60
3,800
16%
2434
084May 21
8
May 21
1
Square D Co
Standard Brands
3,700
8,100
2,000
3,600
2,200
May 28
23i4May 22
Standard Gas A El Co -No par
$4 preferred
No par
No par
Standard Oil of New Jersey.25
Starrett Co (The) L S—No par
110
'22
May
Aug: 13
98
Conv $4.60 pref
39,000
2,200
10
No par
.2
$7 cum prior pref
Standard Oil of Calif
600
10
128
No par
Spiegel Inc
1,500
20,800
17,100
36%
6334
8%
5%
7%
718 May'21
1% July 1
May 21
19
May 21
45%May 28
4%May 22
40
May 22
20%May 23
5
May 21
*7%
6%
10
Spencer Kellogg A Sons No par
Sperry Corp (The) vtc—
1
Splcer Mfg Co
No par
$3 conv pref A
No par
8
6%
10
V
No par
Swift International Ltd
9434
*834
1
preferred
5,500
29%
52%
5%
76
$6.60
19
1%
1834
10%
5%
200
No par
Spear A Co..
19
94
51
2,600
Sparks Wlthlngton
Swift A Co
20
9%
400
100
4,900
10%
934
29%
19
1%
18
18
200
preferred
5%
5
5
434
35%
2,900
11,600
No par
22%
40%
33%
560
Ry
*4%
*38
5
7,100
Southern
22%
42
5%
26
5
*4038
*234
4
92
*34%
115
S34
38
100
22%
19%
16%
10%
6%
17
4%
*39%
*234
35
*3%
8%
38%
£3%
36%
6%
4%
6%
92
5%
9
3%
37
91%
18%
2%
3%
36%
6%
4%
8%
9%
*5
32%
334
8%
5%
*72
35
38%
18%
9%
2%
6%
5%
8
5%
83
8
38
18%
9*8
5
22%
20%
8%
5i2
2%
19%
7%
6%
*4%
*3234
*3%
1%
39%
18%
*71
124%
18%
22%
20%
5%
53
9%
*4%
22%
35
124% 124%
8%
:
938
6%
*3%
9%
53%
93s
8
*3314
8%
50%
938
20
078
9
*63%
8%
9%
18%
1%
22
2178
19%
778
*5
9%
19%
19
9%
100
21
34%
57%
30
50%
124%
-
*56%
7%
30
19%
50%
500
433g
36%
*123
2,800
22
105
43
Apr
120
'21
May
8% preferred-...—:
Southern Calif Edison.
6
114%May
June110
Jan
July
76s Mar 13
r
May 22
5
S'eastern Greyhound Lines..6
50
Apr
May'24
15
Mobile A Ohio stk tr ctfs 100
5%
4
1012
52 ig
15% Aug
27s Nov 14
07
10%May
200
24
12i4June
Jan
105
Snider Packing Cor p. -.No par
So cony Vacuum Oil Co Inc. 15
Southern Pacific Co...No par
28%
2%
95%June 14
3%May 22
12%May'23
r
l%May 31
17%May'24
Smith (A O) Corp-.10
Smith & Cor Type v t c-No par|
29,400
15,000
19,000
*55
—
21
2734
tV'
3,000
28%
9%
23%
28%
5
20
150
1334
29
'
134
13%
20%
27%
9%
934
19%
9
—No par
9%
10
27
51%
preferred
$6
700
35%
123
Sloss Sheffield feteel & Iron. 100
400
36%
8%
15
Skelly Oil Co
1,300
20%
27%
50%
80
10
36
123
260
16%
197g
2714
8%
2,500
«¥*
21
17
51*4
*
16%
934
1%
13%
15
124%
'mi
10
Petroleum
*9
15
8%
Slmms
20%
17
507g
Slmonds Saw & Steel—.No par
10%
15*4
*123
700
2
31
10
17%
8%
5,100
21
15*4
1714
8
20%
42%
35%
*56%
7%
13584
preferred--100
Silver King Coalition Mines. _6
Simmons Co
No par
22
22%
115% 115%
22%
118
conv
4,800
*1%
*30
6M%
16
Oil
Sbell Union
6%
6
31
5
21
100
No par
Jan
Apr
% Aug
Seagrave Corp
%
1
Apr
3*4
44% Sept
1
1,000
Sharpe A Dobme
177s Mar
701* Aug
Jan
3,200
*100% 109
20%
*2%
*55
88
%
8,800
$5 conv preferred.—No par
Aug
Sept
1% Jan
12
6%
14%
24%
5%
20
10%
11%
109
14%
23%
110l2 Oct 10
%May 16
100
37
28%
*2 53s
30
101% June 24
par
14%
38
-
par
share
per
10
3s
4
Jan
2%
7934
700
Highest
\
61
% Jan
73%
4%
52%
5%
4%
2734
9%
9%
1434
2%
56
6%
6*4
*109% 109%
1%
1%
4%
*135
*55
21%
43%
34*4
1%
13%
*19%
28'%
*5
'
34
7
6*4
*24
5%
'•
55
*108% 10978
*1*8
1*4
14%
23%
2%
2%
*4*4
Stock
*55
13%
20
135
283#
9%
24%
29%
/
20
1484
22%
31
13%
2%
135
10
*27%
23%
*26
2
28%
14
115
11512 Jan 11
share
per
7«4 Feb 21
49
11%
5%
*1%
31
par
par
1434 Mar 27
8578May
79
54
*37%
No
14.60 preferred—Ne
$4 preferred
No
JSeaboard Air Line
No
4-2% preferred
7%May21
2
l$ Apr 22
2i4May21
34
May 14
107%June 25
64% July
\
$ per share
Seaboard Oil Co of Del-No par
4%
*52%
5
3,400
5*4% preferred
JScbulte Retail Stores
8% preferred
Scott Paper Co
share
3,200
75
15%
6
100
1
100
Schenley Distillers Corp
$ per
16%
12%
1534
110
16%
700
Year 1939
Lowest
Highest
Oct 15
11
May 21
l%Sept 20
7934
12
112
10U
900
15%
*2%
5%
31
21
800
16%
2%
*108*4 115
*111
%<
3%
40%
*73%
75
38
21%
21%
2%
79%
12%
15%
5%
31
31
21*4
*21%
1034
*105% 106
0%
6%
20% 20%
2
*1*4
*104l2 106
6
5%
38%
10*4
38
14%
*52
*37%
5%
1434
4%
54
*52
54%
3712
14%
*2%
16
73%
4%
%
300
*109
79
71*4
157g
71*4
4%
*51*4
*514
8,100
Range for Previous
Par
Shares
*107% 109
*107% 109
*107% 109
ht
%
ht
%
hi
84
nlt
84
%
%
%
•V., *4
Lowest
Week
11%
81%
40
*109
l4
V'
Range Since Jan. 1
On Basis oj 100-Share Lois
3%
3%
41
40
*109
*5g
:
10%
*79%
hi
*%
3%
3%
41
15
$ per share
11%
41
M
$ per share
79%
%
3%
41
*109
♦109
Nov
14
11
%«
*ie
41
42
Nov
*79
11%
79
*3%
3%
3*8
13
STOCKS
1940
EXCHANGE
Friday
Thursday
$ per share
79
y\'
%
*jI«
Nov
11
79%
*41%
12
f per share
11*4
*77%
Wednesday
NEW YORK STOCK
the
SALE PRICES—PER SHARE, NOT PER CENT
Monday
Nov
Sales
/or
H1QH
AND
LOW
Saturday
16,
42
Ex-rights.
Apr
8
Feb 13
3
Apr
I®®
Apr
17i2
Apr
7is Apr
3412 Sept
6
Aug
05i2
Apr
108*4 Sept
15% Aug
8U2 Apr
78
Apr
20 ig Mar
31
Aug
77g
Jan
4*8 Sept
88
Jan
7*4 Sept
3*4 Aur
3514 Aug
1212 Jan
66
Jan
13 ig Dec
94% Sept
118
19*4
July
Jan
105
Sept
90
July
2414 Sept
51
Nov
14% Sept
1012 Dec
18*4 July
52
Apr
69 %
Apr
20
133g
Apr
2
Apr
30ig
Apr
3*4
Oct
Mar
Feb
397g Aug
1 Called for redemption.
=
*■
New York Stock Record—Concluded—Page 10
Volume 1S1
HIGH
AND
Saturday
Monday
Tuesday
Nov. 9
Nov. 11
Wednesday
Nov. 13
Nov. 12
3 ;per share
$ per share
5
Ranoe Since Jan. 1
3
30
3
29
4%
4%
37%
37
3712
*37
75
7534
76%
75
11%
11
11
11
11%
5*
5
934
71%
10%
172% 172%
5%
5%
35
*33%
24
23%
5%
5-%
*28%
4%
9
5%
834
834
32%
3178
31%
86
86
86%
84%
86
1%
23
84%
66%
66
67
67
71
71
6634
71
6634
65
*69
74%
76%
76%
12734 129
31% 32
74%
134
1%
6%
6%
1%
6
0
1%
1%
60
*58
60%
*146
152
95
%
*15%
3534
27%
17%
3.534
36%
Stock
27% 28 |
115% 115% Exchange
44
44l2
Closed—
*57%
*
66
*27
2%
24%
*117
*4414,
*1111
*27
2%
24%
Day
*135
165
%
♦21%
*100% 10178
*13
*4%
*%
21
21%
3%
*3
19%
*2%
1934
19%
*67%
71
*67%
*100% 101
100
108
101
102
*17
18%
103%!
27%
4%
7%
*101
27
2734
4%
*7%
5%
%
%
%
*%
22%
23%
24%
140
36
36
*134
36
36
*33%
1%
1034
3378
Wayne Pump Co...
Webster Elsenlohr
20%
20%
20%
6678 *67% 70
100% 100% 100% 100%
108% 108% *108% 109
3,600
Wesson Oil A Snowdrift No par
100
54 conv pref erred.... No par
West Penn El class A..No par
101%
101% 102
10134 10134 *101
*118% 119
118% 118% *118% 119
140
*2%
19
3%
3%
19%
70%
1734
4%
7%
*1734
18%
10338
28
|
4%
7%
*5i«
23%
2334
%
24%
24%
10534 10734
*334
4
4
4
*7l2
7.%
7%
7%
23%
«u
24
2378
2434
%
107
*134
140
138%
13734 13734
106
101
102
103
110
120
120
3134
55%
23
120
|
3234
32%
120
74
9%
1534
734
534
8%
534
74%
15%
734
*38%
*22
2%
74%
9%
16
8%
5%
53s
2%
2%
2
2%
43g
4%
43s
43g
4,500
5%
5%
5%
18,000
65%
66%
1,900
3338
~3~200
53s
33%
34%
35
35%
35
35%
23%
23%
23
23%
66%
65%
*116
33%
33%
-
-
-
-
3334
34%
35%
34%
35%
23
23%
2234
23%
97
97
*90
97
*90
*80
88
*80
87%
*80
55%
55
55%
6434
*63%
*108% 110
*63
64%
66%
*116
55%
97
97
87
*82
55%
55%
6,700
*116
33
35%
35
23%
8,000
24%
10,400
*90
100
90
86
86
88
20
55%
56
58
2,600
1,100
97%
64
64
64
64
64
65
*103
no
108
109
107
108
120
*81
82
300
111
111
82
81
81
80%
80*4
80%
80%
227s
22*4
23
22%
23
23%
23%
2334
2334
1,800
16%
15%
16%
16
16%
15%
16%
22,500
16
16%
157S
*117% 119
12%
12%
*118
119
118
118
118
12
12
1134
11%
4334
45
43%
*93%
44%
2034
2034
20%
20%
20%
2034
16
16%
15%
16
15%
2%
2%
45%
*94
99
Bid and asked
99
2%
prices: no sales on this
99
2%
day.
12%
4334
44%
*94%
16
20
16
234
119
12
2%
99
20%
16%
119
*118
11%
12%
42%
44%
20%
20%
"2", 700
2%
a
163
Apr
78
Feb
%
Jan
1
Sept
Aug
21
Sept
40
Sept
40
Nov
25
Apr
Apr
109
Sept
9
3
Aug 22
10
34% Apr
54% Aug
65
Sepl
18%
2%
Apr
Apr
17
Apr
112% Sept
4% July
Jan
110% July
44% Deo
50% Aug
65
Sept
2984
Deo
5*4 Sept
33*4 Sept
118
July
15
Sept
Jan
Jan
Nov
May
Apr
101
Mar
131
Mar
*4 July
3
Sept
64%
125
1% July
5% Apr
15% Apr
238s July
85
Jan
98% July
4
Apr
9% Jan
6O84 Jan
20% July
3O84 Sept
14%
Oct
9% Jan 10
1% Jan 10
7
Dec
25% Jan 10
21
4% Feb 19
Deo
1%
3%
30
3% Sept
8
Oot
Deo
14% Mar
2% Jan
Deo
44
Deo
Feb
0%
58
Mar
Jan
July
Jan
3
2% Sept
1234 Sept
34% Nov
2834 Feb
20% Apr
13
13
13
0%
19%
Apr
3% Jan
13«4 May
Apr
35*4
Oct
22
1484
Apr
24%
Jan
Jan
4
Sept
3284
Jan
Apr
384
28%
Oct
79
Jan
60
24
4% Feb 23
1% Nov
20
1%
29% Apr 10
16
75
56% Aug
Jan
4
July
Jan
110% Apr 12
3
85
Apr
*
95
Apr
107% Deo
112% Deo
88
Jan
Apr
100
Deo
120
Oct
105% Sept
115
Nov
25%May
15% Nov
19%
20%
Apr
36% Nov
Jan
2%
Apr
684 Sept
8% Apr
3%
Apr
11% Sept
%
16%
Dec
Apr
2
Sept
37
Sept
18%
82%
Apr
Apr
121
Sept
May
145
Mar
100
90
Maryland
5
%May 15
1
White Sewing Mach
118
Jan
140
2734May 21
28%May 21
60 May 28
85 May 24
18%May 21
30
Wheeling A L E Ry Co....100
5 H % conv preferred
100
Wheeling Steel Corp...No par
0% preferred
100
55 conv prior pref...No par
White Dental Mfg (The 88) .20
White Motor Co
1
White Rock Mln 8pr CoNo par
Jan
28% Jan
Jan 20
Nov
120
10%
37%May
38% Feb 13
9334 June 13
61 May 29
734 Aug 10
7%May 21
4% Mar 23
3%May 22
Corp—1
No par
Deo
Apr 29
28*4 Jan
14%May 22
15%May 21
70
May 21
110 May 21
26
Apr
40% Apr
284May 15
4% May 18
100
pref.. 100
Western Union Telegraph. 00
Westing house Air BrakeNo par
Westlnghouse El A Mfg
50
1st preferred
60
Weston Elec Instrument. 12 50
Westvaco Chlor Prod..No par
6% conv preferred...
105
June 10
21
Co... 10
..100
15%
Apr
Apr
37% Sept
28% Deo
39% Deo
39% Deo
*29
Apr
42
July
75
Oct
74
Apr
97
Oct
15%
Apr
38%
Oot
80
Jan
80
Jan
45
July
78
Oct
8%
Deo
12% Mar
7
Apr
15*4
3% Sept
1*4 Aug
7
Oct
Jan
4% Nov
34*4 Nov
4
14
...20
5
Willys-Overland Motors..... 1
0% conv preferred
10
l484May 22
134 Oct 7
1% Jan 5
ll
Jan 15
2% June
0%
No par
384 May 21
2% Aug
7% Sept
38
preferred
Wilcox Oil A Gas Co
Wilson A Co Inc
3
8,700
n
New stock
r
Cash sale
1
June
7
32
Jan
2
105%
Apr
15
Apr
30
Sept
Aug
65
June 17
10% Apr
47% July
60
July 25
43
May
29
June
39
June 17
23% July
31% Apr
91
June 10
85
Apr
73
May 23
75
Mar
5
l6%May 28
9«4May 21
98 May 25
6%June 10
26%June 10
18*4 Sept
11% Apr
98
Apr
9% Aug
20% Deo
4% Nov
3% Feb
Feb
60% Nov
Sept
31*4 Sept
50% Jan
23% Jan
115
74
09
38%
53%
124%
85%
33%
21%
127
Oct
Oct
Sept
Sept
Nov
Deo
Mar
Oot
Nov
21% Jan
60% Sept
92
Sept
30
Apr
May 28
74
May
12%May 21
8%May 21
Apr
34
12
Apr
2
Aug
22% Jan
3% Sept
80
No par
Zonite Products Corp
Sept
2% Aug
June
1584May 21
30 May 18
13%May 21
-
234
Apr
45
Co—.....10
Wool worth (F W) Co
10
Worthlngt'n PAM (Del)No par
7% preferred A
100
6% preferred B
100
Prior pref IH % series..100
Prior pf 4H % convserleslOO
Wright Aeronautical—No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
26
Yellow Truck A Coach cl B..1
Preferred..
100
Young Spring A Wire..No par
Youngstown 8 A T
No par
6H% preferred ser A... 100
Youngst'n Steel Door ..No par
Woodward Iron
9,900
Jan
116
50 preferred
No par
Wisconsin El Pow 0% pref. 100
Zenith Radio Corp
Def. delivery.
Sept
45%
108
17%
16
t In receivership,
28,100
99
*94
234
140
2,300
June
140
June 10
4% 2d preferred....
Prior
1,900
July
90%May 22
Western Pacific 6%
55%
2%
Sept
l08%May 23
11
May 21
lOO%May 17
Co No par
54 conv preferred
23
53g
33%
2,900
2%
2%
64%
13,200
*37
43s
-
5%
*22
5
-
5%
ll" 700
2%
4%
-
93g
15%
55%
2%
34
*8-%
15%
7%
23
5
65%
74%
2%
4'4
~
90
*22
.
65%
74%
500
Dec
17
85
100
100
0% preferred
800
6,300
*37%
2%
*116
1,100
32«s
2%
4%
5%
65%
31%
3534
33%
55%
23
2
*116
33%
*118
120
*838
153s
534!
*22
32%
102% 102%
73%
*83s
75
9%
16%
*38
102%
2%
2%
2%
500
50
55%
4334
10
79
23
♦93%
7,200
*76
*22%
22%
13,400
*35%
*38
*80%
1,000
26,000
June
64
16
8% Nov 14
23%May 9
10l34Nov 14
6% Nov 9
35% Jan 11
16% Feb 1
Aug 26
91
Apr
May
% pf.100
Western Auto Supply
Western
59
Sept
8% Mar
2% Oct
115
preferred
West Va Pulp A Pap
400
78
5%
55%
36
36
1,000
3534
33%
53s
3334
"18
7%
..1
No par
6% preferred
WestPennPowCo
200
1,900
78
8%
64
"1#
23%
23%
23%
24%
105% 106%
2,100
33%
8%
*
18%
19%
1033s 1033g *1033s 105%
27%
28
28
28%
Washington Gas Lt Co .No par
...5
70
100
35%
153s
478
1834
210
78
*83s
4%
3%
33%
9%
2
*3
19%
*66%
378
*7%
*134
1734
2034
500
33%
16%
par
100
27%
*73%
75
par
par
1,900
24%
*73
120
par I
3%
*30
78
1578
*2
JWarren Bros Co
$3 preferred
Warren Fdy A Pipe
3534
*8%
5%
500
*101% 102
32%
33
120
7
T, 060
35
33%
5
No
No
No
No
Waukesha Motor Co
27%
140
preferred
$3.85 preferred
0
1% Jan
2% Jan
%May 10
4
60% Sept
Feb 29
35
4
100
7%
Warner Bros Pictures
Jan 22
Mar 27
Oct
June
9
Jan 15
135
3«4May 21
200
1033s *103
%
24%
1%
11
June
Apr
*70
40
Apr 12
110
3
May 22
18%May 22
10
Dec
1%
15% Apr
13% Aug 30
2
May 15
30 May 22
%May 21
334May 16
22
May 23
20 May 21
13%May 21
14
May 21
2%May 21
l5%May 22
400
9,600
03g May
48
June 20
Ward Baking Co cl A__No par
Class B
No par
800
I
18
700
4684 July
39
I84
118
June 10
89
No par
Dlv redeem pref
Oct
30
31*4 Jan
% Nov 14
5%May 21
10%May 22
.
Ltd N - par
No par
33
100% 100%
|
500
.%
3%
No par
Co
No par
4J^ % pref with warrants 100
System
Walgreen
Walk (H) Good A W
Sept
120% Sept
37% June
60
% Oct 23
100
100
Walworth Co
8284 Sept
98% May
62
May 18
120
100
5% preferred A
Waldorf
41% Aug
31% Mat 14
4% Jan 4
May 23
6
100
tWabash Railway Co
Jan
60
49%May
3034june 14
28%May 29
71
May 23
25
preferred
24%
1734
2034
I *6778
102
6%
68% Sept
43%May 10
39% Mar 16
117% Apr 9
May 24
109
pflOO
25
Jan
11484 Nov
9
19
l^May 15
14
May 22
No par
Vulcan Detlnnlng Co
200
35%
35%
*71
102
*73
1%
934
25%
1834
20%
100%
3,800
*34%
*35
35%
78
120
1%
934
32%
71
Chero
0% Mar
52*4
Apr
6
*4 Apr
May 23
19
5
37% July
Sept
18% Nov
35%May 28
6634 Jan 6
60
Aug 22
100
Mar
7% Apr 24
2% Apr 11
112
6
5% non-ctim pref
Victor Chemical Works
400
14,300
3534
35%
33%
3534
33%
*71
32%
1%
25%
*1734
20%
3%|
19%!
__100
1st preferred
Vlck Chemical Co
45
*38
45
*38
500
5%
16
2%
934
*29
23% 24%
107% 108%
107% 109
*134
*434
*34
3%
25%
18%
21%
7%
2234
*100
45
10134 10134
6%
6%
31%
32
14%
14%
*15
16
3
34%
4%
i
22
38
10134 10134
25%
25%
18%, *17%
21%i 21
*118% 119
*118% 119
17%
22
108% 108% *108% 109
108
101
*101
3,200
33%
25%
18%
"""700
3,400
*1%
26%
1878
616
8ia
*15
7%
Oct
49
284 Apr 24
22%June 10
July
2
6
15% Sept
67
8684
39% Apr 6
48% Feb 20
%May 21
June 24
25
No par
Preferred-
*9
1%
934
21
*18
49%
8%
22
*4%
*38
45
*47
%
3%
_
Van Raalte Co Ino
Virginian Ry Co
8%
*2134
15%
Vanadium Corp of Am
10% Sept
Apr
76% Nov
112
12
35% July
29% Sept
71
159
___100
Apr
12934 Nov 15
5
No par
Sales
Jan
Mar
July
70
June
Sept
7% July
48
01
59
14
113
180
Apr
67% Nov 14
June 26
Universal Pictures 1st pref. 100
Va Iron Coal A Coke 6%
*%
5%
3
__100
preferred
1*4 Jan
45
No par
Universal Leaf Tob
Apr
l2%May 24
May 24
l3484June 8
41
56 conv preferred___No par
Universal-Cyclops Steel Corp 1
70
*135
*4%
15%
United Stores class A
40
%
*3A
No par
5
117% 117%
12%
12%
50
14
5
Conv pref (70c)
1
6% dlv partlc preferred. 100
Va El A Pow 56 pref...No par
"""566
14
5
25
6,600
33
*13%
6
No par
preferred
United Stockyards Corp
27%
105
6%
3134
"i«
U 8 Tobacco Co
Va-Carollna
33
31%
14
..100
3,400
105
31%
14
*13%
No par
Preferred
278
33
...
6%
50
Preferred
U 8 8". eel Corp
17% Sept
32*4 Sept
3a% Oct
1% Dec
31% Apr
41% Jan
April
39%May 23
60
May 22
42
May 21
103%May 21
30% Aug 16
42%June 5
l%May 22
5%May 28
1 May 18
50
Mar
684 Aug
117
27%
8%
101% 101%
68%May 22
27%
2%
"i«
22
10
Vlcks Shreve A Pac Ry___100
8%
22
39
Jan
87% Mar
40
May
27%June14
%May 3
15 May 21
7% Sept
11
June
13% Apr
3% July
38% Jan
U 8 Smelting Rtf A Mln
Vadsco
74
Sept
23
Apr 25
1284 Apr 23
May 21
Aug 19
Nov
14
4
7% Apr 23
2l34June 11
800
%
8i»
6%
200
107
-
*135
8
34
33
*25%
14
49%
*47
33
3%
1%
*8%
118% 118%
*105
0
27
28
26%
350
66
3%
*12%
II,300
60
*—-
3
*%
16%
*37%
*
27%
33
6%
31%
3
60
27
4934
30
6%
46
80
234
28
May 21
3%May 21
Sept
15
6% Aug
65% Sept
14984 Sept
14
No par
1st preferred
8%
1
Jan 25
6% Mar 9
3284 Mar 11
U 8 Rubbo *C(
7%
Nov
100
JU S Realty A imp
8%
11
89
234May 21
25% July 17
48
95
117%June
5
182%May 14
100
20
10
U 8 Pipe A Foundry
U 8 Playing Cara Co
Preferred
300
28
*43
46
►
60
14
30
16
46%
27
2978
6%
*43
27
13%
6
29%
35%
*27
114% 114% *11234 11534
*135
2134
2134
*100% 102
34%
1,100
17%
28
105
8
*15
*15%
36
35%
*27
33
'%«
*%
17%
*15%
105
su
8
2178
17%
3534
*47
33%
%
8
®16
8ia
»u
28
*11
si«
%
» i«
7%
200
6234
*58
*118%
*135
ui«
30
100
26
109
*105
400
60
150
2%
26
"""360
60
27
234
1734
1734
18%
60
48
*3234
108
56
150
*44%
13
108
1%
*98
*-'-—
117
*47
48
33%
*47%
*3234
*53
*1734
152
66"
*10
1234
1%
3,300
*113% 114%
117
120
1234
900
100
35
28
2%
24%
1%
6%
100
*27
46%
1%
1%
*6%
*146
*15%
116
116
Armistice
28
36%
27%
3134
*46%
99
98%
*%
%
17%
129%
152
*58
*146
99
%
*1514
*1734
152
98
|
300
71
74% 153,400
3,500
12934
1,900
31%
10
47
900
1%
71%
47
47
4,000
57%
18%
6234
*51
6234
*146
\
90
*70%
6,500
1%
138
57%
18%
67%
1,100
85,700
6%
1%
1%
*6
1%
*51%
18%
18V;
66
47
*46
1%
59%
1%
*50%
18*2
32%
31%
32%
47
32%
26%
92
71
75%
12834 129%
32
32
128% 129%
129%
128
*46%
47
*46
1%
8912
12
May 23
No par
35% Sept
684 Mar
June 10
1,500
1%
70%
73%
71
7434
*70%
73%
U 8 Leather Co
8% Sept
75
May 11
Nov 15
105
3,800
24%
97
Feb
74
0% Apr
3*4 Aug
100
5
50
preferred
Prior preferred
1%
13»4 Mar 12
7% Apr 10
7% Jan 3
50
Partlc A conv cl A ..No par
25%
89%
67%
Sept
20
btf % conv preferred
U 8 Industrial Alcohol. No par
200
110
May 18
5% May 22
No par
U 8 Hoffman Mach Corp
3,000
9
May 21
pref. 100
5,600
32
32
32
32
1%
23%
"Vioo
Oct
5
66%
31%
64%
33
1%
3,200
118
Jan
8*4
Apr
80
9%
9
9%
7%
10
conv
11
3% Aug 24
Jan 15
No par
56 first preferred
Lfistrlb Corp
6
7% Mar
Apr
Jan
June 10
3
10
Paperboard
62%
15
0
6
USA Foreign 8ecur.__.lV0 par
100
U 8 Gypsum Co
3234
22%
*32
United
1,500
12
107%June
United Mer & Manu Inc v 101
1,800
37% Nov 12
85% Jan 3
Ma: 21
10%May 22
No par
U 8 Freight Co
64%
1%
23%
33
1%
5,800
preferred
I,200
3134
22%
*32
$5
100
4% Deo
54% Deo
3% Apr
25*4 Apr
6512 Mar 14
58s Jan 3
share
per
4% Aug
Mar 13
8
60
No par
Gas ImDroVt_.No par
1,340
64
1%
23%
32%
5
United
3,300
3134
3138
United Eng <fc Fdy
United Fruit Co
934
64
*60
1,000
3,600
U 8
8%
64
*60%
32
5%
24
6
35,100
.96
*88
United Electric Coal Cos
74
177
6
35
24 I *22«4
23%
5%
5%
5%
*2284
5%
9%
5%
64
I
2334
Preferred
5,200
I 5
5
Highest
share
ver
7% Apr 11
♦
United Dyewood
$
I per share
share
per
Lowest
Highest
334May 28
2
Sept 23
2734 Nov 4
2%May 21
25%May 22
United Drug
830
29
96
96
S
Year 1939
100-Share Lots
Lowest
9,900
1,800
3
5%
24%
5%
23%
9%
♦60%
31%
*31%
*1%
22%
85%
4%
*89
95
5%
2%
29%
5
2%
11
10
♦9
*9
10
9%
11
2:984
*10
10%
10%
10%
10%
10%
71%
72 |
71
72%
71%
71%
72%
*172% 177
*172% 177
*172%
*172% 177
6
6%
5%
6 I
534
534
6%
*32%
35 I *32%
35
*32%
*32%
35
934
10%
70*4
8%
438
5%
*87%
89%
89%
10%
4%
4%
4%
434
$ per share
5
5%
Shares
37%
37%
37%
37%
73
74%
75%
74%
75 ,
10%
1034
11%
10%
11
115
*114
114% *114
115
11
11%
11%
11%
11%
4%
4%
4%
4%
484
434
434
4%
4%
114%
*114% 115
10%
1078
*114% 115
10%
10%
Nov. 15
!
29%
4%
37%
434
*36%
74
Nov. 14
On Basis of
Week
234
234
29
4%
434
Thursday
,
Range for Previous
EXCHANGE
Friday
5%'
5%
STOCKS
NEW YORK STOCK
the
NOT PER CENT
$ per share 1 $ per share ;
5%
29
234
284
*27-%
■
$ per share
5%
4%
SHA RE,
PRICES—PER
SALE
Sales
for
LOW
2907
2
1
*
1
Mar
Ex-dlv.
y
Ex-rights,
17
Sept
f Called for redemption.
Nov.
2908
1940
16
Record—New York Stock Exchange
Bond
FRIDAY, WEEKLY AND YEARLY
Cash and deferred delivery sales are disregarded In the
of the regular weekly range are shown in a footnote
NOTICE—Prices are "and Interest"—except, for Income and defaulted bonds
unless they are the only transactions of the week, and when selling outside
week's range
In the week In which they occur
No account is taken of such sales in computing the range for the year.
The Italic letters In the column headed "Interest Period" Indicate In each case the month when the bonds
Range or
Sale
Friday's
Y*
3 fe
C ®
Bid
Price
ft.
Asked
A
Hioh
Low
United States Government
1
No
10
117 2
j
n
114.12
114.16
24
111
8
115.24 115.24
115.24
10
111
1* 11524
Af
8
102.2
102.2
102.8
1943-1947
1941
J
D
108.9
108.9
101.11
4
F
A
103.8
103.11
11
A
19431944-1946 A
1946 1949 J
J
1949
1946-1948 J
M
—1951M
1956
M
1946
1948-1961 M
1961 -1964 J
-.1966-1961 M
Treasury 314s
Treasury 314s
Treasury 3 44s
Treasury 3«
Treasury 3s
Treasury 2%s
Treasury 2448.
At
-
Treasury 2%s
Treasury 2%s
Treasury 2%s
_
O
108.21 108.21
108.26
11
O
109.23 109.23
109.26
4
112.25
112.29
D
......
*114.11114.15
D
Treasury 254s
1951
109.31
110.3
6
100 20 110 3
*110.22110.25
8
109.30
8
J
'*>
*r
110
—-
109.30
109.26
*109.12109.15
11 o" 110
8
105 24 109 19
16110
104
38
103 24 110
110
105 13110
103.2
8
J
XT
of)—-
♦0s of 1927
Jan 1901
♦Colombia Mtge Bank 6Hs,—1947 4
♦Sinking fund 7s of 1920
1940
103.4
107 30
♦Sinking fund 7s of 1927.... 1947
195?
8
A
J
11
16%
13%
10
13%
16
9
14
6
11
16
16
9
13%
17%
14
8%
3
8%
27%
29
29
21%
21%
13
6%
12%
25
34%
16%
51
20%
15%
....
23
*21%
21%
9
10%
9%
10%
28%
28%
29
O
M N
11
*6
29
Oct 1901
11%
*_
8
High
10%
17
10%
*10%
10%
D
Low
34
26%
27%
20
"2
20
2
21%
21%
25
25
10
10
20%
21%
18
73%
73%
3
15%
05%
85
*15%
*101%
18%
13
21
21%
D
"21%
20%
26%
52%
49
108 5
2
101.7
105.25
53
102 2
105.17
107.1
16
102 28 107.1
External 6s of 1914 ser A
External loan 4%s ser C
1C6.9
10
101 13 106.9
4 %s external debt
103.13
31
101.25103,13
103.13 103.9
*108,14108.18
8
16 1944-1964
18 1944-1949 Af N
J
16 1942-1947 J
2%S
Mar
1 1942-1947 M 8
6
08.
n
______
......
n
08. 0 »08. 0
105 22 108 24
~""l
*103.14103.18
105 20 108.21
*103.14103.18
103 9
105 2
105 4
108 12
1
103
1
104 25
1
100.6
102 30
108.4
108.10
22
J
103.13
103.13
D
102.30
102.30
108,4
1944
Af
F
8
A
1949
Jan 18 1953
♦Public wks 5%S—June 30 1946
♦Czechoslovakia (Rep of) 8s—.1951
ser B
93
99%
53%
54%
238
102%
102%
75%
6
3
101H
98
70
51%
62
104
81H
8%
13%
14%
8%
*10%
*10%
1942
97% 102%
103%
100
102%
74%
1952
Denmark 20-year extl 6s
102
102%
*96%
_54%
103
Sinking fund 5%s
♦Sinking fund 8a
102%
13%
103 10 105.15
Home Owners' Loan Corp—
Af N
M N
1977
101
105.17
105.26
D
Mar
1949
105.25
107.1
107.1
O
J
1961
105.22
^
D
J
♦Costa Rica (Rep of) 7s
Cuba (Republic) 6s of 1904
105.6
•
Jan
Now York
j
1928
H
8
YN
26-year gold 4%s
1953
J
Cordoba (Prov) Argentina 7»..1942 J
6
D
J
(Republf
M
M
Copenhagen (City) 6s
107.29
n
1942-1944
J
1946-1947
10
106 18 109.13
108.5
J
1 1944 1962
Af N
1
25
.....
11
103.15110.8
107.29
May
May
W N
NO.
11
10%
10%
11
Since
Jan. 1
17%
*11%
10H
O
103 13110.1
107.24
j
2lis series Q
l%s series M
of
*11 %
8
8
3b
8s series A
♦6s
11
32
....
n
196!
M
1900
..1900
.
1950
D
3s
—
V
.
♦Chinese fHukuang Ry) 6s..
112 10
Federal Farm Mortgage Corp—
314s-
♦7* assented
♦Cofogne (City) Germany «%s
110.1
1953-196!
Treasury 2s
•Chilean Cnns Munlc 7s
Colombia
110.8
J
........1902
.
104 20111.7
109.28 109.25
194
1948-196/
—
-
♦6«» assented
108 6
S
1954-196!
-
Treasury 2s
Treasury 2s
♦Guar sink bind 6s.........1062
11%
10%
O
.1961
.
High
11%
D
Range
Asked
A
D
in«i
107 20 113
109.27 109.27
1981
109 11113 10
♦6« assented
Bid
Low
....1901
14
194!
Treasury 244s.-..-
108 23 112 29
♦fl%« assented
♦Guar eink bind 6s
30
D
M
107 30 110 21
Price
D
.10«i
20
D
M
♦Sink bind 6%« of 1926
111.7
D
j
12 110 1
Friday's
D
1957
......1957
..
.
112 29
J
1941
105 17
He awented
112.10
J
—-1949-196!
1960-196:
♦6
110.22 110.22
J
Treasury 2 44a.-—
107
♦Chile Mtge Bank 8Hs
104 24
10 109 30
107
103 3
*xft.
112.24112.22
8
1900-1961
Treasury 2 His—
Treasury 244s
Treasury 254s
15
—
102 2
15
112.10 112.2
D
1968-196!
Treasury 2%s,
Treasury 244s..-.
8
121 30
c
Foreign Govt. & Munlc. (Cont)
181150
1941-
Treasury 3%s
Ffloh
121.30
Treasury 3 %s—...— —
Treasury 8lis...
Low
121.29 121.29
Week Ended Nov.
.
Range or
Sale
BONDS
,
N. Y. 8TOCK EXCHANGE
1
O
Treasury 344s...
Treasury 4«
Jan
A
Treasury 344s.-.-
—
_
Since
;*3
1947-1962
1944 1964
1946
rreasury 4 %s
Range
j ^
1 *2
Week'1
Last
Week's
Last
F a
V
STOCK EXCHANGE
Week Ended Nov. 15
V
Friday
Friday
5
BONDS
N.
mature.
External gold 5%s
External g 4%s
Apr 15 1962
Dominican Rep Cust Ad 5%s„1942
1st ser 6 Hs of 1926
1940
2d series sink bind 5%s
1940
Customs Admin 6Hs 2d ser—1961
6 He 1st series
1909
City
A
30%
O
Q
M ®
* £
* °n
7
33%
30%
12
20
73
30
25
28%
29%
3
18%
17%
63%
55%
32
J
A
1955
*50
56%
49
*51
60
50
75
52
52
50
75
*50
07
49
75%
*51%
*50%
52
®
76%
/
Foreign
Govt.
A
D
102%
102%
102%
887
88% 102%
* X
* X
64
49
75%
1969
68
50
75
♦Dresden (City) external 7s...1946
Transit Unification Issue—
N
26%
26%
11%
27
J
J
*7%
J
J
8%
24%
40
53%
M
8
*47%
90
40
80
♦Frankfort (City of) s f 6 %s_-1953 Af N
French Republic 7 Hs stamped. 1941 / D
"7l""
5Hs 2d series
Municipal
♦El Salvador 8s ctfs of dep.
Agricultural Mtge Bank (Colombia)
♦Otd sink fund 6s
1947 F
A
♦Gtd sink fund 6s
1948 A
O
Akershus (King of Norway) 4s. 1968 M 8
J
♦Antloquia (Dept) oolJ 7s A—1945 J
1946 J
♦External s f 7s series B
1946 J
♦External s f 7s series D.-—1946 J
♦External s f 7s 1st series... 1957 A
♦External s f 7s series C
♦External
sec s
♦External
sec s
f 7s 2d series. 1957 A
f 7s 3d series. 1957 A
1968 J
Antwerp (City) external 6s
23
20
*21%
*21%
J
23
20
29
*25
m
31
40
00
*9%
'm
-
8
9%
9%
W
28%
16%
7%
10
"9%
9%
9%
9%
5
J
1
J
9%
9%
9%
3
7%
7%
«.'<«.-»
8%
8%
3
7%
16%
15%
14%
14%
14%
'
O
+
■»
O
O
'
*8%
~
*
8%
17
*.*> -
«*
D
7%
«#!«•
8%
1
17%
2
7%
17
77
Argentine (National Government)—
8 f external 4 %s
1948 M N
78%
78%
79%
67
70%
90%
—1971 MN
71%
71%
63%
72%
64%
164
61%
95
-
8 f external 4%s
8 f extl conv loan 4s Feb
1972 F
8 f extl conv loan 4s Apr..—1972 A
A
63%
O
63%
66
64%
65%
87%
87%
1948
Estonia (Republic of) 7s
Finland (Republic) ext 6s
1967
1945
7 Hs unstamped
External 7s stamped
1949
7s unstamped
9%
71
J
*5l""
D
45% 118
1965
unstamped
109
100
J
D
♦5Hs unstamped.
1965
♦5 He stamp (Canadian
Holder)'65
♦German Rep extl 7s stamped.. 1949 AO
13%
14%
"l5~~
5%
*26
10%
10
~15~~
8%
12
16%
8
101
8%
13%
8
6%
18%
9
18
20%
22%
10%
21%
8%
1949
27
40% 105
92%
92
80
—..1949
German Govt International—
♦5 Hs of 1930 stamped
♦7s
32
1941
10
7
20%
17
"25%
German Prov A Communal Bks
♦(Cons Agrlc Loan) 0Hs
1958
/
D
26%
*7%
9%
60
56
56%
120
39
01
1967 M
S
56%
53%
56%
49
38
51%
49%
52%
91
34
84
Haiti
9%
9%
9%
1
12
26%
26%
A
O
♦Hamburg (State 6s)
1940
J
♦Heidelberg (German) extl 7%sl950 J
A O
Helslngfors (City; extl 0Hs
1900
26%
11
P 3
90%
External g 4%s of 1928——.1966 Af N
J
♦Austrian (Govt) s f 7s
1957 J
60
26%
♦Greek Government« f ser 78—1964 M N
F A
♦Sink fund secured 6s..
28
J
62%
53%
64%
1956 J
26%
Australia 30-year 6s
External 6s of 1927
6%
''
.'l
♦Bavaria (Free State) 6%s. ..1945 F
A
1949 M 8
Belgium 25-yr extl 6%s
.....1965 J
External s f 6s
1941 J D
33%
3
20%
33%
J
External 30-year s f 7s
1955 J D
♦Berlin (Germany) s I 6 %s
1950 A O
♦External sinking fund 6s...1958 J D
♦Brazil (U 8 of) external 8s
26%
32%
"34"
34
11
12%
32
27
102%
2
30% 100%
36%
36%
3
35
26%
26%
3
12
26%
1
7%
"ie"
26%
15%
20%
20%
16%
69
10%
23%
......
108
♦External
s
f 6%s of 1920...1957 A
O
13%
12%
133%
179
8%
♦External
s
I 6%s of 1927—.1957 A O
...1952 J D
13%
12%
13%
62
8%
18%
18%
13
14%
53
8%
18%
51
51
*50
52
♦7s (Central Ry)
Brisbane
(City)
1967 Af 8
1968 F A
s f 6s.-..
Sinking fund gold 6».
20-year s f 6s
.—....I960 / D
55%
♦Budapest (City of) 6s.....—1962 J D
Buenos Aires (Prov of)
♦0s stamped
.—.1961 Af 8
7%
1977 Af 8
"47%
External
s
f 4%-4%s
...1945
1940
A
O
J
""3
6
J
Irish Free State extl
s
f 6s
I960
60
90
3
7
27
2
10
26%
22%
75
14
61
J
D
79
78
♦Italian Publio
42
87%
Japanese Govt 30-yr
10%
Af N
Extl sinking fund 5 Hs
1965
♦Jugoslavia (State Mtge Bk) 7s 1967 A O
F A
♦Leipzig (Germany) 0 f 7s
1947
1951
ser B
'47
Utility extl 7S..1952
s
f 0 HS—1954
*6%
A
70%
5%
60
11
45%
49
86
♦Medellln
49%
49%
4
40
1984 J
J
34
36
3
31
67%
45%
50
,.7?i
*7%
10
7%
14
"~2
8
15
45
92
34%
72
25
78%
54%
91%
30%
70%
53%
31%
10
23
72%
92
58
55%
100
13
44%
70
17%
7
12%
26%
20%
12
26%
15%
Mexican Irrigation—
J
9
9
32%
*7
54
D
41
10%
9%
20
18
D
<Colombia) 6Hs——1964 J
Mendoza (Prov) 4sreadl...—.1964 J
6%
25%
*28
F
J
♦Lower Austria (Province)
7Hs 1960
6
I
"30%
38%
«%
60
46
J
"49% *~49
.
7 >
9%
9%
:
25
J
05
7
*6%
M 8
05
7%
7%
r
M N
33
4%
*51
J
J
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
39%
A
......
1908 M N
1980 A
8
...
.......
48
09
101%
104
83
107
|*Treas 6s of *13 assent
95%
43
72
86%
86%
17
01
94%
94%
95%
40
78
*
82
83
14
68%
89
82
83%
13
69%
♦Sec extl s f 0 Hs
♦Montevideo (City) 7s
New 80 Wales
95%
101%
A
J
J
J
94%
101
95%
J
*•>
*
M N
J
M
♦6s Apr. 1937 ooupon on..
♦Chile (Rep)—Extl s f 7s
S
J
w.
«.
m
w
~
L
*
A
*14"
O
•*
13%
"13%
12%
11%
13%
11%
13%
11%
13%
11%
13%
13%
A
O
12
♦Extl sinking fund 6s_ .Feb
♦6s assented...—....Feb
F
A
F
A
Jan 1901 J
J
J
J
12""
M
5
13%
♦External sinking fund 0s
M
S
A
O
A
Sept
♦6s assented
O
11%
12
.»
W
m
m. «.
12
♦Sec extl
s
s
17
11%
12%
117
14%
16%
10%
14%
71%
89
97%
97%
M
S
37
37
2
90^
A
O
33
33
5
23%
20%
F
A
32
33
5
20
80
f 6S...1970 J
D
*27%
21%
80
1952 F
A
26%
17
10%
"ii
29%
12
12
40
70
5
2
12%
12%
12%
71%
49%
13%
m.
4%
49
Municipal Bank extl
2
*44%
4%
44
A
14%
18
3
F
10%
13%
15
9
90%
157
14
59
10
9%
48%
3%
53%
29
12%
'
mm*,*,
10
50
M
23
3
13%
12%
25
50%
4s s f extl loan
12%
31%
49%
17
11%
30
A
12
*13%
'30
1943 F
Apr 1968
20
17
O
33%
f 6e__
14%
12%
10%
%
35
11
2
H
9
1
29
13%
106
3%
54%
12%
14%
3
55
1966
14%
16%
14%
3
1
3%
55
1944
12
3%
52%
External sink fund 4Hs
Externals! 4%s
10%
2%
3
1965
1963
♦Nuremburg (City) extl 6s
54%
O
17
10%
75
%
%
%
1
2
A
12
2
3%
;
3
1959 M N
F A
"3
38
2%
1952
20-year external 6s
10
3
10
24
13%
66
10
10
12
"3%
2
*1 i---,
3
(State) extl 6s.. 1957
s
33
2%
2%
S
1968
Norway 20-year extl 6s
12
D
2%
"3%
1959 M S
J D
f 6 Hs
♦6s series A
External
J
14%
82%
)""j
Milan (City, Italy) extl 8%s—.1962 A
Mlnas Geraes (8tate)—
27
2
13%
«« me m, m
1963 Af N
........1963 Af N
For footnotes 1 ee page 2913
•
24
1945
1933
10
26%
13%
MN
O
♦External sinking fund 6s...
27%
26%
4»
A
♦Extl sinking fund 6s._Sept
10
26%
♦External sinking fund 6s...
♦6s assented...
Jan
14%
36
9%
*
m.
98%
93%
96%
88%
11%
27%
0
13
*
MN
♦7s assented
95%
102
28
*10
J
J
1945 Q
J
..1964
67%
7
63
7
8%
D
♦4H8 stamped assented
1943 MN
♦Mexico (US) extl 6s of 1899 £.1945 Q
/
93%
85%
O
F
1981 J
/
Aug 15
8
♦Assenting 6s of 1899
♦Assenting 4s of 1904
♦Assenting 4s of 1910
1962 Af N
July 16
♦0s Jan. 1937 ooupon on..
♦Farm Loan s f 0s
Oct 15
♦6s assented
f g
4
♦Farm Loan s f 6s
♦0s assented
s
f g
15
(City) 8s
♦Cent Agrlo Bank (Ger) 7s
♦6s assented
s
48%
♦Carlsbad
♦Ry extl ■ f 6s
♦7s secured
49%
Canada (Dom of) 30-yr 4s
6s
30-year 3s
30-year 3s
♦7 Hs secured
48%
♦Stabilisation loan 7 %s
7-year 2)4 s
A—.1952
♦Hungarian Land M Inst 7HS.1961 Af N
Af N
♦Sinking fund 7 Hs ser B
1961
F A
Hungary 7 Hs ext at 4Hs to
1979
—...1907 J
f 7s
ser
....
9%
Hungarian Cons Municipal Loan—
49
s f 4)4-4%s
3% external s f 3 bonds
Bulgaria (Kingdom of)—
10-year 2 His
26-year 3)4s
f 6s
33
2
*55
47%
s
1976 A O
1976 Af N
1970 F
External
s
8
(Republic)
65%
63%
Refunding s f 4%-4%s
External read] 4%-4%s
♦Secured
7%
58%
1968
"49%
29
26%
9%
80%
26%
Volume
New York Bond Record-Continued—Page 2
151
1
8«
1
h
BONDS
v.
N.
EXCHANGE
8TOCK
15
Ended Nov.
Week
Week's
Friday
Last
•-ft.
Oriental Devel guar 6a
1953
Extl deb 5 Ha
Oslo (City) s f 4Xs
1958
1955
M
♦Panama (Rep) extl 6 Ha
♦Extl a f 6« aer A
1953
J
1963
1963
MN
♦Stamped assented
...—
28 X
103X
104 X
104X,I
♦68
M
8
♦Peru (Rep of) external 7a
♦Nat Loan extl a f 6a 1 st aer
.....1959
M
S
J
♦Nat LoaD extl a f 6s 2d aer
...1961
A
1940
1968
A
0
A
62 X
O
♦Pernambuco (State of) 7«
1960
{♦Poland (Rep of) gold 6a
♦4 Ha assented
-
bb
67 x
66 x
68
157
55
76
70
y
b
35 x
35x
36 x
7
28
41
104*
y
b
30
30
31
2
23 X
34 H
I afJcoll tr 5a..19.50
y
b
74 x
76 x
60
02X
76X
106 x
106x
8
*95x
96 x
105 H
59 a
53
82
50
----
74 Mi
53
Atl A Dan 1st g 4a
7X
125
4X
10H
7X
59
4H
!"M
8*4
3*4
8H
8tamped modified bonds—
1°H
1st mtge g (int at 4<vf
9H
16 H
.,'f
*6X
1
9X'
5
5
26 X
89
-
--
-
-
-
-
3
1
1
*13X
----
25
3
9H
4
3
7H
to
3X
2
3
8X
8 X
1
6
J
J
8X
1941
A
O
1947
P
A
♦Rhli'e-MalD Danube 7a A
1950
M
90 X
5
------
-
-
-
—
--
7
6X
-
11 H
11
8X
11
8X
—
13
12
26
9
11H
27
90 X
9
59
61 X
15
-----
103
41 H
9«
15
----
-----
H
27
A
O
8X
7 X
8X
33
5H
11X
F
A
7X
6X
7X
73
4 H
10 H
Rio Grande do Sul (State of)—
A
O
10X
10 x
10 x
8
.....
1968
J
D
8 X
8X
8X
14
♦7i extl loan of 1926.......
1966
M N
♦7i murloJpal loan
1967
J
D
Rome (( lty) extl 6 Ha
1952
A
O
♦Rouman'a (Kingdom of) 7a
1959
F
A
9 X
9X
10X
32 X
33 X
30
6X
6X
ex
5
HH
-
-
♦6Ha extl secured a f
San Paulo (State of)—
bb
3
74 x
73
74 x
A O
z
bb
3
75 x
73 x
1
z
ccc4
37 x
36 x
z
ccc4
41 x
J
gen
Ref A
ser
gen
(Int
at
11
F
z
cc
3
15
14x
15x
390
" "
y
bb
3
60
60
00 x
21
40
/
J
z
b
4
47 x
46 x
48 x
83
32
y
bb
2
55
54
55
12
46 X
J
x
hbb3
96 x
97
17
89
101
y
bb
3
60
54
70
y
bb
3
"56"
56
54
72
y
b
3
♦40
45
37
x
bbb4
♦69 x
84
67 X
x
aaa3
113x
113x
113x
112
...I960
x
aaa3
133x
133x
134
127X 135
p
I960
Ref g 4s extended to
195'
to Jan
Bangor A
1
1947) due
.
Dlv ref 4s A
I960
10V
Aroostook lBt 5a. .l94,»
Con ref 4a.
Battle Cr A
61
Beech Creek ext
12 H
Bel! Telep of Pa 5s series b..1948
9H
J
J
J
4s stamped
Stur 1st gu 3a.. 198"
1st g 3H8..1951
1st A ref 5s series O
*
♦105x
Belvldere
1943
x
aaa3
z
b
1
z
b
1
1955
z
b
1
~27~"
♦Berlin Elec Fl A Undergr 0 Hs *56
z
cccl
27 x
27
debs.. 1952
x
bbb3
108
108
109X
103 X 112
Cons mtge 34* ser F
195o
x
a
3
107
106 x
107 x
100
107X
103x
106x
103 x
103x
106 x
99
103X
102
100X
12
4
9H
5
5
10 M
25X
4
25x
Del
cons
3 Ha
♦Debenture 6s
3X«
conv
~27~"
36
16 H
Consol mtge 3s ser G
i960
x
a
3
19
4H
15H
Consol mtge 3 Ha ser H...1966
x
a
3
15
29
4H
O
38X
35 X
38 X
156
20 H
40 H
J
D
12H
27
D
8H
20
J
1955
1st M 6b aeries II
7 X
D
A
J
J
M
3X
7X
12
3X
-
D
A
-
7 X
7X
7 X
-
3
3X
5
*3
0
27
27
27
A
0
A
46 X
14H
3H
5 X
-
-
-
5H
3
1
-
9
27
1961
I960
Inc mtge 4Ha ac A. July 1970
f ♦Boston A N Y Air L 1st 4s. 1955
Bklyn Edison cons M 3 X8.. 1966
1st g 4 Ha series JJ
1st mtge 4s series RR
24
-
45X
-
59
-
ccc3
40 X
40 X
*
A
cccl
9
9
9x
12
aaa4
110x
110x
110x
37
F
bbb3
103
103
110x
113x
111
A
05
60
41X
32 X
65 H
33
53
38X
38 X
4
31X
51 H
42
42
5
34
66 H
36 X
60
24
51
40 X
D
A
J
*45 X
A
1
(,
*23 X
38X
MN
50
8
*12
F
A
F
A
J
D
1981
7
C.1907
D
13X
*3
45 X
3X
45X
-
-
"3
-
10
46
41X
Last
Rating
Sale
See a
Price
Week Ended Nov. 15
7X
Stamped
modified
(Interest
Jf "S
Friday's
15
Bid
Ask
A
•*3
Rangt
Since
J
M
1947 J
D
icc
2
8 y bb
I
D y bb
I
10-year deb 4Ha stamped.1946
♦Adriatic Elec Co extl 7s....1952
y
bb
1
z
4
51 X
—
—
-
1943
..1943
x
aa
4
Albany Perfor Wrap Pap 0S-.1948
6a with warr assented.... 1948
y
b
107X
y
b
1940
Alleghany Corp coll trust 58.1944
x
bbb3
y
bb
1949
y
b
.....1950
1998
Allegb Val gen guar g 4s
1942
Allied Stores Corp deb 4Xa.. 1950
4Hs debentures
1951
y
—
—
—
50 X
Jan. 1
*101X
-----
103
*ioox
107X
*110X
MN zb
I960
1966
5a A...1962
Bush Term Bldgs 5a gu
Canada Sou cons gu
stamped
Allegb A West 1st gu 4s
M
S
*45
82
2
97 X
96
3
81
79
cc
2
59 X
56
bb
2
x
aa
2
A
A
— —
—'
Allla-Chalmers Mfg conv 48.1952 M
M
8
S
♦Alplne-Montan Steel 7s....1955
Am A Foreign Pow deb 5s
2030 M S
Amer IGChemconv6Ha-..1949 MN
6X8.1949 /
o
y
bbb2
x
a
3
y
b
2
y
b
bbb3
J y b
59 X
398
-----
104X
104 X
104 X
10
101 x
1
101X
....
101X
100 x
101 x
68
109
108X
109
30
2
x
155
96
81
—
—
....
-----
53 X
55 X
93
103
—
—
103X
94
100
—
101X
22
—
54 X
103 X
1
-
-
104X 107 X
99
102X
89
101X
106X 111
17 X
20
44
68 X
100X 105X
105X
104X
105
96
104?i 109 X
111
110
111
21
104
Anaconda Cop Mln deb 4 Ha. 1950 A
N y bbb2
O
Q
5s..1964 M
bbb2
y
/
y
bb
110
110
nox
104
104
104 X
32
34 X
•
—
8
x
bbb4
A
x
aa
2
J
J
x
aa
—
—
—
—
2
O
aa
2
Nov
bbb3
D
46 X
46 X
111
103 X 110X
93 X 107
96
110X
102
107H
27 X
1
41
32
60
97 X
99 X
108X
2
88
99 X
105X
84
95X 105 X
105X
35
96
107X
108X
86 X
1
86 X
88 X
56
95 X
—
104X
86 X
'
105X
*98 X
104 X
—
bbb3
MN
J
51
----
14
cc
4s B...1955 F
......1995 A
-
*32
x
♦Anglo-Chilean Nitrate—
8 f Income deb........—1967 Jan
-
--
95 X
1
----
123
14
105X
101X 108 X
77 X
88
70 X
92
90 X
89
90 X
1955
aa
Conv gold 48 of 1910.....I960
aa
5
95
..1948
aa
104 X
103 X
104 X
10
100
105 X
Rocky Mtn Dlv 1st 4s
1965
Trans-Con 8hort L 1st 4s—1968
aa
101 x
101X
101 x
1
99
101X
1
108
2
io4x nox
95 X
95 X
aa
A..1962 M S
1946 J D
J
Chart A L 1st 4Xs A..1944 J
Cal-Arlz 1st A ref 4Xa
110X
2
aa
Atl A
bbb3
J
96
111
a
Atl Knox A Nor 1st g 5s
1944 J
96
bbb3
111
110X
110X
*112
99
100 X
99
100 x
/
-
-
-
-
99
100 x
70 X
47
68
38
100
43
93
05
14
72 X 103 X
75X 106X
75X 107 X
107X
93
aa
98 x
96 x
99
60
aa
99 x
98x
99x
53
aa
99
98x
99
D
x
aa
97x
97
97 x
18
72 X 105 X
x
aa
94 x
96x
14
x
aa
94 x
96 x
48
72X 103 X
71X 103
15 1955
A
gold 4Xa
1956
M 8
Guar gold 4 Ha
Sept 1951
J
7
Canadian Northern deb 6 Hs-1946
J
7
Can Pac Ry 4% deb atk perpet—
Guar gold 4Xs..June
M
97 X
96
111X
----
114
114
11
92
99
10
93
100X
..1945
series B..1959
C
1959
8
{♦Cent New Engl 1st gu 4s—1901
{♦Central of N J gen g 5s—1987
♦General 4s
...1987
Central N Y Power 3Xs
1902
Cent Pac 1st ref gu gold 48—1949
Through Short L In gu 4s_1954
1960
5s31942
1941
Certaln-teed Prod 6 Ha A.—1948
Champion Paper A Fibre—
8 f deb 4X» (1935 issue)..1950
8 f deb 4X8 (1938 Issue)..1950
Chesapeake A Ohio Ry—
General gold 4 Ha—
.1992
Ref A Imp mtge 3 Ha D..1990
Ref A Impt M 3 Ha aer E—1990
Ref A lmpt M 3 Ha ser F—1963
Potts Creek Br 1st 4s
1940
R A A Dlv 1st con g 48—1989
2d consol gold 4s......1989
Warm Spring V 1st g 58—1941
♦Chic A Alton RR ref g 3s—1949
Chic Burl A Q—111 Dlv 3H8-1949
Illinois Division 4s
1949
General 4s..............1958
1st A ref 4 Ha aerlee B
1977
1st A ref 6e seriea A......1971
Central RR A Bkg of Ga
Central Steel 1st g a 8s
"96 x
7
74 X 107
x
aa
44
87
113 X
y
bbb2
54
53 x
54x
87
31
69 X
x
a
2
73 x
73 x
73 x
5
57 X
89 X
x
aa
2
101 x
101
102 x
12
87 X 108 X
x
a
2
70 x
68
70 x
68
54
84 X
x
a
2
64
48
79
ccc3
64 x
38
26
z
104x
105 x
"46
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100
107
x
a
4
y
b
64
%
*20
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1
y
,
106x
3
a
2
99
98
y
bb
4
88
87 x
z
ccc2
90
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40
100X
62
79
98 X
99 X
15
73H
90 X
15x
10
8X
19 X
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ix
IX
IX
28
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4
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4
7
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aaa3
45
102X 105X
88
z
x
35
99x
x
A
2
107
52
52
b
x
MN
F
4s_.1951
7
J
♦Mobile Dlv 1st g 5a
1946
M 8
Cent Hud G A E 1st A ref 3 Hs '65
A O
Cent Illinois Light 3Hs
1966
♦Chatt Dlv pur mon g
Guaranteed g 6s..
x
x
♦Ref A gen 6a series
105
110X
0H
65X
32 X
40 X
x
64 X
aaa3
110
14
10
68
107x
90 x
7
2X
4x
x
59
aaa3
*100
67 x
107 x
"93"
45X
7
♦Ref A gen 5Ha
aaa3
-
68
a
3
70
43 x
43
25X
0
69 X
x
-
*68 x
"43"
134
A
26 X
x
—
*3H
—
96
{♦Consol gold 6s
x
110X
—
95
{♦Cent of Ga 1st g 5s...Nov 1945
O
3
—
96 x
81
60
D
J y bb
x
—
aa
97 X
91
&
x
58
108X
45
2
97 X
X
110X
105
Teleg—
3Ha debentures......
1961 A
3 H a debentures
1966 J
Am Type Founders conv deb.1950 J
Am Wat Wks A Elec 6s ser A. 1975 M
lat 30-year 5s series B
98 X
107 X
109 X 112 X
4x
J
87
108X
80 X
....
....
v
cc
45 x
*4
0 xbbb3
01
30X
20-year sinking fund 6X8.1943 MiV
Conv deb 4Ha..
115X
84
102
107 X 109 X
44
45 x
2
cc
z
40
100
z
O y bb
J y b
o y b
68 X
69
60
97X 104X
98X 104X
109
*68
-
O y bbb2
F
■
27 X
1
55
82
-
3
O
1946
J
7
5a equip trust ctfa
1944
J
D
Coll trust gold 5a.-Deo 1 1954
J
7
Collateral trust 4 Hs
1960
7
J
{♦Carolina Cent 1st guar 48.1949
M S
Carolina Clinch & Ohio 4s. .1965
MN
Carriers A Gen Corp 6s w w..1950
F A
Cart A Adir 1st gu gold 4s.—1981
F A
Celanese Corp of America 3s 1955
J
D
Oelotex Corp deb 4Hs w w„1947
J D
♦Cent Branch U P 1st g 4s_.1948
....
58 X
82
....
....
111
108
108
*40
2
107X
39
*30
108
....
-----
y
3 Xs
27
53
2
Alb A Susq 1st guar
—
-
-----
cccl
aa
x
Conv 4s of 1905
111
29
♦109x
at 3% to 1946) due
1957
{Burlington Cedar Rapid A Nor—
A
{♦1st A coll 6s
1934
♦Certificates of deposit—
Buah Terminal 1st 4a
1952
Consolidated 5a..........1955
Coll trust 4 Ha
.....
108 X 113X
11
111X
4
Guaranteed
and INDUSTRIAL
.
107 x
aa
12 X
107 X
44
106 X
D
Guaranteed gold 5s——1970
Range or
COMPANIES
1995
.......1996
Conv gold 4s of 1909.....1966
88 X
23 X
110H
16
h3x
96
95
106x
bbb3
1
6X
105
70
09
Week's
Friday
Elig. A
EXCHANGE
Stamped 4s...
95
♦110x
Calif-Oregon Power 4s
*3
Banic
BONDS
Adjustment gold 4a
113x
4
Guaranteed gold 5a—Oct 1969
General 4s
!u"~
3
aa
Canadian Nat gold 4Xa
1957
Guaranteed gold 5a
July 1969
Atchison
bb
A
F
>
4s^ser C (Del)....1967
Top A Santa Fe—
74
Buffalo Rochester A Pgh Ry—
J
1st m s f
49
M N
a
Buff Nlag Elec 3 Hs series
18x
67 X
17
74 X
18x
70 x
19
3
/
Buffalo Gen Elec 4 Ha B
70
bb
1950
M N
1st Hen A ref 5b series B...1957
03
70 x
J
02 H
03
41 X
40 X
79 X
1
J
53
—
70
12
70 x
"70 x
F
109 X
101
77 x
2
WN
92
70 x
2
b
39
Debenture gold 5a
102
108
...
77
b
Bklyn Union El at g 5a
1960
110
41 X
O
3
Bklyn Un Gas lat cons g 5a..1946 MN|*
¥N
bbb3
1st lien A ref 6s aeriea A.. 1947
48
F
Armour A Co (Del)
27 X
59
A
41
42
J
Ark A Mem Br A Term
27 X
9
73 x
M N
63
*49 X
MN
—1995
27 X
11X
13 X
27 x
72 x
2
87
8H-4-4H8 (* boDds of '37)
{Ann Arbor 1st g 4s
x
106
73
b
22
*49 X
MN
Amer Telep A
27
*100
bbb3
35H
-
15
47
*52 X
-
M N
Am Internat Corp conv
27 x
♦109x
aaa2
40 H
2
40 X
40 X
*21
15H
6H
60
*50
40 X
7
D
Big Sandy 1st mtge 4a
1944
F A
Blaw Knox lat mtge 3 Xa..-1950
M S
Boston A Maine 1st 6s A 0..1967
MN
♦5s
27
27
15
f 6s.
Coll A conv 6a
"14^ "27"
27
27 x
15 X
8H»-4-4H8 ($ bonda of *37)
1st cons 4s series B
72 H
♦Berlin City El Co deb 6 Hs. 1951
♦ Deb
sinking fund 6Hs.. 1959
16 X
...1961
Ala Gt Sou 1st cons A 5a
45
117 X
22
13 X
1952
Coll trust 4s of 1907
60
80
15
1971
4s...1948
49 H
63 H
15X
F
T§♦ Abltlbl Pow A Pap let 5s. 1953
16
01X
S'west Dlv 1st M (Int at 3 H n,
15 X
14 X
P
Adams Express coll tr g
37 X
7X
A
Feb 1
15X
F
RAILROAD
16 X
x/
Pgh L E A W Va System—
S
okyo City 5s Iosd of 1912
STOCK
253
30
J
Sydney (City) a f 5 Ha
N. Y.
37 X
37 x
37
J
J
a
15 X
ccc4
J
Landowners A sen 6a
♦External
114
z
J
J
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41X
37 x
1 "T
12
(Kingdom)
5 Ha
18
S
at
5H
24 X
J
MN
Taiwan Elec Pow af
168
M
(Int
1946) due., 1990
12
1
11
8X
9X
MN
♦SUealan
41 x
195'
ser
1
1946 J
Serbs Croats A {Slovenes
37 X
40
36 x
M
1945
♦Sinking fun-1 g 6 Hs
75 X
15 X
37
A
♦Saxon State Mtge Inst 7a....
55
373
ccc4
1968
♦6a extl dollar loan
187
37 x
z
1950
...........
75 x
r
1956
♦8a external
74X
vf
13 H
6
1936
♦7a extl water loan
50 X
1
1946) due..2000
♦Conv due
Beth Steel
§♦88 extl loan of 1921
90 X
202
195*
1
to Sept
due
D
82
at
Ref A gen ser C(1nt at 1
to Dec 1 1946) due : .199*
Ref A
102X 107H
22
MN
J
(Int
1946)
27
"59" ""9
"58 X
"59"
MN
1967
...
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A O
J
1
5
J
M 8
1952
bb
^
7
-
Brazil)—
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A
ser
a
y
to
7H
—
8
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/
11
9
*9
-■-*
—
-
13
6H
32 X
-
7
July 1948
x
1996
Toledo Cln
♦8s extl loan of 1921 ........—1946
4s
M
1946) due. Julv 194*
gen
Dec
to Sept
3
26 X
27
61X
------
1
Ref A
5
3X
....
Oct
3X
J
1st gu g 5a..
mtee aold
3
D
Queensland (State) extl a f 7a.
25-year external 6a
1st
N W
3 X
3 X
J
♦February 1937 coupod paid.....
♦Saarbruecken (City) 6a
1968
Santa Fe extl b f 4s
1964
'I06X
Baltimore A Ohio RR—
6
26 X
Sao Paulo (City of.
Second mortaage 4a
Atl Gulf A W
6
S
.
gold
7
0
♦flsextlsfg.
coll
7
—
J
8a.....
1946
.....1963
IAN
0
M
■
v
96 X
1941
1952
-
61H
196''
...
-
02
45
7
64 X,
*8
-
77
41
72
Atlantic Refining deh 3s
MN
-
04 X
90
70 x
Austin A
♦Prague (Greater City) 7 Ha
1952
♦Prussia (Free State) extl 6Ha.—.1961
0 Hi
5?
55 x
71 h
10 4
J
ser
70
53 x
bb
U
O
♦Extl
69x
54x
68 x
bb
y
5H
O
♦Rio de Janeiro (City of
bbb3
y
1945
D
A
High
x
M 8
J 7*
Af N
4a_._Oct 195? MN
......194«J
.
4H
J
f 6a
Lair
IO-year coll tr 5s..Mav 1
14
A
a
N<>
High
19H
..
7 X
A
♦External
(Conl 1
1
Jan.
L 1st cons 4s. July 1952
General unified 4 Ha A
196-»
Atl Coast
7X
1947
f7s
Loir
Rlnce
Ask
58
6 X
«
"
♦4 He
A
75
65
*6 X
-
.
'l
♦External sink fund g 8s......
Bid
37 X
7X
•
assented......1968
195<>
♦4Hs assented..
.........-.1963
♦Porto Alegre (City of) 8s
1961
♦Extl loan 7 Ha
.........1966
♦Stabilization loan a
Cos
Price
Range
*3
Friday's
Sale
See i
39 X
----
53
62 X
1963
1947
♦Ctfs of deposit (series A)....
Railroad & Indus
Range or
Rating
15
9
40
*26 X
D
High
Ended Nov.
-1ft.
30
44 X
38 X
—
39 X
No. t
Week
Last
Elig. A
fcS
Y. STOCK EXCHANGE
N
Jan. 1
High
43
MN
.
m,
A
BONDS
Since
Ask
A
Low
(Concl)
Foreign Govt. A Mun.
Range
12
Friday's
Bid
S1®
3
Range or
Sale
Price
2909
Week's
Friday
Bank
mx
2
3 X
8
4X
109
109H 111X
x
aaa4
z
b
2
50 x
50
52
22
37
64
15x
15x
17x
24
12
20 X
15x
15x
2
z
ccc3
J
z
ccc3
A
x
a
3
F
y
bb
2
ybb
2
A
108
68 x
69x
*
3
"42 h
"42 x
3
53 x
53 x
MN
x
bbb2
M
8 y b
M
S
x
bbb3
M
S
x
8
"88"
aaa2
A
J
57X
73 H
59
00
142
31X
64
50
82
43 x
54
86 x
105
7
X
106*®nl 1 2'u
~88~~
36
05
101X 106 X
102
104X
105x
104
103
129X
103x
12
94
103
104x
39
94
104X
103
107 X
109
109
118
aaa2
7
105H 110
*128
103x
aaa2
7
31
*103x
aaa2
F
105x
aaa4
MN
M
12
70
*106 X
bbb3
3
18
108
66 x
A y b
MN y b
F
10 X
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116x
J
aaa3
M 8
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A
0
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9h
J
7
aa
J
7
128X
103X
113H 117H
116X
106
*107
111
*98
9x
10x
35
91
""7X "iflX
2
91 x
91
65
90 X
aa
2
96 x
96
96 x
21
93 X 102 X
M 8
a
3
86
85
86
60
83
93
F
A
bbb4
73
73
74x
13
71
84 X
F
A
bbb4
81
80 x
82 x
31
75
90
x
98
1
New York Bond Record—Continued—Page 3
2910
|
BONDS
EXCHANGE (
Y. 8TOCK
N.
hank
\Elio. &
I Rating
I
Week Ended Nov.
15
8m
A
{(♦Chicago A East 111 1st
E III By
68—1951
♦Certificate* of
depojK------Chicago A Erie let goldI
{♦Chic A
M
C—1947
6s series
6s ser B—May
1st A gen
A-----}®88
1966
♦1st A gen
Chic Ind A Sou
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12454
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46
106
106
25 54
2
J
J
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cc
2
J
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2
1989
z
ccc3
z
.
29
High
117
1054
10
86
1954
1254
12454
1954
1954
106
STOCK
£
Elig. <k
~
EXCHANGE
Rating
}
15
Week Ended Nov.
aa
3054
21
{♦Denv A R G W gen 5s.Ang 1965 F
ddd2
ddd2
1954
1054
1054
{♦Des Plains Val 1st
68
Detroit Edison 454s ser D..1961
4
29
354
63
1654
31
1654
3054
135
18
3154
4
29 54
3054
30
3054
3
cccl
1254
9
3
{(♦Den A R G 1st cons g 4a.. 1936 J
{♦Consol gold 454s
1936 J
19
754
gu 4
1995 /
17
31
Detroit Term A Tunnel 4 54s. 1961
41
1654
3154
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754
254
2
cc
ccc2
A
3
aa
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Gen A ref M 4s ser F
1965 A
Gen A ref mtge 3 54s ser G.1966 M 8
Detroit A Mac 1st lien g 58—1995 J D
♦Second gold 4s
2
c
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V
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Western Ry~1987
♦General 4s
aa
D
3
aa
3
b
cc
3
454
454
554
325
354
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c
2
1
1
154
473
1
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15
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1554
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1454
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6H0—-------J™6
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J
D
cc
2
1054
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J
D
cc
2
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J
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2
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154
bb
I
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♦1st A ref 4 Mis
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series A------
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MN
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Feb 1940 26% part pd-1927 P
{♦Chic RIA Pac Ry gen 48..1988 /
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A
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35
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70
554
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75
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1954
18
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754
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09
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67
1
D
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44
1
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554
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07
4554
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4s—1961
J
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50
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Dec 1 1960
J
D
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56
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5
48
6354
45
20
40
54
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M
8
b
4154
4154
65
Guaranteed 4s.——
1st mtge 354s series E
1944
1963
354s guaranteed..—.
i«5i
354s series F.—1963
Chic A West Indiana con 48-1952
1st A ref M 454s series D-1962
1st mtge
x
aa
10554
10554
z
aaa3
108
108 54
103
104
110
M
81
z
aa
107
10554
107
17
J
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102
10154
102 54
67
9954 10254
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93
M
46
87 v
9554
33
21
27
59
9054
90
A
F
A
z
aaa4
9054
3154
*954
10954
3 54s
---1967
Cln Leb A Nor 1st con
Cln UnTerm 1st gu 354s D—1971
1st mtge gu 3548 »er E——1969
Clearfield A Mah 1st gu 6fl—1943
J
D
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aaa4
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106 54
MN
z
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10854
10854
F
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11054
1st mtge
107 54
J
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{♦Choctaw Ok A Gulf con 68.1952
Cincinnati Gas A Elec 3548—1966
Chi Ids Co deb 68-
"32"
O yb
MN z cc
MN:
J
St Louis Ry
General g 4s
—
1993
General 6s series B———1993
Ref A lmpt 454s series E—1977
Cln Wab A M Dlv lBt4fl„1991
A
J ybb
2
1254
10054 107
10
1354
10554 11054
10954 11154
110
105
20
10454 110 H
107
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105
75
11154
85
Cleve Cln Chic A
4s—.1990
St L Dlv 1st coll trg
3s_ —.1970
Cleve A Pgh gen gu 454s &.AQ42
Series B 354s guar
1942
Series A 4 >48 guar
1942
Series C 354s guar
1948
Series D 354s guar
I960
Gen 4548 series A
——1977
Gen A ref 454s series B—1981
D
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bbb3
D
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J yb
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8054
77
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83
5548—1972
1st 8 f 6s series B guar——1973
1st sf 4548 series C—
1977
O
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86
O
x
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D
x
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Cleve Short Line 1st
Cleve Union Term gu
Coal River Ry 1st gu
Colo Fuel A Iron gen s
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mtge
f 68—1943
-—1970
A—1980
Colo A South 454s series
O xbbb3
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86 54
7954
10654
108
73
14
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106 54
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76 54
106 54
3
Apr 16 1952 A
18
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Columbia G A E deb 6s.May 1952 MN xbbb3
Debenture 6s
10754
6954
MN yb
18
65
83
1754
59
1354
3454
105
62
10554
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9954 10654
99
106
Jan 15 1961
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bbb3
Columbus A H V 1st ext g 4s. 1948
z
aaa3
*113
113
Columbus A Tol 1st ext 48-1956
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aaa4
*111
11054 11054
Debenture 6s
105
105
64
♦Commercial Mackay DorpIncome deb
w
w_._Apr 1 1969 May yb
Commonwealth Edison Co—
1
27 54
40
aa
4
11054
110
11054
11
a
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3548—May 1 1965 MN
354s
1967 MN
x
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108
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x
aa
1st mtge 3 mi a
1966
MN
z
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1969
MN
x
a
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Crucible Steel 454a
A
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D yb
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1954
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101
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15
31
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new
2
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1954
Firestone Tire A Rub 3 54s..1948 A
x
38
a
10654
35
1754
9954 101
10254 10754
3754
6354
1954
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3054
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5s International series..1942 M 8 x bbb2
1st lien s f 6s stamped
1942 M 8 x bbb2
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6
23
106 54
Fairbanks Morse deb 4s
.1942 M 8
14
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13
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cons 2-4s._1982
{{♦Proof of claim Hied by owner MN
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1
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J
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y
ccc3
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Gen Am Investors deb 5s A.1962 P
Gen Cable 1st s f 554s A
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D
A
1947
|y bb
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J
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1940 J D
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—1948 MN
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J
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w
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D
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1950
.
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A
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71 54
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18 54
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77
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58
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75
..1950 A
ser
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3754
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32
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Ship Island RR—
1st A ref Term M 5s
stpd..1952 J
Gulf States Steel s f
454s
1961 A
x
2
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Gulf States Utll 354s ser
D—1909 MN
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3
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1949
Hocking Val 1st cods g 4 54s..1999
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mtge
1944
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J
J
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Illinois Central RR—
1st gold 4s
1st gold 3 54s
Extended 1st gold 354s
1st gold 38 sterling
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Refunding 4s
Purchased Unes 354s
Collateral trust gold 4s
40-year 454s
Aug
Cairo Bridge gold 4s
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1 I960 P A
|y b
Western Lines 1st g 4s
1961
IU Cent and Chic St L A N O—
Joint 1st ref 5s series A
1963
1st A ref 454s series C
1963
♦Ilseder Steel Corp 6s
1948
(♦Ind Bloom A W 1st ext 4s.1940
Ind 111 A Iowa 1st g 4s
1950
10954
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J ybb
1953 MN |ybb
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10 54
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..1952 J
1961
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ccc2
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1955 MN ybb 2
Omaha Dlv 1st gold 3s
1951
8t Louis Dlv A Term g 3s—1951
Gold 3 54s
cccl
1952 A
1950
9054
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22
1951 A O
1951 M 8
Litchfield Dlv 1st gold 38—1951
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96
J
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1951 J
1951 J
90 54
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21
3054
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Houston Oil 4)4s debs
1964 MN ly
Hudson Coal lstsf 5s ser A—1902 J D
Hudson Co Gas 1st g 6s
1949 MNi
Hudson A Manhat 1st 5s A.. 1957 P A
♦Adj Income 5s
Feb 1957 A O
Illinois Bell Telp 354s ser B.1970 A O
Springfield Dlv 1st
54
9954 10054
2454
3754
9
75
1
♦Green Bay A West deb ctfs
A— Feb
Feb
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Gulf Mob A Nor 1st
654s B ..I960 A O
1554
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yb
General mtge 4s series G—1940 J
Gen mtge 4s series H
1940 J
Gen mtge 354s series I
1967 J
13
1554
3554
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1973 J
1970 J
General 6s series C
General 454s series D
General 454s series E
1
121
_
J yb
Great Northern 454s ser A..1901 J
General 654s series B
1952 J
1
90
2
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J
43
36
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For footnotes see page
z
J}z
Refunding 6s
1st mtge 354s
debs—-.1948
1942
-—1952
♦7 54s series A extended to 1946
♦6s series B extended to 1943
Curtis Publishing Co 3s deb-1955
Dayton P A L 1st mtge 3S..1970
Del A Hudson 1st A ref 4s..1943
109 54
10454
10554
10454
119
x aa
1966
1966
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10654 11154
10954 130 54
8854 100
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Consolidation Coal s f 6s——I960
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119
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{♦Consol Ry non-conv deb 4s 1964
1st mtge
39
z
of Upper
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37
x
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37
9754 105 54
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J
1968
..1958
48—1943
Conn Ry A L 1st A ref 4 548—1961
Stamped guar 4548—
1961
Conn Rlv Pow s f 354s A
1961
Consol Edison of New York——
354s debentures
1946
8 54b debentures
—1948
8 54s debentures
1958
8 54s debentures
—1968
♦Consolidated Hydro-Elec Works
1st mtge 3 54s series
1
4s series D
♦(Ref A Imp 5s of 1927
1967 MN
♦{ Ref A lmpt 5s of 1930- -.1975 U o
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.
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1956 J
66
J
conv
aa
O
90
56 54
MN
x
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O
1953
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♦Gen
bbb3
1953
♦1st consol gen Hen g 4s._.1996
♦Conv 4s series A
1953
8054
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37
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64
77 54
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105
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A
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30
5754
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107
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1943 J
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104
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7
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149
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18 54
1054
44
13
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AO
(♦Secured 454s series A...1952
♦Certificates of depoelt-.--Ch St L A
154
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New OrleansI 6s-1961
954
954
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10
1154
I
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4
A
13
1654
1554
tax.1987
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18
10454
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654
2
aa
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DuQuesne Light 1st M 354s.. 1966 /
1054
1454
stpd Fed lnc tax 1987 MN
Fed lnc tax.. 1987 MN
♦4Kb stamped
1987, MN
♦Stpd 4s n p Fed lnc
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10
A
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Friday's
3
East T Va A Ga Dlv 1st 6s—.1956
z
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Bid
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{Chic Mllw St Paul A Pac RR
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}
3
aa
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♦Assented (subj to plan)
♦Ref A lmpt 6s ser B.Apr 1978 A
{♦Des M A Ft Dodge 4s ctfs.1936 J
68
1
Sale
!Low
(Cont.)
Del Power A Light 1st 4 54s..1971 J
1st A ref 454s
1969 J
1st mortgage 4 54s
1969 J
20
354
Last
Railroad & Indus. Cos.
16
1940
* cek i
Price
See a
1254
2954
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Y.
1954
3054
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z
64
54
754
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3054
5
20
68
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z
26
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♦Ceng 354s ser B.May 1 1989
♦Gen 4Hs series C.May 11989
♦Gen 454s series E.May 1 1989
♦Gen 454" "erles F.May 1 1989
I
18
1454
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ccc3
M N
J
No
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20
N.
Jan. 1
12454
1454
25j4
ccc3
z
Since
Ask
12454
1454
1354
ccc3
J
BONDS
Range
Friday's
Bid
Friday
Bank
Ranye or
8aU
|z cccl
z
{♦Chicago Great Weet
{♦Chic iod A Loulsv ref &"-1947 J
J
♦Refunding g 6e series
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O
MN
JJ-.1J82
1fol?
Last
Pries
Low
L
Rallraad &
a
Nov.
Week's
Friday
*9254
8954
8954
90
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40 54
4054
127
5054
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1054
10854 11254
86
91
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8954
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80
90
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8954
90
70
42
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44
37
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43
43
4054
42 54
7
3454
45
41
4254
76
3154
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51
52
40
39
4054
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2
2
3954
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5
158
79
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43 J4
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63
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48
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—
— —
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60
50
79
85
6*54
42
43
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65
56
53
65"
92 54
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3
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26
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110
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115
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2
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108
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4054
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30
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1954
3554
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9954
64
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68
68
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14
14
41
column Incorporated la this tabulation pertaining to baafc eligibility and
rating of bondx
854
See
6054
17 54
t.
Volume
New York Bond
151
Bank
BONDS
N.
V.
Friday
Last |
Elig. A
STOCK EXCHANGE
Rating
Sale
See a
Price
Week Ended Nov. 15
A
{♦Int-Grt Nor 1st 6a ser A. .1952
♦
Adjustment 6s ser A.July 1952
High
105H
105 %
96 H
7%
1
20
43
97
8H
1H
High
105H
106 H
104
64
9
100
102 % 106%
89
103H
97%
78
7%
16H
z
cc
z
cccl
J
z
cccl
7%
7
7%
7H
25
6H
14 H
o yb
3
0 y ccc4
52
52
55 H
27
72 H
76 H
269
37 H
53
74 H
72 %
104H
102 %
104 %
102 H
105
106
Int Rys Cent Amor 1st 5s B .1972 MN
1st Men A ref 6 H«
1947 F
Int Telep A Teleg deb g 4H&1952 J
Debenture 5s.
1955 F
1
1
"T"
3
3
7
bbb2
y
A
0
b
z
1
b
z
1950
Ref A lmpt 5s.
ybb 3
Apr 1950
x aaa4
Kansas City Term 1st 4s....I960
Karstadt (Rudolph) Ino—
z cccl
♦Ctfs w w stmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943 MN
♦Ctfs with warr (par $925) 1943
Keith (B F) Corp 1st 6s
1946 'MB ybb
J x a
Kentucky Central gold 4s—1987 J
xbbb3
Kentucky A Ind Term 4H8-1961 J
99
191
21
22
1H
3
1
3
38
58
20
93
104H
104H
"31
~33% "29
31
30 H
70
33
8
66 H
"66 %
67
42
70%
109%
69%
108
25
39 %
24h
50
50
12
z
105
J
{♦Mllw A State Line 1st 3 Ha 1941 /
{♦Minn A St Louis 5s ctfs
1934 MN
zb
{ (♦MStPASS M
(♦1st cons 5a
38%
69h
70h
109 %
4s int gu'38 J
2
55
55
2
6
2
*66
107 h
26
ccc2
107%
z
ccc3
ccc3
z
c
2
7%
6%
Mo Kan A Tex 1st gold 4a... 1990 J
2
19%
ccc2
9%
9%
9
♦25-year
D yb
2
53
4
1962
y
1962
y c
40-year 4s series B_
Prior Hen 4 Ha aeries D—1978
♦Cum adjust 6s ser A—Jan 1967
y
z
ccc2
cccl
60
80
♦General 4a..
x
bb
*70
90
80
85
ccc2
x
aaa4
*161 %
157
168
*107 H
*106 H
108k
♦1st A ref 5s series F—...1977 M S
♦Certificates of deposit
♦1st A ref 5s series G
1978 MN
ioek
26
105H
105H
3
♦Certificates of deposit
♦Conv gold 5%a
1949 MN
♦1st A ref g 5s series H
1980 A O
♦Certificates of deposit.....
a
a
(♦Laclede Gas Lt ref A ext 5s 1939
A
O
Ref A ext mtge 5s
A
O
Coll A ref 5Hb series C
F
A
1942
1953
Coll A ref 5Hs series D—.1960
Coll tr 6a series A
—1942
Coll tr 6a series B_
1942
M S
z
106M
bb
2
100H 106 H
101
105 H
1%
4%
97H
94
5
93 H
94
34
79%
61
68
38
62 H
80
1975
♦1st A ref 6s series I.
1981
A
F
Ay b
2
60
40
38
61%
F
A y b
2
"57"
52 H
57
34
33
57
v
A y b
2
57
56%
57
5
39
53
bbb3
86
86
86
10
69 H
80
96 H
97
17
82
97
79H
92H
27
39%
—1941
Lake Sh A Mich So g 3Hs—.1997
J
x
J
ybb
D
x
a
3
2
F~
cc
2
ccc2
ccc2
A
ccc2
g 5s 1947 F A
1977 M S
(♦Secured 5% notes.——1938 M S
*Ref A lmpt 4Ha—
z
8
8%
41
3
13
21h
12h
20h
1H
12%
12%
12h
12h
21%
21H
21h
21h
Monongahela W Penn Pub Ser
1st mtge 4 Ha
.1960
6s debentures.....
..1966
1h
17h
17h
17%
17%
%
17%
16%
17%
"18%
17%
'17%
70%
37
42
70%
y
68%
7
42 H
y
6
79%
Gen A ref
s f 5s series
ybb
40
41
10
30
41
Gen A ref
s f
Gen A ref
s
56 %
1
35%
56 H
*33%
33 H
*32 H
"l2
37H
56%
27
35
22
35%
32 H
23
x a
ybb
Montana Power 1st A ref 3%a '66
Montreal Tram 1st A ref 5s._ 1941
B—.1955
4Hs series C.1965
y
"34H
32
"35"
"l
20 H
35
A
z
b
34 H
34
34H
3
24H
z
b
35
32 H
35
9
20 H
34H
35
75
80
3
50
80
Nash Chatt A St L 4s
1
49 H
73 H
47 %
50
57
30
48H
UNat Acme 4Ha extended tol946 J D
Nat Dairy Prod deb 3 %a w w 1951 MN
7
30
Jzb
z
b
73 %
A..1978 F
ser
49%
51
Nat Distillers Prod 3%a
1949 M S
National Steel 1st mtge 3s... 1965 AO
z
ccc2
20 H
20H
21%
109
8%
22 %
Natl Supply 3%a
MN
z
ccc2
22 H
22
22%
111
9%
.2003 MN
Leh Val Term Ry ext 5s
1951 A
Lex A East 1st 50-yr 5s gu...1965 A
IJbby McNeil A Llbby 4s.. 1955 J
Liggett A Myers Tobacco 78.1944 A
5s debenture
1951 F
Lion Oil Ref conv deb 4Ha.. 1952 A
Little Miami gen 4s amies A.1962 MN
z
ccc2
24H
24H
50
10%
y
bbbl
57
23 %
56
57
18
23%
25%
68%
{♦Naugatuck RR 1st g 4s—. 1954 MN
Newark Consol Gas cons 5s.1948 J
x
a
*93 H
94 %
:
x
bbb4
X
aaa4
X
aaa4
J
Jt bb
♦General cons 5s
1946
Loews Inc s f deb 3Hs—
F
Lombard Elec 7s series A—.1952 J
F
A
_
bb
y bb
3
aaa3
i3
D y b
"16
123
3
129
129
9
3
_
,—
99
98 H
106
104
1
A
a
105
"129"
aaa3
x
104H
122 %
3
x:
x
.1953
♦Long Dock Co 3%a ext to..1950 A O y bb
Long Island unified 4s
1949 M S y bbb2
Guar ref gold 4s
—1949 M 8 Xbbb3
4s stamped
—1949 M 8 x bbb3
Lone Star Gas 3Hs debs...
105"
106 :;
103H
104H
*
34
108"
93
2
1
15
....
93
118
99
105
121H 127%
120 H 131%
101
90
104H 106
100H 105
28H 73%
110
63H 93
105
108H
91
40
109
8
89
*99 H
99
"99% ""55
"97%
99%
97%
22
95%
85%
99%
99%
87
1954
J
1944
A
1951 F
0
x
aaa3
A x aa
Louisiana A Ark 1st 5s ser A. 1969 J
3
bbb3
J
x
Louisville Gas A Elec 3Hs—1966 M S
Lou A Jeff Bridge Co gu 4s.. 1945 M 8
x
aa
aa
128
3
x
123
3
bbb3
85%
127 H
;
123
5
128
4
43
84H
110
*109 %
120H 126H
120
129H
110
75
86%
1
106
110H
108
111H
112
Louisville A Nashville RR—
1st A ref 5s series B
2003
x
1st A ref 4 Hs series
C_——2003
x
bbb3
2003
x
bbb3
1st A ref 4s series D
xbbb3
1st A ref 3%b series E
2003
Unlf mtge 3 He ser A ext—1950
Unlf mtge 4s ser B ext
99%
97 H
92H
"89%
88
x
a
3
104H
x
1960
a
3
107H
♦106H
xbbb2
Paducah A Mem Dlv 4s__1946
3
St Louis Dlv 2d gold 38—1980 M 8 x a
3
Mob A Montg 1st g 4Hs—1945 M 8 x a
J y bbb2
South Ry Joint Monon 4s.1952 J
Atl Knox A Cine Dlv 4s—1955 MN x aaa3
♦Lower Aust Hydro EI 6HS-1944 F
103
A
McCrory Stores deb 3%e.m.1955 A O
{♦McKesson A Robblns 6 Hs 1950 M B
Maine Central RR 4s ser A.1945 J D
z
a
b
2
y
bb
86
♦107
92
99%
93%
89%
104%
107H
121
60
22
88
88
88
113
78
55
73H
88
104 H 107
~9Q~~
105%
104H
102 H
104%
99%
78
93%
72H 89%
103 H 104%
104 H 107%
101
106 H
If*
83
112
113H
*15
103%
55
248
107
105H
2
y
88
ccci
x
88
*113
104H
15H
5
102 H
262
81
r
25
105%
104 %
N O A N E 1st ref A
mp4Ha A'52 J
New Orl Pub Ser 1st 5s ser A. 1952 A
1955 J
1st A ref 5s series B...
New Orleans Term 1st gu 4s. 1963 J
{(♦N O Tex A Mex n-c lnc 5s 1935 A
Newp A C Bdge gen
gu
O
70
39
81 %
1st mtge
*85%
92
z
ccc2
22
y
b
3Hs extended t
3-year 6% notes.
6s debentures...—
18h
116
12%
12%
12H
12%
21%
20%
21%
21%
60
79
"77"
*85
a
3
bbb3
z
ccc2
b
z
ccc2
b
z
35%
*109h
*116h
67
*101h
105 %
104%
107
106%
105h
105h
.
——
44
48
106%
103
107
1
105
104
103
110h
112h
110%
112%
106h
75
44h
50
58 %
95h 106h
62
86
44
66 h
44
79
y
'65
44
"43%'66%
43%
40%
36 h
ho
-
8
29
67
—
68h
41
106%
105
107
105h
"85
27
11
7
63
129 h
122
107h
69
62%
104%
104 h
67 h
29 h
30 h
105
"29%
"36 h
35%
32
70
69
1
63
11
105
9
102 H 105 %
105
68 H
9
101H 106%
4
55
29 h
30 h
2
21
33
1
25
30
36 h
32
15
23
2
24
39%
37h
26
23 %
29
36 h
27
40
"
36%
*34
*113
64%
91%
58%
64 h
90 h
58 h
38h
36 h
60,
25
105
88
42
37 %
37
32h
38H
113
111
116
65
71%
80
1334
65%
91% 10
60% 725
66% 203
130
63%
62 %
O ybb
2
28h
33
35 h
58
b
b
ccc3
90
66
82
82
82
b
78
75
78
52 %
57
44 h
74 1
38
43
42h
68 %
65h
91h
60h
66h
64h
88
85
98 h
2
63%
66
60H
15
48%
61
71
72
83
45h
38 %
73h
98
h
60
61 %
189
88
88
73
92
88%
92 h
23
92%
14
80%
61h
88h
92%
91
91
93
66
66
93
77
77
5
77
1
/
79%
78
•v
For footnotes
see page
2913
Attention ia directed to the new column Incorporated in this tabulation pertaining to bank eligibility
%
34 %
60%
y
71%
35
A y bbb2
ybb
63
45
40
98%
64%
J
h 129 h
60H 60H
105h 109
64h 78%
*32"
bbb2
O
5
43h
128h
*36
*
85%
98%
64%
1950 J
43h
31h
107 %
87%
1941 A
36
48
62%
1978 M S ybb 3
1946 F A x bbb2
1947 A O Xbbb3
71
124h
122
*63
104%
103
119
127
69
63
70«
64
103h 107h
99 H 106h
100h 107
102
105%
126h
129h
126 h
65
3
44%
~44h "
1
b
47%
24% 89
104 h 109h
112H 120
100h 101h
*40 h
*40 h
1
3
34%
27
102
—
*122
aaa2
ybb
y bb
A y
37
"55%
*101»»i—
ccc2
x
27h
20
40
93
91JH
83
%
z
1
1
22
z
y
f"
1974 A
4s collateral trust
46
64
x
1946
Ref 4Hs series C
55%
25%
—
16^
40
36
aaa3
2013
Ref 6H8S ries A
7
94%
x
...
13
Stamped
2%
68
*65
1
Lake Shore coll gold 3 Ha 1998 F
Mich Cent coll gold 3 m. 1998 F
N Y Chic A St Louis—
14
(♦Market St Ry 7s ser A April '40 q'J
(Stamp mod) ext 5s.....1945 Q A
%
18h
42
40
b
y b
2013
1952 AfN ybb
J x a
N Y Cent A Hud River 3 Hs. 1997 J
J y bb
1942 J
Debenture 4a......
78
*90
42
J y bbb2
O
1998
10-year 3Hs sec s f^
Ref A lmpt 4 Hs series A.
Ref A lmpt 6s series C
Conv secured 3%e
30 %
15H
z
D X bbb3
4Hs 1945
N Y Cent RR 4s series A
54
72
a
—
77
22
x aa
z b
1
♦Certificates of deposit.
♦1st 4 Ha series D
1956 A "F z ccc2
zb
1
♦Certificates of deposit.
♦1st 5Hs series A—...
1954 o'a z ccc2
zb
1
♦Certificates of deposit.
52 H
28H
22
x a
z
♦Certificates of deposit.
♦1st 5s series O
1956
54
*45
*44~"
105 %
105
a
J ybb
1954 AO
♦1st 6s series B
78
3
2
1
148
1
*44
-
2
{♦Man G B A N W 1st 3 Hs. 1941 J J
Marlon Steam Shovel s f 6s..1947 A O
1
2
z cccl
{♦New England RR guar 58.1945' J
z cccl
♦Consol guar 4s
—1945'J
New Eng Tel A Tel 5s A——1952 /■ D x aaa2
1st g 4HS series B—...—196VM N x aaa2
y bbb2
N J Junction RR guar 1st 4s. 1986 F
x aa
2
N J Pow A Light 1st 4HB—1960 A
ybb 4
New Or! Great Nor 5s A—1983 J
2
Gen mtge 4Hs series A—.1960 J D yb
Manatl Sugar 4s a f—Feb 11957 MN y ccc2
Manila Elec RR A Lt s f 58—1953 M 8 y aa 1
1
Manila RR (South Lines) 4s. 1969 MN y a
28%
x
D x
♦Certificates of deposit.
Lorillard (P) Co deb 7s
6a debenture
44
A ybb
X bbb2
MN
46 M
110%
112%
105%
*71h
1
Mutual Fuel Gas 1st gu g 5s. 1947 MN X a
Mut Un Tel gtd 6s ext at 5% 1941 AT N xbbbS
73%
46 %
49%
Ay bb
112H
106
Morris A Essex 1st gu 3H8—2000
ybb
Constr M 5s series A
11955 MN y b
Constr M 4Hs series B...1955 MN yb
Mountain States TAT 3HS-1968 / D x aaa2
b
....
17%
b
ybb
f 5s series D—1955
...
/
3
XI
;
F
93
4
15
b
95
68%
95
Gen A ref s f 5s series A—1965
94%
F
8
18
25
bbb2
66H
Az: b
18%
280
—
55h
67 %
F
20
"79
*17
*106
66 H
35 H
18%
"1%
17%
*17
1%
17%
Moh'k A Malone 1st gu g 4s.1991 M S yb
Monongahela Ry 1st 4s ser A1960 MN x aa
68 H
b
4h
cccl
Jy bb 2
Cons sink fund 4Hs ser C-1954 /
Lehigh A New Eng RR 4a A.1965 A O x bbb3
3
Lehigh A N Y 1st gu g 4a
1945 M S y b
Lehigh Valley Coal Co—
1
z b
♦5s stamped
1944
♦1st A ref s f 5s—
1954 F At: b
:
z
%
16
cccl
z
5
__
7%
cccl
z
25
....
97
21
77
28%
—1954
♦1st A ref sf 5s....———1964
♦5e stamped
——1964
♦1st A ref s f 5s—
1974
♦5s b tamped
1974
♦Sec 6% notes extended to 1943
♦6s stamped...
...1943
Leh Val Harbor Term gu 5s. .1954
Lehigh Valley N Y 4Hs ext. 1950
{Lehigh Valley RR—
♦Gen cons g 4s
.——.2003
♦General cons 4Hs—.—.2003
32
53
12
10
cccl
92H
♦5s stamped
19
21H
10%
b
91%
40%
59 H
88
5
9
cccl
28
Lehigh C A Nav s
55*
81%
4
"l
c
28 H
1975
f 4HS A..1954
2
H
43
9
cccl
Dec y cccl
J
Jy bb 2
Lautaro Nitrate Co Ltd—
♦1st mtge Income reg
1%
.—
53
9
cccl
♦Certificates of deposits
(♦Mo Pao 3d 7s ext at 4% Jul.'38 MN
F
3% to ....1947 J
8%
6%
8%
2%
4
ccc2
M~S
{Mobile A Ohio RR—
♦Montgomery Dlv 1st
Lake Erie A Western RR—
2d gold 5a.
1st A ref 5a series A—.1966 F
♦Certificates of deposit—..
62H
61%
„
3%
3%
3%
13
69
94
60 %
94
2
b
♦
105 H 108
107
108 H
3%
3%
....
bbbl
176
19%
15%
16%
8%
cccl
105H
a
x
8H
2H
2%
{Missouri Paciflo RR Co—
75
x
1H
%
1
103 %
60
x
"4% '
2
Mls80url-Kan8as-Texa8 RR—
80
M 8
8%
6%
8%
2%
1h
3
z
68
MN
20
73
7%
5Hs
1949 M S z CC
♦1st A ref 5 Ha series B....1978 J
J ybb
{♦Mo-Ill RR 1st 5a series A.1959 J J z b
/
7%
78
J
15
1
z cccl
J ZCC 2
J Z cccl
90
a
15
*~8
27%
13h
2
z c
"79"
x
56
7%
*1H
*%
*70
J
107h
26 h
2
67
94%
67%
97
107H
9H
30
37H 61
15% 32
8
16H
55
59
*16
ZCC
67
27
13 %
z
*73
1954
—1954
Koppers Co 4a series A
1951
Kresge Foundation 3% notesl950
{♦Kreuger A Toll secured 5s—
Uniform ctfs of deposit... 1959
7%
33
90
5
25 h
"27 h
xbbb3
Kings Co Lighting 1st 5s
1st A ref 6 Hs
90
5%
67 h
*55 h
2
xbbb3
O
35H
96
66
cc
15%
104% 107 H
*21
High
100H 106H
112H
109
88
*94 h
66
J
.1961
4Hs unguaranteed....—1961 J
Kings County El L A P 6a...1997 A
5s extended at
4
112
18
——.1961 J
—
—
106%
6
55"
/
cons 5s gu as
16
100
♦107H
No. Low
High
106 %
7%
6%
7%
*1%
1%
52%
81%
19%
con g
1938 J
to lnt—1938 J
♦1st A ref 6s series A
1946 J
(♦1st
14
103
Jan. 1
112
z
♦1st A ref gold 4a...
1949 M S
♦Ref A ext 50-yr 6s ser A.1962 Q F
*11
102 %
Low
106 %
Since
Ask
A
cccl
{(♦Mil A No 1st ext 4Ha..-1939 J D
♦(Con ext 4Hs—
1939 / D
{♦Mil Spar A N W 1st gu 48.1947 M S
13h
20
*14
Range
or
Friday's
Bid
ddd2
z
Prior Hen 5s ser A
*11
Range
Sale
Price
Ref A lmpt 4Hs series C..1979 J
J ybb 3
Michigan Consol Gas 4s
1963 M S X a
3
{(♦Mid of N J 1st ext 5s
1940 AO
ccc2
91 %
131
Rating
1%
84
♦91H
Last
Elig. A
is
Mich Cent Det A Bay CityJack Laos A Sa-* 3 Ha
1951 M S ybb
1st gold 3 Hs
.1952 MN x a
105
104H
58
11
I*
See k
EXCHANGE
{(♦Met W Side El (Chic) 4s. 1938 F A
♦Miag Mill Maoh 1st B f 7s.. 1956 J D
47 %
27%
H
8TOCK
Railroad & Indus. Cos. (Cont.)
Mead Corp 1st mtge 4Ha.-.1955 M B xbbb4
Metrop Ed 1st 4 He series D.1968 M 8 x aa 3
Metrop Wat Sew A D 5Ha-.1950 A O xbbb3
44 H
161
24 %
25H
1
bbb3
x
95
82
23
1H
♦Certificates of deposit—
70H
25H
57 H
{(♦K C Ft 8 A M Ry ref g 4s 1936
103 H
90H 105
99
24
cccl
Kan City Sou 1st gold 3a
2
76 %
86
A y ccc2
.
16
2
14H
78
James Frankl A Clear 1st 48.1959 / D ybb
Jones A Laughlln Steel 4%a A1961 M S ybb
Kanawha A Mich 1st gu g 4s 1990 A O x bbb4
{♦Iowa Cent Ry 1st A ref 4s_1951
6H
85H
"§6H
z
1
12
78
A ybb 3
J y ccc2
M 8
12
Y.
Week Ended Nov. 15
J
J ybb
Internat Paper 5s ser A A B.1947
Ref s f 6s series A—
1955 M S y b
Plain.
No. Low
106 %
96 %
m
Jan. 1
103H
101H
BONDS
N.
Since
Ask
A
O
.....1956
♦1st g 58 series C—
1956
Internat Hydro El deb 8s—1944
Int Merc Marine s f 6s—....1941
Stamped
Range
Friday's
Bid
101H
2
O ybb 3
J z cccl
Interlace Iron conv deb 4s.. 1947
♦1st 5s series B
O ybb
2911
Week's
Friday
Bank
Range or
|
LOU)
Railroad & Indue. Cos. (Cant.)
Ind Union Ry 3 Ha series B.1986 MB x aaa2
♦104H
J xbbb2 105llii 105lJ«
f Industrial Rayon 4 Ha
1948 J
Inland Steel 1st mtge 3a ser F1961 A O x aa 3
106 H
106H
Inspiration Cons Copper 4s.1962
Record—Continued—Page 4
Week's
a.iJ rating of bonds.
See f,
J
New York Bond Record—Continued—Page 5
2912
Bank
BONDS
Railroad & Indus. Cos.
N Y Dock 1st
Last
Price
Bid
1951
1947
D_.—1965
8%s ser E—.1966
y
b
BONDS
Range
N. Y.
Since
High
No.
56%
59%
110%
26
59 H
109H
20
104 H
110H
109 H
110%
21
105
111
124%
1
117
117
1
*15
19
55
X
ccc2
59 H
x
aaa4
X
aaa4
110H
110H
4
Low
High
,46%
56%
60
40
N Y & Erie—See
N Y Gas El Lt
Purchase money
AfN
(♦N Y A Greenwood Lake 6el946
N Y A Harlem gold 3 Hi
2000 AfN
N Y Lack & West 4s ser
A—1973
X
aaa4
x
aaa4
z
cc
2
x
aa
2
117
'turn
FN y bbb2
4%s series B_
--1973
♦N Y L E A W Coal A RR 5%s'42 FN
zb
*
—
**»
J ybb 2
Impt5s 1943 J
N Y A Long Branch gen 4a-.1941 M 8 ybb 3
(♦N Y New Hav A Hart RR—
♦Non conv deb 4s
...1947 M 8 z cccl
♦Non-conv debenture 8 %e 1947 JJf 8 z cccl
♦Non-conv deb 3 Ha
1964 A O z cccl
z cccl
♦Non-conv debenture 4a_.1955 J
♦Non-conv debenture 4s.. 1956 FN z cccl
♦Conv debenture 3 Ha
1956 J J z cccl
J z cccl
♦Conv debenture 6s..——1948 J
(♦Collateral trust 6a
1940 A O z cccl
M JV z cc 1
♦Debenture 4s.————1957
♦1st A ref 4 Ha aer of 1927.1967 J D z cccl
M N zb
3
J ♦Harlem R A Pt Ch lat 4s 1954
m
m
+.
*87
16
16
mmmmmm
105H
mmmmmm
*105 H
J
x aa
4
rnmmmmm
107 H
*24
*109
J
z
cc
2
mmmmmm
F
A
z
c
2
mm
F
A
z
cc
1
FN
z
bb
1
mm
8H
4H
105 H
108
104
102 H
104 H
18
71
87
11
Phillips Petrol
conv
6H
59
mrnmrneim
1
92
'mm
388
mm
*108 H
102H
m
1
94%
0%
5H
m
m
mmmm
103
3
13
2
12
13%
2
mmmmm
....
73%
21
*13
...
ccc2
13%
13H
mmmmmm
71
73
71H
73
2
mmm+mm
125H
126
19
105H
105H
105H
105H
104%
105%
105%
105%
10
73
x
aaa4
A
x
a
4
A
x
a
4
A
x
a
4
x
aa
2
•
x
aa
2
mmmmmm
^
m'mm'm
*115H
8
106
:-mm
*108
m
54%
107
110H
105
108 H
loon 106H
9
1
5
m m
112 %
4H
85
43
mmmm
111%
94^
8H
1H
101
mmmm
A
♦1st mtge g 5s (stamped can¬
cellation of guarantee). 1945 A
♦Certificates of deposit.....
O % ccc3
O
ccc2
z
North Pacific prior lien 4s...1997
Gen lien ry A Id g 3s Jan.—2047
z
cccl
mmmmmm
107%
30
5H
5%
39H
106
80%
12
14
62 H
111H
92
78
97H
3H
6H
107% 112
109 H
107
96% 104H
8
7H
18%
17%
x
aa
x
bbb3
x
aaa2
1942 A
Berlee B 4 Ha guar....
Series E 3 Ha guar gold...1949 F A
Berlee F 4s guar gold
.1953 J D
Series G 4s guar
..1957 FN
Series H
118
109
x
45
72 H
bbb2
*42 H
mmmmm
73 H
74%
74
mm
40H
69 H
40H
76H
aaa2
x aaa2
*110
x
aaa2
110H
aaa2
aaa2
119H
1964 Af N
x
aaa2
1970 J
x
aa
Hs
Gen mtge 5a series A
Gen mtge 5s series B
D
2
1975 A O x aa 2
J x aa 2
Gen 4Hs series C.
1977 J
Pitts Va A Char 1st 4s guar. 1943 TAN x aaa2
Pitts A W Va 1st 4Hs ser A. 1958 J D y b
2
1st mtge 4 Ha aeries B
1959 A O yb
2
1st mtge 4Ha aeries C....1960 A 0 y b
2
Pitts Y A Ash 1st 4s ser A...1948 J D
let gen 68 series B
1962 F A
107H 108 H
115
119H
114H
H3H
14
105
40
~58H
"6
6s '42 J
♦Certificates of deposit
♦6a stamped
1942
♦Certificates of deposit
Potomac El Pow 1st M 3HB.1966
Pressed Steel Car deb 6s
1951
J xbbb2
J z cccl
z
7" j
7
40
58 H
25
40
x
J
"76 H
106 H
79 H
106 H
z
cc
b
100H
90 H
2
81H
100 H
90 H
5
2
68 H 100H
81H 91
1
106 H 110H
110
"97H
97
2H
110
97 H
18
2%
*111H
*147 H
112 H
154
x
140
aaa4
218
218
6
214
226
aa
4
110
110H
6
100
x
bbb3
104
104H
8
y
bbb2
61H
62 H
14
X
bbb3
78
80
92
x
Remington Rand deb 4Hi w w '56 Af S
4H» without warrants....1956 Af 8
aaa4
x
bbb3
78
79 H
30
101H
102 H
74
102
102
xbbb3
104M
~80~"
102 H
102
x
bbb3
Af N
x
bbb2
A
x
bbb3
104 X
MJV
x
bbb2
105 H
x bbb3
J xbbb4
J z
104 H
F
Af N
/
43H
44
31%
45%
J
z
52%
53%
38
J
z
....
65%
226
33 H
45
65
64%
68H
♦Rhine-Westphalia El Pr 7s. 1960 MJV
z
57%
4
40H
60
J
J
4s—1948
48—1943
J
J\ z
6
104
ioik
131
105H
104 H
106 H
104 %
43
*102H
77
103
2
56
4
57%
41
110%
31
56
110H
110%
*101
60
40
105% HOH
95
95
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
Richfield Oil Corp—
4s s f conv
(♦Og A L Cham 1st gu g
Ohio Connecting Ry 1st
M 8
Ohio Edison 1st mtge 4s—1965 MJV
1st mtge 4s..............1967 M 8
J
1st mtge 8%s.——..1972 /
x
c
2
aaa3
x
a
a
4
a
x
a
4
x
bbb4
x
aa
3
Ontario Transmission 1st 58.1945 Af N
x
aa
Oregon RR A Nav coo g 4s..1946 / D
Ore Short Line 1st cons g 58.1946
Guar stpd eons 5a
.1946
x
aaa2
x
aaa2
Ore-Wash RR A Nav 4s.—1961
x
y
bb
aaa2
8H
107
108%
109
no
105
110%
109%
105%
103%
104
mmmmmm
rnmmmmm
mmmmmm
109%
*100%
rnm
mm
mm
mmmm
m
2
m
mm
12
105
109%
52
104% 110
101H 110H
107 H 110H
25
103
9
11
107
90
1 108 H
93
2
117%
105 %
111 H
112% 118H
108
*111%
*117
*117%
106%
107H
85H
83%
'
107 H 108 H
m mmmm
108H
110H
aaa2
Otis Steel 1st mtge ▲ 4 Hi—1962
x
■
106
3
x
*108%
106
4
Oklahoma Gas A Eleo 3%S—1966 J D
4s debentures........ .—.1946 J D
Ontario Power N F 1st g 5s—1943 F A
3H
m
■
-
-
113
-
119
107%
85%
107%
26
104
85%
90
68
Pacific Coast Co 1st g 5s....1946
y b
Pacific Gas A El 4s series G.1964
x
1st A ref mtge 3%s aer H..1961
1st A ref mtge 8%s ser I...1966
(♦Pao RR of Mo 1st ext g 4s. 1938
(♦2d ext gold 5s
1938
Pacific Tel A Tel 8%s ser B..1966
Ref mtge 3Hi series C....1966
Paducah A III 1st Bfg4HB—1955
x
x aa
2
Panhandle East Pipe L 4s...1952
II
4
103%
104
11
103
A y b
2
50
5
40
61H
94
40
76
94
45
5
36
47
121
126
3
*61
aaa2
aaa2
112H
»
-
•
-
-
-
x
aaa2
110H
z
bb
2
b
3
x
aaa4
x
aaa4
112%
112
112
110%
111%
39
4
32
78
11
*74
110
mmmmmm
m
m
m m m
m
110%
*111%
111%
105%
*103%
x
bbb3
94
48%
92 %
ccc3
44
43
18
aaa3
z
b
2
x aa
3
x
aa
3
Guar 8Hs trust ctfs D....1944
Guar 4s ser E trust ctfs
1952
x
aa
3
x aa
3
108
108
108
13
x
a
3
107
bbb3
107%
104%
42
y
106%
104%
103%
104
16
28-year 4s
......1963 F A
Pennsyl Glass Sand 3Hs- .1960 J D
........
Pa Ohio A Det 1st A ref 4 Hs A '77 Jt
4 Hs series B
....1981 J J
Penna Pow A Lt 3Hs
1969 F A
4 Ha debentures
1974 F A
Pennsylvania RR cons g 4s.. 1943
Consol gold 4s..
......1948
4s sterl stpd dollar May 1 '48
Gen mtge 3Kb soles C...1970
Consol sinking fund 4Hi—1960
General 4Hs soles A—...1965
x
a
3
x
a
a
4
x
bbb4
x
aaa2
x
aaa2
x
aa
a
3
x
104H
104
3
X
a
3
1970
1981
1984
Conv deb 3 Hi.—......1952
x
bbb4
65
110
108H
....
66
*100»u
*105
*105%
*104
109%
108%
mi
'
20
mm mm
mm
mm
mm:
mm
mm
5
s
f 7s
110 %
30
108%
22
114
114%
114
97
98
115
28
98
96
104H
103
104 H
103
X
bbb4
92 H
91
Peoples Gas LAO cons 6s..1943
Refunding gold 5s........ 1947
x
aa
((♦Peoria A East 1st 4s stmpl940
98%
104%
104%
93
105
81
108%
3
96
111
114
3
72
100U1(102H
105H 106
102
107 H
99 H 108
99
107H
104 H 104 H
11
107%
x a
56H
106
11
98%
121%
XI
103 H 110 H
169
121%
108
mrn-mm
♦1st
con
A coll trust 4s A..1949 A
ser
D
ccc2
O
z
♦Certificates of deposit
...
♦Income
4s—...Apr 1990
Peoria A Pekln Un st5Hs—1974
x a
2
z
b
2
z
b
2
cc
2
a
2
z
x
114%
mmmmmm
117
114%
117%
13
388
68
69
259
1
6
49%
mmmmmm
mmmmmm
50
17
49%
*4%
mmmmmm
50
2
*108
100
115%
94 %
100H
79
89H
89
75%
116
98%
121%
108 H
115
98%
104H
104%
93
110H 116
111
118H
43
1
13
27 H
27H
5
14H
27H
106 H
I
30
107
"6
30
40
33
32 H
33
19
20
36
7H
2
*131
2
x aa
2
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2
z
cc
2
z
cccl
7H
8
*109 H
*109 H
z
c
cc
O
109 H
132
5H
12H
130
131
108H
ill
105
110
6H
*23
110H
9H
7H
5
.....
21
21
6
7H
2
Saguenay Pow Ltd 1st M 4Hs *66
7H
9
2
z
J
xa
x
O yb
g 4s—.1983 Af N
♦Certificates of deposit.....
♦(Riv A G Div 1st
5
88 H
aaa2
J ybb
2d gold 6s
1996
St Louis Iron Mtn A Southern—
2
z
88
♦108H
9H
68
98 H
108 H 112
70
65
63
65H
*55
64
65H
*22
63
16
111
*53
bb
4
89 H
*55
2
3
bb
%
10H
36
2
J
8H
36"
cc
J
103 H 109
28H
36
24
49H
J z ccc2
(♦St L Poor A N W 1st gu 6s 1948 J
St L Pub Serv 1st mtge 5s—. 1959 Af 8 yb
2
St L Rooky Mt A P 5s stpd.. 1955 J
J yb
2
J z cccl
(♦St D-San Fr pr Hen 4s A...1950 J
♦Certificates of deposit..
z cccl
♦Prior lien 5s soles B
J z cccl
I960 J
♦Certificates of deposit—...
♦Con M 4 Hs series A
1978
66H
65H
""8H
cccl
9
cccl
9
H
(♦St L S W 1st 4s bond ctfs. 1989 MN ybb 2
♦2d 4s lnc bond ctfs—Nov 1989 J
J zb
1
(♦1st term A unifying 5s—1952 / J z ccc2
♦Gen A ref g 5s series A
J z cccl
1990 J
St Paul A Dul 1st con g 4s..1968 / D Xbbb2
z
cccl
St Paul Un Dep 5s guar
x
aaal
1972 /
J
6«H
69 H
4
33
62 H
9H
8H
10H
168
7
157
9H
SH
14H
14H
8H
10
9
9H
9H
65H
8H
65H
*31H
*8H
15H
14H
18H
151
6H
2
54 H
68
38
12
21H
13 H
~41
9H
7H
65H 82
5H
8H
8
4H
110 H 118
85
3H
5H
114H
10
7
25H
17
*71
cccl
7H
137
34
16H
9
10
9H
cccl
z
6
41H
10 H
z
(♦St Paul E Gr Trk 1st 4HS.1947 / J
(♦St P A K O Sh L gu 4 Hs
1941 F A
26H
69H
40
9
z
♦Ctfs of deposit stamped
15
69
"4lk"
z
Af"s
48 H
3H
5H
114H
114H
5H
8 A A Ar Pass 1st gu g 4s
J ybb 3
1943
Santa Fe Free A Phen 1st 5s. 1942 M -Six aaa2
68
.
(♦Schulco Co guar 6 Hs
♦Stamped
♦Guar
s
f 6 Ha series B
1946 J
J
J
z
♦107H
*30
cccl
Jz
32
47H
18H
34
2
28 H
47 H
38
29 H
aaa3
125
3
ccc2
*9H
10
z
cccl
O
z
....
MJV
x
A O
z
(♦Refunding 4s——— 1959
32
47H
69H
64
107 H 109H
21
33
51
O
A
Bcloto V A N E 1st gi| 4s... .1989
(Seaboard Air Una Ry—
(♦lstg 4s unstamped..... 1950
(♦4s g stamped.......... 1950
♦Adjustment 5s
Oct 1949
44
34 H
49 H
125
1946 A
♦Stamped............
69H
108
A
O
s
cccl
F
A
z
c
A
47 H
2
O
z
cccl
♦Certificates of deposit.
eons 6s series A— 1945 M "8
♦Certificates of deposit.
z
z
cc
z
cccl
1
3H
3H
cccl
((♦Atl A Blrm 1st gu 4s.. .1933 MS
8H
1
cc
2
2H
5H
4H
5
4'H
♦9
6
51
U4H 125
8
16
9H
1H
3H
2H
5H
27
OH
16
1
40
89
2H
2H
2H
15H
1H
6H
8H
4H
25
3
15
9
11
8H
7H
15H
71
43%
70H
10
8H
5
110%
27
27H
27H
x aa
♦1st
2
12H
x aa
(♦Rut-Canadian 4s stmp—.1949
(♦Rutland RR 4 Hi stmp
1941
St Jos A Grand Island 1st 4s. 1947
St Lawr A Adir 1st g 5s
1996
27 H
26H
15H
"27H
z
((♦R I Ark A Louis 1st 4 Ha. 1934 M S
♦Ruhr Chemical s f 6s
1948 A O
15
33
29 H
....
J
1977 M 8
"27H
♦
1952 Af 8 x bbb3
1
..1955 F A zb
D z ccc2
Gen mtge 3%s series H—.1967 M 8
Gen mtge 3 Hs series I
1967 M 8
Gen mtge 3Hs series J....1969 Af 8
104 H
92
*_..—
Z
z
102
90
90 H 104 H
103
109
75
104H HOH
109H
107 H 109 H
110H 115
*107%
98H
A
((♦Rio Gr June 1st gu 5S...1939 J
((♦Rio Gr West 1st g 4s...1939 J
Rocta Gas A El 4Hs
27
27
z
1955 A O
89H 102H
97% 101
mm
113%
114H
aaa2
XI
Debenture g 4Hs
General 4Hs series D
Gen mtge 4 Ha series E
mmmmmm
2
x
1968
General 5s series B
mmmmmm
3
x
*122
mmmmmm
85
104H 112
x
*■ mm m
71
102 H 103%
■
♦Paullsta Ry 1st s f 7s
..1942
Pain Co gu 3 Hi ooll tr ser B.1941
Guar 3 He trust ctfs C
1942
mm
53
60%
109% 113H
108
112H
105H 1HH
74
77
y
Paramount Pictures 3Hs deb '47
Parmelee Trans deb 6a
1944
Pat A Passaic G A E cons 58.1949
62%
112%
77 H
z
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
1955 F
debentures
♦Rlma Steel 1st
■
mmmtm
-
4
x
5
*4
-
1953 F
50
98 H 103 H
38
20
34 H
14
50
....
..1952 AfN
110H
105
64H
60 H
80
62H 79H
99 H
*100
....
57%
108
....
52 %
64 X
bbb3
6
63H
113
153
2
2
x
91
97H
79
2H
63H
*75
aaa4
2
F
81H
107 H
69
90 H
3
z
64 H
104
1
90 H
1
x
171
v; 1
100H
100H
aaa4
3
80
106 H
100 H
100 %
x
Reading Co Jersey Cent coll 4s '51
Gen A ref 4 Hi series A
1997
Gen A ref 4 Hi series B
1997
Saratoga 6s gu.1941
Republic Steel Corp 4 Hs ser B '61
Pur mon 1st M conv
SHs.1954
Gen mtge 4Hi series 0...1956
Revere Cop A Br 1st M
4Hs 1966
cccl
ybb
(♦Providence Sec guar deb 4s 1957 Af N
(♦Providence Term 1st 4s...1956 Af 8
♦Direct mtge 6s
64
106 H
*99 H
cccl
bb
mmmmmm
63 H
58 H
cccl
z
z
...
bb
2
63 H
57H
56 H
3
ybb
y bb
J y bb
A x aa
40
110H 117
x aa
y
J
105
92
108 H 108 H
57 H
3
y
J
119H
114H 118
99H 112H
99 H U3H
56 H
3
x aa
1950 J
conv
58
108 H 111
105
110
*117
x aa
1960 M 8 ybbbl
1st 6s extended to
*112H
H2H
113H
103 H
104H
*108 H
110H
119k
102
D
—.1977 /
Port Gen Elec 1st 4 Ha
*118
112
104 H 110
110
108
*105
J
44%
104H
3
J
43 H
93 H
aa
1974 / D
1st gen 5s series C__
1st 4 Ha series D
(♦Porto Rico Am Tob
x
2047
2047
Ref A lmpt 5s series C
2047
Ref A lmpt 5s series D
2047
Northern States Power 3HS.1967
Northwestern Teleg 4%s ext 1944
Ref A lmpt 4 Hi ierles A
Ref A lmpt 6s series B
4
112 H
103
109
*109 H
x
♦Rhelnelbe Union ■ f 7s..
1946 J
♦3Hi assented.
1940 J
♦Rhine-Ruhr Water Serv 6s.1953 J
91
6
105 H 108
*108
x
73
114
x
106
*1,06 H
*110H
A
Pub Serv of Nor 111 3 Hi
-1968
Purity Bakeries s f deb 5s...1948
107
aaa2
A
79
117H 126H
102 H 107 H
101
106H
102H 108 %
aaa2
.1960 F
4s
4Hi
54%
69
*105
x
x
...1963 F
cons guar
cons
Public Service El A Gas 3Ha 1968 J
1st A ret mtge 5s_.
2037
1st A ref mtge 8«
3037
*42
mmmmmm
O
Series C 4 Hs guar........1942 MN
Berlee D 4s guar
1945 AfN
14
mmmm
mmmm
2
4
Pittsburgh Cine Chi A St Louis—
13
mmmm
*70
....
M~S
..1948
Rensselaer A
1945
Z
4Ha A '52 M 8
3s
conv
z
20
85
12
9%
*111H
mmmmmm
1
9%
*91
6M
mm
mmmm
26
9H
mmmmmm
m
107%
111H
A
1974
1974 Af 8
(Northern Ohio Ry—
♦
lstgtdg6e
106
*53
mmmmmm
M 8
North Cent gen A ref 6s
Gen A ref 4 Hi aeries A
3H
56
109%
105%
*8
mm
9H
rnmmmmm
Norf A W Ry 1st cons g 4s...1996 O
North Amer Co deb 8%s—1949 F
Debenture 3%s_—
1954 F
Debenture 4s....... .....1959 F
39
Series J cons guar 4
aaa4
z
4H
105 H
4H
*3H
104H
74
bbb3
♦Ctfs of dep (issued by reorgan¬
ization manager).......1941
1
58
bbb4
((♦Norfolk A South 1st g 58.1941 Af N
18H
zee
16
x
111H
95
74
x
108
79H
73H
X
75
9H
2H
74
J
106H
1
Series I
FN
108H
100
cc
23%
5
104 H
121
12
%
2
24
141
33
52
112
106
i08~
106 H
110
4H
17%
52
106 H
109 H
108 H 110H
112
118
17H
31%
rnmmmmm.
106 H
109 %
2
123
4
17
6
109 H
17
31
mmmm
109
*117H
*109 H
107H
65
4
J
♦Conv deb 6s
17H
5%
I11H
17
24%
36%
2
107
75
cccl
12H
19H
2H
mmmmm
67H
37
110
51H
aaa4
18%
IV*
45
z
17H
4%
45
72
x
17H
4%
11
66 H
1949 Af 8
J
((♦Philippine Ry 1st s f 4s..1937 J
♦Certificates of deposit......
20
2
74 H
65
(♦PWla A Read C AI ref 68.1973 J
10
19
74
Pblla Electric 1st A ref 8 Hi-1967 Af S
41
4
1
High
60
100
16
4
53
Low
64
97
14H
m m
No
Since
Jan.
50
14H
m
II
43%
10
^
High
109
2
bbb4
16
*98
mmmmmm
aa
x
16
mm
♦Ctfs of dep (Issued by reorga.lzation manager)....... 1961
x
D
15
mm''immm-
c
D
.1967 J
Phi la Co sec 6s series A
Range
Asked
66
110
2
19H
2
z
aa
19 H
20%
20H
2
...
x
11
2
♦Certificates of deposit
113% 118 H
6
m
3
2
16
A
62
74 H
"66"
aaa3
15%
112
a
3
aa
15%
......
x
3
x
....
c
ybb 2
6s stamped......—.....1946
J z c
2
((♦N Y West A Bost lst4H« 1946 J
Niagara Falls Power 3 Ha—1960 M a x aaa3
4
Nlag Lock A O Pow 1st 5s A.1956 A O X a
1
Niagara Share (Mo) deb 5 H> 1950 AfN yb
2
((♦Norf South 1st A ref 6e—1961 F A z c
Phelpe Dodge conv 3 Hi deb. 1962 / D
Pblla Bait A Wash 1st g 4s..1943 MJV
3
x
14
mmmm
/ ybb
J
ybb
1980 Af S ybb
J
HH
cc
J x aaa4
D ybb 2
.......1956 J
A
5
z
J
5
17
ser
1st g 4 Ha series C
1977 J
1981 J
15%
z
J
Marquette 1st
1st 4s series B
1940
16,
or
Fridaife
Bid
Low
1974 F
15%
*14H
/
J
Pere
(Cont.)
A 58.1956 J
General g 4 Hs series C
General 4 Hi series D
......
A O yb
A 0 yb
J
8
Price
Range
Sale
See k
General 5s series B
65
mm
Last
Rating
^ft.
Railroad & Indus. Cos.
Pitts Coke A Iron
M S
2
wm
87
87
(•N Y Ont A West ref g 4f—1992
♦General 4s.............1955
MN
m
2
105
(♦N Y Prov A Boston 4s....1942
N Y A Putnam 1st con gu 4s. 1993
N Y Queens El Lt A Pow 3Ha '65
N Y Rys prior lien 6s stamp.1968
N Y A Rlchm Gas 1st 6s A.il951
N Y 8team Corp 1st 3 Hi—1963
tin* Y Susq A W 1st ref 58.1937
(♦2d gold 4 Hi—1937
(♦General gold 5s
—..1940
♦Terminal 1st gold 5s—...1943
N YTelep 3H« aer B
—1967
N Y Trap Rock 1st 6s
1946
D
»<•
22
-
95
85
m, m «
im
53%
60
*58 H
93
I
15
120H 126 H
8%
101%
53
•-
»—
3
♦N Y LE A W Dk A
*100
53
Af N y bbb2
Elig. &
STOCK EXCHANGE
Week Fnded Nov.
Jan. 1
124H
56
3
y
Erie RR
/
J D
H A Pow g 5«.1948
F A
gold 4a—1949
# 18
S *
Asked
A
Low
(CorU.)
gold 4a
2
Friday's
Sale
See i
Friday
Bank
Range or
Rating
a.
Conv 6% notes
N Y Edison 3%s ser
1st lien A ret
Week's
Friday
Elig. <t
N. Y. STOCK EXCHANGE
Week Ended Nov. 15
Nov.
Week's
....
+
For footnotes see page 2913
Attention Is directed
to ttia new
column Incorporated la this tabulation pertaining to bank eligibility and ratlag
of bonds.
See A
Volume
STOCK
Week
Friday
Week's
Last
Range or
Range
Rating
Sale
Since
See a
Price
Friday's
Bid
A
Ask
ll
EXCHANGE
Ended Nov. 15
F
Shell Union Oil 3%s debe__. 1954 J
J
Shlnyetau El Pow 1st 6 %b._. 1952
3
z
J
c
c
3
7s. „ 1941
"27%
Simmons Co deb 4s
....
"27%
102 %
102%
102%
31
bbb3
103%
103%
103%
28
106%
107
x
x
a
107
aaa4
x
Socony-Vacuum Oil 3s debs. 1964
South A Nor Ala BR gu 6s.. 1963
3
x
aaa3
x
aaa3
Southern Colo Power 6s A.. 1947
1946
Southern Kraft Corp 4%a
bbb3
104%
104%
2
x
bbb3
102%
102%
8
x
1951 A O x bbb4
%a
Pac coll). 1949 J D y bb 3
1st 4%s (Oregon Lines) A. 1977 M S ybb 2
33
107
106%
37%
38%
107%
30%
z
z
z
z
gen 5
%s A '75 M S
184
35
63
39%
252
30
60%
495
30
60%
Warner Bros Plct 6s debs
Gold 4Hs
38%
1981 MJV y b
37 %
37%
38%
229
30
50%
{♦Warren Bros Co deb 6s
47%
47%
48%
154
42%
74%
74%
8
63%
68
80%
Warren RR 1st ref gu g 3 %s.2000 F
74%
/ y bb
x bbb2
1946 J
_
O
1950 A
ybb
1956
y
bbbl
1st cons g 6s.. 1994
Devel A gen 4s series A... 1956
1956
Devel 4 gen 6s
...
1956
Devel 4 gen 6%s
...
x
bbb3
So Pac RR 1st ref guar
4s...
1st 4s stamped .......
2
ybb
ybb
ybb
52
83
"94"
67 %
67%
58%
42
77 H
77%
78
82
82
2
2
2
31
64
83%
,
81%
82
7
77
78
8
1996
y
bbb2
1951
y
bbb2
"78"
B_. 1964
x
aaa4
110 %
1968
x
aaa4
109
1955
Mem Dlv
z
cccl
27
x
aaa4
105%
105%
106
51
x
aaa4
106%
106
106%
19
z
bb
107%
106
108
19
101
101
2
105%
106
21
1st g 5s.
St Louis Dlv 1st g
4s
So'western Bell Tel 3%s
1st 4 ref 3s series C
{♦Spokane Internat 1st g 5s.
1961
Standard Oil N J deb 3s
1953
2%s debenture
Studebaker Corp conv deb 6s 1945
1950
x
5s. 195 J
Term Aran St L 1st cons 5s.. 1944 F
A
x
aaa3
aaa4
*113%
4
x aa
111%
110%
111%
A.
J
1950 F
A
x
bbb3
A
O
X
aaa4
107"
106%
107
x
aaa4
106
105%
106
3s deb......... 1959
8s debentures
91
90
4
*106%
1977 A
O
x
bbb3
67
66%
1979 A
O
x
bbb3
67%
67%
68
Gen 4 ref 5s series D
1980 / D
x
bbb3
M S
x
a
1960
b
2
♦AdJ Income 5s—
Jan 1960
I^Thlrd Ave RR 1st g 5s
1937
Tokyo Elec light Co Ltd—
y
cccl
1953
3 % s *60
Tol St Louis 4 West 1st 4s.. 1950
Tol W V 4 Ohio 4s series C—1942
Toronto Ham 4 Buff 1st g 4s. 1946
Trenton Q 4 El 1st g 5s
1949
Trl-Cont Corp 5s conv deb A. 1953
♦Tyrol Hydro-El Pow 7X8—1955
♦Guar sec s f 7-...
1962
M
O ybb 3
8 x aaa2
J I
x
M 8
x
/
F
UJlgawa Elec Power s f 7s... 1945 M
Union Electric (Mo) 3X8—1962 J
S
z
3sdebentures......
/
A O
F A
...1959 F A
D
x
92
1977 J
7 xbbb3
97
79
63%
82%
319
51
81
27
27
27%
2
10%
27%
52
51%
49%
53%
53
35
54%
50%
17
32
50%
*114%
115%
100
101%
103% 106%
128%
122
West Shore 1st 4s guar..
J ybb
J y bb
1060
2301 /
b
z
1949 M 8
Wheeling A L E RR 4s
aa
x
8teel 4^8 series—.1966 F A
{»♦ Wilkes Bar A East gu 5s. 1942 / D
x
z
cc
Wilson A Co 1st M 4s A
x
1955 j
/
2
«,■««
-
-
25%
100%
57
106%
18
100%
101%
29%
28%
29%
157
------
28%
28%
1
»
-
-
-
z
ccc2
z
cccl
z
cccl
------
------
z
cc
1
x
aa
a
4
{♦Wor A Conn East 1st 4%s. 1943 J
z
c
2
—1948 M S ts
' 4
/
112%
13%
30%
14
29%
8
7
7
102
96
110
8
7%
3
x
100% 100%
------
^
18%
110% 116%
96% 106%
15%
9%
14
39
*112%
101%
.
J
♦Certificates of deposit.
10%
14%
-
♦Certificates of deposit
**8" A Du dlv A ter 1st 4s.1936 M N
Wisconsin Elec Power 3%s_.1968 A O
Wisconsin Public Service 4s..1961 / D
15
105%
bbb2
Conv deb 3%s
1947 A O y bb 3
Winston-Salem 8 B 1st 4s...I960 j
J x aaa2
{♦Wis Cent 50-yr 1st gen 4s..1949 J
10%
106%
15
106
106%
bbb3
62%
11%
2361 /
Registered
76%
45
2
J
92
76%
107
103% 106
55
JfN ybb
1951 J D y b
♦Westphalia Un El Power 68.1953 /
2
10%
4%
9
4%
♦109%
110%
109%
109%
109%
29
107% 110%
105
104%
105%
53
101% 109%
110
106
*5%
14
6
Youngs town Sheet A Tube—
66%
*8
*8
—
—
■?;
108"
X
*98" "99%
A
121% 125
104
108
l
'
13%
27%
21%
60
99%
14%
m-
30
71
70%
70%
1
108
108%
105% 109
8
9
107%
107%
Ca8&
105
week,
n
Odd lot sale, not
aaa4
aa
3
105%
aaa3
114%
114%
99%
99%
*5
t The price
f Negotiability Impaired by maturity,
.13 -110. J16
92% 100%
105
101 %
104% 107%
71
87%
89
106%
68%
75%
108
*95%
*99%
which have
Stook Exohange bond Issues
been called In their entirety:
92% 100%
107%
106%
represented Is the dollar quota-
Accrued Interest payable at exohange rate of
g®r 200-pound unit of bonds.
f The following is a list of the New York
100%
only
100% 105%
cccl
100%
a Deferred delivery sals;
included In year's range
week,
only transaction during current
transaction during current
107% 112%
105%
3
77%
90%
110%
27 at 105.
Industrial Rayon 4%s 1948. Dec.
National Acme 4%s 1946, Dec. 1 at
{ Companies
reported
•
101%.
Friday's bid and asked prloe.
securities assumed by such
No sales transacted
Odd-lot sales transacted during the current
aa
*100
aa
*100%
aa
aa
*100%
100%
100
aa
*101
100
100%
100%
aa
*100%
100
101
aa
101%
aa
*101%
aa
*102%
aa
101%
during current week.
Bonds selling flat
e
*100
reoeivershlp, or reorganized under
companies.
being In bankruptcy,
as
Section 77 of the Bankruptcy Act, or
100%
100%
*100
aa
■;v
None.
■.
week and not Included In the year's range.
'■?/
100% 100%
100
100%
100% 100%
100%
A
aa
101%
aa
*101%
102%
aa
*102%
100% 102%
100% 102%
100% 102%
aa
102%
102%
100
aa
*102%
102%
aa
*102%
103
102%
100% 102
100% 102%
aa
102%
aa
*101%
103
aa
*101%
103
103
100% 102%
103
103
102
*102
103
103%
101
103%
The rating
symbols in this column are
ageocies.
majority of the Issues bearing
A great
statns
each bond
Immediately
the symbols
rate a bond
based on the ratings assigned to
The letters Indicate the quality and the numeral
of agencies so rating the bonds. In all oases
will represent the rating given by the majority.
Where all four agencies
differently, then the highest single rating Is shown.
by the four rating
following shows the number
All issues
symbols ccc or lower are in default.
In default.
bearing ddd or lower are
99% 102%
100% 103%
103
those bonds whloh we believe
100% 102%
100% 102%
100% 102%
*102
Rating Column—x Indicates
Indicates those bonds we believe are not bank eligible due either to rating
some provision In the bond tending to make it speculative
z Indicates Issues In default. In bankruptcy, or in process of reorganization.
y
or
100% 101%
100% 101%
100
101%
100% 101%
101%
102%
Bank Eligibility and
eligible for bank Investment.
100% 103%
100
103%
aa
103
aa
aa
102%
103%
aa
*102
aa
'103%
aa
103%
*103
aa
"35%
35%
♦
'
1
"35%
cccl
*1—11
b
102%
103%
103
Transactions
18
36%
35%
35%
20
34%
"88"
20
88%
Shares
Total
States
Bond
For'n Bonds
Bonds
State
Sales
$83,000
$540,000
$5,508,000
1,099,290
11
84
93%
Wednesday
976,000
896,000
1,054.000
1,035,000
206,000
66,000
103,000
55,000
8,936,000
8,375,000
9,027,000
7,707,000
6,048,891
Tuesday.
7,754,000
7,413,000
7,870,000
6,617,000
$34,539,000
$4,501,000
$513,000
$39,553,000
Monday
35
1,068,250
1,384,290
1,050,090
Saturday
36%
20
$4,885,000
1,446,971
34%
20%
"36
104
103%
104
10
96
104
104%
104
104%
42
95
104%
Friday
*109
109
109%
*109%
109
HOLIDAY
Thursday
bbb3
x
United
Municipal
Bonds
of
36%
15. 1940
bbb2
x
Yearly
Mis cell.
Railroad A
Stocks
Number
Week Ended
Nov.
33
88%
Exchange,
New York Stock
103%
35%
36
bbb3
the
at
Daily, Weekly and
109
aa
aa
Total
Sales at
Week Ended Nov.
Stock
Exchange
1940
State and foreign
incorporated In this tabulation
15
1939
3,657,600
182,372,736
238,197,030
$35,768,000
188,322,000
1,158,351,000
$304,296,000
4,501,000
34,539,000
$1,262,000
5,853,000
29,171,000
1,283,263,000
$39,553,000
Government
Railroad and
directed to the new column
Jan. 1 to Nov.
1940
6,048,891
$30,286,000
$1,382,441,000
$1,807,505,000
Bonds
Total
15
1939
$513,000
Stocks—No. of shares..
97
184
4%sll950
i960 M S y b
New York
Attention is
92
108%
23
'
*107%
1
x
MN
107
81
Teleg g
107
2
95%
x
A
79
16
82%
aa
F
93
75
.
♦
A..1955
1957
97
107
95%
72
73
z
May 1
Nov 1 1942 MN
May 1 1943 MN
1.126s
Nov 1 1943 MN
1.25s
May 1 1944 MN
1.375a
Nov 1 1944 MN
1.60s
May 1 1945 MN
1.625s
Nov 1 1945 MN
1.75s
May 1 1946 MN
1.80s
Nov 1 1946 MN
1.85s
May 1 1947 MN
MN
1.90s
Nov 1 1947
1.96s
May 1 1948 MN
2.00s
Nov 1 1948 MN
2.05s
May 1 1949 MN
2.10s
Nov 1 1949 MN
2.15s
May 1 1950 MN
2.20s
Nov 1 1950 MN
2.25s
May 1 1951 MN
2.30a
Nov 1 1951 MN
2.36s
May 1 1952 MN
2.40s
.......Nov 1 1952 MN
2.46s
May 1 1953 MN
2.60s
Nov 1 1953 MN
2 66s
May 1 1954 MN
2.60s
Nov 1 1954 MN
2.66s
May 1 1955 MN
♦Un Steel Wks Corp6 %s A_. .1951 / D
.1951
♦3%s assented A
1951/ D
.1951 / D
♦Sec s f 6X8 series C
1951
.1951
♦3Xs assented C
1951/ D
.1947
♦Sink fund deb 6 Xs ser A. 1947 J
/
.1947
♦3Xs assented A
1947 J /
.1951
United Stockyds 4X8 w w._1951 A O
.1944
Utah Lt 4 Trac 1st 4 ref 6S.1944 A O
.1944
Utah Power 4 Light 1st 6s..1944 F A
250
75%
r
.8768
103%
98
92
90%
80%
79%
.
26-year gold 5s
30-year 5s
66%
aa
1.008
107% 112
103%
4
a
50
aa
Cons s f 4s series B
114% 120
1
aaa3
x
130
1942 MN
Vandalla cons g 4s series
104% 110%
5
103%
*110%
79
May 1 1941 MN
Nov 1 1941 MN
.75s
2
115
127%
13%
192
"98"
debentures—
.625e
109
115
72
United States Steel Corp—
.60s
108%
12%
82%
1
34-year 3%s deb
Serial
3
aaa3
78
95
*
4s......1947 J /
x aa
3
1970 A O
x aa
3
36-year 3%s debenture... 1971 MN
x aaa3
Ref mtge 3%s ser A
1980 / D
x a
3
United Biscuit 3%s debs...1956 A O
y b
4
United Cigar-Whelan Sts 68.1962 A O
United Drug Co (Del) 6s
1953 M- S ybb 4
x aaa4
U N J RR 4 Canal gen 48—1944 M S
grant
*126%
aa
x
13
40
x
Union Pac RR—
1st 4 land
aaa4
x
----
cccl
95%
x
{f ♦Union Elev Ry (Chic) 68.1946
Union Oil of Calif 6s series A. 1942
x
106% 109%
108% 109%
120
128%
z
73
cccl
yb
aaa3
5
108%
108%
1949 M S
45
aaa3
J ybb
z b
A
x
65
*56
108%
0 xbbb3
♦5s assented
97%
*122"
AfN
aaa3
*105%
4
a
70
b
Western Union
73
;
37
00
b
x
101% 106%
100% 106%
113%
81
95
95%
D xbbb3
53
31
40
*32
90%
90%
16
140
13%
88%
43%
44
1
D yb
1st 6s dollar series
53
78
12%
ser
Conv deb 4s..
Tol 4 Ohio Cent ref 4 Imp
46%
63%
12%
63%
22
52%
82
66
3
51
ccc2
*101%
3
ybb
89
z
91%
19
20%
Third Ave Ry 1st ref 4s
90%
A—1946 M S
67%
61%
82
87
{♦Western Pac 1st 5s
72
59%
60%
63
79%
90%
89
......
101% 100%
aa
91%
y
6
x
67
67
2
105%
79%
2
1952 A
1st A ref 5 %s series A—.
9%
10
West N Y A Pa gen gold 4s._ 1943 A O
104% 110%
63%
72%
72
53%
68%
Gen 4 ref 5s series C
6%s A. 1964
Western Maryland 1st 4s
3s__.1954 j
9%
4%
33
4%
108% 112
109
102
27%
15
8
110
Gen 4 ref 5s series B
Tex Pae Mo Pac Ter
78
102
156
76%
76%
3
1943 J
/ ybb
gold 5s
x a
4 Pacific 1st gold 6s.. 2000 J D
Texas 4 N O con
73%
63
West Va Pulp A Paper
9%
9%
4%
4%
y
1945 F A
84%
82
111% 115%
104% 111%
115
1965 ¥N
Texarkana 4 Ft S gu 6 %s
99
*127
1953 J
Gen refund s f g 4s
Texas
27
27%
x
/
Tenn Coal Iron 4 RR gen
109
25
105%
4
aa
3
110%
108%
xbbb3
195U AC N
Superior Oil 3%s debs
Swift 4 Co 1st M 3%s
Texas Corp
2
110%
67
4%
-4%
y
Westchester Ltg 5s stpd gtd.1950 J D
Gen mtge 3 %s
1967 J D
West Penn Power 1st 6s E..1963 M S
1st mtge 3%s series I
1966 / J
S3
63
A
4%
105%
'
-
-
1948 M 8 y bb
1941 M S z cc
1st 40-year guar 4s
60
"94%
1955 A
Washington Cent 1st gold 4s. 1948 Q M
Wash Term 1st gu 3%s
1945 F A
95%
316
6s debentures
65%
100
*
Southern Ry
145
61%
60
60%
1955
bbb2
13
45
39
5
4%
x
13%
38%
1
4%
cc
29%
6%
4%
cc
z
61
10
30
cc
z
20
9%
46
4%
O ybb
O y b
46%
38%
37%
7%
48
10%
25%
41
46
z
109%
30%
14%
cc
z
35
*46
-
-
08%
102
79
7%
1955 a
45
41
80%
54%
14%
*11%
D
37%
•
-
51%
70
4
*28
«
High
111
40
47
45%
14%
14%
b
1945 j
39 %
5
108%
107%
b
45%
4s
67
cc
1969 M N y b
10-year secured 3%s
90
cc
1968 M S y b
San Fran Term 1st
*81%
-
1
zb
J
Convertible deb 4 %s
Walworth Co 1st M 4s
48%
-
Jan. 1
107
49
46%
2
ccc2
/
Gold 4%s
Gold 4 %s
b
z
♦Ref A gen 5s series B
1976 F A
♦RsfA gen 4 %s series C—1978 A O
♦Ref A gen 5s series D
1980 A O
Walker (Hiram) Q a W—
106
-
-
Since
<§
No. Low
5
High
111
65%
-
03
aaa2
z
1941 J
{♦Wabash Ry ref A
97% 102%
36
37%
x
Range
47%
107%
♦Omaha Dlv 1st g 3%s—1941 A 0
4 Chlc D,v 8 4s..1941 M 8
110%
104
4s
A
110
—
-
-
47%
t
hh
•♦Des Moines Dlv 1st 4s_. 1939 /
101% 107
28
O
1939 M N
1939 F A
1954 / j
♦Det A Chic Ext 1st 5s
119
101
106%
106
1st mtge pipe line 4
102%
104
109%
South Bell Tel A Tel 3%s_.. 1962
1979
3s debentures
So Pac coll 4s(Cent
!Io^ g?Ld,68
J!?d?0,dg*
♦1st Uen
term
99% 103%
102% 107
4
1958 A
{Wabash RR Co.—
115
*109
Southern Natural Gas—
71
94
♦117
107
27%
12%
Bid
?s
Ask
Low
ser B
S?>3^8 861108 A---1966 M 8
55
14%
37
Friday's
Price
See a
•»
Range or
Sale
Rating
I £££2
67
26
....
70
68
69
3%s
1st cons 5s
99%
43
xbbb2
1952
1950
Skelly Oil 38 debs
93%
5
48%
1
cccl
y
99
Last
Elig. A
I?
a?
EXCHANGE
1968 M S x aa
Va Iron Coal A Coke 1st g 5s. 1949 M
By Ccc3
Va A Southwest 1st gu 5s...2003 /
J
3%
1%
63
Va Elec A Pow
4
1H
33
STOCK
Railroad & Indus. Cos.{Concl.)
High
Low
75
48%
Corp 6 %s
Slleelan-Am Corp coll tr
2%
99%
4
aa
x
D y b
♦Siemens A Ha lake deb 6 %■- 1951 M 8 z
1946 F A z
♦Silesia Elec
No
3
3
2%
z
A
Y.
Week Ended Nov. 15
Jan. 1
High
Low
{.Com.)
Railroad & Indus. Cos.
{♦Seaboard All Fla 6s A ctfs.1935
♦fie Series B certificates
1935 F A
BONDS
N.
Week's
Friday
Bahk
Bonk
Y.
Elig. A
|s
BONDS
N.
2913
New York Bond Record—Concluded—Page 6
151
Industrial.
.
pertaining to bank eligibility
and rating of bonds. See note a above.
219,946,000
New York Curb
2914
Exchange—Weekly and Yearly Record
Nov.
16,
1940
NOTICE—Cash and deferred delivery sales are disregarded In the week's
range unless they are the only transactions of the week
and when selling outside
of the regular weekly range are shown In a footnote In the week In which
they occur.
No account is taken of such sales In computing the range for the year
In the
following extensive list we furnish a complete record of the transactions on the New York Curb
Exchange for
beginning on Saturday last (Nov. 9, 1940) and ending the present Friday (Nov. 15, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
the week
i
Friday
Last
Sales
Week i
Range
of Prices
Sals
Par
STOCKS
Pries
Low
Acme Wire Co common. 10
Aero
High
21
Friday
for
Range Since Jan. 1,1940
Loio
45
High
Par
13
May
22%
Jan
22%
Class A
1
20%
July
Class B
—1
6%
6%
0%
5,100
4%
7
Mar
May
7%
6%
Low
Price
3,000
4
7%
Nov
200
10
Jan
14%
May
Range Since Jan. 1,1940
High
Shares
4%
100
4%
Beech Aircraft Corp..
1
Bell Aircraft Corp com.L.l
for
Week
Low
3% May
Beaunlt Mills Inc com..10
$1.60 conv pref
20
7%
Jan
May
Range
of Prices
Baumann—See "Ludwig"
Beau Brummel! Ties Inc.. 1
Supply Mfg—
Alnsworth Mfg common..6
Air Associates Inc (N
J)—1
common—,_*
Air Investors
Conv preferred...
Warrants
Alabama Gt
10
12
"~2%"
25
■-*
12
2%
23%
2%
preferred
•
1%
May
3%
Apr
300
ht
79
102%
1,300
25
ht
Southern..60
Alabama Power Co S7 pf.*
17%
Jan
30 %
Apr
Bell Tel of Canada
100
%
May
Apr
Bell Tel of Pa
75
a-58
June
"it
81
40
90
Oct
108%
70
82
May
81
102% 102%
02%
92%
Allegheny Ludlum Steel7% preferred 100
100
111%
AllesA Fisher Inc com—*
Alliance
Investment
%
%
200
%
S3
conv
pref—
2
Allied Products (Mich).. 10
Class A conv com....26
Aluminum Co common..
0%
preferred
100
»
Aluminum Goods Mfg
17
22%
160%
119%
22%
100
0%
preferred
%
2
May
July
200
150
17
138%
preferred
May
10% June
100
250
79%
81'
850
5% May
42% May
95
100
90
36
34%
»ie
36
4%
5
Amer Centrifugal
T/«
170
34%
200
70
70
100
10
American Gas A Elec...l0
4%%
preferred
31
100
~~3%"
$2 conv preferred
1
$2.60 conv preferred... 1
30%
Corp
com
Amer Lt A Trac com....26
Preferred
Amer Maracalbo Co
33%
American
Republics
Jan
Brewster
May
20%
Jan
05
June
80
13
250
30% 31%
112% 113%
3%
30% 3
6,700
325
700
.?*
175
34%
100
22
12%
13%
50
"25*
*25%
32
%
33%
MOO
350
20
he
300
%
10
10
11
31%
34%
Mar
British Col Power cl A
Mar
11
22
Nov
Apr
(Brown Co 0% pref
100
Brown Fence A Wire com.l
Class A preferred
*
Jan
Brown Forman
May
13% June
11% May
May
13% May
05
May
23
Aug
4% Aug
3% May
8%
100
50
'**2% "*2%
"766
"*700
4
5%
1,100
4
%
%
%
2%
17%
3%
4
4
2%
18
16%
2%
3%
5%
115
Jan
2%
8%
99
Jan
Canadian Indus Alcohol—
Class A voting
*
Canadian
6%
Jan
Products
Carib Syndicate
8%
Feb
Carman A Co class A
Class B
Jan
Jan
Apr
May
Apr
800
610
100
Marconi
lJi«
Carnation Co common.__*
Carolina P A L $7 pref...*
$6 preferred
•
Carrier Corp common
1
Carter (J W) Co common. 1
Casco Products
*
Apr
Oct
68
Castle (A M) common.. 10
Catalln Corp of Amer
1
Apr
July
1% June
108
Oct
Celanese Corp of America
7% 1st partlc pref
100
Apr
Celluloid Corp common_15
1,900
17%
1,500
4,400
3
he May
2
May
11% May
1% Sept
3%
5%
Jan
'""266
% June
400
3% May
3% May
300
4%
23%
6
2%
3
%
1%
6%
7%
6%
7%
Jan
18
Sept
%
200
14%
%
3%
21,100
2%
35%
36%
390
34
May
3%
3%
200
3
Jan
3%
30%
29
30
4,200
18% May
7%
32%
6%
6,600
4% May
6%
6%
31%
6%
1%
1%
1%
11,500
18
17%
16%
18%
20,100
May
4% May
Tu July
%
8
Jan
Mar
%
400
Jan
Feb
Mar
July
Aug
Mar
May
3% May
9% May
see page
2919.
49
2,700
1%
4%
63
Feb
*
preferred
Conv preferred
100
100
7%
Jan
7%
1%
Apr
Apr
Nov
11%
Oct
7%
Jan
18%
Nov
Chief Consol Mining
Chllds Co preferred
Apr
May
10% May
20
July
7% July
7% June
1%
18%
21
850
$0 preferred BB
*
Cities Serv P A L $7
pref.*
$0 preferred
*
*
Jan
July
15
May
May
Sept
2%
2%
300
2
2%
200
1%
1%
1,400
38%
*38%
'"50
28
Jan
900
10
May
550
90% May
2%
1%
8%
1%
30
"l%
20%
20%
99
13%
21
100%
14%
200
%
1,700
9
Nov
July
May
% June
he
Aug
% June
% May
"""300
%
May
June
1%
5%
2,600
»ie
%
he
""%
%
10%
10%
2%
2%
Sept
500
11
2%
10%
3,500
1%
Nov
Feb
May
17
5%
"6"~j
5%
""6%
1%
1%
200
he
%
1,300
%
"%
'"206
5%
5%
100
II" "109% ilo"
26I666
5%j
3,500
.
10%
.....
8%
7%
8
23
23
1
%
6%
%
18%
4%
27
97%
125%
6%
3%
123% 126
4%
100
5%
6%
200
0
May
May
May
15
June
9,400
1,300
800
31
6%
43%
86
96
60
13%
41
14
500
94
""*270
10
800
3,200
925
1%
9%
92%
9%
114
114
25
""ht
he
%
800
-%
%
%
May
2% June
20%
Jan
69%
Jan
13
June
1%
3%
1%
3%
1%
91
300
225
1
%
125
May
% May
»u May
2%
4%
10
105% 106%
72
74%
72
11
11
j
11
Jan
he May
3
125
400
Jan
June
0% May
95% May
*i« May
26,700
1%
3%
May
98
106%
92%
June
May
May
May
May
May
May
May
May
50
11%
7%
8%
23
3%
Apr
9% July
5% May
86
1
100
Cities Service common.. 10
$6 preferred
*
00c preferred B
*
May
May
200
Charts
Corp common
10
Cherry-Burrell common. .6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
May
Apr
16
19%
Conv pref opt ser '29.100
Chamberlin Metal Weather
Strip Co
5
Apr
Apr
1%
%
10%
100
Apr
8% May
32% Nov
7%
%
preferred
29
10
•
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West UtU 50c
Cent States Elec 00m
1
20
3%
1,200
Nov
$7 dlv. preferred
1st partlc pref
Cent Hud G A E com
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Aug
%
32
Mar
4% Nov
19% May
3%
6%
Jan
Feb
City Auto Stamping..
For footnotes
*
Feb
2,700
300
*
hi
Oct
10
1,000
1%
30
26c
2%
June
*47%
42
1
Feb
3%
3%
*
May
12
30%!
Canada Cement Co Ltd..*
Canadian Car A
Fdy Ltd—
7% partlc preferred
25
Can Colonial
Airways
1
May
Apr
1% May
800
60c
60c
Cables A Wireless Ltd—
Am dep 5 %% pref shs £1
Calamba 8ugar Estate..20
Callite Tungsten Corp
1
Camden Fire Insur Assn._6
%
6%
%
6
Basic Dolomite Inc com_.l
Bath Iron Works Corp.__l
Cable Elec Prod com
Vot trust ctfS
Capital City
15
3%
29%
2%
1%
*
Burry Biscuit Corp..12 %c
Aug
%
he
36%
3%
Bunker Hill A Sullivan 2.60
Burma Corp Am dep rets..
Mar
1
25
Feb
Jan
3%
i% "~i%
Warrants
3% May
8
5
Apr
fit
26
Barlow A Seellg Mfg—
$1.20 conv A com
$1.00 preferred
$5 1st preferred
0%
ht
3%
2%
36%
3%
Buckeye Pipe Line
60
Buff Niagara A East Pow—
11%
100
1
2
Oct
4%
%
17%
2%
"2%
•
60
6
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Barium Stainless Steel...1
Nov
preferred
May
} Mav
100
1
30
2%
$0
1
18
1,400
30,900
30
Distillers. 1
Brown Rubber Co com
Bruoe (EL) Co common
June
4% May
% Sept
2% Aug
% June
2% June
900
6%
13%
*
15
Feb
26
preferred
Feb
%
Coast RR Co pref...100
Atlanta Gas Lt 0% pref 100
7%
Jan
3%
2,300
*
Baldwin Locomotive—
Purch warrants for com.
Jan
he
Assoc Tel A Tel class A...*
Atlanta Birmingham A
Ayrshire Patoka Collieries 1
Babcock A Wilcox Co
*
% June
300
100
Assoc Laundries of Amer *
2%
28
r"6do
3%
0
10%
Am dep rets ord reg.._£]
British Celanese Ltd—
Am dep rets ord reg__10s
0% Mav
*
Aviation A Trans Corp
1
Tobacco—
Class A common.
10
109% Apr
10% May
0% Mar
Jan
5%
%
Axton-Flsher
Jan
Apr
Apr
Apr
5
%
x-w
Jan
%
%
5%
...1
w w
Jan
2%
600
20
Apr
May
Feb
8%
88%
...1
preferred
May
Jan
1% May
1% May
0% May
87
May
10%
Oct
8%
Common
0%
108
3,000
Class
0% preferred
36
Mar
2% May
1
May
% May
8% May
2%
Amer deposit rets
£1
S Associated Gas A Eleo—
Automatic Voting Mach..*
Avery (B F) A Sons com.6
"m
17
400
87%
73
May
1
Associated, Eleo Industries
*
%
ht
0%
Auburn Central Mfg
J Austin Sliver Mines
Automatic Products
May
% June
Apr
Apr
18%
16%
29%
25%
% June
2%
Arkansas P A L $7 pref...*
Aro Equipment Corp ...1
4
0
112% 112%
2%
3%
6%
12%
•
2% May
22% May
20% May
500
2%
100
_._*
Jan
76
1
Preferred
Brill Corp class A_.
Class B
Nov
June
2%
Jan
Apr
14%
48
1,200
2%
%
36
200
Apex Elec Mfg Co com...*
Appalachian Eleo Power—
Atlas Corp warrants
Atlas Drop Forge com...6
Atlas Plywood Corp
*
*
39%
6,400
Atlantic Coast Fisheries..1
Atlantlo Coast Line Co..60
Atlantic Rayon Corp
1
Bridgeport Machine
113%
05
%
V t o common
Aeronautical... 1
Bridgeport Gas Light Co.*
9% May
26% May
107% July
400
*75*"
64
Common cl A non-vot..*
400
'% """%
British Amer Tobacco—
Am dep rets ord bearer £1
13
64
fArcturus Radio Tube.._l
"*~70
British Amer Oil coupon..*
Registered
*
64
Arkansas Nat Gas com...*
20%
43
*
Jan
100
preferred
preferred
Apr
Apr
*73*
...*
20
40
40
100
ht
.......
Angostura-Wupperman ..1
200
•
Apr
Mar
100
8%
12
»
7% 1st preferred
2d
900
40
8%
25
hi
3,800
$6
100
40
»
39%
19%
4%
A
7% 1st preferred
Borne Scrymser Co
Bourjois Inc..'
Bowman-Blltmore com
18% Nov
Feb
11%
110% Mar
109% May
1%
Apr
49%
Apr
7%
Apr
%
1
*
2%
7,600
1,000
6%
Art Metal Works com....6
Ashland Oil A Ref Co
1
*
Nov
'*8*200
%
6
10
$3 opt conv pref
Blumenthal (8) A Co
Bohack (H C) Co com
Apr
Nov
May
8% May
17
*36%
19%
35%
4%
preferred
Sept
192%
119%
7% preferred
100
Brlllo Mfg Co common...*
Class A
•
4%
%
preferred
3,200
23
16%
%
Apr
Nov
6%
$7
15%
1%
10
$0 series preferred
*
American Thread 5% pf._6
Anchor Post Fence
*
100
15%
37%
3,200
Amer Seal-Kap common..2
Am Superpower Corp com *
1st $0 preferred
*
4% May
2% May
Aug
% Aug
33% June
3% May
1% June
10% May
3%
1
Jan
%
Amer Pneumatic Service.*
Amer Potash A Chemical.*
500
3%
7%
3%
8%
»
Mar
1
*
8%
Blauner's
Bliss (E W) common
Blue Ridge Corp com
Brazilian Tr Lt A Pow...*
Breeze Corp common
1
25
*25*"
10% July
36% June
Nov
common
Mar
Sept
"*50
14
May
33%
600
...100
Amer Meter Co
*
% May
22
13%
14
*
Birdsboro Steel Foundry
A Machine Co com
June
%
*e«
»
25% June
22% June
% June
0%
preferred
..26
Amer Mfg Co common. 100
Bickfords Inc common
$2.60 preferred
625
34%
Amer Hard Rubber Co..60
Amer Laundry Mach
20
30
800
Berkey A Gay Furniture. 1
Purchase warrants
1,200
%
10c
Amer General
July
31
*13""
2,100
Apr
May
ha
'ht
35%
17%
4%
88
30%
29%
%
1
Class Bn-v.
5%
Feb
23
%
Amer Cyanamfd class A. 10
Amer Export Lines com_.l
Amer Foreign Pow warr
Amer Fork & Hoe com...*
24%
5%
17%
4
June
3% May
13% July
3
May
114
29%
29%
Class A with warrants.26
21%
22
3,300
5,800
Benson A Hedges com...*
Conv preferred
♦
13
70
5%
100
Jan
Nov
ha
5%
5%
1
com
May
100
26
Class B
Nov
4
12%
6%% pf.100
1%
Corp—1
A
Oct
Feb
Bellanca Aircraft
4
Am Cities Power A Lt—
Class
Sept
100
...»
._.*
Jan
108
8
"16
1%
Nov
8
18
10c
$5.60 prior pref
Aug
550
American Capital—
Class A common.... 10c
S3
3
May
18
Amer Box Board Co com.l
Common class B
July
95
79%
100
100
111%
400
2,550
Apr
Mar
July
7
......
American Beverage com__l
American Book Co
22%
166
119% 119%
Aluminum Industries com ♦
Aluminium Ltd common.*
2%
17%
17
98
Nov
Feb
2
*
Allied Intl Investing—
•
Sales
Week's
Sale
(.Continued)
Shares
21
Last
STOCKS
Week
July
Sept
June
150
95
May
300
55
June
300
6
May
he June
%
9
%
9%
700
9'
225
7
6
5%
5,300
4
Jan
79%
6%
80%
700
49
7%
7%
200
May
May
May
May
May
May
4%
45
101
94
766"
94
6%
161"
70
85
94
10
75
7
1,100
4%
Aug
Volume
I
Friday
Week11 Range
for
(Continued)
Sale
of Pricet
Week
City A Suburban Homes
5X
500
3X
Mfg—4
Clayton & Lambert
43*4
4*4
4X
700
2*4
4*4
2X
500
Oct
Esquire Inc
Eureka Pipe Line
IX
Nov
Fairchlld Aviation...
3*4
May
May
Sept
6
Feb
Falstaff
May
8*4
Jan
Fanny Farmer Candy
May
2*4
Fansteel
3X May
3X May
4*4
Jan
Jan
X
3",900
IX
81*4
85
1,700
67
May
88
6% preferred—
100
Columbia Oil A Gas
1
Commonwealth A Southern
61
61
62
75
51
June
70*4
Vtcext to
100
1
Ltd. .5
1
~30*4
*4
Apr
Feb
Franklin Co Distilling
1*4
Oct
3*4
Feb
83*4
Apr
320
111
Sept
200
300
Jan
May
1*4
3*4
200
2,000
20
84
3,000
1,700
4
7
May
11
io x
May
5X
4X
7
Apr
11X
33 X
6*4
NOV
1
May
1*4
77*4
Aug
2*4
6*4
May
13*4
7*4
Apr
Sept
Aug
24*4
May
5X
3,900
3*4 May
6*4
*4
1*4
Apr
2X
400
300
1,500
22X
Jan
18
Apr
May
8*4
»x. May
100
Jan
4
July
3*4
4X
IX
4X
IX
Feb
Feb
1*4
22*4 May
May
Oct
May
*4
8*4
Feb
5
July
10*4
Apr
*4
1,000
6X
5*4
Jan
2*4
May
112
Feb
6*4
Aug
8
Oct
2*4
May
108
4X
4X
400
July
16
12
UX
12X
27
27
27
1,100
20
IX
5X
5X
1
IX
6%
IX
1234
18
IX
2X
31
1234
18
19*4
Jan
Goodman Mfg
32
Feb
4*4
May
8
Jan
June
5
Apr
Gorham
1*4
Feb
Grand Rapids
Tu May
Feb
33
Nov
84*4
Feb
103
Oct
X May
Feb
1*4
*4 Sept
100
100
12*4 May
21*4 Sept
Apr
10
Nov
18
1*4
Nov
2*4
Nov
dH
Apr
Nov
Apr
28
zlO
Apr
Oct
16*4
Sept
1*4
June
1*4
Apr
7*4
900
4
4X
200
Dominion Bridge Co Ltd.*
100
73
140
27
27
50
100
100
Malleable Iron..25
preferred
3*4
Oct
May
25*4
May
June
Jan
Mar
12*4
5*4
Mar
Mar
67
Mar
56*4 June
20*4 May
107*4 Mar
110
4
Jan
Apr
78
Jan
32*4
Apr
Apr
Sept
May
3*4
79*4
May
*4 June
1*4
Jan
2*4
Jan
1*4
July
8*4
Apr
m May
12*4
Jan
60
40 X
325
2,050
1*4 May
26
May
12*4 May
8*4 May
Oct
4
Mar
Mach B
Stores.*
com..6
65 preferred
*
$6 preferred
♦
Elec P A L 2d pref A
•
Economy Grocery
Elec Bond A Share
Apr
Hormel (Geo A) A
325
13
May
28
Apr
14
May
28
Apr
4*4
Apr
Horn
17*4
Jan
8*4
4
4
4
1,400
2*4 May
12*4
"~4X
12*4
150
12
4X
36,600
1,400
3,600
42
58
58
5*4
60
67
67
69
14
14
14X
150
IX
June
3*4 May
200
May
1*4
66
7*4
3*4
3*4
100
79*4
Empire Dlst El
79*4
10
Empire Gas A
3,800
30
Apr
6*4
6*4 Apr
5*4 May
6*4
Apr
9*4
May
32*4
Apr
Apr
Aug
>11
Jan
Feb
"166
100
130
44*4
9
130
130
75
42
45
250
11*4
Apr
106
Feb
*ii
Oct
28*4
Apr
8*4
Oct
II
June
18
June
30
Oct
4
June
8
Apr
Oct
Sept
Jan
May
114*4
Apr
4*4
88
123*4 May
36
June
,
2,100
6,300
9*4
1*4
11*4
6*4 May
Jan
135
Apr
Apr
49*4
10*4
1*4
31*4
34
Oct
2*4
Jan
hi
33*4
Mar
*4
25*4 June
39*4
Jan
Jan
June
111*4
Jan
107*4 May
115*4
3
Nov
3*4
Sept
Nov
102
3*4
3
50
Apr
14
5*4
26*4
8*4
27*4
400
27
400
20*4
Fel
May
40*4
May
64
64
66*4
60
62
May
70*4
Apr
""x ~"x
"ldo
*4
Sept
Nov
1*4
*4
1*4
200
1*4
J&D
2*4
Jan
Feb
July
5*4
6
400
8*4
Apr
8*4
*4
28
28*4
27
700
May
11
6*4
27*4
6,200
May
4
May
rA
Jan
May
7*4 May
23*4 May
Jan
29
3*4 May
22*4 Sept
7*4
Jan
14
Apr
12 X
Apr
Mar
11
27 X
Jan
24
12*4
12*4
12*4
200
72*4
71
72*4
475
June
27
Mar
8
May
13
Apr
60
May
92
May
May
22*4
Apr
June
10*4
Nov
13*4
9*4
10*4
1,500
9
x9X
600
13*4
200
6
z5*4 May
9*4 May
12
13*4
Jan
32
32
50
14
Jan
14*4
13*4
Co com*
Co common
Hardart Baking
A Hardart
4*4 May
16
1*4 May
2
Feb
14*4
Feb
29*4
2*4
Jan
36*4
3*4
Apr
Aug
120
Oct
Humble Oil A Ref
*
61*4
59*4
30*4
550
Jan
26
May
July
108
13*4 May
120
Apr
Jan
35*4
Apr
112*4
May
Jan
7*4
19*4
68
Apr
Jan
47*4
May
2,100
4*4
Feb
9*4
May
Oct
8*4
June
*4
10*4
Jan
Feb
Feb
Feb
Hussmann-Llgonler Co...
Jan
6*4
62
4,100
hi June
20
IHuylers of Del Ine—
3*4
May
30
Nov
Sept
6*4
May
July
80*4
Oct
Common
88*4
May
89
Oct
55*4 June
91
Oct
5% oonv preferred
91
Oct
Dlv arrear ctfe—...
26
Jan
80
82
30
57
83
83
25
66
June
Nov
Oct
8
.....
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities •
Hygrade Food Prod
6
Hygrade Sylvanla Corp.
Illinois Iowa Power Co
•
June
82
2919
Apr
May
Oct
Oct
Nov
100
Jan
Jan
20*4
49
7*4
1*4
May
81
50
Mar
July
18
5*4
5*4
Hummel-Rosa Fibre Corp
80
22*4
Feb
101*4
91
4*4
91*4
101*4 101*4
Oct
81
22*4
Aug
Mar
May
18
""5*4 "5*4
30
14
67
May
10*4
41
300
100
15
30*4
May
2*4
106
May
1
75*4
*4 May
76
Aug
May
1,000
X
•
5% preferred
100
Hubbell (Harvey) Ino....6
21
16
Apr
100
7*4
15
May
51
Jan
IX
81
25
Horn A
»u
10*4
9*4
23
Horn (A C)
525
500
Aug
June
87*4
Jan
4*4 May
300
Preferred w w
18X
X
Apr
Apr
1
32
Clasa A
19
IX
For footnotes see page
6*4
6*4
*4
Heller Co common
17X
Option warrants
Etectrographlc Corp..
4
6% pf 100
Fuel Co—
6% preferred
100
6*4% preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.*
25
6*4
Corp
Hearn Dept Stores com
6% conv preferred
60
Hecla Mining Co
26c
Helena Rube ostein
18
X
48
55
90
8*4
1
...*
Hazel tine
18
•
*
65*4
23
Co...
Harvard Brewing Co...
Hat Corp of America—
17X
*
A..
May
X May
25*4
180
4
Horder's, Ino...
1,100
9,000
Mar
40*4
Nov
8X
lix
37
6*4
Nov
7%
10X
90
88
Nov
8X
11X
May
65
40
63*4
40
6
10
25
1
B non vot common
Mar
8
Llme&Alabastlne*
Hammermlli Paper
Apr
Apr
ij»
98
preferred
Hall Lamp Co
Apr
65
Mar
•11
12
May
57 X
36
z64*4
40*4
1,600
39 X
33*4
NOV
Tu
Feb
50
50
80*4
33*4
60
IX
59 X
80
Mar
17*4
41
*4 June
10
80
15*4
Feb
in
26
Preferred er-warr
26
Hewitt Rubber oommon..6
Heyden Chemical.
10
Hires (Chas E) Co....
Hoe (R) A Co class A...10
Holllnger Consol G M
5
Holophane Co common..*
IX
2,500
56*4
Nov
May
100
56*4
Hartman Tobacco
64
3X
X
Oct
ix
:
Aug
9
X
25
Greenfield Tap A Die
•
Grocery Sts Prod com..25c
Guardian Investors
1
Gulf Oil Corp
25
Gulf States Util 65 50 pf.*
Apr
9*4
7*4
"166
1,900
"500
Jan
1X
Oct
*4 May
4*4
100
June
67
~l72
*16*4 "17 X
10
Hartford Eleo Light
Hartford Rayon v t 0
6*4
Dominion Tar A
*4% prior pref
5*4
July
78
25
17*4
Non-vot com stock...
Gypsum
Nov
90
July
700
Varnish...1
Gray Mfg Co
Great Atl A Pao Tea—
$6
54*4
1*4
1*4
1*4
Jan
Feb
52
*
Jan
25*4
7X
3X
May
Mfg common..10
13*4
13
Am dep rets
3X
30
85*4
100
Mar
Distillers Co Ltd—
..........
125
1
7% 1st preferred
Jan
2
13*4
IX
54
54
Gt Northern Paper
100
3
53
preferred
Nov
1,200
2X
S3
May
1,400
"~X
Nov
Gorham Ino class A
z
2X
33
Co......60
May
May
12*4
X
26
Chemical*
6*4% preferred
100
Draper Corp
♦
Driver Harris Co
10
7% preferred...
100
Dublller Condenser Corp.l
Duke Power Co
100
Durham Hosiery cl B com *
Duro-Teet Corp common. 1
Duval Texas Sulphur..—•
Eagle Plcher Lead
10
East Gas A Fuel Assoo—
May
Feb
37*4
IX
Dominion Steel A Coal B
12
57
Sept
110
1
100
•
Sept
Diamond Shoe new com
7X
33
B
Class
1
De Vllblss Co common.
ord reg—£1
Dlvco-Twln Truck com.. 1
32
•
Gladding MoBean A Co..*
Glen Alden Coal
•
Godohaux Sugars olass A.*
7*4 May
16*4 May
2X
22X
Nov
....
29
100
IX
X
29
Gilchrist Co
100
2 X
22X
Prod—...10
.10
July
1
S3 preferred
•
Georgia Power 16 pref—.*
S5 preferred
Gilbert (A C) common...*
10
IX
31
12
preferred
•
Goldfleld Consol Mines.. 1
Jan
4*4
19
14
100
101
101
101
75
xl9J4
100
preferred A
Preferred
Apr
29
Gen Water G & E com
*8*4
1,100
Apr
32*4
20*4
28
ord reg-£l
21
1,300
tllX
Nov
1,300
General Tire & Rubber—
3
5*4
8*4 May
16*4 May
300
19*4
20
6% pf 100
Gen Pub Serv 66 pref....*
Gen Rayon Co A stock.
General ShareholdlngsCorp
Common
—...1
56 conv preferred
*
Jan
Jan
X
1*4 May
Jan
1*4
Apr
19*4
Gen Outdoor Adv
Feb
11*4
300
1*4
Warrants
Apr
600
Jan
£19*4
•
Gen Gas & El 6% pref B_*
General Investment oom.l
S6 preferred
•
Nov
6
20
Corp
Amer dep rets
Nov
4
IX
Jan
Nov
Jan
*4
19*4
Gen Flreprooflng com
May
May
100
5
1*4
22
12*4
Gen Electric Co Ltd—
Nov
"8,666
21X
•
1
Dobeckmun Co common.
Jan
Nov
65
2
Detroit Paper Prod
Elgin Nat Watch Co
Emerson Elec Mfg
*4
9*4
"ux ~16X
X
Fdy...l
Mich Stove Co com„ 1
Easy Washing
Jan
17
X19X
General Alloys Co
40
IX
Detroit Gray Iron
$6 preferred series B
17*4
July
*4 June
*
Jan
500
1
60
Distilled Llauors new..2
Nov
5% preferred..
Gellman Mfg Co com
11
1*4 May
preferred
Jan
2*4
com..6
%7 preferred series
Feb
350
X
*4
Gamewell Co J6 conv pf..*
Feb
200
IX
69 X
7
16 X
1
Eastern States
3*4
8*4 June
Gatlneau Power Co—
98
3*4 May
*4 May
'*1. Aug
100
1
Stores
Eastern
Oct
June
I
300
22
21
100
4% conv preferred
6*4 May
"3". 100
1
IX
Detroit Gasket A Mfg—
4
2,000
12
A) Co com... 1
S3 conv stock
•
Nov
Jan
X
1,700
6X
1
8% debenture
100
Derby Oil A Ref Corp com*
6%
12*4
Feb
1
7*4
May
300
8X
6*4% pref. 100
Common
11*4
Apr
70
115*4
84*4 May
1
1*4
May
IX
x6
6
60
6% preferred w w
300
Fuller (Geo
Jan
100
Oct
23
1
preferred
May
7X
OX
(Mo)—..6
Darby Petroleum com—6
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A conv
35
Decca Records common.. 1
7%
2*4
39*4
3*4
75
Curtis Mfg Co
Detroit Steel
Jan
1*4 May
Cuban Tobacco com...
Det
Nov
93 X
10 X
——£1
—6
Crocker Wheeler Eleo....*
Croft Brewing Co
1
Crowley, Mllner A Co—*
Crown Cent Petrol (Md).6
Crown Cork Internat A..*
Crown Drug Co com
25c
7% conv preferred
26
Crystal Oil Ref com
*
$6 preferred
10
Cuban Atlantic Sugar
6
A conv
1*4
Nov
Aug
15
partlc pref
Conv
June
18
10
100
10
pref
1*4
Mar
18
Jan
51*4 May
1
Common
112*4
IX
200
X
8X
Creole Petroleum
16 prior
3,600
""225
*4
Co..6
Fruehauf Trailer Co
Feb
120
May
108
30
2X
69
Dennlson Mfg cl A
718
113*4 114*4
X
113*4
Nov
9*4
36*4
May
9*4
X
Froedtert Grain A Malt—
Aug
May
Courtaulds Ltd
Dejay
Sept
5*4 May
700
9*4
12*4 May
6*4 May
Apr
10*4
28
Apr
15*4 Mar
June
8
100 fros
Amer dep rets
Feb
119
11
preferred A
Cuneo Press
June
17*4 May
800
8*4
45
93*4
com.
6% conv preferred
1
6
700
1,100
10
33
*
18
May
IX
•
Copper Range Co
*
Cornucopia Gold Mines 6c
Corroon A Reynolds
1
$6
9
£1
Sept
6 X
♦
Cosden Petroleum com..
9*4
*
May
X
prior preference
13
8*4
Class B voting
67 X
100
1
Cooper-Bessemer
8*4
25
Class A non-vot..
1,660
112X
IX
IX
30 X
30 X
com—*
Cont G A E 7% prior pf 100
Continental Oil of Mex—1
Varnish
Apr
2
Ford Motor of Canada—
1,600
2X
100
Oil——10
Roll A Steel
4,700
6*4
23*4
10*4
200
110
Consol Steel Corp
Cook Paint A
*4
74
118
Consol Retail Stores
Cont
Oct
June
Apr
IX
72X
Consol Gas Utilities
Consol Royalty
*31
1*4
38*4
IX
"73
112*4
preferred
Jan
Jan
June
May
13*4
IX
*4% series B pref—100
4% pref series C
100
8%
4*4
7
24*4
7
42 X
IX
4
Consol Min A Smelt
4*4
4*4
Apr
31
Oct
7*4 May
4
July
2,500
24
1
Fox (Peter) Brewing
Bait com.*
Consol G E L P
»ii
IX
21*4
X
13
*
Corp.-l
1
preferred
S3
Consol Biscuit Co
Mfg Co
Am dep rets ord ref
100
Secur—
Conn Telep & Elec
11*4
6*4
Oct
,
Ford Motor of France—
1
1946
10*4
11
*
6
Florida P & L S7 pref
Jaq
100
X
22
1*4
Fire Association (Phlla) 100
4,300
25
25
100
Feb
Mar
Ford Motor Co Ltd—
IX
IX
Distribution. _1
Service 25
Community Water Serv._ 1
Compo Shoe Mach—
Community Pub
1,100
Jan
•11
25*4
Sept
2*4
3
Flat Amer dep rets
Feu
2*4
IX May
2,900
IX
Warrants
Commonw
Conn Gas & Coke
Metallurgical
Fldello Brewery
IX
19
22
2*4
22
1
Fed Compress A W'h'se
May
84 X
IX
550
11
Mar
*4 May
Aug
1,500
1
Brewing
Fedders
7*4 May
Arms.25
Columbia Gas & Eleo—
Patent Fire
he
21*4
Falrchlld Eng A Airplane.1
May
1,200
"Ix "hx
X
21*4
1
2*4
1
6*4
1*4
'18
21*4
2*4
1
com..60
1
2
High
Low
8*4
Eversharp Ino com
3*4
Colorado Fuel & Iron warr
Range Since Jan. 1, 1940
for
Week
Share
Eaulp—5
Feb
Feb
48*4
7*4
May
4
Price
Equity Corp common.. 10c
S3 conv preferred..
1
Jan
Mar
6
Mar
May
400
41
43*4
*
Cleveland Tractor com—*
Cllnchfleld Coal Corp.-100
Club Alum Utensil Co—*
Cockshutt Plow Co com„*
Cohn & Rosenberger Inc.
Colon Development ord—
6% conv preferred
£1
Cleveland Elec Ilium
of Prices
Low
High
Emsco Derrlok A
Apr
16*4
*4
May
H
2,900
Week's Ranoe
Sale
Par
7
Nov
May
12
Co——1
Lights Inc—1
Last
High
Low
Shares
5%
5*4
5*4
10
mob
Low
Price
Clark Controller
Colt*
STOCKS
(Continued)
1,1940
Range 8ince Jan.
Last
Par
Sale
Friday
Sales
STOCKS
Claude Neon
2915
New York Curb Exchange—Continued—Page 2
151
60
7*4
7*4
50
4*4
6
May
July
10*4
2*4
1*4
"3
27
6
1*4
""3*4
28
6*4
200
Oct
1*4
June
28*4
1*4
May
Mar
47 X
Apr
6*4
May
Mar
33*4
May
Apr
9*4
May
T300
2*4
1,000
21*4
500
4*4
3
Jan
New York Curb
2916
Friday
Last
STOCK!
Par
Zinc Co
Illinois
'eek's Range
Sale
(Continued)
---*
Illuminating Shares A
High
8X
8X
9
Low
4
2,400
65
Imperial Chemical Indus—
Am dep rets regis.,..£1
9
June
Nov
63 X
Jan
6
8
7%
1,500
12X
6K
May
12 X
Jar
9%
9%
200
7X June
13 X
Jan
8%
3X
8X
3%
100
0
July
24
Line
7X
Indiana Service 6% pf.100
3
Sept
3%
Indiana Pipe
14
•:
6
800
14
K June
10
50
X
n%
...100
preferred
Insurance Co of No Am. 10
"n
09%
K
11%
71%
1,850
60X
International Cigar Macb
Internet
7X
3X
X
7X
May
17K June
K
X
6%
6X
Ap.
52
Apr
3K
Mldvale Co
8
*!•
Jtt'j
Nov
IX
0X
19
120
121
Mid-West Abrasive..—60c
Midwest Oil Co
10
2
6%
7X
300
6%
May
15X
Jan
0%
No^
9
Julj
4X
Si uu
200
X
1,600
6
250
12
7X
12
IK
500
1
June
2 X
Apr
12 X
Jan
Minnesota Mln A Mfg
*
Minnesota PAL 7% pf 100
*54 X
53%
8
125
97
Indus A..*
3 x
4%
IK
"2~% "35i 29~700
June
May
5X May
Coupon shares
iox
10X
10 X
11K
10X
Registered shares.....
8%
9K
6,900
100
International Products...*
Internat Safety
June
19X
June
3
—....
May
Razor B. •
H
Missouri
19 X
Feb
Mock J1 id
6X
May
Sept
IX
Apr
Sept
»X
Mar
International Utility-
Class A—
Class B.........——.1
K
$1 76 preferred...—..
9%
8X
8X
May
8
1,500
27K
3 X
8X
Home) Equip..1
Apr
Aug
23 K
200
3K
10 >4
27K
4
27X
50
700
2% May
6% June
Interstate Power $7 pref.*
Jan
4X
July
10 x
13 X
Apr
Mar
Mar
3%
K
1
Jan
Jan
6X
Jan
Mar
9
Investors Royalty
X
18 X
37
May
Interstate Hosiery Mills..*
X
Jan
12
8 X
12
100
9X
X
May
""475
43 X
May
Sept
30
97
May
109X
Nov
Oct
*n
Oct
39X
X
Nov
•h
"36% ~38M
"~7~5o6
18
10
113
6
Kokenge com..*
June
20 X
117
—6
OK
7
300
Ken-RadTube A Lamp A »
3 K
3 K
100
Kimberly-Clark 6% pf.100
Breweries
1
100
"1#
300
12 K
5K
100
1,000
~14% ~\b%
4
%
'2*506
600
Lipton (Thos J)
6%
Lit Brothers
Jan
Jan
15
Apr
10 x
Jan
Apr
10
Oct
Nat Union Radio
Nov
Oct
75
Apr
July
11K June
4K May
Aug
9K July
2K May
12
Jan
9K June
100
8X
12 X
Apr
70 X
Apr
44
X
Oct
26X
4X
Jan
May
12 X May
10 X
Feb
4K
ox
X
Mar
0X
Apr
Apr
Aug
Apr
2% Nov
IK May
X May
21
May
7K June
13
K
2%
3K
3K
8,200
K
1,800
K
"29""
9 K
29
29
9K
700
100
9K
250
—25
*
Lone Star Gas Corp
IK
IK
6
common
Locke Steel Chain
13 K
10 K
13 K
Feb
3X
Oct
X
Jan
35X
12X
Jan
Apr
July
22 X
Mar
*
__*
7% pref class A.....100
6% pref class B
100
June
IX
Apr
14X
Nov
100
14. K
350
10 X
10 K
2,900
7K
May
10 X
May
K
K
900
%
May
IX
Jan
June
48X
Jan
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P A L $6 pref..*
4
K
27%
23 K
10
May
175
31
24
350
23 K
Nov
44 X
Jan
IK
IK
300
4,800
May
May
Mar
4K
1%
3%
2X
4 K
6X
Apr
Nevada-California
3%
28 K
cum
New Engl
0%
$2 preferred
_*
New England Tel A Tel 100
New Haven Clock Co
*
New Idea Inc common...*
New Jersey Zinc
25
New Mex A Ariz Land—_1
New Process Co.—
1
t6
preferred.
K
Manlschewltz(The B) Co. *
Mapes Consol Mfg Co
*
Mar gay Oil Corp
•
Marlon Steam Shovel
Mass Util Assoc v t c
*
9%
3 K
3%
2,200
"~2X
"2
X
31K
"2
X
32 K
'"406
1,050
•
*
6
Mead Johnson A Co
*
143
Mercantile Stores com
Merchants A Mfg el A
5K
143
4K
OK
146
4%
2,500
130
4%
300
*
Mar
10
Jan
29
Feb
17
Apr
2
June
4X
Feb
July
2X
Jan
Jan
IX
21X
May
5
Jan
42
Apr
Sept
54
Sept
K
4X
123
3X
11
1
Participating preferred.*
Merritt Chapman A Scott *
Warrants
39
54
32 K
McCord Rad A Mfg B
Mc Williams Dredging
Memphis Nat Gas com..6
Oct
Oct
IX
*
warr
Apr
9%
3K
May Hosiery Mills—
J4 pref with
Apr
IX
2
May
Oct
25
1
Massey Harris common..*
Master Electric Co
1
May
May
May
300
3X
25
4
K
0X% A preferred...100
85
K
4 K
*400
K
4
.
K
100
86%
200
2X
9X
Jan
170 X
Apr
5%
18X
May
May
May
Apr
4
Feb
Jan
5X
X
Mar
May
86X
Nov
Oct
see
Dage
2919.
Apr
July
43 %
31
Jan
Jan
100
35
K
11K
43%
12%
11X
2%
11X
2%
1,500
*87 X
87X
93X
450
2X
2X
4%
100
1,000
"9"
"2,666
6X
"166
6X May
8X
Jan
4X
10
'16%'10%
"2K
2 X
2%
May
14
X
Apr
May
Jan
May
13X
3X
97 X
3X
6X
June
64 X
Jan
Oct
11X
8X
Mar
1% May
76X June
100
2
July
3X
24
7%
May
June
7%
4,300
1
12 X
Feb
Jan
Apr
Feb
Feb
Apr
May
2X
Nov
X May
July
May
IX
12X
110X May
2,600
1,100
8
4
4%
8X
117X
Jan
Apr
May
84X
May
May
4X May
X Aug
8X
84 X
3
300
8%
4X
200
18 X
June
8X June
121%
54
121
58%
122
175
5%
500
14%
100
66
68
1
IX
May
49
3,000
600
Nov
110X June
3X June
10X May
150
5%
14%
07%
54
18
54
6
1
Jab
Nov
Jan
May
X
.
July
30 X
Jan
Jan
136 X
Apr
"166
7X
7%
115% 116
105
300
160
130
3X
3X
77%
Jan
8X May
16X
Apr
68
IX
July
2
Feb
3X
8% Sept
15X May
"m "1%
Apr
13X
76 X
26 X
26
6%
28X
30
15
Nov
Jan
Apr
Apr
Apr
28 X
Jan
May
9X
Mar
103 X May
98
May
118X
Jan
7
11
May
109
Jan
98
100
May
5X
17
Jan
May
23 X
108
7X
29
Apr
May
Apr
Jan
Niagara Hudson Power.....10
16,300
78 K
75
3X May
73
May
92
Mar
66
4
87
Apr
""*300
Class A opt warrants....
Class B opt warrants
July
111
0X
Jan
X May
*ji
Jan
Feb
1
Feb
5H
Feb
Niagara ShareClass B
common
6
Class A preferred
*
3X
3 K
4%
1,100
*65X ~66~%
i'ioo
100
Nllee-Bement-Pond
Common
»n
1
3X
1
800
3%
300
com
4
Jan
Jan
X
1,500
May
IX
Jan
92 X
850
67
May
103 X
Mar
100
15
May
20 X
Apr
16
52
Jan
52 X
170
May
May
X Mar
2X May
95
May
20 X
52
44 X
52 X
Nov
•11
Jan
"~2K "2X
"266
116*
.100
10
X
IX
5X
24
•u
116"
"""16
PubSer0% pf.100
Engineering..*
Novadel-Agene Corp
*
X May
8X May
99X
Feb
71X May
9 X Mar
79
Nor Central Texas Oil...5
Northern Sts Pow cl A..26
May
Sept
24
1
$0 preferred
.....*
North Amer Rayon cl A
•
Class B common
•
Northwest
June
60
8
6
0% prior preferred...60
No Am Utility Securities. *
3X May
85
*65X
Nineteen Hundred Corp B 1
Niplsslng Mines
Noma Electric
Nor Amer Lt A Power—
Ogden Corp
For footnotes
11X
X
Apr
6%
7% preferred
Northern Pipe Line
30 X
Jan
May
Feb
27%
Nor Ind
July
81X
May
17 X
47 X
"28X
6X% preferred
100
New York Transit Co
5
N Y Water Serv
0% pf.100
Jan
Mar
X
May
HX
280
Apr
May
2
50
July
May
May
Mar
Mar
11K
"12
6% 1st pref erred ....100
5% 2d preferred
100
IX
30
17 X
10
Feb
2,600
Jan
29 X
Apr
May
June
June
23%
Jan
June
Apr
May
11
105X
25
Jan
20
13 X
400
21X
25
*
15
22 X
Common
Manatl Sugar opt warr
Mangel Stores
....1
14X
105X
Apr
20
21X
142
X
3,000
.*
Apr
100
May
Feb
Shipbuilding Corp—
2
24
150
Founders shares
1
New York State El A Gas—
100 x
10
16
12
16
N Y A Honduras Rosario 10
N Y Merchandise
10
N Y Pr A Lt
7% pref.. 100
Jan
preferred
Nov
May
10
"14 X
Y Auction Co com....*
N Y City Omnibus—
Mar
conv
200
May
.
8X
N
June
$5
17X
*
preferred....... 100
1
105
24
May
X
Elec—
92
6
4X
4% non-cumlOO
Pow Assoc
21
common
2,150
4X
0X
*
Conv 7% 1st pref
100
Conv 7 % 1st pf v t o. 100
Lynoh Corp
5
May
75
*
Ludwlg Bauman A Co com*
105
Apr
May
30c
Neptune Meter class A
Nestle Le Mur Co cl A
N Y
%
27%
23 X
IK
Jan
2 X
Warrants
K
IK
Long Island Lighting—
Common
Jan
2X
X
Navarro Oil Co
*
Nebraska Pow 7% pref. 100
Nehi Corp 1st preferred..*
Nelson (Herman) Corp
6
Mar
100
|B
Inc—
preferred
Jan
IX
15%
Develop—25
,__5
2X
94
z71
♦
Line Material Co
Mar
Mar
Sept
30 K
1
*
95
49
*
Oil
Jan
National City Lines com.l
53 conv preferred
60
National Container (Del)_l
National Fuel Gas
•
May
3K
80
7% pref..100
Le Tourneau (R G) Ino.-l
Jan
30
800
National Breweries com..*
National Candy Co
•
8
94
100
Lehigh Coal A Nav
com
~8K
Langendorf Utd Bakeries-
Leonard
26
July
13,000
1
Bellas Hess
75
1
2 K
2K
171
May
•
Nat
National Tea 5 X % pref. 10
National Transit
12.60
Nat Tunnel A Mines
*
*
...*
May
15 X
22
25
6
15X
"4%
Aug
12
Jan
139 X
100
300
6
National Steel Car Ltd—.*
National Sugar Refining.*
Apr
73 X
2
*ii June
Sept
Conv preferred
Nachman-Springfilled
15%
Nat Mfg A 8tores com...*
8K
12
Apr
4X
OK
17
17
National P A L (0 pref
*
National Refining com...*
Nat Rubber Mach
_._*
10%
Class B
»
Mar
May
IK June
•
common
6
»»•
KlelnertG B)Rubber Co. 10
4
Jan
2X
7X
X
Oct
May
1,800
IK
4
1
May
5
Jan
3K
Oct
IX
*14 X
164X
20%
24X
May
June
3X
5%
4
Mar
June
»i«
Lefcourt Realty com..
24X
7%
0X
U2X
May
1
IX
Lakey Foundry A Mach_.l
104
20 %
Mar
55
IK
5K
164X
Mar
10
—.1
Class A
*
Pow__*
27
Kelln (D Emll) Co com..*
Lane Wells Co common.. 1
Lt Ht A
120
80
58
Klrkl'd Lake G M Co Ltd. 1
Lane Bryant
Montgomery Ward A
Moody Investors part pf.*
Moore (Tom) Dlst Stmp.l
Mtge Bank of Col Amshs..
May
«n
5%
X
1 X
6
June
111
Kingsbury
1
800
Muskogee Co common
*
0% preferred
.100
50
Kreuger Brewing Co
K
Apr
108 X 109
Lackawanna RR (N J) .100
Lake Shores Mines Ltd
1
X
Monroe Loan Soc A
1
Montana Dakota Util—.10
July
JohnBon Publishing Co.. 10
12 K
Apr
8ept
May
95 X
103
Kress (S H) special pref. 10
47 X
0%
11X
May
May
91K
9X
Jan
125X
90
93 K
Jan
May
24 X
8K
40
Mountain Sts Tel A Tel 100
80
Knott Corp common
ilX
5X
500
36 X
40
Murray Ohio Mfg Co
*
Muskegon Piston Rlng.2X
250
Kobacker Stores Inc
May
8,800
7K
8 %
1
Feb
93 K
101K 101X
4% conv 1st pref
Molybdenum Corp
Machine Tool..;*
Monogram Pictures com
July
May
92 K
Koppers Co 6% pref...100
Kresge Dept Stores—
6
K
93 K
IK
3X
100
3X
3,100
Jersey Central Pow & Lt—
Klrby Petroleum
Apr
200
8
2X
Apr
May
May
58
5%
3X
| Mountain States Power-
K
Kings Co Ltg 7% pf B.100
6% preferred D...
100
Products
1
Feb
Nov
3X
8
..12.60
Oct
IK
Kingston
3K
com..*
94 X
I17X
Feb
1
Kennedy's Inc
May
Nov
May
18X
100
117
Oct
Feb
70X
June
17 X
IK
36%
90
1
Apr
May
107 X
May
3
Kansas G A E 7 % pref. 100
May
May
IK
Julian A
"55%
12
2%
Jones A Laughlln Bteel. 100
Oct
Nov
2X
12
1 X
101X
121
Jan
May
800
2%
7%
Maj
1X
600
17 n
15%
preferred...—100
preferred..—100
preferred
100
Jan
Apr
6X
16K
15X
5X%
19
18 X
17%
Irving Air Chute........!
Italian Superpower A...
Jacobs (F L) Co
—.1
Jeannette Glass Co
7%
Jan
Jan
Voehringer—
Common..
Montreal
Mar
Ma>
Mountain City Cop com.6c
Mountain Producers
10
Iron Fireman Mfgvto—*
6%
Serv
Monarch
5
—
S3 60 prior pref
•
International
Vitamin...!
Interstate
Pub
9X
200
Mississippi River Power6% preferred
100
Feb
Mar
June
June
1,200
Mining Corp of Canada..*
IX
2X
~~8~~
Midwest Piping A Sup...*
60
Internal Metal
Apr
Apr
Apr
2H
4X
18
18
*
Apr
Apr
I nter natlo na) Petroleu m—
108H
Jan
X June
Maj
Products—
dlv shares.*
non cum
Internet Industries I no—1
Internet Paper A Pow warr
Jan
Aug
4%
400
Middle West Corp 00m..6
Midland Oil Corp—
S2 conv preferred
*
Hydro Eleo—
Pref S3 60 aeries
K
1
v
450
3X
......1
X
10 X
73 X
23 X
Jan
Feb
H Maj
1,100
"560
6
t c
Jan
*11
9
Jan
3X
42 X
3X
B v t 0
Feb
25
%
8
300
A
1
100
X
7K
Class
July
X
Oct
103
X
Class
Midland Steel
V tc common...——-.1
*
Jan
Industrial Finance—
7%
preferred
Apr
Feb
--1
High
Oct
Sept
IX
Preferred...
10
Mlcromatlc Hone Corp... 1
Middle States Petroleum—
Indian Ter Ilium Oil—
B
*M
35
Apr
1
Low
600
15
22
113
1
X
:
Range Since Jan. 1, 1940
Shares
25c
21X
Mar
May
K
"340
102 X
K May
"111% iiiii
$6
July
1QK
U2%
High
K
Michigan Bumper Corp. .1
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Feb
4X
Mar
X
Low
Metropolitan Edison—
Jan
200
Price
1
Metal Textile Corp
Jan
7M
7X
1940
Week
Mesabi Iron Co
Mar
7X
Imperial Tobacco of Can.fi
Imperial Tobacco of Great
Britain A Ireland
£1
Class
for
of Prices
Par
7%
Non-voting class A
Week's Range
Sale
Partlc preferred
6X
Registered
7% preferred
100
IndpIsPA L6X% pf—100
Last
High
Aug
16,
Sales
STOCKS
(Continued)
Shares
*
Imperial Oil (Can) ooup.
Nov.
3
Friday
Range Since Jan. 1, 1940
for
Week
of Prices
Low
Price
Exchange—Continued—Page
Sales
8%
10
97
3X
Mar
110
May
119X
9X
Sept
10
8%
11X
2,400
7
20
20
100
12
May
May
May
May
30
32
700
26 X
June
38 X
May
3
1,900
IX June
3X
Aug
8%
2X
100
6
Apr
15X
Jan
21
Apr
3BT
Volume
Last
Par
of Prices
High
Loud
Price
Shares
108
107
108
650
2114
2114
40
116
116
40
500
*
Ohio Oil 6% preferred-.100
Ohio Power 6% prel
100
Ohio P 8 7% 1st prel
100
100
0% 1st preferred
75
108% 2109
Olistocks Ltd common...5
20 %
49 %
Oklahoma Nat Gas com.15
S3
60
preferred
"800
"l9% ~20%
49%
150
114%
100
49 %
114
114
$6% conv prior pref—•
Omar Inc
1
34 %
34%
2.600
31%
34%
1
107%
100
540
3%
shares
110%
Mar
Ryan
June
108
Nov
110% May
104
May
117
Sept
110%
Mar
3%
4
19,400
June
06
Oct
5%
13% May
39
May
100
May
Oct
109
8%
Apr
21%
Apr
60
Mar
117
Mar
Parkereburg Rig A Reel.-l
Patchogue-Ply mouthMUls*
Pender (D) Grocery A
*
"54"
July
Feb
15%
May
Scovtll
May
34%
31%
Nov
Scranton
28
71%
63
Sculln Steel Co com.....*
13%
12%
0%
Feb
1%
1%
Feb
2% June
Sept
5%
54
2%
15%
2%
17,000
16%
2%
15
9,000
1% May
11%
Jan
%
l4l«
04
Apr
33
June
2,400
8%
100
Jan
.-*
»ii
113
112% 113
100
109% 110%
188
191 %
...*
50
103%
55%
-.100
"566
"54% ~56~
88%
May
97% May
50 rl68% May
10%
Penn Water A Power Co.*
Oct
120
Pennsylvania bugar com 20
200
90
*
Oct
53% May
63
May
Jan
Philadelphia Co common.*
Phila Elec Co S5 pref
*
Phlla Elec Pow 8% pref.26
Phillips Packing Co
Sept
4%
4%
5,300
7%
38
Oct
16%
1,700
1%
4,500
6%
"7l"
66%
38%
Oct
May
2
Jan
113%
Mar
5
com.
Jan
5%
2,900
6
.26
*78%
*78" *81%
1,350
% Aug
2% June
May
May
*1,
Jan
May
Sept
5%
3%
6%
18%
62% June
May
19
Jan
23%
6%
1%
Nov
Oct
Apr
9%
Mar
$3
oonv
pref..
Mar
Jan
Jan
100
Singer Mfg Co
Jan
Feb
June
2
8%
45
Feb
Oct
Jan
8outnern Union Ga .....*
2,100
05
June
104
Mar
400
1% May
600
7
ll
June
15
he
3%
3%
1,300
300
% Aug
% May
2% May
4
200
2%
Sept
10
l»ie
%
July
Feb
1%
Jan
1%
Apr
4%
Jan
8%
Feb
55
200
July
81%
Jan
10
May
24%
Apr
1%
Jan
% May
May
5.700
32
%
1%
9
200
%
4%
500
4% May
% July
42
Mar
10
Feb
»It June
155
July
2% May
105% Mar
%
Feb
May
95
%
•11
1%
600
1%
4
v
200
1%
■
4
100
3%
1%
1 :vl- 1
"34% "36%
4%
200
"e'oo
Feb
Aug
Jan
May
Mar
7%
1,200
8
Jan
35
Feb
10
47
47
31%
31%
31%
29%
85
May
700
27
29%
29%
500
May
24% June
%
4%
Oct
500
2%
14%
25
Southland Royalty Co...5
5%
5%
300
6
July
Spalding (A G) A Bros...l
6% 1st preferred......*
Spanish A Gen Corp—
Am dep rets ord reg..£l
Spencer Shoe Corp..
*
Stahl-Meyer Ino
...*
Standard Brewing Co
*
Standard Cap A Seal com. 1
Conv preferred
10
Standard Dredging Corp—
1%
1%
8%
400
IN
Sept
130
8
May
8
1
2%
12%
200
1%
Nov
%
4
1%
Jan
4
4%
1,000
3%
Oct
%
10%
Mar
xl2 % a;12%
400
12%
Oct
24
Mar
2%
14%
Nov
11
Mar
2%
300
1
May
$1.60 conv preferred..20
14
14%
100
8%
May
Standard Invest $5% pref *
Standard Oil (Ky)
10
11
11
100
7% June
19%
19%
20%
1,600
Standard Oil (Ohio) oom 25
34
34
35
May
May
100% June
% June
>11 Aug
113%
Mar
95%
95%
45%
95%
49%
75
375
^
May
May
35
106% May
59% May
0% prior lien pref...100
$6 prior preferred.....*
$0 preferred
•
112
20
99
June
104% June
»i«
%
*
Preferred
110%
Oct
113% May
Standard Silver Lead
Standard
9%
600
6
May
29%
*31%
"566
19
in May
May
1
Jan
1
97% 101%
1,875
68
May
101%
40%
44%
5,325
13% May
44%
Nov
phate A Add Wks Ino. 20
17
17%
900
11%
Jan
7% May
29
May
Starrett (The) Corp v t c.l
10%
7%
Apr
Mar
Steel Co of Canada—
""~6% "~6%
"206
4% May
Oct
220
107
150%
108
150
154%
94
June
126
Feb
60
142
May
157
Oct
8
.*
May
13
Feb
Wholesale
Phos¬
Ordinary shares
15%
%
1%
warrants...
*
7%
%
7%
%
7%
•is
400
125
Oct
6% June
%
Railway A Utll Invest A.l
% June
10%
Feb
%
Feb
Feb
Raymond Concrete Pile—
15%
*
50c
15%
44%
"l%
*
16%
45
600
50
""i"% "l%
"600
21%
100
21%
Radiator
1
1%
1%
Feb
2%
Jan
26%
6
Jan
Jan
%
May
Feb
Oct
12,300
July
0%
12% June
3% Aug
1% May
19%
Apr
Mar
*
5%
1%
4
1
5%
Nov
Nov
Sept
10
>11 June
100
18
18
1
Rice Stlx Dry Goods
% June
% May
10% May
10%
45
100
Relter Foster Oil Corp..60
Reliance Elec A Engrav_.5
Rheem Mfg Co
May
4%
Reeves (Daniel) common. *
Republic Aviation
6% May
34
5%
1%
700
18
*
'it
Jan
Texas P A L 7%
1
%
he
%
%
700
Oct
95
100
May
104%
July
94
Rochester GAE10% pfClOO
May
105%
Oct
pref..l00
Texon Oil A Land Co
2
Rome Cable Corp com
6
Roosevelt Field Ino...
6
Root Petroleum Co
1
10%
300
Feb
116%
Feb
Tllo
May
14%
Oct
May
12 %
Jan
1
1%
*
"l% "2
"366
Jan
3%
Mar
1%
4%
%
Aug
3%
7%
Feb
Jan
£1
5e
Todd Shipyards Corp....*
Aug
'it
Apr
Feb
June
05
Mar
2% May
5
Mar
42
♦
2 %
2919
400
1%
200
1%
Jan
Aug
May
150
2%
May
%
40%
1%
21
Fab
1%
Fab
15
Aor
4%
9%
9%
Jan
Feb
Jan
Jan
4%
%
*it
Mar
7%
0%
May
May
15
300
May
16
1%
Aug
2
33%
21
Feb
May
13
Jan
1%
"ldo
6%
4%
4
26%
9%
111
110
'"8%
Jan
13
Jan
Jan
July
9%
May
6
27%
700
26%
May
36%
Jan
May
16%
Feb
10
5,200
111
60
2%
1,300
400
8%
900
"56"
""l"50
8%
Prod Exports...*
2
May
3%
Oct
May
24%
Apr
Apr
12%
July
7
Oct
48%
May
May
%
Def registered
77
290
Mar
114
May
10%
Ordinary reg
Jan
103
%
75
Apr
36
2%
3%
76
Jan
40%
5
400
20%
8%
Apr
Apr
1,800
2%
"56"
Nov
13%
7
4%
19%
2%
Apr
2
500
"24""
May
3%
200
"24"
Fab
Oct
40
12%
1%
24
Jan
62
3%
616
900
Jan
Jan
Jan
Apr
Oct
Jan
Fob
10%
1%
14%
61«
Nov
Oct
%
%
27%
14
Tobacco Secur Tr—
Tobacco
6%
'766
111
8
Tobacco A Allied Stocks..*
Roofing Inc
May
Jan
20%
Fob
41% May
11%
14
Tlshman Realty A Constr *
6
1%
...20
For footnotes see page
10%
1%
3%
"'he
Tbew Shovel Co oom....6
11
116%
Rochester Tel 0%% prflOO
Roeser A Pendleton Inc.
Jan
1%
"l%
Swan Finch Oil Corp....16
Apr
May
7%
7
Class B common—..
Taggart Corp com
1
Tampa Electric Co com..*
Technicolor Ino common.*
Rio Grande Valley Gas Co-
25
33
0
40
40
1st preferred.. ...50
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Ino
1
Stetson (J B) Co oom
♦
Stlnnes (Hugo) Corp
5
Stroock (8) Co
....*
Sullivan Machinery......*
Sun Ray Drug Co
1
Sunray Oil
1
6%% conv pref
60
Superior Oil Co (Calif)..25
Superior Port Cement-
June
2
Sterchl Bros Stores
0%
May
'it May
10% June
Stein (A) A Co common..*
z5%
2%
Jan
"600
39%
5% 2d preferred
*
Mar
9%
Standard Steel Spring....6
Standard Tube clB
1
17
10%
26%
20
1
Radio-Kelth-Orphuem—
.....*
'1,400
Common class B......*
43
100%
Pyle-Natlonal Co oom
6
Pyrene Manufacturing..10
Quaker Oats oommon
*
....100
10
110
113
110
100
900
...100
$5 preferred
Standard Products Co
Puget Sound Pulp A Tim *
2%
1
Standard Pow A Lt—...1
07
San
Mar
Jsn
2
1%
Oct
May
Apr
Mar
Anr
10
he
Apr
107
May
7%
2%
Jan
9%
10 rl04% May
109
June
105% 105%
170%
May
it*
Jan
Common
Jan
2
72
20
300
3%
19
Mar
Jan
May
5%
3%
19
Nov
Jan
Feb
4%
,
Oct
48
31%
30%
Apr
Mar
6%
Jan
11%
Apr
4% May
Mar
5%
3%
..26
Preferred A
Nov
66
107
7% preferred
Feb
103
2%
44
Aug
6%
4% May
May
Jan
Apr
Apr
Jan
6
May
9%
95
1%
2%
28
2% May
May
Jan
21
35%
100
South New Engl Tel...100
Southern Phosphate Co. 10
Southern Pipe Line.....10
8%
28%
Aug
99
Southern Colo Pow el A.26
Nov
2%
%
270
Southern Calif Edison—
73%
95
23%
»i«
110
Amer dep rets
May
2%
22%
111
1%
Jan
% June
9% Mar
Skinner
May
93%
3%
1,000
Sioux
May
94%
%
5%
112%
5%
5%
Singer Mfg Co Ltd—
Apr
120
Nov
•
Royal Typewriter...
Jan
Simmons-Boar dm an Pub—
8%
8%
Public Service of Okla—
pref
Apr
114%
Apr
5% original preferred.26
0% preferred B
26
6%% pref series C...26
1
8
*
Roes la International
Jan
100
Mar
Apr
Jan
Jan
Public Service of Indiana—
Voting trust ctfs
Apr
Apr
May
15%
10%
72%
90%
28%
14
100
100
0% preferred D
8%
Mar
11%
0
$6 preferred
*
Public Servloe of Colorado
Reed Roller Bit Co
Mar
May
May
Simplicity Pattern com.
Simpson's Ltd B stock...*
May
1
Red Bank OH Co
Apr
1%
2%
5%
Simmons H'ware A Paint.*
9
Prudential Investors.....*
Raytheon Mfg com
60
8
Nov
500
♦
preferred
Jan
Jan
Apr
%
May
8%
Common
Jan
Sherwin-Williams of Can. •
191%
14
1
Ry A Light Secur com
Jan
6%
59%
100
5% cum pref ser AAA 100
1%
8%
11
10
Feb
112
13%
Producers Corp of Nev__20
Russeks Fifth Ave
6
Shawl nig an Wat A Pow.
43
Providence Gas
conv
%
1
T21~6
1,100
7
"73%
Prentice-Hall loo com...*
7% prior lien pref
Puget Sound P A L—
Nov
Apr
Apr
Mar
40
37
Shattuck Denn Mining
13%
Alexander...6
$7 prior preferred
SO preferred
Nov
1
3% May
8% May
150
Jan
5
850
10
0% 1st preferred
7% 1st preferred
Jan
June
1,100
39
7
"72
25e
6
Prosperity Co class B
Jan
Oct
%
'it
Southwest Pa Pipe Line. 10
9,000
38
1st preferred....100
SI.20
Nov
»u May
6i«
Serrick Corp
1
Seton Leather oommon...*
South Coast Corp oom...l
South Penn Oil
26
7%
7%
1%
Pratt A Lambert Co.....*
Richmond
71%
13%
1%
May
4%
1
Allotment certificates
Sentry Safety Control
Apr
May
May
Power Corp. of Canada..*
conv
June
44
35
Mar
July
3%
37
..7.50
Metals of Am
Mar
300
15%
29%
100
15%
•
Premier Gold Mining
29%
200
47%
18%
25
3%
60
Potero Sugar common
July
3,000
May
31%
3%
Pittsburgh A Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..26
Pleasant Valley Wine Co. 1
Polaris Mining Co
May
25
Apr
Pitney-Bowes Postage
Pneumatic Scale oom
34
%
20% May
9%
Jan
31%
Pioneer Gold Mines Ltd-.l
Plough I no oom
Jan
22% May
3%
Feb
May
113% June
1
Meter
1
14
50%
50
3
5
stock
$6.50 prior stock
31%
0%
May
4
4% June
Conv S3 pref series A. 10
Pierce Governor common. *
Pitts Bess ALE RR
Aug
May
9
7i«
%
1
Convertible
22%
Phoenix Securities—
-
9% May
1%
Jan
$5
48%
49%
Common
ord reg.£l
City G A E 7% pf 100
Organ.........
Solar Mfg Co...........1
Sonotone Corp....
1
Boss Mfg oom
1
22
"1%
Pilaris Tire A Rubber...
Common
Feb
Jan
15%
Apr
4%
Apr
81% May
4%
Sllex Co oommon
Penn Pr A Lt S7 pref
Perfect Circle Co
Nov
2
Selected Industries Ino—■
Pennsylvania Gas A Elec—
Pepperell Mfg Co
Oct
July
July
2%
Sept
8,500
4%
bherwln-Willlams
Pennsylvania Edison Co—
S5 series pref
..._•
12.80 series pref..
*
May
3%
35
8%
Mai
3
100
4%
Oct
3
,%
%
Nov
%
14,100
8%
33
Mar
May
4,400
1%
4%
May
%
2%
%
Securities Corp general...*
See man Bros Ino........*
425
71%
13%
V
Selberling Rubber oom...*
Selby Shoe Co
...*
May
May
...
Segal Lock A Hardware.. 1
17%
Oct
30% May
xll
1,700
Feb
Feb
Jan
30
350
100
Lace common..*
May
27
.1
Class A common
31
Scranton Spring Brook
Water Servloe $0 pref..*
35%
2%
S0 preferred
Penn Salt Mfg Co.
29%
Jan
Feb
2
48% May
6
19
13%
31
25
13%
Feb
20
5,700
%
13%
95%
May
17
4%
Ti»
*
Warrants.
Aug
May
.....6
Mfg
High
4% Aug
1% May
% May
27
108%
Jan
16,200
575
78
3%
May
May
70
3%
72
4%
June
41
16%
com.l
Airlines
2%
3
76
100
20% May
700
700
Samson United Corp com. 1
Sanford Mills......._„_.*
Schlff Co common.....
May
54
Low
200
9
1
Savoy Oil Co
6
54
4%
2%
1%
1%
5
100
preferred
Feb
700
7%
..60c
Pennroad Corp oom
S3
7%
Salt Dome Oil Co
Feb
3%
12%
10%
...26
Fuel
Penn Traffic Co
Option
St Regis Paper oom..
3%
May
Peninsular Telephone oom*
0% preferred
Quebec Power Co
Petrol
8%
8
7
»
Class B
Pressed
Consol
Nov
20
7
Range Since Jan. 1,1940
Shares
St Lawrence Corp Ltd...*
Class A S2 conv pref..60
3
10
Parker Pen Co
0%
1%
May
94
"j10*% "ii~" """150
Paramount Motors Corp.l
Powdrell A
2%
May
20
107
preferred...
Cent
•
Ryereon A Haynes com__l
4%
2%
1%
4%
Co
24%
Pail tepee Oil of Venezuela-
Penn
1
Ryan Aeronautical
May
4
31%
107%
Pacific Public Service....*
SI.40 preferred
Price
Par
High
72
6%% 1st preferred...25
Pacific Lighting 15 prel..*
Pacific P & L 7% pref..100
Penn-Mex
Week
1%
Pacific G A E 0% 1st pi.25
American
for
of Prices
Low
High
13%
Pacific Can Co oommon..*
1st
Week's Range
Sale
17
4%
Overseas Securities
SI.30
Loud
Last
95
22
22%
Sales
STOCKS
(Continued)
1,1940
Range Since Jan.
for
Week
22
Ohio Brass Co cl B com..*
Ohio Edison $6 pre!
Week't Range
Solo
nued)
Friday
Sales
Friday
STOCKS
(Con
2917
New York Curb Exchange—Continued—Page 4
151
55
Mar
Apr
May
15
1%
6%
10%
%
77
Apr
Jan
59
May
Jan
Apr
Nov
New York Curb
2918
Sales
Friday
Last
Par
Week's Rang*
for
SaU
STOCKS
{Concluded)
of Prices
Loud
High
7% preferred
100
Tonopah-Belmont Dev. 10c
114)4
1%
1%
2
2%
Trt-Contlnental warrants
Yt
1,200
3,700
500
'
Inc.—*
Truns Pork Stores
Tublze Chatlllon Corp—
10
3,400
36%
39%
1,300
Tung-Sol Lamp Works.—1
2%
2%
2%
100
preferred.-.—*
...1
7%
"~4Ys
4%
7%
4%
13,000
9
1
Class A
80c conv
Udyllte Corp
lUlen A Co ser A pref—
Series B pref..—
Unexcelled Mfg Co
10
Union Gas of Canada
*
Union Investment com...*
Un Stk Yds of Omaha. 100
United Aircraft Prod
1
United Chemicals com...*
S3 cum A part pref
*
8
38
100
3%
10%
'W
11
600
10%
100
"11%
1,300
11H
11Yt
100
Yt
»x»
2,600
%
Sts.-lOc
ht
12,200
Yt
United
Corp warrants
United Elastic Corp
*
1
1st 17 pref. non-voting-♦
United Gas Corp oom
1
1
109 %
1%
'it
116
% May
May
H May
x8%
Jan
4% May
20
May
1% May
6% May
3% May
% May
%
)4
he
'26%
25%
Mar
Jan
hi
1%
3%
Apr
Apr
Feb
♦Maranhao 7s
26%
Jan
Jan
10H
39%
3%
Jan
Feb
1
Jan
1H
Feb
7% May
2% Mar
4
Oct
U 8 Plywood
1%
conv
1
preferred
U 8 Radiator
20
13%
3%
1st $7
United
Wall Paper
2
16
Class B
1%
Apr
Mar
%
8%
Jan
Feb
1
Utah-Idaho Sugar
*
1
Utah Radio Products
$5.60 priority stock
Utility A Ind Corp oom..6
Conv preferred
....7
Valspar Corp com.......1
$4 conv
preferred
Van Norman Mach Tool .6
Venezuelan
Petroleum
Jan
1
105%
1st A ret 5s.—......1988 y bbbl
1st A ret4%s
1967 y bbbl
105%
10 5%
102%
18,000
1,000
May
May
39
Feb
75
Jan
Apr
27
Apr
Oct
60
1,075
7,500
3,900
59%
3
300
1%
3%
.
78
Western Air Express.....1
Western Grocer com
20
Appalac Power Deb 6s
2024
z
bbb3
Arkansas Pr A Lt fie...... 1956
z
bbb3
1953
y
b
z
dddl
May
*
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
Tube
2
com
Petroleum
101%
101% 102%
z
a
3
107%
107
1
Woolworth (F W) Ltd—
Airier dep rets
Wright Hargreavea Ltd.
Debentures
4 %n....... 1948
z
bbb3
AND
500
3,900
4%
z
dddl
15
15
z
dddl
14%
14%
♦Debenture 5e—
1968
z
dddl
14%
14%
15%
1977
z
dddl
15
15%
65%
106%
6,000
26
June
May
28%
Apr
35%
Apr
2%
Apr
3
Aug
% July
1% June
Aug
♦Conv deb 6%b
Assoc TAT deb 6 %b
A'55 y b
6% May
%
Jan
Atlanta Gas Lt 4%b
Atlantic City Eleo 3%b
6
aa
3
£108% 109%
5s with warrants.......1947 y bb
5s without warrants
1947 ybb
2
xioi
104
95 %
2
£99
101%
92% 100
100
1,200
350
...1950
z
b
3
120
120
125%
81,000
95
130%
Mar
] st 5s series B
1957
z
aa
3
108%
108% 109%
47,000
88
116
4
May
13
Mar
6s series
aa
3
30,000
89
% 117
5,000
39,000
18.000
138
155
14% May
1
Aug
z48% May
1%
Feb
% May
2
Mar
6%
Mar
23%
Apr
Convertible 6s
BeJl Telep of Canada—
C
5%a
Ext 5s
2
153"
bbb3
101%
103%
80%
Nov
1%
Feb
Broad River Pow 6s
1954 y bb
Jan
Apr
Canada Northern Pr 5s
1953
z
a
z
a
Birmingham Elec 4 He
Birmingham Gas 5s
-
1959 ybb
2,300
% May
1%
Mar
3
325
25
29%
32%
1,650
%
800
9%
1,000
4%
800
100
4%
%
100
1%
2,000
"""5OO
16
July
29
21
May
% May
May
7
May
6% July
30
92
12
Apr
3
May
May
Apr
3% June
% July
hi July
12% May
1%
Oct
,1
10
92
;
2%
3
4,600
5%
6%
3,900
May
May
1% May
3% May
3%
Oct
1%
Apr
ser
D
1954 y
(♦Chic Rys 5s otfs
Jan
CInnlnnatlStRy 5Xs A
1927
z
Apr
Debenture 5s_.
10
Apr
Debenture 6s
75
Aug
4
Jan
2
Jan
102
Feb
3
Nov
7%
Apr
6%
Apr
31
16
200
May
14
May
9% May
Sept
3% May
10
77
17% May
11%
Apr
10% Sept
7%
Feb
7% Sept
1,100
12%
8
8
8
112
112
3%
July
7%
%
12%
5%
100
6%
May
2
"""75
113
300
Jan
7% May
5% May
Oct
12%
9%
Cities Serv P A L 5 %b
1952
y
b
Community Pr A Lt 5s
1949 yb
1957 y bb
Conn Lt A Pr 7s A
1951
6%B-m
(Bait) 3%b
ser
1971
z
83
43%
37
60
92
1,000
77
93%
94%
86%
84%
95
2,000
78%
95%
86%
84
84%
85
aaa4
1989
N
1st ref mtge 3s ser P
z
68
ser
A stamped
1943
95% 285,000
95%
78,000
100% 101%
16,000
109
80
2
1955
z
1959
Cudahy Packing 3%a
Delaware El Pow 5%a
z
bbb4
a
y
bb
-1965
z
2030
Elmlra Wat Lt A RR 68—1956
y
b
4
100%
Edison El 111 (Bost) 3 %a..
Elec Power A Light 6s
a
1950
z
1952
z
bbb2
Oct
1953
1967
y
a
y
bbb3
z
bbb3
1944 ybb
*
a
2
1953
y
b
1
1956 ybb 2
1948 z ccc2
1943
y
bbb2
Georgia Power ref 5s
.1967
z
a
1
Georgia Pow A Lt 5s
1978
y
b
4
♦Gesfruel 6s
1953
z
b
4,000
102% 106
101% 105%
108% 108%
101% 102
4,000
1,000
106% 109%
105%
104%
105% 106%
104% 104%
29
Feb
28%
Feb
Gobel
12
Jan
26 %
Nov
(Adolf) 4%a
Grand Trunk West 4s
Gr Nor Pow 6s stpd
Green Mount Pow
a
1950
b
2,000
14
Feb
26 %
Nov
Guantanamo A West 6a
26%
1,000
12%
Aug
26%
Nov
Guardian Investors 5a
1948
c
♦Hamburg Elec 7s
1935
dd
20
12
12
26%
26%
26%
1,000
13,000
4,000
Attention la directed
May
49
Mar
6
Mar
12
22%
2,000
57
98% 106%
13,000
59,000
49
102%
100
105
b
56
102
83
101%
71%
100%
107%
73
71%
£27
78%
£
67%
72
107
10~666
87,000
89
12,000
59
76
18
28
39",000
65%
79
70
91
"4,000
58
78
2,000
106
32
79
:
77%
88
78
110% 110%
105% 105%
29%
29%
30
28
28
30
7,000
57
57
75
101
103% 107%
2,000
1,000
7,000
"57
87%
94
17,000
100
110%
97% 102
4,000
1,000
£65
aa
3%a—1963
26%
Jan
23
89
7,000
16,000
107
"78"
26%
52
,
79%
78%
100%
3
a
1950
26%
May
1,000
100% 100%
101
101%
"79"
1945
1958
18
38
101% 101%
78%
100%
101%
1965 ybb 3
*.1941 y ccc4
Glen Alden Coal 4s
20
Sept
Aug
Jan
48%
38
1
Gen Wat Wks A El 5s
Grocery Store Prod 6s
26%
88
102% 102%
104% 105
3
A—-1969
Gen Pub Util 6%a A
♦General Rayon 6s A
Sales
...
107
Gary Electric A Gas—
Gatlneau Power 3%a
123
74%
104%
3,000
84%
48%
General Pub Serv 5s
.....
104
86% 118,000
124% 124%
5,000
~84%
cccl
z
1954
t24%
101%
3,000
254,000
107% 112
70
87%
110
125%
b
z
12% Feb
6%- Jan
15
88
Ercole Mare ill Eleo Mfg—
1966
7% June
58,000
93
107% 107%
bbb3
Empire Dlst El 5s
1961
2,000
.
94
61%
108%
101%
z
EI Paso Eleo 6s A..—.
Jan
Mar
Banks 6s-6a stpd
Florida Power 4s ser C
8%
101%
86%
97
•
45
106% 106%
"87%
4
..1966
2
100 %
aaa4
Eastern Gas A Fuel 4s
Florida Power A Lt 6s
8 y8
>11134
75
Jan
4,000
124% 129%
93% 113,000
53%
2,000
Jan
26%
5,000
129% 129%
2
6%
26%
104% 109%
105
109
92%
53%
4
1944 y b
5a.
7%
24
6,000
x109% 111
92%
1958 y bb
Cuban Tobacco
4% May
4% Sept
121
125% 135%
32,000
300
20%
81
2,000
128% 128%
96%
1,000
24
76%
94%
4%
121
85
95%
95%
101%
76 %
92%
92%
95%
4%
3% June
66
129%
6
6,500
45,000
4
1954 yb
5%
85
aaa4
6 Hs series A.
5%
66
b
Federal Wat Serv 5%B
Finland Residential Mtge
June
85%
65,000
y
Erie Lighting 58
113
88
65%
z
Mar
May
110%
99% 105%
52
63%
29%
53
23
42%
15%
26%
Nov
7% May
7% May
;
Consol Gas Util Co—
Nov
98
7
41
70
13,000
85% 214,000
84%
aaa4
Consol Gas (Bait City)—
?
Gen mtge 4 %a
...1954
Nov
30
5
For footnotes see page 2919.
64%
aaa4
5%
4%
26%
41*
81
100%
z
3% May
6
Danzig Port A Waterways
♦External 634s
1952
♦German Con Munlo 7s '47
♦Secured 6s
1947
25%
102
Consol Gas El Lt A Power—
200
5%
.1953
103%
32%
33% 109,000
81%
24,000
44%
15,000
86%
84%
84%
84%
95%
94%
5%
6%
5%
1955
95 %
25%
92
1969 y b
5% May
1% Apr
1%
Feb
16% May
63
6,000
10,000
44%
1968 yb
6%
15,000
33%
81%
bb
Conv deb 5s
Sept
75%
65
32%
cc
1966 yb
1950 yb
9%
l^OOO
32 %
..1952 ybb
Cities Service 5s..
81%
102
.—1965 y bb
series B
103%
103%
95
100%
83%
75
Cent States PAL 6Hs—1963 yb
Apr
89
105
x103%
80%
74%
101 %
90
~32%
1948 y cc
6%a
Nov
300
1%
5%
26%
109%
151% 153
101
101%
103% 103%
1957 y bb
38
for
aa
z
May
Bogota (see Mtge Bank of)
Danish
z
1968
2
Week
1952
109
1960
1998
Bethlehem Steel 6s
z
1942
16
105
24
May
Canadian Pao Ry 6s
99%
104% 108%
103% 110
May
%
2% May
Cent states Eleo 5s
2%
♦Prov Banks 6s B..1951
106
Baldwin Looom Works—
Cent Power 6e
"2%
75
x
Jan
1%
34%
53
'64
Apr
99%
28%
28 %
10%
2
hi
1%
10
8,000
26 %
10
a
2%
"2"
Valley 7s
1948
Cent Bk of German State A
64%
30
10
z
June
%
♦Cauca
64%
62%
11
1955
% Aug
1% May
1%
38%
Avery A Sons (B F)—
Jan
% Apr
2% May
6
Sept
S
♦6 series A
3
13%
129
102% 108
6,000
19 %
75
52
121
♦Conv deb 6e.._.......1960
T,50O
1
26%
36,000
73,000
15
3,100
20%
1%
78V6
BONDS
1951
49
Feb
'"l~66
-----
MUNICIPALITIES
♦Baden 7s.
3
106
Mar
74
Jan 1947
1104% 105
£126% 130
105% 106
48%
49%
106% 111%
103 % 108
6
GOVERNMENT
♦20-year 7s
90% 105%
7,000
71
"
4%
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
106
104
107% 109
108% 110%
77,000
June
Feb
6s ex-warr s temped
FOREIGN
106%
99
106%
98% 104%
107%
1% May
47
5
Williams OU-O-Mat Ht—*
Wilson Products Ino
1
Woodley
4
1963
Cont'l Gas & El 5s
Weyenberg Shoe Mfg
1
Wichita River Oil Cdrp..lu
Williams (R C) A Co
»
Wolverine
2016 ybb
1st mtge 4s
"l% "l%
8%
4%
Westmoreland Coal...—20
Westmoreland Inc
10
103
23,000
44,000
19,000
47,000
%
63
Western Tablet A Statlon'y
Common
——.*
109
104% 107%
Appalachian Elec Pow—
15%
15%
15%
Jan
100
Wilson-Jones Co
Am Pow A Lt deb 6s
1,000
♦Conv deb 4%n
1948
♦Conv deb 4^s_——1949
May
Feb
"""60
ht
1%
46
% May
Western Maryland Ry—
7% 1st preferred
108% 108%
110% 110%
Apr
Jan
Sept
1
100
Wentworth Mfg
1.26
West Texas Util $6 pref..*
West Va Coal A Coke.—*
2
Nov
2%
ht
1
105% 106
2
7%
83%
900
23%
Wayne Knitting Mills...5
WeUlngton Oil Co
1
2
1%
65%
-.....*
Walker Mining Co
aa
aa
aa
245%
1%
200
1%
'v 4
51%
*
105
20,000
2,000
(Associated Gas A El Co—
Wagner Baking v t 0—*
Class B
102% 103%
z
Apr
50
Vogt Manufacturing
7% preferred
105%
14,000
6,000
z
8
1.600
1
Watt A Bond olass A
105% 106
z
Feb
Feb
15,000
1950
5%
3
%
"266
»
107% 108
106 % 106%
3%b b t debs..—...... I960
3%b nt debs
1970
2%bbI debs
Apr
May
239
107%
American Gas A Eleo Co.—
Associated Eleo 4%b
Va Pub Serv 7% pref—100
Waco Aircraft Co
Jan. 1
Co—
_
Feb
1%
•
Vultee Alrcratt Co.—....1
Since
$
1
1%
1%
Range
for
Week
1
Power
7%
20
'32"
Price
Range
of Prices
Loud
High
a
16 %
Feb
Sales
Weeks'
a
1,300
"l% "l%
6
Sale
a
3%
1%
Last
x
5%
7%
ht
1%
Friday
z
5%
7%
"3% "3%
10c
1
Utility Equities com
Mar
Sept
z
hi
'78%
%
17 %
1958
Alabama
Nov
1%
6
Oct
Oct
1946
89
9%
1
Utah Pow A Lt 17 pref
Bank
See a
BONDS
3% May
3% May
4
Universal Products Co.—*
Mar
%
1951
8
oom
Mar
10%
11
15
Rating
54
May
39% June
-----
Universal Pictures
16 %
Jan
1st A ret 5s
20
33
4
%
Elig. &
RAILROAD and INDUSTRIALS
2,050
31
.._*
6^600
19,000
1st A ref 5s
Universal Cooler olass A—*
Universal Corp v t o
Universal Insurance
Jan
June
%
9%
"
Apr
65
"1,400
31
1%
6
%
17
Feb
58%
25%
pref
*
United Stores common.60c
Mar
Feb
"m"9 H
25%
conv
Mar
46%
1st 6e
60c
U 8 Stores oommon
14%
Oct
64%
Jan
16% May
Nov
May
% May
Li Sept
Mar
June
13
he
£11
26 %
11
XYs
♦Santiago 7s.——1949
Oct
20 H
7 Yb
1921
Apr
Jan
1,800
1,900
2,400
%
3%
26%
1
com
*5%b
26%
3,000
15
6%
ht
7%
ht
Jan
Sept
20
28
£15%
1958
15
Jan
%
U 8 Rubber Reclaiming..*
Apr
Mar
June
7% June
hi
25
3
10%
13%
8
113%
he
Jan
59%
Nov
28
28
Nov
Apr
.—*
26%
28
£11%
♦Parana (State) 7s
H
$51st pref with warr—
♦Issue of Oct 1927
♦Rio de Janeiro 6J*s.l959
♦Russian Govt 6%»..1919
7%
U S Lines pref
Jan
87% June
244 H 245%
U S Graphite oom
...5
U 8 and Int'l Securities..•
Nov
12
5H May
£21
May 1927—
Jan
-10
5%
27
13%
10%
Mtge Bk of Denmark 6s *72
♦Issue of
Apr
Jan
United Profit Sharing..26c
60
Apr
7
Xll%
X8%
♦Mtge Bk of Chile 68.1931
Jan
70
66%
11
1,000
£21
hi
x8%
20
"8%
X6%
1958
1%
64%
Jan
6%
Jan
8% May
69 % May
% May
% Nov
6%
Jan
High
5,000
26%
26%
Mtge Bk of Bogota 7s_ 1947
+6%b stamped.—1958
♦Medellln 7s stamped. 1951
6%
4%
Preferred
26%
Low
%
Jan
July
•
United Shoe Mach com.25
♦Hanover (Prov) 6 3*8.1949
Lima (City) Peru—
Apr
Range Since Jan. 1,1940
far
Week
2%
Am dep rets ord reg
United Specialties oom—1
U S Foil Co class B
1
26%
hi
United Molasses Co—
10% preferred
(City) 7s._. 1939
Range
»hi May
United
United N J RR A Canal 100
♦Hanover
8
5,800
%
%
*
13 parti c pref
May
Apr
Oct
79
United Lt A Pow com A—*
of Prices
Loud
High
600
108% 109%
Option warrants
$6 1st preferred
»
Milk Products.—*
104
%
Week's
Sale
9,100
United O A E 7% pref. 100
Common class B...
109
2
Last
Price
16, 1940
Sales
BONDS
High
May
hi
3
.
Un Clgar-Whelan
Loud
"300
'""%
1
10
Traneweetern Oil Co
40
114% 114)4
•
(Continued)
95
Tonopah Mining of Nev.l
Trans Lux Corp
Range Since Jan. 1,1940
Shares
100
Toledo Edison 6% pre!
Friday
We
eek
Pries
Nov.
Exchange—Continued—Page 5
26%
z
cccl
X26%
Oct
27
♦Hamburg El Underground
A St Ry 6%a
1938
X26%
Oct
to the new column
in thia tabulation pertaining to bank eligibility and rating of bonds.
See A.
Volume
2919
New York Curb Exchange—Concluded—Page 6
151
Sales
Friday
Bank
Sales
Bank
Friday
Elig. A
Last
Week's Range
for
Range
Elig. A
Last
Week's Range
for
bonds
Rating
Sale
Week
Since
BONDS
Rating
Sale
{Continued)
Price
Jan. 1
{Concluded)
See a
Price
of Prices
Low
High
Week
See a
of Prices
Low
High
Houston Lt A Pr 334s
1966
nt
{5
1
1949
Hygrade Food 6a A
{10034 111 A
3
♦Hungarian Ital Bk 7Ha.--1963 z c
y b
$
74 34
2
10634 1H34
30
74 }4
7434
7,000
74
75
2,000
107
107
5,000
17,000
13,000
1949
y
b
2
Idaho Power 33*s
1967
z aa
3
111 Pr & Lt 1st 6s ser A
1953
*
bbb3
"l073*
107 A 107j4
1st & ref 634s ser B
1954
x
bbb3
106 54
1st & ref. 6e ser C
1956
x
bbb3
105 5*
106 34 106j4
105 3* 106 j4
68serle8B
—
8 f deb 634s
Indiana Hydro
;,74
10114
10034
73 5*
May
1957 y bb 3
Eleo 5a _—1958 y bbbl
Indiana Service 5a........1950 y b
..1963
1st lien A ref be
2
•Indianapolis Gas 5a A
1952 z bb
International Power Sec—
1955 yb
6 34s series G
..1957
♦7s series E
Iowa Pow A Lt 434s
43.000
80
5,000
60
....1942
b
z
1966 x aa
6s—..2022 x a
Kansas Eleo Pow 3 Ha
Kansas Gas A E eo
Lake8upDlstPow334s—1966 x a
103
3
103
~
1T666
28
28
"37"
36 h
3854
84,000
46
4434
46
15.000
1,000
3
106
12534 12534
4,000
1,000
10954
2,000
2
2
106
4
109
{30 34
...1945 x bbb3
1967 x a
106 34
147660
10654 10634
4
8,000
1st mtge 3348
f debs 4s
1941 z dd
1948 y b
68 stamped.
6% perpetual certificates
{27
1
j68j4
4
1965 x aa
.....
1945
1943
1967
1978
Miss River Pow 1st
10834
bb 2
bb 2
bbb2
x bbb3
y
x
10534
'10434
bb
6s—1945
x
bb
2026
2030
y
bbb2
y
bbb2
|*Nat Pub Serv 6s ctls...1978
z
....
1981
x
aaa2
x
aa
Deb 5s series B_.
Nebraska Power 434s
783*
1966 y bb
New Amsterdam Gas 5s... 1948 x aaa2
N E Gas A El Assn 5s
1947 yb
6s
1948 y b
1950
Conv deb 6s
117
10134
91
4
9134
4,000
80
99
28
1,000
18
28
1334
25
x
aa
x
aaa2
z
cccl.
{2634
♦Schulte Real Est 6s
1951
z
cc
2
{363*
Scrlpp (E W) Co 634s
1943
x
bbb2
—1951
y
b
2
x
a
2
x
a
2
12754
33
Scullin Steel Ino 3s
Shawinlgan WAP 4348—.1967
1st 434s series D
1970
3
1073*
2025 ybb
Southeast PAL 6s
S'west
Pub
101
1053*
10934
127
137
12
2634
38
23
39
10134
4,000
10034
104
"90"
81
24,000
67
81
863*
15,000
17,000
64
98 34
8634
64
973*
14,000
90
91
103
103
103
4
113
1043*
483*
1113* 113
103 34 1043*
483*
49
10134 10134
x
aa
3
1951
Serv 6s
1,000
793*
853*
863*
y
bb
2
..2022 ybb 4
1945 x bbb4
So'west Pow A Lt 6s
137
V
8534
1968
Sou Counties Gas 434s
Sou Indiana Ry 4s
137
127660
10734 1083*
137
Sheridan Wyo Coal 6s...—1947 y b
2
Sou Carolina Pow 5s
1957 y bbb2
9,000
37,000
18,000
5,000
9534
963* 10334
11334
103 34 10534
"
37
53
90
1053*
105
3,000
{106 34 108
87
102
10834
z
y
1948
y
b
3834
37)00
40
743*
39,000
49
743*
73
743*
743*
7434
743*
53,000
60.000
4934
7334
73 34
733*
48
74 34
60,000
24,000
48
743*
7434
48
74 J4
733*
b
733*
74
b
1948
48
733*
743*
32,000
49
743*
74
1989
Spalding (A G) 6s
75
y
99
81
(stamped)
74
1,000
74
74
2134
2134
1,000
1454
2434
2
104
93
95
9154 10034
28
{2554
11054 111
12734
{126
{108
8434
83
121
"6754
70
5,000
6134
98
9,000
9834 10354
5,000
3,000
27,000
22,000
52,000
96
10454
97
10534
10834 11034
86
98
',000
~3766O
60
10854 11134
120
128 34
110
1,000
47,000
51
7134
7134
7134
6754
68
12,000
62
66 34
68
50,000
51
105
aaa3
5s stamped
1942
y
bb
3
{102
10334
♦Income 6s series A
1949
y
bb
4
104
10434
6,000
97
1950
y
bbb2
102 34 102 34
9,000
1980
—196*
2004
a
4
x
a
4
x
aaa3
1954
x
aa
3
1953
y
b
1
110
81
x
5i766o
8834
53,000
93
9954
10034 10354
y
bb
No Boet Ltg Prop 3Ks...
x
y
b
x
"27660
{11534
""44
44
aa
Nor Cont'l Utll 534 s
"10634
bbb4
..1956
1947
1948
UN*western Pub Serv 68—1957
Ogden Gas 1st 5s
—.1945
Ohio Pow 1st mtge 33*8..,—1968
634 s series A
10454
y
x aa
10954
Ohio Public Serv 4s
1962
x a
10834
Okla Nat Gas 35*8 B
1955
x
bbb3
1948
x
bb
1941
x
aaa2
10434 110
10634
102
40
94
65
4
117
1,000
117
10434 10834
109
1203*
993*
983*
993*
54,000
8834 10334
1962 yb
4
61
6034
61
26,000
56
1950
1949
11734
23 34
1974 yb
1959 xbbb3
Un Lt A Rys (Del) 5348—1952 ybb 3
10434 104 34
112
11254
2,000
101
106 34
10954 10954
10834 10834
3,000
17,000
22,000
1,000
10734 11254
10334 10954
10954
10434 109
10034 105
10534 10554
8,000
107
"*94*"
453*
16
943*
4,000
19,000
107
343*
73
60,000
34
16
8834
93 3*
933*
893*
7434
943*
10434 110
953* 152.000
94
963*
78
9,000
12,000
110
United Lt A Rys (Me)—
.1952 xbbb3
2
..1973 y b
6s series A
Utah Power A Light Co—
1st lien A gen 434s
..1944 xbbb3
Deb 6s series A........2022 x bb 2
1st ref 5s series B
1183*
873*
{101
8734
119
723*
89
9534 1013*
102
1013*
100 34
100 34 101
71,000
85
102
103
14,000
993* 10434
1023*
102 3* 103
19,000
95
104
1023*
1946 y b
Deb s f 6s
118
102
.1946 ybb
—1950 y bb
Va Pub Service 534 A
118
1234
11834
2034
1023* 1023*
10,000
94
103
Waldorf-Astoria Hotel—
♦5s Income debt....
1954
Wash Ry A Elec 4s
1951
Washington Water Pow 334s'64
z
cc
2
aa
4
{109
aa
2
109
16.000
5
x
x
2030 xbbb3
11034
109 34
4
1034
109 34
1073* 109 34
1043* 10834
107
"
77666
{106 34 108
{1153*
10534 11034
1,000
114
6,000
38
87 J4
88
1st Hen A cons 634s
4,000
—
Debenture 634b...
West Penn Eleo 5s
4934
7
11734 11734
23 34
2434
{33 3*
{30 3*
United Light A Pow CoDebenture 6s
1975 yb
West Penn Traction
35
x
69
63*
{634
...
aaa4
106
18,000
z
1956 y bb 1
♦United Industrial 634s...1941 z cccl
1
♦1st s f 6s
1945 z b
United Eleo N J 4s
10334
6,000
4734
10734 108
10334 10334
"46 34
"11254
bb
10254
10234 10554
10254 103
10354 10354
103
3
"17666
117
1013* 1063*
3
United El Service 7s
11154 11534
—
44
18,000
3,000
1979 ybb
Conv 6s 4th stp—
10034
York Penn A Ohio—
Debenture 6s
10734 1073*
2022 y bbb2
Tide Water Power 6s
Deb 6s series A.
Nippon El Pow 634s
No Amer Lt A Power—
46
1053* 1063*
1073*
x a
New Orleans Pub Serv—
8,000
3834
213*
|*Ulen A Co—
8734
10434 10454
46
18
2834
2
1956
Twin City Rap Tr 534s
122 54
{10654 111
10634 10654
41
6,000
bbb4
x
Texas Power A Lt 5s
28
62
10434
5,000
34
2,000
Texas Eleo Service 5s
108
6754
102 34
9,000
4134
283*
b
11354
bb
stamped
42
34
283*
1053*
y
6s series A
Y<
41
34
...
-
1953
I960
101
115
121
41
-
1946 *
Tietz (L) see Leonard—
102
8734 213,000
2134
1940 *
♦Ctfs of dep
7s 2d stamped 4s
♦Ternl Hydro El 634s
20
18
10834
{10934 10934
98
9634
98
9934
Stlnnes (Hugo) Corp—
♦7s 2d stamped 4s
10234
6834
99
1950 * ccc2
95
67
"9734
♦Starrett Corp Inc 6s
109
7,000
b
Registered
10534
10234 107
6734
b
111
7,000
102 34
10754 108
106
y
1957 y b
1957 yb
...
Standard Pow A Lt 6s
10434 10934
3,000
99
104 34
96
733*
733*
7434
7334
1951 y b
Deo 1 1966
6s gold debs
10134
6,000
2,000
bb
Okla Power A Water 6s
1952 ybb
1937
10334 106
10334 108
y
N Y A Westch'r Ltg 4s
10134
81
Wks 6s
10434 109*4
x
Debenture 534s
33*b
102
83
50,000
♦Saxon Pub
6334
10254 10754
y
New Eng Pow Assn 6s
1st mtge
86
993*
51
39
1954
1961
1948
New Eng Power 3)*s
N Y State E A G 434s
1950
70,000
13,000
983*
28
10634 10934
62
2634
42
2934
161
Queens Boro Gas A Eleo—
Conv 6s (stamped)
Debentures 6s
{11334 115
*108""
2
Nevada-Calll Elec 6s
♦Ext 4 #s
10034 1013*
bb
7134
60 34
6134
10534 10534
10354 10334
102
6s series A
2022
Nelsner Bros Realty 6s ....1948 xbbb3
New
10134 102
100 34
bb
y
6834
10854 109
"95"
y
Nassau A Suffolk Ltg
10134
bb
y
35
10634 10634
10354 104 34
2
1960
Nat Pow A Lt 6s A
1043* 108
y
1st A ref 434a ser D
6s
{93
10834 109
10934 10934
9834
y
5s.....1951 x aa
Missouri Pub Serv 5s
128
11,000
Puget Sound PAL 5348—1949
1st A ref 5s ser C...
1950
23
95
2
1955 x bbb2
1957 x bbb3
Miss Power A Lt 6s
16,000
107
a
19
{100 34 104 34
—1955 x bbb3
Mississippi Power 5s
158
107
aa
x
Debenture 6s
1952 x bbb2
Mengel Co conv 434s
1947 y b
2
Metropolitan Ed 4s E—..1971 x aa 2
Deb 4 34s
1st A re! 5s
156
15734
3
y
1966
4sserle8 A
{26
10634
10634
10534 10934
1043* 10734
Pub Serv of Oklahoma—
Memphis Comml Appeal—
Minn PAL 434s
12,000
52,000
Standard Gas A Electric—
♦7s mtgesf
4348
1093*
1093* 10934
105 34 106 3*
2
1949 xbbb4
s
Public Service of N J—
McCord Rad A Mlg—
Midland Valley RB 6s
2634
4734
7134
30
35
913*
14
1
1934
4,000
61
11,000
cccl
Mansfeld Mln A Smelt—
Milw Gas Light
aa
24,000
2634
b
29
4,000
10434 105
Middle States Pet 634s
x
723*
2634
z
5134
52,000
64
104 34
4s series G
1964
"2634
z
4,000
39 34
27,000
106 34
{105
107 34
107J4 10734
♦Leonard Tletx 734a—...1946 z cccl
Long Island Ltg 6s
Louisiana Pow A Lt 5s
b
1958
Safe Harbor Water 434s—1979
San Joaquin L A P 6s B...1952
128,000
2334
62 X
38
10554 10554
62 34
38
2734
—
stamped..
a
z
1953
4334
4934
22
22
1
3
-.1958 x aa
x
1954
♦Ruhr Gas Corp 634s
♦Ruhr Housing 634s
1734
21
19
26H
19
1
713*
1959
5348 series A
Elec 7s—..1952 y b
I
Italian Superpower 6s
1963 y cc J
5s
9934
73
79
Isarco Hydro
Jacksonville Gas
7434
7334
715*
1957 y bbb4
1961 y bbb4
5s series B
10134
67
79
1952 y ccc2
Debenture 6a..
93
72 j4
1952 y b
Iowa-Neb LAP 5s
8,000
16,000
1
1957 y b
♦7s series F
Interstate Power 5a..
9834 107
9634 10634
10134
Since
Jan. 1
Public Service Co of Colo—
87
100 34 10134
74
Power Corp (Can) 434sB
♦Prussian Electric 6s
79
66
1
b
y
66
10534 10934
101
10754
22,000
5,000
10134
73>4
81
2
b
y
100 3*
64
Range
%
10654 112
4634
5,000
7,000
10354
103 54
West Newspaper
1960
x
aa
2
Un 6s.—1944
y
bb
2
x
aaa2
6s..
Wheeling Elec Co be
1941
xbbb3
Wise Pow A Light 4s
1966
i^York Rys Co 5s
♦Stamped 5s
bb
2
{101
"10734
107
1
1947 ybb
57
57
1937
z
43
102
104
"e'ooo
10734
99
5,000
9934 100
603*
105
102 34 1073*
99
90
39,000
99
l"66""
1073* 117
^5734 'Y.ooo
,
94
100
Paciflo Gas A Elec Co—
1st 6s series B
1942
Penn Cent LAP 434s
1st 5s
Penn Electric 4s F
6s series H
bbbl
1964
—1977
3s
aaa4
y
z
ccc2
x
bbb2
1979
Park Lexington
x
.1955
Pacific Ltg A Pow 5s
Pacific Pow A Ltg 5s
x
bbb2
10534
...1971
1962
x aa
x
2
96 j4
'104
34
10634
10534
aa
10654 10654
9734
9654
40 34
{3934
10434 10454
177666
2.000
10554 10634
10534 10534
4,000
13,000
10754 10834
86
9734
39
71,000
4334
9634 10434
101
10734
100
10634
10454 10854
Penn Ohio Edison—
6s series A
Deb 534 s
series B
1950 y bb
1959 y bb
1947
1954
x
x
aa
B......—...*1981
x
bbb2
1961
x
bbb2
10834 10854
{10754 108
10734 10754
aa
Penn Pub Serv 6s C
5s series D
:
5,000
l67666
10434 10934
10154 10834
106
105
{10634 10654
10834
10834
*
Peoples Gas L A Coke—
4s series
4s series D
10334
10134 10334
25,000
91
102 34
102 34 10334
18,000
95
6348——1972 x aa
1962 y bb
♦Pledm't Hydro El 6348—1960 yb
Pittsburgh Coal 6s
...1949 y bb
Pittsburgh Steel 6s
1948 y bb
11234 114
{10354 104
33
{25
Phlla Elec Pow
Phlia
Rapid Transit 6s
Elec 6s
Stamped
Potomac Edison 5s E
434 s series F
Potrero Bug 7s stpd
y
bb
93
bb
83
x
a
1961
1947
x
a
y
ccc2
103
99
13
2654
92 34
93 34
94
8434
7,000
19,000
7834
83
75
90
10854 10854
1,000
{109
{50
11034
54
10634 10934
10754 111
45
r
d Ex-
Cash sales not In¬
Ex-dividend.
z
price.
No sales being transacted during
current week.
Bonds being traded flat.
| Reported
10634
10454
1,000
Deferred delivery galea not Included In year's range,
{ Friday's bid and asked
♦
4834
6,000
a
Under the rule sales not Included In year's range,
n
cluded In year's range,
105
10334 103 34
2654
2654
b
1956
92
No par value,
Interest.
11034 115
24
{10554 106
z
z
1953
♦Portland Gas A Coke 5s__ 1940
♦Pomeranian
16,000
10334
10334
In receivership.
T Called for redemption:
Northwestern Pub. Serv. 5s 1957, Jan. 1,
e
Cash sales transacted
1941 at 104.
during the current week and not
Included In weekly or
yearly range:
NoSales.
6334
y
Under the-rule sales transacted during the current
week and not Included In
weekly or yearly range:
'
No sales.
v
Deferred delivery sales transacted during the
current week and not
Included In
weekly or yearly range:
No sales
Abbreviations
Used
Above—"cod,"
certificates of deposit;
"cons," consolidated
"cum," cumulative; "oonv," convertible; "M." mortgage; "n-v," non-voting
v t c " voting trust
certificates; "w I," when Issued; "w w." with warrants;
•
stock(
"x-W
without warrants
k
Bank
Rating Column—x Indicates those
Investment.
Eligibility and
believe eligible for bank
bonds which we
Indicates those bonds we believe are not bank eligible due either
status or some provision in the bond tending to make It speculative,
y
to rating
reorganization.
The rating symbols In this column are based on the ratings assigned to each
bond by the four rating agencies.
The letters Indicate the quality and the numeral
Immediately following shows the number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all four
agencies rate a bond dlfferentlv, then the highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are In default.
All
z
Indicates Issues In default, in bankruptcy, or
In prooess of
Issues bearing ddd or lower are In default
Attention U directed to the new column in this
tabulation pertaining to bank eligibility and rating
of bonds.
See note A above.
The Commercial & Financial Chronicle
2920
Nov.
16,
1940
Other Stock Exchanges
Baltimore Stock
Exchange
Sales
Friday
Last
Sale
Price
Par
Stocks—
High
Low
11
21%
65c
Jan
2 50
Apr
83%
Paal H.Davis &©o.
Jan
July
Apr
775
35c
19
1.95
2.25
1,148
261
69
May
118%
74%
118% 118%
16
108
Sept
119%
Feb
111
109% 111
20
107 %
Sept
111
Nov
5% Sept
8
Apr
2.25
72%
7%
6%
7%
mmmmmm
18%
19%
10
mm-mim mm
29%
29%
50
Georgia Sou A Fla 1st of 100
mm m mm m
2.25
2.25
1.35 May
150
27
1
...
May
23c
17%
850
Davison Chemical com
High
30c
74
100
100
Li»ted and Unlitted
Week
Shares
18%
*
4%% pref B
4% pref C
of Prices
Low
Range Since Jan. 1, 1940
for
35c
100
pref v t o
Consol Gas E L A Pow
Week's Range
17 %
Arundel Corp
*
Bait Transit Co com v t c ♦
1st
CHICAGO SECURITIES
both inclusive, compiled from official sales lists
Nov. 9 to Nov. 15,
Members
Principal Exchanges
Bell System
Teletype
Trading Dept. OGO. 406-406
10 S.
La Salle
Municipal Dept. OGO. 521
St., CHICAGO
East Sugars As—
Preferred v t
_.l
c
Fidelity & Guar Fire
Guilford Realty
6% pfd 100
Houston Oil pref
Mar Tex Oil
18 H
42
18
18%
13c
Apr
2.25
20
3%
32%
4.00
May
Last
50
Feb
Sale
193*
Apr
65c
Mar
1,400
12c
May
26% June
415
.A
Mercantile Trust Co
Nov
Nov
42
14% June
11c
Oct
Nov
265
Mar
25
Apr
Aetna Ball Bearing com..l
20
20
20
29%
29
29%
60
265-6 June
29%
Mar
70%
72%
23
38% June
72%
Nov
AUls-Cbalmere Mfg. Co..*
17
17%
380
12 %
June
17%
Apr
AmericanPub Serv
1.10
200
1.00
Sept
1.45
Jan
245
6
;
9%
North Amer Oil Co com.. 1
"Tio
Northern Central Ry„„.60
Penna Water & Pow com."
95
Seaboard Comm'I com..10
13
U 8 Fidelity A Guar
20%
1954
1.10
95
95
50
85%
56 %
2
95
56%
60
54
10
13
46
10
July
14H
May
Nov
16
23%
20%
1,342
%
Oct
Jan
72%
Mar
JaB
;<
-
Athey Truss Wheel cap...4
Aviation Corp (Del)
3
com
5
79%
79%
$1,000
79%
Nov
87
Mar
Bastlan-Blesslng Co com.*
34%
86%
35,500
23
May
36 J*
Nov
Belden Mfg Co com....10
40
42
26,350
30
May
41
Nov
101
101
1,000
90
June
101
Oct
Belmont Radio Corp
*
Bendlx Aviation com....6
42
B 5s
1976
......
Boston Stock
Last
Sale
Par
Price
Week's Range
of Prices
High
Low
Week
Low
6%
20c
non-cum
60
50
pref
1st pref
Amer Tel A Tel
mmmmmm
mrn
100
Associated Gas A Elec Co.l
165%
mm
92
100
13
2
Jan
Jan
20
July
May
Jan
176%
Mar
*16
Mar
45
80
July
103
10%
74
8
May
12%
May
93
Nov
36%
Sept
60%
Mar
*16
101
J1
r
92
2,217
144%
107
*16
358
93
34
32%
46%
47%
500
5%
1%
6
1,567
2
372
2
210
2
66%
391
19
2
19
47
Apr
14
60c
101%
165% 167%
18%
32%
Boston Herald Traveler..*
Jan
Nov
1%
210
256
3,721
32% Nov
38% May
16% May
Mar
Apr
20%
Apr
10%
Jan
Maine—
5%
Prior preferred...... 100
Class A 1st pref St...100
Class A 1st pref
1%
100
Class B 1st pref St...100
Class C 1st pref st
1%
100
Class D 1st pref st...l00
1%
mmm
Boston Personal Prop Trts*
Boston A Providence...100
Brown-Durrel Co..
*
m mm
12
1%
2
2%
12%
11
11
10
275
7%
%
7%
8%
871
5%
5%
6%
2,505
rnmmmmm
1% June
11% June
7
6
Copper Range
1% May
Feb
1% Nov
1% May
455
25
Calumet A Hecla
%
May
1%
341
11%
mmm mmrn
6
180
2
Aug
3
2%
3%
May
May
May
2%
Mar
3%
Mar
16
Apr
19%
1%
Jan
Mar
%
-
Sept
4%
May
8%
Feb
3% May
6%
Nov
3%
Nov
East Gas A Fuel Assn—
Common..
.......*
4%% prior pref
6% preferred..
1% May
100
Eastern 88 Lines
....*
Preferred
26
May
60
Nov
56%
60
278
12% May
40
Nov
40
37%
40
358
70
74%
13%
102
64
74%
Nov
140
7
17%
Jan
4%
350
3%
Eastern Mass 8t Ry—
1st preferred
....100
Preferred B
225
59%
100
100
74%
mm
m
m
~~4%
Employers Group Assn...*
Georgian Inc pref
*
_*
10c
Mass Utilities Assoc
N Y N H A Hart RR..100
North Butte..
....2.60
Old Colony RR—
Common
23%
245
10c
10c
105
27%
3%
27%
10
2%
20
Aug
June
16% May
10c
Nov
23% May
7%
30
Apr
Mar
26%
Apr
1.50
30
Jan
Mar
213
3
June
3%
3%
276
2%
Sept
6%
Mar
3%
3%
200
3
Nov
12%
Jan
1%
1%
1,470
m
mm
4
19
60c
8% May
22% May
38
73
May
100
Jan
960
146
May
175%
Mar
166%
5%
5%
5%
9,550
4
10%
10%
11%
200
10
1%
3%
1%
350
3%
5%
5%
6
2,650
4
3%
3%
11%
3%
4,650
2%
50
Oct
mmmmm m
25%
10c
Jan
2
Jan
4%
"ill"
38c
4%
4%
420
4%
2%
310
1
May
2
Nov
119% 122%
249
108
June
137
Apr
63
25c
25c
5c
35c
5c
5c
•
14%
13%
14%
25%
24%
26
49
183
Capital
25
Consolidated Biscuit com.l
Consolidated Oil Corp...*
Common part shs v t c B*
Container Corp of Amer.20
Crane Co
Cudahy Packg 7%
7%
1
Oct
Aug
Torrlngton Co (The)
*
30%
30%
30%
374
Union Twist Drill Co
5
United Shoe Mach Corp.26
34%
33%
35
410
22% May
25%
Jan
56%
56%
914
65
6% cum pref
25
Utah Metal A Tunnel Co.l
Waldorf System........*
43%
43%
58%
43%
50
39% June
50c
50c
75c
2,725
35o May
May
5% May
25
16%
Apr
25%
Nov
2
Nov
Jan
9%
12
Feb
12%
33%
Jan
Mar
35
Oct
84%
Jan
46
75c
8%
Oct
Nov
Nov
Feb
July r. 30
Eastern Mass St Ry—
Series A 43*8
1948
mmmmmm
1948
100% 101
102
102
9,500
4,000
87
June
101
300
86
June
Aug
102%
Aug
Nov
Oct
Oct
20
Feb
Oct
Feb
250
5% June
2% July
5%
11%
4%
4% May
7%
Jan
550
17% June
23%
Apr
1,200
3
5%
20
Feb
Mar
16%
23
100
10% May
14% May
24
Nov
91%
95%
400
71
May
95%
Nov
%
%
400
%
Jan
6%
200
4%
July
%
8%
Nov
6%
*16
150
%
44
47%
105% 107
590
37
Mar
Sept
90
92
May
75
*
19%
Apr
Apr
20
Jan
120%
11%
1%
Feb
77
Jan
8%
1%
6,300
150
25% June
37
Feb
72
72
74%
300
55
June
84
Apr
93
May
116
7% May
63% May
91
8%
4% May
%
30%
109%
mrnmmmm
%
May
6
30
109% 110
9%
9%
81%
83%
5%
6%
2,950
100
509
4
Feb
mmmmmm
2%
2%
300
2% May
29%
29%
30%
11,100
25% May
1
1%
"1%
1%
100
6
6%
2,100
6% May
%
70
Oct
Jan
17%
500
26%
45
May
Apr
11%
Mar
Jan
0% May
3%
33
% May
%
mmmmmm
16%
16%
26%
110
Mar
Apr
3%
Jan
8
Jan
110
50
75
78
24%
80
170
61
May
80
500
9
May
10
23
Aug
11%
11%
26
26
26
21%
21%
21%
13%
17
4%
30%
220
14%
17
31
9
Elec Household UtU Corp.6
100
com
*
31
mmmmmm
mmmmmm
mmrnmmm
Gillette Safety Razor com *
Goldblatt Bros Inc com..*
Goodyear T A Rub com..*
Gossard (H W) com
*
Great Lakes DAD com..*
1%
50
3
Jan
May
1%
Oct
*37%
Nov
7%
400
50
22
550
5
1,650
16%
53%
10
Nov
31
Feb
Apr
Apr
Nov
2% May
40
Mar
49%
Apr
11%
Feb
8
Oct
22
Nov
6
Apr
Feb
18
57%
Jan
May
Apr
1% May
12%
2%
2,550
10%
Feb
May
10%
14%
17%
4%
May
37%
54%
"19%
3
Jan
8%
37%
8%
18%
12%
Jan
Feb
23%
14% May
mmmrnmm
mm»m——
3% June
19%
30
35%
100
3%
Oct
Jan
Nov
50
2%
52
6%
Apr
58
2%
52
29% June
Apr
Mar
100
2%
rnmmmmm
May
21
80
10
9
100
89
53%
4% May
11% May
600
1%
4%
16%
13% May
1,800
4%
37%
22
rnmmmmm
550
46%
7%
22
m mmmm m.
800
37%
7
5
9
45%
7%
7
Fox (Peter) Brewing com 5
Fuller Mfg Co com..
1
General Foods com
..*
Gen Motors Corp com..10
9%
4%
Elgin Natl Watch Co...15
(The) pref
33
13% June
14%
1
19%
110%
238
17
com..
May
18% May
July
99%
22%
*
Eversharp Inc
10
% June
20%
120
3%
8%
140
19%
447
150
800
50
35%
38
Oct
May
Jan
49% Apr
56%
2%
8ept
0%
Apr
Apr
8
May
12%
Feb
25
Apr
12%
Feb
12% May
"18%
18%
10%
18%
10
13%
13%
14
300
9% May
Hamilton Mfg A pt pref. 10
mmrnmmm
8
8
100
5% June
5%
9%
6%
250
5
9%
150
8
May
7%
7%
100
7
June
10%
July
42
Mar
35%
16%
Apr
Hall Printing Co com
Harmlsfeger Corp com..10
Helleman Brewing cap
1
Hein-Werner Mtr Prts cm3
Hlbb Spen Bartlett com.25
Hormel A Co (Geo A) com *
mm
mmmmmm
rnmmmm-m
mmmmmm
Indep Pneumatic Tool cap*
18
May
Sept
27%
Jan
20%
Feb
Mar
40
40
10
34%
31%
13%
%
31%
14%
50
30
Jan
600
»16
750
9% May
6% Nov
10
Feb
Apr
9
May
tii May
3
3
150
2
May
5%
8%
8%
9%
650
0%
May
13%
Jan
mmmmrnm
26%
27%
150
28
Apr
mmrnmrnrn
Indiana Steel Prod com.__l
3
Indianapolis Pr A Lt com.*
21
Interstate Pow $7 pref...*
9%
3
13%
*
com
1
Illinois Brick Co cap
..10
Illinois Central RR com 100
mm mm
mmrnrnrnm
2%
21
Inland Steel Co cap
*
International Harvest com*
Chicago Stock Exchange
19%
8
2
2,000
11
*
Hupp Motor Car
July
Aug
74%
23%
67%
17%
5%
50
2
Houdallle-Hershey cl B
Boston A Maine RR—
18%
Jan
150
2%
Diamond T Mot Car com
Sept
Oct
8
2%
10%
2%
Dodge Mfg Corp com
Eddy Paper Co (The)
25c
5c
7% May
14% May
7% May
6% May
18
Jan
Aug
1
m
1%.
Dayton Rubber Mfg com.l
Apr
520
mmmmmm
25%
Apr
Mar
30
mm mm
Decker (Alf) & Cohn.pf 100
Deere A Co com
...»
60c
530
$600
36%
11%
5%
23%
30
m
cm pflOO
General Candy class A...5
General Finance Corp coml
Oct
Bonds—
46
mmmmmm
25
com
Gardner Denver Co com..*
General Amer Transp com 5
8%
70
Oct
15%
100
Feb
18c
8
*
com
Preferred
May
10%
69%
Oct
Consumers Co-
%
7%
6s___
Cities Service Co com...10
Club Alum Utensil com...*
Commonwealth Edison—
92o
9%
1960
Apr
23
Convertible Preferred..*
Apr
7%
%% ...1970
Apr
Chicago Towel Co—
Chicago Yellow Cab cap..*
Chrysler Corp common..6
Aug
*1$
35o
"~9%
10
13% May
2%
5%
19%
Chicago Corp common... 1
Convertible preferred..*
Chicago Flex Shaft com..5
May
♦
B
Cent States Pow & Lt pref *
6%
•
Series
»
Jan
100
30
250
Fitz Sim&Con D&D com.*
Four Wheel Drive Auto. 10
460
30
Sept
2,650
8
*
Prior Hen pref
Fairbanks Morse
Stone A Webster
Warren (SD)
Preferred
Nov
8%
210
6
22%
«i«
Nov
2
8%
May
May
21%
*16
10c
1%
8%
Jan
May
19%
60c
27%
Shawmut Assn TC
8%
30
7
Apr
12
May
21%
200
Apr
May
1%
May
3% May
13% May
2%
10%
1
Apr
8%
1%
Reece Button Hole MachlO
35
Jan
May
19%
6
May
5c
12
200
2,150
7%
;;
100
50
7%
17
Nov
8%
4%
11%
18%
May
21%
10
Common
Fair
Feb
580
1,305
1,200
5
5%
6%
Nov
60c
Apr
200
*16
8%
5
5%
rnmmm'mm
Mar
45c
650
8
200
33%
mmmmm
.
18%
11%
1
2.75
%
3% May
Aug
5
rnmmm mm
18
im
Convertible preferred..*
18
35c
100
Jan
17%
41%
Central A 8 W—
25
10c
rnmmmmm
Oct
8%
mmmmmm
Central 111 Secur Corp—
Common
May
27%
24
11%
May
%
8%
12%
7%
3%
24%
mmmm—m
mmmmmm
"92%
15
240
166% 167%
Cent 111 Pub Ser $8 pref..*
1%
Jan
11% June
75c
Pennsylvania RR
60
Qulncy Mining Co......25
1st Mtge A 4%
Oct
Feb
80
Capital
*
Castle A Co (A M) com.10
25
11%
19
60c
5
2%
mmmmmmm
Ctfs of dep.
Inc mtge A 4
4%
14
150
5% cumul conv pref..30
Campbell-W A Can Fdy—
25
11%
19
mmmm mm
100
Pacific Mills Co
May
3%
N arragansettRacg Assnlnol
National Tunnel A Mines.*
New England Tel A Tel 100
100
Bruce Co (E L) com
Continental Steel
May
3%
rn-mm
1
Mayflower Old Col Co..25
Mergenthaler Linotype..*
25
23
23
mmmmmm
Gillette Safety Razor
•
Intl Button Hole Mach__10
Isle Royale Copper Co.. 15
Loews Theatres
25
Maine Central pref
100
3%
3%
25
*
Gen Capital Corp
Gilchrist com
12
■
May
17%
1
Butler Brothers
20c
19
9%
Boston Edison Co (new) .25
Boston Elevated
100
Boston A
1%
1%
19
mmmm
101%
Bigelow-Sanf'd Car pfd 100
Bird A Son Inc.....
*
Boston A Albany
rnm
mm
20c
20c
8
93
..5
Burd Piston Ring com
High
Amer Pneumatic Service Co
*
Common
Common
Shares
250
38%
Brown Fence & Wire A pfd*
Range Since Jan. 1, 1940
for
12%
Borg Warner Corp—
Sales
Friday
11%
17%
Bliss A Laughlln Inc com.6
Exchange
15, both inclusive, compiled from official sales lists
Common
High
|
2% May
92
Berghoff Brewing Corp...l
1
Stocks—
Low
50
37%
Blnks Mfg Co cap
Nov.
mm
93
.1
.1
Asbestoe Mfg Co
"36%
1976
to
4
rnmm m m
Armour A Co common...6
Aro Equip Corp com
mmmrnmm
A 6s flat
Nov. 9
Range Since Jan. 1, 1940
Shares
mmmmmrn
m
pref 100
Barlow&Seelig Mfg A
Atlantic Coast Line Conn—
5%
mmrnmm
Aviation A Transport cap.l
Bonds—
Certificates of Indebt
10
Common
Casualty2
Bait Transit 4s flat...1976
High
4
Amer Tel A Tel Co cap. 100
July
Low
for
Week
Allied Products Corp—
70%
Range
of Prices
Advanced Alum Castlngs.5
Aug
Week's
Price
Par
245
100
...
(Continued)
245
Mt Vern-Wood Mis com—
Preferred
Stocks
......
87% pf 20
New Amsterdam
Sales
Friday
Feb
mmmmmm
50
Merch <fc Miners Trans p..*
Monon W Pen P
rnmmmmm
100
42
16
x92%
53%
4
400
18% May
1% June
22%
907
21
94
150
56%
166
66% May
38% June
3
100
4
Nov
Apr
Feb
Jan
3%
23%
Mar
94
Nov
02%
4%
Oct
Jan
inclusive, compiled from official sales lists
Jan
Friday
Sales
Last
Abbott Laboratories
Par
com
Acme Steel Co com
Week's Range
for
Sale
Stocks—
of Prices
Week
Price
Low
High
Range Since Jan. 1,1940
Shares
53
54
550
X56%
56%
4
Adams Oil A Gas Co com.*
3%
3%
100
High
13%
13%
13%
640
9
Oct
May
17
Jan
18%
18%
18%
150
17
July
23%
Apr
43%
43
43%
50
Apr
Joslyn Mfg A Supply com 5
Katz Drug Co com
-.1
Kellogg Swtcbd A Sp—
Common.
*
Ky Utll Jr cumul pref...50
*
25
For footnotes see page
Low
Jarvls (W B) Co (new) capl
Jefferson Electric Co com.*
Nov. 9 to Nov. 15, both
2923
50% May
34% May
2% May
70%
58%
Jan
Nov
Kerlyn Oil Co
4%
July
Llbby McNelllALlbby com7
Leath A Co
com
com
A
"
mm —
_
mm.
m mm m m
7%
48%
%
1
100
43
Nov
4%
4%
150
4
May
6%
Feb
7%
47%
7%
400
5% May
8%
49%
3%
4%
Apr
49
'
410
38
May
5
2%
2%
200
*
3%
3%
300
2% June
2% July
7%
7%
515
6
7%
May
9
Jan
Jan
Mar
Apr
Volume
The Commercial & Financial
151
for
of Prices
Price
Par
Low
7%
Lion Oil Ref Co cap.....*
11%
Loudon Packing com
*
*
"l%
Marshall
•
Liquid Carbonic com
Field
com
15%
6%
McCord Rad <fc Mfg cl A. .*
Class A
1%
Aug
30
19
15X
Aug
Apr
3%
Jan
26
9
Jan
Nov
14%
Apr
4%
370
7%
May
200
7/4
11)4
17)4
1%
16%
17)4
1%
15%
May
18%
1%
Jan
8%
May
2%
16%
Nov
40
7%
Jan
6%
4
15
11%
3% May
30
39
4
July
34
Apr
5X
Apr
4
3%
Jan
5%
Nov
5%
May
9%
Jan
1%
Mar
6%
Aug
Jan
1,940
-fj
3%
100
7%
7%
3,800
4%
4%
100
*
-fj
-fj
800
10%
6%
6
Common
10
1
Minn Brew Co com
9%
7%
26%
40
Miller A Hart Inc conv pf*
Jan
% June
10%
Nov
Sept
11%
Apr
26%
150
Nov
41%
«7*
a22% a22%
40
4%
13%
40
Ohio Oil
7
May
14
May
31
Seiberling Rubber
Thompson Prod Inc.
*
*
.*
37%
a4%
'34"
72%
U S Steel com
37%
1
*
"4%
Vlchek Tool
*
5%
Weinberger Drug Stores.. *
West Res Inv Corp pref 100
~~50c
Jan
Nachman Springfllled com*
11%
Apr
1
U%
12%
203
Oct
July
12%
Nov
White Motor.
4%
July
Youngstown Sheet & Tube*
4
200
4
3%
29%
500
23
May
30
300
20 %
May
36
Northwest Bancorp com..*
11X
11%
10
10 X
5% June
24 X
Nov
May
40%
Mar
89
3% May
8%
65
25% May
38%
Apr
539
42
May
76%
Nov
400
4
Aug
5%
896
3
May
Nov
July
102
4
Aug
6%
035
Jan
5
Feb
Jan
62
7% May
10%
50c
25
50c
Nov
1%
Feb
al6%
a43% a45%
338
May
26 % June
16%
Nov
48%
Jan
50c
a 15%
50
Apr
May
7%
144
Nov
34
75
a72% a76%
5%
5%
4%
4X
5%
5%
9%
9%
Van Dorn Iron Works
17
3
38
a4%
a34
Upson-Walton
55%
33%
Jan
Jan
617
*
May
29
July
18 X
100
.*
com
May
33%
41%
1X
% May
9% May
851
*
Republic Steel
7
29%
June
163
a23% a24%
.*
com
17% May
National Standard com. 10
30
200
24% May
8% May
12%
Jan
32
Noblltt-Sparks Ind cap
5
North American Car com20
306
1
a22% a22%
a 7%
a7%
a 11% al2
200
Natl Pressure Cooker Co .2
32
15% al6
30 %
*
592
10 %
Apr
1
11
Natl Cylinder Gas com
3%
a
10X
26)4
*
.*
Montgomery Ward com
Oct
Jan
July
2%
*
26%
Modlne Mfg com
23 %
27
2
*
Richman Bros
c
Jan
Jan
240
2%
31
Apr
8%
13M May
24
24
*
6%
Ohio Brass B.
c
3%
Midland United oonv pf A*
Middle West Corp cap
Prior pref
N Y Central RR com
c
Jan
300
5%
193
6%
1
National Tile
High
Low
Shares
6%
6%
National Refining (new)..*
c
1,850
5)4
x6%
Week
Natl Mall St Cast com..*
Otis Steel
4
1
com
for
of Prices
Low
High
Price
Par
National Acme...
c
Apr
39
Mfrs Sec—
Mlckelberry's Food com.l
Range Since Jan. 1, 1940
Week's Range
Mil(er Wholesale Drug...*
Mar
100
2,650
6%
7X
10%
39
McQuay N orris Mfg com.*
Merch A
50
2
18 %
$3.50 preferred
Stocks (.Concluded)
High
Low
Shares
High
2
Lincoln Printing Co com..*
*
Lindsay Lt <fc Chm com.10
194o
Week
Sale
Stocks (Concluded)
Last
Sale
Range Since Jan. 1,
Week's Range
Last
Sales
Friday
Sales
Friday
2921
Chronicle
5
Parker Pen Co com
25 X
50
Peoples Q Lt&Coke cap 100
Poor A Co class B
*
Pressed Steel Car com
24%
42%
Last
Sale
15
May
25%
Nov
25
May
43%
Nov
12%
Jan
%
Feb
Am Laundry
Jan
Baldwin pref
Feb
Burger Brewing
Oct
Champ Paper &
,
106 X
13%
14%
106% 108
155
153
5%
150
5
12%
%
Jan
May
% June
110
95
June
14%
123%
60
141
June
157
6%
200
5
66
May
65
Sept
80
Feb
Cln Advertising
June
30X
Apr
Cin Ball Crank
Nov
24%
10
10
Sears Roebuck A Co cap..*
10%
250
6
May
10%
80%
348
62
May
88
20 %
Apr
16%
SIvyer Steel Castings com.*
Sou Bend Lathe Wks cap.5
Spiegel Inc common..
2
"7~X
Standard Dredge com
1
2)4
%
7%
May
Standard Gas A Elec com.*
*27X
Standard Oil of Ind.....25
com.._.._*
"8 X
6
Sunstrand Mach T'l com.6
Stewart Warner
108%
96%
-
Oct
1%
Mar
Crosley Corp
7%
627
5
May
2%
3,000
1
May
650
8
11
Jan
2%
Mar
1%
100
1%
Mar
2%
Jan
27%
870
20 %
May
28%
Apr
13
10
May
May
Feb
2%
Dow Drug
Early A Daniel
Jan
9
Gibson Art
Feb
14
38 X
;
32 X
Feb
26X
Mar
39%
104
47 X
Apr
Lunkenheimer pref
Thompson (John R) com 25
38%
4%
May
May
4%
100
4
Jan
5%
Apr
Magnavox
2
12%
12%
100
10
June
16%
Apr
P & G
Union Carb A Carbon cap *
74%
75%
811
60 %
June
88
Jan
20%
Randall A
1,335
12 %
May
23 %
Apr
18 X
*72 %
United States Steel com..*
Nov
May
% May
IX
Jan
132
50 %
June
76%
5,900
41%
May
1
Utah Radio Products coml
55
103 %
450
1%
Jan
87%
75%
128 %
71%
71%
128% 128%
100
pref
19%
33
70%
20
com
18%
Nov
*16
300
%
Jan
%
Jan
1%
800
1%
750
16 %
May
May
2%
23X
May
20%
50
14%
24%
575
106% 108%
5
5%
1,500
%
X
Convertible pref
5
7
*
21%
22
Wayne Pump Co cap
1
Westn Union Teleg cm. 100
20%
22%
Common
IX
Westh'se El A Mfg com.50
5%
Wisconsin Bank shares cm*
2
5%
Wrigley (Wm Jr) Co cap.*
Yates-Amer Machine cap.5
"i x
Zenith Radio Corp com..*
16%
Woodall Indust com..
1%
4%
80%
4
15%
146
27%
96
97%
115
4X
June
77% June
IX May
103
Jan
Aug
Aug
2X
Feb
12 X
6X
7
6X
IX
150
IX
iox
lix
887
25
76
20
June
26
July
22
22
20
22
Nov
27 X
27 X
Jan
May
20 X
•:
A
107
5
17X
July
21
Sept
23
99
June
107
Mar
30 X
20 %
273
23 X
45
June
50 X
Nov
22%
325
16
June
22 X
Nov
IX
Apr
%
34
X
Jan
59%
773
21
52 X
18
June
20%
4%
X
...*
*
10
*
25
57
May
Feb
•
29X
34 X
71X
23
Apr
Apr
Apr
Apr
4X
50
3
Feb
5X
July
5X
5X
5%
10
.10
100
...
Jan
20 X
58 %
*
Preferred
Jan
13 X
25
"59%
Western Bank
Mar
Nov
7X
7X
..*
U S Printing
Mar
109
3X May
20X
20 X
Card
Nov
14X
6X May
30
29X
Rapid
Nov
4X
4X
20%
22%
B
96 X
100 x
June
~2~9%
U S Playing
,110
'
85X May
11X May
50
100
.2.50
Kroger
Little Miami spl
Wurlltzer
Utility A Ind Corp—
Walgreen Co com...
657
102X 102X
"22"
100
Kahn 1st pref
June
17 %
United Air Lines Tr cap..5
160
4%
Apr
Feb
25
11%
*
.1
,
17
25
100
236
96%
90
Jan
July
6X
IX
*
Hilton-Davis.
Nov
15%
Trane Co (The) com
2X
July
4X
10
*
Eagle-Picher
Formica Insulation
1,042
Texas Corp capital
Jan
Mar
14
Crystal Tissue
3,250
38%
Oct
*
*
*
3,900
36
Jan
IX
28
20%
"22)4
5%
50
109
22%
25
15
109
Cln Union Term pref-.100
%
Feb
105
7
IX
1%
108% 109
2
Nov
Jan
3%
2X June
7
V
13
32 %
Nov
8X
8X
13
May
Nov
102
June
*
June
20
Oct
97 X
4
5
Cin Union Stock Yds
10%
Feb
13 % June
96
50
Nov
20 %
50
200
1
High
11%
Sept
4X
'r
97%
19
1,550
3
102
5%
4 ;
50
19%
15
Swift A Co
cum
3
Cin Telephone
20
8%
57
17%
2%
13%
1%
26%
3%
154
4%
700
14
20
102
102
50
21%.
38)4
Swift International cap..
7%
19
20
200
1
100
102
100
C N O & T P
Low
8
8
20
..100
*
Fiber
*
*
Prod
*
...5
Cln Gas A Elec pref
Range Since Jan. 1, 1940
for
Week
Shares
High
July
12 %
13
14
20
Preferred
19
31% X32%
32
25
So Colo Pow cl A com
50
16%
18
*
Common
U 8 Gypsum Co
Low
Price
Cin Street
Slgnode Stee 1 Strap-
Stein & Co (A)
Churngold
Range
of Prices
Mach
Feb
150
Week's
:.*
Aluminum Industries
June
1%
20
Par
Stocks—
6
785*
24 X
Schwltzer Cummins cap_.l
Sales
Friday
1,450
66
Sangamo Electric com
Jan
Mar
%
25
155
Exchange
both inclusive, compiled from official sales lists
Nov. 16,
Nov
%
24
to
45
7% May
292
43
*
*
Nov. 9
1,150
25%
Rollins Hosiery Mills com 4
St L Natl Stkyds cap
Jan
May
%
...
Feb
12
35
9%
13 %
Quaker Oats Co common.*
Preferred
..100
12
100
%
45
9%
1
1
Potter Co com
Nov
June
100
100
10%
45
100
6% preferred
Penn RR capital
Cincinnati Stock
5% May
9
1,750
%
Feb
3
7%
150
9%
12
10%
Peabody Coal Co com B__5
650
5%
9%
Northern 111 Finance com.*
10
4X May
8X
Feb
5
27 X
39
Apr
IX
IX
25
June
IX May
5%
5%
5%
350
4X June
8
8
8%
94
6
Sept
13
Mar
96%
96%
1
94
Oct
109
Jan
17
18%
987
5X
1,405
54 X
636
32
32
2X
5X
Feb
Jan
Apr
Unlisted—
May
24 X
Jan
Am Rolling
14% June
28 X
Jan
Columbia Gas
June
1175*
Jan
3% May
5X
17
9X May
4X May
May
18 X
Nov
7X
Apr
56 X
Apr
Feb
76%
5%
150
3%
May
6X
Apr
81%
4%
72
72%
May
93 X
Apr
600
1%
June
17%
3,650
854
May
4%
17%
25
*
10
Mill
General Motors
5%
5%
52
52
37 %
APT
Detroit Stock
Exchange—See page 2889.
Oct
California Securities
Ohio Listed and Unlisted Securities
Akin-Lambert Company
Members Cleveland Stock Exchange
Established 1921
Street, Log Angeles
639 South Spring
MEMBER
Los Angeles Stock Exchange
STOCKS—BONDS
G1LL1S
Telephone VAndlke
fegj RUSSELL co.
Union Commerca Bnildiog,
■
Los
Nov.
Cleveland Stock
9
to
Nov. 16,
Last
Sale
c
Price
c
sales list
Week's Range
of Prices
High
Range Since Jan. 1,
for
.
City Ice & Fuel
Clark Controller
Cl Builders Realty
Cl Cliffs Iron pref
Cleve Ry
16%
4
Jan
4%
Apr
May
66%
Apr
May
15
8%
Apr
90
Jan
95
Sept
a4%
175
4%
Nov
7
Mar
a9%
90
8%
Oct
16%
2
*
*
100
"71%
16%
2
21
60
100
2,310
85
12
1%
46
May
Jan
May
14 J*
16%
2
72%
"6%
27%
256
17 X
Jan
36
May
18%
20
5,148
12 X
May
20
Nov
11%
200
10%
May
13
Apr
6%
6%
200
6
Sept
8
Apr
a35%
90
22
May
37
Apr
21%
Jan
12%
May
10
3%
Feb
6
June
a34% a35
al4
al5%
154
26%
May
41
Jan
40
10%
May
23%
Jan
al4% al5%
107
10
May
20%
Apr
al8X al9%
al7
6
35
al7%
6
5
24%
12%
May
21
25
13X
Feb
21
Nov
70
70
50
50
Feb
70
Sept
41
41
40
39
July
42%
Apr
104% 104%
*
20
95
June
105%
Mar
4%
100
3
Jan
5
Nov
4%
Industrial Rayon com..*
a25% a26%
55
16X
May
29
c
c
Interlake Iron com
.._..*
all% al2%
242
6%
May
12%
126
12%
July
18
2%
June
17%
*
*
.*
Portland Cement *
Apr
269
21
$5 cum pfd.*
Harbauer Co
72%
a34
100
Hanna (M A)
18
4
~20~~
2923
3%
3%
7 0
13%
3%
Leland Electric
For footnotes see page
Jan
Feb
Nov
70
U%
'l9~~
100
Jaeger Machine
Lamson A Sessions
Jan
27
5
Colonial Finance
1
Commercial Bookbinding. *
Eaton Mfg
*
c Firestone T A R com.. 10
Foetoria Pressed Steel
*
c General Elec com
;__*
General T & R Co......25
Goodrich (B F)
*
Goodyear Tire A Rub
*
Great Lakes Towing
100
Halle Bros pref
172
19%
May
12% June
45%
a9%
Cliffs Corp com
Preferred
13
35
90
3
*
1
of Prices
High
Low
Range Since Jan.
for
1, 1940
Week
Shares
High
Low
2%
2%
July
3X
2%
7%
2%
2%
2%
2,400
300
2% May
4%
Jan
Bandinl Petroleum
High
Low
a4%
Preferred100
Brewing Corp of Amer
16
300
13
*
Apex Elec Mfg
official sales list.
Sales
Week's Range
Aircraft Accessories
16%
16%
Price
1940
Week
Shares
4%
4%
a53% a5 4%
Addressogr-Mul com..10
50c
Amer Home Prod com
.1
Medusa
Sale
Par
Stocks—
7%
7%
225
6%
Oct
7%
Nov
Barker Bros
Akron Brass Mfg
both inclusive, compiled from
Last
Sales
Low
23-24
Angeles Stock Exchange
Friday
both inclusive, compiled from official
Par
Stocks-
9 to Nov. 16,
Exchange
Friday
System Teletype LA
Bell
Cleveland
A. T. A T. CLEV. 665 & 566
Telephone: OHerry 6050
Nov.
■
1071
13%
15
10
May
13%
20
20
65
12%
May
20
Jan
Jan
Nov
Jan
Mar
Oct
50c
Co..-l
Corp com...*
50
5%% pref
Corp.....2
10
Broadway Dept Store Inc-*
Byron Jackson Co
*
Calif Pack Corp com
*
Central Invest Corp—100
Chrysler Corp
6
Consolidated Oil Corp....*
Consolidated Steel Corp..*
Preferred
*
Douglas Aircraft Co
*
Farmers A Merchs NatllOO
General Motors com
10
Gen Paint Corp com
*
Gladding McBean A Co..*
Goodyear Tire A Rubber.*
Hancock Oil Co A com—*
Holly Development Co-..l
Lane-Wells Co
1
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp..l
Los Angeles Investment. 10
Menasco Mfg Co—.....1
Mid-Western Oil Co
5c
Mt Diablo Oil Mng A Devi
Occidental Pet Corp—..1
Oceanic Oil Co
1
1%
1X
Bolsa ChlcaOil A com...
—
Products....*
Pacific Fin Corp com...10
Pacific Gas A Elec com..25
6% 1st pref
25
Pacific Clay
30
30
30
Blue Diamond
5%
13%
a20%
a
9%
a81%
1%
955
1%
2%
5%
5%
al3% a 13%
a20% a20%
9%
9%
a81% a82%
1,000
1%
17%
a85%
20
1% May
Mar
30
Feb
3
Aug
2%
Nov
3% June
10% May
5%
May
1%
14%
Jan
15% May
8% May
26
Jan
12
Mar
80
67% May
90%
20
210
2,375
1,833
130
5
a400
22% May
May
100
7%
16
17%
a85% a87%
6%
a400
a400
500
6%
6%
6%
6%
40
2
5%
Oct
Jan
Jan
8
** May
7%
Nov
May
17%
Nov
88%
Apr
77 X
Oct
May
375
38 %
405
Apr
Mar
66
Apr
886
5
5
a 19%
54%
5%
5%
600
19
al9%
85
14
June
24%
Feb
6.50
27
May
40
Apr
53%
5%
53%
5%
a
31
290
4% June
3% May
6%
6%
Apr
Apr
30%
30%
60c
60c
60c
400
45c May
80c
Jan
12 J*
12 X
12 J*
100
9%
Jan
12 X
Nov
1,000
7o
Jan
26c
Aug
160
23 %
June
41%
Apr
3% May
6%
4%
May
al8c
a31%
al6c
al8c
a3l% a33%
5
5
5
350
2%
2%
3
6,135
2c
2c
2c
40c
41c
1,400
a 9c
a9c
a9c
400
Jan
2c
50c
Jan
30c
Feb
47c
Feb
July
5%
Sept
100
9% May
26% May
13%
34%
Mar
532
29
May
34%
Nov
31c
31c
31c
400
27c
Oct
5%
5%
187
3%
11%
12
0.28% a29%
400
34%
a28%
34%
34%
Oct
Oct
Feb
2c
25c
5%
12
Sept
38c SeDt
1,000
41c
1%
Apr
The Commercial <& Financial Chronicle
2922
Friday
Sales
Last
Stock*. (Concluded)
for
of Prices
Pacific Lighting Corn corn
Puget Sound Pip & Tmbr.
Republic Petroleum com.l
Low
a39%
16*4
1*4
50
300
Low
37%
49%
Jan
100
1%
Oct
28% May
2%
Jan
14c
1,033
14c
Feb
17c May
8
8%
2,087
4*4
5
2,430
Richfield OH Corp com..
Ryan Aeronautical Co..
8*4
a42%
a42% a42%
20
42
Oct
«30*4
a30% a30%
a 10% a 10%
4
3%
7
26
60
May
May
4 *4
alO %
15
3*4
.1
Sontag Chain Stores Co..*
6*4
So Calif Edison Co Ltd..26
a27%
31%
6% pref B
....25
5*4% preferred C
25
Sunray Oil Corp
Transamerlca Corp
9%
19%
1
1*4
2
Transcon & Western Air..5
9%
19%
1%
5%
al9%
13%
9%
Union Oil of Calif
25
Vfga Airplane Co
Vultee Aircraft Inc
154
1
May
450
4%
:>
288
8%
3% May
8%
2%
Nov
7
Apr
52% Apr
33% May
May
9%
4%
May
7
Sept
(Concluded)
Col Gas & Elec Co
for
of Prices
Low
High
Week
*
6% pref ser A
Duquesne Brewing Co
mmm
5
*
mm
Koppers Co pref
vdm
mm
100
Apr
May
30*4
Apr
May
31%
29%
Nov
Jan
Pitts Brewing Co pref
15 %
Jan
Jan
1*4
July
25
Apr
9*4
June
14
20
4*4 May
1*4
Jan
ioo
65
75
7*4 May
75
1*4
Jan
4 44
Mar
Mar
6*4
Apr
103
10*4
10
Apr
85
Jan
95
90
7*4
Aug
200
100*4 100% .-I,-
mm
95
Pittsburgh Plate Glass..25
Apr
16*4
5
1*4
High
.
79*4
15*4
150
11*4
5
>'
4
Pittsburgh Forgings Co__l
2,305
10
mm
1 '.a 4
McKlnney Mfg Co
May
May
Oct
49
!.
4*4 May
1*4 July
4*4 May
Apr
Nov
100*4
95
Nov
10*4
May
Apr
24%
7
84*4
20*4
Low
892
mmm m
mm'rnm
Lone Star Gas Co com...*
23%
27%
925
5*4
84%
20%
Fort Pitt Brewing...
1
Jones & Laughllng Stl pf 100
Range Since Jan. 1, 1940
Shares
20*4
11*4
mmm
5
Electric Products
5
5
100
Copperweld Steel...
185
20
Week's Range
Price
Par
382
9%
26*4
Mt Fuel Supply Co
Natl Flreproofing
10
mm
*
m
5*4
mmm
m
Corp..*
4
.
m
1
30*4
15*4
30*4
95
95
6%
2,547
1*4
30*4
300
85
28
May
15%
100
10
Jan
135
66
6
95
60c
:/
Sept
6*4
1*4
36*4
May
15*4
104*4
Nov
Sept
June
Jan
Apr
Apr
1%
500
1%
Oct
Pittsburgh Screw & Bolt.*
7*4
7*4
8*4
370
5%
a20%
8*4
4%
4*4 May
Jan
1,920
May
7
Mar
Ruud Mfg Co
8*4
9
182
5
145
8*4
May
Aug
18
9*4
Mar
17*4
Sept
Shamrock Oil & Gas Co_-l
13%
13*4
2*4
2,189
2*4
1*4 May
2*4
Nov
9 %l
9%
620
4%
Jan
8%
9%
530
6%
July
5%
a
19
9
Wellington Oil Co of DeL.l
Mining—
6
1,210
5%
6%
a27% a28%
31%
31%
29%
29%
29 *4
Southern Pacific Co
*
Standard Oil Co of Calif..*
Jan
14c
Safeway Stores Inc.....
Security Co unite ben Int
Shell Union Oil Corp
Solar Aircraft Co
Stocks
High
May
12
Last
Sale
Shares
a39% a39%
16%
17%
1%
1%
14c
1
High
Range Since Jan. 1, 1940
16, 1940
Sales
Friday
Week
Price
Par
Rice Ranch Oil Co
Week's Range
Sale
Nov.
2
2
May
17 %
Jan
14
Apr
9%
Sept
100
1%
Sept
3%
a5%
a5*4
a6%
170
4%
May
Apr
6c
6c
7c
2,000
Calumet Gold Mines ColOc
6%
14%c
l*4c
l%c
l%n
6,000
2c
200
6% preferred
Vanadium-Alloys Steel
10
8
x 38
*
.
8
*38
40
mmmmmm
*
Westinghouse Air Brake.
1,725
23*4
23%
105
5*4
110
24*4
2*4
175
8
Oct
41
Nov
Sept
28
1,630
May
15*4 May
28*4
Jan
2*4
Oct
Jan
7%
7%
a46% a47%
166% 166%
28%
29%
5%
5%
al8% al9%
5
Jan
Alaska Juneau Old Mng.10
Black Mamth Cns Mng-lOc
I
V 2
12
1%
Unlisted—
6c June
%c
Jan
Pennroad Corp vtc
1
1*4
May
Jan
Unlisted—
Amer Rad & Std Sanl
*
7%
a47%
Amer
Smelting & Refining.
Amer Tel & Tel Co. ..100
Anaconda Copper.. ...50
166*4
28*4
Armour <fe Co (III)
5
Atchsn Topk & 8 Fe RylOO
Aviation Corp (Del).....3
Baldwin Locomo Wka
6%
al 8%
5%
17%
33%
Jan
19
July
Apr
480
4
June
31%
7%
115
15
May
24*4
Aug
8*4
5
Apr
210
13
May
19 %
May
100
25*4 June
34%
Apr
300
68 %
June
90
244
15%
Aug
51
Apr
a2l% a22
ab%
5%
Commercial Solvents....*
Commonwealth & South..*
all *4
a48% a48%
a5%
a5%
5%
5%
all 54 all *4
Continental Motors Crp..l
Continental OH Co (Del).5
4%
29%.
10%
4%
20%
10%
4%
20%
10%
1,541
a29%
a 34%
al5%
a29%
a34%
al5%
%
a28%
a32%
a29%
50
a18i
1
*
Graham-Paige Motors... 1
Intl Nickel Co of Can
Apr
18%
33%
088% a91%
a 22
*
1
a28*4
.*
Kennecott Copper Corp..*
a32%
a15i#
i
35
26
200
4%
5%
9%
50
%
285
135
375
a35
al5%
20
1h
600
a28%
39
July
May
2% May
17%
Oct
6%
Aug
24% June
Apr
16%
1%
4*4
11*4
Mar
29 %
Feb
40
12%
Week's
Sale
38
of Prices
Low
High
Jan
24%
145
22
June
35*4
Feb
4
Nov
7%
Mar
Montgomery Ward & Co.*
Mountain City Cpr Co..5c
New York Central RR_..»
Nor American Aviation. 10
a39*4
4*4
16
15%
16
18%
1,245
North American Co......*
Ohio Oil Co
*
18%
18%
7%
19%
18%
9%
15%
May
19%
333
16 %
7%
414
5%
2%
5%
19 %
June
May
3%
Pure Oil Co
345
a9
a9%
103
25%
a8%
*
3%
a9
60
25%
25%
187
3%
08%
a8%
30
Radio Corp of America...*
Republic Steel Corp.....*
5%
5%
5%
226
22%
22%
Seaboard Oil Co of Del...*
al5%
Sears Roebuck & Co
a79
»
Socony-Vacuura Oil Co.. 15
Southern Ry Co
*
Standard Brands Ino
♦
9%
9%
14%
14 HI
6%
Standard Oil Co (N J)...25
o37
Stone & Webster Inc.....*
a7%
a9%
a22%
a38%
Studebaker Corp
Swift & Co..
Texas Corp (The)
1
...26
25
Union Carbide A Carbon.*
United Air Lines Transpt.5
a73%
United Aircraft Corp
U 8 Rubber Co
a46%
5
19
U S
Oct
38%
2%
47*4 May
May
Aug
July
7
4*4
23%
Apr
7%
Nov
4
Mar
9*4
25*4
Nov
Nov
9
Apr
May
24%
Nov
11*4 May
87*4
Apr
7%
May
Sept
12*4
17*4
Apr
Jan
205
5
May
7*4
Jan
121
30
June
43*4
Feb
20
8
12
Jan
May
12*4
Feb
June
23*4
47*4
82*4
Feb
July
5%
75
18
a38% a38%
20
33%
a73% a74%
175
19
Oct
63% June
Apr
Feb
209
Aug
23*4
51*4
18
Aug
38*4
Feb
989
.
Columbia Brew com—__5
46
May
76*4
Nov
"l*4~Mar
3*4
Apr
May
Apr
90
230
to
Nov. 15,
Falstaff Brew com
1
6*4
21
Hussmann-Ligonier com.*
5
com..
Preferred....
100
Hyde Park Brew
10
com
com
.
..
.
*
Laclede-Ch Clay Prod com*
Laclede Steel com..... .20
Landls Machine
com
25
McQuay-Norris
com
Meyer Blanke
10
25*4
Oct
34
Apr
1.50
500
40c
Aug
iidui
Las t
Range
of Prices
Sale
Stocks-
far
American Stores
mmmmmm
10
Mfg Co.....*
5*4
7*4
Budd Wheel Co
Chrysler Corp...
...5
Curtis Pub Co com......*
Electric Storage BatterylOO
(NY)com*
Natl Power & Light
32*4
30*4
1,593
„
«
High
3
May
3*4
May
162
55*4
June
1*4
2
292
1*4
Oct
402
25
June
1,303
38
May
35
27
June
2*4
2*4
2*4
51
2*4
2*4
1,099
7*4
7*4
434
2*4
2*4
17,928
24*4
25*4
5,805
1*4
14*4
May
116*4 117*4
31
30*4
287
112*4
June
7*4
2*4
1*4
1*4
5*4
May
Tonopah Mining
____1
Transit Invest Corp pref...
United Corp common
*
Preferred..
*
.
United Gas Improv com
.*
Preferred
__*
Westmoreland Inc
*
_
Westmoreland Coal
mm
14%
175*4
15*4
6*4
21*4 vt;'/V45
85
8
Nov
12%
Apr
45
6%
July
8*4
Nov
97
97
35
93
June
97
Nov
42*4
50
42*4
Nov
58
May
30
30*4
275
25% May
36*4
Jan
20
6*4 May
4*4 Aug
9*4
Feb
mmm
mm
8*4
:
8*4
6
m,mm
mmmm
6
19*4
'mmm-mrn'm
6
180
25*4
June
3*4
34*4
May
*4
*4
51«
900
*4
4*4
33*4
55*4
35*4
*4
May
11*4
*
32
530
33*4
200
18,130
10*4
40
10
15
15
20
28*4 May
13
Aug
16*4
14*4
is
10
6*4
6*4
250
654
mmmmmm
5*4
V:
no
■;:v5-
H 3%
110
Nov.
124
11*4
10*4
com
9*4
...
9*4
12*4
14
1.60
1.50
1.60
5
Last
Sale
Allegheny Lud
Par
Price
Steel com *
Arkansas Nat Gas Corp..*
Blaw-Knox Co
*
Byers (A M) Co com
Range
of Prices
24*4
2
82
12
High
Sterling Alum com..__i..l
______
25*4
*
for
290
2
50
11
285
10*4
2923
7
7*4
29
29
5
Nov
Mflv
July
14*4
Nov
Sept
;
6*4
110
15U
12*4
Nov
3*4 May
114
Mar
May
6*4
Jan
Jan
4*4
May
8Cc June
1.61
Nov
2*4
6
June
Oct
11*4
1,070
5*4 May
14
Nov
825
70c May
1.60
Nov
7*4
50
5*4
Jan
9
Apr
29*4
243
21*4
May
30
Apr
Bonds—
...1941
.1959
mm
mm-'m
m
mm mm. mm
1964
....
79
79
$1,000
67
79
Nov
69*4
11*4
69*4
6,500
55
May
69*4
Nov
11*4
4,400
8
May
12*4
Jan
Jan
_
Jan
Apr
Oct
Nov
49
San
Apr
%
Feb
1
Jan
1*4 June
26*4 June
2*4
41*4
15*4
Feb
Nov.
Francisco Stock
Exchange
15, both inclusive, compiled from official sales lists
Feb
117*4
Nov. 9 to
Jan
10
May
107*4 June
9*4 May
9*4
Jan
Friday
Last
Jan
12
Apr
Par
Aircraft Accessories
30
100
16
1*4
5
Assoc Iosur
Gold
Fund
Inc
10
Range Since Jan. 1, 1940
for
Week
Shares
May
2*4
11*4
13*4
7
2.25
Low
High
100
2.00
Aug
6
127
4*4
May
6*4
Nov
7*4
7*4
429
'mm
4*4
4*4
100
854
7*4
July
10
5*4 June
3*4 May
13*4
13*4
13*4
350
9
11
11
245
40
40
20
20
Calaveras Cement pref. 100
Calif Cotton Mills com .100
40
9*4
«.
mm
102
15*4
Nov
Jan
Oct
19
Mar
Sept
40
Apr
May
17
Apr
26*4
Feb
Aug
52*4
15c June
32c
Jan
May
4*4
Mar
Aug
31*4
Apr
May
26 W
Mav
51*4
20
16c
16c
16c
500
3*4
3*4
25*4
3*4
2,500
25*4
100
23
25*4
m
May
May
6*4
21
51*4
m
910
32
20*4
m
..50
Carson Hill Gold Min cap 1
Central Eureka Mln com.l
9*4
10*4
14
49*4
2*4
Jan
25*4
287
19*4
Feb
Consol Coppermines
8
8*4
500
5*4
Creameries of Am Inc coml
5%
5*4
200
4
Nov
May
6
7*4
Consol Aircraft Corp com.l
Cons Chem Ind A
*
Oct
3.75
*
.
Byron Jackson Co
Preferred.
High
26*4 May
June
High
2.25
Anglo Calif Natl Bank. _20
May
5*4 May
6*4
Aug
Range
of Prices
Low
Price
50c
Calif Packing Corp com..*
Low
Week's
Sale
Stocks—
Sales
Apr
12*4
Range Since Jan. 1, 1940
10%
7
mm'mmti'm
15
9*4
Oct
40
Apr
Week
Shares
10*4
"16*4
Clark (D L) Candy Co...*
For footnot e* see page
Week's
*
Oct
Nov
9*4
Apr
Sales
Low
_
...
Calamba Sugar com...
Stocks—
.
24
20
A
Jan
15, both inclusive, compiled from official sales lists
Friday
20
5*4 /A"A '55
10
3*4
1.60
Alaska-Juneau
to
Nov
Nov
Pittsburgh Stock Exchange
Nov. 9
June
9
'
10*4
11*4
114*4 115*4
10*4
15
25*4 Nov
Jan
120*4
Jan
31*4
8*4 May
Oct
176
10*4
85
100
19*4.
6*4
Oct
2C1
32
'
Jan
8*4
90*4
3
Mar
200
rntmmmmm
.
.'A:,AA 5
40
mmmmmm
14%
...
Apr
8
1.60
.
Apr
45
Feb
4*4
1*4
Oct
Apr
41*4
1*4
20*4
10*4
Jan
8*4
3*4
*4
1*4
May
6*4 Sept
8*4
St L Pub Serv com cl A..1 "mmrnrnimY
com
May
June
98
42*4
..100
com
-4
Jan
mm'mm
m.mm'mm
mm
*
1st pref
102*4
May
Apr
June
40*4
mmmrnmm
990
Feb
Jan
Feb
19*4
65
Aug
2*4
81
Apr
3*4
3*4
mm
mm
93
io
;
2
.
8
m m m
.25
com.
St L Pub Serv 5s
May
40*4
Scott Paper
1, 1940
13
430
3*4
90
*
Scullin Steel 3s
Low
9% June
146*4 May
8*4 June
1,068
30)4
—
25*4
116*4
Phila Elec of Pa $5 pref
*
Phila Elec pow pref.... .25
Salt Dome Oil Corp
80
54
50
Pennsylvania RR
251
33*4
52
1
c_.
474
mmmrnmm
*
Pennroad Corp v t
Shares
81*4
1*4
32*4
mm
Range Since Jan
Jan
+
30*4
m
Rice-Stix Dry Gds com..*
St L Bk Bldg Eqpt com..*
Income
52*4
..10
Lehigh Coal & Navigation *
Lehigh Valley..
__50
High
11*4
12%
166*4 167*4
11*4
11*4
5*4
6*4
7*4
8*4
80*4
.
General Motors
Horn & Hardart
Low
7 11*4
100
American Tel & Tel
Barber Co
Budd (E G)
Price
i*
.... _
for
Nov
58
9
National Candy com
Wagner Elec
Week
12
5
.*
Warrants...
Sales
Week's
125
9
com
Mo Portland Cem
Apr
15*4
8*4
8
m'rn.m
International Shoe com..*
Knapp Monarch
4
20
100
3*4
90
May
Apr
Oct
100
3*4
29
Jan
Jan
100
90
16*4
3
12*4
Grlesedieck-W Brew com.*
Huttig 8 & D
85
....
60
100
I, 1940
High
12
Scullin Steel
both inclusive, compiled from official sales list8
h
Low
75
Scruggs-V B Inc
Philadelphia Stock Exchange
Nov. 9
Range Since Jan
100
60
..4
Preferred
3*4
12*4
A..........100
Ely & W Dry Gds 2d pf 100
Emerson Elec com
14*4
60
Elder Mfg
Apr
34
155
Steel Corp.._..
..»
73%
73% 76%
Westlnghouse El A Mfg.50 al07
al07
107%
Willys-Overland Motors..!
2%
2%
2%
12%
215
a45*4 a46%
26%
26%
25*4
Jan
7*4
May
175
mm
Collins-Morris Shoe com.l
June
12
for
Week
Shares
27
3*4
14%
25*4
1.45
m
Coca-Cola Bottling com__l
June
115
27
3*4
10
Jan
11%
955
1
com
Chic & Sou Air L pref
Apr
68*4
14%
Price.
Century Electric Co..._10
Apr
83
10
BurkartMfg
18*4
Oct
4%
\4%
Par
26
May
May
Stocks—
Range
Apr
65
6%
6%
a.36% a37
a7%
a7%
a9%
a9%
a22% a22%
19
10
2,370
al5% al6
a79
a79%
Sales
Last
Nov
105
Packard Motor Car Co..*
Paramount Pictures Inc..l
Friday
Apr
1*4
38*4
218
Pennsylvania RR Co
Exchange
15, both inclusive, compiled from official sales lists
20*4
4
7%
Nov.
Sept
30
415
Nov. 9 to
% Nov
20% June
4
95
St* Louis Stock
Jan
May
A. T. T. Teletype STL 593
Feb
20*4. May
27
July
Phone
CEntral 7600
Postal Long Distance
Apr
30
200
aAA'a
.
Nov
Jan
4
4%
Building, ST. LOUIS
St..Louis Stock Exchange
Chicago Stock Exchange
New York Curb Exchange Associate
30
a39% a41
1922
Securities
Members
Jan
*
a32%
Boatmen's Bank
Apr
6%
7%
4% June
50
alsi»
July
Established
Investment
Nov
24%
6154
McKesson & Robbing Inc.5
Loew's Inc
Edward D. Jones & Co.
Apr
268
«48*4
____1
St. Louis Listed and Unlisted Securities
Mar
1,818
17%
33%
47%
174%
Cities Service Co.......10
Columbia Gas & Electric.*
General Electric Co
Goodrich (B F) Co
Jan
July
Caterpillar Tractor Co...*
Class A
10
May
May
a88%
Bendlx Aviation Corp....5
Bethlehem Steel Corp
*
Curtlss-Wright Corp
5%
35%
148
5H
v t c.
Borg-Warner Corp
5%
30
266
Aug
June
Jan
9*4
Feb
6
Apr
Volume
Sales
Friday
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
Week
Price
Pat
6
D1 Giorgio Fruit com
16
16
90*
90
(Continued from page 2925)
90*
175
1.50
1.50
10
12* May
7*
7*
18*
429-6
Preferred (w w)
50
Emsco Derrick & Equip..5
43
Fireman's Fund Indm
10
48 *
Fireman's Fund Ins Co..26
Geni Mtrs Corp com
Apr
Friday
35
May
44*
Feb
Last
Week's Range
for
Nov
11
Jan
Sale
Week
48*
of Prices
Low
High
100
Oct
56
Apr
48
48*
330
36
99 *
99*
20
77
July
May
52
52
54
1,632
38
May
"33"
*
Gladding McBean & Co..*
Golden (State Co Ltd
34
6*
Apr
7* May
400
'
12*
*
Langendorf Utd Bak cl B _*
Mar
Ok alt a Oils
♦
88c
88c
90c
8*
Feb
44
Apr
21
35
Jan
Palcalta Oils
23* June
41*
Apr
Jan
1.30
Apr
Page-Hereey Tubes
Pamour Porcupine
2.75
8*
8*
9*
2.80
1
1
~9*
*
9*
Jan
July
9*
12* May
19*
Apr
4*
May
7
4,000
1.75
Jan
400
5*
May
970
7* May
11
Apr
10*
Mar
Jan
1
2.38
2.45
1.08
1.19
Prairie
5
106
June
3*
5*
Apr
5*
May
4*
367
3
100
9*
Apr
200
5*
3*
May
May
5*
May
5*
Nov
Pacific Coast Aggregates.5
Pac G & E Co com...
26
1.35
1.35
354
95c
May
1.60
34*
28*
34*
29*
34*
2,803
2,020
25* June
28* May
31
31
31*
39*
1,138
25*
May
671
28 *
6% 1st preferred.....25
5*% 1st preferred...26
Pacific Light Corp com
*
*
17*
pref
Powell-Rouyn
Jan
Jan
33
113
June
138*
Mar
Jan
29*
May
Apr
4.00
Jan
29*
May
37*
May
Feb
200
17*
12*
1.50
3*
286
18*
1,045
27*
333
24*
May
May
1.75
242
1.65
Oct
1.75
15*
470
12*
May
19*
Jan
May
8*
Nov
Aug
108*
Mar
7
Apr
14
5*
100
5
1,045
3*
May
27c
1,200
21c
Nov
27c
Nov
10*
10*
679
8
May
12*
May
24
24*
765
21
May
42
May
May
15*
10
9*
6*
5*
30
19*
20*
20*
3,332
94
"~5H
5*
13 *
13*
25
June
5
Oct
16*
June
80
5,372
2,485
5*
Jan
Apr
310
6*
Sept
468
12*
May
23*
Apr
6*
Aug
15*
Jan
4*
Jan
14
Apr
Jan
8
8*
8*
9*
9*
100
4*
2,033
3
4*
15
15
100
8
9
9
1,004
7
Aug
20*
20*
Western Pipe & Steel Co. 10
Yel Checker Cab Co ser 150
May
4*
9*
265
15
June
22*
85
21
Sept
Apr
20
20*
Nov
Nov
15
301
June
260
290
285
Wells Fargo Bk & Un TrlOO
Mar
6*
17*
10
10
1
Jan
May
96
May
1*
5
26*
May
4*
12
490
Vultee Aircraft
Jan
Jan
6
18*
18*
18*
5
21
14
8
8
25
6*
5,776
94
*
15
May
22
May
Feb
1.42
Pressed Metals
*
10*
225
o7*
25
American Tel & Tel Co. 100 al66* al66* al77*
39c
37c
40c
Amer Toll Bridge (Del)..l
2,000
28*
29*
980
3*
3*
40
o7*
<z7*
*
29*
Anaconda
Copper Mln..50
Anglo Nat Corp A com
*
3*
440
July
35c
9*
June
5*
149
174*
Nov
4.00
Jan
Oct
25*
9*
Mar
Aug
8*
Apr
3* June
5*
Apr
3.00
800
1.50 May
18
152
14
o7*
22
3
5*
244
100
4*
5*
4*
2.55
Aviation Corp of Del
a7%
5
034
Corp...6
■
Service Co com. .10
"a5H
Claude Neon Lights com.l
*
Cons Edison Co of N Y__*
*
1
a24*
428
14*
31*
5
c4*
General Electric Co com..*
34 *
6
089
a5*
4
1
26*
May
75c
June
30
6*
Jan
Jan
May
91*
Nov
70
Feb
6*
May
*
2,375
a4*
34*
35
al6* al6*
a4*
125
48
690
2
4*
June
*
Mar
June
32*
Apr
Oct
July
7*
Apr
11*
Mar
24
168
10*
31*
10
Apr
;
14*
300
360
35*
Jan
9* May
62
06
*
*
a24* a25*
May
6*
1,375
6*
"io H
...»
Goodrich (B F) Co com..*
1.35
13*
a89
6% pfd '27 100
80
o34*
1.30
1.30
.1
Bunker HU1 & Sulllvan_2*
350
Apr
Aug
18
Atlas Corp com
Apr
Oct
1.10
31*
12*
a7*
5
Atchison Top&Santa FelOO
Mar
Aug
Sept
18*
3*
5*
6*
May
36
6* Nov
28* June
41
25
8*
Jan
Jan
Jan
16*
20
17
Apr
20*
Apr
591
19
Oct
25
Aug
6*
1,625
5
June
7
Apr
a28* 028*
a
25
23*
20
6
Idaho Mary Mines Cor p. .1
*
24
«
2
2
2
350
Kenn Copper Corp com..*
37
37
37
142
20* June
38*
Jan
Ocl
July
4*
Apr
37
Nov
May
35
May
1*
24*
10
10
Riverside Silk
1
5
May
12c
Jan
38*
4*
3,245
2*
55*
4*
a6*
4*
June
ol7*
7*
26
26*
Feb
al7* 0I8*
18*
18*
214
23*
25
17*
Oct
25
22
a3*
140
a3*
25 *
24*
25*
303
3
May
16*
June
4* May
657
4*
25*
100
10c
5
6,100
3*
100
9c
1
3*
*
44
44
2.50
2.66
6c
6c
17,959
1,000
44c
48C
43,780
148
1
6c
Senator-Rouyn
1
45c
\
7*
Apr
5*
5*
3.50
120
Aug
4*
680
3
June
8*
Nov
8
8
150
7
May
12*
Jan
25
25
*
6% pref
5*% Pref
Standard Brands Inc
27*
o30*
"all4
Studebaker Corp com
39 *
.25
United Aircraft Corp cap.5
o39*
United Corp of Del
06*
9*
1
Sup Port Cement pref A._*
Texas Corp com
27* 28
a30* a30*
29*
36
Standard Oil Co of N J..25
39*
2.75
560
24
May
30*
39
25
May
31
26*
Jan
Jan
1,000
l*c
Aug
5*c
]
60o
July
1.18
Jan
5*
5*
55
5
July
Feb
55
12
Nov
7*
21*
12*
Sherrltt-Gordon
...
Silverwoods pref
*
Simpsons cl A
96
99* 100*
99*
4
Aug
67
6*
6
*
100
Simpsons pref
12
12
_*
Simpsons class B__
79
July
47c
16,065
Oct
Jan
Feb
Apr
Mar
105
950
Apr
Slscoe Gold
1
51c
50c
Sladen-Malartlc
J
45c
45c
-48c
4,400
20c June
610
Jan
7*C
6c
8*c
15,500
8*C
Nov
5,500
2*c June
l*c Aug
58c
Slave Lake
1
South End Petroleum
1
2c
2*c
Standard Chemical
*
12*
12*
25
Standard Paving
*
75c
Steel of Canada
•
73
73
75*
25
.76
76
Preferred
75C
14
July
2.00
61* June
86*
63
80
83
May
Jan
Mar
July
40c
115
76
7*c
8
140
Jan
Jan
Jan
1.05
June
3.10
3c
July
8*0
Apr
Apr
9c June
20*c
Mar
*
Straw Lake..
1.74
1.63
1.93
*
Steep Rock Iron Mines
5c
4*0
5*c
75,780
10,500
19c
19c
2,000
1.45
1.60
900
July
2.05
Jan
3*c Sept
8*c
Feb
50c June
1.02
Jan
1.90
June
3.45
Feb
2 40
June
4.15
Sturgeon River
1
Sudbury Basin
*
85c
Sudbury Contact
1
4*C
4*c
1,000
Sullivan.
1
60c
60c
62c
Sylvaulte Gold
1
2.90
2.80
2.90
3,300
3,042
1
...1
3.40
3.30
3.45
6,141
1.35
1.35
1.50
200
1.00
July
2.25 May
10*
5
9*
Sept
13*
Hughes
Tip Top Tailors
10*
*
1.48
July
Aug
49
May
80
14
70
July
90
May
14c 15 *C
10,200
40c
40c
42c
1,600
7,100
15*
15*
15*
1,390
40
7*
20
5c
5c
5c
4*
4*
4*
945
Upper Canada
1
1.45
1.44
1.52
31,725
Ventures
*
Waite Amulet
•
10c
7*
*
...»
Westons.
.
.
.
*
3*
Feb
Aug
10
Mar
Nov
8*c
Jan
May
6*
Jan
55c June
1.49
Nov
3
3.35
2,165
1.95
July
4.35
Jan
4.20
4,494
2 70
May
6.05
Jan
2,940
29*
June
43*
19*
19*
19*
403
16*
June
20*
Feb
25c
29c
5,500
6c June
29c
Nov
12
95
July
21
Apr
47
4c
l*c
Oct
9*
July
15
Apr
June
99
Apr
95
15
76
2c
2,000
l*c
Nov
1.00
56
90c
Aug
2.62
Nov
85
Jan
3*C
1.00
67
010
Mar
1,500
2c
Wiltsey-Coghlan
1
Winnipeg Electric cl A—*
Jan
200
2C
2c
11*
*
10
28
28
100
Wood (Alex) pref
3c
17
44
3.25
2c
.......
Jan
May
12
3.90
3.90
-
Preferred
Jan
Nov
1.12
42
3.30
...1
.
35C
40
44
West Canada Flour preflOO
.
July
Nov
40
25*0 June
5,000
*
Westf1 ank
Jan
16
37
*
Preferred
Jan
5
40
40
25
Wendlgo (new)
1.90
10
United Steel
Walkers
Jan
110
'
United Oils
United Fuel cl A pref
Sept
24
*
Gas.
Union
14c
1
Resources...
Uchi Gold
Sept
1.00
46
1
Transcont'al
100
32
80
Toronto General TrustslOO
Towagmac..
800
1.50
Jan
Mar
46
50
Preferred
1.42
.
24
t.
Toronto Elevators
5
104* 104*
Preferred........... 100
Toburn
18
67
67
Jan
Mar
1
9*C
Wright Hargreaves
*
7.20
*
10c
3,500
8c
July
30c
Jan
7.05
7.20
6,181
4.70
July
8.15
Jan
4*C
Wood-Cadillac
4*c
7,000
4c
Oct
100*
S650
9*c
Bonds-
100
..1952
Loans
War
Toronto Stock
Nov.
9 to Nov.
July
7c June
99
100*
Nov
Exchange—Curb Section
15, both inclusive,
Par
Stocks—
Can Bud Brew
Canada Vinegars
Consolidated Paper
37*
9*
39*
265
88
287
1*
May
12*
May
for
of Prices
Low
High
44
Feb
Mar
*
Corrugated Box pref—100
Dalhousie—
—*
Dominion Bridge
*
Aug
June
51*
Apr
Foothills
May
55c May
2*
Apr
Kirkland-Townsite
Montreal Power.
Oils Selections
Ontario fcilknit pref
Osisko Lake—
39
1*
May
22,900
1.15
Jan
1,876
42*
May
76*
Nov
12c
310
8c
Aug
16c
Jan
85c
90c
1,600
75c June
1.55
Jan
*
Pend-Orellle
dividend
c Admitted to unlisted
Cash sale—Not included in range for
Odd lot sales, t Ex-stock
s Listed,
fin default.
{ Title changed from
*
Robb Montbr
Rogers
Majestic A
TemLsk Mln
*
No par
value.
1
*
*
100
--1
— 1
-----1
*
1
1, 1940
Week
Price
Shares
95c
1.25
4*
High
Low
Jan
Oct
Aug
VAc
May
15*
Jan
65c May
1.40
Mar
2.20
Apr
8*
*c
*c
1,000
*c
4*
6*
*c
4*
6*
25
3*
10
5
90c
95c
400
6
May
275
1.00
Nov
4*
5
2,970
3*
May
4
4
25
3*
Sept
10
Apr
Feb
44
Consolidated Press A
46*
36*
400
d Deferred delivery.
--1
*
*
1
5
Brett-Trethewey
Coast Copper
5*
Range Since Jan.
Week's Range
Sale
Apr
31
Salts
Last
Apr
45
compiled from official sales lists
Friday
Nov
85c
Jan
570
24
23,918
7*
37*
76*
Ino.
June
96c
30*
12c
The Wahl Co. to Eversharp,
10c June
16
Apr
15c
l*c
Nov
75c
Ex-rights,
Aug
18*
May
72*
y
5c
Apr
Nov
86c
May
12c
xEx-dlvidend.
2.66
l*c
5
80c
year.
r
18*
36
72 *
trading privileges,
•
51
86c
50
•
a
Apr
40*
18*
l*c
300
360
United States Steel com.
No par value,
Feb
1
Canadian Marconi
Westates Petroleum com.l
•
210
5*
20*
*
Oct
U S Petroleum Co
...^1
July
June
Shawkey
06*
a.38* a39*
46*
44*
1 *
May
*
1
Preferred..;
Apr
Shawlnigan
Apr
8*
25
Nov
1.25 June
40
x
Jan
18
10* June
Oct
40
Sand River
36*
190
2*
17
San Antonio..
June
Mar
7*o
17
2.60
Nov
8*
So Calif Edison com
130
,
44
100
190
17* June
15
July
285
26
23*
Jan
Mar
28
July
145*
1
.
5
Mar
3.50
*
.
57c
Nov
22
10
22
165
"23*
Jan
Schumach Wall Bd com..*
Shasta Water Co com
July
Jan
"a3%
5*
12c
18
St Lawrence Paper
Apr
May
Sept
Riverside Cement Co A..*
Radio Corp of America
1,500
165
22
St Lawrence Corp cl A...50
Feb
June
14*
18*
50
*
Pennsylvania RR Co
15c
26c June
Apr
19
20
485
*
Packard Motor Co com
50
18*
18*
20
Oct
!
Jan
3*
Oct
May
8c
a21 * a21*
1
10
6c
470
06*
3*
National Distillers Prod..*
Onomea Sugar Co
22
2,500
40*
8c
40
Montgomery Ward & Co.*
Mountain City Copper
6
Nor American Co com
20
27
27
*
M J&M&MCons.
Sept
20c
15C
15c
Ymir Yankee
Matson Navigation Co
2c
500
165
....
Jan
2,000
24c
18
Preferred
Jan
8c
100
4c
165
St Lawrence Corp
42c
28c
'
*
8t Anthony
28c May
50,695
3.40
__10
Mussell Ind
Nov
4c
.
...__100
Royalite
Feb
3.40
28c
28c
_*
Royal Bank
12*
6
3.20
3.20
1
_
Jan
June
1.30 June
24c
1
E Dome
Preston
Quebec Mining
Texas-Canadian
Corp
Jan
Feb'
22c
Aug
Teck
Unlisted—
North Amer Aviation
11*
Nov
Jan
21*
26c
"~9H
Tide Water Assoc Oil pref.*
Transamerlca Corp
Nash-Kelvinator
5* June
8c
50
4*
Standard Oil Co of Calif..*
Inter Tel & Tel Co com
Nov
75c
Jan
108*
70
"~26c
100
Internatl Nick Co Can
2.19
1,850
Nov
May
1,388
.15
Hawaiian Sugar Co
July
1,000
31*
May
8
Soundview Pulp Co com.6
Dominguez Oil Co
60c
8c
34*
May
105
Ryan Aeronautical Co.-.l
Elec Bond & Share Co
Nov
95c
1
16
104
105
San Mauricio Mining..P10
Curtisa-Wright Corp
2.45
8c
Reno Gold
34
8
Richfield Oil Corp com..
Roos Bros pref ser A
100
Consolidated Oil Corp
Jan
July
91 *c
Apr
15
1.75
Rheem Mfg Co
Cities
4.25
145
95
2.12
July
8c
34*
100
Jan
June
95c
1
1.75
25
Republic Petroleum com.l
Cal Ore Pwr
20o May
1.01
1
Ree ves-M acd 0 nal d
3*
1
Blair A Co Inc cap
July
2.12
1,515
3,300
8
7*
*
Jan
17*
27*
com
...
"l.O 8
1
2c
Jan
25c
Royalties
*
35
123
17*
Puget Sound P & T com..*
Aviation
Gold
Quemont
367
39*
106* 107
17*
17*
123
Pacific Tel & Tel com.. 100
B alt & Ohio RR com
26c 30 *c
26c
Power Corp
8*
Argonaut Mining Co
Jan
4*c
1
....
Pioneer
Oct
5*
Bendlx
.
3.35
Jan
4*
Am Rad & St Sntry
530
3* June
6*c
2.06
11
8*
Preferred.
Apr
10
14,400
42,150
10,685
13,850
111
2*c May
3*
4 *c
1.90
27*
5
*
*
Victor Equip Co com
Apr
10c
6,300
3*
3.15
June
*
Vega Airplane Co
Jan
6
July
4 *c
6*c
1.95
7* June
19* June
14
10*0
90
'""3*
3.15
Jan
10
2.35
1
28*
610
80c June
7
40
Pickle-Crow
28
206
30,740
1.30
1
June
5
Union Sugar com
•
Cons_.
15
9
1.43
109
109
Perron
50
27*
27*
AA.!^
United Air Lines Corp
Universal Consol Oil
Paymaster
22*
20*
51,400
Premier
Occidental Insurance Co. 10
Union OH Co of Calif
Partanen-Malartlc.
4.00
27*
75
7c
"i".30
1
2.50 May
9
9*
1
10
20*
100
North American Oil ConslO
18c
9*
5*c
*
_*
Pantepec
2.50
May
17*0
6c
Pandora-Cadillac
22*
100
Spring Valley Co Ltd
Ottawa Car
2.50
No American Invest comlO
4,600
Apr
17 *c
._1
35* June
May
6.50
9*
Omega
369
50c
6.50
1
43
155
com
Oct
Jan
4 00
300
Southern Pacific Co
Mar
7o
July
8*
Shell Union Oil
13*
1.75
3.00
Preferred..
Jan
June
2*c June
234
17*
com
llo June
34c
85c
8*
17*
Rayonler Inc
Apr
82c
*
RE&RCo Ltd
1.35
82c
6
1st
Jan
60c June
1
Magnln & Co (I) com
$5 div
1.81
O'Brien
Marchant Calcui Mach
Pac Pub Ser
50c June
5
Feb
113
cm
4*
2,560
2,600
Northern Star pref
1.15
2,205
Pacific Clay Prods cap
May
July
70c
Oliver CJtd Filters cl B
3*
50c
33*
Pacific Amer Fisheries
60c
335
319
29*
O'Connor Moffatt cl
25
3*
60c
70c
6% preferred
5*% pref
200
1.00
3*
12*
31*
com
6.75
1.00
Jan
31*
Menasco Mfg Co com
6.50
*
Apr
29*
Apr
Northern Empire
Northern Star
Mar
1
1.30
5,600
17*
LeTourneau (R G) Inc.__l
9.85
Feb
45c
15*
Lockheed Aircraft Corp__l
Nov
Apr
Feb
41c
1
*
11*
June
60c
Nor metal
July
4*
Feb
27c June
3*o
June
250
7c
1,000
10*
507
78*
Oct
792
4*c
12
5*
Jan
July
43
59*
4*C
393
2.00
Nov
1.45
85c June
1,550
59
Mines..
295
5*
42*
29*
43
10
Natomas Co
59*
1
Noranaa
1,447
2.00
10
National Auto Fibres
1.45
1.00
1.00
*
High
Low
Nordon Oil
9*
'
Magnavox Co Ltd
5
Nlplsslng
1,1940
Range Since Jan.
Shares
13*
9
13*
13*
10
Leslie Salt Co..
Mar
Price
Par
60c
*
Preferred
Feb
7*
Stocks (Concluded)
Sales
12*
*
Honolulu Oil Corp cap
Hunt Brothers com
Nov
May
May
3* May
4*
27*
106
5*
5*
.....
Hale Bros Stores Inc
33
33
6*
104
6*
5*
*
Preferred
70
99 *
10
Genl Paint Corp com
Exchange
Jan
20*
275
6*
Toronto Stock
10*
May
5
6*
6*
Jan
3.50
May
14*
250
43
May
100
18*
May
95
May
1.00 June
150
100
21
75*
3,877
Emporium Capwell com__»
Preferred
Canadian Markets
High
Low
Shares
17
•
com
Preferred
1, 1940
Range Since Jan.
Last
Crown Zelierbach
2923
The Commercial & Financial Chronicle
151
44
6
Jan
68
Apr
1.25
1.50
40c
32c
29
82c
9c
29*
28*
60c
3c
-
32
26*
6c
2.00
1.00
9c
9c
29*
20,300
*C
4,000
83
32
6c
20c June
22
2,300
June
55c
40
Jan
Jan
30c June
1.05
Jan
July
18c
Apr
25* June
31*
Feb
7c
2,400
218
30
3
6,050
111
30
40
l*c
July
2*C
Mar
19
Sept
35
Mar
4*c
Oct
10c
Jan
2.36
Jan
2.05
2.20
7,600
99c May
*c
2*
*c
1,000
*c
2*
50
1*
7 *c
8c
5,500
Nov
July
2*c June
*c May
Apr
3*
Jan
8*c
The Commercial & Financial Chronicle
2924
Nov.
16,
1940
Canadian Markets
AND UNLISTED
LISTED
Sales
Friday
Last
Industrial and Public
Stocks
Closing bid and asked quotations, Friday, Nov. 15
(American Dollar Prices)
for
of Prices
Low
High
Week
Price
Par
{Concluded)
Week's Range
Sale
Utility Bonds
Ask
Bid
Ask
*
Eastern Dairies
Bid
*
.50c
Foundation Co of Can....*
13%
49
50
Federal Grain
1949
69
71
Alberta Pac Grain 6s.. 1946
68
70
69
71
Algoma Steel 5s
Gen Steel Wares 4%s.l952
Gt Lakes Pap Co 1st 5s '55
fis
6% preferred
5%% preferred
66
68
64
Canada Cement 4%s.l951
Canada SS Lines 6s... 1957
72%
74
68
70
Canadian Vickers Co 6s '47
37
39
N Scotia Stl A Coal 3 %s '63
60
62
Power Corp of Caa 4 %s '69
68
70
Dom Steel A Coal 6%a 1955
73%
71%
75
Price Brothers 1st 5s.. 1957
68%
70%
Imperial Tobacco of Can
73
Indust Accp Corp
54
56
Lake St John Pr A Pap Co
Dom Tar A Cbem 4 %s 1951
Oct
4%s
1 1966
6s_.......Sept
46
48
12 1949
86
88
1 1963
82
Prov of British Columbia—
68
July
Oct
4%S
11%
14
500
12
*
19
19
19%
110
18%
16
200
22
22
195
38
38
38%
682
27%
17%
18%
30
72
77
*
16
15
"74"
*
74
74
85
87
81
83
2 1959
Jan
15 1965
95
96%
15 1960
15 1961
*
88
90
1
1958
83
85
Ogilvie Flour Mills
85
87
fis
Aug
23
Feb
June
28%
May
46%
Jan
17%
Sept
23%
Apr
51
May
80
Apr
Feb
24
Feb
10
70
June
94
Feb
14
May
27
Jan
Oct
16%
Feb
4%
25
Mar
5%
1,900
15
55
4%
5%
5
485
340
65
112
47
51
12% June
10%
2%
59
Feb
2% May
Jan
Feb
59
Jan
6%
5
June
60
Jan
81
Mar
107
Jan
120
Feb
Jan
9%
29%
*
25
May
11
40
June
56%
115
25
June
38%
Jan
40
50
33
June
41%
Mar
44
45
130
34
June
69
59%
535
43%
July
24
142
20
June
142
6
140
July
58%
23%
59%
23%
100
1,214
48%
30%
40
44
29%
48%
30%
142
142
*
9
Ottawa L H A Pwr pref. 100
66
14
20
Jan
330
65
"29%
*
Preferred
Feb
18%
10%
112
•
Ottawa Car Aircraft
June 16 1943
5%
65
25
2 1950
29
16%
3%
5%
Montreal Tram ways... 100
National Breweries..
*
Mar
Aug
89%
55
100
Feb
Feb
June
4%
Cottons pref. 100
Montreal L H A P Cons..*
Preferred
Jan
15%
16%
June
10%
Montreal
Natl Steel Car Corp
Noranda Mines Ltd
4%s
Prov of New Brunswick—
Apr
Apr
92
34
8%
14%
*
May
1 1961
Prov of Saskatchewan—
77
68....
90
Apr
18
*
McColl-Frontenac Oil
285
85
Mar
5%
89%
...»
4s
77
6«
15
...100
4%a
86
6s........June 15 1964
Dec
99
1 1962
4%s
84
1 1969
June
Provinoe of Quebeo—
1 1941
Aug
16 1943
Mag
4s....
Jan
Apr
28
Montreal Cottons
5s
Province of Manitoba—
4 Ha
Ask
15
23%
106
10%
13%
Lindsay (CW)
102%
103%
100%
July
27
25
Feb
9 60
14
480
Feb
10%
96
11% May
May
19% June
10%
4,033
Feb
Feb
May
27
Lang A Sons Ltd (John A)*
101 %
102
1942
May
Jan
16%
86%
105
2 %
•
5
Lake of the Woods
Bid
Oct
July
4%
78
Imperial Oil Ltd
Preferred
1
5s
105
200
Hudson Bay Mining.....*
Intl Nickel of Canada..—*
Province of Ontario—
•"
15
15%
MacKinnon Stl Crp pfdlOO
51
4%
415
M assey-H arris
49
290
7%
95
663
Intl Power pref
1 1948
..
13%
Inter Pete Co Ltd
Jan
Nov
16
Int Paper A Power
Province of Alberta—
June
96
100
International Bronze
Ask
May
80
50
100
Int Paper A Pwr pref.. 100
Bid
10
107
16
74
(American Dollar Prices)
Feb
100
72
Closing bid and asked quotations, Friday, Nov. 15
Apr
*
72
Provincial and Municipal Issues
1.00
15%
100
70%
72
July
May
235
13%
13%
..6
1966
Saguenay Power—
4%s series B
70
Holllnger Gold
Howard Smith Paper
1962
Quebec Power 4s
Famous Players 4 %s._ 1951
66
73
Preferred
Donnaoona Paper Co—
4s................1966
64%
71%
Massey-Harris 4 %s_._ 1964
McColl-Front Oil 4%s 1949
50c
6
11
4
4
Jan
150
540
89
95
..100
Preferred
1961
11%
50c
96
7
Gypsum Lime A A)abas..*
73
6%s
11
General Steel Wares.....*
62
75
71
High
May
89
11
73%
Low
4
13%
13
89
British Col Pow 4%s.l960
1948
50c
300
6%
96
*
—100
100
Gatlneau
Abitlbl P 4 P ctfs fie..1953
6%
6%
Dryden Paper
Range Since Jan. 1, 1940
Shares
100
9%
110
6% June
Feb
31%
Jan
Jan
Jan
77%
Jan
33%
Feb
162
13%
Mar
4 Ha
Sept
5a
Mar
16 1952
1
1960
88
15 1946
65
1 1961
60
...
93
Bid
6s
53%
Ask
Sept
15 1942
4%s
Dec
15 1944
6s
July
1 1944
June
50
July
72
Mar
40
120
Nov
131
Jan
May
11%
Jan
14
14%
560
9
May
24
Jan
15%
15%
65
13
June
17%
Jan
13
75
12
June
105
10
100
May
May
19%
108
Sept
8 V'
*
12%
A preferred
3%
Ask
74
75
76
6s
Deo
1 1954
70
70%
66
68
4%s
July
1 1960
63%
64%
101% 102%
Steel
Co of Canada
18%
19
496
11
11
139
"74%
74%
75
100
62
76
*
Preferred
79
19
63
May
25
United 8teel Corp.......*
Wilsils Ltd.......
*
Class B
Government Guaranteed
Bonds
Closing bid and asked quotations, Friday, Nov. 15
690
84
4%
225
18%
150
1.00
1.00
500
1.00
1.00
1.00
50
7
100
Zellers
1,035
4%
100
Woods Mfg pref
18
44%
18%
*
...
Preferred
6
3%
17%
Shawlnlgan Wat A Power.*
3%
160
44%
18%
Sherwin-Williams of Can.*
73
8
18
60
Winnipeg Electric cl A...*
Dominion
12%
105
105
St Lawrence Paper pref 100
Bid
Canadian Pacific Ry—
4 %s
Sept
1 1946
54
90
50
Saguenay Power pref.. 100
St Lawrence Corp...
•
Closing bid and asked quotations, Friday, Nov. 15
(American Dollar Prices)
I,
4s perpetual debentures
5
53
120
Preferred
Holland Paper vt
Railway Bonds
Canadian Pacific Ry—
100
53
120
Penmans
■
89%
91
Nov
Oct
*
Power Corp of Canada...*
Price Bros A Co Ltd
•
5%s
4%s
..100
Quebec Power
4%s
Province of Nova Scotia—
24
Jan
5%
10% May
21
20
May
52%
16
May
24%
7
May
July
15
Apr
Apr
Jan
Mar
Jan
86%
83
Jan
May
6%
Jan
May
24%
Apr
90c
Aug
2.50
1.00
2%
16
Jan
July
4.00
Jan
6
July
12
Apr
5
37%
24
.*
Jan
5
7
37%
2
Jan
102%
58
Jan
70
Mar
8% June
13
Apr
165
(American Dollar Prices)
Banks—
Bid
Ask
Bid
Canadian National Ry—
4%s
Canadian Northern
Sept
June
4%s
1 1951
15 1966
4%s
Feb
1
4 Ha
July
1 1967
6a
July
1 1969
6s
Oct
1 1969
68
FCb
1 1970
1966
96%
6 %S
96%
97
Ry—
1 1046
Ask
Grand Trunk Pacific Ry—
4s
Jan
1 1962
96%
3s
98%
1 1962
Jan
Par
Algoma Steel.....
Asbestos Corp
Price
16
Preferred..
100
Bathuret Pow A Paper A.*
Bawlf (N) Grain..
*
15%
112
13%
Range
to
Nov.
_47_"
100
157 H
Telephone
5
Bulolo
5
Canada Cement
12
277
Oct
311
Ma1/
35
150
June
190
Maf
Sales
Last
Par
Week's Range
for
Sale
of Prices
Week
Low
Price
Abitlbl Pow A Paper Co..*
95c
95c
•
6%
100 %
Canada Steamship (new).*
6% preferred..
.60
4%
.100
Cndn Car A Foundry
Preferred
Celanese
Preferred 7%
15H
281
15%
205
112
13
10
»
Cndn Ind Alcohol
Class B
875
6%
May
5c
Nov
5%
1,380
47
46
5
26
15
164
95
4%
10
15%
170
15%
15%
300
6%
6%
99% 101
1,052
18
17
10
4%
5%
25%
130
3%
23
6
June
107
107%
Mar
Cndn Inds
Jan
Canadian Marconi Co
1
95c
Feb
Canadian Vickers Ltd
* #»' :m«*'
m
Jan
7% cum pref
100
Canadian Wineries Ltd...*
Nov
Jan
Canadian Breweries pref..*
7%
cum
350
98
Fleet Aircraft Ltd
Aug
104%
Nov
Ford Motor of Can A
2.25
100
1.65 May
3%
Jan
Fraser Companies
25
1.75 May
3%
Jan
Fraser Cos vot trust
30
6
July
19%
Feb
Intl Utilities cl B__
1
5%
6%
6
7,225
4
May
9
Aug
Lake St JohnP&P
*
365
4
May
9
Jan
Mackenzie Air Service...*
May
48%
Jan
MacLaren Power & Paper *
Maritime Tel & Tel Co..10
Dom Tar & Chemical
4
290
3% May
5%
400
3
May
8%
17%
12%
<
Jan
4
465
2
June
6%
Jan
7
1,755
3%
5%
17%
17%
290
10%
40
12%
13
20c
15
_
1.00
18
1.00
18
20c
15
3% June
13%
6
July
May
9%
Feb
10
10
Jan
22%
Feb
20
Jan
Jan
811
7% June
21%
100
20c May
60c
25
1.05
86.981
18%
150
12
June
10c
July
9
May
Jan
28
1.00
22
Jan
Jan
Nov
Jan
16%
16%
30
16%
May
27%
Apr
Massey-Harris 5% cm of 100
36
37
75
25
June
96%
Apr
95%
96
35
82
June
101%
Apr
22%
June
40%
Jan
McColl-Fr Oil6%cm prflOO
Melchers Dlsts Ltd pref. 10
3% May
6%
15%
Mar
47%
111%
Apr
Apr
16
May
22
Feb
June
129
Sept
135
July
155
Feb
510
125
6%
June
113
5%
8%
Feb
June
15
85%
Jan
3%
19%
20
140
Apr
Feb
80
145
5%
86
140
8%
3.76
17
32
126% 126%
500
Ltd
May
75c June
2
10%
6
*
9%"
"~3%
*
1.95
3%
7%
5%
5%
*
2.25
Jan
Mar
4%
*
Mar
Jan
2
Dom Woolens pref
128
Apr
3.50
May
4%
8%
33
Apr
Mar
1.55 May
May
4%
1.40
Sept
1
June
4,655
100
175
Jan
Apr
Apr
5%
180
106
6%
1.95
15
107%
2%
31%
Jan
Nov
June
93
11%
3
10
5
6
May
7% June
20
Falrchild Aircraft Ltd
10%
2
25
650
Feb
145
6
120
225
2,656
37%
21
Aug
70c May
4%
May
145
May
163
1.00
20
20%
22
2
10%
300
167
4
135
700
95c
32
30
3%
1.10 June
10%
32
'29%
17%
5
*
*
50
"16 %
3%
17%
.
1.95
Consolidated Paper Corp.*
Donnacona Paper cl B
715
20 H
v
95c
3
Donnacona Pap Co Ltd A *
95
26%
90c
10
500
David A Frere Ltee cl A..*
Dominion Woollens
*
Cub Aircraft Corp Ltd
Jan
..
1.30
165% 165%
"
Commercial Alcohols Ltd.*
Jan
28
126H
26
6%
107
'
16%
95
25
26
preflOO
28%
28
100
1.25
Feb
9%
100
6%
107
Canadian Breweries Ltd..*
May
95
Canada Vinegars Ltd
*
Can Wire & Cab6%cmpfl00
Apr
Apr
Nov
28
100
Feb
21%
Distillers Seagrams
Preferred
111
June
21
Dominion Textile
July
9%
29
Dominion 8tee) & Coal B 26
95
Mar
25
Dominion Stores Ltd
80
Mar
242
Preferred
97%
8%
27
Dominion Coal pref
Dominion Glass
Jan
97
;
Mar
105
July
97
cum
7
101
4
pfd 100
7%
30
17%
23%
8%
30
Can North
18
43
Feb
4%
Feb
22
27
5%
4%
..
39
1.95
29H
«.
Jan
June
Oct
42%
Jan
30
Oct
42 H
27
6%
5
105
12% May
5%
3% May
5
37
July
Cousol Mining A Smeltlng5
Crown Cork & Seal Co...*
330
5
Jan
37
195
2.25
Apr
Jan
875
125
1.46
Jan
9
Sept
80c June
23%
2%
6
577
35
13
5
113% 117
May
25
102
32
May
Feb
884
17%
June
15
23
160
June
6
24
May
2,369
2
245
155
Oct
June
Brewers A Dlsts of Vane..5
Brit Amer Oil Co Ltd
*
Apr
1,520
340
Mar
Aug
Beaubarnols Power Corp.*
9%
13
19%
47
4% May
May
10
May
3% May
113%
10
•
*
High
2%
29%
169
12
*
22
104% 104%
6
Low
0.60 June
19
Feb
10%
12%
1,300
27%
July
June
7%
12%
1.10
19
11
18
125
6
Range Since Jan. 1, 1940
Shares
27%
80
105
104 H
Cockshutt Plow
High
Canada A Dom Sugar Co. •
Canada Malting Co Ltd..*
25
17
125
100
1.75
7%
100
pref..
9
Canadian Locomotive
*
Canadian Pacific Ry.__2b
Bridge
15%
100
cum pref
22
~32~"
*
Preferred
16%
Apr
Jan
20%
19% May
Feb
112%
343
105
100
*
May
14% May
12% Sept
109% Sept
205
157 % 158
9%
17
7
oum
7%
High
5c
17
.....
Low
13 H
100
;
200
10%
15%
112
18
25
*
11%
6%
Shares
4%
15%
280
161% 161%
Friday
Range Since Jan. 1, 1940
for
15%
Preferred
100
Can Forgings clA.
*
Canada Forgings class B__*
Can Northern Power
*
Preferred
High
26
Building Products A (new) *
Dominion
Mar
15, both inclusive, compiled from official sales lists
Exchange
Week
of Prices
Low
5c
...100
Brazilian Tr Lt & Power. *
British Col Power Corp A •
Bruck Silk Mills.
♦
Preferred
Nov
212
Sales
Week's
11
•
Associated Breweries..... •
Canadian
Mar
197
July
Aluminium Ltd
Stocks—
Bell
176%
Nov
171
Montreal Curb Market
99%
Friday
Preferred
July
197
84
Stocks—
Sale
139
10
107
278
161%
15, both inclusive, compiled from official sales lists
Last
27
197
184% 189
93
83
100
154
197
197
100
Royal
91
154
100
99%
Montreal Stock
Nov.
to
.100
100
Nov. 9
Nov. 9
......
Montreal........
Nova Scotia.
96%
98%
98%
Commeroe....
Imperial.
106% 107%
97%
96%
96%
98%
July
6%
3%
June
15%
Jan
May
6%
Nov
3
May
86
146
70
June
140
26
140
Oct
8%
Apr
90%
4%
Mitchell (Robt) Co Ltd..*
Moore Corp Ltd
*
10%
No par value,
r
200
5%
May
45
15
36% June
109
44
91
40
40
25
36
Feb
96
6% cmlstpf 100
Provincial Transport Co..*
*
Jan
10%
45
96
7
91
Aug
770
4
May
Mar
155
25
109
Paee-Hersey Tubes Ltd..*
Paton Mfg Co
*
Pwr Cpof Cn
4%
Mar
6
6
Canadian market
6%
July
17%
59
40
106%
7%
Mar
Jan
Jan
Jan
Nov
Mar
Feb
Volume
The Commercial & Financial Chronicle
151
2925
Canadian Markets—Listed and Unlisted
Sales
Friday
Last
Week's
Sale
of Prices
Low
High
Montreal Curb Market
Stocks (Continued)
Last
Week's Range
Sale
Quebec Tel & Pow cl A
4
Rogers-Majestic cl A__.__*
Sarnia Bridge Co cl A
*
Class B
2
So Can
2%
19X
500
1.75
1.75
25
X
3.00
Feb
Jan
13%
Nov
1.75
Feb
5
1.75
June
112
Feb
165
29% June
44
Nov
45
16% June
13% June
96
23
103 X 103%
Pow6% cum prf 100
Walker-Good & Worts(H)*
Mar
Feb
1.80 May
150
19 X
*
4%
Nov
4
30
4
High
Low
Canadian Celanese
*
Canadian Dredge
Cndn Indust Alcohol A
Week
Shares
Low
*
1940
Range Since Jan. 1,
for
of Prices
High
Price
Par
Range Since J
for
Week
High
Low
Shares
Sales
Friday
Stocks (Concluded)
Price
Par
Range
32%
*
17%
17%
2%
2 %
735
10%
Canadian Malartic
*
Canadian Oil
C P
10%
10%
57c
60c
3,000
....*
6
*
Canedlan
*
32c
July
9
Jan
Jan
Feb
20
85c
Jan
21
Apr
12
May
4
May
25
6%
9
""3%
Canadian Wineries
June
345
5%
.*
8
12,864
18
16
18
25
R.„
Cndn Wallpaper cl B
3.62
May
9%
20
57c
Canadian Locomotive.,__*
Feb
July
20
65
*
37 X
32
1.66 May
210
32
32%
8
Oct
13
929
Mar
8%
May
44
42
44
19%
19%
19%
*
5%
Sept
Mines—
19
19
50
3% Sept
13% May
22
Apr
Central Patricia
1
1.98
1.98
2.12
4,562
1.45 May
2.55
Jan
Central Porcupine
$1 cum pref
1
9%c
9%c
10c
7,500
...1
20c
19c
20c
Che8tervllle
1
1.36
1.34
1.44
Chromium
*
20c
Wirebound
Chemical Research
10%c
July
35c
Jan
l%c
2,500
2,000
lc
June
3c
July
8c
8c
2,000
3%c
July
13c
Jan
9%c
9%c
4%c June
%c Sept
10c
Oct
lc
2,000
1,500
2%c
Jan
3.40
1,100
1.95 June
4.10
Jan
Aldermac Copper
*
17
19
Arno Mines Ltd....
*
1%c
Beaufor Gold Mines
1
Bobjo Mines Ltd.
1
1
lc
East Malartic Mines Ltd.l
3.25
Duparquet Mining..»
Falconbridge
Nickel
40c
Goldale Mines
Apr
68c
Jan
2,000
16c
Sept
17%c
Nov
l%c
1,200
l%c
Feb
55
15%
Sept
July
8%c
21%
31%
Jan
4.00
985
2.28 June
4.80
Feb
1.30
3.95
McWatters Gold Mines..*
8,900
57c June
1.45
Mar
28C
28c
1,000
25c June
57%c
Jan
6%c
1.20
Mai Gold Fields
6%c
3,500
2c June
10%C
Jan
Jan
Jan
1.20
28c
Pandoa-Cadillac Gold__._l
1.25 June
3.35
1,500
1,000
2.11
2.46
4.15
3.25
3.45
1,000
1.40 June
3.45
Nov
2.54
2.60
300
1.47 June
2.53
Nov
1.95
Pickle-Crow Gold Mines.. 1
3~25
1
San Antonio Gold Mines. .1
2.01
3.10
1.95
1
Preston-East Dome
5.05
May
l%c
..1
Perron Gold Mines
May
20c
25c June
100
21
1
Mac ass a Mines
2.27
5,600
17%c 17%c
1
1
Lake Shore Mines
Jan
300
49c
"48c
*
Joliet-Quebec Mines
1.25
2.70
46c
40c
*
Francoeur Gold
40c
2.57
.1
Eldorado Gold
June
Sherrltt-Gordon Mines
1
93c
1,600
65c
July
1.15
Jan
Slscoe Gold Mines Ltd
1
50c
56c
5,800
47c
Oct
95c
Apr
Bladen-M alartlc Mines
1
44c
44c
500
20c June
610
Jan
Sudbury Basin Mines
*
1.54
1.54
100
Aug
1.54
Nov
Sullivan Cons..
1
60c
62c
4,100
47c June
1.00
Jan
Teck Hughes Gold Mines. 1
3.40
2.48 June
4.15
93c
"50c
Jan'
3.40
1,150
15c
15c
1,500
Nov
26c
Apr
4.10
4.15
500
2.90 June
6.00
Jan
9c
9c
10c
200
8c June
31c
Jan
7.25
7.25
7.25
15
July
8.20
Jan
Exploration. 1
Towagamac
1.00
Waite-Amulet Mines.
1
Wood Cadillac Mines
1
Wright-Hargreaves
*
12c
4.20
Cochenour
65c
65c
65c
30c
30c
May
1.03
Jan
19 %c May
45c
Jan
50c
700
30c
2,200
73c
Cons
Bakeries
Consumers
5
Jan
1.47
Nov
20c
24,857
1,000
41c June
80c
17,600
6
15c
Aug
31c
Jan
58c
Jan
Nov
July
80c
270
3% May
9%
Jan
23c
1,000
15c May
33c
Apr
27c
1,325
16c June
30c
Apr
1,100
1.55
14%
43
1.00
140
42%
42%
Gas.......100
308
11
162
162
June
12% July
28% May
141
July
1.98
Jan
19
Feb
49
Jan
178
Feb
95c
*
Petroleum
16c
Delnite
Dlst Seagrams
*
Dome..
575
3.75
Jan
21c
21,600
10 %o
Aug
350
85c
684
57c
Sept
1.35
Apr
Apr
183
*
Dominion Steel class B..25
25
1,375
16
June
29
38
150
210
1,023
19
July
May
25
10
10
Dominion Stores
*
Dominion Tar pref
18% May
Jan
Jan
15%
6%
Nov
June
89
Mar
1.00 May
3
July
3.50
Feb
10
Aug
2,917
6%
230
3
July
5
75
87
87
Jan
36%
26%
11%
5%
6
100
Nov
1,030
28
183
Dominion Foundry
28
28
26%
26%
..100
Dominion Bank
70c June
188
26%
27%
*
1.00
16c
85c
Cub Aircraft
Da vies
54c
1.43
*
Smelters
15c June
14%
1.43
Consolidated
1,600
23c
"
Conlaurum
14c
5c
25c
23c
;,.__*
Commonwealth Petroleum*
Aug
72c
*
Commoil.
4%
6
1
Cockshutt Plow
6% June
Jan
*
"IXC
2c
7%
7%
2%c
8%
290
Dominion Woollens pref.20
Dorval-Siscoe
1
2c
2c
2c
1,000
l%c
July
4c
Jan
Duquesne Mining...
1
10c
July
11%C
Nov
*
9%c ll%c 103,000
5c
5%c
3,000
2c
East Crest
3c
July
8c
Apr
Dominion Woollens
4.10
Jan
13
13
10
8
May
18%
Jan
22%
18
22%
22
18
Nov
29%
Jan
21c June
1.23
3.20
._*
25
Economic Inv
990
13
1
East Malartio
Eastern Steel
3.40
1.95 June
12,570
Eldorado...
1
37 %c
40c
20,967
English Electric A...
*
29%
29%
10
■
Oil—
4%
19
Class BN'....«i
-wt
-
v
Jan
July
6
Feb
July
15c May
6
Jan
5
5
2%
4%
25
Equitable Life
33
5
*
Jan
Sept
25
5
39
3%
Oil Co
...
Ltd-....,
*
1
40c
Mar
"80c
80c
96c
1,400
96c
Nov
96c
Nov
2.70
2.55
2.90
23,645
1.30
May
3.10
Jan
35c
35c
Dalhousle Oil Co Ltd...
Foothills Oil & Gas Co..
Home Oil Co Ltd
24c
300
May
...»
20c
20c
1,500
26c
Feb
Falconbridge
*
2.60
2.75
2,640
1.76
June
6.00
Apr
Fanny Farmer
1
1
27%
27%
1,128
20%
June
30
Federal-Kirkiand
4%c
4%c
5,500
l%c
Apr
*
33c
33c
300
30c
July
July
6%c
Federated Petroleum
36c
Sept
Fleet Aircraft
A nglo-Canadian
Calmont Oil
*
6%
6%
100
3% June
13% July
10%
Jan
22%
Jan
Aug
11c
19c June
70o
Jan
16%
Feb
Extension Oil
Ford
& Industrial Stocks
18%
1,144
7c
8c
2,000
*
45c
50c
29,600
11%
200
10
July
47
79
July
97
Feb
18
4%
3%c
July
10%
Apr
July
10%c
17
17
Petroleum
Francoeur
11
11
Gatineau Power
6%
*
General Steel Wares
Bunting
4,500
l%c
2,000
lc June
41c 45%c
9,000
25c May
69o
Jan
19c
30,100
8c June
23o
Jan
13c
*
Goldale
Golden Gate.....
14c
14,650
7%c June
6c July
220
Jan
260
Jan
Gold Eagle
6%c
7%c
6,000
Good fish..
Toronto, Canada
1%C
l%c
8,750
75
75
*
..1
...*
50
Goodyear
Graham Bousquet
Great Lake v t pref
Toronto Stock
Nov.
9
Nov. 15, both inclusive,
to
Sales
Range Since Jan. 1, 1940
Last
Par
Week's Range
for
Sale
of Prices
Low
High
Week,
Price
1.00
Abitlbl
7%
100
preferred
6%
90c
7%
1.00
Low
2
Apr
Hudson Bay
Jan
Imperial Bank
Anglo Canadian
1
Ashley
Aunor
2.50
100
1.40
Aug
3.00
Jan
17,500
3,000
4c
July
17c
Jan
Imperial Tobacco ord
4c
4c
2.30
11 %c
14c
9c
9c
Apr
Inspiration
Jan
Int Metal A
2.68
Jan
14o
Nov
7,400
1
7c
4%c
June
3c June
7,950
12%c
Aug
2c June
2c
1,062
2.15
1
Bagamac
Bankfleld
4%c
2,200
9c
190
184
100
Bank of Nova Scotia—100
Bank of Toronto
100
Bank of Montreal
5c
278
278%
241
11c
245
11c
13c
91o
5c
40
4.D
200
7c
45,600
Base Metals
*
Batburst Power cl A
*
13%
13%
250
Bear Exploration
1
5c
5%c
5,500
2%c
4,400
70c
5
*
100
100
Beatty class A
Beatty 1st pref
2d
1.15
1
Beattle Gold
preferred
*
Beauharnols
100
1
Bell Telephone Co
Bldgood Klrkland
99
1.12
7
tept
July
88
10
14 %C
14%c 16 %C
41,900
8%c
9%c
6,100
Bobjo
1
Bralorne
*
10%
10%
20%
20%
190
5%
5%
19%
19
19
25%
Brit Columbia Power A..*
26
Aug
10%
;23%
30
80c
88c
50,900
28c May
88c
Nov
Brown Oil
*
14c
12c
14c
14,300
19%c
Jan
Buffalo-Ankerite
1
*
5.00
6%c June
2.75 July
Oct
4%C
Feb
17%
Jan
B uf f alo-Canadian
5.00
2c
15
Building Products
5.10
620
2%c
2,000
15%
320
l%c
12
June
8.60
Jan
35
6%
May
14
Jan
June
2.39
Jan
47c
Jan
Canada Cement
*
6%
6%
6.50
3
June
43
78
June
Canada Cycle & Mot
Apr
880
Jan
3,935
26%
26%
312
20% May
28%
Jan
25%
27
235
20
-May
26%
Jan
2.25 June
4.75
Feb
2.70
Nov
*
50
"l7%
17
58c
25%
Cndn Bk of Commerce. 100
156%
*
1.25
*
Preferred
65
June
117
153
5%
356
July
2% June
17%
514
9% June
58c
*
25
1
300
1.25
300
26
Monarch Oils
Apr
2.60
6,350
62c
70c
76,983
1.33
52,500
3
3%
460
1%
4%
5
155
3%
4%
1,720
36%
250
6
96
96
51%
53%
425
1.30
1.44
31,40(
85c June
1.47
3,800
20c June
58c
Jan
36
Moneta
.•
9%
Feb
80
June
101
Apr
37%
July
58
Jan
86c
92c
6c
June
12%
Apr
40c
July
July
1.33
Jan
3,900
5
96
1,000
9,050
93
4
37%c
56c
60c
45%
87
3c
9,500
2c
July
8c
Jan
2c
2c
5(X
lc
Aug
2%c
Apr
275
4%
8%
Mar
22
Nov
July
26%
Mar
35
June
69
Jan
Nov
193
Feb
July
37%o
Jan
34%
National Grocers
*
National Grocers
pref...20
25
25
25%
255
National
Car......*
43
43
45%
no
162% 162%
100
162%
31c
167,000
12o
May
14
June
16%
Jan
12%
May
29
Jan
3
5
100
3
28c
5
Feb
5%
Jan
Jan
2%c
Apr
7%
July
Oct
9c
44%
3
45
Apr
1
99%
93 %C
%c May
2.75
Steel
Jan
5
31%
Naybob
15
June
1
National Trust-
22%
Jan
5
Murphy
Feb
•
69%
Apr
Feb
3
Jan
25
21%
Feb
535
6%
1
22
345
Jan
2%
*
178
9%
9%
Moore Corp
July
10%
Jan
3% May
July
July
210
7
6c
Mar
5%
15
27c 29 %c
96
Nov
July
Morrls-Klr kland—
June
20%
3
86c
70C
1.45
365
7
*
*
preflOO
25c
1
5%
?
July
54c June
20 %c
Mar
17
10%
1.00 June
Jan
1.18
Mar
135
19%
5,150
8%
150
54
20%
22%
Apr
156%
268
9
Sept
1.05
Aug
21% May
515
10%
20
Class B
Can Car & Foundry
65
24
87
58c
Canadian Canners A
Modern Containers
135
5
"25%
Breweries
Mar
134
pref.*
Canadian
Mar
22
86
Can Permanent Mtge.,100
Canadian Bakeries
106
'l34"
Canada Packers
Canadian Breweries
Aug
39%
.104%
4.0C
lc May
3
3
June
90
Jan
3.40
McWatters
June
102
100
37
105
an
Jan
13
5%c
')
12
6
20
37
105
June
Jan
22 %o
41c June
100
-5
29%
105
20
Canada Malting
Preferred
100
9
July
1.71 May
100
Mercury Mills....—
Mining Corp
"37*
prflOO
Canada Foundry class A.
Canada Steamships
99
785
6c
7.25
3,500
McKenzie...
100
11%
4.75 June
32
*
Mclntyre
18c June
100
9c
July
*
*
McColl pref
1.00
Preferred..
6C
2,199
6,350
*
15%
12,350
5%
13,400
Jan
5.40
2.55
Preferred
13,079
Nov
770
2c
McColl.
32c
8%
Jan
23%
i
Massey-Harrls..
1.77
100
1.54
53c
1
Preferred
28C
,6
22,450
70c June
3.85
Maple Leaf Milling
1.57
11
Nov
1.10
2.35
...
Madsen Red Lake
29c
10%
3.70
2.27
Malartic (G F)
1.57
*
Edmonton
Nov
8
Nov
1%C
Mines
•
1
Calgary
19c 1 Jan
Aug
8
1.20 June
11
11
27
Calmont
Burlington Steel
l%c
Nov
29,321
3.70
5
.3
5,000
5
8
Jan
Feb
42c
5.15
McL Cockshutt
"~80c
2 %c
8
*
B
Apr
1
Broulan-Porcuplne
24
17c May
_.*
A...
Macassa
Jan
47
12% June
78,850
50c
Oct
Mar
27% May
5,845
42c
1
Loblaw
3% June
14% May
1,592
16%
20%
Little Long Lac
23%
38%
3.50
Leltch
Jan
21
'•
14%
38
Lebel-Oro
11.00 May
Jan
Apr
200
1.03
Oct
Apr
Jan
15%
Apr
Lake Shore
11%C
7.40 June
Apr
113%
Klrkland Lake
52 %c
19
Apr
41c
36%C
Jan
Mar
16%
2%C
July
10c
1,422
10
6%
Jan
Jan
Oct
17c June
8% June
12
114
International Petroleum..*
Lamaque (G)
Lapa Cadillac
Laura Secord (new)
Apr
15%
May
International Nickel
3%C June
1,395
5%
Brazilian Traction
British American Oil
96
169
130
1,430
Brantford Cordage pref.25
Mar
2% May
July
90
137
187
5%
102
Feb
May
Apr
3
Jan
220
June
*
90
10
34
July
5
1
60
1,050
7,655
May
90
Kerr-Addison
Feb
25
28c
Jan
July
19%
150
85
Kelvlnator
July
14%
0%
10
Jellicoe
1.19
11%
40 %o
21 %o
20
Jan
July
July
56
110
Feb
15%
9%c
1,442
100%
268
May
2,545
27c
Jack Waite
33c
34 c
28%
199
Jan
101%
Feb
July
1.30 May
98
Mar
190
5
5%
157% 159
Jan
9% June
39,650
101
*
315
5
158
28C
1,646
2.92
100
211
99
4%
99
88
"5%
1.25
July
13%
100
Preferred
Int Metals A pref
July
269
Jan
11
10%
14%
5
1
July
Aug
170
8
Jan
19%c
195
195
Imperial Oil Co
7c
5c
Jan
1.48
26%
*
100
2.50
~2T5
Feb
4%
33c
..1
6%c
1
Gold Mines..,
1.03
Mar
72%
2%
13%
b
Co
~6%c
1
1
Astoria Que
41c June
Home Oil
75c
21,550
38%
May
50
2.50
Holllnger Consolidated
63c
*
Arntfleld
Sept
May
60
3%
10
.*
Hinde & Dauch
63c
*
Anglo-Huronian
lc
34
34
3%
Howey
Jan
1,000
35
64
Jan
6%c
75
2c
37
62
Jan
16%
11%
2c
16%c
35
30
100
3.10
July
19c
10%
1
.
Apr
15
7% June
8,500
16%c
*
•
Copper
8%
16
Jan
10c
July
7% June
Jan
8%c
Jan
Feb
3
35
38o
1,000
Mar
7.75
7c June
21c
11c
5%
3%c
4,500
Aug
11c
May
%c June
July
2%
5.00
17%c
Jan
11c
300
Jan
14c
22 %c
1,000
5%
Jan
Mar
64c
*
10%c June
19c
230
35
31 %c June
Highwood
Jan
8%c
43,000
Feb
Jan
3%c May
14,535
Nov
18c
110
2c
5.60
25
87
«27%
1.18
8c
7%c
4%
1%C
June
1.06
17%
18c
Amm Gold
l%c
June
lc June
13
1
June
8%c
Aldermac
*
58
l%c May
Hard Rock
3c June
—_*
1,600
Oct
2%c May
July
65c May
1,355
AJax (O & G)
1
Alberta Pacific Consol.-.l
Algoma Steel
4
10
40c
5%
...
Harding Carpets..
9%
7,000
Acme Gas
Apr
30
40c
Hallnor..
Hamilton Theater pref.
2.50
100
%c
7,500
5.60
Gypsum
Halcrow-Swazey
Hamilton Cotton pref
High
50c June
350
2%c
24%
30
Hamilton Bridge
Shares
35
2c
23%
1
Gunnar
compiled from official sales lists
Friday
Stocks-
Great Western pref
Exchange
Jan
4%c
16%c
God's Lake
STREET, NEW YORK, N. Y.
30 BROAD
HEAD OFFICE, 2010 Royal Bank Building,
Jan
l%c
Glenora
Members The Toronto Stock Exchange
7%
6c
4c
Gillies Lake......
Macdonald &,
90
88
Gatlneau Power pref...100
Quoted in U. S. Funds
Mar
*
a
Found
Canadian Mining
27
No par value.
(Concluded on page 2923)
June
Apr
48
The Commercial &
2926
Quotations
Rid
Rid
1969
Jan
1
1977
102
a3s
June
1
1980
102
July
1
1975
105 va
107
May
1
1954
iiox 111H
Nov
1
1954
110H nix
Mar
1
1960
110 H
115H 116H
1958
1
Nov
112
110H 112
16 1976
aZHn Jan
1 1957
a4s
May
116H 117 x
116x 118
120x 122
a 4«
May
1
1969
a 48
May
1
1977
a4a
Oct
1
1980..
a4XB Sept
1
a4Ha Mar
1
121x 123 H
1960
1962
..
122 H
124 x
125H
120x 121H
121x 122 H
Bar
124
1 1964
1 1900......
15 1972......
o4HsJune
1 1974......
a4XB Feb
15 1976
a4XB Jan
1 1977
a4XB Nov 15 1978
aiXB Mar
11981
a4 Hb May
1 1957
a4Hs Nov
1 1957
a4Hs Mar
1 1963
a4H» June
1 1905......
a4Hs July
1 1967
a4HB Dec
16 1971
a4Hs Deo
1 1979
102 x
aSHa
a3Hs
a3Hs
a3Hs
122 X 123 X
a4XB Apr
a4XB Apr
102 ^4*
a4a
Ask
a4XB Mar
15
aZs
a2X» July
Chicago & San Francisco Banks
City Bonds
Ask
100
99
16, 1940
Over-the-Counter Securities-Friday Nov. 15
on
New York
Nov.
Financial Chronicle
302
310
Northern Trust Co
217
209
511
524
100
Continental Illinois Natl
125
126 X
125x 127
126x 127H
126x 128 H
127 x 129^
Ask
Harris Trust A Savlngs.100
100
A Trust
Bid
Par
Ask
Bid
American National Bank
33 1-3
100
Bank A Trust
First National
86
FRANCISCO—
SAN
88
273
278
36x
B k of Amer N T A S A 12 H
38x
123 X
122
New York Bank Stocks
122 H 123 x
125x 126 h
126 Vt
127x
127 x
128 x
128 V» 130x
133
134h
Par
40
Ask
Bensonhurst National
85
loo"
National Bronx Bank—.50
40
45
National City.
17x
15x
Bank of York town. .66 2-3
60
Bid
Par
Ask
Bid
Bank of Manhattan Co.10
27 x
29
10x
12H
12 H
National Safety Bank_12H
:
170
182
Fifth Avenue
100
670
3s 1981
62 00
At*
World War Bonus—
less 1
less 1
4Mb April 1941 to 1949.
61.00
Improvement—
48 Mar A Sept 1968 to'67
100
u3x
61.90
6s Jan A Mar 1964 to '71
Highway Imp 4Xb Sept '63
Canal Imp 4Hs Jan 1964—
150
Can A High Imp 4Hs 1966
...
150
147 H
Public
3 Xb 6th ser Aug
625
106
MAS
15
17H
Irving
.>100
76
81
Rings County..
16 *77
97
100
48
50
20
52x
54 x
50
30
35
New York
25
108 H
mx
11x
Title Guarantee A Tr
12
3
10
15
...100
80
Clinton Trust
Colonial
25
...
9H
105x 106
62.20
1952
1956
104
106
13H
15
Trade Bank A Trust
51
52
Underwriters
48 x
United States
Ask
Feb
1952
106
5*8 Aug
1941
118
July 1948 opt 1943.
6a
108
100
111
114H
100
101
113
119
121
3s 1956 opt 1940
MAW
Bid
Ask
110
3HS 1955 opt 1945—MAN
48 1946 opt 1944
JAJ
4s 1904 opt 1944
J AJ
109H 109H
109H 109H
109H>109H
43
mmm-
25
100
74
Mtn 8tatee Tel A Tel.. 100
131
Denver IXb, 3e
First Carolina—
......
Ask
2X
Lincoln 6 Ha
New York 6e
86
99 X
■
mm
/
B
88"
99
r35
Oregon-W ashl ngton
mm
Par
/G Foods Inc common..*
40"
Bohack (H C) common
*
7% preferred....... 100
Sou New Eng
Telep—.100
17
20
160 x 164
Par
Ask
Bid
•
Phoenix
99
5s
4 Ha
IX
2%
Reeves (Dan el)
0% Pref... 100
Ask
Bid
12
pref—.100
12 X
90
mmrn
22
20
7
RH
*5
Cigar-Whelan Storee
preferred
*
-
21H
19H
101
99 X
Potomac IXb
mm, mm
Kress (S H)
101
Phoenix
99
3
98 H
Pennsylvania IXb, 1 Ha
„
2X
U nlted
Fish man (M H) Co Inc..*
99
First New Orleans—
Is, 2s
134
Ask
First Montgomery—
First Texas 2s, 2Hs
114
25
89
North Carolina Ha, lHs—
3s, 3Xb
$6.50 1st pref
So A Atl Telegraph
110x
87
99
IXb. 2s
35
84
Lincoln 6s
T2
Chicago
34H
32
Rochester Telephone—
99
Lafayette Ha, 2s
Lincoln 4 Ha
.
99
IXb
32
100
Preferred A
Chain Store Stocks
Bid
9
99
IHs
18
*
.25
Peninsular Telep com
mx 112
r7
Atlanta Xb,
Burlington
15
1ux 111H
Ask
Bid
A Atl Telegraph...25
mmmrn'm
Joint Stock Land Bank Bonds
I
22
18
mrnmm
46
Int Ocean Telegraph
,
6% pref. 100
Emp A Bay State Tel—100
Franklin Telegraph.... 100
Cuban Teleph
Federal Land Bank Bonds
Bid
Ask
New York Mutual Tel..25
109M mx
Bell Telep of Pa pref—109
112
Conversion 3s 1947
118
115
1565
Bid
Par
Ask
Bid
no
Pac
Bell Telep of Canada
110H
U 8 conversion 3s 1946
com.*
5% preferred....
121
102 x 103 x
108
Par
127
Am Dlst Teleg (N J)
4H8 July 1952
6s
100 1515
4
90"
Telephone and Telegraph Stocks
125
Govt of Puerto Rico—
99 x 101
Apr
Empire
.
Bid
6s
20
'2.10%
106
,
Preferred....
|2.95%
61.20
U 8 Panama 3s June 11901
3s 1955 Opt 1945
3AJ\
3s 1950 opt 1940—J&J
Manufacturers
45x
Continental Bank A Tr.10
Ask
104
39 x
37 x
20
20
2Xb serial rev 1946-1952
Bid
Ask
220
Chemical Bank A Trust. 10
Corn Exch Bk A Tr
United States Insular Bonds
Hawaii 4Xb Oct 1956
....
200
298
100 293
12x
11x
10
1560
....100 1510
31
28
25
Central Hanover...
3^88 f revenue
1980
3s serial rev 1953-1976—
6.25
Philippine Government—
4 Xb Oct
1959
100
—.35
County
Bronx
Bid
Par
Guaranty
—
106
MAS
1942-1960
59
104x
101x 102 x
104x
Trlborough Bridge—
Inland Terminal 4^8 ser D
1941
MAS
57
105
3 Xb 2nd ser May 1*76
3s
4th ser Dec 16 '76
Holland Tunnel 4Xb ser E
1941
MAS
10
Fulton
Lawyers
General A Refunding—
4s
1st ser Mar 1 '76
mx 111%
1976—
369
Brooklyn
Port of New York-
San Francisco-Oakland—
1942-1960
As*
Bid
Ask
Bid
360
Bankers
Companies
Ask
Bid
Bank of New York——100
Authority Bonds
California Toll Bridge—
Atlantic IXb,
28
.
New York Trust
mm mm mm
Par
4Xb July
32 x
26
Highway
Canal A Highway—
4s September
130
55
30 x
17 H
Sterling Nat Bank & Tr 25
1745
120
48
141x
Barge CT 4^8 Jan 11946.
Peoples National
Publlo National
141x
Canal Imp 4s J&J '60 to '67
10
10
50
Penn Exchange
710
100 1705
Merchants Bank
Bid
Ask
Bid
61.90
35H
First National of NY
New York State Bonds
3s 1974
33 H
13.65
Commercial National
100
Chase
First Trust Chicago-
Is, 1?*8
St. Louis
Southern Minnesota
99
Fletcher Xb, 3Hb—
Fremont 4Xb, 5Ha
-
Iowa 4Xb, 4Ha
99 X
98
23
99
mm,
mm
Southwest (Ark) 6s
mm
'
mm m, mm
14 H
99
IXb
Bids and
Bid
1
North Carolina...
100
95
102
82
New York...
100
48
62
-.100
76
80
...
Pennsylvania
100
35
40
56
62
Potomac
100
115
130
100
55
60
San Antonio
100
105
115
...100
Dallas
14
18
Virginia
100
4
8
100
5
9
Denver
Des Moines
—
First Carolines
Fremont...
—
Lincoln..
—
2H
5
85
100
Virginia-Carolina.
3
FHA Insured Mortgages
95
Bid
Federal Intermediate Credit Bank
Bid
X% due
X% due
X% due
.Dec
Bid
1 1941 6.30%
Mar
Apr
X% doe
Ask
1 1941 6 .30%
11941 6.30%
Oct 1 1941 6.40%
•40%
Nov 1 1941
Georgia 4 Ha
Illinois 4Hs
Indiana 4Hs
Louisiana 4Hs
x% due
x% due
Bid
Ask
District of Columbia 4He-
Home Owners'
Deo
2s..
Apr
100.3
1 1943 102.26 103
No par value,
1%
maturities,
a
101.16 101.20
July
100.5
x% notes Nov 1 1941—
144% notes Feb 11944.. 102.28 102.30
101.26 102
Interchangeable.
6 Basis price,
d Coupon.
«
Ex Interest
is for all
Quotation not furnished by sponsor
based
on
S84.50
Sept. 25 and 5% in Oct.
North Carolina 4Ha
101H
102 X
102
-
102
103 x
Rhode Island 4Ha
102
103H
South Carolina 4Hs
101H 102H
103H
Tennessee 4 Xb
101H 103
103
Texas 4Hs
101H 102H
102 H 103H
Pennsylvania 4Hs
-
101H 103
Insured Farm Mtges 4
Virginia 4Ha
West Virginia 4
Hs
...
101
102 H
101
102 H
101H 103
H% to X% must be deducted from Interest rate.
F.H.A. INSURED MORTGAGES
of
or
Circular
on
Co's.
request
Commonwealth Building
Issuer.
principal
"Hedge" security for Banks and Insurance
STORMS AND CO.
Now listed on New York Stock Exchange.
Now selling on New York Curb Exchange.
on
103
101
SPECIALIZINOj
1 1942 101.12 101.14
n Nominal quotation,
r In reoelvorshlp.
Quotation shown
mi When Issued
to-s With stock,
z Ex-dlvidend.
5 Quotation
.....
A servicing tee from
100.4
y
5x%
103
102
4Ha~
4Hs
U 8 Housing Authority—
t
♦
102
New York State 4Hs
100.11
The be*t
/Flat price,
N Y (Metrop area)
102
Massachusetts 4 Ha
H% notes July 20 1941
H%
Nov
1 1941 100.24 100.26
x%
Jan
16 1942 100.28 100.30
2s May 16 1943—
*
101H 102 X
102
103H
103
104
100.17 100.19
Federal Natl Mtge Assn—
IXB Jan 3 1944—
Jan 3 1941 at 101X
101H 102H
Corp—
1 1940 100.1
Call May 16 '41 at 100 x
15 1941 100.9
Reconstruction Finance
Federal Home Loan Banks
2s
May
XB
New Mexioo 4Hs
102
Minnesota 4Hs
Loan Corp
102
101H 103
101H 102H
Maryland 4 Ha
Ask
Asked
New Jersey 4H8......
68
101
Florida 4He.......
Michigan 4Ha
Commodity Credit Corp—
H%
Aug
11941 100.11 100.13
1%
Nov 15 1941 100.28 100.30
X%
May
11943 100.29 100.31
........
Delaware 4Xb
Obligations of Governmental Agencies
Bid
Arkansas 4Hs
6a
Bid
Asked
101H 102 H
101H 102 H
102
103H
102 H
101H 102 X
101H 102 X
Alabama 4 Ms
X% due
May 1 1941 6.35%
X% due
June 2 1941 6.35%
x% due—..Aug 1 1941 6 .35%
2 1941 6 .30%
Feb
Debentures
Ask
2 1940 & .25%
Jan
x % due
York, N. Y.
Telephone: WHitehall 3-6850
5
78
Atlantic
44 Wall Street, New
Ask
100
...100
Atlanta
Bid
Par
Ask
Offerings Wanted
WHITEHEAD & FISCHER
Joint Stock Land Bank Stocks
Par
FHA Insured Mortgages
99
Virginian Is.
m
84
Union Detroit 2 Ha
m-mm
100
Indianapolis 5s
rl3H
99
70
Illinois Midwest 4Xb, 5s..
r21
amount.
Phone Atlantic 1170
6% was paid on July 2,
PITTSBURGH, PA.
Volume
2927
The Commercial & Financial Chronicle
151
Quotations
Over-the-Counter Securities—Friday Nov. 15—Continued
on
Insurance
Par
Guaranteed Railroad Stocks
Aetna Cas A Surety
Companies
5234
5434
Aetna Life..
10
27
2834
Homestead Fire
Agricultural
25
7334
77
Ins Co of North Amer
Aetna
3o$cpb Olalktr* Sons
American Alliance
^Dealert in
1854
1034
4554
4754
Merch Fire Assur com...5
1
Ins..1234
Mass Bonding A
1634
4934
5134
National Casualty
10
3854
4054
National Fire
234
100
6.00
77
80
2.00
31
3334
8.75
9134
9324
8.50
10
15
3.00
3834
4134
5.00
8834
9134
6.00
71
7534
3.50
83
8554
60
2.00
48
25
2234
New Brunswick
10
3434
3634
2834
2954
New Hampshire Fire
10
4634
4834
10
..6
23
2434
New York Fire
5
1434
1534
7
834
10
25
2654
Northern
3734
North River
6.50
Michigan Central (New York Central)
.....100
Morris A Essex (Del Lack A Western)
60
New York Lackawanna A Western (D L A W)
100
60.00
50
......60
60
(Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Northern Central
63 34
4634
2954
5.00
6634
3134
5934
4.00
9334
9634
4.50
39
42
1.60
44
47
60
3.00
175
7.00
59
6.00
68
6.00
137
10.00
4834
120
Fireman's Fd of San Fr.25
98
245
Tunnel RR St Louis (Terminal RR)
6334
10
6.00
62
6.00
5734
2634
Seaboard Surety
47
5
Fire...15
15
10
13
Standard Accident
53
58
Stuyvesant
2634
28
10
Halifax
934
Globe A Republic
Globe A Rutgers
Hartford Steam Boiler..
Par
Amer Bemberg
Atk
1.75
61.50
1.10
New York Central 434s...
61 60
1.20
62.25
1.75
N Y Chic A St Louis 4s...
63.00
2.50
64.60
4 00
N Y N H A Hartford 3s...
62.35
1.80
Central RR of N J 4)4s—
61 40
0.75
North Amer Car 4348-5348
64.40
3.85
Central of Georgia 4s
64.00
3.00
Northern Pacific
61.75
1.35
Chesapeake A Ohio 4J4s—
61.25
0.80
No W Refr Line 3 348-4S.
63.25
2.50
Chic Burl A Qulncy 234s__
61.50
1.15
Chic Mllw A St Paul 6s...
62.50
1.75
61.00
0.50
61.90
4s series E
2.00
Del Lack A Western 4s
63.00
Denv A Rio Gr West 434s.
62.00
62 00
1.50
Fruit
Growers
1.40
62.00
1.50
Pere Marquette—
1.25
Erle 434s
61.90
234» series G A H
1 25
1.75
1.35
61.85
2348-2348 and 434a
Reading Co 4 34s
61.50
1.20
8t Louis-San Fran 4s-4 34s
Express
61.90
1.40
_
1 10
St Louis S'western 434s—
61.85
1.25
64.10
3.25
2.00
1.15
Shippers Car Line 6s
Southern Pacific 434s
63.00
61.55
61.60
1.20
62.40
1.80
61.40
4s. 4340 and 434s
Grand Trunk Western 5s.
.
Great Northern Ry 2s
62.10
1.75
Kansas City Southern 3s..
62.25
1.75
Southern Ry 4s
61.40
1.00
Lehigh A New Engl 4340--
61.65
1.25
Texas A Pacific 4s-434s
61.60
1.20
Long Island 4348
62.00
1.60
Union Pacific 234s
61.75
1.25
61.75
1.25
Western
62.25
1.75
Western Pacific 6s
61.90
1.25
Illinois Central 3s
Louisiana A Ark
x
3348
Maine Central 6s
Merchants
234s
2348. 4348 A 6s
1
61.90
1.20
62.00
1.50
4348-4348.
61.65
1.20
Wheeling A Lake Erie 234s
61.60
1.20
Maryland 2s
West Fruit Exp
Despatch
290
12
Travelers
100
399
409
1334
U 8 Fidelity A Guar
Co..2
20
2734
U S Fire
88
U 8 Guarantee
59
Bid
1634
A com...*
2134
4
( Westchester
Atk
334
34
1834
5234
6934
2.50
Fire
5034
10
3334
7134
3534
1334
sGrl&s
1234
1234
334
5034
434
Amer
Hard ware.
Malre
>
„
Nat Paper A Type
preferred
5%
Ask
Par
com__.l
50
Bid
25 34
2854
*
46
48
New Britain Machine
534
6 34
Newport News Shlpbuild'g
1234
6% conv pref 1st ser._10
American
1.20
62.15
4
240
Amer Distilling Co 5%
American Enka Corp
62.25
Cllnchfleld 234s
5034
100
American Cyanamld—
59
61.80
Chic A Northwestern 434s.
4834
Sun Life Assuranoe
234
27
Pennsylvania 434s series D
126
123
3
3134
66
..
10
5
_.*
American Arch
56
2348-2348
3434
Industrial Stocks and Bonds
60
Nash Chat A St Louis 234s
Canadian Pacific 4Hs...-
834
3934
3634
3734
57
5
2534
234s
10
12
2d preferred
3.00
Bid
1.60
4
254
634
10
Springlleld Fire A Mar. .25
1034
•'
9
234
244
Security New Haven
3.60
Missouri Pacifio 4348
4.00
Seaboard Fire A Marine..5
45
5.00
1.10
64 65
9t Paul Fire A Marine..25
26
Alabama Mills Inc......•
6034
0.50
62.10
4234
2434
5434
61.50
Canadian National 4348-5e
27
32
10
Revere (Paul) Fire
10
Rhode Island...........6
6
250
5034
61.00
Boston A Maine 6s.
2734
2534
Republic (Texas)
1034
—
Atlantic Coast Line 4348--
234s
38
734
2634
23
Gibraltar Fire A Marine. 10
mmmm
Baltimore A Ohio 4 34s
Bessemer A Lake Erie
1534
36
72
6.00
Atk
1334
2554
.
179
Equipment Bonds
Bid
88
5
4034
General Reinsurance Corp 5
2d
Railroad
40
84
Reinsurance Corp (N Y) .2
101
934
.6
Georgia Home
121
38
30
5
Firemen's of Newark
12634
117
Providence-Washington .10
6934
6734
121
26
Preferred Accident
125
Fidelity A Dep of Md._.20
Fire Assn of Pblla__
10
National .25
Pacific Indemnity Co.—10
Phoenix
10
5034
Great American
138
3.00
100
United New Jersey RR A Canal (Pennsylvania).... 100
Utlca Chenango A Susquehanna (DLA W)
...100
Valley (Delaware Lackawanna A Western)
100
vicksburg Shreveport A Pacific (Illinois Central).. 100
Preferred
...100
Warren RR of N J (Del Lack A Western)
60
West Jersey A Seashore (Penn-Readlng)
60
10
2.50
Pacific Fire
«.
954
160
6.64
-
10034 105
2634
2434
12.50
85
81
7.00
Preferred
-
834
5
4
5
...
Northwestern
234
134
5
Excess
Glens Falls Fire
3.875
Pittsburgh Fort Wayne A Chicago (Penna) pref
Northeastern
Great Amer Indemnity... 1
750
550
100
Pittsburgh Youngstown A Ashtabula pref (Penna).. 100
Rensselaer A Saratoga (Delaware A Hudson)
100
St Louis Bridge 1st pref (Terminal RR)
100
Seoond preferred
100
55
Federal
155
4334
4.00
35
49
60
15034
9.00
5
Eagle Fire
234
Employers Re-Insurance 10
Continental Casualty
Franklin Fire...
47
2.00
(N Y Central)
..100
Georgia RR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Western)....100
Fort Wayne A Jackson pref
1834
2034
Connecticut Gen Life
117
112
146
1634
6
City of New York
City Title
77
7334
6.00
834
141
2
10
Carolina
10.50
6334
734
2
New Amsterdam Cas
8
,29
6134
20
National Union Fire
630
610
234
7
10
...10
National Liberty
734
834
9834 102
25
234
26
Merch A Mfrs Fire N Y..5
10
25
Camden Fire...
Asked
Bid
Dollars
Delaware (Pennsylvania)
53
Maryland Casualty
Bankers A Shippers
Boston
Hvidend
Betterment stock
49
654
1434
Baltimore American
(Guarantor in Parentheses)
100
100
Allegheny & Western (Buff Roch 4 Pitts)
100
Beech Creek (New York Central)
60
Boston A Albany (New York Central)
100
B08ton A Providence (New Haven)
100
Canada Southern (New York Central)
100
Carolina Cllnchfleld A Ohio com (L A N-A C L)__.100
Cleve Cln Chicago A St Louis prei (N Y Central)..100
Cleveland A Pittsburgh (Pennsylvania)..
....50
6734
Lincoln Fire
454
1254
American Surety
(Illinois Central)
Albany & Susquehanna (Delaware & Hudson)
134
134
6434
12
...10
Automobile
Alabama A Vlcksburg
934
5
Knickerbocker
American Reserve
Guaranteed Railroad Stocks
71
5
4434
1034
Jersey Insurance of N Y.20
1754
2034
7034
42
10
American Re-Ins uranoe-10
vSincel855j
19
.10
American of Newark--.234
American Home
2-6600
STOCKS
5
2334
2034
American Equitable
Tel. RE ctor
guaranteed!
NEW YORK
22
Amer Fidel A Cas Co com 5
Mjmken hlrw York Stexk Exckomgo
120 Broadway
10
1M
10
10
Home Fire Security
3434
234
3234
....5
Home....
131
Ask
Bid
Par
Ask
Btd
127
10
pflO
*
...25
2434
1634
Products
76
100
American Mfg 5% pref
134
Arden Farms com v t o
3734
S3 partio preferred
and Dry Dock com._l
So
...*
preferred
conv
Ohio Match Co.........*
53
Pan Amer Match Oorp..25
2534
Peosl-Cola
1834
Permutlt Co
Go
»
o ys
1334
115
15}
193
182
1
Conversion...1
8034
Petroleum
.234
3934
Philco Corp
Petroleum Heat A Power. *
3
Exploration. ....1
Manufacturing...*
234
14
334
1534
234
334
1234
634
6554
Pilgrim
1734
3434
1934
1434
1634
Remington Arms com....*
Safety Car Htg A Ltg_..50
Botany Worsted Mills cl A5
234
3 34
Scovlll
10
434
534
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
Standard Screw
—20
110
39
42
25
*
55
57
100
3134
Art Metal Construction. 10
Autocar Co com.......10
Arlington
Mills
11.25 preferred
Mfg—50
Buckeye Steel Castings..*
Cessna Aircraft
1
189
Chic Burl A Qulncy... 100
33
Brown A Sharpe
2134
234
?
334
10
Chilton Co common
193
23
334
Manufacturing..25
Stanley Works Inc..
11
554
6334
3034
434
3134
11134
6
734
434
Sylvama
*
634
2054
2254
Talon Ino com
5
54
57
1
234
*
1134
36
Stromberg-Carlson
...
Indus Corp
534
634
6134
6634
Tampax Ino com
1034
1234
Taylor Wharton Iron A
19
22
.*
5934
6234
Thompson Auto Arms
1
*
Manganese.2
2434
2634
Time Inc
•
City A Suburban Homes 10
Coca Cola Bottling (N Y) •
*
•
Columbia Baking com
f 1 cum preferred
13 conv pref
Croweli-Colller
Steel common
...*
Tennessee Products
Consolidated Aircraft—
Cuban-Amer
Pollak
Pub
834
934
234
2934
334
13
3
3034
126
122
Tokhelm Oil Tank A Pump
10
59
62
5
135-4
Devoe A Raynolds B com *
15
17
Trico Products Corp
*
Dictaphone Corp
*
Dixon (Jos) Cruclble—100
Domestic Finance cum pf_*
3134
3434
Triumph Explosives
2
3654
354
27
2834
3134
United Artists Theat com. *
34
*
7134
75
United Biscuit
32
35
1434
3854
30
United Drill A Tool-
Dentists Supply com...
Draper Corp
Dun A Bradstreet
com...*
Common
5% pf-.lOO
454
134
112
111
Class A
134
Farnsworth Telev A Rad.l
Railroad Bonds
*
10
30
Preferred
534
Foundation Co Amer shs •
.1945
534s
6s
/49
52
Garlock Packings com...*
57
59
49
52
Gen Fire Extinguisher_._*
15
•
14J4
2334
2
1
3234
134
6034
.1944
434s
Cambria A Clearfield 4s
.1943
88
.1955
68
Glddlngs A Lewis
Machine Tool
103
.1956
Gen Machinery Corp com
8834
/5934
Baltimore A Ohio 4s secured notes
Boston A Albany
—.........
Southern 4s..—.....
5s
.1951
103
4a—
.1995
61
.1951
112
.1960
22
Chicago St Louis A New Orleans
Chicago Stock Yards 5s
Cleveland Terminal A Valley
Connecting Railway of
Cuba RR Improvement
....
Philadelphia 4a
and equipment 5s.
Good Humor Corp
43
47
Harrteburg Steel Corp
6
Interstate Bakeries com..*
1434
16
134
2
•
2634
.25
78
52
King Seeley Corp com— 1
60
6234
Landers Frary A
.1950
68
6834
Lawrence Portl Cement
98
Long BelJ Lumber
$5 preferred
4a...—
New York A Harlem 3348—..
——
New York Philadelphia A Norfolk 4s
New Orleans Great Northern Income 5s
New York Connecting RR 334s
New York A Hoboken Ferry 5s
Norwich A Worcester 4348
.1940
New London Northern
Providence A Worcester
.1959
.2000
.1948
.2032
—...
.1949
118
85
94
'mo
mmmm
70
109
ill
95
.1968
80
——————
VIcksburgh Bridge 1st 4-6s
Washington County Ry 3348———
West Virginia A Pittsburgh 4s
mm
mm
97
94
.1940
50
100
Worcester Salt
York Ice Machinery.....*
7%
100
preferred..
108
634
634
734
834
43
434
37
534
4034
Bonds—
1961
A..1946
1948
Celanese Corp 3s
1955
Crane Co 234s
1950
Deep Rock Oil 7s
1937
Amer Writ
Paper 6s
Brown Co 634s eer
Carrier Corp 4 34 8—
1734
Dow Chemical
73
76
Minn A Ont Pap
1434
1534
234 s
1960
6s—1945
5834
6034
t NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
.1
76
78
Scovlll Mfg3348
.100
117
preferred
Western
8534
Preferred
9034
deb..1950
Auto Sudd 3>4s'55
6834
/66
/4334
9134
4434
9434
102*"
10234
/5234
Stamped
104
5534
10434
1834
4234
1934
47 34
4934
/41 34
10634 10734
99
9934
Woodward Iron Co—
1962
134
13634
Yngstn Sheet A T 3 34s I960
104
104 34
2d
conv
Income 5s
Sugar Securities
m
Bid
Bonds
Ask
Par
Stockt
m
mm
mmrnm
1951
Baraqua Sugar Estates—
6s
1947
6s
1964
Haytlan Corp 4s
1989
6s
/12
734
Preferred—.........1
18 34
2054
45
50
62
.1990
6234
64
4634
/3234
/1234
33
14
/20
West Indies Sugar
Sugar Co
194Q-1942
For footnotes see page
1
534
30
134
634
32
Vertlentes-Camaguey
23
New Nlquero Sugar—
334s
•
Punta Alegre Sugar Corp.*
Savannah Sugar Refg—1
Haytlan Corp com
8134
.1954
1334
Ask
634
Eastern Sugar
Antllla Sugar Estates—
Bid
Assoc oom.l
m m m'
10134
106
234
100
preferred
<* mm
100
.1951
1834
7%
Wlckwlre Spencer Steel..*
•
100
•
68
108
.1946
1634
Welch Grape Juice com
mmrnm
.1942
.1957
Buffalo 4s..........—....
Railroad A Canal 3348
234
6534
mm mm
65
—
6234
1934
1834
1734
.1967
—
—
1034
1654
.1957
Toronto Hamilton A
10534
134
•
28
1334
8934
.1947
34
...100
Veeder-Root Inc com
1734
1534
103
.1965
2834
Muskegon Piston Ring.234
65
.1941
634
34
100
MaUory (P R) A Co
Marlin Rockwell Corp_..l
$6
934
National Casket........*
40
;
534
26
Clark..25
15
34
100
—
preferred
102
.1961
Toledo Terminal 4348
Vermont Valley 4348
10034
9934
—
Tennessee Alabama A
15
Merck Co I no common.
/14
.1947
Richmond Terminal Ry 334s
Georgia 4s
Terre Haute A Peoria 5s
Toledo Peoria A Western 4s
100
90
10134
.1947
to.
•
.1965
....
4s
9534
117
.1946
Pennsylvania A New York Canal 5s extended
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
....
Portland Terminal 4a
.1978
834
*
6234
4734
47
7934
534
334
5734
.1953
Central—Louisville Dlv A Terminal 334s.
Indiana Illinois A Iowa 4s.....................
Kansas Oklahoma A Gulf 5s...................
Memphis Union Station 5s
Illinois
334
4434
*
.1946
Hoboken Ferry 6s
34
100
Great Northern Paper.
*24"
2534
Great Lakes SS Co com..*
Graton A Knight com
Preferred
"63"
734
i
Wilcox A Glbbs com
.1945
Florida Southern 4a
United New Jersey
75
73
.1961
"69"
.....*
Class B
United Piece Dye Works.*
Preferred
634
.1945
Akron Canton A Youngstown
Chicago Indiana A
1134
27
Federal Bake Shops
Ailed
Bid
234
2926.
5
134
2
Corp.-l
3 54
434
The Commercial & Financial Chronicle
2928
Quotations
Public Utility
Bought
Sold
1940
16,
Over-the-Counter Securities—Friday Nov. 15-Continued
on
investing Companies
Preferred Stocks'
•
Nov.
A Sl
bid
Par
Bid
Ask
9.13
Quoted
•
9.92
Investors Fund C_.
I
9.63
10.28
2.79
3.05
Keystone Custodian Funds
Series B-l._
12%
13%
28.24
30.87
X3.02
3.33
Series B-2
21.10
23.17
Amer Foreign Invest Inc..
6-22
6.80
Series B-3
13.48
Assoc Stand OU Shares..-i
4%
5%
Series B-4
6.44
7.09
11.14
11.98
Series K-l
14.90
16.35
20.77
22.58
Series K-2
11.10
12.27
3%
4%
3%
5
Amer Business Shares
Jackson & Curtis
13.05
14.37
Series S-3
9.30
10.32
Series S-4
3.85
4.34
l
5.84
6.44
15.44
Manhattan Bond Fund lnc
6.82
Maryland Fund Inc..-10c
Series 8-2...
ESTABLISHED 1879
Bankers Nat
Principal Stock and Commodity Exchanges
Members
Investing—
♦Common
♦5% preferred
115
14.36
lnc
Boston Fund
Knlckbocker Fund..
3.59
Basic Industry Shares..:
New York City
Buoadway
_
14.82
12.92
Public
Canadian Inv Fund Ltd__l
Utility Stocks
.27
23.88
7.53
14.17
2.80
3.65
4.70
1
18.77
20.18
Mass Investors 2d Fund..
9.00
9.68
Mutual Invest Fund...10
.12
22.09
Teletype N. T. 1-1600
Tel. BArclay 7-1600
9.66
10.55
3.60
Mass Investors Trust
Alabama Power %7 pref..*
Amer Utll Serv 0% pref.25
10234 10434
6%
734
Arkansas Pr & Lt
89%
121%
7% pf.
Atlantic City El 6% pref.*
Par
Ask
92
...
10
New Eng G A E 614% pf.*
New Eng Pr Assn 6%pf 100
Nations! Gas A El Corp.
85%
8714
13.60 prior preferred..60
50%
52%
4%
5%
27
29
5334
7% pf 100
109% 111%
82
84%
Central Maine Power—
preferred........100
7% preferred
100
Cent Pr A Lt 7% pref..100
$0
Consol Elec A Gas $0 pref.*
Consumers Power 15 pref.*
101
10334
110% 113%
113% 116
10
1114
107% 108%
..100
preferred
Derby Gas A El $7 pref..*
93
65
95
6734
National Investors Corp. 1
5.56
5.98
2.27
11.65
12.56
1
Series AA
*
*
6734
9%
..1
2.60
11%
22%
2.60
69%
New Orleans Pub Service.*
1
Agriculture
*rmmm
2534
10 prior lien pref
*
preferred
Series ACC mod
t0
*
preferred
cum
7% cum pref erred... 100
N Y Water Serv 0% pf.100
119
t4 preferred
_*
58
59%
7% pref
100
84
100
Cumulative Trust Shares. *
.
Deposited Insur Shs A...1
■:
85%
_*
preferred...*
36 cum preferred
3134
33%
33
3534
113% 115%
Florida Pr A Lt 37 pref..*
preferred.......100
preferred
100
Okla G A E 7% pref...100
7% pf-.lOO
Eastern
10834 110%
11534 117%
120
122%
8434
.*
Line Co
Penna Edison t5 pref
*
3734
39%
6534
6734
11234 114
6334
6534
Peoples Lt A Pr t3 pref.25
1934
Interstate Natural Gas...*
26
28
Philadelphia Co—
t5 cum preferred
7734
80
Jamaica Water Supply...*
Jer Cent P & L 7% pf..l00
32
34
Pub Serv Co of Indiana—
108
110
7%
*
27%
29%
preferred...
*
Mass Utilities Associates—
5%
conv
2034
.
84
Mississippi Power 36 pref.*
37 preferred..........*
Mississippi P & L 36 pref.*
Missouri Kan Pipe Line..6
Monongahela West Penn
Pub Serv 7% pref
16
9334
2
5
6
5.85
No Amer Bond Trust ctfs.
1.13
1.24
No Amer Tr Shares 1953.*
100
80%
434
16%
5%
7% pf.100
2834
17.81
18.92
Narrag El 4%% pref...50
Nassau & Suf Ltg 7%pf 100
18%
47 34
55%
5634
23%
U034 113
I
Amer
3-58.19531
UtUlty Serv 0s..1964
Associated Electric 58.190 1
18.55
Quarterly lno Shares.. 10c
First Mutual Trust Fund..
6.26
6.93
5% deb series A
Representative Tr Shs.. 10
Republic Invest Fund
21%
21
Fiscal Fund lno—
Bank stock series...10c
*
*
13 pref..
Washington Ry A Ltg Co—
Participating units
West Penn Power com...*
3.52
3.17
9.12
3.65
4.15
I Fundamental Invest Inc. 2
16.10
17.50
4.54
5.32
»
4.16
Corp—
Income deb 3%s___1978
29
77%
80%
18
19
26
26%
9934 101%
Kansas Power Co 4S..1904
104% 105%
93 %
Kan Pow A Lt
112
52
53 %
1973
1973
1973
Income deb 4%s___1978
Conv deb 5%s
1973
8s without warrants 1940
Ask
61 %
Conv deb 4%s
Conv deb 6s
1978
112%
105% 100
60%
84
103
104
31
New Eng G A E
58%
NY PA NJ UtUltles 5s 1950
1954
4%s
Assn 5s '02
n%
12
1965
4s
Northern
12
Public Service 3 lis. 1969
12
1904
3%ts
Old Dominion Pow 68.1951
96
97%
97 %
99%
Cent 111 El A Gas 3 ^S. 1904
Central IUlnols Pub Serv—
104% 105%
1st mtge 3 lis
1968
Cent Maine Power 3%s '70
Central Pow A Lt 3lis 1909
107
Columbus A Son Ohio Elec
1st mtge 3%s
197
4.94
5.44
4.89
8.63
9.48
5.34
5.88
5.91
6.50
.
shares
Aviation shares
Building shares
.....
shares
8.37
9.20
3.89
4.29
3.02
3.34
5.00
5.51
5.56
Mining shares
....
3.99
4.40
3.74
4.13
5.55
6.11
Tobacco shares
4.50
1902
Consol E AG 0s A....1962
0s series B
1962
107%
108% 108%
106% 106%
2%
85
.28
.08
1.32
Dallas Pow ALt3%s.l967
Dallas Ry A Term 08.1951
Federated Utll 6%s._-1957
Houston Natural Gas 4s '55
Indianapolis P A L 3%s *70
Inland Gas Corp—
6lis stamped
1952
14.49
15.58
Independence Trust Shs.*
Institutional Securities Ltd
2.07
2.31
2.18
♦Series
A
1
5.24
♦Series
B
1
4.83
Trusteed Amer Bank Shs—
25c
.50
.55
Trusteed Industry Shs 25c
.76
.85
Class B
U S El Lt A Pr Shares A...
14%
1.90
B
Wellington
Fund
Investment
1
Banking
1%
♦Central Nat Corp cl A..*
1.10
♦First Boston Corp
1.35
19.29
♦SchoeUkopf Hutton A
Pomeroy Tnc com._.10c
10
23
1
2
16%
•"
h
Bid
As
Bid
102
103
105%
►
58.1952
lis 1964
3 lis
1970
Peoples Light A Power—
1961
1st lien 3-0s
1950
Is
Pub Serv of Indiana 4s 1969
Pub UtU Cons
107% 108%
Calif Water Service 4s 1901
108
1950
10034
1st consol 4s
---
.1948
102
1948
102
Prior lien 5s
1948
10414
PhUa Suburb Wat 4s.. 1905
109%
107
Pinellas Water Co 5l4s.'59
101
5s series B
1954
101
1st 5s series C
1957
...
Richmond W W Co 5s 1957
Rochester A
Community Water Service
1946
88%
93%
6s series A
1946
90
Indlanapoils Water—
1st mtge 3%s
1966
107
105%
1951
75%
Lake Ontario
1951
St Joseph Wat 4s ser A1900
10514
101
1957
106 %
Scranton Gas A Water Co
108%
...
4%B
1-4
Kankakee Water 4 %b. 1959
Kokomo W W Co 5s
1958
V-4
102
vH
—
OO lO
99
103
106% 107%
Morgantown Water 5s 1965
105%
92%
Sou Calif Edison 3s
Muncie Water Works—
58%
59%
57 %
59%
Sou Calif Gas 3|is...l970
Sou Cities Utll 6s A...1958
104% 10414
106% 106%
57%
5914
107% 107%
76
Springfield City Water—
1950
10434
102
Sioux City G A E 4s..1960
98%
1967
South Bay Cons Water—
5s
1950
...
104
Shenango Val 4s ser B. 1961
4s A
Monongahela Valley Water
5%B-__
1950
1958
Scranton-Sprlng Brook
Water Service 5s. 1961
1st A ref 5s A.
fl8%
RepubUo Service—
Water 5s
95
99% 10114
19%
107% 107%
88%
90%
103
107
105%
JopUn W W Co 5s
104% 106%
107% 108%
107% 108%
....1951
Plalnfleld Union Wat 5s '01
59...
City Water (Chattanooga)
Monmouth Consol W 5s '56
5%s___1948
Collateral 5s
Peoria Water Works Co—
1st A ref 5s
St Joseph Ry Lt Ht A Pow
107% 107%
90%
4%a
1947
..1965
'70
68%
100
5%s
1951
102
5s
__
Western N Y Water Co—
New RocheUe Water—
1
108%
Tel Bond A Share 5s. .1958
110% 111%
77%
79%
93% 95%
i04% 105
107 % 108%
Texas Public Serv 5s..1961
Toledo Edison 1st 3%sl968
1st mtge 3 lis
..1970
109
OO
<N
102%
s f
debs 3 Hs
1960
United Pub UtU 6s A. 1960
80
81
%
10914
10714 108J4
102 % 10334
103
Ohio VaUey Water 58.1954
Ohio Water Service 4s. 1964
107%
Ore-Wash Wat Serv 5s 1957
99%
Utlca Gas A Electric Co—
/66%
69%
5s
1957
130
West Penn Power 3S..1970
104
105
104%
1951
99
107% 107%
Slis—
i960
For footnotes
10114 10234
10234
1st mtge 5s
1st mtge 5|4s
1951
1950
10014
104
—
102
1952
103
1956
101
59 series C
1960
105
68 Berlea A
1949
103
103
5s
Wichita Water—
107% I-*
10814 109
104
West Texas UtU 3lis. 1969
Western PubUc Service—
1950
W'msport Water 5s... 1952
6s
107% 108|i
Iowa Southern UtU 4s. 1970
5s series B__
Westmoreland Water
New York Water Service—
105%
10634
...
105%
1951
10234
W Va Water Serv 4s..1961
1965
10534
Union Water Serv 5148 '51
58 series B
8'western Gas A El 3lia
66%
Texarkana Wat 1st 5s. 1958
103%
see page
2926.
5s series B
OO to oi
1%
20
*
1.23
1.00
15.18
Corporations
17.84
Bank Group shares
13.81
♦Blair A Co
Insurance Group shares.
103%
106%
2.24
1
Investm't Co of Amer. .10
105%
106
1950
Jersey Cent P A L3^s '65
.1
♦Class B
Butler Water Co 5s...1957
Iowa Pub Serv 3lis..l969
Gen Mtge 4%s
C
♦Series D
♦Series
Trustee Stand OH Shs—
1.43
Investors..6
77%
Cresoent Public Service—
Coll lno 0s (w-s)
1954
Cumberl'd Co PAL 3%s'66
Parr Shoals Power
.28
4.96
shares
Atlantic County Wat 5s '58
Ul% 112%
104% 105%
81
83%
-
6.12
shares
94%
107% 107%
-
Trustee Stand Invest Shs—
4.44
Automobile
67
93%
-
68%
1st consol 5s
105% 106%
Portland Electric Power—
Cons Cities Lt Pow A Trao
6s
.23
Group Securities—
Agricultural shares
Ashtabula Wat Wks 5s '58
Nor States Power (Wise)—
12
100 % 102 %
84
15.13
Pittsburgh Sub Water—
Northwest Pub Serv 4s '70
f\ %
6.71
14.27
«.
2.28
Indiana—
Penn Wat A Pow 3
Central Public UtlHty—
Inoome 6%s with stk *52
Cities Service deb 5s._1903
6.07
65
Alabama Wat Serv 6s_1957
UtU—
/29
/57
Central Gas A Eleo—
1st Hen coll tr5%S—1940
1st lien coUt rust 0s. 1940
Investors... 10c
Super Corp of Amer AA..1
107% 108%
Michigan Pub Serv 4a. 1965
15%
9.30
Sovereign
3.92
♦State St Invest Corp...*
5%s series B
Cent Ark Pub Serv 5s. 1948
83.55
8.53
86%
110
1980
Clark Fund lnc
Selected Amer Shares..2%
Selected Income Shares.. 1
62%
Lexington Water Pow 5s'68
Marlon Res Pow 3 lis. 1900
/29%
Biackstone Valley Gas
A Electric 3%s
1968
1983
Sf lno 4%s-5%s
81.89
Scudder, Stevens and
Water Bonds
Lehigh VaUey Tran 5s 1960
15%
Montana-Dakota
Sink fund lno 6-0S..1986
4.05
5.10
N Y State Elec A Gas Corp
Sink fund lnc 6s
9.82
3.63
104% 105%
15%
29%
30%
/10
/lo
fio
/10
/10
9.32
29.99
15%
Assoc Gas A Eleo Co—
Cons ref deb 4%s___ 1958
Sink fund lno 4%s._1983
103
100
Spencer Trask Fund
*
Standard UtUltles Inc. 50c
RR Equipment shares..
Steel shares
91%
Conv deb 4s
Income deb 4s
-
Merchandise
26
27
Bid
59%
/14%
/14%
/15
/15
/24
/28%
Income deb 3%s...l978
d.
Investing shares
24
Bid
6.80
4.88
Incorporated
3%s_..1909
Kentucky UtU 4s—...1970
4%s
1955
.43
13.74
5.80
27.89
♦Huron Holding Corp.._l
As
Putnam (Geo) Fund
*
Petroleum
West Texas Util $6 pref..*
.38
12.85
Plymouth Fund Inc...10c
2.56
2.32
Food shares
Utility Bonds
Assoc Gas A Elec
2.12
17.26
Income Foundation Fd lnc
Amer Gas A Pow
1
11.80
Electrical Equipment
26 34
Public
2.57
...1
Series 1958
28.14
Chemical
30
17
4534
*
10834 U0J4
Corp
12.75 pref
2.00
<2.52
11.10
17%
Utah Pow A Lt t7 pref...*
Mountain States Power
...
104% 106%
Southern Nat Gas com_734
Utilities
43
1
Series 1950
General Capital Corp
22%
Pub
7.97
General Investors Trust. 1
21%
Texas Pow A Lt
6.68
7.24
5.20
B
Rochester Gas A Eleo—
United
3.15
6.05
26.17
17
tmz
JU 72
8634
95%
82%
2.85
Equity Corp 13 conv pref 1
Fidelity Fund lno
*
,
noi/
7.46
.......
25c
Insurance stk series. 10c
9734
14
S'western G A E 5% pf.100
partlc pref..60
5% preferred
21%
7.86
6.76
Steel
:
Foundation Trust Shs A.l
100
preferred
6% preferred D
32
94%
9.28
7.12
Oils
Railroad equipment
2.69
Fixed Trust Shares A... 10
Sierra Pacific Pow com...*
Mass Pow A Lt Associates
10.71
2.50
Shares
Stock Fund
Queens Borough G A E—
Republic Natural Gas
100
preferred
*
t7 prior Hen pref
6%
8.30
9.72
Metals
17.56
Fundament'! Tr Shares A 2
Long Island Lighting—
7.52
8.42
equipment
Equit Inv Corp (Mass)..5
20%
Kings Co Ltg 7% pref.100
8.79
3.45
Balanced Fun.d..
86%
Hartford Electric Llght.26
10534 10634
7734
8034
6.09
7.97
Railroad
4.41
EatonA Howard—
Pipe
Penn Pow A Lt t7 pref...*
Kansas Pow A Lt 4% % 100
9.16
5.51
supplies......
Series 1955
0%
7%
Panhandle
8.31
1
D
Dividend
5.39
12.72
Machinery
Diversified Trustee Shares
C
8.05
4.88
11.50
Insurance stock
31
29
112%
16.24
Delaware Fund
1.26
Bank stock
Electrical
♦7% preferred
Northern States Power—
(Del)
7.30
........
Automobile.
Chemical
30%
Northeastern El Wat A El
1
3.48
Building
2934
2734
♦Common B shares... 10
27%
*
Aviation...
10934 111%
104% 106%
11534 116%
(Colo) ser B shares
N Y Stocks lno—
2.18
Series A A mod
Nation .Wide Securities—
New England Fund
2.18
Accumulative series... 1
75
Pacific Pr A Lt
Federal Water Serv Corp—
36.60 cum
1.12
13%
Ohio Public Service—
Continental Gas A Eleo—
7%
(Md) voting shares..25c
12
55%
7334
$7
Cent Indian Pow
3.56
New York Power A Light—
._*
preferred...
10.35
Corporate Trust Shares. .1
Ask
New Eng Pub Serv Co—
$0 cum preferred
Carolina Power A Light—
17
26.86
9.57
3.50
Century Shares Trust..
Chemical Fund
Bid
17 prior lien pref......*
Birmingham Eleo $7 pre!.*
Birmingham Gas—
24.98
1
Commonwealth Invest... 1
♦Continental Shares pf 100
Bid
17%
1
Volume
The Commercial & Financial Chronich
151
Quotations
2929
Over-the-Counter Securities—Friday Nov. 15—Concluded
on
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
in
which you have interest, y«u wiil probably
cation quotations are carried for
stocks and
Banks and Trust Companies—
1st leasehold 334-5s 1944
Broadway Motors Bldg—
S f deb 5s
25
27
2s.
.1955
15
1634
1948
62
65
4s with stock stmp. .1956
4
534
1957
/II
13
29
31
Cheseborougb Bldg 1st 0s'48
48
4-08
Brooklyn Fox Corp—
3a
Canadian
Canadian
Public Utility
Bonds
Federal Land Bank Bonds
N Y Title A
Foreign Government Bonds
Railroad Bonds
1st 4s (w-s)
19io
Court A Remsen St Off Bid
Railroad Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
Dorset 1st A fixed 2s.. 1957
Deposit
Stocks
ties
2
3
6s 1952
33
35
Deb 5s 1962 legended...
Mining Stocks
534b stamped
14
U. S. Territorial Bonds
$12.50
034s (stamped 4s)..191
Z534
83*
1943
62
1957
5s Income
62
64
7
8
Roxy Theatre—
33
37
30
Your subscription should be sent to
33
1st mtge 4s.
1334
Savoy Plaza Corp—
35
/1234
/25
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
1400 Broadway
58
1901
Realty Assoc Sec Corp—
Quotation Record is published monthly and
per year.
31
29
1634
500 Fifth Avenue—
52d A Madison Off Bldgsells for
1934
105 Broadway Building—
Sec s f ctfs 434 b (w'58
Prudence Secur Co—
U. S. Government Securities
The Bank and
/134
54
50 Broadway Bldg—
Mill Stocks
63
3734
58 X
4834
34
Eqult Off Bldg deb
Title Guarantee and Safe
46
2d mtge 6s
...1951
103 E 67th St 1st 0s... 1941
27
23 34
Hotel units
56
Ollcrom Corp v to
1 Park Avenue—
Eastern Ambassador
Stocks
60%
3534
20
24
Industrial Bonds
Industrial Stocks
Joint Stock Land Bank Securi¬
18
Mtge Co—
634s series BK
6348 series C-2
534s series F-l
5348 series Q
Colonade Construction—
Public Utility Stocks
Investing Company Securities
69
20 X
Domestic
Out-of-Town)
Atk
06
Chanln Bldg 1st mtge 4s '45
all active over-the-counter
Municipal Bonds—
Domestic (New York and
/1734
5X
/4
B'way A 41st Street—
The classes of securities covered are:
bonds.
Bid
1945
/33
B'way Barclay inc 2s..l950
In this publi¬
Certificates
Atk
Alden Apt 1st mtge 3s_1967
Beacon Hotel ino 4s_. 1958
And them in
moDthly Bank and Quotation Record.
our
Bid
Sherneth Corp—
1st 634 8 (w-s)
3s with stock......1956
Bldg—
33
1934
31
33"
75
/934
1950
00 Park Place (Newark)—
1st 3348
1947
76
29
01 Broadway Bldg—
Foreign Stocks, Bonds and Coupons
fl3X
153*
2734
Lef court State
BRAUNL
52 William
& CO., INC.
Bid
1940
A nil alt 7s to.....
.—1940
Antloqula 8s
28
1941
1947
1945
Bavaria 634s to
/2634
Bavarian Palatinate Cons
1945
Cities 7s to
Bogota (Colombia) 034s '47
8s
1945
Bollva
(Republic)
8s. 1947
7s
1968
7s
1909
0s
/153*
f5H
f*H
1940
/434
/434
Brandenburg Elec 08.1953
/32*4
1634
1534
634
434
434
534
/26
Brazil funding 5s.. 1931-51
Brazil
1935
1940
0s
Buenos Aires scrip
Burmelster A Wain 08.1940
Caldas (Colombia) 734b '40
Call
(Colombia) 7S...1947
Callao
7348—1944
Cauca Valley 734s
1940
Ceara (Brazil) 8s
1947
Central Agrlo Bank—
see
(Peru)
18
18
1943
vances
Leipzig O'land Pr 034« *46
Leipzig Trade Fair 78.1953
f26
/3
/26
/26
Luneberg Power Light A
Water 7s
1948
/26
loaned, it is stated, in any previous September of its exist¬
Koholyt 034s...
Land M Bk Warsaw 8s '41
For footnotes see page 2926
scrip..
/2534
f26
/26
10
20
6
1034
1948
Mtge 7s
Panama
1945
/50
/2734
6% scrip
Porto Alegre 7s
1968
/31
/II
13
/14
/II
10
Protestant Church
13
9
/20
/2534
/2534
East Prussian Pow 08.1953
*60
.1953
European Mortgage A In
vestment 734 s
1900
Electric Pr (Ger'y) 034s
0348
7348 income
1900
7s Income
1907
1967
7b
1941
5s
Rio de Janeiro 6 %
m
Saarbrueoken M Bk 6s.'47
/26
1938
/13
1943
State
Mtge Bk Jugoslavia
1956
1956
..1954
1948
38
/26
50
1953
/2534
IX
35
14
834
/26 34
1946
fit
fit
/26
1955
capital has come
payroll upturns, and from
the speeded up industrial
Tollma 7s
1947
fit
/35
and
Vesten Elec Ry 7s
1947
1945
/26
/26
Z25H
Nation requires the total coopera¬
extending private
thrift,"
W.
Fred
home ownership and indi¬
Catlett,
member of the
said on Nov. 2.
Federal
"All such institu¬
which are savings and loan associa¬
to do a thorough 100%
should prepare
plete services in their
job in the
communities, he said, and he recom¬
defense program for them:
mended the following total
associations
now
outsicb it
should
join
the
Federal
Home Loan
in order to have access to its vast credit resources in case
brings unusual demands for home-financing funds or unusual
calls for withdrawal of savings.
Insurance of
savings as provided by the Federal Savings and Loan
System
18
18
Insurance
Corporation
funds of the small
Wurtemberg 7s to
Private Home
emergency," he declared.
Advices to this effect
were principally for those associations which are not using
all available facilities to assist them in offering the com¬
Bank
62
Uruguay conversion scrip..
Unterelbe Electric 08—1953
and Home-Financing Institu¬
the emergency
334
34"
tions,
All
/20 34
Z2634
200
Toho Electric 7a
/12
/2
r
Stettin Pub Utll 7s
5s
2d series 5s
32
1957
1951
1947
Slem A Halske deb 08.2930
/26
1940
834
Z6534
0348
Office
to .local
defense program orders have already
present
/8
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s.
/26
$27,Gardner
months,
thrift and home-financing institution in "sus¬
tions, the majority of
6~"
fV<C
/9
f7X
1947
Saxon State Mtge 6s..
Hanover Hara Water Wks
08
/534
Santa Fe 4s stamped. 1942
Land-
Hamburg Electric08.. 1938
taining
/25
8s ctfs of deposit. 1948
/5
German scrip
Haiti 08
vidual
Santa Catharlna (Brazil)
/2534
1948
8s
Thrift
/26
1948
8s
German Central Bank
Graz (Austria)
/634
/26
/7
Saxon Pub Works 7s.. 1945
Funding 3s
of
defense of this
tion of every
4s scrip..
/18
/334
A8
/334
/38
Agricultural 0s
Total
/25
/25
7s 1957
35
bank 0348
/26
/26
7s cttis of deposit.. 1957
German Atl Cable 7s..1945
15
Ownership and Individual Thrift Needed for Total
Defense of Nation, Says F. W. Catlett of FHLBB
Salvador
Mtge 7s. '03
1945
1933
Rom Cath Church 034s '40
R C Church Welfare 7s '40
/20
supplementary
where
Sustaining and Extending
in
Home Loan Bank Board,
French Nat Mall SS 0s '52
German Conversion
tions
(Ger¬
many) 7s
1940
Prov Bk Westphalia 6s '33
6s 1930
8%
to
funds
for
demand
the industrial areas
Cooperation
2934
/7>4
1946
in
J25
1952
71
Dulsburg 7% to
been
to be reflected in the employment and
communities so far outside the orbit of
begun
/1
Costa Rica Pac Ry 734s '49
German Building A
from
now
phase.
/2534
.1946
1956
Cordoba 7s stamped.. 1937
Farmers Natl
both
ft
r
Poland 3s
Costa Rica funding 6s. '61
Guatemala 8s
Increased
ft
many
7s to
Dortmund Mun Util0348'48
Duesseldorf 7s to
1945
have
Net gain for the third quarter was $1,950,529, Mr.
/26
/834
they
are
007,015.26.
6a:d.
Oldenburg-Free State—
034s.. 1959
highest
the
outstanding
/0O
1940
Cundlnamarca
was
(C A D) 4s...1948-1949
Nat Central Savings Bk of
Hungary 734s
1902
National Hungarian A Ind
Oberpfals Eleo 7s
1949
previous
apy
months
R.
disbursement made the third quarter of 1940
July-September period.
The $4,247,570
more than
double that of last year.
Loans
September
than
three
the
$1,500,000, A.
30, adding:
/03
/5
6S
advanced more than
has
(A A B) 4s... 1940-1947
..1953
Colombia 4s
Frankfurt 7s
/26
bank
active
more
Nat Bank Panama—
15
ad¬
$1,558,820 in September to Illinois and Wisconsin
record
The
Nassau Land bank 634s '38
f45
g
This made the fourth month so far in 1940 that the
ence.
/2534
Panama City 634 s
City Savings Bank
Budapest 7s
of
Gardner, President, pointed out on Oct.
1945
September
$1,558,820
regional
Municipal Gas A Eleo Corp
Recklinghausen 7s.. 1947
German Central Bk
1934
of
savings, building and loan associations, the largest amount
33
Munlo Bk Hessen 7s to '45
Central German Power
Madgeburg 0s
Record
Had
Bank
Disbursement
for
/934
/134
Loan
Home
f36
Munich 7s to
ft
hicago
The Federal Home Loan Bank of Chicago made total
/26
Merldlonale Eleo 7s..1957
Montevideo
/934
/17 34
/4K
40
f7
Mannheim A Palat 7s. 1941
3234
British
Hungarian Bank—
1902
Brown Coal Ind Corp—
034 8
1953
33
15
/26
/26
734s
65
15
/48
funding scrip
Bremen (Germany) 7s.
19
Westlnghouse Bldg—
1st mtge 4s
1948
42
Alt
/25
/1634
18
f26
ft
ft
/28
7s
13
1961
1st 434s w-s
1951
11
Wall A Beaver St Corp—
Jugoslavia 5s funding. 1950
Jugoslavia 2d series 5s. 1960
/21
/21
Bank of Colombia 7 %.
31
1947
42
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7348 '32
Hungarian Discount A Ex¬
change Bank 7s
1930
/53
1948
Bid
29
26
40
1950
3s
1955
25
/2434
Walbrldge Bldg (Buffalo)
...
.
23
1958
Trinity Bldgs Corp—
1st 6348
1939
2 Park Ave Bldg 1st 4-5s'46
35"
65
Ludwlg Baumann—
1st 6s (Bklyn)
1st 5a (LI)
76
1955
1st 3-6s
...
4134
33
1st A gen 3-4a
of tbe quotations shown below are
All
/2534
Barranqu'liia 8s'35^4040-48
(Syracuse)
Textile Bldg—
Income 534s w-s
1901
London Terrace Apta—
Foreign Unlisted Dollar Bonds
24
2034
1st 3s
Lexington Hotel units....
Linooln Building-
Due to the European situation some
nominal.
3s with stock
Bldg—
1st lease 4-0 34s
2134
1957
016 Madison Ave—
40
Lewis Morris Apt Bldg—
1st 4s
195]
Tel. HAnover 2-5422
St., N. Y.
29
Syracuse Hotel
Lefcourt Manhattan Bldg
1st 4-5s
..1941
1950
3348 with stock
29
27
Inactive Exchanges
18
is
essential
in
providing complete
safety of the
the safety
private investor, thus eliminating worry over
Many hundreds of associa¬
tions have not yet applied for this safety insurance for savings.
All associations should put their own houses in order, thoroughly and
of these funds from
the minds of the investors.
completely checking their own individual home-financing and
so that they may give total cooperation in the existing
grams
thrift pro¬
emergency.
The Commercial & Financial Chronicle
2930
General
Nov.
16,
1940
Corporation and Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
it is not always possible to arrange companies in exact
However, they
REGISTRATION
OF
FILING
are
always
STATEMENTS
as near
UNDER
SECURITIES ACT
alphabetical position
While these comparisons
a
additional registration statements (Nos. 4561
filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The
amount involved is approximately $79,751,072.
4572, inclusive) have been
Smith & Corona Typewriters, Inc. (2-4561. Form A-2),
(L. C.)
of
Syracuse, N. Y., has filed a registration statement covering $875,000 of
2% 10 year serial debentures, due 1941 to 1945, and $675,000 of 3% 10
year serial debentures, due 1946 to 1950.
Filed Nov. 6, 1940.
(For
further details see the "Chronicle" of Nov. 8, page 2810).
Co., voting trustees, (2-4562, Form""F-l), of
Baltimore, Md., have filed a registration statement covering 48,500 voting
trust certificates for the $1 par common stock.
L. M. Milbourne, et al,
are voting trustees.
Filed Nov. 6, 1940.
Monumental
Edison
(2-4564, Form A2), of Boston, Mass., has filed a
Co.
parable period last year and incoming business makes prospects appear very
favorable for the coming months.—V. 151, p. 2792.
Air-Way Electric Appliance Corp.—Earnings—
Hawaiian-Electric Co., Ltd. (2-4565, Form
Alabama Gas
Net operating income
capital stock, which will be offered at $10 per share. The stock will be offered
through underwriter to public or direct to directors and others.
Pro¬
ceeds of the issue will be used for land, construction of horse racing plant
and working capital.
Amory L. Haskell is President of the company.
Van Alystyne, Noel & Co. has been named underwriter.
Filed Nov. 9,
Big Horn Mines,
Inc. (2-4568, Form AO-1), of Los Angeles, Calif.,
registration statement covering 300,000 shares of $1 par common
stock.
146,179 shares will be offered to the public at $1 per share, and
153,821 shares will be issued to Big Horn Exploration Co., Ltd., for prop¬
erty.
Proceeds of the issue will be used for property, development and
a
underwriter
O.
named.
M.
Lundene
Filed Nov.
9,
is
President
of the
cojmpany.
Interest on income note
Creamery Co. of California (1-4569, Form A-2), of Los
Angeles, Calif., has filed a registration statement covering 100,528 shares
of no par value common stock, reserved for rights, and 200,246 rights
for the common stock.
124,648 of the rights will be available for the com¬
mon stockholders, and such holders of 5 rights is entitled to purchase one
share of common stock registered; 75,598 rights are available for preferred
stockholders, and one entitles the holder to purchase one share of common
stock.
The portion of the common stock registered that is unsubscribed
through the rights will be offered to the public by the underwriters. Pro¬
ceeds of the issue will be used to retire part of the 5J^% first mortgage
convertible sinking fund bonds, due 1950, for building, machinery, equip¬
ment, lease and working capital.
Thomas R. Knudsen is president of the
company.
G. Brashears & Co. has been named underwriter.
Filed Nov.
$212,294
Net income.
Balance Sheet Sept. 30, 1940
'
'
$170,289
'
'a---:
Assets—Utility plant, $4,576,188; special funds, $7,711; cash, $63,806;
(net), $479,873; current balances due from affiliated
companies, $2,617; advances to officers and employees, $1,610; materials,
supplies and merchandise, $116,270; prepaid taxes and insurance, $9,510;
deferred charges, $110,384; total, $5,367,970.
Liabilities—Common stock (no par value, 60,000 shares), $1,331,300;
long-term debt, $2,881,000; 1st mtge. bonds, 4Yi% series, called for re¬
demption, $7,096; accounts payable, $67,703; due to Southern Natural
Gas Co. (parent company), $144,224; accrued interest on long-term debt,
$10,357; accrued taxes, $60,101; accrued Federal and State income taxes,
$55,476; miscellaneous accrued liabilities, $7,433; customers' deposits,
$80,990; contributions for extensions—non-refundable, $15,520; reserves,
$1,633; capital surplus, $290,982; earned surplus, $414,154; total, $5,367,970.—V. 151, P. 686.
:
';/■>. • ' ;,W..
accounts receivable
Alabama Water Service
686,371
bl938
$1,071,805
708,172
bl937
$1,058,087
651,335
$387,557
4,587
$363,633
4,214
$406,753
4,949
$417,900
259,405
$392,143
263,508
5,935
$367,848
263,568
$411,702
277,628
7,977
1,586
1,586
$148,933
40,758
Net earnings
Gross income
on
al939
$1,113,057
725,500
$411,761
6,139
Operating re venues
Oper. exps. & taxes
Int.
long-term debt..
$121,115
40,758
40,000
Miscell. deductions
Amort,
Co.-—Earnings—
1940
$1,098,132
of debt disct.
&
;
expense
Net income
Divs.
on
on com.
3,014
2,326
preferred stock.
stock
—...
i
1,586
1,586
$100,368
40,758
50,000
$129,474
-
dissolved on June 1, 1939.
Subsequent to
that date the ice properties have been incorporated into and operated by
Collinsville
a
Ice
Co.
was
the company.
solution.
The statement includes Collinsville Ice Co. to date of dis¬
b Consolidated figures.
Balance Sheet
Sept. 30, 1940
Assets—Utility plant, $8,491,233; investment and fund accounts, $41/960; cash, $414,845; special deposits, $643; accounts, warrants and notes
receivable (net), $136,001; accrued unbilled revenue, $17,635; material an^
supplies, $64,444; prepaid insurance and taxes, $20,385; deferred charges,
$45,625; total, $9,232,771.
Liabilities—$6 cumulative preferred stock, $679,300; common stock
(6,000 shares of no par value), $600,000; long-term debt, $5,068,353; ac¬
counts payable, $51,562; customers' deposits and accrued interest thereon,
$32,986; general taxes accrued, $70,072; Federal and State income taxes
accrued, $70,431; interest on long-term debt accrued, $52,607; dividends on
preferred stock accrued, $3,396; miscellaneous accruals, $6,387; customers'
advances for construction and unearned revenue, $63,579; reserves, $1,474,882; contributions in aid of construction, $5,135; capital surplus, $546,298; earned surplus, $507,781; total, $9,232,771.—V. 151, P- 2178.
1940.
Southern Acceptances, Inc. (2-4570, Form A2) of Orlando, Fla., has
a registration statement
covering 150 shares of $50 dividend cumulative
preferred stock, no par, which will be offered at $1,000 per share. 20 shares
of $60 dividend cumulative class A common stock, no par, which will be
Alberene Stone Corp. of
x
9 Mos. End. Sept. 30—
Net income
x
offered at $1,000 per share, and 30 shares of class B common stock, no par,
which will be offered at $1,100 per share.
Proceeds of the issue will be
to discharge bank loans and for working capital.
R. H. Carlin is
President of the company.
Leddy, Wheeler & Co. has been named under¬
writer.
Filed Nov. 12, 194,1.
Bear Mining & Milling Co. (2-4571, Form Al) of Denver, Colo., has
fned
registration statement covering 153,145 shares of $1 par common
stock, which will be offered at $1 per share.
Proceeds of the issue will be
used for machinery, equipment, development and working
capital.
John H.
Vohlken is President of the company.
No underwriter named.
Filed
a
Nov.
12,
1940.
Barium Stainless Steel
filed
Corp. (2-4572, Form A2) Of Canton, Ohio, has
registration statement covering 250,000 shares of common stock,
a
$1 par, which will be offered at market.
debt,
Proceeds of the issue will be used
heating furnace unit and the building of two addi¬
working capital.
Frank Huston is President of the
company.
Tobey & Co. and Johnston Lemon & Co. have been named
underwriters.
Filed Nov. 13, 1940.
tional
relocating
units, and for
Virginia—Earnings■—
1940
1938
1939
$30,237
$26,903
$7,890
1937
$80,496
After all charges but before Federal taxes.—V. 151, p. 1269.
Alleghany Corp.—Earnings—
used
for
6,842
398
—
'i:>-
1,100
3,937
Amortization of debt discount and expense
Taxes assumed on interest....
filed
...
—
$341,959
63,405
97,500
3,799
6,965
Miscellaneous interest
No
1940.
Knudsen
12,
bonds 4)4 %
6)4%-----
Interest on first mortgage
$340,859
$384,271
63,300
97,500
Income before interest, &c~-
Divs.
1940.
working capital.
$380,067
4,204
Other income (net)
for further details),
Monmouth Park Racing Association (2-4567, Form A-l) of Trenton,
N. J. has filed a registration statement covering 200,000 shares of $1 par
1939
$2,076,203
1,735,344
2,183,142
12 Mos. End. Sept. 30—
Indianapolis Power & Light Co. (2-4566, Form A-2) of Indianapolis*
has filed a registration statement covering 140,591 shares of 5M%
cumulative preferred stock, $100 par. Filed Nov. 9, 1940. (See subsequent
1940
$2,563,209
30—
Other income.
Filed Nov. 8,1940.
has filed
Co.—Earnings—
Operating expenses
series A preferred stock and for extensions to transmission and distribution
OR. A. Cooke is President of the company. No underwriter named.
Ind.
Oct. 8, '38
Oct. 9, '37
loss$64,791 loss$274,147
depreciation, &c.—V. 151, p. 1130.
12 Months Ended Sept.
Total operating revenue
facilities.
page
After taxes,
x
Oct. 7, '39
$6,440
$42,343
Net profit
A-2) of Honolulu, Hawaii
registration statement covering 100,000 shares of series B 5%
cumulative preferred stoc, $20 par, and transferable full share subscription
warrants to purchase 50,000 of the preferred shares.
50,000 shares of the
new 5% stock in exchange will be offered in exchange, ona a share-for-share
basis, for its outstanding series A 6% preferred which has been called for
redemption on Jan, 15, 1941. Company will offer common stockholders, at
the close of business on Jan. 15, 50,000 shares of preferred and shares not
issued in exchange, for subscription, pro rata, at $20 a share. Transferable
warrants evidencing subscription rights will be issued on Jan. 15, or as soon
as practicable thereafter.
The number of shares of new preferred to be offered common stockholders
and the number of rights to be issued will not be determininable until Jan. 15
when the number of shares used in the exchange offer is ascertained.
In¬
formation will be supplied later.
Proceeds of the issue will be used to retire the $20 par 6% cumulative
a
Oct. 5, *40
40 Weeks Ended—
x
registration statement covering $53,000,000 of 1st mortgage bonds, series
A, due 1970. Filed Nov. 7,1940.
(See subsequent page for further details)
has fi.ed
Addressograph-Multigraph there was maintained at a higher level than
year ago during the three months ended Oct. 31.
Earnings of Addressograph-Multigraph and the Canadian subsidiary
during August, the first month in its new fiscal year, are understood to
have been about 20% larger than in August, 1939.
Early indications are
that earnings for the quarter ended Oct. 31 will be ahead of-the com¬
Radio
McCrory Stores Corp. (2-4563, Form A-2), of New York, N. Y., has
filed a registration statement covering 60,(X)0 shares of 5% cumulative
preferred stock, $100 par, and 150,000 shares of common stock, $1 par, and
warrants to purchase common stock which will be attached to the preferred
stock. The new preferred stock will be initially offered to holders of the
company's common stock in units of one share of the new preferred stock
and a warrant calling for 2 Y* shares of common stock for each 16 shares of
common stock held of record on or about Nov. 29, 1940.
Rights to sub¬
scribe are to be evidenced by transferable subscription certificates.
The
warrants are exercisable on or before Dec. 1, 1945.
Filed Nov. 7, 1940.
(See subsequent page for further details).
Bis ton
exlcude results of the company's subsidiaries in
England and Europe, incomplete data from abroad indicate that business
of
The following
to
alphabetical order.
possible.
as
1
[Including wholly-owned subsidiary Terminal Shares, Inc.]
Period End. Sept. 30—
x
Inc. from divs. & int._
Interest paid.
General expenses, &c.__
Exps. in Terminal Shares
Inc. litigation..
Amort, of bond discount
Expenses applicable to
years prior to 1940...
Net loss.
1940—3 Mos.—1939
$1,343,945
935,011
107,291
$543,638
959,067
161,918
.
65,776
—
67,210
—
profa$235.866
1940—9 Mos.—1939
zl,629,043
2,844,675
345,290
$3,609,071
2,814,105
255,849
—
14,140
197,328
201,966
b60,774
y$644,557 pf a$266,874 y$l,762,888
x.After deducting interest accruals charged off on $11,152,000 Missouri
RR. 20-year 5H% convertible bonds and on notes and accounts
Pacific
owned
by Terminal Shares, Inc.
y Exclusive of results from sale of se¬
z After
deducting distributions on Chesapeake Corp. stock,
applied against cost thereof.
a Exclusive of $11,017,585 provisions for possible loss on sale of securities
owned by Terminal Shares, Inc.
b Consists of $11,163 general expense;
$30,341 expense re Terminal Shares, Inc. litigation trustees' counsel ex¬
penses and $19,269 amortization of bond discount and expense.
curities.
The last
in
our
previous list of registration statements
issue of Nov. 9, page 2792.
was
given
Addressograph-Multigraph Corp.—October Orders —
Company reports new orders in October were larger than during any
previous October in the company's history and were 34H % above October,
1939.
New orders booked during the 10 months ended Oct. 31 were 26%
larger than in the corresponding period of 1939.
The company's shipments during October showed an increase of nearly
*
16%
October, 1939, and were 12)4% above the like 1939 period for
the quarter ended Oct. 31.
The high level of both orders and shipments has not only been main¬
tained during the first eight days of November but the rate has accelerated.
The company's orders from dealers on South America during the first
10 months of 1940 were 5.8% ahead of the best previous full year in the
company's history.
^Reflecting the heavy bookings, which were above shipments, the com¬
pany's backlog of unfilled orders has been rising until at present it is over
$1,200,000.
over
Bond
Appraisals—
Collateral securing the 5s of 1944 as of Nov. 1 had an appraised value
equal to 148.2% of the par value of outstanding bonds, according to Guar¬
anty Trust Co., trustee of the issue.
Collateral behind the corporation's 5s
of 1949 had
an
appraised valuation
of 145 %% of the outstanding issue and that of the 5s of 1950 had an ap¬
praised value of 31.015% of the par value in the hands of the public. Con¬
tinental Bank & Trust Co. is trustee of the former issue and Marine Midland
Trust Co. of the latter.
On Aug. 1 the ratio of collateral behind the 1944s was 137.2%, the 1949s
134% and the 1950s, 30.175%.—V. 151, p. 2792.
Allied Kid Co.—Sales—
«
Company reports sales of $685,453 for October, 1940 compared with
$893,144 in the same month last year.
Physical volume was 3,279,443
feet
against
3,863,715 feet in October,
1939.
Volume
The lower sales as compared with October last year in part reflect the
reduced volume of women's shoe production and in part are the result of
the advance buying in September and October last year, caused by the
outbreak of the
war.
$6,577,088 compared
$7,842,299 in the same period of 1939.
Physical volume so far this
amounts to 30.054,482 feet against 38,260,858 feet in the first 10
For the first
with
year
10 months of 1940 total sales were
months last year—V. 151, p. 2178.
Allied
Mills, Inc. (& Subs.)—Earnings—
Mos.End.Sept. 30—
1939
$1,346,134
1940
$1,349,689
Net profit
Shares capital stock
x
distributed profits.
.
Directors have declared
a
the common
This compares with
75 cents on June 12,
1938, and $1.50 on
dividend of 25 cents per share on
stock, payable Dec. 14 to holders of record Nov. 25.
i 5 cents paid on June 15, last; 25 cents on Dec. 15,1939;
1939; 25 cents on Dec. 27, 1938; 50 cants on June 23,
June 15, 1937.—V. 151, p. 1131.
Allied Products
•
1939
$176,049
$1.22
1940
z$344,772
$3.50
Sept. 30—
per
share
V. 151, p. 1130.
Allis-Chalmers Mfg. Co.—To
Directors
on
Pay 50-Cent Dividend—
share on the com¬
Like amount was
quarterly dividends of 25
Nov. 8 declared a dividend of 50 cents per
stock, payable Dec. 20 to holders of record
paid on Sept. 30, last, and previously regular
cents per share were distributed.
mon
was
Dec. 2.
elected a director to fill a vacancy on
the Board.
—V. 151, p. 2482.
American Airlines,
dist. profits
Additional for
1940
1939
$15,152,163 $10,637,097
11,752,590
8.432,723
1938
$8,112,789
6,731,122
$2,204,374
Total
sale of flying
114,425
equipment
—---
3,124
7,492
stk. (par $1)
176
.
The consolidated income account
1,051,715
1,194,008
$2,496,616
2,022
$2,332,248 $28,208,348 $26,264,563
13,787
144,311
145,947
$2,498,638
793,929
424,394
$2,346,035 $28,352,659 $26,410,509
801,342
9,585,308
9,504,586
424,394
5,092,519
5,092,519
$1,280,315
$1,120,299 $13,674,832 $11,813,404
$1,280,315
$1,120,299 $13,674,832 $11,813,404
126,419
1,545,498
1,782,281
390,189
Total income
Int. & other deductionsDi vs.
on
pref. stocks
b Balance
Amer. Gas & Elec. Co.—
b Balance
129,166
Int. from subs, consol—
$48,691
$0.16
Taxes and expenses
for the quarter ended
Sept. 30, 1940,
Company carried 104,158 revenue passengers in October, figures released
Nov. 8 by Charles A. Rheinstrom, Vice-President in Charge of Sales,
subs.
from
consolidated
divs.
Pref.
74,442
$1,579,699
70,638
$1,416,916 $17,282,942 $15,639,836
$1,509,061
Int. & other deductions97,163
Divs. on pref. stock
140,767
$1,308,610 $16,441,328 $15,046,767
128,140
1,273,551
1,651,870
(net)
2,133,738
1,813,924
177,811
"$1,271,131
$1,002,658 $13,353,853 $11,261,159
a Restated for comparative purposes,
b Of income for common stocks of
subs, owned by American Gas & Electric Co.—V. 151, p. 2793.
Balance
(& Subs.)—Earns.
American-Hawaiian Steamship Co.
9Months Ended Sept.
1940
30—
Operating revenue
Operating expenses (excluding
$15,997,310 $13,173,584
indication air travel during this Fall and Winter will bd
before," Mr. Rheinstrom said.
"This is particularly true
resort areas such as the * Sun Country'of Texas, Arizona and
depreciation) — — 12,661,606
12,218,075
$3,335,703
361,851
$955,509
144,174
$3,697,555
549,292
$1,099,684
640,899
$458,784
"From every
of travel to
593,069
841,613
108,306
Balance...
$3,148,262
of 1939.
heavier than
1,988,170
55,980
1,988,170
165,681
4,517
165,681
4,538
Total income
with 93,376 revenue passengers carried in September, 1940
carried in October of last year.
were 35,398,139, compared
22,336,971 flown in October
1940—12 Afos—al939
Taxes
$964,283
$3.21
„
Subs.)—Earnings —
Maintenance
Depreciation
Other income
$1,556,849
$4.30
inventories, $132,571; invest¬
$6,705,935 $84,634,729 $75,882,300
2,099,844
26,623,304
23,949,059
388,422
4,583,692
4,261,658
/
925,822
11,876,066
10,883,459
959,598
13,343,319
10,523,562
$7,350,744
2,218,215
158,016
9,600
Revenue passenger miles flown in October
with 31,981,927 flown in September and with
$1.65
1940—Month—al939
Operating revenue
121,113
204,500
on
This compares
$0.04
31, 1940
American Gas & Electric Co. (&
1,165,360
Operating revenues, $5,920,860; expenses, $4,410,523; profit,
$1,150,337; profit from sale of flying equipment, $4,400; total income,
$1,514,737; depreciation and obsolescence, $547,245; interest, $40,648;
Federal income taxes, $257,400; net profit, $669,444.
and with 59,128
$0.40
$0.35
_
Period End. Sept. 30—
Subs. Consolidated
$1,381,667
follows:
k
$382,437
307,960
plant and equipment (net),
$554,934; patents, $1; deferred charges, $72,491; total, $1,1977346.
Liabilities—Notes payable to banks (instalments due within one year),
$24,000; trade accounts payable, salaries, wages and commissions, &c.,
$178,272; dividend payable, $28,926; accrued taxes, insurance and interest,
$7,074; Federal tax on income, $16,435; long-term indebtedness, $35,000;
common stock ($1 par), $231,400; capital surplus, $410,000; earned surplus,
$266,239; total, $1,197,346.—V. 151, p. 97.
\
97,258
491,900
Net profit
Earnings per share on capital stock..
$10,723
86,776
Assets—Cash, $253,424; U.S. Government bonds, $55,000; trad* accounts
914,478
Interest.
$87,323
86,776
$82,112
115,702
receivable (less reserve of $1,000), $125,908;
ments and other assets, $3,016; property,
$2,204,374
Federal income taxes
69,498
550
prior year
1,367,991
Depreciation and obsolescence
214
un-
on
$3,513,998
income
19,295
_
$1,381,667
$3,399,573
on
$459,603
Net profit.
Dividends paid in cash.
Earns, per sh. on 231,400
Inc. (& Subs.)—Earnings—
Profit
Profit
$14,397
16,434
Operating income
revenues
$106,618
profits taxes
share.—V. 151, p. 2792.
9 Months Ended Sept. 30—
$459,389
$98,546
Other income
Operating
Expenses
294,260
$11,599
2,799
~
Operation
Aluminum Co. of America—Sale of Stock Completed—
Shields & Co. announced on Nov. 13, the completion of the sale of 2,500
shares of common stock through a group of dealers at an average price
of $164 per
201,016
$104,820
1,798
Profit
Loss on disposal of cap.
assets, &c
Prov. for normal & excess
New Director—
W. C. Buchanan
249,158
$95,614
2,932
Balance Sheet Aug.
-
$3,151,110
2,397,461
$1,489,414
1,276,800
234,396
expenses
shs. cap.
1938
1937
$118,503
$257,111
$0.45
$2.30
x After depreciation, Federal income taxes, &c.
y On 75,050 common
shares ($10 par),
z After deducting Federal income tax at new rate.—
9 Mos. End.
Earnings
1937
1938
$1,702,429
1,348,451
$1,794,954
1,464,944
Cost of goods sold
Admin., sell. & engineer.
Corp.—Earnings—
Net profit
y
Co.—Earnings1939
1940
and discount
Prov. for surtax
25-Cent Dividend—
x
American Forging & Socket
Years End. Aug. 31—
Sales, less returns, allow.
Operating profit
Miscell. income (net)
1938
1937
$803,744
$1,753,201
812,220
946,000
946,000
946,000
Earnings per share
$1.66
$1.42
$0.85
$1.85
x After
depreciation, depletion. Federal income taxes and surtax on un¬
12
2931
The Commercial & Financial Chronicle
151
ever
Other credits
Southern California."
Total income
Transfer Agent—
r
Schroder Trust Co.
and $4-25
has been appointed
cumulative convertible preferred
transfer agent for the common
stock.
Additional Listing—
The
upon
New
York
Stock
Gain from sale of
a
listing 71,429 ad¬
notice of issuance
convertible preferred stock of the
Exchange has authorized for
(par $10) upon official
ditional shares of common stock
conversion of $4.25 cumulative
has announced that effective Nov. 12, the agency for
the office of the Schroder
Co. in lieu of the company's office.—V. 151, p. 2793.
The company
A sscts
in excess of book value.
$14,771
$0.02
$556,700
$0.80
x$436,167
Nil
Foundry Co.—Government
Contract—
Company was recently awarded a contract totaling $679,640
tank cars for the United States Government.—V. 151, p. 2339.
to build
b 8hore
Steamer
2,254,131
158,396
129,001
457,444
124,260
1,150,000
2,778,199
799,221
7,362,583
plant
eoulpm't.
Inv. in other cos__
Unexp. insur., &c_
Insur. fund
Cash...
-
Acc'ts receivable--
U.S.Treas. bills.Mix. claims
U.
S.
116,275
181,805
94,444
201,150
1,150,000
3,282,646
927,863
60~215
31
Sept. 30 '40 Dec.
2,218,070
2,169,026
50,344
-----
d Cap.
50,344
($10
stock
4,358,000
par)
4.370,000
687,080
791,346
406,610
528,664
2,218,070
1,150,000
1,800,647
222,165
283,257
6,046,245
2,169,026
1,150,000
171,667
Excess of revs, over
dlsbursem'ts
on
uncomplet. voy¬
ages
payablecollection
of mixed claims
Accounts
Res.
for
awards
Res. for Fed. taxes
Other reserves
Treasury
notes at cost—
31,39
$
$
Liabilities—
Res. for iasurance.
awards
receivable
c
4,760,373
75,153
Supplies
Telegraph Co.—To Borrow Funds for
$
§
1
Vessels in comm.
a
Loss, exclusive of extraordinary operating charges in 1938 period at
June 30, 1938, of $984,689.
For the quarter ended Sept. 30, 1940, net profit was $173,049, or 25
cents a share, comparing with net loss of $34,287 in the September quarter
of 1939.—V. 151, p. 1269.
American District
$402,174
$0.92
Sept.30,'40 Dec. 31/39
1938
1939
in-
&c
$458,784
56,610
$2,803,051
$6.43
profit
Proceeds from sale of ships
a
x
American Car &
Net
Consolidated Balance Sheet Dec.
1940
Earnings per share on capital stock..
$4,560,075
1,757,023
income & excess profits txaes._
Earnings per share on common---
Corp.—Earnings—
Bosch
9 Months Ended Sept. 30—
Profit after depreciation, Federal
I* come taxes,
trans¬
Trust
1,411,812
capital assets
Total profit
Prov. for est. Fed.
company.
fer of its common stock will be located at
American
.
Provision for depreciation
Capital surplus
Earned surplus
605,423
3,592,751
Preferred Stock Redemption—
To
make provision for
the funds necessary for
the redemption of the
existing preferred stock as per approved recapitalization plan outlined in
the "Chronicle" of Oct. 19, page 2339, company has obtained an agree¬
ment for a bank loan
under which it can borrow up to
$4,000,000, the loan
of the company which would mature
successive semi-annual intervals over a period not
to exceed six years, the date of the latest maturity and the principal amount
payable at each maturity depending upon the total amount of the loan,
the largest principal repayment to come due, in any event, at the latest
maturity, the interest rate varying with the period of the loan from a
minimum of 2% per annum to a maximum of 3% per annum.
Any loan
made under the agreement would be prepayable in amounts of not less
than $200,000 at any one time in inverse order of the serial maturities,
without premium unless any such prepayments should be made out of
borrowings from other sources than the lending bank, in which latter case
a premium of 1-16 of 1% of the principal prepaid would be payable for each
six months or fraction thereof unexpired from the date of such prepayment
to the maturity date.
The agreement also contains various provisions
protective of the lender, and provides that the notes may be declared due
and payable upon the occurrence of certain events of default.
For the
establishment of the aforesaid credit up to $4,000,000, the company has
paid a commitment fee of $5,000.
Funds to whatever extent may be re¬
quired for the redemption of the existing preferred stock will be provided
by borrowing under the aforesaid loan agreement and by the use of cash
available in the company's treasury.—V. 151, p. 2339.
to
be evidenced by promissory notes
in varying amounts at
American Encaustic
3 Months Ended Sept.
30—
deprec., and
Net profit after interest,
Federal & State taxes
Earns, per share on
—V.
151, p.
Tiling Co., Inc.—Earnings —
1940
estimated
333,879 shares capital stock
1131.
1939
$21,912
$0.06
$10,238
$0.03
Total —
-..17,556,804 12,994,141
$17,020,134 in 1939 and $12,806,838
in 1940.
b After reserve for depreciation of $334,279 in 1939 and $357,668
in 1940.
c Deposited with Treasurer of United States as collateral under
lease agreement,
d Not including shares in trearury (164,200 in 1940 and
63,000 in 1939).—-V. 150, p. 2339.
17,556,804 12,994,141
Totala
After reserve
for depreciation of
American Home
Products Corp. (&
Subs.)—Earnings■—
1940
1939
1938
1937
y$3,106,831 $3,084,491 $2,130,350 $2,312,482
Earns.per sh.on cap. stk.
$3.85
$3.83
$2.80
$3.12
x
After depreciation, interest and Federal income taxes, but before
provision for surtax on undistributed profits,
y After deducting normal
Federal income taxes at existing rates but before any provision for excess
profits taxes.—V. 151, p. 1131.
Z0—
§ Mos.End.Sept.
xNet income
American Ice Co.
(& Subs.)—Earnings—
1940—3 Mos.—1939
1940—9 Mos.—1939
$74,578
$395,455 loss$297,353
$239,868
Nil
$0.33
Nil
Nil
x
After interest, depreciation, Federal income taxes, &c., but before
Federal surtax on undistributed profits.—V. 151. P- 1131.
Period End. Sept.
x
30—
Net income
Earnings per sh. on com.
American Insulator
9 Months
Net sales
Net income
Corp. of Del.
rim
1939
noq
$925,091
48,962
—
after all charges
share on common stock
—V. 150, p. 2865.
Earns. per
-Earnings—
Ended Sept. 30—
«
-
V
no
•> i .uz
$0.35
The Commercial & Financial Chronicle
2932
American Laundry
Machinery Co.—Extra Dividend—
an extra dividend of 30 cents per share in addition
regular quarterly dividend of 20 cents per share on the common stock,
both payable Dec. 2 to holders of record Nov. 19.
Extras of 10 cents were
paid on Sept. 1 and on June 1, last.—V. 151, p. 1132.
Directors have declared
,
Week Ended—
1940
Oct. 19
57,234,000
American Machine &
—V.
16 Weeks
40
Weeks
2
Nov.
—V.
Metals, Inc.—Earnings—
9
151,
.
Corp.—Earnings—
[American
1940
Net sales
Cost of sales.-
1939
$773,340
a
Gross profit on sales..
Selling and administrative
Window
$708,941
370-71^
Co.,
Glass
1940
$1,120,261
Operating loss on sales...........
Interest, rentals, income (net)......
$61,933
30,335
$84,76T
35,090
$87,073
38,565
Prov. for depreciation..
Net loss from operations...
Div. income, Aeolian American Corp.
$31,598
76,000
$49,677
75,000
$48,507
50,000
Extraordinary repairs.,
x Admin. & selling
exp..
Social security taxes
Net profit......................
$43,402
$25,323
$1,493
royalties,
tributed
An official statement says:
"The reason the company continues to show
operating loss before adding dividend income from Aeolian American
Corp. is that it is still saddled with leases at New York and Boston which
were made prior to 1929 and under which the rent is
very considerably in
of current rentals.
If it were not for this handicap, the company
would be operating in black figures irrespective of income from Aeolian
American Corp.
The company s New York lease has another eight years
excess
to run and its
Boston lease has about three years yet to
run."—Y.
Total
Loss
15,156
6,324
31,995
$1 135 417
$819 716
394 235
388 944
384 783
236,592
64,5,287
125,681
211,170
124,560
505,195
68,020
$2 322 334
359,057
175,729
705,707
66,289
494,749
97,645
undis¬
on
profits...—
......
American Public Service Co.—•Accumulated Dividend—
sale
of
1269.
Period End. Sept. SO—
Net profit
Earnings
per
shs.
share
$329,707 in 1937,
1940—3 Mos.—1939
$1,804,511
$600,793
1940—9 Mos.—1939
$3,889,110
outstanding
$0.45
$0.03
$0.26
',
;•
,
Assets—
Notes & accts. rec., ■V.,J;V '■■■'.
less
reserve
72,454
■
for
.$18,966,246 $11,863,460
15,354,297
10,942,904
897,943
678,536
Costs and expenses............
Depreciation
30,343
State taxes
nary
1932, and
$2,714,006
44,555
....
Total income...
$242,020
97,202
$339,222 z$l,298,333
15,190
15,575
126,500
89,500
7,999
6,320
Miscellaneous deductions......
960
Federal income taxes
x668,500
Minority interest.
Net profit
Earnings
per
8,655
......I...........
share
on common stock.
At rate of 24%.
Note—No
$2,080,446
provision
not accrue.—V.
$189,533
$0.16
$1.75
Loss.
z
was
151,
made for
p.
excess
profits taxes
z$l,410.548
112,215
z$l,409.728
Nil
r
which
may
or
have
on
U.
S.
tax
Anaconda
Copper Mining Co.
non-oper.
prop.
Uncollectible
oper. rev..
Operating revenues...
Operating expenses
—
.
Net oper. revenues...
Operating taxes
Net oper. income....
Net income
Gain in Phones— >
$1,318,117
235,000
31,362
$817,789
$1,51
$1,051,755
$1.95
Discount and
was
a
on
bonds retired._.
$9,916,698 $10,537,740
6,927,784
6,755,548
$88,692,473
62,488,041
$83,577,341
60,754,935
$2,988,914
2,505,180
$3,782,192 $26,204,432 $22,822,406
1,373,065
13,307,809
10,288,401
$483,734
42,956,057
$2,409,127 $12,896,623 $12,534,005
43,702,175 135,361,559 125.035,896
.
53,636
...
—
Earnings
a
per
614,300 for the same period in 1939.
At the
there about 17,281,800 telephones in the Bell
end
of
October this
System.—V.
charges.........
Interest
Federal
stock, both payable Dec. 2 to holders of record Nov. 20.
Like amounts
were paid on June 1, last; and Dec. 4 and on June
1, 1939.—V. 150, p. 3964.
Appalachian Electric Power Co.—Debentures Called—
Company will redeem on Dec. 16, 1940, at 102% and accrued interest,
for purposes of the sinking fund, $250,000 principal amount of its sinking
fund debentures 4^ % series due 1948.
Debentures have been drawn by lot
by Central Hanover Bank & Trust Co., trustee, in this amount, and pay¬
ment
will
—V.
151,
be made at the offices of the
p.
x
..............
Net loss.
1938
$3,651,214
3,641,032
$2,718,038
2,953,569
$4,146,886
3,847,269
$25,038
105,901
y$10,182
100,223
$235,531
96,957
y$299,617
$80,863
61,028
23,185
$110,405
65,139
z$138,574
36,259
10,056
$395,874
62,140
24,135
45,850
$184,889
y$263,749
23,462
2,774
y$19,030
Earns.per sh.on cap.stk.
96,257
Nil
$0.03
Nil
$0.46
Before Federal surtax on undistributed profits,
y Profit,
z Loss.
For quarter ended Sept. 30, 1940, net
profit was $42,825, equal to 7 cents
a share on 568,096 shares of
capital stock, comparing with net profit of
$29,506 or 5 cents a share in September quarter of previous year, and net
loss of $46,175 for quarter ended June 30, 1940.—V.
151, p. 1132,
x
American Water Works & Electric
1940—3 Mos.—1939
1940—9 Mos.—1939
deprec.,
$24,274 prof.$48,847
$14,219 prof$40,771
Arundel Cor p.—Earnings—
9 Mos. End. Sept. 30—
Profit after deprec., &c.y
1940
1938
1939
1937
but before Federal in¬
come
taxes...
$771,242
$1,063,298
$1,035,833
$916,415
September profit before Federal income taxes was $158,766, against
$148,877 in September 1939.
Current assets as of Sept. 30, 1940, amounted to $2,284,331 and current
liabilities were $627,519 compared with $3,616,906 and $899,852,
respec¬
tively, on Sept. 30, 1939.—V. 151, p. 2181.
Associated Breweries of Canada, Ltd.—60-Cent Div,—
Directors have declared a dividend of 60 cents per share on the common
stock, payable Dec. 21 to holders of record Dec. 14.
Dividends of 25 cents
were paid in each of the three preceding quarters; year-end dividend of
75 cents was paid on Dec. 22, 1939, and regular quarterly dividend of 20
cents was paid on Sept. 30, 1939.—V. 150, p. 1419.
Associated Dry Goods Corp.— Sales—
Sales
reported
by subsidiary store companies for the
13-week period
ended Nov. 2, 1940 .were $16,516,000 compared with sales of $15,928,000
in the 13 weeks ended Nov. 4, 1939, an increase of 3.7%.
Total sales
for
Co., Inc.—Output—
Output of electric energy of the electric properties of American Water
1940, totaled 58,153,000
lcwh., an increase of 4.7% over the output of 55,518,000 kwh. for the
corresponding week of 1939.
<
Works & Electric Co. for the week ended Nov. 9,
New York.
Argonaut Mining Co., Ltd.—Earnings—
1937
$3,350
bank, 70 Broadway,
2340.
Period End, Sept. 30—
151, p.. 2483
1939
income taxes
$3.11
Andian National Corp.—Extra Dividend—
year
Founders, Inc. (& Subs.)—Earnings—
Total income
$0.65
$1.34
No provision made for Federal surtax
Directors have declared an extra dividend of 50 cents per share in addi¬
tion to the regular semi-annual dividend of $1
per share on the common
depletion & taxes
—V. 151, p. 1133.
Other
$2.79
c$5,657,998 C$26965,164
8,674.338
8.674,338
excess profits taxes.
Note—The equity in the undistributed earnings of subsidiaries not con¬
solidated, and therefore not included in the consolidated income account,
amounted to $815,938 for the 1940 period.—V. 151, p. 2793.
gain for the Previous month was 109,200 and for October, 1939,
86,900.
The net gain for 10 months this
year totals 747.800 as against
Operating loss..
168,233
'
183,219
Includes depletion of timber, coal, clay lands and phosphate deposits,
b Before depletion of metal mines,
c
on undistributed profits,
d Includes
Net loss, before
6 Mos. End. Sept. 30-—
1940
Net sales..
$3,748,787
Cost and
expenses3.773,825
128,419
456,795
7,402,215
6,546,227
157,879
6,123,480
5,221,163
—
share.-...
116,713
105,387
6,263,011
2,975,537
101,429
;
•
gain of about 100,900 telephones in service in the principal
& Telegraph Co. in¬
October, 1940.
Other income-.
(& Subs.')—Earnings—
b Net income...
..$24,241,675c$l 1,613,344
Shs. cap. stk. (par $50).
8,674.338
8,674,338
telephone subsidiaries of the American Telephone
cluded in the Bell System
during the month of
American Type
following
expens. on
bonds & debentures..
Co.—Earnings—
1940—Month—1939
1940—9 Mos—1939
$9,976,898 $10,585,235 $89,157,971 $83,988,926
60,200
47,495
465,498
411,585
•
1,
$46,984,550 $26,593,106 $20,397,572 $44,368,949
1,138,216
1,684,402
2,083,662
2,330,189
1,507,861
1,666,069
3,037,385
371,707
Deprec., obsoles,. &c_
7,975,919
U. 8. & foreign inc. taxes d9,822,656
Res've for contingencies.
2,000,000
Minority interest
244,587
.......
American Telephone & Telegraph
..
the
...
Loss
capital stock
revenues...
on
9 Mos. End. Sept. 30—
1940
1939
1938
1937
Operating income
..$46,140,112 $26,093,058 $19,704,931 $43,036,272
Other income.
844,438
500,048
692,641
1,332,677
1939
$1,105,894
260,000
28,105
......
......
Period End. Sept. 30—
19,473,529 19,126,662
Total
shares
Government recently awarded this company the
materials for its defense program:
$9,958,827
8,640,710
Company reports for the quarter ended Sept. 30, 1940, net profit of
$309,081 after depreciation, estimated normal Federal taxes, &c., equal to
57 cents a share on 539,990 shares of capital stock.
This compares with $351,114 or 65 cents a share in
September quarter
of previous year, and
$397,520 or 73 cents a share for quarter ended June
30, 1940.—V. 151. p. 2179.
'
Operating
5,995,615
1,368,625
2,400,000 yards flannel shirting, $4,316,000;
1,945,000 yards light shade serge cloth, $5,568,935;
200,000 yards elastique cloth, $620,000;
Hospital equipment, $78,700;
800,000 yards o.d. 10H oz. flannel shirting, $1,500, and 100,000 yards o. d.
18 oz. elastique cloth, $310,000.—V. 151, p. 2180.
1940
profit..—,..........
on
6,991,500
1,689,360
accumulated
$9,618,063
8,512,169
^....
..........
profit
6,991,500
5,995,615
contracts to manufacture
Exp. of
Other deductions
Earnings per share
A
American Woolen Co.—Government Contracts—
Interest, &
Co.-—Earnings—
Estimated normal Federal
class
Earned surplus...
a
Manufacturing
cum.
2483.
9 Months Ended Sept. 30—
Net sales....
Costs and expenses
m
3,995,000
cum. pref.stk.
pref. stock from Mar.
class A capital stock from Oct. 1. 1927.—V. 149, p. 2502.
Total income....
American Stove
no par
105,469
3,995,000
Common stock..
x
65,564
Represented by 129,905
70,966
121,205
repairs
stock
17,289,040
19,473,529 19,126,662
.....
179,191
Res. for extraordi¬
g'will, less res've
x
$2,758,561
Other income.........
199,486
7%
7%
obsolescence ...17,136,790
Deferred charges..
33,411
The
Operating profit
231,656
419,925
1,246,810
32,868
Note—Dividends
$9,057,319
9,814,379
653,488
400,000
for deprec'n and
1938
1939
$
270,000
Prov. for Fed'l and
506,655
1,639,421
Plants, real est. &
Subs.)—Earnings —
1940
1939
s
Notes payable
Accounts payable.
126,909
-
.
/
Liabilities—
$
i
'Cash.........
Total
9 Months Ended Sept. 30—
Gross sales.
i-:.V.
1940
1939
After depreciation, interest and Federal taxes.—V. 151, p. 2633.
American Steel Foundries (&
$1,718,005
$1,455,162
$1,368,624
.31
$2,269,944
$0.82
112,780
699,125
$193,036 in 1940, $91,226 in 1939, $99,470 in 1938.
1940
Other assets..
on
$2,529,911
1 29,448
$1,689,361
Includes taxes,
Inventories
Rolling Mill Co. (& Subs.)—Earnings-
$1 455,162
$1,398 072
...
Surp. at end of year..
doubtful accts..
;.?■ ::,C '
American
There
10,379
aban-
......
151,
Directors, have declared a dividend of $1.75 per share on account of ac¬
on the 7% cumulative preferred stock,
par $100, payable Dec.
20 to holders of record Nov. 30.
Like amount was paid on Sept. 20, June
20 and March 20, last: dividend of $2 was paid on Dec. 20, 1939; $1.50 was
paid on June 20, 1939; dividend of $2.50 was paid on Dec. 20, 1938, and
last previous payment was $1.75 per share made on Dec. 16, 1937.—V. 151,
Net
■
$1,005,173
1,524,738
$1,689,361
...
on
cumulations
may
——
......
loss$57,090 loss$262,843
1,455,162
1,718,005
$320,736
1,368,625
doned property.
Preferred dividends....
x
x
"
35,345
Profit for year..
Previous surplus.
1425.
x
1937
$2,290,339
$813,392
pianos, radios, music rolls, &c.
an
com.
Export Co.,
$1,722,533
&c
Total income—
Federal surtax
x
&
1938
$1,687,188
$338,226
425,298
p.
Glass
Photo
before prov. for depr.
Other income, interest,
$332,219
416,987
p.
Report—
1£39
$347,945
409,878
Of
American
Years Ended Aug. 31—
Net profit from opera'ns,
expenses.,
a
V'.v
.■■■
Western Pennsylvania Natural Gas Co.l
1938
$707,107
374,887
425,395
-
1936
Consolidated Income Account
v
American Piano
Years Ended June 30—
'
.
American Window Glass Co.—Annual
151, P. 237.
^
50,073,000
49,530,000
48,431,000
47,728,000
48,276,000
47,370,000
46,531,000
44,513,000
.
$29,289'
$43,512
57,061,000
58,570,000
58,153,000
P.
2793.
1937
1938
44,694,000
45,045,000
44,293,000
44,359,000
1939
54,571,000
55,645,000
54,923,000
55,518,000
Oct. 26—
Nov.
Period Ended Oct. 5, 1940—
Net loss after taxes, deprec., depletion, int., &c_.
1940
16,
Comparative table of weekly output of electric energy for the last five
years follows:
to the
\
Nov.
the 39-week period ended Nov. 2, 1940 were $42,322,000 compared
with sales of $41,168,000 in the 39 weeks ended Nov. 4, 1939, an increase
of
2.8%.
!
The official period in 1939 ended on Oct. 28, but, for the purpose of
comparability, we have given the sales for the 13 weeks and 39 weeks,
respectively, ended Nov. 4, 1939.—V. 151, p. 2484. •
Volume
Associated Gas & Electric Co.—ty
Trust
eekly Output —
above pro¬
This is an increase of 8,479,282 units or 8.7%
151, p. 2793.
(kwh.).
duction of 97,796,938 units a year ago.—V.
Associates Investment Co.
(& Subs.)— Earnings—
Earnings for Nine Months Ended Sept. 30, 1940
$7,393,877
3,840,507
Gross income from operations
Operating expenses
unconditionally guaranteed as to principal and
dividends by the Baltimore & Ohio RR.
[Other bids submitted were: Harriraan Ripley & Co. and associates,
100.4509 for 124s, an interest cost basis of 1.66%; Salomon Bros. & Hutzler and associates, 100.459 for 12^s, also an interest cost basis of 1.66%;
Gregory & Son, Inc., 100.1333 for 124s, an interest cost basis of 1.70%:
Evans, Stillman & Co. and Graham, Parsons & Co., 100.1111 for 124s, an
interest cost basis of 1,73%; Halsey, Stuart & Co. and associates, 100.07779
for 124s.]—V. 151, p. 2634, 2486.
(W.
61,523
*
[,614,893
Gross income
Interest
on
609,827
767,920
payable and other obligations-._.
notes
Provision for Federal income taxes
Net
1,237,145
/_
income
324,600
665,871
Cash dividends paid on preferred capital stock_______
Cash dividends paid on common capital stock
$1,246,675
Undistributed net income for the period
$4.19
Earnings per share on 456,747 shares common stock (no par)..
Sept. 30'40 Dec. 31 '39
Sept. 30'40 Dec, 31'39
Assets—
5
9,930,000
250,000
250,000
760,000
Assoc. BIdg. Co
750,000
79,889
132,476
8,873,009
64,227.641
Common stock.
x
_
72,975
Furn. & fixtures..
113,480
Prepayments
10,272,374
Cash
Notes receivable.. 73,314,732
2,796,946
44,987,600 41,556,500
Notes payable
Inc
6.000,000
3,076,253
5% pref. stock
Emmco Ins. Co.,
S
S
Liabilities—
$
Funds withheld fr.
885,070
.
679,392
2,026,760
auto dealers
Reserve for losses
1,799,731
5-year 1*4% notes
payable..
6,000,000
...
Acc'ts receivable.
5,159
29,811
Deferred income..
Repossessed cars.
177,475
126,504
3,708,724
taxe3,
943,320
10,984,717
Earned surplus...13,177,808
Represented by 456,747 (418,247 in 1939) shares no-par
2793.
x
p.
&
Gulf
Atlantic
Indies
West
Lines
Steamship
T.
$113,173
80,063
$33,110
$1,449,426
626,756
$232,545
50,388
$1,437,363
419,093
$822,670
88,679
$1,018,270
50,686
$182,157
6,697
6,751
...
In connection with these changes, the Sisto Financial Corp., which owns
80,000 of the 547,000 outstanding $1 par common shares, has agreed to
$87,000 of convertible notes and interest accruals of Barium
Stainless Steel into 87,000 shares of stock, and the Reconstruction Finance
Corporation, holder of a $150,000 1st mtge. loan, has arranged, subject
to the provision of additional capital funds, to extend the maturity and
interest payment dates of the loan and to take temporarily a lower rate of
interest.
The interest was reduced from 5% to 4% on April 1, 1939.
convert
licensed by the Chemical Foundation, Inc., to manu¬
nickel steel and possesses certain processes for the
and alloy steels.
Its plant is an Canton, Ohio;
few departments on a limited basis last year.
The company is
chromium
facture
it operated a
Registers with SEC—
Barnsdall Oil Co.
,
$39,861
$1,068,956
1,013,275
$911,350
969,555
$188,854
107,365
Gross income
Interest, rentals, &c
109,999
$55,681
x$58,205
$78,855
x$67,503
151, p. 2182.
Ordnance
(Bridgeport,
Corp.
Conn.)—Govern"
per
to manu"
stock.....
formerly Barnsdall Refining Corp. had been
consolidated as a subsidiary, the proportion of the net loss for the nine
months of 1940 would have reduced foregoing figure by $176,770.—V. 151,
p.
Dolomite, Inc.—Earnings —
Basic
1940—3 Mos.—1939
1940—9 Mos.—1939
z$160,775
$119,160
z$322,969
$184,714
$0.46
$0.34
$0.92
$0.53
depreciation, provision for Federal income taxes,
y On common
After deducting Federal income tax at new rate of 24%.—V.
Peiod End. Sept.
Net profit
x
Co.
Oil
1135.
30—
Earnings per share
After
x
stock,
z
:'.
Co.—Earnings—
Bastian-Blessing
151,
p.
1939
$520,535
1940
$586,184
9 Months Ended Aug. 31—
Net income before Federal taxes
2486.
Bath Iron Works Corp.—Listino—
The New York
(& Subs.)-—-Earnings—
1940—3 Mos.—1939
1940—9 Mos.—1939
x Net profit
.......
y$362,679 loss$323.840
$72,855 l's$l,324,047
Earns.per sh.on cap.stk.
$0.09
Nil
$0.02
Nil
x After
depreciation, Federal income taxes, &c., but before surtax on
undistributed profits,
y Including $407,561 profit on sale of assets to an
Aug. 31—
affiliate.
Unfilled orders
Stock Exchange has authorized the
as
of Aug. 31, 1940, amounted to
$5,856,177
as
compared
31, 1940,
$3,834,829; loss, $555,141;
$227,245; loss $327,896; other deductions, $36,149; Federal
income taxes, $5,549; loss, $369,594; extraordinary credits, $442,449, of
which $407,561 reprasents profit on sale of assets to an affiliate, net profit
$72,855.—V. 151, p. 2036.
Axton-Fisher Tobacco Co.—Chairman Resigns—
D. Axton, co-founder with Wood Axton of this company, and
of the Board since June, 1939, submitted his resignation on
Edwin
Chairman
Nov. 7 to "take a rest."—V.
151,
p.
2183.
Earnings for Year Ended
—
administrative expenses.
$2,272,492
1,812,528
$459,964
operations.
23,011
........
As at Oct.
work with
Total.
$482,975
.....
^
^
65,308
— .
depletion and amortization......
Provision for depreciation,
a
15, 1940, the corporation had in the process of
total contract price of $154,133,700.—V. 151, p.
Mining & Milling Co.—Registers
$55,-
construction
2341.
with SEC,—
given on first page of this department.
See list
Belden Mfg.
Co.—35-Cent Dividend-
Directors have declared a
dividend of 35 cents per share on the common
Dec. 2 to holders of record Nov. 22.
This compares
Sept. 2; 20 cents on June 1 and March 1, last; 30 cents
on Dec. 1, 1939; 15 cents on Aug. 15, 1939; 10 cents on May 15, 1939, and
5 cents on Feb. 20, 1939, this latter being the first dividend paid since
May 16, 1938, when 5 cents per share was distributed.—V. 151, p. 2794.
stock, par $10, payable
with 25 cents paid on
Beneficial Industrial Loan Corp .—Bond Issue—
issie of $10,000,000 2}4% debentures expected to be filed with the
and Exchange Commission very shortly.
Eastman, Dillon &
Co. and associates, it is understood, will be the underwriters. The securities
will be due in 10 years.—V. 151, p. 2794.
An
268,700
28,916
Provision for Federal income taxes
$ 120,050
profit
Balance Sheet June 30, 1940
Corp.—Sells Holdings in Bendix Home
Bendix Aviation
Appliances—•.
This
corporation has sold to the Atlas
Corp. and Allen & Co. of New
in stock of Bendix Home Appliances, Inc. which
Bendix Aviation by virtue of early development and
York, its minority interest
been acquired by
had
Other deductions
with total contract prices of
967,200.
June 30, 1940
...
Cost of sales, selling and
June 30,
Securities
Ayrshire Patoka Collieries Corp.—Earnings—
Net sales
Other income
built and delivered 63 vessels and
has
nine months ended Aug,
Net sales $3,279,688; cost and expenses,
other income,
listing of 418,973 M
all of which were outstanding as at
1940 (of which 452 shares were represented by scrip certificates).
From the time of its organization in 1927 to Aug. 15, 1940, the corporation
Bear
with $4,272,918 on May 31, 1940.
Consolidated income account for
Net
$1,650,737
$0.73
Federal income taxes at new rates, &c_
share on 2,253,779 shares of capital
Note—-If Bareco
—
Aviation Corp. of Delaware
from
:
(& Subs.)—Earnings—
shares of common stock (par $1),
Profit
-
.
Earnings for 9 Months Ended Sept. 30, 1940
—V.
Company was recently awarded a contract totaling $3,108,854
facture small arms materiel for the United States Government.
follows:
.
of this department.—V. 150, p. 3964.
151, p. 2341.
Net income.........
Period End.
'
:
See list given on first page
y
ment Contract
Vice-President and director.
Earnings
Operating income
Loss.—V.
consulting engineer of Washington, D. C., was
Sam Tour and Jules R. Breuchard
Yancey Milburn,
elected directors.
were
Net profit after interest,
Net oper. revenue
Auto
the Board.
(&
1940—Month—1939
1940—9 Mos.—1939
Operating revenues-.... $1,994,597
$2,224,954 $19,394,732 $19,169,565
Oper. exps.(incl. deprec.)
1,881,424
1,992,408
17,945.306
17,732,202
Taxes
the board of directors the resignations of J. A.
as
[Exclusive of Bareco Oil Co.]
Period End. Sept. 30—
x
recent meeting of
President, Chairman of the Board and director, and F. G. Norsworthy as director, were accepted.
Frank Huston was elected President, General Manager and a director.
Admiral Charles Conard of Washington, D. C., was elected Chairman of
stock—V. 151,
Subs.)—Earnings—
Other income.
a
Sisto
.....84.966,196 74,469,331
Total
84,966,196 74,469,331
Total....
Corp.—New Officers, &c.—
Barium Stainless Steel
At
both
paid
manufacture of stainless
1,291,208
&c
in addition
extra dividend of 25 cents per share
an
of 25 cents on the common stock,
payable Dec. 16 to holders of record Nov. 30. Extra of 50 cents was
on Dec. 26, 1939.—V. 151, p. 98.
6,000,000
3,591,496
Acc'ts pay. & accr.
H.) Barber Co.—Extra Dividend—
Directors have declared
to the regular quarterly dividend
elected
Consolidated Balance Sheet
Inv. In cap.stk.of
Commission.
These certificates will be
$3,553,370
Net income from operations
Other income credits
by the Interstate
Issuance subject to approval
Co., New York.
commerce
The Utility Management Corp. reports that for the week ended Nov. 8.
net electric output of the Associated Gas & Electric group was 106,276,220
units
2933
The Commercial & Financial Chronicle
151
production work on the Bendix Home Laundry.
Responsibility in the increased production of aviation, automotive, and
marine equipment as well as other new products in the National Defense
withdrawal
Program, officials of Bendix Aviation state, has prompted their
for the present from activity in the home appliance field.
Edwin R. Palmer, Vice-President and Treasurer, Bendix Aviation,
who
represented the interests of Bendix Aviation as a member of the Execu¬
Committee and member of the Board of Directors of Bendix Home
Appliances, Inc., has with the sale of the stock holdings resigned these con¬
nections with Bendix Home Appliances.
...
In connection with the sale by Bendix Aviation Corp. of its minority
interest in the stock of Bendix Home Appliances, Inc. to Atlas Corp. and
Allen & Co., the latter firm on Nov. 14 stated that it has no present inten¬
has
tive
Assets—Cash,
$104,456;
accounts
receivable,
$118,120;
inventories,
$187,540; fixed assets (less reserves for depreciation, depletion and amortiza¬
of $3,591,024),
$1,365,791; undeveloped coal lands, $1,070,8/1;
tion
prepaid expenses and deferred charges, $134,454; other assets, $83,591;
total, $3,064,824.
Liabilities—Notes payable, $49,597; accounts payable and accrued ex¬
penses,
$94,612; accrued interest, $10,930; accrued
Federal and State taxes,
$41,234; provision for Federal income taxes, $28,916; coal land purchase
contracts (payable on instalment basis—due whithin one year—developed
property), $47,500; notes payable (due more than one year), $103,194;
coal land purchase contracts (payable after on year), $15,550; funded debt,
$532,593; reserve for contingencies, $61,624; capital stock (par $1), $142,265;
paid-in surplus, $1,814,872; earned surplus, $121,937; total, $3,064,824.—
V. 150, p. 831.
Baldwin Rubber
3 Months Ended Sept.
Co.—Earnings—
1940
30—
profit after deprec., Fed. income tax,
Earnings per share on common stock.
—V. 151, p. 1135.
Net
Baltimore
&
Ohio
&c
1939
$81,475
$0.26
$28,723
$0.09
RREquipment Trusts Offered—A
headed by The First Boston Corp. and including F. S.
Moseley & Co., Kean, Taylor & Co. and R. W. Pressprich
& Co., were the successful bidders Nov. 13 for an issue of
$4,750,000 o%% equipment trust certificates, series K,
on
a
bid of 100.155.
The certificates were reoffered at
group
prices to yield from 0.25% to
1.85%, according to maturity.
$475,000 annually each Dec. 1, 1941 through
1950.
The issue will be secured by new equipment estimated to cost
$5,969,250, represented by 1,000 steel gondola cars and 1,000 steel box
I*
The certificates
(J.
Issued
under
the
transaction.
publicly the stock acquired by it in the
Government Contract—
The following divisions of this company were recently awarded indicated
contracts to manufacture materials for the United States Government under
defense program:
its
.
T
•
.
Division, Bendix, N. J.;
Indicators and transmitters,
indicator and tube assemblies, $3,186,315, and compass
Pioneer Instrument
$6,393,220;
^Eclipse8Aviation
Miscellaneous parts, $10,890; artillery ma¬
Division;
inverters, $267,000.
Divison, South Bend,
$235,526.—V. 151, P- 2794.
teriel, $2,925, and
Bendix Products
Berkshire Street
Period End. Sept. 30—
Net
1940—3 Mos—1939
x$2,120
x$8,312
carried__
1,246,020
(cts.)
7.29
loss.—V. 151, p. 980.
1,192,762
7.34
profit
-
Rev. fare pass,
x
Indicates
Ind.:
Wheel brake assemblies,
Ry.—Earnings-
Aver, fare per pass,
1940—9 Mos.—1939
$18,683
$5,809
4,333.729
4,135.134
7.13
7.18
,
Bigelow-Sanford Carpet Co.—Earnings—
Earnings for Nine
Net after
all charges and Federal
Months Ended Sept. 30, 1940
income taxes
Earnings per share on common——
mature
Philadelphia Plan.
Principal and dividends
& D.) payable at office or agency of the trustee, City Bank Farmers
cars.
tion of offering
To
Pay $1 Dividend—
Directors on
stock
on
Nov. 7 declared a
pavable Dec. 2 to
Sept
$1.298,770
$3.76
dividend of $1 per share on the common
holders of record Nov. 19. Like amount was
and on Dec. 1, 1939, this latter,being the
3 and March 1, last
paid
first
The Commercial & Financial Chronicle
2934
December,
dividend paid since
common
cents per
1937, when a distribution of 50
Big Horn Mines, Inc.—Registers with SEC—
Period End.
Mining and milling expense—-
— —
—
—
—
*—. ■_
—
_
23,319
—
$535,089
U
—
_
$511,769
—— —
——
—
.
..
298,452
22,205
16,590
.j.——
*
——
— — — _
a
.
Earns, per com. share.
1940—9 Mos.—1939
$4,286,222
$2,067,264
$2.16
$1.04
1940—3 Mos.—1939
$45,833
$30,475
$0.02
$0.01
Sept. .30—
Net profit-
_
a After
depreciation and Federal income taxes (at new rates in
including adjustment for first six months, &c.).—V. 151, p. 981.
1940,
*
72,868
.—..
— —
General administrative expense
Income charges— —
151, p. 1426.
Briggs Mfg. Co.—Earnings—
Co.—Earnings-
Earnings for the Period Jan. 1 to Sept. 30, 1940
Total mining and milling income
Cost of custom ore handled—.
1940
George F. Chapiine, Pres. & Gen. Mgr.; Dayton T. Brown as Vice-Pres
Charge of Experimental Research and Development and William L.
Smith, Vice-Pres. in Charge of Materiel.
Mr. Work as Chairman of the
Board will remain active in the affairs of the company as Chief Executive
Officer.—V.
of this department.
Black Hawk Consolidated Mines
Receipts from bullion..
—
Gross income from charges on custom ore—
16,
in
share was made.—V. 151, p. 2487.
See list given on first page
Nov.
Bristol-Myers Co.—New Officers —
B.
Robert
Walter B.
Brown,
Johnson and William M. Springer have
it was announced
been elected Assistant Vice-Presidents of this company,
Nov. 7.—V.
on
151, p. 2795.
..."
$ 124,974
*—
C'r 12,836
Brooklyn & Queens Transit Corp.—Pref. Stock Called—
Depreciation, plants, machinery, buildings, equipment, Ac....
23,631
All of the outstanding (483.3 shares) preferred stock has been called for
redemption on Jar. 1 at $110 per share and accrued dividends.
Payment
will be made at the Chase National Bank of the City of New York.—V.
151. P. 2636.
V;
Profit
Income
v..
-
—
...
i'-j ——Jz
.
credits,,
.
Netprofit
.
-
-
-
.
_
-
-
-
-
-
-
on
'H
.
— -
-
„
—
$114,178
— —
—
balance Sheet Sept.
Assets—Cash
-
_
30. 1940
States Mint, $31,212; accounts receivable, sundry, $2,76<; inventories,
$85,413; sundry assets, $3,430; fixed assets (less reserves for depletion,
depreciation and amortization of $443,648), $2,014,097; deferred charges,
$30,933; total, $2,195,173.
Liabilities—Accounts
payable,
$11,810; accrued accounts, $20,596;
deferred liabilities, $10,908; long-term liabilities, $165,150; capital stock
(par $1), $1,606,735; donated surplus, $83,720; paid-in surplus, $422,583;
deficit from operations, $126,330; total, $2,195,173.—V. 151, p. 1136.
Earnings
y
per
1940—3 Mos.h-1939
$165,723
$137,861
$0.62
$0.76
share—
1940—9 Mos.—1939
$513,941
$391,376
$1.91
$2.16
After depreciation, Federal income taxes at new rates, but before
profits taxes,
y On common stock.—V. 151, p. 406.
x
Period End. Sept. 30—
Net profit
$0.88
Profit—
provision for
excess
151,
profits taxes.—V.
1939
*
$2,137,144
1,340,303
34,018
312,648
Profit before deprec
1940
$2,124,082
1,317,879
$971,213
••94,583
200,000
Depreciation..
Federal taxes
Net profit-.x
CI. A shs. outstanding,
y
CI. B shs. outstanding
x
Earnings per sh. under
participating featuresEarnings per sh. under
participating features-
-
-- --
$5,694,895
381,537
-
—-----—-—— —
$5.049,363
3.586,625
036,042
-
$4,618,321
431,042
$6,076,432
i
3,067,795
13,144
587,000
—
a
Net
profit--—
------
$1,610,424
103,944
777,796
$1,067,596
94,583
200,000
$1,025,020
94,573
200,000
$1,023,337
92,647
200,000
56,789
176,134
118,011
554,019
$757,109
$3.45
Surplus-----..Earnings per share on 444,445 shs. com. stock---.-
$938,394
$3.35
a Foreign operations resulted in profits of $106,550 for 1940 period, com¬
pared with $55,624 in 1939 period.—V. 151, p. 838.
Brush-Moore Newspapers,
Period End.
x
After all charges,
Buck
Hill
—
.
$0.27
y
Falls
1940—9 Mos.—1939
$60,336
$50,642
Earns, per share.
.
Inc. (& Subs.)— Earnings-
1940—3 Mos.—1939
Sept. 30—
Net income——
1937
$2,009,004
1,256,260
42,468
230,239
1938
$2,043,517
1,269,964
47,887
197,057
358,000
300,000
$1,638,849
Federal excess profits tax.
y
(& Subs.) —Earnings—
9 Mos. End. Sept. 30—
Gross profit on sales...-
--
-------------—
-
x
Bon Ami Co.
--
Federal income taxes
2487.
p.
—
Selling expenses, &c_Special charges
x After
taxes and charges but before provision for Federal surtax on
undistributed profits,
y After deduction of 24% normal Federal income
taxes and
—
-
—
Preferred dividends
$0.91
$2.87
$0.06
——-
Other income
Common dividends
1940—3 Mos.—1939
i940—9 Mos.—1939
y$311,116
$20,782 y$l,010,743
$320,395
Earns, per sh. on 352,418
shs. cap. stk. par $5)-
1940
1939
$12,526,959 $10,244,628
5,827,615
4,736,697
132,720
118,376
,
profit before charges
Depreciation and amortization
Gross
exces®
Bohn Aluminum & Brass Corp.—Earnings—
x
'
Gross sales-,
Profit.
Bliss & Laughlin, Inc.—Earnings—
Period End. Sept. 30—
Net profits..
x
9 Months Ended Sept. 30—
-i-f :."v
(& Subs.)Earnings
Co.
Brunswick-Balke-Collender
hand and in banks, $27,319; amount due from United
On common
$280,758
$0.47
stock.—V. 151,
Co.—Bonds
$239,240
$3.38
2184.
$2.56
p.
Offered—E. H. Rollins &
Inc., Philadelphia recently offered (to residents of
Pennsylvania only) $540,000 1st mtge. serial 4% bonds.
Dated Oct. 1, 1940; due $36,000 each Oct. 1, 1941-1955,
Sons,
both inclusive.
'":
_
payable A-O 1.
Legal investment (in opinion of counsel)"for
and savings banks in Pennsylvania.
Free of Pennsylvania
personal property tax (eight mills).
Provident; Trust Co. of Philadelphia,
trustee.
Red. on any int. date on 30 days' notice at par and int. to date
of redemption plus the following premiums for the serial maturities indicated
below:
A premium of 3 % of principal amount of bonds numbered 1 to 108.
both incl. (maturities 1941 to 1943 incl.); a premium of 2% of principal
amount of bonds numbered 109 to 252, both incl., but only if called within
three years from Oct. 1, 1940 (maturities 1944 to 1947 incl.); a premium
of H% of principal amount of bonds numbered 253 to 540, both incl.,
but oniy if called with five years from Oct. 1, 1940 (maturities 1948 to
1955, incl.).
Company—Formed in 1900.
Owns and operates a hotel and cottage
settlement in Monroe County in the Pocono Mountain section of eastern
Pennsylvania.
The property comprises some 4,297 acres (including
holdings of Buck Hill Water Co.).
The hotel is of modern fireproof stone
construction and has some 300 rooms.
In addition to the usual com¬
plement of public rooms, the inn has a modern auditorium constructed n
1930 seating 900 people.
The cottage settlement comprises some 160
cottages, most of them are privately owned and the company or its sub¬
sidiary supply these cottages with electricity, water and sewerage service.
Further equipment includes a 27-hole tournament gold course, tennis
courts, olumpic size swimming pool, bowling alley, garage and dormitories
for help.
The inn was originally opened in 1901 and its record has been
one of consistent growth and earnings have been exceedingly satisfactory.
During the past decade the vogue for winter sports has increased the
activity during the period when formerly no business existed.
Interest
y
trust
$4.65
$5.16
$4.94
$5.00
$2.6.5
$2.89
$2.79
$2.80
■-
Note—Net profit for first nine months of 1940 includes foreign profits
subject to exchange restrictions in amount of $48,056.
If applied directly to the 94,583 shares of class A stock, the net profit for
first nine months of 1940 is equal to $10.27 a share, against $11.29 a share
in first nine months of 1939.—V. 151, p. 406.
.
Bond
Stores, Inc.—Sales—
Company reported sales for October of $3,733,944, an increase of 19%
the same month of the previous year and a rise of 48% over September.
the 10 months ended Oct. 31 were $23,597,549, an increase of
over
Sales for
29.5% over the corresponding period
a year
Borg Warner Corp.—Special
ago.—V. 151, p. 2183.
Dividend—
Directors
on Nov. 14 declared a special dividend of 50 cents per share
dividend of 25 cents per share on the
stock, both payable Dec. 10 to holders of record Nov. 26.—V. 151,
in addition to the regular quarterly
common
p.
2795.
..
Boston Edison
Co.—Registers with SEC—
Company on Nov. 7 filed with the Securities and Exchange Commission
registration statement (No. 2-4564, Form A-2) under the Securities Act
of 1933, covering $.53,000,000 of first mortgage bonds, series A, due 1970,
The interest rate which, it is stated, will not exceed 3%, is to be furnished
a
by amendment; to the registration statement.
/,. The proceeds from tne sale of the bonds will be applied to the redemption
on or abodt Dec.
30, 1940, at 107, or $53,000,000 3M% first mortgage
sinking fund bonds, series A, due 1965.
According to the registration statement, the company is required by
Massachusetts Law to invite proposals for the purchase of the bonds by
public advertisements.
The price at which the bonds will be offered to the
public, the names of any underwriters and the underwriting discounts and
commissions will be furnished by amendment to the registration statement.
The redemption provisions also will be furnished by amendment.
%
The
company states that in the opinion of counsel it is required to sell the
a price which will result in its
receiving not less than the principal
issue at
amount of the bonds and accrued interest.—V.
Boston-Maine Airways,
151, p. 2795.
Higginson Corp. and including several Boston and New York houses.
Proceeds of the stock issue would be applied to the purchase of new
planes and for working capital purposes.
The amount which it is planned
to raise through the
financing is around $600,000.
Botany Worsted Mills —Government Contracts—
S.
Government recently awarded this company the following conunder its defense program;
tracts to manufacture specified materials
•
j^59^92® yards flannel shirting, $2,628,412; 1,500,000 yards
serge
p.
1426.
Corp.—Earnings—
..
y
Earnings
x
After
per share.
—
depreciation
$826,569
$2.76
Federal income taxes,
On capital stock.
I?,co2V3^ccount for nine months ended Sept.
but
$627,531
30, 1940, follows;
on
Gross
Federal taxes $418,000, net profit
$826,569 —V. 151, p. 1136.
1940
_
_
Brewster Aeronautical Corp.—New
Period End. Sep.. 30—
1940—3 Mos.—1939
Operating revenues
$10,304,655
$8,766,371
Oper.rev. deductions.._
7,420,484
6.053,349
Operating
income—."$2,884,171
Nod oper. income
1940—12 Mos.—1939
$40,066,928 $35,383,315
28,252,025
24 522,481
$2,713,022 $11,814,903 $10,860,833
7,324
Dr2,507
Dr76
(net).
2,482
Gross income-----Deducts, from gross inc.
$2,886,653
1,054,312
"$2,720,347
$1,832,342
$1,660,983
1,059,363
$11,812,397 $10,860,757
4,221,722
4,271,761
$7,590,675
$6,588,996
—V.151,p. 690.
Electric Corp.—Earnings—
1940—3 Mos.—1939
1940—12 Mos.—1939
Operating revenues.--$5,098,011
$4,758,569 $21,089,685 $19,962,082
Oper.rev. deductions.—
3,784,390
3,658,637
15,389,912
15,349,770
$1,099,933
Dr434
$5,699,772
10,802
$4,612,312
Drl85
$1,316,618
507,969
$1,099,498
495,890
$o,710,575
$4,612,127
2,004,998
2,001,525
$808,648
$603,609
$3,705,577
$2,610,602
Operating income._— $1,313,621
Non-oper. income (net).
2,997
Gross income..
Deduct'ns from gross inc
Net
1939
$40 761
$14 920
$i.86
$0.68
income—-----
Bush Terminal Buildings
Co.—Earnings—
[Exclusive of Bush House Ltd., a Wholly-Owned Subsidiary]
1940
9 Months Ended Sept. 30—
Chairman, &c.—
Directors meeting on Nov. 12 expanded company's executive forces to
on more than $100,000,000 of orders for the United States
speed production
Navy and foreign planes by electing: James Work, Chairman of the Board;
Buffalo, Niagara & Eastern Power Corp. (& Subs.) —
Earnings—
—V. 151, p. 2636.
Brager-Eisenberg Inc.—Earnings—
Earnings per share on 21,932 shares-.
—V. 151,p. 1887.
'
Purpose—Proceeds will be used to retire at 102H the $598,000 1st mtge.
6% bonds due 1959.
$2.09
before surtax
profit $1,692,546, selling expenses, &c. $271,493, depreciation $200,119,
operating profit $1,220,934, other income $23,635 total income $1,244,569,
6 Months Ended July 31—
Net income after all chargas—_
53,194 shs.
Appraisal—A recent appraisal of the properties has placed the value of
Buck Hill Falls Water
and improvements at
$1,300,000, a total of $1,900,000.
These figures are exclusive of furnishings
and fixtures which are carried on the company's books at $157,000 and have
an indicated present worth of approximately $290,000.
Security—Secured by first lien on the entire fixed property of the company,
including some 2,000 acres of land on which is constructed the hotel, power
plant, swimming pool, tennis courts and golf course, roads and other
improvements, and is further secured by pledge of the entire capitalization
Period End. Sept. 30—
1940—9 Mos.—1939
and
y
$540,000
—
the land of the company (including its subsidiary,
Co.) at $600,000 and the value of -the building
Buffalo Niagara
Co.—Earnings—
1940—3 Mos.—1939
$260,362
$199,197
$0.87
$0.66
xNet profit—
undistributed profits,
$51,567
-
------------
Bower Roller Bearing
Period End. Sept. 30—
—
Net income
Earnings for 9 Months Ended Sept. 30, 1940
Net income before taxes.,—V. 149, p. 1468.
4% bonds due serially 1955
~
cloth,
$4,264,312, and 300,000 yards elastique cloth, $891,016.—V. 151,
Bow-Bilt Bondholders'
capitalization (Giving Effect to New Financing)
First mortgage
Common stock
of the Buck Hill Water Co.
Inc.—Contemplates Stock Offering
It is understood in
banking circles that company is contemplating an
offering of common stock to be handled through a syndicate headed by Lee
U.
funds
Net profit after deprec. & other charges,
Federal income taxes
1939
but before
x$118,181
$228
x Includes
$172,611 profit on purchase of company's bonds, and after
depreciation, interest, amortization, Federal income and defense taxes and
other deductions.—V. 151, p. 1137; V. 150, p. 3195.
Volume
The Commercial & Financial Chronicle
151
Bush Terminal
Central Illinois Public Service Co.—Accumidated Div.—
Co.—Earnings•—
3 Months Ended Sept. 30—
Gross-..
xl939
1940
$734,813
687,215
62,558
$664,293
641,843
62,632
$14,960
Expenses, taxes, interest, &c___
Depreciation
Revised to give effect to settlement of claim in dispute.
For the nine months ended Sept. 30,1940, net loss was $72,386, compar¬
x
ing with revised net loss of $91,677 in first nine months of 1939.—V.
151,
2636.
Central Manitoba Mines,
Years End. Aug. 31—
_
Bullion
dividend of $1.50 per share on
a
1939; 70 cents on Oct. 1, 1939; 50 cents paid on July 1, 1939; 30 cents on
April 1, 1939; and 50 cents paid on Nov. 25, 1938; this latter being the first
dividend paid since Jan. 1, 1938, when 50 cents per share was distributed.
—V. 151, p. 2345.
Butte
Copper & Zinc Co.—Earnings
Period End. Sept. 30—
Net loss
After expenses
and Federal income taxes,
$13,319
but before depletion.—V.
$14,799
151, p. 1137.
on
sale of bonds..
1939
$4,886,370
1,098,301
274,511
273,608
480,000
435,000
Provision for Federal income taxes
7,270
667,730
223,541
7,270
658,657
96,724
Net operating revenues
Rent for lease of electric plant...,
*2,296,299
238,342
$2,316,811
238,210
Net operating income—....
Other income
$2,057,958
$2,078,601
3,704
Dr 15,988
$2,061,662
842,500
203,223
$2,062,614
842,500
203,223
2,902
Maintenance and repairs
Appropriation for retirement reserve
Amortization of limited-term investmentTaxes
.
_
.
„
...
..
.
Gross income
Interest on funded debt
_
Amortization of debt discount and expense
Other interest
3,736
Cr3,648
85,567
21,018
.
Interest charged to construction
Amort, of preliminary costs of
projects abandoned.
Miscellaneous deductions
...
„
$909,265
Net income
151, P. 2184.
20,973
$886,358
—Y.
National Ry.—Earnings
Canadian
—
Earnings of the System for the Week Ended Nov. 7
1940
1939
$4,716,026
$5,133,061
Gross revenues—
Increase
$417,035
151, p. 2795.
—V.
1940
1939
$3,774,000
$3,603,000
Increase
$171,000
151, p. 2795.
(J. I.) Case Co.—To Pay $3 Common
Directors on Nov. 14 declared a
[Including Wholly-Owned
taxes.
Prov. for Fed. inc. tax.
10,066
Cr1,500
19,684
47,597
$6,835
.
$7,142
$20,704
$100,607
Aug. 31, 1940
Liabilities—Accounts payable, $274; capital stock
$4,586,372; total, $4,586,646.—V. 149, p. 3867.
(4,586,372
declared
dividends
as
payments against arraers of
$1.75 per share on the prior lien preferred stock, $7 dividend series, and
$1.50 per share on the prior lien preferred stock, $6 dividend series, to be
paid Dec. 20 to holders of record Nov. 30.m. Similar amounts were paid in
preceding quarters.—V. 151, p. 2347.1
_
Central States Power & Light
Corp.—Contributions to
Capital Surplus of Subsidiaries—
The Securities and Exchange Commission announced Nov. 7 that the
corporation had filed a declaration (File 70-193) under the Holding Com¬
pany Act regarding proposed contributions to the capital surplus of its
subsidiaries.
The company is a registered holding company of the Ogden
Corp. holding company system.
The contributions are to be made by canceling, in part, the open account
indebtedness owed by the subsidiaries to Central States Power & Light
Corp. and will be as follows:
Central States Power & Light Corp. of
$463,242
164,477
Okla—
Central Light & Power Co
Missouri Electric Power Co
the
587,828
476,936
....
Certain-teed Products Corp.—Cash for Receipt Holders—
fractional shares of 6% cumulative prior preference
—V.
$1.38
$0.56
$4.01
$2.11
Chefford Master Mfg. Co., Inc.,
12 Months
—..
$3,596,857 $14,165,067
10,514
67,887
56,644
$3,607,371 $14,289,598
Total income before depreciation
447,512
—
debentures and other debt
Amortization of debt expenses
Prov. for loss in equity of invest, in Celluloid Corp.
Interest on
148,737
43,775
2,127,818
592,301
64,361
60,000
is
completed.
1940—9 Mos—1939
z$516,188 loss$231,685
Fairfield, 111.—Stock
•
Proceeds of the sale of stock for
Reconstruction Finance Corporation
$2,967,348 $11,445,117
a Provision for
Federal income taxes
704,550
2,725,236
Add'l taxes applic. to 6 months ended June 30, '40177,787
—..—
Net income before Federal income taxes
the company will be used to repay
and bank loans, to anticipate trade
and equipment notes payable, and as additional working
capital.
Any proceeds from the sale of stock purchase warrants and their
exercise will be used as added working capital and for expansion.
The stock purchase warrants entitle the holder to buy one share of com¬
mon stock at $6 per share from Nov, 15, 1940 to Nov. 15, 1941; at $7 per
share thereafter to Nov. 15,1942; and at $8 per share thereafter to Nov. 15,
acceptances
$2,085,010 $8,719,882
period from
/
for loss in equity of investment in
ended June 30, 1940. The loss in
equity of this investment for the year ended Dec. 31, 1939 was charged to
the reserve for contingencies.
No provision has been made fpr loss in
equity during the quarter ended Sept. 30, 1940.
The results from the operations of Celluloid Corp. (in which this company
has an investment of 51.119% of its common stock) for the 12 months ended
Sept. 30, 1940, shows a profit of $226,658.
"The increased profits are not the result of war activities but reflect
the continued and natural growth of the company's business," Dr. Camille
Dreyfus, President, says in the report to stockholders.
The company
acquired additional cash resources of approximately $13,000,000 as the
result of recent financing, he points out, and it is continually increasing its
productive capacity in order to meet the growing demand for its products.—
Net income.
No provision
Corp. (& Subs.)—Earnings—
1940—3 Mos.—1939
z$338,597 loss$68,494
30—
profit...
Offered—Public financing on behalf of the company was an¬
nounced Nov. 14 with the public offering by Duryea & Co.,
New York, of 82,625 shares ($4 par) common stock and
16,110 warrants to purchase common stock.
The common
stock is priced at $6 per share, while the warrants will be
offered at 20 cents each.
Of the common stock offered,
72,500 shares are being sold for the account of the company.
The remainder will be sold for the account of the underwriters
and certain stockholders only after the sale for the company
operations before depreciation.. $4,497,990 $17,779,061
administrative expenses
901,133
3,613,994
Depreciation...
Net
Earnings per share
$3.12
Nil
$4.76
Nil
x After taxes, depreciation, interest, &c.
y On 108,361 shares of capital
stock,
z After deducting Federal income taxes at new rates but before
excess profits taxes.—V. 151, p. 544.
Selling, general and
of patents)..
prior preference stock of
Phoenix common stock.
151, p. 1716.
y
made for excess profits tax as it is impossible at
definitely just how these taxes will be calculated;
however, it is estimated that at least $4,500,000 of the year's profits will
be exempt from such taxes,
Condensed Consolidated Earnings Statement
before depreciation
Curb Exchange from the Phoenix
The receipts, issued by Phoenix Securities in August,
Period End. Sept.
this time to determine
3 Months
Corp.
Checker Cab Mfg.
$5,311,809
1,050,000
Note—No provision was
Net operating profit
notice received by the New York
1937, represent fractional interests in shares of the
Certain-teed which were declared as a dividend on
$4,261,809
Non-recur. inc. (settlements on acct.
a
Securities
—
$6,607,589
Miscellaneous income, net....
receive cash, without interest, for
They will be Void if not surrendered by Dec. 31, according
stock have been notified that they may
the receipts.
$8,722,590
2,114,999
shall not exceed
Holders of receipts for
This will be the first
$1,234,035
Period Ended Sept. 30—
of complying with the indenture of trust securing its first
bonds which requires that current liabilities of any
subsidiary which are not pledged with the corporate trustee
current assets.—V. 149, p. 2506, 3255.
Earns, per sh. on
Gross income from
purpose
mortgage and first lien
1938 when a dividend
$2,262,797
1,112,stock...
shares),
Central & Southwest Utilities Co.—Accumulated Divs.
x
income
49,481
340; plant, equipment and buildings, $61,774; mining property, $3,012,700;
prepaid expenses, $1,290; deferred charges, $37,097; mine development ac¬
count, $44,763; commission and discount on sale of shares, $156,530; deficit,
$1,045,600; total, $4,586,646.
Subsidiaries]
1940—9 Mos.—1939
$1,574,035
340,000
$2,967,348
704,550
--
2,044
.
1,673
Balance Sheet
1940—3 Mos.—1939
Period End. Sept. 30—
Net income before Fed'l
a
18,033
Assets—Cash, $89,811; investments, $124,372; accounts receivable, $98
on deposits and bonds, $270; materials and supplies, $12,-
Dividend—
America—Earnings
Celanese Corp. of
788 shs. com.
399
7,205
accrued interest
to
Net
399
6,051
plant and equipment_
Drawback claim
share was distributed.—V. 150, p. 2414.
income
399
5,383
Admin. & gen. expenses.
Rev. for deprec. of bldgs.
dividend of $3 per share on the common
stock, payable Dec. 24 to holders of record Dec. 12.
dividend paid on the common shares since October,
x
5,357
5,855
Corporation proposes to increase the book value of its investment in the
common stock of its respective subsidiaries by the amount of the contri¬
bution.
The company states that consummation of the transaction is for
Earnings for the Week Ended Nov. 7
Traffic earnings
of $5 per
3,067
723
Utilities Production Corp
Canadian Pacific Ry.—Earnings—
—V.
2,052
rentals
^
Cr2,546
109,204
$350,335
244,380
65,298
14,940
1,664
Insurance
Bullion expenses
Taxes & surface
The directors have
.
$34,260
,
15,320
Loss for the period...
1940
$5,197,656
1,248,305
Year Ended Sept. 30—
Operating revenues
Operation
649
$3,710
$1,976
__
4,340
7,008
4,044
793
...
Develop. & min. expend.
Co.—Earnings —
1937
$338,987
...
61
Other charges
California Oregon Power
$28,775
$3,508
203
$1,915
revenue.
(mining claims).
1940—9 Mas.—1939
1938
1939
bullion sold
Mill operating
Re-treatment of tailings.
Silicosis assessment
/
— ■
1940—3 Mos —1939
$4,455
$3,948
on
Total revenue
the common
Ltd.—Earnings—
1940
revenue
Premium
Interest.
Profit
(F.) Burkhart Mfg. Co.—$1.50 Dividend—
Directors have declared
x
P. 2637.
Sundry
stock, par $1, payable Nov. 26 to holders of record Nov. 16.
This com¬
pares with $1 paid on July 1, last; 50 cents on April 1, last; and Nov. 25,
x
A dividend of $1.50 per share on the $6 and 6% preferred stock was de¬
clared by the board of directors payable Dec. 16 to stockholders of record
at the close of business Nov. 20 leaving arrearages of $24 per share.—V. 151,
$40,182
Net loss.
p.
2935
has been made for excess profits taxes for
1, 1940 to Sept. 30, 1940.
Notes—The provision shown above
Celluloid Corp. is for the six months
Jan.
Y. 151, p.
^Company
incorporated in Illinois in 1935. Company today manu¬
1,000 different automotive replacement parts and
of them from raw materials. Its products
throughout the country, its principal outleys being jobbers, distributors, mail order houses and chain stores.
The
company has received no national defense business but has been invited
to submit bids on Government work.
Its export business amounts to only
about 10% of total gross sales.
Capitalization consists solely of an authorized issue of 200,000 shares
($4 par) common stock, of which 166,366 H shares will be outstanding upon
completion of the present sale of stock. All funded debt will be repaid from
proceeds of the present financing.
Upon repayment of its loans, the com¬
pany intends to place its common stock on an annual dividend basis.
factures
was
more
than
accessories, approximately 85%
are sold through sales agencies
Income Account for
2185.
3 Mos. End.
(& Subs.) —Earnings—
1940—3 Mos.—1939
1940—12 Mos.—1939
$6,001,713 $5,851,173 $24,757,291 $24,960,892
4,953,485 a4,787,131
19,846,629 al9,118,644
Central New York Power Corp.
Period End. Sept. 30—
Operating revenues
Oper. rev. deductions
.
Cost of
Gross
income../.
Deduct'ns from gross inc
Net
,
$1,055,790
640,373
$1,064,042
5,787
$1,069,829
611,644
$4,910,662
28,865
$4,939,527
2,605,315
$5,842,248
29,372
$5,871,620
2,525,460
$2,334,212 a$3,346.160
effect to major adjustments made during year 1939.—
income-.......-
Changed to give
—V. 151, p. 1716.
a
$1,048,228
7,562
$415,417
•
a$458,185
*
•
141,002
$925,109
545,113
$645,141
423,159
$419,556
268,101
$151,454
$250,605
$109,603
$379,996
$221,981
(incl. depr„&c.).
77,259
261,381
176,266
127,216
Operating income....
$32,344
1.510
$118,614
6,810
$45,714
3,027
$24,238
946
$33,855
Gross
Operating income
Non-oper. income (net).
Sept. 30, '40
less returns.
goods sold
Gross sales,
Stated Periods
Years Ended June 30
1940
1939
1938
—
Exps
profit
Other income.
Gross income
InterSt
Prov.
Net
expense
for Fed. inc. taxes
income
$125,424
$48,742
$25,184
3,536
12,823
7,276
22,138
$90,463
10,242
7,879
$30,620
10,650
1.730
$12,803
$23,042
The Commercial & Financial Chronicle
2936
Balance Sheet
Asset*—Cash
Sept, 30, 1940
A total of $13,000 first mortgage s. f.
acceptances and accounts receiyable (net), $140,539; inventories, $303,814;
other current assets, $4,872; cash surrender value life insurance, $1,925:
for depreciation of $83,908), $248,564;
fixed assets, (less reserves
for redemption on
intangibles.
Director—
_
Tenders—
$375,466; earned surplus, $16,492; total,
Chicago Corp .-—Accumulated
Cleveland-Cliffs
Dividend—
dividend of 50 cents per share on account of
stock, payable Dec. 1 to holders of record
pa;
Dividends of 75 cents
Nov. 15.
Like amount was paid on Sept 1, last.
were paid on June 1 and March 1, last; Sept. 1, June 1 and on March 1,
1939; dividends of 50 cents were paid in the three quarters of 1938 and
previously regular quarterly dividends of 75 cents per share were dis¬
Directors have
declared
a
tributed,
$4,554,000, bearing interest at the rate of 2% per annum, will be payable
equal annual instalments beginning one year after their date, and
aggregate of $6,446,000, bearing interest at the rate of 234 % per annum,
will be payable ten years after their date.
The advantages of refunding the company's funded indebtedness at
materially lower rates of interest and without security will be readily
appreciated, and the refunding has been approved by the company's board
.
in nine
an
of common stock.
KThis compares with net assets on Sept. 30 last of $27,358,416, equal to
$51.66 a share on preference stock and seven cents a share on common
stock, and with net assets on Oct. 31, 1939, of $32,630,886, equal to $60.12
per share on 542,750 shares of $3 preference stock and $1.46 per share on
3,308,511 shares of common stock.—'V. 151, p. 691.
„
of directors
:kholders
Milwaukee St. Paul & Pacific RR.—•Final
Decree Signed by Court—Stockholders Expected to Appeal on
Reorganization—
-V.-;
.
L. Igoe signed Nov. 13 a final decree approving
the
reorganization of the company under Section 77 of the Amended BankrUThe plaiTeliminates present holders of stock, both common and preferred,
in the reorganized concern on the ground that there is
for them.
An appeal is expected to be taken in behalf
U. S. Circuit Court of Appeals.
The plan has been approved by the Interstate Commerce Commission.
—V. 151, P. 2639.
•
\
--r:.
from any interest
insufficient equity
of the stockholders to the
time dispose of any shares of capital stock of
Superior & Ishpeming RR. or any stock,
securities, or notes received by the company, directly or indirectly, as a
distribution upon or in exchange or payment for any of said shares of
stock, then it will apply one-half of any cash received upon such disposal
in pro rata payment, at par, first on the principal amount then owing
upon the outstanding series B notes and next on the principal instalment
or Instalments which last mature for
payment upon the outstanding series A
Chicago Terre Haute & Southeastern Ry.—Depositary
7:A'
Cincinnati New Orleans & Texas Pacific
Directors have declared a dividend of $5 per share on the
shares, payable Dec. 20 to holders of record Nov. 29.
7 7
Ry>—-$5 Div.
$20 par common
Dividend of $3
paid on June 26, last, and one of $4 was paid on Dec. 22, 1939, this
latter being the first distribution made on these shares since they were
exchanged for the old $100 par shares on a five-for-one basis.
Company
paid a dividend of $10 per share on the old stock on June 26,1939.—V. 151,
p. 2639.
;
,
was
" 77'; .7
/V
■,'
Light Co. (& Subs.)— Earnings
,
Cities Service Power &
QlMonths Ended Sept. 30—
1940
Gross oper. rev. (after deducting allowances)-->$48,270,689
Operating expenses, maintenance and all taxes... 29,542,559
1939
$46,018,234
26,776,354
4,157,828
3,985,254
—...— ——....
$14,570,302 $15,256,625
633,114
596,510
Net operating revenue
...
Other income.,
..
-
....
Gross income—
—...
-
—
—.
$15,203,416 $15,853,135
Charges of Subsidiaries—
amortization of discount.—.
Preferred dividends paid and accrued
.......
Earnings applicable co minority interests........
Interest charges and
Balance—
a
—
—
.-
.
Cities Service Power & Light Co.
1
Net income.
a
Interest
charges
on
funded
debt
and
5,565,513
6,098,157
2,317,934
341,847
2,314,910
414,110
$6,978,123
2,332,588
$7,025,958
2,377,960
$4,645,535
$4,647,998
amortization of discount.—
V. 151, p. 2185.
City Auto Stamping Co.—EarningsPeriod End.
x
Net
Earns
Sept. 30—
profit——
per sh. on 375,000
shares
common
1940—9 Mos.—1939
1940—3 Mos.—1939
$158,346
$175,611
$0.42
stock.
$314,722
$304,564
$0.84
$0,81
$0.47
After depreciation and normal Federal income taxes, but before surtax
undistributed profits.-*-V. 151, p. 1139.
x
on
City Ice & Fuel Co.—Earnings—
9 Months Ended Sept
Gross sales—
-——
—
-
.
30—
—...
.
-
—
.
and ordinary taxes—...
Depreciation————_ .— .——
_—..
x
Costs,
expenses
income.
1940
1939
.—$32,081,893 $21,887,957
18,140,415
17,193,062
1,772,100
1,749,981
—.
,
(b) The consolidated net income of company and its subsidiaries for the
calendar year 1941 or any calendar year thereafter shall be an amount
falling within any of the earnings brackets listed below under the heading
"earnings":
■
.
Required
Required
Earnings—
Payment
Earnings—
Payment
$ 500,000—$1,000,000
$100,000 $2,500,000—$3,000,000.
$500,000
1,000,000— 1,500,000
200,000
3,000,000— 3,500,000— 600,000
1,500,000— 2,000,000-.-.. 300,000
Over 3,500,000
700,000
2,000,000— 2,500,000— 400,000
...
then the company will apply the amount set opposite said earnings bracket
in pro rata payment, at par, first on the principal amount then owing
upon
the outstanding series B notes and next on the principal instalment or
instalments which last mature for payment upon the outstanding series A
notes.
"y.-^
.
Collins & Aikman
$2,169,378
125,576
.
$2,944,914
170,633
$2,294,954
70,093
569,856
$3,115,547
Total income
81,399
501,626
43,018
Depreciation
28,201
$1,626,804
$2,489,504
Corp. (& Subs.)—Earnings—
§ Months Ended—
Operating profit before depreciation—...
Total Income..—
Interest-.-.
—
—
Federal income taxes.
Minority interesty
—.—..
.....
Net profit.
.......
—
...
...
........
_ _.....
— ——- - . — — .
Includes Federal and State beverage taxes,
ferred dividends.
x
y
Before subsidiary
pre¬
For quarter ended Sept. 30, 1940, net profit was $1,361,439 before sub¬
sidiary preferred dividends, comparing with $1,811,452 in the September
quarter of
the previous year.—V. 151, p. 1139.
v
Company will reserve the right to prepay on a pro rata basis any amounts
owing upon the series A and series B notes, provided, however, that (a) if
any principal sum is paid more than 12 months prior to maturity, company
shall contemporaneously pay a premium of 14 of 1 % of the principal amount
so paid for each period of 12 months or part thereof between the date of
such prepayment and the date of the maturity of the
principal to which it
is applied, (b) no such prepayment shall be made of
any principal instal¬
lment maturing on the series A notes more than 12 months thereafter unless
the series B notes have been paid in full, and (c) any
prepayment of principal
owing upon the series A notes shall be applied first in satisfaction of any
principal instalment maturing for payment within 12 months thereafter
and next in payment on the principal instalment or instalments which last
mature for payment.
Company will be prohibited from paying any dividends, except in shares
of its stock, or permitting any subsidiary to pay any dividends other than
to the company or dividends payable in shares erf such subsidiary's stock,
if upon such action being taken (a) the aggregate amount of such dividends
paid after Jan. 1, 1940 shall exceed by more than $2,500,000 the consoli¬
dated net income of the company and its subsidiaries after said date, or
(b) the consolidated net current assets of the company and its subsidiaries
shall be reduced below $8,500,000.
Notes will contain certain provisions prohibiting, with certain excep¬
tions, (a) the placing of liens upon assets of the company or any subsidiary
without securing the outstanding series A and series B notes ratably there¬
with, (b) the consolidation of the company with any other corporation.
(c) the disposition of assets necessary to the continuance of the company's
business of producing and selling iron ore, and (d) the issuance, guaranty
or assumption by the company or any subsidiary of funded indebtedness
maturing more than one year thereafter, unless, in any of the above cases,
the written consent of the holders of 66 2-3% in principal amount of the
series A and series B notes then outstanding is first secured.
The notes
will also contain certain provisions permitting acceleration of maturity
upon default in payments or upon the happening of certain other specified
events.—V. 151, p. 2797.
—
Operating profit- -—. -7—. .......
Other
any
notes;
depositary, under
dated as of July 1, 1940, for the
deposit of the income mortgage 50-year gold bonds due Dec. 1, I960; The
First National Bank, Chicago, has been appointed co-depositary.—V. 151,
Central Hanover Bank & Trust Co. has been appointed
the bondholders protective agreement
Provision for retirements
.''
Company shall at
Cliffs Power & Light Co. or Lake
preferred stock and 6% preferred stock upon receipt of notice that the
court has approved a proposed plan of reorganization which makes no
151, p. 2796.
,
•
.
summarized below:
(a)
provision of these securities.—V.
7
Redemption of the outstanding $10,400,000 first mortgage and collateral
sinking fund 3 34 % bonds, due Feb. 1, 1951, at 103% of the principal
In the event—
The Committee on Stock List of the New York Stock Exchange has
authorized the suspension of dealings, in company's common stock, 7 %
^
of the notes, $11,000,000, together with cash available
the company's treasury, are to be used for the following purposes in
the amounts stated:
are
i
,\
/
The proceeds
estimated.
'^-yV
-.v.:'.:
be unsecured#
in
Payment of the company's promissory notes held by three banks in the
principal amount of $2,000,000, plus interest accrued to the date of such
payment, the amount of which interest cannot now be estimated.
It is proposed that corporate funds not exceeding $1,900,000 will be
used to pay present funded indebtedness, plus interest.
As of Sept. 30,
1940, the consolidated net current assets of the company and its subsidiaries
were approximately $13,200,000, of which
approximately $6,640,000 con¬
sisted of cash.
As of Sept. 30, 1940, the accumulated dividends in arrears
upon the 487,238 shares of preferred stock then outstanding aggregated
approximately $14,820,000 after deducting dividends of approximately
$730,000 declared prior thereto-but paid Oct. 5, 1940.
In addition to the above terms, the promissory notes to be issued will
contain other provisions, the more important of which as now
proposed
legitimate members of the Rock Island financial family.
The least it can
do is to give those members the first right of re-admittance by issuing to
them option warrants.
This is particularly true in view of the present
prospects for heavy carloadings and excellent general business."
The
preferred stock committee will petition the ICC for re-hearing and recon¬
sideration, and if such is not granted, will oppose the plan in the Federal
1275.
Proposed Refunding Program and Terms of Notes
It is proposed that the company create and issue to seven banks series A
promissory notes in the aggregate principal amount of $4,554,000, bearing
interest at the rate of 2% per annum and payable in nine equal annual in¬
stalments beginning one year after the date of such notes, and series B
promissory notes in the aggregate principal amount of $6,446,000, bearing
interest at the rate of 2 34 % per annum and payable 10 years after the date
of such notes.
Interest will be payable quarterly.
All of such notes will
amount thereof, requiring the sum of $10,712,000, plus interest on said bonds
to the redemption date, the amount of which interest cannot now be
Carter H. Harrison Jr., Chairman of the protective committee for Rock
Island preferred stock, Issued a statement Nov. 9 criticizing the "academic"
reorganization plan for the Rock Island railway just announced by the
Interstate Commerce Commission.
He indicated that his committee will
fight the plan, insofar as it fails to make provision for some unsecured
obligations and for the preferred stock.
The committee's brief to the ICC
has urged the desirability of option warrants for these interests as a last
resort.
Commissioner Miller, in a dissenting opinion, supported this.
"The Commission majority," said Mr. Harrison, "proposes to disinherit
Suspended—
are requested that the consent
trust
& Pacific RR .—Reorganization
.
c.'"'
1
The company's articles of incorporation require the consent of the holders
outstanding preferred shares to the creation of the
of two-thirds of the
Chicago
.
Co.—Refunding Plan—
Company has an opportunity to refund its outstanding $10,400,000 first
--v
District Court here.
Iron
mortgage and collateral trust sinking fund 334% bonds, due Feb. 1, 1951
and its outstanding $2,000,000 bank loans, by borrowing from seven banks
an aggregate of $11,000,000 and supplying the remaining amount from
cash which is available in company's treasury.
The proposed bank loans
will be evidence by unsecured promissory notes of which an aggregate of
:./'.Vv'" "< Corporation as of Oct. 31, 1940, reports net assets of $29,162,385, equal
to $55.17 a share on 528,595 shares of $3 conv. preference stock.
Afetr
allowing for preference stock at its stated value of $50 per share and accrued
dividends, the balance was equal to 59 cents a share on 3,310,596 shares
Chicago Rock Island
Criticized—
k;;'
:"'ir
::
Edward B. Greene, President, in letter to preferred stockholders, states:
*
Value—
Federal Judge Michael
*-Vv:
j
The Central Hanover Bank & Trust Co. will until 12 o'clock noon Nov.
15 receive bids for the sale to it of sufficient first collateral trust mortgage
bonds to exhaust the sum of $45,927 at prices not exceeding 105 and accrued
interest.—V. 150, p. 2873.
accumulations on the preference
p.
:
$3,171; other notes payable, $3,375; due to officers, $4,500;
$16,838; capital stock (par $4),
$711,579.—V, 151, p. 2638.
Stocks
6% bonds due 1959 has been called
Dec. 1 at 101.
Jacob Aronson, New York, was on Oct. 31 elected to replace the late
Edward S. Harkness on the board of directors of this railroad.
Federal income taxes, $23,880; accrued contribution to retirement fund,
$2,560; miscellaneous taxes accrued, $12,581; salaries and wages accrued,
$4 945; commissions accrued, $3,240; royalties accrued, $394; Interest
accrued. $1,445; miscellaneous expenses accrued, $3,229; long-term debt,
Asset
1940
Cleveland Cincinnati Chicago & St. Louis RR.—New
$706; prepaid insurance, $839; total, $711,579.
Liabilities—Trade acceptances payable, $34,063; accounts payable, trade,
$59 610- loans payable (RFC), $36,572; notes payable, banks, $87,020;
equipment notes maturing within year, $22,195; mortgage instalments due
within year,
16,
Clarks Ferry Bridge Co .—Bonds Called—
hand and demand deposits in banks, $10,321; trade
on
Nov.
—
—
—
Federal and State income tax
Net income
Preferred dividends.
Common dividends.
_
_
—
_
....
Surplus
Earnings per share on common stock
—
x
xAug.31, '40 Auff.26, *39
$1,974,219
$427,473
2,019,044
453,165
266,626
283,508
480,000
41,000
—
$1,272,418
103,472
281,400
$128,657
107,360
281,400
$887,546 def$260,103
$2.07
Excluding Collins & Aikman of Canada, Ltd.—V. 151,
p.
$6.04
2491.
Volume
The Commercial
151
(& Subs."*—Earns.
Cleveland Electric Illuminating Co.
""
12 Months Ended Sept.
Total operating revenues
1940
1939
$31,647,738 $28,875,969
11,201,004
9,758,253
1,773,602
1,702,132
30—
Operating expenses
Maintenance
Provision for Federal income taxes
$13,420,082 $12,811,971
29,226
47,903
Net operating revenues.
Non-operating revenues
.$13,449,308 $12,859,874
1,500,000
1,500,000
Gross income.
Interest
on
funded debt
8,550
Other interest
5,220
8,871
Cr35,773
3,907,969
Cr21,636
3,843,956
$8,063,342
$7,528,684
Net income
2639.
„
1937
$15,311,007
5,190,106
Expenses
Operating profit
Other income (net)
$14,006,896 $12,636,789
Dr621,178
Dr499,277
$10,647,491 $10,120,901
$13,385,718 $12,137,512
Federal income taxes— x6,537,000
2,362,100
$10,558,993 $10,138,400
1,974,200
1,646,700
30—
17,499
Dr88,498
Total income
$6,848,718
450,000
$9,775,412
450,000
$8,584,793
450,000
$8,491,700
450,000
$6,398,718
$9,325,412
$8,134,793
$8,041,700
$1.60
Net profit
Class A dividends
The company has been
authorized by the New York State
$2.33
$2.04
$2.01
Earns, per sh. on 3,991,900 shs. com. stock.
of Second Revenue Act of 1940.
surplus for common was $20,528,share, comparing with $22,397,597 or $5.61 a share
Includes adjustment on account
For nine months ended
Sept. 30, 1940,
888, equal to $5.14 a
in the first nine months of 1939.
Tax reserves amounted to $11,350,000
for the first nine months of this year against $5,685,000 for like period of
has
other utility
Ry.—Hearing
Colorado & Southern
on
Leases—
application of the road to lease the Ft. Worth & Denver City Ry. and
has been assigned for further hearing at Ft. Worth,
the Wichita Valley Ry.
Texas, Dec. 2 before Examiner W. J.
Schutrumpf of the Interstate Com¬
Commission.
controlled by the
Colorado & Southern, they are separately
operated.
—V. 151, p. 2797.
Colt's Patent Firearms Mfg. Co.—Govt. Contract—
The U. S. Government recently awarded this company a contract
(& Subs.)—Earnings—
Period End. Sept. 30— 1940—3 Mos.—1939
1940—9 Mos.—1939
Gross revenues
$21,411,913 $19,827,298 $81,464,305 $73,306,155
Oper. exp. and taxes._.bl6,749,217
13,957,680 c53,415,716 47,232,020
Columbia Gas & Electric Corp.
Prov. for retirements and
Nov.
9,585,030
19__
—V.
151,
$3,587,098 $18,463,559
$18,068,616
172,751
Commonwealth & Southern
$2,079,526
Gross income
$3,648,938 $18,636,310
$18,256,371
fixed charges
divs. of subs,
Pref.
2,727,264
891,443
908,602
2,813,977
608,099
611,372
1,836,111
1,842,909
$2,128,964 $13,986,222
Drl49,547
Dr420,707
Dr100,004
Dr57,700
& E. Corp
Interest charges, &c.,
4,086,890
4,083,832
1,360,446
1.362,348
cos
a
(2) No provision has been made for
2186.
P.
$668,513
$9,749,785 $9,181,659
for the 12 Months Ended Sept. 30
Gross
$2,689,193
income
1939
1940
expenses
c70,894,078
and taxes
12,777,270
depletion
Provision for retirements and
Net
operating
revenue....
-
63,109,359
10,663,010
$24,421,478 $23,968,896
234,802
304,765
Interest on subsidiaries to
$24,656,280 $24,273,661
...
public and other fixed
charges
—
Preferred divs. of subs, and
minority interests—
3,719,076
3,834,208
2,454,010
2,448,534
Net revenue
Combined earnings applicable to
of C. G. & E. Corp.
Interest charges,
Bal. applic. to
$18,373,538 $18,100,575
Dr261,036
90,805
$18,112,502 $18,191,380
&c., of C|. G. & E. Corp.......
5,412,210
5,459,482
Corp. $12,653,020 $12,779,171
...—
Balance
6,459,665
6,459,665
$6,193,355
$ 0.51
Preferred dividends paid
$6,319,506
$0.52
It is the general practice of the corporation and its subsidiaries, when
a rate is being contested, to include as gross revenues only such portion of
the total amount billed as is represented by the lower of the disputed rates.
b Includes, in the third quarter of 1940, accrual for the 9 months period
ended Sept. 30, 1940, of Federal excess profits tax and additional income
tax imposed
retroactively by Second Revenue Act of 1940, approved
Oct. 8, 1940, in the estimated approximate amount of $1,854,000.
Includes accrual for the 9 months period ended Sept. 30, 1940, of
Federal excess profits tax and additional income taxes imposed by first and
Second Revenue Acts of 1940, in the estimated approximate amount of
d Earnings per share
a
c
$2,440,000.
d On common shares
p.
outstanding at end of
respective periods.—V. 151,
2491.
American
Fuel & Power
American
Fuel & Power Co. has been repealed and its former assets are held by a
trustee under the Federal Bankruptcy Act.
Trustees in bankruptcy have
also been appointed for its subsidiaries except Kentucky Drliling Co. whose
assets are of little value.—V. 151, p. 2491.
Jt
Note—These
consolidated income statements do not include
Co. or its subsidiaries.
The corporate charter of
$140,948
Corp.—Govt. Contrcat—
Consolidated Aircraft
Consolidated Biscuit
Co.—Earnings—
1^0
12§9ooo
$32,615 loss$7,280
Federal income taxes.—V. 151.
3 Months Ended Sept. 30—
,
profit
_
After depreciation, interest,
x
p.
$75,313,000 to build
but before
1568.
Consolidated Cigar Corp. (&
Subs.)—Earnings—
1940—3 Mos.—1939
1940—9 Mos.—1939
y$277,201
$170,897
y$60*,644
$514,257
Earns.persh.oncom.8tk.
$0.51
$0.08
$0.62
$0.23
x After interest, depreciation and Federal tax, but before provision for
Period End. Sep.. 30—
Net profit...
surtax on
-
undistributed profits,
151, p. 1140.
After deducting
y
Federal income tax at
rate.—V.
Inc. (& Subs.)—Earns.
1940^3~Mos.—1939
~1Q4Q—JTMos-^1939
$163,497
$218,140
$538,265
$o74,258
Consolidated Film Industries,
'Period End~. Sep~?ZQ—
Consol. net profit
sh. on 524,973
stk. (par $1)
,T1i
surtax on
$0.04
Nil
com.
After
x
Net loss
x
After taxes,
Consolidation Coal Co.
Period End. Sep
.
30—
Profit after expenses
Total income.
Deprec. and
depletion__
Nil
for Federal
Cuba (& Subs.)— Earnings —
1940
1939
$107,087
$156,083
interest, &c.—V. 151, p. 1718.
30—
I......
3 Mos. End. Sept.
x
Nil
Federal taxes, &c., but before provision
undistributed profits.—V. 151, p. 1140.
depreciation,
1937
1938
$219,742
$93,012
(& Subs.) — -Earnings1940—9 Mos.
-1939
1940—3 Mos.—1939
$2°,682,345 $19,146,590
$7,856,296 $6,476,774
1,284,216
179,945
343,708
226,238
1,372,554
220,385
372,724
241.041
381,901
401,083
127,284
871,016
840,244
Federal iDcome tax, &c-
293,764
$44,856
Net loss
288,438
28,238
5,681
$179,249 prof$91,399
$1,026,623
Crl8
CV3.468
2492.
Continental Casualty
Directors have
Co.—Extra, Dividend—
declared an extra
addi¬
stock.
divi¬
dividend of 30
Dec. 15,
dividend of 30 cents per share in
regular quarterly dividend of like amount on the common
The extra dividend will be paid on Dec. 16 and the regular quarterly
dend on Dec. 1, both to holders of record Nov. 15
Extra
cents was paid on Dec. 15, 1939 and one of 40 cents was paid on
1938.—V. 149, p. 3112.
tion to the
fixed charges
capital stocks of C. G. & E.
12,380
369,295
Company was recently awarded a contract totaling
airplanes for the U. S. Government.—Y. 151, p. 2040.
^et
522,796
366,685
Community Water
983.
—V. 151, P.
Columbia Gas & Elec. Corp.
of parent C. G. & E. Corp
Balance applic. to
523,458
12,004
Net income
—V. 151, p.
Interest
Gross corporate income
1,646,571
„
$209,526
Minority interest.
Int., amort, of disct., &c., of
Sales, royalties, &c
Other income
$2,691,990
1,577,519
&c., of sube_>»
Interest, amortization of discount,
Preferred dividends of subsidiaries
$108,092,826 $97,741,266
Gross revenues
323,937
1939
$5,804,075
2,784,747
327,337
Reserved for retirements
df$840,064
Consolidated Earnings
tax.—V. 151,
*940
$5,925,716
2,912,587
12 Months Ended Sept. 30—
earnings
Operating expenses, maintenance and taxes
Gross
Consolidated Railroad of
Bal. appl. to cap. stks.
of C. G. & E. Corp.
Federal excess profits
Community Water Service Co. (& Subs.)—Earnings—
(Exclusive of New Rochelle Water Co.)
$13,265,491
of
Subs.)—Earnings —
1940—12 Mos.—1939
$5,106,740 $4,768,809
1,668,695
1,528,218
71,300
96,635
759,874
669,857
Available for dividends and surplus of Community Power & Light Co.
Notes—(1) This statement excludes General Public Utilities, Inc. and
subsidiaries, except to the extent of dividends received.
sub.
revs.,
shs.
C. G. &E. Corp
week
1940—Month—1939
$468,111
$467,477
159,362
178,865
30—
Gross income, sub. cos._
a Balance
Earns, per
$2,028,959 $13,836,675
$522,284
Southern Corp.
Community Power & Light Co. (&
x
Combined earns, appl.
to fixed charges of
C. G. & E. Corp...
Corp.—Weekly Output—
electrical energy of subsidiaries of
adjusted to show general business
territory served, for the week ended Nov. 7, 1940, amounted
Period End. Sept.
new
$579,984
Bal. applic. to corp...
Net rev. of parent C. G.
5.7
in 1939, an
$13,686,197
and
minority interests
3.5
174,063,769, as compared with 160,052,842 for the corresponding
increase of 14,010,927 or 8.75%.—V. 151, p. 2797.
to
x
Int. of subs, to public &c.
3.9
kilowatt-hour output of
The weekly
the Commonwealth &
187,755
61,840
6.6
2797.
p.
conditions of
inhase
1939
134,406,000
136,860,000
135,935,000
132,450,000
1940
143,260,000
142,167,000
140,689,000
139,976,000
2
Oct.
8,005,519
$2,021,244
58,281
2,282,520
companies.
26
x
2,641,452
...
Other income
Operating
Output—
following summary of weekly
Kilowatt Hour Output
to
totaling $1,150,220, and another contract
for manufacture of infantry weapons totaling
$8,074,406 (title to equipment will remain with the Government).—V. 151,
p. 1888.
.
•
for installation of equipment
Net oper. revenue.
the
with
Service Co
manufacture small arms materiel
depletion
us
9_
Nov.
of
properties has been approved by the finance division
Commission, but following a protest from Texas interests the Com¬
mission last month ordered further hearings to be held.
While the proper¬
The lease of the
the
furnished
Week Ended—
1939—Y. 151, p. 2185.
a
Banking De¬
Street, Wilmington, Del.,
kilowatt hour output of electrical energy adjusted to show general business
conditions of territory served by deducting sales outside of territory to
Oper.
Surplus for common..
are
deduction of the additional Federal cor¬
provision for excess profits taxes.
partment to open a branch office at 901 Market
it was announced on Nov. 8.—V. 151, p. 693.
Oct.
(& Subs.)—Earnings—
1940
1939
1938
$19,533,492 $17,876,015 $15,585,112
5,526,596
5,239,226
4,937,621
3 Mos. End. Sept.
Gross earnings.
ties
$3.23
$3.20
$1.17
$1.19
(no par)
porate income taxes, but before
Commonwealth Edison Co.—Weekly
Coca-Cola Co.
merce
$4,229,053 $11,640,794 $11,689,730
& Fed. income tax... $4,315,103
Company
Coast Counties Gas & Electric Co.—Initial Pref. Dw.—
Directors have declared an initial dividend of 26 cents per share on the
5% first preferred stock, par $25, payable Dec. 16 to holders of record
Nov. 25.
Dividend is less than full quarterly rate of 31M cents .because
it covers only the period from date of original issue on Oct. 3, 1940, to the
normal quarterly dividend date of Dec. 15.—V. 151, p. 2639.
The
1940—3 Mos.—1939
charges
Earns, per sh. on 3,530,299 shs. common stock
-V. 151, p. 1139.
x
(& Subs.)—Earns.
1940—9 Mos—1939
Commercial Investment Trust Corp.
Period End. Sept. 30—
Net profit after
Note—These earnings are after
Amortization of bond premium
Interest during construction
Appropriations for depreciation reserves
Columbian Carbon Co.— Year-End Dividend—
a year-end dividend of $1.60 per share on the
stock, payable Dec. 10 to holders of record Nov. 22.
Previously
regular quarterly dividends of $1 per share were distributed.—V. 151, p.
Directors have declared
common
3.200,408
1,403,205
3,381,817
1,871,233
Taxes.
2937
& Financial Chronicle
Continental Oil Co.—Acquisition—
has purchased a half interest in the prolific Rincon field
Texas, from W. R. Davis & Co. of Houston.
No price
was announced.
Reports indicated it was $6,000,000.
Confirmation of the sale was made by J. G. Dyer, Vice-President of this
company, at Ponca City, Okla.
Reports were that W. R. Davis & Co.
would continue as operators of the field.
■ _
There are now 47 producing oil wells and four distillate wells at Rincon,
The company
of Star County,
understood, were included in
which, it was
V.
the deal with
Continental.—
lfl, p. 2798.
Copper Range
Co.—30-Cent Dividend—New
Director—
declared a dividend of 30 cents per share on the common
Dec. 16 to holders of record Nov. 16. Last previous dis¬
the 50-cent dividend paid on Dec. 22,1936.
Directors have
stock, payable
tribution was
Morris F. La Croix was
elected a director and Treasurer of the company
caused by recent death of F. Ward Paine. Stephen Paine was
Vice-President.—V. 150, p. 3354.
to fill vacancy
elected
a
Crown
The
Cork & Seal
company was
manufacture
Co.—Government Contract—
contract totaling $1,147,030 to
U. 8. Government.—V. 151, p.2798
recently awarded a
small arms materiel for the
The Commercial & Financial Chronicle
2938
Crosley Corp. (& Subs.)—Earnings9 Mos. End. Sept. 30—
1940
1939
Sales
$12,275,961 $12,398,090
Costs, royalties, ordinary
$9,397,697 $15,000,520
11,828.556
116,227
9,105.530 xl4,339,181
111,219
152,221
12,402,022
176,013
tax
Other deductions.
Federal income taxes.-,
Flood loss
——
-
,
—
—
1938
1937
,
92,544
23,758
202,387
—
200,674
Net loss
207,836
—
Earns.per sh.on cap.stk.
Nil
Nil
$0.29
Myles of Delaney, Myles & Wormser; Herbert G. Lord of Lard & Co.,
Palmer, who represents a number of customers of Post &
Flagg, who are holders of the bonds.
The meeting approved a telegram sent to the Export-Import Bank by
Mr. Myles protesting a contemplated loan of $50,000,000 to Cuba in view
of the treatment accorded Cuba RR. bondholders.—V. 151, p. 2189.
Cuneo Press, Inc. (&
of
other
$0.19
x
Years End. Sept. 30—
sales, less returns
Earnings1940
1938
1939
a
1937
allowances_«..„_
$8,435,988
Cost of goods sold......
6,014,561
2,274,370
$8,032,147
5,715.454
2,232,799
$8,390,903
5,878,922
2,446,999
$8,562,946
5,943,136
2,364,084
$147,056
21,407
13,623
$83,894
19,870
16,724
$64,981
$255,726
14,633
15,679
$182,086
2,317
1,607
$120,489
2,407
1,252
$96,304
3,354
1,447
$286,039
4,326
2,024
8,324
11,358
12,810
13,329
,3,461
313
2,876
951
Net inc. from trading.
Other oper. revenues...
Other income
...
Total gross income
Int.
on
real est. mtge...
Int.
on
notes payable.__
Rentals
unoccupied
on
buildings
Loss
on
,
of
sale
assets
fixed
;
Miscell. deductions.....
26,300
:
income
Preferred
dividends
13",300
"4,975
$89,294
53,420
$72,766
54,240
Common dividends.....
The
company's directors believe that from a conservative viewpoint and
regardless of tne treatment for tax purposes, these plant facilities should
be amortized over a three-year period.
In the foregoing statement of in¬
come, amortization has been deducted on that basis.
Initial Common Dividend—
Directors
the
88,488
44,244
on
Balance Sheet Sept. 30, 1940
Assets—Cash, $305,405; accounts receivable, (net), $65,057; life insur¬
policies, cash surrender value, $9,503; inventories of merchandise on
hand and in transit, $1,006,546; other notes and accounts receivable,
$11,235; advances to employees for purchase of stock in company, $4,061;
employees' accounts receivable (net), $4,779; investments, $31,764; fixed
assets (net), $573,754; leasehold improvements at written-down amounts
(less provision for amortization), $110,982; prepaid expenses,
leasehold and utility deposits, $1,507; total, $2,180,576.
$55,982;
Liabilities—Trade accounts payable, $322,959; 1st mtge. note due within
year,
$1,000; salaries and wages accrued, $52,372; taxes accrued,
$45,033; sundry accruals, $8,221; provision for Federal and State income
taxes, $26,300; note payable to bank (due Nov. 17, 1941), $90,000; 4)^%
1st mtge. real estate note on warehouse building, $49,000: 7% cum. conv.
pref. stock (par $25), $608,200; common stock (par 25 cents), $110,610;
capital surplus, $390,522; earned surplus, $476,358: total, $2,180,576.
—V. 151, p. 2493.
one
Rys.—Earnings
3 Mos. End. Sept. 30—
Gross income..
Expenses,
interest,
preciation, &c
Net
—V.
loss.
151,
p.
—
$72,595
613,028
632,021
$51,819
$155,714
New
Note—Because of the two Revenue Acts of 1940, the provision for taxes
Sept. 30, 1940, for excess profits tax.—V. 150,
Davison Chemical
1939
1938
3 Months Ended Sept. 25—•
$33,627
$32,390
$37,585
Deisel-Wemmer-Gilbert
Period End. Sept. 30—
Net profit...
Shs.
x$354,584
196,142
190,781
196,142
$0.81
$0.82
$2.25
$1.61
Stock
of such
a5 to 1st lien & ref. mtge. bonds, series A, and $500, $1,000 and multiples
charge therefor.
Earnings
Company is
by its Cuban counsel, Dr. Alfredo Lombard, that such transitory
provision, as supplemented by Decree-Laws 412 and 594 of 1934 of the
Republic of Cuba, automatically affects its mortgage and pledge indebted¬
ness and provides that
(1) principal of such indebtedness must be amortized
annual instalments
commencing the June 30
following the maturity of
30, 1970, and (2) from June 4, 1940,
paid at the rate of 1% per annum upon
the unamortized balance of the
principal.
Company, in furtherance of its aim to make available to bondholders
continuous payments in as large amounts as it feels that its
earnings and
present prospects justify, has determined, without in
any manner waiving
its right to rely strictly
upon the transitory provision, to commence payments in amortization of
principal as follows:
1st mtge. bonds on Jan. 1,
1941, in advance of the otherwise
obligatory date of June 30, 1953, such
payments to continue to Jan. 1, 1970; and 1st lien & ref.
mtge. bonds,
series A and series B, on Dec.
1,1940, in advance of the otherwise obligatory
date of June 30, 1947, such
payments to continue to June 1, 1970.
For the purpose of
establishing an orderly procedure whereby such pay¬
ments may be made and received
without the necessity of sending the
bonds to the paying agent for notation of
payment thereon on each interest
payment date and principal payment date, with the attendant
expenses of
each issue of bonds and
ending June
interest shall be required to be
per
1940—3 Mos.—1939
z$162,327
$106,815
$0.79
•
$0.52
—
share....
x After depreciation, interest,
Federal income taxes, &c.
y On 260,250
(par $5) of capital stock outstanding,
z After deducting excess
profits taxes.—V. 151, p. 1891.
'
Distillers
Corp.-Seagrams, Ltd. (& Subs.)—Earnings—
Years End. July 31—
cl940
629.788
Sept. 30,
1940,
the
stockholders authorized the board of
directors to act in reliance upon the
transitory provision and, in its dis¬
cretion, to commence amortization payments at a date earlier than may be
strictly required by the transitory provision.
$33,293 ,988 $26,792,577 $24,605,281 $24,257,692
18,720 ,845
16,397,507
13,514,739
12,713,656
1 ,000
J
1,000
2,000
1,000
Executive salaries
431 ,936
381,907
388,0.51
319,366
271 ,625
Legal fees
200,317
289,070
188,029
Interest (net)
213 ,910
393,878
437,079
523,820
a Prov. for
163 ,470
depreciation.
153,166
130,621
130,205
Loss on disposal of capi¬
tal assets.——— —
406 ,972
304,567
447,730
70,172
& adm. exps._
gen.
...
Prov. for loss
on
invest¬
(net)..
95 ,938
.....
Loss
liquidation of
suDsidiary, &c_
on
Prov.
meeting of the bondholders Nov.
14
at
5% bonds
by resolution adopted at
the Guaranty Trust Co.
The
73,266
775,293
income
for
a
z72,022
and
profits taxes
Prov. for exchange adj..
2,321,898
1,923,485
2,017,627
$9,716,798
$5.08
Net profit.——
3,192 ,319
79 ,174
$6,566,313
1,742,645
$3.29
$7,313,504
1,742,645
$3.75
$7,444,258
1,742,645
$3.95
$972,417
163,470
$947,013
153,166
$812,212
130,621
$695,545
130,205
Shares outstanding
1,752,645
Earned per share
a
Depreciation provided
charged to:
Production.,
Profits as above...—
b Loss
liquidation of a subsidiary company, including goodwill,
Expressed in United States currency,
d Expressed in Canadian
on
—
$19,065.
,
c
currency.
Consolidated Balance Sheet July 31
c
Assets—
1940
S
d 1939
equipment,
goodwill, trade¬
a
.....
Investment®
on
ture
Canad.
grain fu
contracts..
d 1939
S
19,202,427
under
bank
5.000,000
5.000,000
7,000,000
2,500,000
3,181,799
1,643,665
Acc'ts pay. & accr.
liabilities..
304,288
on cum.
pref.
stock...
201,931
207,000
5,731,184
3,526,321
Prov. for taxes in
Canada A U. S.
177,477
Unexp. insur. and
b Capital surplus.
510.000
970,000
Earned surplus...33,527,132 28,367,383
oth. Items ch'geable
to
future
Total...
Adv.
credit agreem't.
Notes pay. to bks.
Div.
282,238
Provincial
Govt' bonds....
$
Common stock..19,400,625
5% cum. pf.stock. 16,030,000 16,490,000
marks &
Inventories
c1940
Liabilities—
S
Plant,
740,174
923,071
91,042,671 77,446,796
•
Total
«
91,042,671 77,446,796
Represented by 1,752,645 no-par shares in 1940 and 1,742,645 no-par
1939.
b Capital surplus arising from the redemption of cum.
pref. stock, 5% series,
c Expressed
in United States currency,
d Ex¬
pressed in Canadian currency.—V. 151, p. 985.
a
The temporary committee representing the holders of
1st mtge
of the company became a permanent committee
160,000
Loss resulting from flood
operations
Bondholders9 Committee- -Loan 'to Havana Government Protested—
$24,479,079 $24,149,722
126,202
107,970
149,609
Total income
Sell.,
Deps.
as of Oct. 1, 1940, with Bankers Trust
its agent, to which instrument
every holder of 1st mtge. bonds and
mtge. bonds, series A and series B,
may become a party
by depositing his bonds pursuant thereto.
At the annual meeting of stock¬
d 1937
Directors' fees..
into the procedure for deposit dated
as
d 1938
Gross profit on sales..$32,664,200 $26,642,969
Miscellaneous income—
Co.
1st line &ref.
d 1938
Sales, less frt. & allow..$103,231.335 $84,787,807 $81,577,919 $81,872,168
Costs of goods sold..... 70,567,135
58,144,838
57,098,840
57,722,446
blends.24,877,177 24,030,186
.41,332,032 41,663,795
1,175,181
21,816
Acc'ts receivable. .18,724,011
8,520,616
Cash.
3,734,381
1,983,025
Eostage and insurance, the company, pursuant to 16, 1940, has entered
authorization of its
oardof directors adopted July 17.
1940, and Oct.
1940—9 Mos.—1939
z$372,465
$217,166
$1.81
$1.05
shares
ment
Authority for and Purpose of Issuance
In June of 1940, a
transitory provision of the new Constitution of Cuba
became effective in the Republic of Cuba where the
physical properties
of the company are located and its business carried on.
advised
Net profit—-
y
profits tax.
Corp. (& Subs.)—Earnings—
Sept. 30—
x
excess
V:-'l:
Detroit Steel
Period End.
of $1,000 as to 1st line & ref.
mtge. bonds, series B, and will be exchangeable
as to denom. and transferable
at the office of Bankers Trust Co. without
a
1940—9 Mos.—1939
y$429,729
190,781
stk. outstand.
com.
1939
]oss$62,186
Corp.—Earnings—
1940—3 Mos.—1939
y$155,340
x$172,827
Earned per share.
$59,233
deposit receipts was authorized by the directors
at meetings held on July 17, 1940, and Oct.
16, 1940.
Such deposit receipts
will be dated the date of actual issuance and will call for
payments of
instalments of interest and principal to Jan. 1, 1970, in the case of 1st mtge.
bonds and to June 1, 1970, in the case of 1st lien & ref.
mtge. bonds,
series A and series B, which
payments will be made by check transmitted
by mail to the registered owners of deposit receipts.
Such payments are
payable in United States currency.
There are at present no governmental
restrictions in Cuba which would prevent the
company from making
available payment of instalments of interest and
principal contemplated
to be made to the registered owners of
deposit receipts.
Deposit receipts
will be issued in registered form
only and in denom. of $1,000 and multiples
of $1,000 as to 1st mtge.
bonds; $100, $500, $1,000 and multiples of $1,000
held
1940
$76,196
*
Net profit after all charges
—V. 151, p. 2189.
1937
1946, and $1,012,000 1st lien & ref. mtge. gold bonds, series B.
6%, due Dec. 1, 1946, to be issued pursuant to procedure for deposit dated
as of Oct. 1, 1940, between the
company, bankers Trust Co, as agent of
the company, and depositors of bonds.
holders,
3971.
p.
Corp.—Earnings—
—v. 150, p.3199.
1940
1,
The issuance
$8,121
•
in the current period includes $16,000 (added to deferred tax reserve) on
account of instalment sales of prior years.
No provision required at
adjusted to the new rate for the nine months but before
-Earnings -
Exchange has authorized the listing of deposit
receipts for $14,415,000 1st mtge. 5% 50-year gold bonds, due July 1.
1952; $3,285,000 1st lien & ref. mtge. gold bonds, series A, 7H%, due
Dec.
$17,968
...
After depreciation, Federal taxes, &c., but before provision for Federal
surtax on undistributed profits,
y After depreciation. Federal income taxes
494.
York
....
....
x
Listing of Deposit Receipts—
in
Net loss.......
a After
charging $32,324 for depreciation and amortization in 1940 and
$27,276 in 1939.
>
After taxes, interest, depreciation, &c
The
Sept. 28, '40 Sept. 30, '39
$5,286,243
$5,148,120
10,994
loss3,766
28,962
4,354
/
Net profit from operations.......
—
Prov. for Fed. inc. and State franchise taxes
a
1937
$124,792 U
initial dividend of 50 cents per share
Davega Stores Corp. (& Subs.)—Earnings—
Six Months Ended—
$476,307
588,760
common
Net sales
x
377,532
3 Mos. End. Sept. 30—
Net loss..
x
1938
$.561,210
de¬
Cuba RR. Co.
x
1939
$463,968
1940
$304,938
an
stock, payable Dec. 14 to stockholders of record Nov. 23.
V. 151, p. 2350.
ance
Northern
Nov. 8 authorized
on
55,135
'-""a Consolidated figures.
Cuba
1940
1939
1938
y$8,305,639 x$4,543,552 x$2,625,898
After depreciation and Federal income tax (1939
$1,121,497) but before
provision for possible Federal surtax on undistributed income,
y After
provision for Federal income and excess profits tax of $11,932,022 and
depreciation and sundry reserves.
G. W. Vaughan, President, says:-"Provision has been made in the 1940
figures for Federal income and excess profits taxes on the best estimate of
what such taxes will be.
Pending the issuance of Treasury Department
regulations and final determination of the tax status of expediting fees and
the amortization of additional facilities, the income and excess profits taxes
must necessarily be to some extent estimated."
During the year 1940 the company acquired certain plant facilities, the
cost of which was, or will be, recovered through expediting fees on foreign
contracts in 1940 and 1941.
In the foregoing report of income, expediting
fees, earned in this period, have been included in taxable income, and taxes,
including excess profits taxes, have been accrued thereon.
$229,160
47.855
x$813,307
$1,293,631 x$l,035,691
......
After Federal income taxes.—V. 151, P. 1719.
Curtiss-Wright Corp. (& Subs.)—Earnings—
37,200
$139,763
Fed. & State inc. taxes._
Net
14,475
16,848
1938
1939
1940
and
Federal
9 Months Ended Sept. 30—
x
Operating
expenses
before
Net profit.........
Gross
and
bt t
charges
income taxes
$205,316, current assets of $4,927,513 and current liabilities of $657,253
Sept. 30, 1939.—V. 151, p. 2040.
Crown Drug Co.-
Subs.) —Earnings—
9 Months Ended Sept. 30—
Net profit after
depreciation,
x Inch des depreciation.
Current assets as of Sept. 30, 1940, including $394,949 cash, amounted
to $6,090,948 and current liabilities were $1,428,745 comparing with cash
on
mo
—
$43^484prof-It103.581
^509.91 Oprof$ 158.376
———
16,
and Arthur W.
65,537
340,000
—
Depreciation—.———
Nov.
committee includes Abrose W. Benket of A. W. Benkert & Co., Beverly R.
shares in
Volume
The Commercial & Financial Chronicle
151
Detroit Gasket & Mfg.
9 Mos. End. Sept. 30—
_
Co.—Earnings—
1940
Net profit after depr. &
Federal income taxes.
sh.
on
$14,955
$321,472
$1.39
Earns, per
1937
1938
1939
$339,739
$1.30
$445,280
<
com.
stock.
SI.81
Nil
For the quarter ended
Sept. 30, 1940, net profit was $39,950 after de¬
preciation, Federal income taxes, and excess profits tax adjustment for
prior quarters, &c., equal after dividend requirements on 6% preferred stock,
to 12 cents a share on 214,250 shares of common stock. This compares with
$80,369 or 31 cents a common share in September quarter of previous year.
—V. 151, p. 1891.
Dominion Scottish Investments, Ltd.—Accum.
The directors have declared
Div.—
of
$50, payable
Dec. 2 to holders of record Nov. 20.
Like amount was paid on Sept. 1,
last, and compares with 75 cents paid on June 1, last; 50 cents on March 1,
last, Dec. 1 and Sept. 1, 1939; 70 cents on June 1, 1939, 50 cents March 1,
1939; Dec. 1 and Sept. 1, 1938; and a dividend of $1 paid on June 1,1939.
—V. 151, p. 985.
"
accumulations
the
on
5%
dividend of 50 cents per share on account
a
red. preference stock,
cum.
par
9 Mos. End. Aug. 31—
1940
1939
Net sales
.$45,430,274 $19,192,359
Costs,
34,740,151
&c
expenses,
15,118,092
such losses when and
as
settled.
Statement
Period End. July 31—
of Income (Company Only)
Other
320
$332,091
b Interest
c
Amortization
$615,585
73,551
451
Interest
308
$846,853
102,913
387,500
14,155
9,743
Total...
Expenses, incl. taxes...
a
Other int. deductions
d Premium.
Net income
On gold debentures,
1940—12 Mos.—1939
$3,208,044
$2,326,986
3,283
1,049
1940—3 Afos.—1939
$846,533
$615,277
Gross inc.—From subs..
a
Douglas Aircraft Co., Inc. (& SubsJ—Earnings—
2939
sulphur.
Such maintenance, together with all other costs, is transferred to
inventory and subsequently, upon sale, is included in cost of product sold
in the current period,
x Loss.
Note—No provision has been made in the above statement for possible
losses resulting from pending suits and claims against United Gas Corp. and
certain of its subsidiaries (arising principally in connection with gas and oil
producting properties).
It is the practice of the companies to record any
59,206
38,974
$2,328,035
261,894
1,550,000
65,742
<
38,974
490
2,268
1,094
592
1,091
$128,523
$1,265,412
$409,742
$3,211,327
294,373
1,550,000
387,500
15,778
9,743
b On Power Securities Corp.
c Of debt discount and
d And expense on Power Securities Corp.
5% series, due 2030.
collateral trust gold bonds, American 6% series,
1938
1937
$22,899,839 $15,276,503
20,285,172
14,012,028
expense
gold debentures,
on
bonds retired.—V.
151, p. 2642.
Electric Boat Co.—40-Cent Dividend
$10,690,123
178,128
ten
$4,074,267
307,116
$2,614,667
218,750
$1,264,475
$10,868,251
$4,381,383
$2,833,417
$1,313,481
1,516,085
2,063,831
1,452,234
546,990
646,169
365,284
114,121
376,300
$7,288,335
$2,382,159
$1,821,964
$823,060
$12.15
Operating profit..
Other income
$3.97
off, &c
Federal income tax, &c__
.
Profit.
.
Adj. minority interest..
Earns.per sh.on com.stk
Note—In
view
of
"
of
tax
new
$3 .19
company's fiscal year ends Nov. 30, tax
computed on basis prevailing prior to enact¬
Act and fiscal years results are not affected by the
new revenue
are
law.
El Paso Electric Co.
Aug. 31, last, net profit was $3,899,478 or $6.50 a
share, comparing with $985,368 or $1.64 a share in August quarter of
Previous year and $1,583,979 or $2.64 a share in quatrer ended May 31,
(Del.) (& Subs.)—Earnings—
[Earnings of El Paso Electric Co. [Texas) ]
Period End. Sept. 30-
1940—12 Afos.—1939
1940—Month—1939
$3,072,809
1,231,850
172,869
369,371
424,510
$2,934,190
1,178,271
$83,706
$874,208
502
^6,376
$837,365
Dr3,109
$79,971
36,264
$84,208
36,591
$890,584
436,872
$834,255
437,021
$43,707
$47,617
$453,712
$397,234
2,083
10,139
25,000
$45,534
$43,707
Preferred dividend requirements (public)
$443,573
46,710
$372,234
46,710
$396,863
$325,524
Operating
Operation
$265,055
102,610
14,465
30,170
a38,491
652
>_
Maintenance
Taxes.:
$256,787
$79,319
revenues
Depreciation
For quarter ended
—
Directors have declared a dividend of 40 cents per share on the common
stock, par $3, payable Dec. 10 to holders of record Nov. 26.
Like amount
was paid on June 12, last; dividend of 30 cents was paid on Dec. 8 and on
June 21, 1939, and dividends of 60 cents were paid on Dec. 8, 1938; Dec.
8, 1937, and on Dec. 5, 1936, this last being the initial distribution.—V.
151, p. 1894.
29,735
$1.49
that
fact
charges for nine months
ment
49,006
Net oper. revenues
Other income (net)
97,132
12,291
30,847
32,811
184,163
360,529
373,863
Consolidated Balance Sheet Aug. 31
1940
S
Liabilities—
Prop., plant and
equipment
y
10,698
6,265,408
1,721,426
7,364,837
Inventories
11,396,134
Other assets
213,124
Prepaid expenses.. 1,079,608
Exper. exp. def...
28,800
155,889
Balance
5,412,576
for
Deferred
362,758
2,269,853
Reserves
p.
19,773,026'
734,758
credits..
596,984
876",869
3,993,442
11,908,830
3,993,670
54,074,187
Total
19,773,026
5,201,293
Represented by 600,000 no par shares.—V. 151»
y
2641.
Driver-Harris
y
Earnings
x
After
per
$331,742
$100,266
$0.94
share
depreciation,
a
applicable to El Paso Electric Co. (Del.)
Does not include provision
for the additional Federal taxes imposed by
Earnings El Paso Electric Co. (Delaware)
12 Mos. Ended Sept. 30—
Federal income taxes,
$3.17
&c.
y
$189,409
$1.55
—
applicable
'
101,816
(Del.)
Period Ended
31,151
3 Mos.
$294,695
p.
$819,687
$1.64
1893.
J. French Robinson has been made President of this company to succeed
C. E. Gallagher who has become Chairman of the Board.—V. 148, p. 277.
Eastern Massachusetts Street Ry.—Accumulated Div.—
Directors
have
a dividend
of $1.50 per share on account of
preferred stock, series A, payable Dec. 17 to
holders of record Dec. 2.
Similar payments were made in the eight pre¬
ceding quarters.
Arrearages after current payment amount to $46.50 per
share.—V. 151, p. 2642.
accumulations
Ebasco
on
$216,477
Erie
,
Lighting Co.—Earnings■—
1940
$1,889,376
12 Months Ended Sept. 30—
Total operating revenues
East Ohio Gas Co.—New President, &c.—
(
Balance for common stock and surplus
—V. 151, P. 2799.
$270,195
$0.54
Earns, per sh. on 500,000 shs. no par capital stock
151,
$399,449
182,972
Expenses and taxes.
12 Mos.
Net income after Federal income taxes, property
—V.
$434,866
35,416
$477,667
182,972
Total-.
Preferred dividend requirements.
Sept. 30, 1940—
84,341
$508,818
to El Paso Electric Co.
On common stock.
Co.—Earnings-
retirement and depletion, &e
$325,524
25,000
10,139
_.
—V. 151, p. 1570.
Duval Texas Sulphur
1939
1940
$396,863
\
Earnings of El Paso Electric Co. (Texas)
Note interest deducted from above earnings.
1940—9 Mos.—1939
1940—3 Mos.—1939
$93,740
$0.86
Net profit
Balance
the Second Revenue Act of 1940 enacted in October.
Earnings of other subsidiary companies
Co.—Earnings—
Period End. Sept. 30—
x
(El Paso Elec. Co.,
Del.)
Balance
Federal
income tax
445,830
54.074,187
After depreciation,
Int.
55,400
..23,892,499
contract-
Earned surplus
x
2,911,036
Deposits receiv. on
Prov.
(public)
6,000,000
accr.
liabilities..
Capital surplus
Total
Int. and amort,
$
$
Capital stock... 6,000,000
3,446,180 Accts. pay.&
5,225,448
Goodwill, pats., &c
11,459
Gash
32,718,534
Accts.rec., &c
3,401,080
Balance
1939
1940
1939
$
Assets—
x
714,826
118,469
169,437
102,335
164,607
Operating expenses
Maintenance
Provision for retirements
— —
Federal income taxes—.
•
— -
Other taxes
— -
1939
$1,731,838
744,252
80,768
210,447
63,750
98,290
declared
the
1st
Operating income
Other income (net)
Gross
Interest
Services, Inc.—Weekly Input—
$619,701
13
— —
$619,714
230,600
income
on
long-term debt
Other interest
For the week ended Nov. 7,
1940 the kilowatt hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
10,138
Crl75
and expense..
Interest charged to construction
Amortization of debt discount
Net income
$363,134
— -
$534,332
12,440
$546,772
232,812
22,469
10,235
$281,256
'
,i
■
ItlCTCUSC
•
Operating Subsidiaries of—
1940
American Power & Lt. Co.. 128,305,000
Electric Power & Lt. Corp.. 67,142,000
National Power & Light Co. 90,002,000
1939
126,119,000
63,181,000
77,716,000
Amoiunt
2,186,000
3,961,000
12,286,000
—V.
%
1.7
6.3
15.8
The above figures do not
include the system inputs of any companies not
appearing in both periods.—V. 151, p. 2799.
Electric Power & Light Corp.
Period End. July 31Subsidiaries—
(& Subs.)- -Earnings—
1940—3 Mos.—1939
b Maintenance
Taxes
p.
699.
EI Paso Natural Gas Co.
Period End. Sept. 30—
Operating revenues
Operation
Maintenance
—
Depreciation.
Taxes (incl. Fed.inc.tax)
c
3,892,405
Net operating revenues $6,412,290
217,546
17,810.764
$6,104,866 $32,225,339 $29,408,826
217,415
427,326
615,054
Other income dedi
159,408
Gross income
Int.
on
long-term debt.
Other int.
$6,470,428
2,980,382
98,397
463,330
376,605
$6,223,884 $32,189,335 $29,647,275
11,971,831
3,024,155
12,191.902
(notes, loans,
&c.)
Other deductions.
508,929
229,986
Crl8,325
1,971,618
ity interests.
2,019,638
1,362,425
Cr31,413
7,886,473
2,002,871
1,350,271
051,220
7,886,473
42,052
391,073
266,203
$723,376
_.
Int. charged to construe.
Pref. divs. to public
502,564
305,419
06,014
1,971,618
74,462
....
8,039
49,572
53,535
bl,311,732
104,199
615,442
540,712
$170,713
$204,133
$2,413,307
$2,690,914
Net equity.
$384,090
$8,589,308
$6,000,775
18,944
•
—
$2,394,363
1,188
39,293
13,020
$181,432
32,290
$205,321
28,788
$2,433,655
365,570
$2,703,934
Interest-.
—
1,185
698
10,322
2,553
13,520
x0125,439
$147,680
$175,834
$2,055,211
$2,467,117
8,632
8.631
103,579
103,579
$139,048
$167,203
$1,951,632
$2,363,538
$0.23
$0.28
BB
$3.24
$3.93
$723,376
$8,589,308
3,283
$6,000,775
1,049
$384,398
73,551
413,511
$8,592,591
294,373
1,651,542
$6,001,824
261,894
1,656,399
$208,934
Interest and other deduc.
308
$723,696
102,913
411,849
Expenses, incl. taxes._
$384,090
320
x$102,664
$6,646,676
$4,083,531
Bal. carried to consoli¬
dated earned surplus
a
Of Electric Power &
Light Corp. in income of subsidiaries,
b Does not
crude oil, gasoline, and
include maintenance incurred in the production of
348,736
Amortization of debt dis¬
d Miscell. inc.
deduct'ns
Net income
Pref. stk. div. require'ts
278
Balance for com. divs.
and surplus..
sh. on 601,594
shs.of com.stk(par $3)
Earns, per
a To preserve monthly comparisons,
Federal taxes for the month were
taken at l-12th of the estimated amount to be paid for 1940 under all
including the recently enacted excess
|/3,x
September accrual for Federal income tax, $337,996
have been added to taxes to cover the estimated increase in Federal taxes
above the amounts previously accrued for the first eight months of the
year 1940 under all applicable income tax laws, including the recently en¬
acted excess profits tax law.
Total Federal taxes for the period show an
increase of $675,612 over the previous year.
>
c Carried in
operating expenses in 1939.
d Non-recurring income and expense, and donations (carried in operating
expenses in 1939), are charged to miscellaneous income deductions in 1940.
x Federal income tax accrual in December, 1938, was reduced by $124,768
due to the write-off of unamortized debt expense and premium on funded
debt retired by refinancing consummated Dec. 15, 1938.
Adjustment was
b In addition to the
Other income.
$2,690,914
$204,133
11,816
applicable Federal income tax laws,
a
129,049
711,954
$169,616
15,835,960
count and expense
including taxes.
8,714
53,441
alll,255
1,096
ment costs
Gross income—
Other income
1940—12 Afos.—1939
$5,549,030
3,411,431
1,597,761
1,845,389
145,478
Exploration & develop¬
Other income.
4,197,958
,
142,730
Net oper. revenues.^.
Property retirement and
depl. reserve approp..
(Del.) (& Subs.)—Earning s-
1940—Month—1939
$460,757
$486,852
1940- -12 Mos—1939
$25,755,137 $24,707,619 $113496,282 $104633,106
9,565,645
9,622,322
40,852,893
38,913,414
1,471,610
1,413,695
5,892,058
5,672,124
4,107,634
3,674,331
16,715,228
14,802,782
Operating revenues.
Operation......
151,
,
...
The Commercial & Financial Chronicle
2940
credited to non-recurring income instead of tax expense for the purpose of
retaining normal comparison of operations.
Consolidated Balance Sheet Sept. 30
1940
1939
Jro----*-*----------$23,177,778 $21,879,256
Investment and fund accounts
2,426,447
252,359
OIK Sfll
1 OQO fiKK
1,290,583
Cash......
218,361
8.358
Special deposits.-...-.--446,322
4,868
Notes receivable.—
....—....
13,361
Assets—
Plant, properties.
.......
...—-———— ....
Accounts receivable*—
Materials and supplies
179,164
17,562
—- .
.—
291,394
Deferred debits.. L
b Reacquired securities--...-.—.----—....—
—- —
*—*———*.
7 % cumulative preferred stock (par $ 100)
a Premium on common stock
Long-term debt—...—
....—
Serial notes payable to bank, maturing within 1 yr
—
Accounts payable. . .........—*. ...—* ...
Taxes accrued-—
...................
»;
Interest accrued
Deferred credits..............
Reserve for depreciation.—.
—*
-—. .
—
Contributions in aid of construction
Earned surplus
........
............
Total
1,804,782
1,479,700
3,497,212
11,062,500
652,500
355,113
1,136,869
106,369
226,693
3,476,398
8,317
3,570,756
Represents
excess upon
reclassification of no par value common stock
value common stock as of Sept, 4, 1936, plus excess of amounts
received
over par value of shares issued since that date,
b 1,252 shares $3
value common stock at cost, acquired for resale to employees under
employees' stock purchase plan.—V. 151, p. 2042.
par
Sept. 30—
operating profit.-
Net Profit
—
—
Nole-^-Above
figures exclusive
a
dividend of 50 cents per share on the $2.25
cum. partic. stock, no par value, payable Dec. 10 to holders of record
Nov. 30.
Dividend of 75 cents was paid on Nov. 9, last, and 50 cents
paid on Sept, 10, June 10, March 11, last, and on Dec. 11,1939.
See also
V. 151, p. 986.—Y. 151, P, 2496.
Emsco Derrick & Equipment Co.—
1940—3 Mos.—1939
Sept. 30—
x
Net profit........... loss$50,709
z
Earnings
per
share....
y$138,493
$0.37
Nil
-
Earnings—
After depreciation and Federal income taxes.
y Includes non-recurring
income of $69,595.
z On 373,594 shares capital stock.—V. 151, p. 1572.
RR.—Equipment Trust Issue—
Authority to apply to the Interstate Commerce Commission for per¬
mission to issue $3,000,000 equipment trust certificates has been granted
by
an
order of Judge Robert N. Wilkin of the Federal Court
at Cleveland.
The
proposed issue will partially pay for 1,200 freight cars recently
ordered at an estimated cost of $3,410,000.
The certificates are to be
dated Dec. 1, 1940, and Will mature in equal semi-annual instalments from
1941 to 1950, incl.
Hearing on the proposed issue, which must be approved
by the Federal Court, will be held before Nov. 29 before Special Master
William L. West.—V. 151, p. 2643.
Ercole Marelli Electric Mfg. Co,—No Interest Payment—
The New York Curb Exchange has been notified that the interest due
Nov. 1, 1940, on 25-year first mortgage sinking fund 6 H% gold bonds
series A, due Nov. 1, 1953, is not being
$266,967
Financial Position
——
1940
$3,347,61o
Negotiable securities at lower of cost or market—
1939
209,195
Current Assets—
$3,401,600
Deposit
re power
74,958
332,985
x$6,606,808
Metal inventories at cost
200,953
1,464,487
74,958
301,454
$5,443,455
2,642,052
——
supply..*
-
Mine, mill and refinery supplies
Current Liabilities—
Net assets
x
—
paid.—vT139,
p.
2203.
Ex-Cell-O Corp.-
-Earnings—
are
receivables,
Power suppiy, $74,958; refining supplies, $97,716; total, $1,627,657;
payables and taxes, $126,740; oalance, $1,500,917.—V. 151, p. 986.
1940—9 Mos.—1939
N et profit.
J
Shares cap. stk. ($3 par)
c$741,692
a$193,685 b$l,387,727
a$530,514
397,306
394,750
397,306
394,750
$1.87
Earnings per share, i
$0.49
$3.49
$1.34
a After charges and Federal income taxes.
b After depreciation and 24 %
Federal ntormal and excess profits taxes, &c.
c After charges and 24%
normal Federal income tax but before provision for excess profits tax.—V.
151, p. 2799.
.
_,
..
less,
(& Subs.)—Earnings—
Federal Water Service Corp.
1939
1940
12 Months Ended Sept. 30—
Total operating revenues
$23,748,860 $21,973,144
5,609,194
5,881,346
1,914,784
-—
2,548,696
0144,041
General expenses charged to construction
—
0186,010
876,938
Maintenance——
961,821
2,242,306
Prov. for retirements, replacements & depreciation
2,263,627
1,976,313
General taxes..
—1,990,533
1554,068
Federal St State income and excess profits taxes—
1,302,370
*
_
Operation..
Gas purchased
_*
—
—
—.
—$8,986,477
152,566
Dividends on preferred stock, not declared or accr'd
Minority interest in net income._——— —----Costs and expenses of natural gas exploration_ _ _ —
Balance
Charges of Federal Water Service Corp.—
on 5% gold debentures
Miscellaneous charges
Interest
—
Net income
—
Statement of Income
12 Months Ended Sept. 30—
Income—From subsidiary companies
Dividends
_
—
—
—
---—
26,191
$988,157
251,632
2,224
15,904
12,900
308,766
30,248
—
Interest on 5M
% gold debentures.
Miscellaneous charges.
—
—
.
1939
$536,113
223,207
159,641
3,318
$692,681
269,285
-
Federal income tax
-.
$1,343,609
-
General and miscellaneous expenses.
Provision for depreciation
General taxes..---
—
337,136
21,574
248,536
718,104
774,613
226,326
1940
_
_——*
Net income...*..
$1,702,319
308,766
30,248
145,723
201,258
(Company Only)
Dividends from California Water Service Co
—v. 151, p. 986.
5,100,940
consolidated:
—_
Interest
4,863,423
123,549
243,507
172,033
687,060
1,036,506
93,853
$1,580,098
Amortization of debt discount and expense
Dividends on preferred stock, paid or accrued —--
$9,117,821
$1,919,112
income
Charges of Subsidiary Companies—
on long-term debt
Miscellaneous interest (net), &c
Interest
$8,943,581
174,240
$9,139,043
Net earnings
income
Other
Total income
"V--
1940—3 Mos.—1939
$552,956
$4,890,499
Norwegian items as per information available—Cash and
$212,635; metal inventories at cost, $1,242,347; depoit re-
Included
Miscellaneous other income.
Directors have declared a dividend of $1.70 per share on the common
stock, payable Nov. 16 to holders of record Nov. 9.
Distribution being
made from capital assets received from dissolution of subsidiary company.
American Zinc, Lead & Smelting recently purchased from Evans Wallower
an electrolytic zinc plant.—V. 151, p. 2496.
Period End. Sept. 30—
$70,632
248,469
233,854
x$593,328
$6,013,480
payable
payable (estimate)
Accounts
Taxes
_
„
$72,222
325,345
195,760
Wages payable
Evans Wallower Zinc, Inc.—Dividend—
*
$269,032
operating revenue.
End of Third Quarter
or non
Cash and accounts receivable-
Gross
1940—9 Mos.—1939
$18,716
y$39,709
Nil
$0.11
x
the trustees
$572,023
46,000
259,056
$464,540
——lossSl 16,154
.—
Erie
282,707
$613,137
49,500
294,605
$813,247
66,000
$114,124
9,000
221,278
Deprec. & def'd develop.
1937
1938
1930
1940
ios. End.
Prov. for taxes (est.)
—
Empire Power Corp.—Accumulated Dividend—
The directors have declared
Period End.
1940
Falconbridge Nickel Mines, Ltd.—Earnings
3
Gross
1,804,782
1,479,700
3,497,212
10,015,000
530,000
157,356
439,186
75,651
539,659
2,784,913
8,317
2,874,808
$27,377,207 $24,206,583
Into $3 par
16,
J
Common stock ($3 par)..
a
25,967
r.$27,377,207 $24,206,583
Total***********************
Liabilities—
447,465
120,959
15,220
161,548
25,967
580,851
———--—
—
Prepayments.....*-.
Nov.
—
—
—
$922,280
210,503
636
$366,484
$319,087
17,455
14,501
338,523
21,574
j''
.
Ferro Enamel
Corp.— Acquisition—
.
Corporation has purchased the Chase Drier & Chemical Co. of Pittsburgh
by Ferro,
and will move this concern's business to a factory building, owned
near Cleveland in the near future, according to R. A. Weaver,
President
of Ferro. Enamel.
SJ Chase, former owner, will have charge of this new division of
Ferro Enamel's business.
Chase makes a chemical drier which hastens drying and hardens the
W.
Fairchild Aviation Corp. —Earnings—
9 Months Ended Sept. 30—
Unfilled orders...
—
x
—...
Net profit*..———*
Earnings per share
capital stock
—...
1940
$5,240,346
422,032
1939
$1,988,362
295,513
$1,173,143
$1.25
$0.87
$0.76
1938
255,403
337,032 shares
on
.......
x Subject to
year-end and auditor's adjustments, but after provision for
Federal taxes.
Note—40% of earnings have been deducted in the 1940 period to cover
Federal income and excess profits taxes.
In the same period of 1939 taxes
were provided for at 20% of
earnings.—jV. 151, p. 2643.
Federal
^
Light
Traction Co. (& Subs.)—Earnings—
Period End. Sept. 30— al940—3 Mos.—1939
Operating revenue.$2,152,652
Oper. expenses, mainte¬
nance and taxes
1,434,889
Prov. for deprec.& retire
174,300
$2,331,082
al940—12 Mos.—a 1939
$9,693,067
$9,932,118
1,493,276
165,159
6,273,431
703,595
6,329,843
622,489
$672,647
Dr3,377
$2,716,041
Dr2.091
$2,979,786
product.
It is used for paints, lacquers, inks and other air dried materials.
The acquisition will put Ferro Enamel into a new field with a type of product
not formerly in the company's line.
Price of the acquisition was not
disclosed.—V. 151, p. 2351.'
Firestone Tire & Rubber Co.—New Product—
A
new
rubber compound that conducts electricity has
passengers tingling shocks boarding or leaving "buses.
fumes around gasoline tanks and trucks, it is stated.
Used in the sidewalls
or
....
Gross income.
Int., disct. & other chgs.
of subs, companies
Pref. divs. of sub.
cos.
.
-
Int., disct. & other chgs.
of Fed. Lt. & Tr. Co—
$543,463
44
2,563
vents the generation of static charges
rolling tire in much the same manner
trucks.—V. 151, p. 1431".
$543,508
$669,270
$2,713,950
$2,982,349
112,437
45,860
110,898
45,987
450,941
183,882
454,955
156,927
167,934
639,060
686,980
183,995
9 Mos. End.
Net sales
Net
rubber pre¬
by grounding them through the
do chains dragged by gasoline
as
Earnings—
1939
1938
1937
$8,428,390
$6,872,813
$9,532,003
862,968
770,304
$2.53
$2.27
469,136
$1.39
967,848
$2.90
Sept. 30—
1940
..$10,206,675
profit before
prov.
for Federal surtax...
Earns, per sh. on com
.
—V. 151, p. 1721.
Florida Power Corp.
(& Subs,)—Earnings—
1940
12 Months Ended Sept. 30—•
Net income*.
Preferred dividends
$228,183
66,561
$344,450
66,561
$1,440,067
266,244
$1,656,419
266,244
$161,622
$0.31
$277,889
$0.53
$1,173,823
$1,390,175
$2.65
Operating
Operating
revenue.
.*,.
— _
_ „
expenses-.
...
Maintenance.
Balance to earned surp
Earns, per sh.of com.stk
_
$2.23
Includes profit and loss adjustments
applicable to the period.
Notes—(1) Provision for estimated Federal income tax is included in
each period, including an additional
a
provision under the Second Revenue
Act of 1940 in the current 3 months and 12 months
period.
(2) The electric property of Grays Harbor Ry. & light Co. was sold
15,1940; the electric property of Willapa Electric Co. was sold Jan. 22,
1940; the North River Transportation Co. was sold in June, 1940.
A
comparison of the 'balance to earned surplus after preferred dividends"
from the remaining companies after
eliminating Grays Harbor Ry. & light
Co., North River Transportation Co. and Willapa Electric Co. from both
periods is:
_
Period End. Sept. 30—
Balance
to
earned
1940—3 Mos.—1939
1940—12 Mos.—1939
sur¬
plus after pref. div—
$165,674
$202,192
$1,021,194
$1,065,679
V* 151, p. 1431*
Federal
Mogul Corp. (& Subs.)—Earnings—•
Period Ended Sept. 30— 1940-—3 Afos.—1939
x
Net income.--**.--*
Earnings per
com.
share
$156,124
$0.55
$80,491
$0.29
1940—9 Mos.—1939
$467,968
$366,496
$1.67
$1.31
After depreciation, Canadian and Federal income and excess profits
taxes, &c. in 1940).—V. 151, p. 549.
x
Sparks can ignite
tread of tires, the new "static-free"
Florence Stove Co.Operating income
Other income—.__
been developed
by this company for use in passenger car, truck, bus and airplane tires to
ground static electricity.
Static electricity commonly developed in moving vehicles often gives
Provision for retirements-..
—
Federal income taxes
Other taxes...
L
—
...
—.
—
>*.
Operating income..
—
...
....
„„...
Gross income
on
_
—...
Other income (net)
Interest
Interest
-
;
—
—
1st mortgage bonds—
*
—
——————
other long-term debt—
Other interest*
on
*
—
;
—
*
Amortization of debt discount and expense.
Interest charged to construction. .
Net income._—*—,
*
Dividends on preferred stock.
-
—
—*
.
„——
Balance..
—V. 151, p. 847.
-
—
-
1939
$4,063,739
1,814,332
$3,649,675
1,485,819
257,472
294,170
281,502
325,773
133,510
308,106
86,555
302,962
$1,200,516
58,411
$1,222,696
69,789
$1,258,927
$1,292,485
400,000
110,549
400,000
103,828
37,716
107,038
Cr2,298
37,365
109,782
Crl,182
$612,643
22,124
$635,970
222,124
$390,519
$413,846
Foote-Burt Co.—Earning sEarnings for 9 Months Ended Sept. 30, 1940
Net income after charges and taxes —
Earnings per common share.
—V. 151. p.
1431.
—-———
*.*—*—.—:J
**_—**.
$237.425
$2.52
Volume
2941
The Commercial & Financial Chronicle
151
Follansbee Steel Corp.
October com¬
pared with 110,471 in October a year ago.
Sales in September were 97,527.
Sales for the first 10 months of 1940 totaled 1,471,210 compared with
Sales to
(& Subs.)—Earnings—
Earnings for 3 Months Ended Sept. 30, 1940
SI,770,546
1,720,201
Netsales.
Costs, expenses & ordinary taxes
consumers
1,045,872 for the
same
10 months of 1939.
Sales to Dealers in United States-
76.916
Depreciation
in the United States totaled 186,016 in
1940
January
February
-
S26.571
7,734
—
—
Other income
Loss
_
Interest
$18,837
13,661
—
*
800
Minority interest
$33,298
Loss
—V. 151, P.
1894.
183,900
May
171.024
151,661
99,664
21,154
116,031
207,934
June
July
August
September
December
the War Department
The War Department did not disclose what type of engine
will build, but indicated that all of the motors will be
planes—V. 151, p. 2351.
company
Formica Insulation
1939
1940
$345,219
$158,290
$2.10
$0.88
provision for normal income taxes, &c.—V. 151,
After depreciation,
x
1572.
p.
1940
174,625
183,481
165,820
173,212
April
May
June
Co.—Earnings—
Fuller Manufacturing
Gabriel Co. (&
y
1939
$166,724
$0.57
Total
,
$0.08
Nil
$0.05
Nil
and non-recurring charges,
y
On capital stock.
—V.
March
193,522
1937
89,010
59,962
196,747
185,548
139,694
84,885
185,779
110,659
24,019
84,327
12,113
53,072
73,159
41,933
19,566
208,825
175,264
65,423
144,350
200,071
207,637
108,168
185,852
172,669
151,602
180,239
145,663
1.542.776
~
76,665
77,929
89,392
91,934
85,855
167,310
July
August
September
1,108,007
1,928,781
124.692
226,169
October
November
(Robert) Gair Co., Inc.—Policy Towards Draftees—
1938
136,489
133,511
161,057
142,002
128,453
December
Total
has been adopted applicable to all employees of this
and its subsidiaries who may be drafted for military service, ac¬
cording to the provisions of The Selective Service and Training Act of 1940,
orjwho are members of the National Guard and are called for active training.
(1) One month's pay will be given to each employee who has been in the
employ of the company for two years or more, on leaving the company for
military service.
In the case of hourly rate employees, 175 hours times
the rate per hour will represent one month's pay.
Such payments are
subject to payroll deductions required by law, such as Federal and State
unemployment deductions and Federal old age insurance deductions.
The
provisions of this paragraph are subject to cancellation by the company at
any time that circumstances indicate such action is necessary.
(2) The employees group life insurance will be maintained at the expense
of the company, subject, however, to discontinuance at any time at the
discretion of the company.
The maximum period to be one year plus
1,594.215
100,022
103,534
1,364.761
181,088
174,572
June
$46,710 prof$19,726
1,001,770
62,831
1939
January
February
May
1940—9 Mos.—1939
92,593
76,071
78,758
64,925
40,796
68,896
131,387
118,888
92,998
51,600
196,095
198,146
178.521
153,866
163,818
156,322
88,564
107,216
117,387
89,682
63,069
Total Sales of General Motors Cars and Trucks from All Sources of Manufacture
United States and Canadian Factories—Sales to Dealers and Export Shipment:
April
$0.67
1940—3 Mos.—1939
$15,291 prof$12.260
Net loss
Earnings per share
x After
depreciation
151
p.
1573.
f
Subs.)—Earnings—
Period End. Sept. 30—
x
December
1940
1940
$197,833
30—
Net income after charges and taxes
Earnings per common share
—V. 151, P. 550.
9 Months Ended Sept.
November
1937
1938
88,865
83,251
142,062
132,612
129,053
124,618
102,031
76,120
56,789
110,471
162,881
156,008
145,064
100,782
97,527
186,016
July
August
September
United States
1939
123,874
October
Fruehauf Trailer Co.—35-Cent Dividend—
Directors have declared a dividend of 35 cents per share on the common
stock, payable Dec. 1 to holders of record Nov. 20.
Like amount was
paid on Aug. 31 and June 1, last, and compares with 25 cents per share
previously distributed.—V. 151, p. 2191.
108,232
1,680,024
120,809
March
Earnings for 9 Months Ended Sept. 30
150,005
935,163
Sales to Consumers in
January
February
Net,profit......
Earnings per common share
x
71,676
72.596
61,826
34,752
16,469
92,890
159,573
188,839
the Ford
for Army
Co.—Earnings—
78,525
1,364,426
Total
aircraft engines.
70,901
49,674
216,606
199,532
180,085
162,390
187,869
157,000
58,181
136,370
153,184
56,938
63,771
76,142
116,964
115,890
142,743
126,275
112,868
124,048
71,803
7,436
47,606
129,821
180,133
November
Nov. 6 received one of the largest defense contracts when
awarded it a $122,323,020 contract for manufacturing
on
April..
October
(Detroit)—Government Contract—
Ford Motor Co.
Company
164,925
160,458
181,066
1937
1938
1939
March
Loss
244,230
221,592
201,192
The following policy
Chevrolet Sales—
company
40 days.
as
(3) The employees will be given a leave of absence without pay (except
provided above).
Such absence will not affect his seniority and will
service with the company when he is re-employed as
count as continuous
provided below.
(4) If the employee applies for re-employment within 40 days after
period, he will be entitled to be restored to his
former position or to one of like seniority, status and pay; provided he is
still physically qualified to perform the duties of his former position.
(5) Present employees who may be promoted to or given positions pre¬
viously occupied by others called for military service will hold such positions
temporarily, subject to the return of the employees on leave of absence/
(6) New employees hired to replace other employees on military leave
of absence will have the status of temporary employees, and* to such, the
above statements of policy will not apply.—V. 151, p. 2644.
conclusion of his training
It was
/
stated on Nov.
•
E. Holler, General
9 by W.
Sales Manager of
Chevrolet, that Chevrolet dealers had sold at retail during October a total
of 99,822 new passenger cars and trucks.
October sales record for the company and
of Chevrolets
This figure sets an all-time high
exceeds by 8,705 units the number
of 1927, which was the
the comparable month
retailed in
highest previous October in the company's history.
October sales represent
a gain of 101%
over the same month last year and an increase of 112.3%
over the preceding month this year.
Mr. Holler further stated that used car sales likewise established a new
all-time high October sales record in this important division of the business.
A total of 146,162 used cars and trucks were sold which represents an ad¬
Mr. Holler is holding
of 13.0% over the preceding month this year.
vance
series of dealer meetings in every region in the United States and he reports
that Chevrolet business is unusually good in every section of the country
a
and that dealers everywhere are
in the company's long
looking forward to one of the biggest years
history.
Buick Sales High—
•
*
largest month's business on record during October, when
33,471.
Compared with October, last
year, this was an increase of 29.2%.
Volume also was 2,443 cars over
August, 1927, the former record month.
Reflecting the strong current market and presaging a record high fourth
quarter for this manufacturer, new orders during tne month exceeded actual
Buick had the
retail deliveries of new cars totaled
deliveries, totaling 33,557.
Production is running at a high rate to meet the
heavy retail requirements.
Record Pontiac Sales—
27,217 units, making the
61.9% ahead of October, 1939,
Retail sales of Pontiac cars in October totaled
American
General
Co.,
Investors
Inc.—Directorate
Increased—
York Stock Exchange that the by-law®
have been amended to increase the number of directors
Company has notified the New
of the company
from 14 to 15.—V. 151, p. 2800.
rates.—V. 151, p. 1143.
12 Months Ended Sept. 30—
Total operating revenues
Operating expenses....
•
(& Subs.)—Earnings—
<
......
1940
1939
$28,302,971 $26,478,914
11,402,093 10,006,872
1,740,698
3,910,499
1,506,100
3,451,946
967,044
596,793
3,005,652
2,843,821
Operating income
—$7,276,984
$8,073,383
(net)
Dr26,885
138,802
$7,250,099
$8,212,185
Maintenance....
Provision for retirements
Federal income taxes
Other taxes
,
Other income
Gross
income
...
Subsidiary Companies' Charges—
4,665,683
$1,643,639
39,979
35,417
$548,531
299,929
$1,568,243
299,921
$248,602
$1,268,321
223,789
Amortization of debt discount and expense
construction
preferred stocks
being paid on cum. pref. stock.
Dividends paid or accrued on
Prov. for divs. not
436,994
Cr71,006
440,000
816,134
4,697,272
217,046
408,767
Crll,119
440,001
816,579
39,972
150,000
debt
Other interest
Interest charged to
Balance.
General Gas & Electric Corp. Charges—
Interest on
Interest on
int.-bearing scrip, notes, &c
Federal income tax settlement—
Net income
Dividends
on
...
$5 prior preferred stock
Balance...
—V. 151, p. 1143.
General Motors
on
Corp.—October Car Sales—The company
following statement:
Nov. 8 released the
Motors cars and trucks in the United States and
shipments, totaled 226,169 compared with 144,350
October sales of General
Canada, including export
will operate
built 58,251
than production in any corresponding three months
Unfilled orders now constitute almost a full month's sales.
October a year ago.
Sales in September were 124,692.
Sales for the
first 10 months of 1940 totaled 1,584,326 compared with 1,135,068 for the
same 10 months of 1939.
Sales to dealers in the United States totaled 207,934 in October compared
with 129,821 in October a year ago.
Sales in September were 116,031.
Sales for the first 10 months of 1940 totaled 1,457,817 compared with
33,980 units, up 20% over September
sales in October totaled
car
35% ahead of October, 1939.
Oldsmobile Sales Rise—
Oldsmobile retail sales set a new record for
October with a total of 21,123
units, 38% over October last year.
Sales for the last 10 days of October also set a new
gain of over 40% over
high with 8,898 cars,
the like 1939 period.
October Cadillac Sales —
October retail sales of Cadillac Motor Car division of General Motors
Corp. were the best on record.
Deliveries were 4,535 new cars, which
topped the previous record of 1938 by almost 600 units and were 41 % ahead
of the like 1939 month.
Deliveries were the
highest for any month since May, 1937.
spite of an expanded rate in deliveries, our bank of
to D. E. Ahrens, Sales Manager.
orders at the factory are above 19,000."—V. 151, p. 2800.
"In
unfilled orders
"Cumulative
has mounted," according
Co.—Earnings—
General Railway Signal
30—
after deprec.,
Period End. Sept.
Net profit
1940—3 Mos.—1939
Earns per sh.on com
—V. 151, p. 2645.
$106,555
$0.22
.stk.
General Shareholdings
The board
1940—9 Mos.—1939
•
taxes, &c
$738,504
Interest on long-term
which is greater
history.
Used
and
a
Gas & Electric Corp.
General
cars,
Corp. (& Subs.) —
1940—3 Mos.—1939
1940—9 Mos—1939
x Net profit
y$l,065,080
$758,565 y$3,346,244 $2,026,233
Shs. cap. stk. (par $5)-1,032,315
1,032,315
1,032.315
1,032,315
Earnings per share
$1.03
$0.73
$3.24
$1.96
x After charges, depreciation and Federal taxes,
y Federal income taxes
Sept. 30—
at the increased
according to D. U. Bathrick, General Sales Manager.
Plants
at capacity in November, he says.
■
i.
From the beginning of the 1941 model year to Nov. 1, Pontiac
in company'8
General American Transportation
Period End.
month the best in company's history and
$130,822
$0.30
$344,474
$0.75
$94,534
Nil
Corp.—Dividends—
of directors has declared a dividend on the
$6 cum. conv.
pref. stock (optional stock dividend series), payable on Dec. 1, 1940, to
stockholders of record at the close of business on Nov. 18, 1940, as follows:
In common stock of the corporation at the rate of 44-lOOOths of one
share of common stock for each share of $6 cum. conv. pref. stock (optional
stock dividend series) so held; or at the option of the holder, in cash at the
rate of $1.50 for each share of $6 cum. conv. pref. stock (optional stock
dividend series) so held.—V. 151, p. 2193.
General Telephone
Corp.—Gain in Phones—
Corporation reports for its subsidiaries a gain of 2,424 company-owned
telephones for the month of October, 1940 as compared with a gain of
1,616 telephones for the month of October, 1939.
The gain for the first
10 months of 1940 totals 24,116 (exclusive of purchases or sales) or 4.79%
as compared with a gain of 19,914 telephones or 4.33% for the correspond¬
ing period of 1939.
The subsidiaries now have in operation 527,201 company-owned tele¬
phones.—V.
151, P. 2800.
in
995,454 for the same
10 months of 1939.
Georgia & Florida RR.—Earnings—
—Week End. Oct. 31
1940
Operating revs. (net).
—V. 151, P. 2646.
1939
$28,925
$34,551
1
1940
Jan.
to
$956,415
31—
1939
Oct.
$993,705
The Commercial & Financial Chronicle
2942
Gillette Safety Razor Co.
9Mos. End. Sept, 30—
(& Subs.) —Earnings
1940oo,
Profit from operation—
^
260,348
&c-—2,300,781
Income taxes,
P-9S7.
1937
$4,884,525
349,064
1,111,259
1938
J?39o^
$3,378,732
355,728
$4,155,813
-'356,662
1,380,791
$4,499,884
Depreciation------,---
Note—Before
961,281
$2,418,360
$2,061,723
$0.64
$0.47
an extra dividend
of 50 cents per share in
quarterly dividend of 50 cents per share on the
stock, par $25, both payable Dec. 2 to holders of record Nov. 20.
—V. 151, p. 2045.
$0.82
On
Green Mountain Power
1,998,769 no par shares of common stock.—V. 151, p. 1144.
The directors have declared a
Corp.—Earnings—
Gleaner Harvester
.
1940
.
1939
$654,189
444,582
$286,707
'
the 18
$786,557
499,850
$209,607
Cost of sales———
preceding quarters.—V. 151, p. 987.
Greenwich Water System, I nc.
12 Months Ended
Gross profit on sales.
-—-----—'i i—
—
-
282,516
Net loss from operations-—
.
Interest and other income—,——
297,763
$72,909
153,307
-
$11,056
177,988
$80,398
$166,932
3,429
56,000
1,351
13,500
... -
1940
$1,291,402
659,121
69,794
■■
—— — —
—---
Reserved for retirements
Gross income-----
—
----.
Net profit.——
$65,547
—45,000
Earnings per share on 300,000 shs. com. stock—
$0.22
$107,503
x
Includes provision
231,222
—V. 151, p. 1722.
Gulf States Utilities
$0.36
for depreciation of $22,932 in 1940 and $31,070 in
Maintenance
Depreciation
$45,053; prepaid expenses, $5,751; property, plant and equipment (less
for depreciation of $678,395), $381,009; patents and goodwill, $1;
total, $2,656,713.
$859,641; earned surplus, $928,274; total, $2,656,713-V. 151, p. 2044.
x
Co.—Earnings—•
1940—3 Mos.—1939
y$128,758
$434,244
Earns, per share on com¬
mon stock-—----x
$0.09
1940—9 Mo*.—1939
y$296,051
$0.19
but before surtax on un¬
profits taxes.—V. 151, p. 1433
After depreciation and Federal income taxes
distributed profits.
y
After deducting excess
(B. F.) Goodrich Co.—Begins Mass Output of Self-Sealing
Fuel Tanks—
/,
Large-scale production of a new type of combat plane fuel tank, made of
rubber and capable of sealing holes caused by machine-gun fire, has begun
at certain plants of this company, which has received national defense
orders for the new device totaling more than $2,000,000 within the past
60 days, it was announced on Nov. 13.
Details of construction of the new self-sealing plane tank have been
closely guarded since similar devices were reported under study—and even
in use—in Germany and Britain, but it was said that the designs were
evolved in a two-year development program in the Goodrich laboratories
at Akron, Ohio.
This would indicate, it was pointed out, that American
work on the new apparatus closely parallels or even antedates European
developments.
The new tanks are understood to make use of special compounds of semiviscous rubber introduced by the Akron firm in a line of puncture-sealing
automobile inner tubes several years ago.—-V. 151, p. 2352.
Goodyear Tire & Rubber Co .—Government Contract—
The
Government recently
States
United
following contracts to manufacture materials
awarded this
company
Net oper. revenues—
$348,322
1,690
$463,226
364
$3,780,583
39,916
$3,951,563
10,017
$350,012
106,412
$463,590
108,793
$3,820,499
1,286,592
$3,961,581
1,463,741
Balance
$243,600
Preferred dividend requirements
$354,798
$2,533,907
584,968
$2,497,840
584,968
$1,948,939
$1,912,872
Gosnold Mills Cor p.—Accumulated
Directors have declared
Balance
Interest & amortization.
Balance for common stock and surplus——
a No provision has been made for the additional Federal taxes
imposed
by the Second Revenue Act of 1940, enacted in October.—V. 151, p. 2801.
Revenue—
.————
——
„
$1,470,881
1,165,923
Real estate taxes
—
Interest on reorganization loan-_-_--—j-——.
Interest on 15-year mortgage bonds
——-———
—
150,705
31,302
100,000
-
"$22,949
Profit before depreciation-.
Depreciation of furniture, fixtures and equipment
Depreciation of building— —
38,576
124,037
—- —.
Net loss
-
—
$139^663
-
Condensed Balance Sheet Aug. 31, 1940
?
Assets—Cash,
$93,161;
accounts
receivable
(less
reserve),
$35,187;
x
x
1940—3 Mos.—1939
$469,944
$360,763
Harbor
Period Ended Sept. 30—
Operating revenues.
Operating expenses
Depreciation
—
1940
1939
Sept. 30,'40
—$41,388,240 $42,500,324 $54,877,682
29,839,825
28,955,336
39,451,626
3,921,685
3,601,192
5,188,678
—
Net operating revenue.
Other income---
$7,626,729
592,306
$9,943,795 $10,237,377
568,315
712,294
-- -- --
1940
$281,399
$1.40
1939
$143,071
Nil
a
stock has been qualified for sale in Massachusetts.
located in Worcester, Mass., and manufacturing fire
1940 are expected to approximate $600,000.
Foreign business in the process of manufacture, some of which has been
completed and is ready for shipment, totals about $250,000, shipment of
which is expected to be completed about July 1, 1941.
For the current year sales to Sears, Roebuck & Co. will approximate
$200,000, and 1941 sales, negotiations for which are expected to be closed,
will probably reach $250,000.
Shipments for the month of October to the foreign and domestic trade
amounted to $104,000.
company,
...
Income Account for the 10 Month, to Oct. 31, 1940
Net sales
Net profit after Federal taxes-——_
Current assets
_
—
-
—
_
__
_
—
—
—
—
_
-
_
——-
—
—
—
—
—
_$490,141
26,963
—
of Oct.
31, 1940, were $465,463, including cash of
$91,718; current liabilities, $153,241; and net working capital $312,222.—V.
151, p. 988, 1144, 1722.
as
Havana Electric
Railway Co .—Interest Payment—
Holders of consolidated mortgage bonds were notified on Nov. 12 that
the interest due Aug. 1, 1940 is now available at the company's offices,
Avenida Simon Bolivar No. 67, Havana, Cuba, and will be paid on sur¬
render of the Aug. 1, 1940 coupon and all previous coupons corresponding
to
interest declared unclaimable.—V. 151, p. 1723.
Hawaiian Electric
given
on
Co., Ltd.—Registers with SEC—
first page of this department.—V. 150,
Healey Petroleum Corp. (& Subs.)
x
12 Mos:
stock--
reports that sales for
Period End. Sept. 30—
Net profit—
1940—3 Mos.—1939
$36,985
—
Earnings
9 Months
on common
Harrington & Richardson Arms Co .—Stock Qualified—
1940—9 Mos.—1939
$1,016,596
$1,077,104
After depreciation, interest, taxes, &c.—V. 151, p. 1433.
provision
Plywood Corp.—Earnings—
9 Months Ended Sept. 30—
Net income after ah charges
See list
Greyhound Corp.—Earnings—
$0.81
any
Harbison-Walker Refractories Co.—50-Cent Com. Div.
Graham-Paige Motors Corp.—Earnings—
Period End. Sept. 30—
Net loss
$464,284
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 2 to holders of record Nov. 18.
This compares with
25 cents paid on Aug. 31, June 1 and March 1, last; 55 cents paid on Dec.
1,1939; and 15 cents paid in each of the threJ preceding quarters, the March
1, 1939, dividend being the first paid since June 1, 1938, when 25 cents
per share was distributed.—V. 151, p. 2499.
inventories of merchandise and supplies, $32,211; prepid expenses and
deferred charges, $22,786; funds advance to Basil O'Connor (trustee),
$9,468; fixed assets (less depreciation), $5,193,639; total, $5,386,452.
Liabilities—Accounts payable and accrued expensse, $95,228; reorganiza¬
tion loan (first mortgage), $680,000; 15-year 2% mortgage bonds, $5,000,000; reserve for reorganization expenses and contingencies, $14,091;
capital stock (10,000 shares represented by voting trust certificates),
$10,000; deficit, $412,867; total, $5,386,452.—V. 147, p. 4055.
$0.91
Note—Company states that it is not necessary to make
profits taxes.—V. 151, p. 1144.
arms,
Expenses——————
$501,473
$0.83
$3,926,735
3,362,509
Cr22,058
122,000
for Federal excess
The class
Earnings for the Fiscal Year Ended Aug. 31, 1940
98,500
$371,555
$0.63
-
-
stock, payable Nov. 15 to holders of
Inc.—Earnings—
129,300
—
The
Governor Clinton Co.,
1940—9 Mos.-—1939
$4,685,502
4.026,801
CY37,772
195,000
$296,403
Net profit..
Earns, per share on 386,585 shs. com. stock—
Earnings per snare
—V. 148, p. 3688.
Dividend—
Co.—Earnings—
Income taxes——
dividend of 6234 cents per share on account of
a
accumulations on the prior preferred
record Nov. 5.—V. 150, p. 3360.
Watch
Hamilton
1940—3 Mos—1939
Period End. Sept. 30—
Sales
$2,431,255
$2,423,071
Cost and expenses—
2,018,714
1,961,528
Cr 13,162
Other deductions
CV8.512
the
under its defense program:
$1,531,331; repair kits, $46,168 and gas
and steam hose, $85,346.—V. 151, p. 2646.
K
Wheel and brake assemblies,
121,500
154,661
Other incopie (net)
$259,386
$0.21
$0.10
50,465
—
Taxes.--
a
reserve
Liabilities—Accounts payable, $8,882; accrued liabilities, $33,927; de¬
ferred credits, $75,989; common stock ($2.50 par), $750,000; capital surplus,
267,255
——
1940—12 Mos.—1939
$952,742 $10,691,728 $10,331,286
264,910
3,324,971
3,374,784
37,498
594,301
530,317
108,881
1,514,251
1,288,201
78,227
1,477,622
1,186,420
$942,203
Operating revenues—-
Operation^---
Co.—Earnings—
1940—Month—1939
Period End. Sept.ZO—
'Assets—Cash, $772,943; accounts and notes receivable (less reserve for
bad debts of $13,030), $640,349; inventories, $811,606; deferred receivables,
Goebel Brewing
262,858
$201,659
90,000
1939.
y Includes provision for depreciation of $3,387 in 1940 and $4,003
in 1939.
Balance Sheet Sept. 30, 1940
Period End, Sept, 30—
Net profit
-
$614,320
137,483
12,320
$219,910
Net income.-Common dividends—
646,721
68,390
11,936
—
—
1939
$1,329,432
■
$562,487
99,420
—
Interest, amortization of discount, &c., of subs—
Minority interest-Interest, amortization of discount, &c., of Green¬
wich Water System, Inc——
— — —
Net profit before int. & prov. for income taxes _.
Interest expense.
^ ,—-———^
i,
Provision for Federal and State income taxes
(& Subs.)— Earnings—
Sept. 30—
Gross earnings--
Operating expenses, maintenance and taxes.
Selling, credit and collection, and general and
administrative expenses
Corp.—Accumulated Dividend—
dividend of $1.50 per share on account of
accumulations on the $6 cumulative preferred stock, no par value, payable
Dec. 2 to holders of record Nov. 15.
A like payment was made in each of
Earnings for Year Ended Sept. 30
.
Net sales----,,------—--------------i------
y
taxes —V. 151
Co.—Extra Dividend—
declared
addition to the regular
$3,424,202
$0.41
Earnings per share----
x
1940
■/.
have
Directors
16,
common
income—-—-"$1,938,775
x
x
r ■.
profits
provision for the new 1940 excess
.
Great Northern Paper
_____
Net
Nov.
x
per
$11,663
$0.14
$0.43
share.-
129.
p.
-Earnings—
1940—9 Mos —1939
$709,142
$8.30
$127,974
$1.50
After all charges—V. 151, p. 2194.
Hickock Oil Corp.
(& Subs.)—Earnings—
Years End. June 30—
1940
Net sales-.$15,482,752
Cost of sales & oper. exp. 12,849,225
Operating profit
1939
1938
1937
$14,907,465 $17,106,317 $19,841,921
13,029,611
14,842,740
17,250,668
Other income.
Total-
.
Interest expenses. .;
Amort, of intangible property.
Income taxes
_
_
-----
_
-
_
-
~
—
Other deductions-
Net incomeNet income applic. to stks.
consol. held by public
-
—
$8,219,036 $10,512,111 $10,949,671
146,654
214,015
208,583
349,856
343,072
466,543
2,189,928
1,944,331
2,898,205
83,142
59,709
133,345
$5,449,455
_
$7,950,984
Greyhound Corp x_
$3,704,181
Cap. stk., avge. no. of shs. outd'g:
5 H % pref., conv. (par $10)
324,980
Common, without par value
2,693,409
Amt. earned per sh. of com. stk. based
upon the avge. no. of shs. outs'd'g
during the period-,.;^—
$1.33
___
,
$2,163,577
326,277
$2,591,253
263,524
$2,367,015
284,812
_
507,325
$2,117,845
277,726
318,086
$2,489,854
~
175,239
c433,067
$2,854,776
242,930
526,163
$1,522,033
$1,881,548
$2,085,683
Dr94,485
_
——_
Dr62,406
Dr 115,964
Dr 183,216
$1,459,627
69,930
124,677
el,000,000
$1,765,584
69,930
112,474
d999,991
/
cos.
t
2,635,734
-v
■
.
"
2,286,020
L,v .y
companies-
$5,315,250
327,253
2,691,600
—
.
325,548
2,693,409
Combined earnings—_ $2,013,418
Divs. on prior pref. stock
69,930
Divs.
on
Divs.
on common
a
$1.92
19,256
$4,956,975
$1.77
Includes
equity in net income of Pennsylvania Greyhound Lines, Inc.,
50% of the voting stock of which is owned by The Greyhound Corp.: nine
months, 1940, $487,898; 1939, $750,298. 12 months, 1940, $639,367.
x
-
$1,877,854
239,991
-
Fed. inc. tax & conting-
of sub.
Net income applic. to stock of the
—
Other expenses
-
$7,242,995
of subs,
1,745,274
_
$2,900,039
266,512
$2,107,902
—
5% pref. stock-
124,684
stock-
f1,200,000
$1,921,722
69,930
28,068
bl,549,950
Includes depreciation,
$499,953 paid on new
cl&ss B
common
st/ock.
b $549,997 paid on old class A common stock,
class A common stock and $500,000 paid on new
\
c Includes $98,686 surtax
on undistributed profits and $15,897 overprovision for prior years,
d $499,991 on class A common and $500,000
Volume
The Commercial &
151
class B common stock,
on
$500,000
e
on class
A and $500,000 on class
f $000,000 on class A and $600,000 on class B stock.
Note—The companies equity in the undistributed net profits
solidated subsidiaries aggregated $25,664 for
the year.
Illinois Zinc Co.
B
stock,
1940
Cash
1940
Notes payable
896,661
608,345
734,208
81,692
2,028,596
2,005,036
Amt. due officer..
741,824
697,653
Amount payable to
268,869
286,840
Federal taxes
511,050
333,713
394,893
receivable
415,583
Acer. taxes & Ilabil.
944,422
unconsol.
controlled
in
companies
Other assets
—
.
286,715
mtges. receiv'le.
bank
412,496
for
conting's
Minority
int.
in
Res.
9,302,520
9,191,124
equip., &c
Goodwill, trade
names, &c
652,112
Prior pref.
stock
5% pref.stock
302,094
593,356
999,000
999,000
—
2,493,700
500,000
Com. cl. A stock
500,000
Com. cl. B stock._
10,735
Deferred income.-
2,493,700
Earned surplus..- 6,402,180
216,360
239,244
&C„—
5,789,785
241,597
500,000
—
...15,021,041
6,185
..15,021,041 14,738,531
Total.
14,738,531
500,000
239,154
Capital surplus—
depletion and amortization of
and $4,136,953 in 1939.—V. 151, p. 1433.
After depreciation,
x
Directors have declared
dividend of 25 cents per share on the common
a
25 cents, payable Dec. 14 to holders of record Nov. 15.
This
with 15 cents paid on Sept. 15, last; 10 cents on June 21 and
March 15, last; 15 cents on Dec. 22, 1939 and 10 cents on June 15, and on
March 15, 1939 —V. 151, p. 1723.
par
Holland Furnace Co.—Earnings —
Period End. Sept.
Net profit...
Sh.
com.
30—
After
450,442
$1.87
and
depreciation,
interest,
$773,594
$640,560 y$l,104,139
450,442
450,<*42
$1.29
$2.45
y$841,755
par).
outst. (no
1940—9 Mos —1939
1940—3 Mas.—1939
Earns, per sh. on com.
x
Federal
income taxes at new rates but before provision
450,442
$1.60
income raxes,
y Federal
for excess profits taxes.—
V. 151, p.1144.
(A.) Hollander & Son, Inc.—Court Dismisses Suit—
Vice Chancellor Alfred A. Stein at Newark,
N. J., Nov. 8 dismisssed a
stockholders for an accounting of the company's
tions with the Canadian concern of A. Hollander & Son, Ltd.
suit brought by
transac¬
charged principally that Michael, Benjamin and Albert
Hollander through an option purchased the Canadian firm for themselves
as individuals.
The complaints contended the option was a "corporate"
The complaint
Newark concern.
opportunity" complaint, ruling
any suggestion that the oppor¬
opportunity and should have been exercised by the
The
that
discounted
court
"nowhere
tunity to
American
in
the
"corporate
the agreement appears
buy the Canadian stock was intended for the benefit of the
company."
the decision of Vice Chancellor Stein, the company
In commenting on
said, in part:
"We
gratified
are
the
that
policies
management have been
of the
vindicated.
,
decision that the officers and directors
of the company
have always served the company with fidelity and dis¬
charged their duties honestly, loyally and impartially and with due regard
at all times to the rights and interests of the company and its stockholders.'
"Only four persons, owning together less than M of 1% of the outstand¬
ing stock, saw fit to attack the company's management although all of the
stockholders were invited by written notice to join in the suit."—V. 151,
"Vice Chancellor Stein stated in his
1144.
p.
Div.—
Hollinger Consolidated Gold Mines, Ltd.— Extra
dividend of 5 cents per share in addi¬
monthly dividend of like amount on the capital stock,
both payable Dec. 2 to holders of record Nov. 18.
Dividends of like
amounts were paid on Nov. 4, Oct. 7, Aug. 12, July 15, June 17, April 22,
and Feb. 26, last, and on Dec. 30, Dec. 2, Nov. 4, Oct. 7, and Aug. 12,1939.
—V. 151, p. 2352.
Period End. Sept. 30—
Gross rev. from transp..
Operating expenses
...
Earnings
$1,245,156
794,812
$40,149
1,261
$450,344
12,774
$/0,209
1,285
Net rev. from transp.
Net rev. from opers..
$71,494
$41,411
11,865
1,132
11,288
17,984
18,856
.
Depreciation
—
1.680
$1,041,694
705,465
Consolidated Balance Sheet Sept. 30, 1940
Indianapolis Power & Light Co.—Pref. Issue Registered
Company on Nov. 9, filed with the Securities and Exchange Commission,
registration statement (No. 2-4566, Form A-2) under the Securities Act of
1933, covering 140,591 shares of 5M% cumulative preferred stock ($100
par).
The company proposes to offer the new preferred stock to holders of
outstanding 6 Y% cumulative preferred stock and 6% cumulative
preferred stock on a share for share basis plus cash equal to the difference
between the redemption price of the old preferred stock and the initial
its
public offering price of the new preferred stock. The expiration date of the
exchange offer will be furnished by amendment to the registration statement.
Any of the shares not taken under the exchange offer will be offered pub¬
licly through underwriters.
The names of the underwriters are as follows
Goldman,^Sachs & Co.; The First Boston Corp.; Glore,
Co.; Blyth & Co., Inc.; Harriman Ripley & Co., Inc.; Lazard
Co., Inc.;
Bacon, Whipple & Co.; Bear Stearns & Co.; A. G. Becker & Co., Inc.; Blair,
Bonner & Co.; Blair & Co., Inc.; Bonbright & Co., Inc.; Bosworth, Chanute,
Loughridge & Co.; H. M. Byllesby & Co., Inc.; Central Republic Co.;
City Securities Corp.; Paul H. Davis & Co.; Garwell, Chapman & Co.;
Field, Richards & Co.; Francis Bro. & Co.; Graham, Parsons & Co.; Hallgarten & Co.; Harris, Hall & Co. (Inc.); Hayden, Stone & Co.; Hemphill,
Noyes & Co.; W. E. Hutton & Co.; The Illinois Co. of Chicago; Indianapolis
Bond & Share Corp.; Jackson & Curtis; Kidder, Peabody & Co.; Kiser,
Cohn & Shumaker, Inc.; Knight, Dickinson & Kelly, Inc.; Lee Higginson
Corp.; W. L. Lyons & Co.; Laurence M. Marks & Co.; F. S. Moseley &
Co.; G. M.-P. Murphy & Co.; Otis & Co.; Paine, Webber & Co.; Gavin L.
Payne & Co., Inc.; Arthur Perry & Co., Inc.; Piper, Jaffray & Hopwood;
Riter & Co.; E. H. Rollins & Sons, Inc.; L. F. Rothschild & Co.; Schoellkopf, Hutton & Pomeroy, Inc.; Schwabacher & Co.; Shields & Co.; I. M.
Simon & Co.; Smith, Barney & Co.; Stein Bros. & Boyce; Stern Brothers
& Co.; Stern, Wampler & Co., Inc.; Stifel, Nicolaus & Co., Inc.; Tucker,
Anthony & Co.; Union Securities Corp.; Wells-Dickey Co.; Wertheim & Co.;
White, Weld & Co.; Dillon, Read & Co.; Kuhn, Loeb & Co.
The company states that it has agreed to pay the underwriters a com¬
mission of $1,625 a share on the entire 140,591 shares as compensation for
their several agreements to purchase all shares not exchanged.
Shares
purchased by the underwriters -will be at a discount of $1,375 a share.
The net proceeds to oe received from the sale of the new preferred stock
together with treasury funds, will be applied to the redemption of Jan. 1,
1941, at $110 a share, of 115,777 shares of outstanding 6Y% cumulative
preferred stock and 24,814 shares of outstanding 6% cumulative preferred
Lehman Brothers;
Forgan &
Freres & Co.; Stone & Webster and Blodget, Inc.; A. C. Allyn &
stock.
The new preferred stock is redeemable in whole or in part, after at least
30 days' notice, at $112 a share and accrued dividends.
The price at which the stock will be offered publicly is to be furnished by
amendment to the registration statement.
The
$463,118
105,489
7.259
may not
Indian Motocycle
12,364
168,485
164,224
114
Consol.
75,000
and notes
charges
x
on
Loss,
y
30—
1724.
Subs.)—Earnings-
1940
Assets—
$418,409
Cash
a
Notes, accts. and
drafts receivable
1940—9 Mos.—1939
Like
in two
preceding quarters; 62K cents on Dec. 19, and on Oct. 2, 1939; 37 Vi cents
on July 2 and April 1, 1939; 52H cents on Dec. 27 and Oct. 1, 1938; and
37
cents on July 1 and on April 1, 1938.—V. 151, p. 1145.
Period End. Sept. 30-^
Net loss
x
After taxes,
Period End. Sept. 30—
Loss.
—Ix
$13,247
$7,388
1940—9 Mos.—1939
$98,181
general and other expenses, depreciation
of 77B administration.—V. 151, p. 1898.
Illinois Consolidated
t
Subs.)—Earnings —
After operating,
tion, and expenses
A
1940—9 Mos.—1939
$221,903
$641,284
151, P. 2801.
1940—Month—1939
total
of $40,000 first
ailed for redemption on Jan.
$122,667
and amortiza¬
Telephone Co.—Bonds Called—
mortgage
4M% A bonds, due 1966 has been
1 at 100.—V. 142, p. 1123.
$7,169
18,437
$169,269
22,805
9,789
2,176
Crl,940
6,101
9,267
1,646
Crl1,054
x649
12,234
CY3.914
x2,006
$703,083
$65,705
loss$l1,776
$118,606
CY2~,803
17,532
N.
in
lanta
Y.
Liabilities—
1939
$173,670
1939
1940
Accts. & accept'ces
$154,967
$64,266
Accts. & notes pay¬
553,917
387,344
439,666
able, other.:
172,270
243,451
65,084
68,425
Res. for mdse
443,367
383,728
Accrued expenses.
68/956
71,686
69,481
Res. for contlng—
29,802
23,661
13,009
Pref.stk. (par $10)
Common stock..
2,440
386,870
1,837,884
785,455
equip.
c
& At¬
5,603
25,157
(net)
—
..$2,266,318
$1,522,3151
Total
$2,266,318 $1,522,315
bad debts and dealers' reserve account of $100,493
$88,616 in 1939.
b After reserve for depreciation of $454,588
in 1940 and $459,310 in 1939 and $514,290 in 1938.
c Represented by
121,662 no par shares in 1940 and 42,586 no par shares in 1939.—V. 150,
p. 3361.
a
After reserve for
in 1940 and
Industrial Rayon Corp.—Bonds Called—
outstanding first mortgage sinking fund 4K% bonds series A
1, 1948 have been called for redemption on Dec. 27 at 105 and
accrued interest.
Payment will be made at the Cleveland Trust Co.,
due July
1940—3 Mos.—1939
$77,407
$162,077
depreciation, interest, &C.—V.
$92,783
10,951
All of the
(& Subs.)—Earnings —
Huyler's of Delaware, Inc. (&
x
Store prop. &
Total.....
Co.—62}/2~Cent Dividend—
dividend of 62 Yi cents per share on the common
stock, no par value, payable Dec. 26 to holders of record Nov. 26.
amount was paid on Oct. 1, last, and compares with 37M cents paid
x
$491,416
254,015
68,131
688,698
Prop, account..
Deferred charges..
undistributed profits.—V. 151, p. 2500.
Hupp Motor Car Corp.
$295,689
226,483
62,037
payable, trade..
b
$531,195
x$670,848 x$l,289,013 x$2,422,523
After all charges, including taxes except provision for surtax
Directors have declared a
$284,124
153,863
37,479
Consolidated Balance Sheet Aug. 31
Inventories
Humble Oil & Refining
$448,306
43,110
Of subsidiaries.
1940—3 Mos.—1939
1940—3 Mos.—1939
34,416
_.
profit for year...
Invest'ts & receiv.
Period End. Sept.
$261,272
"
doubtful trade
Miscellaneous income—
x
Net profit
$258,240
25,884
133,000
Operating profit
paid
Net
1940—9 Mos.—1939
Net profit
b$100,173
a$9,035 b$l,572,884 a$773,045
a After depreciation, Federal income taxes, minority interest, &c.
bAfter
depreciation, Federal income taxes and excess profits tax, including retro¬
active adjustment against earnings for first six months of this year, minority
y
$2,055,810
1,607,504
$1,281,951
387,536
Interest
accts.
$69,470
$110,520
__
Depreciation
Houdaille-Hershey Corp. (& Subs.)—Earnings-
Hudson Motor Car Co. (&
$1,508,437
1,247,165
$839,978
6,698
profit
Federal taxes
151, P.
31—
54,437
gross
Sell. & adminis. expenses
Pro v. for
2352.
interest, &c.—V.
Dec.
1937
37,735
profit of subs
Miscellaneous
Period End. Sept. 30—
—Year End.
1938
Gross prof, from opers.
before depreciation. $1,244,216
555
736
>,669
$10,514
Net revenue
if commenced,
Co. (& Subs.)—Earnings—
Aug. 31, '40 Aug. 31, '39
SeIcs less returns £tllo"W""
ances and discount...
$4,968,195
$1,222,950
Cost of sales
3,723,979
964,711
100,954
512
30,000
Suspense._
will be stabilized or that the stabilizing,
be discontinued at any time.—V. 151, p. 1898.
states, that the price
$351,456
12
'.
Replacements
Property abandoned—•
to facilitate the offering it is intended to
of the new preferred stock.
This is not an assurance, it
prospectus states that
stabilize the price
$336,229
15,227,
CY96
Profit and loss
share..
Assets—Cash, $93,979; customers' accounts receivable (less reserve for
doubtful accounts of $7,706), $130,635; sundry accounts receivable, $29,154;
inventories, $241,398; account receivable (non-current), $2,307; inventories
(non-current), $1,201; prepaid insurance, taxes and other expenses, $7,103;
property,
plant and equipment—In use, $684,875; leased to others,
$354,291; not in use, $29,710; balance in suspense, $24,309; deferred charges,
$4,827; patents (nominal value), $1; total, $1,603,791.
Liabilities—Notes payable, bank, $255,000; accounts payable, $74,518;
advances by customers, $29,372; accrued expenses, $61,708; provision for
Federal income
tax,
$300; 6% note payable, $593,000; capital stock
(95,140 no par shares), $95,140; paid-in surplus, $369,180; earned surplus,
$125,573; total, $1,603,791.—V. 151, p. 554.
Gross
Taxes assign, to ry. oper.
Interest
300
$125,572 loss$175,642 loss$292,347
$1.32
Nil
Nil
...
per
loss$75,218 loss$218,840
100,424
73,507
Period—
1940—9 Mos.—1939
1940—Month—1939
$154,157
$119,923
83,948
79,774
Rev. other than transp.
P.
125,249
$143,126
17,254
Year Ended 8 Mos.End.
Co., Ltd. -Earnings—
Honolulu Rapid Transit
151.
1,218,894
147,433
Provision for Federal income tax
Directors have declared an extra
tion to the regular
—V.
1,351,711
166,313
_
a
compares
x
expense
$4,499,766 in 1940
Co.—To Pay 25-Cent Dividend—
Hecla Mining
stock,
1,938,705
and
administrative
and
general
236,736
620,224
subsidiaries
694,729
expenses,
730,750
187,660
277,414
Mtge. & land contr
&
Total
Selling,
Net profit
(non-current)
223,148
xBldgs., machin'y
Prepaid
$1,125,303
Net operating profit
Other deductions (net)
3,573
sub-.
Notes pay. to
&
contracts
1938
$1,423,925
833,915
Inventories
Land
311,087
Accounts payable.
1,217,663
Cost of sales incl. maint. repairs
$
361,800
■
1939
$2,248,144
provision for depreciation
S
Liabilities—-
Notes and accounts
Inv.
1939
1940
$
for Years Ended Sept. 30
Gross sales less discounts returns and
allowances
1930
S
(& Sub.)—Annual Report—
Income Account
of uncon¬
Consolidated Balance Sheet June 30
Assets—
2943
Financial Chronicle
Cleveland,
Ohio.
Gets Loan to
Retire $7,100,000 of 4V^s—
The corporation
has obtained a $5,000,000 bank loan at
2% interest
Bankers Trust Co., New York and the National City Bank,
Cleveland.
Proceeds of the loan will be used in redemption of $7,100,000
first mortgag < sinking
fund bonds, due July 1, 1948, which har
from
the
called for redemption at 105 on Dec. 27, 1940.
financing will be necessary at this time, according to com¬
officials.
Replacing the bonds with a small bank loan at the lower
interest rate, will save the company $219,500 a year in interest charges, an
amount which is equivalent to 29 cents a share on the 759,325 shares of
capital stock.—V. 151, P- 2195.
■
been
No other
pany
.
The Commercial & Financial Chronicle
2944
Operating revenues
$1,732,116
Maintenance.
_—
$1,595,936
252,511
240,574
237,857
437,324
212,286
367,827
174,527
81,500
162,672
$548,397
Dr2,l01
-
$538,201
.
Provision for depreciation..—^
a Traffic
— .....
....
.......
General taxes
Federal income taxes.---
— ...
—
Net
operating income.
—
-—— —
---.
..— .—...—--
Other income (net)—
debt......
—.
555
$538,756
135,000
24
and
charged to construction
Amortization of debt discount
Interest
expense
15,569
Cr7,680
Cr638
1
—,
x
— —
—
151,P. 2648.
Indiana Harbor Belt
RR.—Earnings—
;
1940—9 Mos.—1939
$8,759,942 $8,080,520
5,915,826
5,074,922
1940— Month—1939
$1,022,881
$1,033,063
639,492
577,417
30—
$2,844,116
116,537
$455,646
95,507
791,632
115,668
'
Railway tax accruals—
Equip, and joint facility
....—
93,226
960,589
769,308
$151,184
2,373
income
22,249
$1,504,107
19,453
$268,688
$1,114,144
$1,523,560
3,540
8,728
36,802
29,869
346,439
50,824
331,798
$113,216
Miscell. deductions from1
$1,091,895
36,801
Total income........
$266,913
1,775
$153,557
Net ry. oper. income.
Other income
$223,158
$737,836
charges
... ..
Corp.—New Trustee—
Dwyer, on Nov. 8 succeeded Leonard Florsheim as trustee of
corporation, which is in the process of reorganization.—V. 151, p. 2047.
John E.
1724.
International Nickel Co. of Canada, Ltd.
(& Subs.) —
.."-4T:V:'r"
Earnings—
1940—9 Mos.—1939
$50,691,098 $42,748,966
1,275,696
1,278,307
Period End. Sept. 30—
1940—3 Mos.—1939
Earnings ——$17,424,462 $15,321,085
Adm. & head office exp.
425,051
398,818
Net operating
Other income—
$17,130,195 $15,012,960 $49,782,102 $41,795,808
Prov. for inc. & fran. tax
6,374,910
2,974,205
Depreciation & depletion
Retirement system and
1,906,257
1,744,285
15,621,733
5,582,456
7,411,450
5,425,539
1,483,102
2,152,809
2,374,013
purposes.—484,217
other
Net
profit-
$8,364,811
$8,811,368 $26,425,104 $26,584,806
73,808,391
—
Island Creek Coal Co.
Period End. Sept. 30—
Net income
y
period
—
74,488,215
71,293,217
Common dividends...—
1,450,425
483,475
7,289,084
483 475
7,289,084
Preferred dividends-...
21,867,253
notified that the interest due Nov. 1,
sinking fund gold bonds due May 1,
——
(& Subs.)—Earnings—
After depreciation, Federal taxes,
&c.
y
$1.30
$2.51
On 593,865 shares common
(par $1).
Company states no provision for excess profits tax was made for the
reason that excess profits net income for the nine months ended Sept. 30,
Inland Power &
1,450,425
21,867,253
Light Corp.—Trustee—
Florsheim as trustee of the cor¬
John E. Dwyer has succeeded Leonard
2047, 1724.
poration, which is in process of reorganization.—V. 151, p.
Kalamazoo Stove & Furnace Co.
Period End. Sept. 30—
Net profit
Earns, per share
1940—9 Mos.—1939
y$362,161 loss$20,541
$1.21
Nil
1940—3 Mos.—1939
y$296,677 ioss$109,381
$0.99
Nil
——
—
After depreciation.
x
at
(& Subs.)—Earnings
Federal income taxes, &c.
Federal income taxes
y
rates.
new
30,1940, including $387,784 cash and $2,114,308
of inventories, amounted to $6,151,863 and current liabilities including
$975,000 notes payable were $1,881,095.
This compares with cash of
$534,507, inventories of $1,452,187 (adjusted), current assets of $4,487,105
(adjusted) and current liabilities including $100,000 notes payable, of
$911,476 (adjusted) on Sept. 30, 1939.—V. 151, p. 1147.
Current assets as of Sept.
Kansas Electric Power Co.
Period End. Sept. 30—
Operating revenues
Oper. exps. and taxes
$2,589,593
1,888,731
458,605
$171,067
300
312
$688,627
1,194
$700,862
1,436
$170,579
64,590
$171,378
63,435
$689,821
254,040
$702,298
228,429
$105,989
44,682
$107,943
44,682
$435,781
.178,729
$473,869
178,729
$257,052
$295,140
>
Gross income
income
—
Balance
$2,705,198
2,016,571
481,604
Int. and other deduct'ns
Net
>.
1940—12 Mos.—1939
$170,279
Net oper. income.
Other income (net)
Pref. stock divs
-Earnings—
1940—3 Mos. —1939
$629,672
$651,883
$61,307
—
$63,261
Note—Provision for Federal income tax in the current periods has been
computed in accordnace with the
Act of 1940—V. 151, p. 1147.
Kennecott
requirements
of the Second Revenue
v;-
Copper Corp.—Retirement Plan Voted—
Stockholders at a recent special meeting approved a proposed retirement
plan for employees.
The plan applies to employees receiving more than
$3,000 a year and provides for retirement at age 65.—V. 151, p. 2195.
Kelsey-Hayes Wheel Co.—Earnings—
Earning for Eight Months Ended Aug. 31, 19*0
——$14,295,629
selling, general and administrative expenses—... 11,885,580
Depreciation..
453,693
Maintenance and repairs. ———
'
566,812
Net sales
—
Cost of sales,
—
—
_
_
—
$74,400,643 $75,527,024 $74,400 643 $75,527,024
Earned surplus
Operating profit
Exchange adjustm'ts in
consol. in suspense.♦.
2,517,634
2 442 518
Surp. at end of period .$71,958,125
Earns, per sh. on com..
$0.54
*
1940—9 Mos.—1939
$1,607,749
$887,501
stock
72,259,896
$82,173,202 $83,299,583 $97,718,321 $98,844,702
Total surplus.
$1.10
;
.
1940—3 Mos—1939
$656,973
$455,490
$1.04
$0.70
Earnings per share
■
Earned surplus beginning
Jnning
of
;V';"
Co.— No Interest—
first mortgage 2^-year 7%
on
x
profit-$16.999,411 $14,922,267 $49,415,402 $41.470 659
130,784
90,693
366,700
325,149
Total income—
■"
151. p. 1282.
$394,695
„
1952. is not being paid.—V. 139, p. 2207.
151, p. 2195.
Inland Power & Light
this
_
Isarco Hydro-Electric
$1,140,938
•'
charges....
Net income after fixed
—V.
$2.49
The New York Curb Exchange was
$3,005,598
732,183
$383,389
Net rev. from ry. oper.
fixed
$0.61
1940, had not reached an amount equal to the excess profits credit permitted
by the Second Revenue Act of 1940.
Production in the third quarter totaled 1,493,691 tons.-—-V. 151, p. 1576.
V;
'
Railway oper. revenues.
Railway oper. expenses.
Total
Estimated.—V.
1940
x
$395,773
$405,972
Annual preferred stock dividend requirements—
125,800
a Commercial, general office salaries and other operating expenses.—V.
Net income
rents
$500,724
$1.97
91,198
shs.com.stk.(par $100)
Q'-l
15,449
—
....
Miscelianeous deductions
Period End. Sept.
$151,710
- . - -
—
—
$270,533
taxes, &c
Earns, per sh. on
74,376
$546,296
125,489
Net earnings
Interest on long-term
G eneral i nterest
x
1940
1940—9 Mos.—1939
1940—3 Mos.—1939
Period End. Sept. 30—
Net profit after deprec.,
1939
1940
30—
16,
(& Subs.) —Earnings—
International Silver Co.
Corp. —Earnings
Telephone
Associated
Indiana
12 Months Ended Sept.
Nov.
2,442,518
2,517,634
$73,009,390 $71,958,125 $73,009,390
$0.57
$1.71
$1.72
operations for the quarter are again expressed in United
usual accounting practice of the
company employed in the last annual report.
Items and transactions in
Canadian and British currencies are converted at the month-end control
rates.
The net result of all exchange adjustments for the quarter was a
credit of $269, which applied against the debit balance of $2,442,787 at
June 30, 1940, leaves the net debit balance of $2,442,518 shown in the
above statement of assets and liabilities as an offset against consolidated
earned surplus.
j
,
The results of
States currency, in accordance with the
Other income
Total income
Interest
on
;
—
——
...
_
...
long-term debt..
162,024
—
.......
....
.......
....
Ot her interest
———_
Miscellaneous
$1,3*9,545
—
— —
$1,551,569
170,802
V
—
Prov. for Federal income and excess-profits taxes
9,986
15,871
325,000
....
...
....
$1,029,910
Net income
Prop, (lessres.).159,421,636 159,605,502
7% pref.stock.. 27,627,825
27,627,825
Note—Equity in earnings of the Canadian subsidiary for the eight month8
31, 1940, converted at the official rate of exchange (except for
depreciation which was converted at the same rates at which the fixed
assets were converted), amounted to$57,289as compared with dividends
received of $68,468 included above.
Owing to disturbed conditions abroad
the report of the English subsidiary for the eight months ended Aug.
1940, is not yet available and, accordingly, the equity in their earnings
for the current period has not been established.
Investments
Common stock.
60,766,771
60,766,771
Balance Sheet
payrolls.....
6,504,284
6,117,901
Prov. for taxes.
18,270,009
483,475
12,608,028
483,474
Consolidated Balance Sheet
Liabilities—
1939
1940
880,821
928,571
Accts.
Sec. held against
retire,
system
15,746,245
reserve
Inventories
&
Accts.
Sept. 30, *40 Dec. 31, '39
Sept. 30/40 Dec. 31, *39
v
Assets—
....
14,465,655
33,177,130
30,696,145
pay.
receivable....
9,140,083
Govt, securities.
2,017,809
Insur.,
Treasury bills 14,642,241
4,869,000
14,486,968
2,949,248
2,922,808
Res. for expend.
Cash
......
Chgs.
to
conting.
Ac. reserves..
475,377
515,700
operations
6,723,908
6,723,908
60,606,500
Total
—
151,
p.
Total...
.271,667,756 261,156,321
271,667,756 261,156,321
989.
an
Pay Extra Dividend—
extra dividend
of 25 cents per share on the
28 to holders of record Nov. 18.
Regular
stock, payable Nov.
quarterly dividend of 37H cents
151, p. 2801.
common
per
share
was
paid
on
Oct.
1, last.—
Department Stores, Inc.—Sales-
Period Ended Oct. 31—
Sales...
1940—Month—1939
1940—9 Mos.—1939
$2,441,353
$2,420,243 $17,362,679 $17,034,756
151, p. 2195.
!owa Southern Utilities Co. of
Period End. Sept. 30—
Gross oper. earnings
maint. & tax
Oper. exp., maint. & tax
Prov. for retirements—
Delaware—Earnings-
1940—Month—1939
$353,306
$355,334
a303,540
196,620
40,000
32,000
Net oper.
earnings—
Total net earnings—_
Int. on mortgage bonds.
on other fund, debt.
Int.
Amort. & other
b Provision
Net
deduc'ns
1940—12 Mos.—1939
$4,359,026
a2,556,514
422,500
$4,184,165
2,359,509
372,000
$9,766
3,287
$126,714
3,580
$1,380,013
37,392
$1,452,657
44,660
$13,053
43,308
12,500
13,243
$130,303
58,520
12,553
7,502
$1,417,405
663,916
150,172
101,539
13,365
$1,497,317
702,234
150,706
93,580
28,604
loss$55,998
$51,729
$488,413
$522,193
—
income.
a Includes adjustment for increase in taxes,
b For legal fees and other
expenses in connection with plan of recapitalization, and other special
charges.—V. 151, p. 2802.
290,285
257,982
257,982
9,249,509
8,094,086
150,139
92,206
1,854,082
177,020
177,020
chln'yAeqpt... 7,529,493
7,950,660
50,000
_
life ins. policies.
officers
and employees.
.
taxes, int., Ac..
accrued
items..
serial
notes
payable
Res. for Ins., Ac..
Land, bldg., mafrom
payrolls,
Other current and
Bank
Cash surrender val.
a
Accrued
168,082
1,854,082
Ld. contr'ts rec.
Del. acct. receiv.
51,265
59,113
41,727
Surplus..
307,380
44,432
2,360
Real est. not used
in operations
Part.ctfs. Adepos.
claims agst.rec's
2,327
4,377
Trade name, good¬
will A pat. rights
Total
....15,449,595 15,799,465
15,449,595 15,799,465
Total
a After
depreciation of $3,439,248 in 1940 and $3,698,744 in 1939.
b Par value $1.
c Land contracts and mortgages receivable, less reserve
of $50,7*8
($57,330 in 1939).
amount of
$30,000.—V.
d After
reserve for
doubtful accounts in the
151, p. 2501.
Kentucky Power & Light Co.—Earnings—
Period End.
Other income.
b Class A stock
b Class B stock
246,650
Prepaid expenses..
Other assets......
—V.
90,503
350,000
55,000
290,285
2,519,587
of closed banks-
V.
Interstate
250,046
387,708
2,829,190
companies
International Shoe Co.—To
363,443
Notes payable
Accounts payable.
Securities of other
,
Directors have declared
1,000,000
882,782
2,171,760
Due
—V.
4,626,400
595,669
649,902
L160,601
60,606,500
Earned surplus. 74,400,643
71,293,217
Exchange adjuster2,442,518 Dr2,481,079
3,900,000
Funded debt
1,462,983
Invests, in subs—
in Finland...
$
— ..
Cash.
,'v-
$
Liabilities—
S
d Accts. receivable
c
Capital surplus-
40,327,624
36,078,341
future
Assets—
Inventories..;
15.777,611
9,295,281
540,916
„:'vv
Aug. 31 '40 Dec. 31*39
Aug. 31 '40 Dec. 31 *39
system
reserve.
Time deposits A
,
and
Pref. div. pay..
Retire't
notes.
$
ended Aug.
Sept. 30—
Operating re venues
Oper. exps. and taxes
Net oper. income.
1940—3 Mos.—1939
$189,730
$183,407
151,293
134,147
$38,437
Int. & other deductions.
Net income
$169,154
$49,260
$165,206
1
2
11
$165,207
144,859
$169,165
35,885
$49,261
36,455
$2,552
$12,805
$20,347
$22,906
Other income (net)
Gross income
1940—12 Mos.—1939
$779,959
$720,886
614,753
551,732
$38,437
146.260
Note—Provision for Federal income tax in the current period has been
computed in accordance with the requirements
Act of 1940—V. 151, p. 1147; V. 150, p. 3664.
of the
Second Revenue
Kennedy
La Luz Mines,
Inc.—20-Cent Dividend—
8,
Tons
(gross)
Marketing charges
will build a steam-electric generating plant with a 25,000Kentucky River near High Bridge, costing $3,000,-
Estimated net profit-
Operating expenses
Provision for retirements
76,240
Operating income
$413,369
44,009
$457,378
200, J00
15,926
6,372
-
-
Other income (net)-income
Gross
.
long-term debt
Other interest
Amortization of debt discount and expense
on
Interest charged to
—
Net profit
x
200,000
8,374
6,372
—
$185,446
Earnings
2,970
a3,476
70,272
18,400
33,182
32,360
56,971
15,539
23,277
32,742
$7,254
$4,616
Dr34
Preferred dividend
$65,737
2,171
$65,628
Dr3,768
$4,601
1,861
$67,908
23,410
$2,739
$44,498
24,374
$38,633
24,374
$20,124
$14,259
"requirements'-
___
not include provision
for the additional
Kingston Products Corp.
$35,880 prof$ll 1,755
Nil
$0.09
Co.—30-Cent Dividend—
(I., B.)Kleinert Rubber
dividend of 30 cents per share on the common
Creamery Co.
of California—Registers
with
J
this department.—V. 151. p. 2802.
.v.'v'-v.
'
Sept. 30—
profit after depreciation, interest,
-
called--.
$5,309,660
165,925
—260,240
115,832
$4,767,663
-
-
June 30 *40 Dec. 31
June 30 '40
'39
$
Liabilities—
482,301
b840,672
Accounts receiv
61,474
61,896
Securities owned. .43,511,070 35,861,070
114,786
Accrued interest.-
$
$39,316
$45,864
$55,246
87.073
90,000
$0.04
90,000
$0.15
1,112
coll.
Serial
trust
3,000,000
notes
x
10-yr. 314% coll.
notes.,
trust
Real estate mtges.
x
4,145,000
3,993,000
4,250,000
10-yr. 4% collat¬
eral
trust
Deferred
5,026,000
notes.
12,778
credits..
Trust fund:
Contributions by
founder...-—36,907,389 32,270,867
4,767,663
Surplus
4,572,448
Kroger Grocery & Baking
Total
Notes & accts. rec.
149
252
Investments
24,180
20,572,372
$
1940—44 Wks.—1S39
$
Landsdowne Steel & Iron
Company was recently
_
.
.
_
.
— .
V
1
Total
Alter
39,316
$135,277
—
Surplus.-..
$141,128
508
1
•
Total.-V-.---i
.p±,jx
ui
shares.—V. 151, p. 1148.
Represented by $1 par value
Co.—Dividend—Bonus—
Libbey-Owen-Ford Glass
The directors
87,073
33,970
Capital stock.
527
ucpicwowuu
I'BStl V V
y
$141,128
8135,277
—
y
•V ■'
364
charges..
522
1,852
85,909
taxes.---,
2,145
24,711
83,674
78,827
Fixed assets
12 declared a dividend of $2 per share on
value, payable Dec. 16 to holders of record Nov.
Nov.
on
stock, no par
with 50 cents
paid in each of the three
15, 1939; dividends
the
29.
preceding quarters;
of 50 cents were paid in each
of the
15,
preceding quarters and dividends of 25 cents were paid in Sept.
March 15, 1938.
.
„
,
Directors also declared a special compensation bonus for all employees
equivalent to 2% of their earnings in the 12 months ending Dec.
This bonus will be paid Dec. 16 when the common stock dividend is paid.
About 7,000 employees will benefit.
,
,
,,
^
The company issued the following statement relative to the employee
four
June 15 and
1, 1940.
b°"This
of the
Life Savers Corp.
Period End. Sept.
x
Net
all employees is consistent with the im¬
company."—V. 151, p. 2354.
special compensation to
provement in earnings
profit
30—
(& Subs.)—Earnings1940—3 Mos.—1939
$303,632
y$312,882
—-
Ear^art5)O2o3m0stl0
1940—9 Mos.—1939
$797,192
y$811,982
'
$2.32
$2.28
After depreciation, Federal taxes, &c.
y After excess profits taxes.
Note—Net profit for first nine months or 1940 does not include an ex¬
change loss of $25,304 as result of revaluation of net current asset of Cana¬
dian subsidiaries from Canadian to United States dollars, while net for first
nine months of 1939 excludes a similar loss of approximately $42,000.—
V. 151, p.
$0.86
S0.09
$
2650.
Loft, Inc. (&
!
awarded a contract totaling $17,283,750 to manu¬
for the U. S. Government.
Subs.)—Earnings—
[Excluding Pepsi Cola
Earnings for 9
Net
profit after
in effect
Co. and Subsidiaries]
1940
Months Ended Sept. 30,
depreciation and estimated
Federal taxes now
-
-
Earnings per share on
$1,463,634
$0.99
1,473,259 shares capital stock
settlement of leases,
July 31, 1939, have been
for that purpose under plan
rentals on leases in excess of fair rental values
to current operations.—V. 151, p. 2803.
Note—All costs and expenses
in connection with
litigation and contingent liabilities, existing at
charged directly to the general reserve set up
of
readjustment;-however,
charged directly
have been
Loose-Wiles Biscuit Co.
3,967
Co. (Morton, Pa.)—Govern¬
2502.
Loew's, Inc.—Film Amortization Costs Revised—
Company on Nov. 11 announced that, due to war conditions abroad,
It has again revised its table of amortization of film costs, applicable to all
pictures released after Sept. 1, 1939, by reallocating such costs in the pro¬
portion of 75% to domestic distribution and 25% to foreign distribution,
instead of the previous respective allocations of 70% and 30%.—V. 151,
19,588,074 216,452,231 203,247,736
" 3,758
operation
facture ammunition components
-
1939
$13,709
761
payroll.Federal and State
Accrued
12,282
-
1940
$12,785
Accounts payable.
2,912
12,379
2,345
Inventories
Period End. Sept.
—V. 151, p. 2502.
ment Contract—
1939
$14,624
VY,'V ■,;/
■.
Liabilities—
1940
$14,874
2,158
-
Accr'd int. receiv.
-
Co.—Sales—
1940—4 Wks.—1939
$
——
Balance Sheet Sept. 30
T
Assets—
Cash
p.
57,434,838 50,314,122
b Includes $101,540 held by trustee for payment of interest due Jan. 1.
1940 on 4% collateral trust notes and $142,800 held by trustee for redemp¬
tion of 4% collateral trust notes,
d After deducting depreciation, x Re¬
deemed through proceeds of $8,500,000 3% collateral trust notes and $3,000,000 serial collateral trust notes sold to public March 29, 1940.
Note—Contributions pledged and unpaid which will not be taken up in
the accounts until paid amounted to $109,966 at June 30, 1940 and to
$189,716 at Dec. 31. 1939.—V. 151, p. 1148.
50,314,1221
shares
■
municipal bonds at cost or quoted market,
x
8,500,000
trust notes
13,285,511 13,401,918
Deferred expenses.
94,482
148,566
ments.-.-
Stores in
transferred to treasury, $1,062, and 19
whichever is lower.
Accrued real estate
holds & improve¬
Sales
Nil
$0.05
x 500 shares Lessings, Inc.,
purchased for treasury, $38.
y Adjustment to state the
;V;:
187,918
10-yr.3% collateral
d Real est., lease¬
55,180
228
85.909
Dec. 31 '39
—-
Period End. Nov. 2—
8ur$66
$33,970
Comparative Balance Sheet
—57,434,838
$9,962
55,826
;i
capital stock out¬
standing (par $1)
Earnings per share
$1.25 paid on Dec.
$737,212
4,572,448
...
Surplus June 30, 1940
—
$5,834
45,378
y 1,3 00
X
Ended June 30, 1940
Unamortized expense and discount on notes
Total
4,409
$4,019
39,289
$4,598
Miscellaneous adjust—.
\;
Foundation—Earnings-
-
?
8.617
This compares
-
::
2,898
$13,566
13,500
$3,538
13,500
Deducts, for stock acq—
1939.
Contribution paid
Premium on notes called
Cash in banks
788
loss$l,425
1,777
....
Earnings for Six Months
.
266,738
Crl,840
.
—
Goodwill.
amortiza¬
Excess of income over expenses
—
299,930
Cr 1,723
Balance Jan. 1
common
Total
245,026
Crl,734
—
Deficit-.---
$2,436,543 $1,506,549
Company reports that no provision has been made for estimated excess
profits taxes if any.—V. 151, p. 2048.
Previous surplus
291,981
Crl ,7 55
—
profit
Net
1939
1940
12 Months Ended
tion and Federal income taxes.
(The) Kresge
$281,362
Federal and
.1
for
Deferred
Koppers Co. —Earnings —
Net
$302,533
Dividends paid
x
SEC—
given on first page of
$241,867
and
State taxes.
1937
1938
1939
1940
$296,601
30—
oper.
general expenses—__
Prov.
$0.07
Inc.—Earnings-
Prepaid insurance.
dividends of 10 cents per share were dis¬
previously regular quarterly
tributed.—V, 151, p. 1576.
and
See list
■
Other income.V,
paid
stock, payable Dec. 20 to holders of record Dec. 2.
Like amount was
on Sept. 30, last; and compares with 20 cents in two preceding quarters;
50 cents on Dec. 21, 1939; 30 cents on Sept. 30, 1939; dividends of 10 cents
on June .30 and March 31, 1939; a dividend of 25 cents on Dec. 24, 1938,
Knudsen
of sales,
Cost
$186,000
$0.06
Shares
1939
1940
■■
L-1939
$178,667
$0.02
S-';
$0.01
990.
151, p.
1940—9 Mos
Profit & loss surplus__
-Earnings—
(& Subs.)
3——
Net loss after deprec., Federal income taxes, &c_ —
Earns. per share on common stock
—V. 151, p. 1147.
9 Months Ended Sept.
Directors have declared a
$1.08
$1.02
400,000 shares capita
Ltd.—Earnings-
stock.
9 Mos. End. Sept.
23,227
Federal taxes imposed
Second Revenue Act of 1940 enacted in October.—V. 151, p. 2802.
Does
by the
-------
-
-
Balance
a
per
Sales
$61,860
$5,327
Balance..
Drl6
$7,220
1,893
_
1940—9 Mos.—1939
$414,856
$434,392
30— 1940—3 Mos.—1939
all ch'ges
$33,087
$67,786
share
on
Lessings,
$194,157
$219,951
4,403
1,867
2,044
2,696
5,467
888
Net oper. revenues,
Corp.—Earnings-
Period End. Sept.
1940—12 Mos.—1939
1940— Month—1939
$15,626
$20,055
——
$0.77
1940—3 Mos.—1939
$110,502
$126,726
30—
—
Net profit after
—v.
——— —
—
$0.46
Leitch Gold Mines,
$218,875
33,429
Key West Electric Co. -Earnings-
Taxes—
).48
Earnings per share.__
$0.27
$0.32
x After charges and
Federal income taxes, y On
stock ($5 par).—V. 151, p. 1726.
common
Depreciation
$1,484,249
y
151, p. 704.
Maintenance-
$883,502
$0.48
Period End. Sept.
$202,536
Period End. Sept. 30—
Operating revenues
Operation-——
Nil
c$0.06
$936,898
$0.34,
Cr885
Balance
—v.
Nil
.
$931,050
capital
Lehn & Fink Products
45,362
$235,965
33,429
preferred stock
on
.
Including company's proportion of undistributed earnings and losses o
subsidiaries whose stock is either owned or controlled, after interest, Federal
income taxes, depreciation, depletion,
&c.
b Of the parent company
accruing from direct operations and from railroad rentals, divisions, &c.,
after Federal income taxes and charges,
c Adjusted.—V. 151, p. 1725.
$433,621
construction
Net income
Dividends
lossx$5,921
a
$388,259
125,365
1937
1938
■
b Net income
Earns, per sh. on
stock
39,941
99,471
.
-
-
_—------
—
Subs.)—Earnings—
c$113,881 lossx$78,963
$654,084
profit
capital
Earns, per sh. on
stock
-----
-
Federal income taxes
Other taxes_
Interest
Lehigh Coal &: Navigation Co. (&
Sept. 30—
1940
1939
(& Subs.)—Earnings-—
1940
1939
$1,426,601 $1,358,588
624,717
678,198
66,657
73,295
120,252
79,424
_
.$244,572
V——
12 Mos. End.
Consol. net
a
1283.
Maintenance-
150,444
32,613
—V. 151, p. 1725.
President.
The plant, Mr. Watt stated, will be linked with the company's Eastern
power transmission system, including Dix Dam in the Kentucky River.
It will also be linked up with power houses in Louisville and through them
with plants in Indiana and Ohio.
Construction will require two years.—
Keystone Public Service Co.
..$427,629
Net.
000, according to R. M. Watt,
12 Months Ended Sept. 30—
Total operating revenues-
53,077
$436,469
8,840
-
Operating and administrative costs
Reserve for deprec. & deferred development
kilowatt capacity on the
151, p.
;
Ended Sept. 30, 1940
milled
ore
Metal production
Kentucky Utilities Co.—New Plant—
Y.
Ltd.—Earnings—
Report for the Quarter
dividend of 20 cents per share on the common
stock, payable Nov. 20 to holders of record Nov. 16.
Like amount was
paid on Sept. 20, last, and compares with 65 cents paid no Jan. 20, last:
20 cents on Nov. 25, 1939; 50 cents on Jan. 27, 1939, and dividends of
30 cents on Jan. 15, 1938, and on Oct. 15, and July 15, 1937, this last
being the initial dividend of this issue.—V. 151, p. 1283.
Directors have declared a
The company
2945
Commercial & Financial Chronicle
The
151
Volume
x
30—
Net profit
of com. stock outstanding ($25 par)---
$259,481
Shs.
Earnings
x
After
_
514,000
0.41
share.
Federal income taxes,
per
(& Subs.)-
1940—3 Mos.—1939
$311,566
, _
520,000
-Earnings—
1940—9
Mos.—1939
$700,789
$694,206
514,000
$1.07
520,000
$1.04
$0.50
depreciation, interest .
&C.—V. 151, p. 991.
The Commercial & Financial Chronicle
2946
Lone Star Gas Corp.
(& Subs.)—Earnings—
Period End. Sept. 30—
194(4—9 Mos.—1939
Gross oper. revenue
.$16,427,736 $15,172,819
maintenahce'and taxes
8,175,476
Gross income
11,221,678
10,760,109
$9,768,226
973,311
808,701
corporation for the preceding fiscal year before depreciation
and replacements and after deducting
if said total net
income (as in the agreement defined) before being allocated shaU be less than
$10,000, the corporation may, at its option, pay into the sinking fund only
the amount by which such net income exceeds the sum of $5,000.
but after deducting capital additions
The net proceeds of this issue of bonds will be used to pay the corpofirst mortgage real estate gold bonds dated June 1.
1924, for the retirement $50,000 first mortgage notes.
ration's $146,900 5%
$6,626,222 $10,561,656
2,555,275
3,213,866
654,667
1,114,590
pree., deplet., &c_. $7,750,311
Depreciation & depletion
2,509,413
994,657
Prov. for Fed. inc. tax..
Min. int. in net income
of sub. companies
Note—No allowance
$9,573,177
3,17,3,002
594,384
347
237
478
$3,416,043
$6,232,722
McCrory Stores Corp.—Preferred Stock Offered—Finan¬
cing in the form of a public offering of 60,000 shares of 5%
cumulative preferred stock, with common stock purchase
warrants for an aggregate of 150,000 shares of common, was
carried out Nov. 14 on behalf of the corporation by an under¬
writing group headed by Merrill Lynch, E. A. Pierce &
427
$4,245,893
..
before June 1 of each year commencing 1942, the corporation agrees
the annual serial maturities of the bonds providing that
Net income before de-
Net income...
1940
16,
income of the
$7,496,869 $11,638,106 $10,741,537
870,647
1,076,451
1,168,360
$8,559,012
*—
charges....—;,/■
or
Nov.
to deposit into a sinking fund with the corporate trustee funds for the pur¬
chase (for retirement) of bonds of the latest maturities outstanding at the
lowest price or prices obtainable, but not exceeding the redemption price.
The amount of funds to be deposited shall not be less than 50% of the net
1940—-12 Mos.—1939
$21,702,812 $20,528,335
$6,997,343 $10,481,134
499,526
1,156,972
8,313,982
Operatingincome...-_ $8,113,754
Other income credits...
445,258
Income
On
$5,805,363
has
amounts involved in rate
made in
been
the
litigation.—V. 151,
Louisiana Ice & Electric
Period Ended Sept. 30—
Total operating revenue..
.
.
.
above statement
for any
2803.
p.
..... .
9,988
19,712
The offering consists of units of one share of the new
preferred stock ($100 par) and a warrant calling for the right
to purchase 2)^ shares of common stock.
The offering,
which is subject to authorization of the stock by the stock¬
holders and to the purchase of all or any part of such shares
by the common stockholders, is priced at $105 per unit.
... ...... .
Gross income......
53,084
75,705
$91,087
26,110
$176,095
33,759
$94/751
Total from operation.
Non-operating income (net).....
16,013
18,793
$75,563
19,188
«
Taxes.......
.
Co.
1940—3 Mos.—1939
12 Mos. *40
$166,949
$186,773
$533,294
61,686
60,879
228,410
Operation
Maintenance..
Ca^satt, Kidder, Peabody & Co. and Goldman, Sachs &
Co., Inc. (& Subs.)—Earnings
$l77Tl97
$209^855
90,000
17,064
1,973
Prov. for renewals, replaces. & retires.
Interest on long-term debt.
4,365
4.575
Interest on unfunded debt.
Taxes assumed on interest..........
512
453
30
Amortization of debt expense.
Fed. & State inc. taxes (est.).......*
681
.........
.........
25
......
681
.....-.
"$897l68
Net income
—
67
2,725
450
—
$111,458
$97,577
Note—It is the policy of the company and its subsidiary to make appro¬
priations to their respective reserve for renewals, replacements and retire¬
ments at the end of each calendar year; therefore, the above statemnts for
the third quarter of 1940 and 1939 show results before deducting such
appropriations. The amount shown for the 12 months ended Sept, 30,1940
is the amount appropriated for the calendar year 1939.
Consolidated Balance Sheet Sept. 30, 1940
Assets—Plant, property and equipment, $2,013,868; investments and
assets, $23,754; cash, $151,916; notes receivable, $3,900; accounts
receivable, $118,548; interest receivable, $67; materials and supplies,
$24,344: prepayments, $10,270; deferred debits, $13,983; total, $2,360,649.
Liabilities—Long-term debt, $332,000; serial collateral note, due Dec. 30,
1940, $69,000; accounts payable, $14,981; consumers' deposits, refundable,
$34,551; interest accrued, $6,506; State, local and Federal taxes accrued,
$33,566; other accruals, $2,113; deferred credits, $7,606; reserves, $480,,430; common stock (par $1), $69,071; capital surplus, $1,096,545; earned
surplus, $214,280; total, $2,360,649 —V. 151, p. 1149.
other
Louisville Gas & Electric Co. (Del. )
(& Subs.)—Earns.
Years Ended Sept. 30—
Operating revenues-
1940
1939
.$12,013,148 $11,032,564
Operation.
3,805,051
3,369,316
Maintenance
609,758
650,000
1,340,000
1,275,000
Appropriation for retirement reserve - - ........
Amortization of limited-term investments.....
1,428
1,426
Taxes—
.
1,129,012
1,153,519
Provision for Federal and State income taxes.....
1,010,389
616,666
.
——................
..........
.
.
-
..
_
■
...
Dividends cumulative from Dec.
1, 1940 and payable Q.-F.
Red, at
option of corporation, in whole or in part, at any time upon at least 30 days'
prior notice, at $110 per share on or before Oct. 31, 1945, at $107.50 per
share thereafter and on or before Oct. 31, 1950 and at $105 per share
thereafter,
plus
divs.
accrued
each
in
Entitled in preference to
case.
common stock to
prevailing redemption price per share upon voluntary
liquidation and to $100 per snare upon involuntary liquidation, plus accrued
divs. in either case.
Transfer agent, Guaranty Trust Co., New York,
registrar, Chemical Bank & Trust Co., New York.
Warrants—The Warrants for the purchase of common stock are offered
with the 5% cumulative preferred stock to holders of common stock of
record on or about Nov. 18, 1940, in units of one share of such preferred
stock and a warrant for the purchase of 2H shares of common stock.
All
such units not so subscribed for will be initially offered to the public at the
same price.
If not exercised on or before Dec. 1,1946, the warrants become
void.
Warrants are exercisable at $18 per share of common stock on or
before Dec. 1, 1942, at $20 per share thereafter and on or before Dec. 1,
1944 and at $22 per share thereafter and on or before Dec. 1, 1946.
Purpose—A portion of the net proceeds from the sale of 5% cumulative
preferred stock and warrants, after deducting expenses and underwriting
commissions in connection with the issue, will be used to redeem on Feb. 1,
1941 the presently outstanding 50,000 shares of convertible 6% cumulative
preferred stock at $110 per share and accrued divs. to date of redemption.
Any balance of such net proceeds will be added to working capital or applied
to other corporate purposes.
Corporation was organized in Delaware on May 20, 1915
the assets and property of J. G. McCrory Co.
Corporation
for the purpose of acquiring
(Del.) organized in 1882 and engaged in a variety chain store business,
and for the purpose of establishing and conducting a 5c. to $1 store business
and a general department store business.
Sales are made at retail and
exclusively for cash.
1915
1940
The number of stores in operation at the end of
117, which was increased to 243 by the end of 1932 and at Sept. 30,
202.
The gross sales of the corporation amounted to approxi¬
mately $5,613,987 in 1915 and to approximately $43,193,608 (inclusive
of luncheonettes and concessions), in 1939.
Net sales and net income for the years ended Dec. 31 follows:
was
was
.
Years—
1938
1939
1937
.
Net sales..
b Net profit.
$43,193,608 $40,068,193 $41, 01,241
2,211,444
1,701,539
2,092,907
a
Net operating income...
Other income.
$4,117,509
237,258
$3,966,636
203,187
$4,354,768
1,030,450
160,227
Other interest..—- 10,980
Amortization of flood and rehabilitation expense.
250,000
Amortization of contractual capital expenditures.
37,000
Interest charged to construction.Crl7,712
Miscellaneous deductions.
24,118
$4,169,823
1,030,450
160,227
55,795
250,000
37,000
Cr5,765
26,448
.
......
...........
....
b After all charges, including income taxes,
Including concession sales.
a
available for dividends.
Gross income.
Interest on funded debt.-...-.....—.......—;
Amortization of debt discount and expense—
.... ...... .......
_
.
.
.
-
..
Balance-
Dividends
$2,859,705
-
preferred stock of Louisville Gas &
Electric Co. (Ky.) held by public—cash
$2,615,668
1,354,920
1,354,920
$1,504,785
1,641,602
$1,260,748
1,395,792
56,000
18,500
25,154
Net income.
beginning of period...
Adjustment of reserve for doubtful accounts..
Adjustment of taxes prior years....
Insurance refund & int. applicable to prior years..
Dividend received on deposit in closed bank pre¬
viously written off........
Items previously charged or credited direct to sur¬
plus transferred to contingency reserve in a net
amount of......—...
.......
Total.-...:...-.-..-.....—...
Dividends on capital stock—cash
.
Tax deficiencies & int. applicable to prior years.
Adjustment of gas and fuel stock inventories.....
Miscellaneous deductions.«. i
... _
.
.
_—_
Earned surplus, end of period
-V. 151, p. 2503.
.
.
..
....
30,545
6% cumulative preferred stock, the funded debt and capitalization of the
corporation at Sept. 30, 1940 would have been as follows:
Real estate mortgages.
Underwriters—The
$2,805,380
1,126,274
22
15,621
21,883
2,419
$1,942,433
$1,641,602
Jan.^1,^1941 at^the^office^of the Railroad, Room 900, 71 Broadway,
Mfg. Associates—$4 Dividend—
Offered—An issue of $300,000 4% 1st ref. mtge. serial
bonds is being offered at 101 and int. by B. C. Ziegler &
Co., West Bend, Wise,
/
to April 1,1953
Bonds are
of $1,000, $500 and $100, registerable as to
principal. Principal and int. (A-O) payable at office of First National Bank
& West Bend, Wis. (corporate trustee) or at option of holder, at office or
these bonds will be
E
Pierce
A
&
J..15,000
Kidder, Peabody & Co.........
Goldman, Sachs & Co..........
Hemphill, Noyes& Co
maximum
number
Both principal and interest of
of
units,
:
Units
A. G. Becker & Co., Inc...
F. S. Moseley & Co..
Fuller, Rodney & Co...........
6,500 Gerris & Hardgrove..
3,000 Golger Nolan & Co., Inc....
Hornblower & Weeks
3,000 Johnson, Lane, Space & Co., Inc.
Lehman Brothers...3,000 Mitchum, Tully & Co
Baker, Watts & Co
3,000 Stern, Wampler& Co
15,000
2,500
2,500
1,500
1,000
1,000
1,000
1,000
1,000
Nine Months Ended Sept. 30, 1940
Sales, less returns and allowances.____._- ——$30,354,772
Cost of goods sold
21,872,961
-
.
__
___
......
Gross profit..
$8,481,811
*
Maintenance, deprec. and amortization,
Federal income), &c., expenses
taxes
than
(other
7,133,438
$1,348,373
32,174
....,
.....
Total income
Other deductions
:,
.
_—
_
_—
...
~
Provision for Federal income taxes----*-——-———.
---
Net profit for period.
Preferred divs., $225,000; common divs., $495,127---.-.
Balance Sheet as at Sept.
Assets—
$2,932,405
Inventories.
7,017,587
Miscellaneous accts. receiv'le
2,734
Marketable, &c., securities.94,233
Other assets.....
91,368
Fixed assets.
all,796,284
Deferred charges.
855,220
;
...
Total
a
—
-
$1,380,546
126,813
215,000
.>1.038,733
720,127
30, 1940
Liabilities—
Cash
$22,789,831
Accounts payable
.....
$2,437,734
Mortgage instalment payable
11,200
508,163
75,000
Reserve for Fed. Income taxes
356,173
Mtge. &purch. money obllgs.
668,250
3 M % sinking fund debentures
3,000,000
6% preferred stock......... 5,000,000
Common stock (par $1).
990,253
Capital surplus..4,773,993
Earned surplus
4,969,064
Accrued expenses
Divs. on pref. stock
Total..—.—
After depreciation and amortization of
—$22,789,831
$6,478,535.—V. 151, p. 2803?
McLouth Steel Corp. —40-Cent Dividend—
Directors have declared
a dividend of 40 cents per share on the common
stock, payable Dec. 17 to holders of record Dec. 10.
Dividend of 35 cents
was paid on May 29, last, and an initial dividend of 25 cents was paid on
Feb. 15, last.—V. 150, p. 3363.
Marlin-Rockwell Corp.
.
payable in lawful money of the United States of America.
Louis JKuehlthau, West Bend, Wis., co-trustee.
Lynch,
Cassatt
in coupon form in denoms.
of the corporation at Chicago, 111.
60,000 shs.
.990,253 shs.
the
Units
Merrill
Deaconess Home & Hospital of Chicago—
Bonds
agency
...
them from the corporation, are as follows:
Directors have declared a dividend of $4 per share on the common stock,
payable Dec. 2 to holders of record Nov, 9.
This compares with $2 paid
in each of the three preceding quarters; $1.50 paid on Dec. 1,1939; dividends
of $1.25 per share paid in the three
preceding quarters; $1.50 per share
distributed on Dec. 1, Sept. 1 and June 1, 1938, and previously
regular
quarterly dividends of $2 per share were paid.—V. 150, p. 1139.
1,1940; due serially April 1,1941
and
$679,450
3,000,000
_. .
—
each consisting of one share of 5% cumulative preferred stock and warrants
to purchase 2M shares of common stock, severally to be purchased by
Net profit.
Other income
Louisville & Nashville RR.—Bonds Called—
Dated Oct.
underwriters
Income Account for
$3,146,386
1,201,512
Company on Nov. 14 notified holders of its unified mortgage 4% bonds
extension agreements of series B due Jan. 1, 1960 attached that
$103,000 principal amount of these bonds have been called by lot for
redemption on Jan, 1,1941 at 105% and accrued interest. Included in the
drawn bonds are $5,000 principal amount
pledged as collateral for the
railroad company's 20 year collateral trust 4% bonds due Jan. 1, 1960 and,
accordingly, and in pursuance with the provisions of the railroad company's
collateral trust indenture, dated Jan. 1, 1940 securing same, Central Han¬
over Bank & Trust Co. as sinking fund agent has drawn
by lot for redemp¬
tion on .Jan, 1, 1941 $5,000 principal amount of said 20 year collateral
trust 4% bonds due Jan. 1, I960.
The drawn bonds of both issues will
become due and payable at 105% and accrued interest to redemption date
Lutheran
...
.
15-year 3*4% sinking fund debentures
5% cumulative preferred stock ($100 par)
Common stock ($1 par)..
_..........
18,640
with
Ludlow
Capitalization—It effect had been given to the authoriza¬
tion, issue and sale oi the 5% cumulative preferred stock now offered and
the redemption and retirement of all the presently outstanding convertible
on
Earned surplus,
on
Funded Debt and
Period End. Sept. 30—
x
y
Net profit
——
Earns, par share..
After
(& Subs.)-—Earnings—
1940—3 Mos.—1939
$430,321
$465,683
$1.27
$1.37
1940—9 Mos.—1939
$1,726,570
$5.09
$947,390
$2.79-
depreciation, Federal income taxes, &c. (and in 1940 excess,
profits taxes). y On 339,244 shares (par $1) capital stock.—V. 150, p. 1149.
x
Volume
Macon Gas
Merchants & Manufacturers Securities Co.
Co.—Earnings—
12 Months Ended Sept. 30—
Operating
Operation
1939
1940
$726,178
502,082
$588,532
403,064
17,559
27,796
45.586
revenues
14,041
26,520
18.742
MaintenanceGeneral taxes
Federal and State income taxes
*
$133,155
25,114
a
Gross income
Retirement
accruals
reserve
Gross income
Interest
on
bonds
Interest
on
$125,183
32,663
7,000
5,009
-
$144,990
19,807
$124,010
32,252
Other income (net)
$126,164
18,826
$158 269
34,259
Utility operating income.
a
7,000
5,065
1,145
advances from associated companies..
Amortization of debt discount and expense.
Other income charges
2,707
....
$79,310
1,000
80,835
$77,042
Net income—
1,000
Preferred dividends
Common dividends
a
Before retirement
78,457
:
reserve
accruals.
Balance Sheet Sept.
'
/
30, 1940
Assets—Utility plant, $1,578,597; sinking funds, $4,174; cash, $28,626;
receivable, $123,879; materials ard supplies, $32,428; prepayments,
$1,520; unamortized debt discount and expense, $57,774; total, $1,826,999.
Liabilities—Common stock ($100 par), $475,500; 5% non-cumulative
preferred stock ($100 par), $20,000; long-term debt, $849,000; accounts
payable, $46,172; payables to associated companies, $5,246; customers'
deposits, $24,191; taxes accrued, $56,730; interest accrued, $11,855; de¬
ferred credits, $951; retirement reserve, $143,143; uncollectible accounts
reserve, $59,293: other reserves, $5,548; contributions in aid of construc¬
tion, $2,209; earned surplus, $127,163; total, $1,826,999.—V. 151, p. 1900.
accounts
1940
$1,211,136
19,699
.
Income from investments
on
bonds
Depreciation on bldgs., plant & eqpt.
Portion
of
int.
on
def.
bank
settled for by the issue of class
1939
$829,453
21,276
.
1938
$346,245
17,376
$850,729
177,119
150,000
•
$1,230,835
138,615
250,000
Total income
$363,622
127,377
183,841
'
loans
218,134
29,586
A shs
Reserve against inventories
Provision for income taxes
375,000
100,000
•
$477,985
15,741
11,119
6,942
$764,060
145,000
$489,104
85,000
$457,284
59
Total income
Provision for doubtful loans.
on
91
202,467
94,023
sale of capital assets
Prov. for current period Fed. taxes on
income—estimated
•
Divs. paid and accrued
632,595r
$450,342
75,000
1
6
96,954
pref. stock
held by
on
of Domestic Finance Corp.
143,663
Consolidated net profit
Cash dividends paid:
143,663
95,824
$272,870
the public-
$166,327
$189,500
40,984
47,816
71,212
70,852
119,913
640
960
On participating preferred stock
On class A common stock-_
35,606
320
On class B common stock
Consolidated Balance Sheet Sept. 30, 1940
Assets—Cash, $2,122,288; small loans receivable, $10,659,107; other
assets, $273,935; equipment (less reserves for depreciation of $62,101),
$146,268; deferred charges, $144,033; total, $13,345,631.
Liabilities—Notes payable to banks, $5,480,000; accounts payable and
accrued liabilities, $211,490; provision for Federal taxes on income for
period of six months ended Sept. 30, 1940 (estimated), $205,900; provision
for dividends on cumulative preference stock of Domestic Finance Corp.,
$47,888; long-term notes payable, $1,570.000; preference stock of subsidiary
in hands of public,
$2,968,218; participating preferred stock, $34,154;
class A common stock, $356,060; class B common stock, $3,200; capital
surplus, $1,595,549; earned surplus, $873,172; total, $13,345,631.—V. 151,
P. 2196.
The U. S. Government recently awarded this company a contract totaling
$1,680,000 for equipping gun tube factory at West Homestead, Pa. (title
to equipment will remain with the Government).—V. 151, p. 1901.
Miami Copper
Co.—To Pay 25-Cent Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
20.
Dividend of 20 cents
1, last, and last previous dividend was the 15-cent
Dec. 23, 1937.—V. 151, p. 705.
stock, payable Dec. 26 to holders of record Nov.
paid on March
was
distribution made on
Michigan Bell Telephone Co.—Gain in Phones—
-
$394,023 loss$ 165,730
$317,220
$1,082,937
706,646
Other income
150,000
Net profit for year
1938
$1,184,632
882,379
Operating profit
1939
$1,630,697
30
Grossearns.—from int., disc., &c
Cost of financial services.
Loss
(& Subs.)
1940
$748,319
6 Months Ended Sept.
Mesta Machine Co.—Government Contract—
Maple Leaf Milling Co., Ltd. (& Subs.)—Earnings —
Years Ended July 31—
Income from operations
Interest
2947
The Commercial & Financial Chronicle
151
Consolidated Balance Sheet July 31, 1940
Assets—Cash, $41,971; accounts and bills receivable (net), $1,283,864;
inventories, $3,292,148; sundry assets, $213,310; investments, $1,961,752;
(net), $4,130,762; trucks and automobiles
(net), $71,341; leases, contracts, goodwill, &c., $1,000,000; total, $11,995,149.
Liabilities—Current bankers' advances (secured), $2,143,551; bills re¬
ceivable under discount. $352 149; owing for purchases of grain, &c. (se¬
cured), $170,387; accounts and wages payable and accrued charges, $296,079; taxes payable and accrued, $435,609; bond interest accrued, $23,102;
deferred liabilities, $1,966,300; bonds, $4,505,000; class A participating
preferred shares, $1,287,958; common shares (250,100 no par shares),
$250,100: management shares (3 no par shares), $3; stated value of shares
held by subsidiary, Dr$20,460; surplus, $585,370; total, $11,995,149.—V.
149, p. 2518.
real estate, plant and equipment
Telephones in service in Detroit and immediate suburbs at Nov. 1 totaled
420,681, a gain of 5,555 in October.
Of this total, 400,701 were in the
Detroit Exchange.
The first 10 months of 1940 showed a gain for Detroit
and immediate suburbs of 31,298 telephones.
whole had 803,449 telephones in service Nov. 1, or a
during October, compared with 9,576 during September.
with 50,317 in the
like period of 1939.—V. 151, p. 2804.
The company as a
gain
of 8,233
Gain in the first 10 months of 1940 was 61,384, compared
Mid-Continent Petroleum Corp.
(& Subs.)—Earnings
1940—9 Mos.—1939
1940—3 Mos —1939
Period End. Sept. 30—
sales
less returns
q PQgg
and
$8,686,685
allowances
Cost of sales (excl. depr.
and depletion)....
$9,616,850 $28,626,457 $27,437,008
Marshall's U. S. Auto Supply, Inc., Kansas City, Mo.
—Debentures Offered—James A. Ross & Co., Kansas City,
offering at 100 and int. $100,000 15-year 6% sinking
fund debentures, due Dec. 1, 1955.
Mo.,
are
Debentures may be called and redeemed at any time at option
pany
on
any
of com¬
interest-paying date, on 15 days' written notice, upon the
payment of principal amount thereof and accrued interest plus a premium
of M of 1 % on principal amount thereof for each year and fraction thereof
sinking fund account into which it shall annually pay not less than 25%
of its net earnings, if any.
Company—Incorp. in Missouri in 1926.
Since inception of the business
1920 the company has steadily grown from one small retail store at St.
Joseph, Mo., to 16 retail stores in Kansas and Missouri.
It also main¬
tains a large wholesale department and warehouse at Kansas City, Mo.
The company supplies 32 associate retail stores operated by various in¬
dividuals under the name, "Marshall's Auto Stores," and is the principal
20,086,552
$9,714,769
$7,350,456
1,438,660
4,525,409
4,447,605
$1,020,722
$5,189,361
$2,902,851
general and
credits,
net,
297,449
362,035
760,009
1,048,256
$1,377,087
$1,382,756
$5,949,3 70
2,230,681
$3,951,108
2,163,540
760,923
350,243
654,778
13,456
$2,607,522
$1,119,333
$1.40
$0.60
incl. int. & divs. rec...
Deprec'n & depletion
Leaseholds
surrendered
735,303
688,018
abandoned
203,066
215,700
243
542
$438,475
$478,497
$0.26
and
Fed. & State income tax.
of its unexpired life.
Debentures may also be redeemed out of the sinking
fund account on any interest date prior to maturity, on 15 days' written
notice, upon the payment of the principal amount thereof and accrued inter¬
est, plus a premium of K of 1 % and no more.
City National Bank & Trust
Co. of Kansas City, Mo., trustee.
Company has agreed to establish a
inc.
18,911,688
$1,079,638
Other
7,157,468
$2,459,382
1,438,574
Selling and
6,168,473
$2,518,212
Net
income
Earnings
per
share.$0.23
30, 1940, were $25,379,926, and current lia¬
bilities were $3,679,634, a ratio of 6.9 to 1.
Net current assets were equiva¬
lent to approximately $11.68 per share of outstanding stock.
Of the cur¬
rent assets, $12,828,701 was in cash and short-term U. S. Treasury notes.
—V. 151, p. 2505.
Current assets as of Sept.
in
source
of supply for approximately 100 other individually-owned automobile
located in Arkansas, Iowa, Kansas, Missouri and Nebraska.
company serves
hundreds of dealers and commercial
territory.
The principal business is automobile tires, batteries, complete line of
accessories, replacement of automobile parts, home and automobile radios,
hand tools and bicycles.
Company carries more than 5,000 different
accessory stores
In
addition,
the
accounts within its trade
items of merchandise in stock.
Purpose of Issue—-(1) To open additional stores; (2) to add new lines of
and increase inventory; (3) to finance instalment accounts,
has in excess of 3,000, and (4) to increase working
capital.
merchandise
of which the company
Authorized
Capitalization—
Common stock ($100 par)
Statement
Outstanding
1,000 shs.
4,000 shs.
$100,000
...
preferred stock ($25 par)
15-year 6% sinking fund debentures
6 % cumulative
____
772 shs.
280 shs.
$100,000
Year End.
...
income
Other income (discounts earned, &c.)
Total
income..
Operating and administrative expenses
State and Federal income taxes
$341,473
231,726
$682,428
472,082
$630,901
446,164
$109,747
3,923
$210,346
9,500
$184,737
7,609
$113,670
Total net sales
Gross
panies concerned for approval of a proposed plan of consolidation of Public
Service of Indiana, the Dresser Power Corp., Terre Haute Electric, Central
Indiana Power & Northern Indiana &Power.—Y. 150, p. 2732.
Miller & Hart,
Year End.
June 30, '40 Dec. 31, '39 Dec. 31, '38
$219,846
206,348
1943
were
182,793
2,000
Holders
1,776
Inc.—Plan Operative—
of deposit for 6% gold debentures due July
notified on Nov. 12 that in accordance with the provisions
of certificates
$192,347
105,613
Simplify—
Exchange Commission is taking action under Section
(b) (2) of the Public Utility Holding Company Act of 1935 to simplify
the corporate structure of this bankrupt company (through Hugh M. Morris,
trustee of its estate) and its four subsidiaries, Public Service Co. of Indiana,
Central Indiana Power Co., Northern Indiana Power Co., and Terre Haute
Electric Co., Inc.
A hearing will be held in Washington Nov. 25 to determine whether action
under the corporate simplification section of the act should be taken in the
case of these companies.
The Commission says It has reason to believe that "the corporate struc¬
tures and continued existence of Public Service of Indiana, Central Indiana
Power, Northern Indiana Power and Terre Haute Electric unduly and un¬
necessarily complicate the structure and unfairly and inequitably distribute
voting power among the security holders of the holding company system of
the Midland United."
The SEC will discuss at the same time the application of the five com¬
of Income and Expense
6 Mos.End.
Cost of sales..
Midland United Co .—Plans to
The Securities and
11
Milwaukee Electric Ry. & Transport Co.—
[Including Badger Auto Service Co.]
Consolidated Earnings for 12 Months Ended Sept. 30, 1940
$9,241,823
Total operating revenues
a$8,057
Net income.
a
$11,497
$7,777
8,473,725
Operating expenses and taxes
Before State and Federal income taxes.
Master Electric Co.—Stock Dividend
Net operating revenues.
-
Non-operating revenues
—
Directors authorized payment of a 3 ]4 % stock dividend on common stock
of record at the close of business Nov. 20.
The payment will be
December contingent upon receiving Securities and Exchange
Commission authority for issuing the stock and listing the additional shares
on the New York Curb.
The dividend, the company said, is not in lieu of the usual cash dividend,
:„
Gross income
—
to holders
Interest on funded
made
Amortization of bond expense
in
action on which is scheduled at the next regular meeting of the Board Nov.
19.—V. 151, p. 2650.
Melville Shoe
Counsel, died
on
Nov.
months.—V. 151, p. 2196.
Mercantile Properties, Inc.—Tenders—
Bank & Trust Co. will until Nov. 25 receive bids
of sufficient secured sinking fund 5% % bonds, due Jan. 1,
The Central Hanover
for the sale to it
1946, to exhaust the sum of
interest.
Other interest
Net income
$45,617 at prices not exceeding par and accrued
debt
charges—
—
-
$768,098
4,983
$773,082
400,000
759
1,072
$371,251
Note—No provision was made for income taxes for the period since it is
estimated that the company has no taxable net income for the period.—V.
151,
Corp.—Obituary—
William Fitch Allen, Vice-President and General
11 after an illness of four
1,
of
plan of debenture adjustment and deposit agreement,dated as of Dec. 30,
1939 for the 6% gold debentures due July 1, 1943 and pursuant to a resolu¬
tion adopted by the board of directors of the corporation on Nov. 12, 1940.
the said plan and agreement has been declared operative.—V. 151, p. 2505.
the
P.
992.
Missouri Pacific RR.—To Acquire Stock—
The Missouri P. S. Commission has authorized the trustee for the road
to acquire from Terminal Shares, Inc., all the outstanding stock of the
St
Joseph Belt Ry. and Union Terminal Ry. of Kansas City.
Federal
Judge Moore of the Federal Court of St. Louis recently approved an agree¬
ment under which the Missouri Pacific will purchase the above stocks
from Terminal Shares, Inc., a subsidiary of the Alleghany Corp.—V. 151,
p.
2804.
The Commercial & Financial Chronicle
2948
River
Mississippi
Power
National
Co.—Earnings—
Nov.
16,
1940
Acme Co.—Earnings—
1940—3 Mos.—1939
1940—9 Mos.—1939
y$853.335
x$78,385 y$2,090,385
x$188,121
$4,324,690
,2,402,083
$3,984,200
1,445,558
Period End. Sept. 30—
Netprofit--....
Earns, per sh. on 500,000
shs. cap. stk. (par il)_
Net operating revenues--,---—$1,922,614
Non-operating revenues— —-—- -—- 123,178
$2,538,642
127,190
After interest, depreciation and provision
for Federal income taxes at the new rate of 24%, but before excess profits
Gross income-,--$2,045,792
Interest on funded debt—930,419
Amortization of bond discount and expense- - . —
39,778
Other deductions----------------------------15,128
$2,665,832
938,011
40,318
14,509
1940
12 Months Ended Sept. 30—
Operating revenues——Operating expenses and taxes. .—-
_
a
1939
'
an
.
$1.71
After charges and taxes,
x
$4.18
$0.16
$0.38
y
taxes.—V. 151, p. 2805.
Net income
——————
$1,060,467
$1,672,993
a Includes the
accounts of Missouri Transmission Co., a former sub¬
sidiary, to date of dissolution, Nov. 23, 1938;.
Bonds Called— V.
A total of
'■'
..<
.
•
x
Nine Months End. Sept. 30—
Net profit
————
come taxes, &c.
y On common stock,
z Before provision for any possible
profits taxes and provision for exchange differential applicable to
company's Canadian operations.—V. 151, p. 2507.
National Biscuit Co.—Earnings—
Period End. Sept. 30—
1940—3 Mos.—1939
Net Inc. after taxes, &c.x$2,527,034
$3,023,903
1940
$946,115
663,072
31,342
1939
$798,124
56,690
289,448
6,289,448
$0.33
(par $10)•
Shs. com. stk.
53,101
Federal and 8tate income taxes14,826
$467,783 loss$176,395
excess
$150,000 first mortgage 5% bonds due 1951 has been called
Jan. 1 at 105.—V. 151, p. 1901.
Corp.—Earnings—
19§8
1939^
1940n_
z$620,964
—
Earnings per share. . — _
—
$1.03
$0.93
Nil
x After depreciation, interest,
amortization, Federal and Canadian in¬
y
for redemption on
Mobile Gas Service
,
Inc.—Earnings—
National Automotive Fibres,
1940—9 Mos,—1939
x$7.741,748 $8,878,490
6,289,448
6,289,448
$0.41
;
12 Months Ended Sept. 30—
Operating revenues.-.—
Operation-----Maintenance——.-—
—;
General taxes--.---
—
—
554,034
2d447
$180,178
27,842
$161,842
35,274
$208,020
45,044
$140,521
45,825
2,066
x
National Bond & Investment
Gross income—
reserve
accruals..
Gross income.
5% bonds.
45.825
Sundry income charges-.......----.
2,002
Interest
on
Balance—
first mortgage
$92,630
Cr5,305
$115,144
—
b Partial return-.-—..—.--..—-.
...
c
Net earnings.-..——————————
a
Before retirement
$115,144
$97,935
accruals,
b Of premiums paid in prior years
Reserved for interest on income bonds.
reserve
to a self-insurance fund,
c
Balance Sheet Sept.
30,1940
$2,925,812; other physical property, $232,242;
$143,935; appliances on rental, $2,891;
$55,9o4; prepayments, $5,154; deferred debits,
Assets—Utility plant,
cash. ?14.,248: accounts receivable,
and supplies,
$31; total, $3,380,248.
Liabilities—Common stock (5,000 shares, no par), $430,701; first mort¬
gage bonds, $1,833,000; accounts payable, $82,901; payables to associated
companies, $9,025; customers' deposits, $27,687; taxes accrued, $41,299;
interest accrued, $1,297; customers' advances for construction, $26,633
retirement reserve, $598,342; uncollectible accounts reserve, $45,982; int
terest on income bonds reserve, $49,104; contributions in aid of construc¬
tion, $9,710; capital surplus, $224,566; total, $3,380,248.—V. 151, p. 1902materials
$1.02
$1.20
Co.—Earnings—
stock—...
based on increased rates
1939
$942,146,
$1.17
$1.79
Earns, per sh. on common
Federal taxes
x
a
Retirement
..
Federal income taxes at new rates, including accrual for
559.
After deducting
NineMonths End. Sept. 30—
1940
Net profit after chgs. & Fed. taxes—_x$l,323,938
$197,116
56,595
$162,976
Utility operating income.
Other income (net)
a
Earnings per snare
first six months of 1940.—V. 151, P.
now
in effect.—V. 151, p. 994.
Inc.—Earnings-
National Candy Co.,
1940—-9 Mos.—1939
a$88,630
$396,300
1940—3 Mos.—1939
$193,300
Period End. Sept. 3(4—•
Net earn, after all ch'gs. aloss$4,730
Earn, per share on com.
after pref. dividends..
1938
$935,532
$1.16
def$0.07
$0.82
def$0.20
$1.52
Federal income taxes under Second Revenue Act
2507.
After adjustment for
a
of 1940.—V. 151, p.
Corp.—Special Dividend—
National Container
dividend of 25 cents per share in addition
share on the common stock, payable
Dividends of 25 cents were paid on
Sept. 14, and on June 15, last: 20 cents on March 15, last; 17H cents on
Dec. 15, 1939; dividends of 7H cents paid in each of the four preceding
quarters; 5 cents on Sept. 1,1938 and 12)4 cents on June 1,1938.—V. 151,
Directors have declared a special
to the regular dividend of 25 cents per
Dec. 16 to holders of record Nov. 20.
2051.'.'
p.
v'.'-'-:-;'':
.
National
Products
Dairy
Corp.—Plans
$70,000,000
Refunding—
;
itjs understood, is planning to refund its 2M% debs,
1951, and its preferred stocks into long-term and serial debentures
aggregating $70, 00,000. The proposed issues will likely be underwritten
by a syndicate headed by Goldman, Sachs & Co., and Lehman Bros.
A registration statement covering the issues probably will be filed later
The corporation,
due
this month.
Monmouth Park (N. J.) Racing Association—$1,500,000 Race Track
Planned—Registers with SEC—
Announcement of pians-for the Monmouth Park Racing Association, the
first race track to be developed in New Jersey under the act of March 18,
1940, creating the New Jersey Racing Commission and providing for the
operating of norse race meetings and pari-mutuel betting in that State,
has been made by Amory L. Haskell, President of the National Horse Show
Association.
Among those interested is a group of prominent New Jersey
business men including; Thomas N. McCarter, Clifford Hemphill, Joseph
M.
Roebling, L.
B,
Ballantyne,
James Cox Brady, Jansen Noyes,
P. H. B. Frelinghuysen, Bernon Prentice and Reeve Schley.
The Association, he said, has filed application with the New
JerseyRacing Commission for a permit to conduct horse race meetings at a track
known as Monomouth Park, to be built at Oceanport, near Long Branch,
N. J.
Since Its incorporation in March, the Association has had
plans
prepared for a,track, buildings, grandstands, and general layout for a norse
racing plant on the proposed site, and has obtained rights for the purchase
or lease of 430 acres of land.
It is expected that the park, estimated to
cost about $1,500,000, will be ready for operation on June 16, 1941 and
meetings will be held from that date through July 26, 1941, excluding
Sundays.
Mr. Haskell stated that an application for the registration of 200,000
shares of capital stock of Monmouth Park Racing Association has been
filed with the Securities and Exchange Commission in Washington, In¬
cident to contemplated public offering of the shares by the investment
banking firm of Van Alstyne, Noel & Co. of New York City, as under¬
writers.
The proposed Monmouth Park racing plant is about 46 miles from New
York and 75 miles from Philadelphia, situated on the North Jersey coast.
It will be readily accessible to the large summer colonies of Elberon,
/
Asbury Park, Deal and Spring Lake, as well
Oranges and Jersey City.
as to
Newark, Elizabeth, the
The principal officers of the Monmouth Park Racing Association, accord¬
ing to Mr. Haskell are; Joseph M. Roebling and Clifford Hemphill, VicePresidents; Lewis E. Waring, Secretary, and Sydney W. Caulfield, Trea¬
Mr. Haskell is the President.
The directors of the Association include:
Thomas N. McCarter, NewC. Baker, L. B. Ballantyne, James Cox Brady, William duPont
surer.
Thomas H. Mclnnernay, President of the corporation, states "the
refunding program under consideration involves the redemption of the
outstanding $55,023,000, SH% debentures due 1951, 57,339 shares of
7% preferred stock class A and 41,370 shares of 7% preferred stock class B
and 20,125 shares of preferred stock of Western Maryland Dairy, Inc., a
sudsidiary."
The 3 H% debentures are currently redeemable at 105. The class A and
class B preferred stocks are redeemable at $105 per share and the preferred of
Western Maryland Dairy at $100 a share.—V. 151, p. 2654.
^
National Distillers Products Corp.
1939
$4,199,602
1938
$5,646,277
614,078
545,052
560,046
432,344
945,521
835,458
Netprofit...
Earnings per share
$3,153,180
$1.54
$4,155,704
$2.04
$4,094,399
$2.01
37 cents
June
P.
and Federal taxes
Earns, per
stock
y$3,489,190
After deducting
excess
$3,851,742
$3,157,967 x$3,136,443
$4.40
$5.95
on
$6.04
undistributed profits,
profits taxes.—V. 151, p. 2658.
National Gas & Electric Corp,
Period End. Sept. 30—
Operating
J?ald since Dec. 20, 1937, when 25 cents
-A- total of $7,000 30-year first mortgage A 5H% bonds has been called
for redemption on Jan. 1 at 104.—V. 151,
pk 2357.
share
on
common-.
$44,982
$509,200
9,271
$431,956
Dr2,324
$43,199
$44,925
16,937
$518,472'
215,663
$429,632
170,366
7,304
$27,988
7,306
$302,809
87,664
$259,265
89,026
355
210
355
302
4,266
2,553
4,576
3,512
$20,024
$208,325
$162,151
8,197
7,160
income
——_
1940 ;
...
62,139
brh7
16,882
$26,317
res.
—
Amort, of debt disc't &
expense.
.....
Other income charges
Net income..
Dividends declared
..
a
per
on common
stock
151,
Before retirement
p.
$118,659
$4.78
$2.58
After deducting minority interests, provision for Federal income taxes
and allowance for dividends on the preferred stock.
a
The report notes that during the first nine months of this year net income
and income tax figures of Canadian subsidiaries were consolidated at a dis¬
of 11%.
For the corresponding period of 199, such figures were
consolidated at par of exchange.
The balance sheet as of Sept. 30, 1940 shows total current assets of
$2,788,375 including $691,183 of cash. Current liabilities were $5000,032.
----
62,066
$0.52
$0.67
reserve
accruals.
for Federal excess profits tax.—V#
2805.
National Radiator
Corp.—Earnings—
1940
y$205,263
'
1939
x$153,765
Company states that the above net profit is equal to $1 a share on the
new common stock,
y Equal to $1.34 a share on new common stock.
—V. 151, p. 1580.
x
National Steel Corp.
1939
$220,237
—
share.
Note—No provision has been made
Co.—Earnings—
9 Months Ended Sept. 30—
Net earnings applicable to common stock
per
$42,241
958
4,175
12 Months Ended Sept. 30—
Net profit after depreciation..:
.
Earnings
$1,410,657
786,767
62,467
92,550
36,916
$1,595,348
868,414
51,770
103,825
accruals
per share was also
Nanaimo-Duncan Utilities, Ltd.—Bonds Called—
Nashua Gummed & Coated Paper
194(4—12 Mos.—1939
$129,939
69,110
4,695
8,736
2,416
$134,881
73,108
Gross income....
Int. on long-term debt--
a
distributed.—V. 151, p. 420.
a
oper.
Gross income
Earnings
dividend of 25 cents per share on the common
stock, payable Nov. 30 to holders of record Nov. 18.
This will be the
f}?8}
Utility
(&Subs.)—Earnings—
1940—Month—1939
$18,448
revenues....
Operation
...i..
Maintenance..
Murray Corp. of America—To Pay 25-Cent Common Div.
Directors have declared
Signal Co.—SEC Stop Order—
The Securities and Exchange Commission on Nov. 6 issued a stop order
suspending the effectiveness of a registration statement (2-4381) filed by
the company proposing the public offering of 400 shares of $100 par common
stock.
The statement was filed last April. The SEC said the registration
statement "shows a complete lack of appreciation of the type and extent
of the disclosures required of those who seek to sell securities to the public
through the mails and in interstate commerce, and a disregard of plainly
stated requirement of the Securities Act of 1933 and the Commission's
regulations."—V. 151, p. 2261.
Retirement
1937
1938
xNo provision was made for Federal surtax
y
7' ^•77,7;:7i7'-'7''
\
National Electric
.
1939
$3.88
1
Other income (net)
sh. on com.
——
30, 1940.
994..
a
(Philip) Morris & Co., Ltd.—Earnings—
1940
was $760,422
In the third quarter or 1940 provision was made for estimated additional
Federal income taxes under the Second Revenue Act of 1940.—V. 151,
a
QMos.End. Sept.30—
Net profits after charges
equal to
share, comparing with $1,042,283 or 51 cents a share in September
.
Monumental Radio Co.-—Registers with SEC—
this department
a
profit
1937
$5,489,903
quarter of previous year and $1,352,473 or 66 cents a share for quarter ended
General taxes.
Fed. & State inc. taxes..
See also list given on first page of this department.
See list given on first
page of
$3,191,641
$1.56
For the quarter ended Sept. 30, 1940, net
combe
Jr., P. H. B. Frelinghuysen, Amory L. Haskell, Clifford Hemphill, Reeve
Schley, George M. Bodman, Anderson Fowler, J. Ford Johnson Jr.,
Townsend Martin, Jansen Noyes, Bernon S. Prentice, Evander B. Schley
and J. Spencer Weed.
(& Subs.)—Earns.
9 Mos. End. Sept. 30—
1940
Profit after depreciation. $5,019,058
Interest & amortization.
636,804
Federal income tax, &c_.
190,613
(& Subs.) -hEarnings—
Period End. Sept. 30—
1940—3 Mos.—1939
b Profit from opers. &
inc. from int. & divs.. $7,872,898
$5,489,405
1940—9 Mos.—1939
$21,012,849 $15,229,945
1,853,851
5,412,450
5,060,945
Prov.fordeprec.&depl.
Interest charges
1.934,804
464,286
604,245
1,396,577
Prov. for Fed. inc. tax.,
a1,646,497
127,428
a3,362,694
Net profit...
Net profit per share on
"$3,827,311
1,815,500
1,064,195
count
Included in these figures
$483,280 of current assets and $78,473 of
current liabilities of Canadians ubsidiaries consolidated at par of exchange.
—V. 151, p. 993.
are
capital stock........
$2,903,881 $10,841,128
$7,289,305
.
$1.74
$1.32
$4.92
$3.31
Includes Federal tax accrual under the Second Revenue Act of 1940,
b After deducting cost of sales, selling and general expenses, &c.—Y. 151»
a
P.
1581.
Volume
The Commercial
151
National Power & Light Co.
Operating expenses
Direct
-
1,090,462
7.593,457
8,498,910
retirement
re¬
appropriations.
1,898,344
1,653,031
6,302,035
7,111,317
_____
Property
serve
_
Rayon Co.—Earnings—
New Bedford
Sept. 30, '40
3 Months Ended—
(net)
$6,773,092 $26,193,234
$26,549,445
6,777
$26,553,317
242,127
1,855
1,495
______
39,992
11,207
Other income deductions
48,291
$26,594,279
10,408,127
11,620,874
GY9.801
Gas
''
'/'■
.
.
of
Interest
a
09.531
Cr3,500
1,405,802
1,405,802
Cr21,430
5,623,206
90
689
$2,550,659 $10,281,841
Total
—
55,181
$2,550,659 $10,281,841
900
130.220
$2,446,345
.
$2,551,559 $10,412,061
$9,151,660
Expenses, ircl. taxes.__
164,337
91,040
Interest and other deduc.
256,361
255,724
$2,025,647
$2,204,795
1
$7,676,822
$8,895,898
earned surplus.____
per
sh.
$1.32
$1.09
a Of National Power & Light Co. in income of subsidiaries.
Notes—(1) Certain properties of subsidiaries were sold during 1938 and
1939, and consequently the statement of consolidated income of National
Power & Light Co. and subsidiaries includes the operations of these proper¬
sale.
(2) No consideration has been given in the accompanying statements to
requirements of the excess profits tax imposed by the Second Revenue
Act of 1940.—V. 151, P. 2051.
ties only to dates of
National Tea Co.—Sales—
Period Ended Nov. 2—
Sales
.
1940—4 Wks.—1939
$4,824,912
$4,682,706
1940—44 Wks.—1939
$51,325,999 $46,945,550
1,060
1,077
>v-;-
Stores in operation
—V. 151, P. 2654.
England Public Service
Co.—SEC Opens Simplifi¬
Exchange Commission on
and
Securities
The
$0.32
$0.29
_
New
Nov. 7 opened public
hearings in its case to force New England Public Service Co. and Northern
New England Co. to simplify their corporate set-ups in compliance with
provisions of the Public Utility Holding Company Act.
The order was issued on the basis of a staff report which said that the
continued existence of Northern New England Co. unduly and unneces¬
sarily complicates the holding company set-up and inequitably distributes
voting power among security holders of the system.
At the outset of the hearing Leonard A. Pierce, counsel for NEPSCO,
moved that the order and notice of hearing be dismissed on the ground that
holders of substantial amounts of the company's stock who reside outside
continental United States had not been served.
The hearing before a trial examiner was suspended while the motion
was argued before members of the SEC.
No ruling was made immediately
and the examiner ordered the hearing to continue.
The SEC counsel then presented evidence on which the staff report was
based.
This set forth, among others, the following general conclusions:
(1) That the common stock of New England Public Service Co., repre¬
senting only 11.64% of total capitalization, has 74.33% of the voting power.
This stock has no equity as to assets and earnings, the report held, and the
of com¬
stock—
of 25,616,000
in the corre¬
cation Hearings—
366,925
1,107,913
Bal. carried to consol.
mon
increase of 2,791,375 kwh.,
for the corresponding month
year ago.
96,155
494,532
1,021,631
Earns,
31, New England Gas & Electric Assn. reports
44,166,355 kwh.
This is an
6.75% above production of 41,374,980 kwh.,
Gas output is reported as 431,558,000 cu. ft., an increase
cu. ft., or 6.31%
above production of 405,942,000 cu. ft.
sponding month a year ago.—V. 151, p. 2805,
,
$9,055,505
$2,391,164
.___
For the month ended Oct.
$9,055,505
Other income..
year ago.
or
a
$2,391,164
Net equity
a
electric output of
22
Nat. Pow. & Lt. Co.—
Net equity
is reported at 98,607,000 cu. ft., a decrease of 1,061,000 cu. ft.,
1.06% below production of 99,668,000 cu. ft. in the corresponding week
5,926,742
149
Cr8,558
__
ity interests
a
Gas & Electric Assn. reports
This is an increase of 550,773 kwh.,
kwh. for the corresponding week
kwh.
ago.
Gas output
or
Pref. divs. to public
Portion applic. to minor¬
a
Association—System
V-'X',;,
: ■
Electric
X
a year
2,870,234
2,416,597
_____
Interest charged to con¬
struction.
60,553
above production of 9,570,639
5.75%
or
and
public
other deductions
$6,205,027
_
&
:
For the week ended Nov. 8, New England
201,165
$6,823,344 $26,291,834
England
electric output of 10,121,412
Gross income.
63,606
profit after all charges
—V. 150, p. 2585.
Output—
'40
$495,255
June 30, '40 Mar. 31,
$452,290
Net
New
$6,176,242
Operating income
Other income.
•_
3,872
$6,774,947 $26,200,011
38,596
140.114
$6,174,747
$553,186
67,013
Net sales
Net oper. revenues
Rent from lease of plants
>■
have
addition to the
$80,168,003
38,008.331
2,094,396
taxes
Inc.—Extra Dividend—
declared an extra dividend of 25 cents per share in
regular quarterly dividend of like amount on the common
stock, both payable Dec. 16 to holders of record Nov. 30.
Similar payments
were made on Dec. 15, 1939.—Y. 151, p. 2805.
Directors
1940—12 Mos.—1939
$19,429,396 $18,228,438 $77,332,296
37,243,570
8,711,853
9,261,909
Operating revenues
Neisner Bros.,
(& Subs.)—Earnings-
1940—3 Mos.—1939
Period End. Sept. 30—
Subsidiaries—
2949
& Financial Chronicle
voting power is thus unfairly and inequitably distributed.
(2) The existence of Northern New England Co. as a mechanism of
over
New England Public Service Co. unfairly and inequitably
voting power among the common shareholders of NEPSCO:
that Northern New England fulfills no useful economic function and its
control
National Terminals Corp.,
Reorganization
Cleveland, O.,—Outlook for
—
..
The officers in a letter
distributes
VX. f-.'-/;:
dated Nov. 8, to the holders
continued existence causes an unnecessary
complication to the corporate
structure.
of securities of the
(3) The continued existence of Northern New England Co. violates the
Utility Holding Company Act, inasmuch as Northern New England is a
holding company with respect to New England Public Service which in turn
has at least one subsidiary (Public Service Co. of New Hampshire) which
is in its turn a holding company with respect to a subsidiary (Swans Falls
corporation state:
You have heretofore been advised of the pending suit of City National
Bank & Trust Co. of Chicago, trustee for the collateral trust bonds, with
reference to the disposition of the cash fund of approximately $99,000 in
of the fact that the possible effects of the court's decision in
for us to await a decision before working out
of our detailed plan of reorganization and presenting
it to our security holders for legally binding acceptance.
The circuit court entered a decree in the above suit on Oct. 15, 1940.
This decree provides that approximately $23,000 of the funds in the hands
of the trustee shall be applied to the purchase of collateral trust bonds in
accordance with the sinking fund provisions of the trust deed.
The decree
further provides that the remainder of the funds in the hands of the trustee
after payment of certain fees and expenses shall be applied to the payment
of interest on the collateral trust bonds not purchased through the sinking
fund operation.
Under the laws of Illinois an appeal may be taken from the decision of
the circuit court at any time within 90 days from the date of the decision
and it is therefore necessary that disbursement of the funds in accordance
with the court's order be delayed until after the expiration of this period
for appeal.
We are now working on a revision of our plan of reorganization so as to
take into account the results of the decision of the circuit court in the case
above referred to, as well as certain other developments which have occurred
since our original outline of plan, and we hope to be in a position to send
out copies of a revised plan, and invite deposit of securities thereunder,
soon after the
sinking fund operation and disbursement of interest on
collateral trust bonds provided for in the court's decree has been completed.
While no accurate figures which would not be subject to substantial
its hands, and
Co.)—V. 151, p. 1729.
that suit made it necessary
Period End. Sept.
Uncollectible oper. rev__
Net oper. revenues.__
Operating taxes.
Net
,
____
Newmarket Mfg.
Nehi
any
may
Chancellor WilliamWatson Harrington,
Royal Crown Cola, or
—
$30,733
5,349
bottlers of cola drinks
Nehi
right to use of the word "cola".
It contended that use of the word by
constituted fraud and deception.
It also offered testimony in an effort to
show that in bars and taverns Royal Crown Cola was passed off when orders
for Coca Cola in mixed alcoholic drinks were given.
Nehi disputed Coca Cola's claim to exclusive use of the word "cola" on
ground that it is a generic, descriptive word, free and open to use by any
and on the further ground that for 40 years there has existed in the
definite and well known class of drinks known to trade and
public as' 'cola beverages".
It offered a great volume of evidence to support
these contentions.
It also offered evidence denying and refuting Coca Cola
testimony as to "passing off", and showed by testimony of bottlers that bar
and tavern volume of Royal Crown Cola business in various cities was only
from one to 4% of total sales.
It was also testified that 53 % of Royal Crown
Cola sales are in dry States where bars are not permitted.
By testimony and argument of counsel, Nehi endeavored to show that, if
the Coca Cola contention as to use of the word "cola" were allowed, 200
manufacturers of cola drink concentrates and several thousand bottlerswould
be put out of business and Coca Cola would be given a monopoly in the cola
beverage field.
Nehi introduced in evidence 258 bottles of cola drinks,
other than Coca Cola and Royal Crown Cola, which had been purchased in
the market in recent months.
Charges and counter-charges of imitation in advertising and uses of color
were made and scores of advertising signs and reproductions of magazine
and newspaper advertising were submitted.
The walls, desks and practi¬
cally all available space in the court room were covered with such exhibits.
Able and numerous counsel were retained by each side and every step in the
trial was vigorously constested.
It is believed the long controversy over
use of the word "cola" will be finally determined through this case, which
has been the most exhaustive of any yet heard in any court in the United
States.—V. 151, p. 2507.
Net
profit
capital stock
Earns, per share
2,007
x6,439
8,535
16,749
$20,440
619.759
$83,626
621,359
$0.03
Federal income taxes...
$0.13
$371,503
13,917
$335,237
5,667
$385,420
32,963
x81,221
$340,904
25,923
49,169
$271,236
619,759
$0.44
$265,812
621,359
$0.43
24%.
Net profit for 12 months ended Sept. 30, 1940, was $414,735, equal to
67 cents a share, against $272,348 or 44 cents a share for 12 months ended
Sept. 30, 1939.—V. 151, p. 853.
x
Based on rate of
Newport News Shipbuilding & Dry Dock Co.—Oper'ns
the shipbuilding industry of the current naval expansion
is illustrated in the latest statement of contracts in progress,
covering the period from June 25 to Sept. 30, 1940, released on Nov. 8 by
this company.
Company reports that its unbilled balance of contracts
(with the United States Navy, Maritime Commission and private customers)
has increased from $93,790,480 on June 25 to $465,376,007 as at Sept. 30,
1940.
Additional contracts, chiefly with the Navy, received during the
period totaled $389,176,000.
Billings in excess of $17,000,000 and sundry
adjustments made during this period account for the difference between
The impact on
program
3<bOY8 fi^UrGS.
United States a
$108,910
9,203
Interest,
Shares
Coca
$106,903
$36,082
Operating plant
their beverages is now
presiding judge of the chancery
vigorously contested trial which began on Sept. 16, and piled up
6,000 pages of testimony and more than 500 exhibits, both
Cola and
Nehi, plaintiff and defendant respectively in the trade mark infringement
suit instituted by Coca Cola,
concluded their cases on Nov. 12.
Coca
Cola was given until Jan. 20 to file its brief and Nehi, until March 20, after
which the court set date for argument.
It is therefore probable the Chancel¬
lor's decision will not be handed down before late spring or early summer,
after which, whoever wins, appeal will undoubtedly be taken to the Delaware
Court of Appeals, with final adjudication several months later.
Coca Cola took the position throughout the trial that it has exclusive legal
one
dividends of 75 cents per
Newport Industries, Inc.—Earnings—
Sept. 30—
1940—3 Mos.—1939
1940—9 Mos.—1939
$1,047,225 $1,130,033
$3,517,195 $3,320,449
Costs, expenses, &c._
949,952
963,851
2,946,072
2,807,564
Depreciation, &c
66,540
59,279
199,620
177,648
J
a
the
share on the common
15 to holders of record Nov. 9.
Like
$1 was paid on Feb. 15, last; $1.50 on
Period End.
court of Delaware.
After
Co.—50-Cent Dividend—
Net sales
Total income
of the other 200 producers and several thousand
continue to use the word "cola" in the name of
up to
7,275,422
share were
Corp.—Coca-Cola Suit—
corporation manufacturer of
$10,859,724
$1,346,368 $11,076,505
961,671
7,446,814
declared a dividend of 50 cents per
Other income.
Whether or not the
$2,075,637 $18,454,210 $17,106,038
729,269
7,377,705
6,246,314
1939 and previously regular quarterly
distributed.—V. 151, p. 853.
Nov. 15,
$57,533,004
40,426,966
$6,537,528 $59,283,358
4,461,891
40,829,148
2358.
Directors have
Sept. 30, 1940, have been considerably better than those
previous year, and that the working
150,
$2,244,496
1,122,121
stock, no par value, payable Nov.
amount was paid on Aug. 15, last;
corresponding period of the
being substantially improved.—V.
V' •!; V:/,,' /;.
—
operating income. $1,122,375
732,362
Net income
—V. 151, p.
and
capital position of the company is
p. 4132.
__ _
Telegraph Co.—Earnings—
1940—Month—1939
1940—9 Mos.—1939
$6,705,548 $6,558,946 $59,441,075 $57,704,729
20,747
21,418
157,717
171,725
Operating revenues ___ $6,684,801
Operating expenses
4,440,305
adjustments are available on the results of operations of our company
the close of the last fiscal year on March 31, 1940,
we are pleased to advise that the earnings for the first six months of our
for the
30—
Operating revenues
its subsidiaries since
fiscal year ended
England Telephone &
New
the final statement
The company is
turbines; on Sept.
continuing its activities in the construction of hydraulic
30, the unbilled balance of this department aggregated
$1,819,893.
The great increase
resulted in a step-up
in volume which the company is now
in the number of employees from 9,765
enjoying has
at the end of
to 12,911 on Sept. 30.
To expedite the bui.ding of naval vessels, chiefly aircraft
Newport News company now has under construction two new
ways.
This type of way, the first in any private American
last year
carriers, the
submerged
yard, is at once
way and a drydock.
It permits the construction of ships on level and
eliminates the risk and expense of launching. These ways are substantially
larger than the others in the yard and will take the largest type of naval
vessel now contemplated. When not being used as ways they can be utilized
a
as
drydocks.
.
built, as well as
inventory.—V. 151,
A new outfitting pier 1,000 feet in length is also being
additional warehouses for the storage of increased
p.
2358.
York Air Brake Co.—To Pay $1 Common Dividend—
have declared a dividend of $1 per share on the common
Dec. 16 to holders of record Dec. 2.
This compares with
paid on Nov. 1, and each three months previously.—V. 151, p. 2200
New
Directors
stock, payable
50 cents
The Commercial & Financial Chronicle
2950
New York Central
RR.—Earnings—
North American Cement
Period End. Sept. 30—
1940—Month—1939
1940—9 Mos.—1939
Railway oper. revenues.$31,862,647 $31,738,488 $269304.442 $243191.568
Railway oper. expenses. 23.090.160
21.570,278 204,138,338 185,560,373
Net
from
rev.
ry.oper„lsj72,487
$10,168,210 $65,166,104 $57,631,195
2,894,429
2,690,705
26,714,119
25,874,116
Railway tax accruals...
Equip, and joint facility
rents
1,318,231
-
1,139,128
10,815,153
12 Mos. End.
Net ry. oper. income.
$4,559,827
1.373,021
1,062,907
$21,354,015
12.465,419
9,599.965
$7,401,284 $40,102,251
$30,953,980
..
_
$5,932,848
Miscell. deductions from
1939
$4.39,875
1938
$882,334
132,911
4,071,468
125,260
4,155,928
1,314,165
36,052,165
North American
operating
Operating
1940
1939
$15,568,212 $15,086,280
5,990,707
5,864,632
591,337
660,250
1,228,558
1,137,552
al,323,400
373,206
2,430,019
2,272,198
^
revenues
expenses
Maintenance
Provision for income taxes
...
...
reserves........'.
1,178,292
Net operating revenues
35,555,611
Non-operating
$1,728,469
charges.....
Deficit.—V.
151,
p.
$3,120,096
$2,735,921
$4,004,192
1,243,413
$4,778,442
955,280
$5,247,605
$5,733,722
1,409,640
199,732
21,001
1,640,876
156,303
37,220
CV42.982
908,386
019,341
893,329
$2,751,828
978,291
$3,025,335
1,001,410
$1,773,537
$2,023,925
revenues
Gross income
x$5,779.923
Interest
funded debt
Amortization of bond discount and
expense.
Other interest charges
Light Corp.—Earnings—
Period End. Sept. 30— 1940—3 Mos.—1939
1940—12 Mos.—1939
Operating revenues
$6,309,067
$6,058,641 $25,670,591 $25,368,986
Oper. revenue deduct'ns
4,638,007
a4,623,934
18,578,152 al7,941,974
Operating income
$1,671,060
Non-oper. income (net).
Drl,921
Gross income
$1,669,139
Deduc. from gross inc..
Net
946,728
$1,434,707
$7,092,439
Drl2,542
$1,437,123
1,151,624
$7,079,896
3,885,402
$722,411
a$285,498
$3,194,494 a$2,813,285
on
preferred stocks
BalanceInterest charges of North Amer. Lt. & Power Co..
Net income...
The amount of the
a
liability, if any, for excess profits tax arising from
October, 1940, of the Second Revenue Act of 1940 has not
definitely determined; the provision made in the consolidated
yet been
income statement for such tax is based
tive estimate.—V. 151, p. 854.
Telephone Co.—Modifies Mortgage Terms—
North American Oil
The company has been granted permission
by the P. 8. Commission to
modify the terms of its $75,000,000 refunding mortgage bonds, due 1964,
so as to reduce the interest rate to
3%, from 3%%.
This issue was sold
privately in October, 1939, to nine insurance companies.
Seven of the
insurance companies, which hold $60,000,000 of the
bonds, have consented
to the interest reduction.
They also have agreed to take over the $15,000,000 held by the two other companies which declined to accept the new
terms.—V. 151, p. 2805.
v
York
during construction charged to property
and plant
the enactment in
income........
New
Interest
$7,428,038
4,614,753
1,026
on
Dividends
$7,427,012
2,415
a Changed to
give effect to major adjustments made during year 1939.
—V. 151, p. 708.
New York
_________________
Charges of Subsidiaries—
2655.
New York Power &
Westchester
&
Boston
RR.—Hearings
Deferred—
Federal Judge John C. Knox adjourned on Nov. 1 until Nov. 15
hearings
on two petitions involving the
company.
One was a request by the Guar¬
anty Trust Co. to distribute a 5% principal payment to holders of the com¬
pany's $22,000,000first mortgage 4lA% bonds.
The other was the request
of James L. Dohr, receiver, for permission to dismantle the
Westchester
County property of the road.—V. 151, p. 2806.
Jan.
Inc. from sale of oil & gas
Management fee
what is believed to be
on
Co.—Earnings—
July 1, to
April 1, to
Jan. 1 .to
Sept. 30, *40 Sept. 30, *40 June 30, *40 Mar. 31,'40
$160,233
$48,993
$54,615
$56,624
3,854
1,279
2,574
59
Total income
-
$826,722
94,136
$3,586,651
266,828
$3,357,433
319,303
Gross income........
Deduc. from gross inc..
$1,116,690
270,868
$920,858
281,931
$3,85.3,479
1,115,089
$3,676,735
1,146,739
$845,822
$638,927
$2,738,390
$2,529,996
Net income
Profit jefore depletion
and taxes on income
$57,190
25,699
$.56,684
22,602
$91,298
Expense
$50,272
24,547
$25,725
$31,490
$34,082
—V. 151, p. 997.
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co.
system
Nov.
9, 1940,
totaled 31,863,980 kilowatt-hours,
ended
with
29,361,91.3 kilowatt-hours for
increase of 8.5%:—V. 151, p. 2806.
the corresponding
Northern States Power Co. (Minn.)
Year Ended Sept. 30—
Operating revenues
Operation
Maintenance...
Appropriations for retirement
Earnings—
Period End. Sept. 30— 1940—3 Mos.-—1939
1940—12 Mos.—1939
Operating revenues
$3,032,723
$2,807,471 $11,534,224 $10,705,876
Oper. revenue deduct'ns
2,430,095
1,958,522
8,728,310
7,587,924
Operating incom
Non-oper. inc. (net)
1940
reserve
$602,628
4,396
$848,949
2,660
$2,805,914
15,499
$3,117,952
18,071
$607,023
$851,610
Net operating income
Net income...
372.208
151,
p.
$479,401
$1,373,99.5
$1,652,561
1,483.462
708,
Interest
Interest
Period End.
Net profit
Earns,
per
After
on
bank loans
Amortization of debt discount and expense
Other interest
Amortization of sundry fixed assets
Interest charged to construction
Miscellaneous deductions
Balance
on
$8,245,831
Sept. 30—
1940—3 Mos.—19^9
$202,530
$179,611
share
$0.85
Federal
1940—9 Mos.—1939
$653,596
$2.75
$0.76
income
taxes,
&c.
y
On
$512,008
$2.16
capital
stock.
Mines, Ltd.—Earnings—
Period End. Sept. 30—
Total recovery
Costs and expenses.....
30,752
208,939
Applicable to current period
Applicable to prior period
Com. divs. on stock of Chippewa & Flambeau Im¬
29,070
...
i
net inc. of sub. co
Net income..
Earned surplus—beginning of period
a
Portion of additional appropriation
Interest for the year on indebtedness of parent co
__
....
740,000
Profit........
$1,927,568
Other income..
485,641
Total income
$2,413,209
136,000
Depreciation..
$8,189,626
1,942,340
Dr375,000
29,070
026,761
$6,947,510
1,851,801
260,966
273,928
..$10,017 932
$9,073,239
1,375,000
5,840,000
59,846
1,375,000
6,120,000
10,899
$2,743,086
$1,567,340
..
capital stock—cash;
Cumulative preferred, $5 series
1940—9 Mos.—1939
Common
$5,836,497 $13,405,657 $16,631,605
2,860,885
5,132,712
8,076,497
495,000
2,210,000
1,400,000
$2,480,611
381,110
$2,277,211
$1.02
$6,062,945
1,799,984
$7,155,108
1,307,267
$2,861,721
$7,862,930
135,000;
408,000
$8,462,375
405,000
—V. 151, p. 2508.
$2,726,721
$1.22
$7,454,930
$3.33
...1
on
Miscellaneous direct items (net)
Earned surplus
a
For retirement
of Jan.
to
$8,057,375
$3.60
—
reserve
made
in
Dec.,
Sept., 1939, inclusive.—V. 151,
Northern States Power Co.
1939
p.
applicable to the month
2359.
(Wis.) (& Subs.)—Earns.
Year Ended Sept. 30—
Operating
Estimated net profit..
Est. earns, per share
1940
revenues
Operation
...
Maintenance
Depreciation.
North American
9 Months Ended
Sales
Dividends
1940—3 Mos.—I939
$4,296,307
1,628,739
Reserve for taxes
Taxes.
Aviation, Inc.—Earnings—
Sept. 30—
1940
1939
$20,995,993
y$3,338,538
x5,049,617
Net profit_.
.......
......
Provision for Federal and State income taxes
$6,116,444
1,914,098
247,560
654,571
886,187
438,446
1939
$6,386,404
1,990,253
297,271
655,243
927,114
173,347
1938
$5,496,987
xl,014,491
Net operating income
Other income
...
,
$1,975,581
101,259
.
$2,343,175
60,452
After provision for estimated
Federal income taxes
(1939, $1,063,000;
1938, $217,000).
y The nine months' net for 1940 is after deduction for the
period of $3,010,000 for estimated Federal income and
excess profits taxes
on the basis of the new excess
profits tax law.
For the quarter ended
Sept. 30, 1940, company had a profit before taxes
of $3,354,900.
There was deducted from this
profit, Federal income and
excess profits taxes
amounting to $2,384,000 to provide Federal taxes for
that quarter as well as for the two
preceding qiarters under the provisions
of the new law.
The new tax
legislation, according to a company estimate,
had the effect of reducing net profit for the
nine-month period by approxi¬
mately $1,700,000 or 50 cents a share on
outstanding stock.—V. 151,
p.
27,135
(Wis.) held by public;
p.
Noranda
x
$7,189,511
cumulative pref. stock of Northern States
Power Co.
Total.......
x
__
*
provement Co...
depreciation,
1581.
151,
.$12,649,463 $11,857,789
3,487,450
3,605,718
'103,494
147,575
694,099
678,027
37,206
103,289
41,843
41,843
CV72.748
042,128
112,288
133,953
...
funded debt
on
Minority int. in undistributed
Noblitt-Sparks Industries, Inc.—Earnings —
x
1939
.$12,541,549 $11,781,770
107,914
76,018
Other income
$3,136,023
362,771
$2,821,413
1,447,418
$244,252
....
Deduc. from gross inc..
—V.
& deprec
Taxes
Provision for Federal and State income taxes
Divs
Gross income
y
(& Subs.)—Earns.
.$39,278,311 $37,177,999
13,999,269
13,651,534
1,569,963
1,752,699
3,609,631
3,482,740
4,827,427
5,005,610
2,730,472
1,508,646
....
Gross income
x
for the week
as
compared
week last year, an
151, P. 708.
Niagara, Lockport & Ontario Power Co. (& Subs.)—
—V.
59
$164,146
72,848
.
Operating income.... $1,047,338
Non-oper. income (net).
69,352
a conserva¬
1, to
Commission earned
Niagara Falls Power Co. (& Subs.)-—Earnings—
Period End. Sept. 30—
1940—3 Mos.—1939
1940—12 Mos.— 1939
Operating revenues
$3,588,718
$2,767,370 $13,110,107 $10,592,614
Oper. revenue deduct'ns
2,541,379
1,940,648
9,523,456
7,235,181
—V.
Be¬
y
Light & Power Co. (& Subs.)—Earns.
12 Months Ended Sept. 30—
Net income after fixed
x
1937
$484,828
After taxes, depreciation, depletion, interest and amortization,
fore profit on bonds purchased.—V. 151, p. 2201.
Appropriations for depreciation
income
Total fixed charges
1940
Corp.—Earnings—
1940
y$415.664
Taxes....
Total income...
16,
x
10,403,064
"$67338,377 $277636,832
Sept. 30-r
loss
Net
x
Total
Other income
Nov.
2200, 2053, 2052.
Northern Indiana Public Service
PeriodEnd. Sept.
Operating
Oper.
exps.
Utility
& taxes
oper. income..
Other income (net)
Gross income
Income deductions
Net income
1940—9 Mos.—1939
1940—12 Mos.—1939
$14,707,679 $13,483,763 $19,715,373 $18,019,672
11,037,204
9,841,140
14,733,493
13,157,441
$3,670,474
25,865
$3,642,623
98,963
$4,981,880
35,062
$4,862,231
110,832
$3,696,340
1,644,038
$3,741,586
2,032,317
$5,016,942
2,307,870
$4,973,063
2,719,238
$2,052,302
$1,709,269
$2,709,072
$2,253,825
$0.56
$0.37
$0.73
$0.48
Earns, per share of com.
stock
—V. 151, p. 2359.
on
$2,076,840
29,070
$2,403,627
799,539
77,853
10,246
41,843
03,707
8,796
29,070
$1,336,127
...
funded debt
$1,439,986
612,500
93,925
5,135
Amortization of sundry fixed assets
Interest charged to construction
Miscellaneous deductions
Dividends paid by subsidiary company
Net income.
—V. 151, p. 1906.
41,843
Cr47,864
6,105
__
Northland Greyhound Lines, Inc.—Dividend—
Co.—Earnings-—
30—"
revenues
Gross income
Interest
Amortization of debt discount and expense
Other interest.
;
Directors have declared a dividend of $1.50 per share on the common
stock, payable Dec. 2 to holders of record Nov. 20.
This compares with
$1 paid on April 24, last; $3 paid on Nov. 25, 1939; 80 cents
paid on Dec.
21, 1938; and $2.50 per share paid on Nov. 15, 1938.—V. 150,
p. 2433.
Northwest Airlines
Corp.—Operations—
Passenger revenue during October recorded an increase over the com¬
parable month of the previous year for the 25 consecutive month,
according
to Croil Hunter, President and General
Manager.
During October the airline flew a total of 5.396.290 revenue passenger
miles, an increase of 51.7% over October, 1939.
Passengers carried nums
bered 12,311, a gain of 65.8% over the similar 1939
period. Passenger rev¬
increased 62.82% over October a year ago.
For the first 10 months of 1940, passenger revenue of
Northwest Airline
increased 73.6% over the corresponding period of 1939.
So far this
enue
*
year'
Volume
98,424
The Commercial & Financial Chronicle
151
Oklahoma Natural Gas Co.—Earnings —
have been carried, an increase of 37,495, or 61.5% more
passengers
151,
than during the January to November period of 1939.—V.
p.
1581.
12 Months Ended
Operating
Ogilvie Flour Mills Co., Ltd.—EarningsProfit
1937
1938
$863,631
$530,269
$419,386
242,463
207,396
235,961
470,000
7,325
Investment income
552,000
124,930
519,000
17,051
290,000
198,466
$1,449,663
164,868
$1,195,858
149,213
158,519
2,843
Divs. from
wholly owned
subsidiary companies.
Profit
on
Profit
investments
on
...
realization
General..
a
$1,461,739
171,397
248,826
4,010
Legal expenses
Gontrib. to pension fund
30,000
deprecia'n.
199,680
2,507
to
$4,779,938
1,238,233
$4,067,536
1,077,600
$3,541,705
accruals
reserve
155,172
248,225
1,459
30,000
-■/
Gross income
;
Interest
on
bonds
Interest
on
$2,989,936
1,277,145
bank loans
Amortization
of
_.
643,958
...
186,238
debt
discount
and
expense,
less
Cr6,023
56,917
104,758
68,283
$2,660,614
debt premium....
$1,539,750
c
Other income charges
officers
exec,
$4,063,510
4,026
$1,588,058
Salaries & directors' fees
paid
$4,779,307
631
b Gross income-
33,023
Provision for taxes
2,994,099
231,862
710,580
219,249
...
...
b Utility operating income
Other income (net)
Retirement
Provision for
1939
$8,219,301
0,326,494
261,320
761,317
345,640
______
Federal and State income taxes
of
fixed assets
1940
$9,474,078
Sept. 30—
revenues
Operation.
Maintenance
$687,386
297,028
operations..
on
1939
1940
Years End. Aujj. 31
a
2951
'
83,550
67,503
75,260
73,283
18,622
18,789
17,395
17,667
$905,334
2,767,801
$996,316
2,511,484
$792,627
2,632,880
$1,062,252
Total surplus
Preferred dividend (7%)
$3,673,135
140,000
Common dividend ($8).
600,000
$3,507,800
$3,372,880
600,000
$3,251,484
140,000
600,000
$2,933,135
Surplus, Aug .31
...
Shs .com .stk .out. (no par)
600,000
Earned per share
$1.28
$2,767,800
$2,511,484
600,000
$1.42
600.000
$2,632,880
75,000
$1.08
12.29
of the company
Fees paid to other direc¬
tors.
.....
Net profit for year
Previous surplus
_
_
Net income.
Adjustment applicable to
prior years
140,000
600,000
1940
Period End. Sept.
plants, &c
...
$107,382
12
$114,438
33
$406,994
435
Gross income........
$107,394
Int. & other deductions.
69,381
$114,471
74,385
$407,429
287,039
2,915,161
3,467,032
.....
$38,013
$40,086
$120,390
$
y
stock.
Common
Bank over craft...
Reserve for taxes.
150,964
477,206
64,017
185,000
5,000.000
2,933,135
5,000,000
2,767,800
amts.
Provision for divs.
owing by partly
Rest account.....
owned subs. cos.
Earned surplus...
in
and
Accts.
in
Co.—Liquidation Dividend—
Old Dominion
dividend of 20 cents per share on
Dec. 3 to holders of record Nov. 23.
Liquidat¬
paid on June 5, last.—V. 150, p. 3212.
Directors have declared a liquidating
695,784
ing dividend of 40 cents was
1,290,323
1,258,622
1,690,352
Old Dominion Power Co.
2,716,357
2,601,682
2,357,241
2,275,116
...14,509,111
12,994,024
Net
14,509,111 12,994,024
Total
Represented by 600,000 (no par value) shares,
y After reserve for
depreciation of $3,951,984 in 1940 and $3,780,587 in 1939. z Less reserve
—V. 149, p.3121.
$46,933
40,711
....
Int. & other deductions.
Co .—Gain in Phones—
Company reports a gain of 6,813 stations in October as compared with
gain of 7,329 stations in September and 6,534 in October, 1939.
For
10 months new stations totaled 48,177, comparing with 41,463
stations in first 10 months of 1939.—V. 151, p.2806.
computed in accordance with the
of 1940.—V. 151, p. 1153
the first
12 Months Ended Sept.
1940
Reserved
*'
1939
$315,230
$304,433
155,546
12,580
30—
earnings
Operating expenses, maintenance, and taxes
for retirements.
168,565
12,523
_
$134,142
1,271
Net income
31,278
91,502
...
Int., amort, of disc't, &c., of Ohio Cities Wat.
Corp
'
■
$12,630
vCV-
Subs.)—Earnings—-.v;
Sept. 30—
1940
1939
1938
1937
$45,305,359 $39,905,336 $41,629,337 $48,433,758
Costs and expense...... 26,533,304
26,650,083
27,658,082
28,170,570
Ordinary taxes
2,010,768
1,855,106
2,010,735
1,885,641
9 Mas. End.
Profit
6,437,066
733,608
$9,590,612
...
Other income.
$3,552,126
442,646
.....
z892,901
...
_.
6,371,124
946,709
792,543
$245,123
55,233
—-
$130,588
51,039
43,542
c27,995
$78,987
57,387
c54,997
—
$36,007
$161,894
loss$33,397
C. C. Corp.....
9,112
24,791
CM.563
$26,895
$137,104
loss$28,834
2,108
676
$139,211
def$28,158
Profit from
Total income...
on
funded debt..
Minority interest
Other charges
Prov. for Fed. inc. tax..
....
$10,483,513
735,333
5,587
1,323,333
Net profit..
u_.._
Preferred dividends
6,501,338
1,592,260
Surplus....
Shs. com. stk. (no par)..
$4,693,087 $11,318,602
98,972
4,417
5,435
$3,994,772
463,333
1,265,369
653,836
998,156
$7,153,891
$120,413
"$3,935,862
1,553,138
1,312,647
1,595,417
2,406,047
10,315,011
2,466,347
3,281,688
a
Profit...
Minority share of P.
Profit for the quarter.
b Excess of par value of
Pacific Coast Cement
$1,529,815
6,563,377
$0.22
interest income,
$233,518 of non-recurring interest income.
x
$4,566,976
6,563,377
y$0.23
$0.85
Earnings per share
_
Includes $641,213 non-recurring
y
Loss.
$1.20
z
minority share of loss of Pacific Coast Cement Corp.
bond discount and expense applicable thereto, c Includes
amortization of underground development at New Black Diamond Mine
in excess of amount charged to operations at the previously established rate,
amounting to $24,380 in 1939 and $38,403 in 1938.
Note—1940 figures include amortization of plant and underground
development at Dale Mine, Black Diamond, in excess of amount charged to
operations at previously established rate, and amounting to $15,829 due to
reduction in anticipated coal content through faults and disturbed concondition of seams encountered beginning June 1, 1940: remainder for most
part represents loss on sales of property not required for company's oper¬
a
Before eliminating
1
The above
p.
figures do not include any
S
?
92,264,724
89,186,846
Pacific Gas & Electric Co.
'^y--
1939
$
35,453,700
...
5,669,431
5,764,524
b Common stock 59 ,235,791
59,235,791
9,783,571
8,593,560
Funded
debt...
13 ,000,000
19,000,000
payable.
3 ,201,572
1,047,723
4,261,973
5,302,446
Accrued interest
26,250
2,982,867
98,750
Accts.
Mkt. bonds, less
reserves
.....
Accts. receivable
5,965,014
Serial
note
due
1 ,000,000
Accrued taxes..
mercial notes.
5,794,786
Crude & ref. oil.
13,175,200
15,495^927
Mat'l & supplies
1,369,026
1,349,875
2 ,775,011
Deferred llabs..
accts. recei Vie
1,417,757
1,102,245
Deferred charges
507,319
135,245,129
Earned surplus.
2,142,426
1,491,945
79,883
83,060
8 ,616.316
11 ,712,171
8,620,851
6,135,741
133,916,675
135,245,129
1,109,854
.133,916,675
144,780
Minority Int
Capital surplus.
MIscell. notes &
Total
a
After depreciation and
shares.—V. 151, p. 2806.
depletion
Total
1937
1938
1939
$
$
$
109,120,252 106,184,467 100,857,893
12 Mos. End. Sept. 30—
operating revenue.
$
99.543,243
49,764,372
Provision for deprec'n.. 15,626,410
48,714,659
14,828,768
14,285,545
44,525,311
13,632,219
43,729,470
42,641,04 0
38,986,084
41,385,713
253,598
303,513
188,094
302,493
43.983.068
42,944,553
39,174,178
41,688,206
a
Maintenance....
Net operating revenue
Miscellaneous income—
Gross income
...
Bond & other int.
disc't,
47,586,264
,
Prov. for Fed. inc. tax..
12,058,700
6,525,319
12,514,179
4,775,115
12,167,288
3,884,208
12,909,054
3,056,781
Net inc. to surplus...
25,399,049
b Divs. of subsidiaries..
1,606
25,655,259
21,666
23,122,682
243,016
25,722,371
248,122
25,397,443
7,909,822
12,522,542
25,633,593
7,859,490
12,522,540
22,879,666
7,708,494
12,522,540
25,474,249
7,708,489
12,522,535
4,965,079
5,251,563
2,648,632
5,243,225
6,261,273
6,261,270
6,261,270
6,261,266
$2.79
$2.83
$2.42
$2.84
& other inc. deducfns
on
Divs.
on
pref. stock
com. stock
.
_
Balance
Av.
no.
shs. com. stock
outstanding
Earns,
stock
per
sh.
on
com.
Operating and administrative expenses, taxes, and provision for insur¬
ance, casualties and uncollectible accounts,
b On capital stocks held by
public and minority interest in undistributed earnings for the period.
James B. Black, President, states:
.
,
It is estimated that the higher taxes imposed by the Revenue Act of
a
1, 1941.
Mar.
Short-term com¬
(& Subs.)—Earnings—
$
34 ,124,900
Cash..........
Investments
1940
provision for income tax.—V. 151,
yy;
;
y
yyy- ,• ' ,*v-
Remainder—applic. to
Liabilities—
Preferred stock.
yy-;:?! v.
y* y
997.
Divs.
1940
1939
1940
Assets—
$31,136
for quarter
„
b Over cost and
P. G. &E. Co..—
Property.....
...
Includes
Consolidated Balance Sheet Sept. 30
a
2,561
1,680
—
Pacific Coast Co
Increase in surplus
*
bonds retired
Co. (less min.
— ...
:
$4,288,106df$l,475,004
6,563,377
6,563,377
bonds._
Other charges, net
$4,642,687 $10,283,949
50,400
xl,034,653
5,652
2,762,383
642,992
Common dividends
operations
Int. & taxes paid at source on
Gross
Int.
1938
$871,530
701,328
$11,960,521 $18,377,547
6,816,230
1,031,791
1939
1940
$946,451
ations.
$16,761,287 $11,400,147
Profit
(& Subs.)—Earnings—
639,339
.'
Sales.
Depreciation.
Depletion...
$5,014
$28,601
$22,864
periods has been
requirements of the Second Revenue Act
$769,928
interest therein)._
Corporation has called for redemption on Jan. 1, 1941, all of its out¬
standing 1st mtge. coll. trust 5.50% gold bonds, series A, due July 1,
1953, at 102 and accrued interest.
The bonds will be paid at the principal
office of City Bank Farmers Trust Co., 22 William St., New York.
Holders
may present their bonds for payment at any time prior to the redemption
date and receive the full redemption price with interest to Jan. 1, 1941.
—V. 151, p. 997.
Ohio Oil Co. (&
$189,732
166,868
deprec., depl. & taxes.
Costs & exps.,
898
$9,127
....
Bonds Called—
Pacific Coast Co.
$136,307
31,975
91,769
Gross income
Interest, amortization of discount, &c., of subs..
Preferred dividends of subsidiaries.
192
$192,680
164,080
Quarter Ended Sept. 30—
Sales and revs!, from other opers_.._.
(& Subs.)- -Earnings-
Gross
$189,540
Note—Provision for Federal income tax in the current
a
Ohio Cities Water Corp.
£>7*222
$6,222
Net income
Ohio Bell Telephone
$192,902
$46,321
41,306
.
$46,214
106
$46,933
......
Gross income
x
1940—12 Mos.—1939
$858,300
$781,334
665,398
591,794
$210,253
164,039
$219,079
172,146
operating income.
Other income
(& Sub).—Earnings—
1940—3 Mos.—1939
Period End. Sept. 30—
Operating revenues.... .
Oper. exps. and taxes—
cos.
(current)
has been
of the Second Revenue Act
1287.
151, p.
the common stock, payable
owing by wholly-
Total
1940.—V.
3,041,202
Invest, (current)..
$140,225
185,000
amts.
owned sub.
of
280,147
receivable
and
computed in accordance with the requirements
473,766
Cash..........
Stocks on hand
$442,726
302,502
'
Note-Provision for Federal income tax in the current periods
493,164
(non-current))..
8hs.
Net income..,
2,500,000
1,127,500
612,513
968,866
978,318
$441,100
1,626
2,000,000
Accts. payable...
pat. rights, &c._
7
2,000,000
2,500,000
1
Other inv. & mtge.
Shs.
1939
Liabilities—
Preferred stock...
t'dmarks,
G'dwill,
b Be¬
1940—3 Mos.—1939
1940—12 Mos.—1939
$321,642
$319,041 $1,326,937
$1,271,766
214,260
204,602
919,943
830,666
30—
Operating re venues
Oper. exps. & taxes
Net operating income.
1940
5
Water pew., mill
$1,133,400
excess profits tax as of Sept. 30, 1940.
accruals.—V. 151, p. 2656.
31
1939
5
Assets—
y
...
273,150
Federal
reserve
Other income (net)
Balance Sheet Aug.
t
Oklahoma Power & Water Co.—Earnings—
After deducting selling and general expenses.
a
$2,072,101
Balance for common stock and surplus...
No liability for
a
fore retirement
133,200
preferred..314,612
273,161
$5.50 convertible prior
Preferred .........
2,310,627
Dr174,022
140,000
-
Preferred stock dividend requirements:1 1
' ;
Convertible 6% pri^r preference-740
b Represented by
6,563,377
no par
,
,
,
„
the corporation normal
Act of 1940, will add
approximately $2,000,000 annually to the company's tax bill. Appropriate
provision for these additional taxes has been made in the income state¬
ment (1940).
The amount of our tax liability, if any, under the excess
profits tax provisions of the Second Revenue Act has not yet been deter¬
mined. Other operating costs were relatively stable.
1940, enacted in June, and the further increase in
income tax rate provided in the Second Revenue
The Commercial & Financial Chronicle
2952
It may be noted that, on the basis of taxation already provided for, the
company's contribution toward the cost of Federal, State and local govern¬
ment in the nine months ended Sept. 80, 1940 increased 18% over the same
period of the preceding year and was approximately equal to the entire
amount paid in dividends to the 96,000 stockholders whose savings are
invested in this enterprise.
In anticipation of its need for additional power resources to meet the
steadily increasing load growth throughout Northern California, the com¬
pany is undertaking the immediate construction of a 28,000 h. p. hydro
electric generating plant at Dutch Flat on the Bear River in Nevada County,
Calif.
This new plant is scheduled for completion in 1943.
The expected
growth of our electric load in the intervening period will be taken care of
by the three new steam electric generating stations in Contra Costa County,
and by arrangements recently made for the purchase of additional energy
from the Southern California Edison Co., concerning which stockholders
have already been informed.
For several months negotiations have been actively carried on with
representatives of the City and County of San Francisco in an endeavor to
reach an agreement with respect to the disposal of power from the city's
Hetch Hetchy system which will meet with the approval of the Secretary
of the Interior.
The plans agreed to, however, have met with objections
from the Secretary.
Representatives of the company and city are con¬
tinuing their efforts to arrive at a satisfactory solution.
Meanwhile, the
effective date of the injunction issued some time ago by the U. 8. District
Court prohibiting the distribution of Hetch Hetchy power under the existing
agency agreement, which has been in effect for more than 15 years, has been
postponed to July 1, 1941.
x
FPC Dismisses
Company's Hydroelectric Application—
participating stock
Grocery, and about
It is planned to
change the name of
Nov.
1940
16,
and about 92% of the common stock of
68% of the class B stock of David Pender.
Southern
Southern Grocery into David Pender and to
merge
that company to Colonial Stores, Inc.
The preferred
of both companies will be retired and their outstanding common
stocks converted into a new common stock.
For each class A share of David Pender there will be paid the call price
stocks
„
^
1941, payable within 15 days after the
effective time of the merger, or $55.87M a share.
For each class B share
will be given 1K shares of Colonial common stock.
Provisions governing the class A stock of David Pender require the
company to purchase at $55 a share and accrued dividends all such class A
stock which may be tendered to it for that purpose within 60 days after
such merger or within 60 days after notice thereof to class A stockholders,
whichever shall be the later date, and that the right shall be alternative
to all statutory rights of appraisal and purchase.
Under the laws of Delaware, applicable to Southern Grocery, any stock¬
holder who objects in writing prior to the vote on the merger may within
20 days of the time it becomes effective demand from the surviving company
payment of his stock.—V. 151, p. 2807.
and dividends accrued to March 1,
Pacific Telephone &
Period End. Sept. 30—
Operating revenues..
Uncoil, oper. revenue.—
Telegraph Co.—Earnings—
1940—Month—1939
1940—9 Mos.—1939
$6,395,541
$5,909,299 $56,081,704 $53,551,916
21,600
20,800
180,550
167,630
Operating revenues... $6,373,941
Operating expenses
4,309,899
The Federal Power Commission has dismissed the application of the com¬
Net oper. revenues...
pany for a license to construct two large hydroelectric projects on the north
fork of the Feather River in Butte and Plumas counties, Calif., holding that
$5,888,499 $55,901,154 $52,384,286
4,242,018 39,069,707
37,859,311
Rent from lease of oper.
comprehensive development of the water resources of the North Folk
be made without the inclusion of the storage reservoir at Lake
Almanor in a proper license.
The Commission also has dismissed, as no longer necessary, the com¬
a
$2,064,042
$1,646,481 $16,831,447 $15,524,975
1,240,058
70
705,932
8,377,482
633
7,232,942
$823,984
1,473,072
property..
Operating taxes
$940,619
1,600,026
$8,453,965
14,219,120
$8,292,666
13,594,642
cannot
pany's application for a preliminary permit covering six possible power
plant sites on the North Fork, because a license is sought for two of them.
The two involved in the license application are the proposed Cresta develop¬
ment, estimated by the applicant to cost $9,590,000 for plant and trans¬
mission lines and the Pulga development, estimated to cost $9,300,000.
—V. 151, p. 2360.
.
.
Pacific Mills—Government Contract—
Company was recently awarded a contract totaling $2,622,000 to manu¬
facture 1,500,000 yards flannel shirting for the United States Government.
—V.
151,
p.
1153.
'
■
Pacific Power & Water
Consolidated Earnings for
Gross
revenue
-;:vpv'
Co., Ltd. (& Subs.)—Earnings
Interest earned, net
Miscellaneous revenue
$88,025
1,509
279
—<—
—
$89,813
Total income-...-
Operating expenses
16,825
—.—
1,209
6,866
Insurance.
Maintenance
Property taxes
853
. -
Provincial gross revenue tax - -;
General and administrative expenses
1,104
10,555
21,943
15,120
1,720
4,000
,.
-
Provision for depreciation.
Interest on funded debt
Bond discount and expenses written off
Provision for taxes on income
....
151, p. 2360.
Pennroad
Corp.—To Pay 20-Cent Dividend—
Directors Nov. 13 declared a dividend of 20 cents per share on
—
$9,617
10,770
3,500
1,855
-
_•
Dividends paid on common stock,
Pennsylvania-Central Airlines—Operations
Consolidated Balance Sheet June 30, 1940
assets, $888,491; cash, $37,378; notes receivable, $300;
receivable
(less reserve for bad debts), $6,537; miscellaneous
receivable, $770; inventory of materials, supplies and merchandise,
$7,682; prepaid expenses, $1,525; notes receivable not due within one year,
$200; sinking fund cash in hands of trustee, $1,813; deferred charges,
$52,969; total, $997,667.
Liabilities—1st mtge. & coll. trust sinking fund bonds, $271,000; accounts
payable, $2,321; provision for taxes on income, $5,108; accrued interest on
bonds, $3,387; customers' security deposits, $1,361; revenue paid or billed
in advance, $1,492; reserve for depreciation, $304,515; 6% cumulative prior
preferred stock, $179,500 ; 7% cumulative 2nd preferred stock, $100,000;
common stock (issued 18,550 shares of no par value $18,550; less principal
portion of loss on sale of Vancouver Island Utilities Ltd. $18,550), Nil;
capital surplus arising from appraisal of fixed assets, $119,786; earned
surplus, $9,196; total, $997.667.—V. 149, p. 1484.
accounts
Panhandle Eastern Pipe Line
Co.—Plans Bond Issue—
The company,
it is understood, plans the registration within the next
3% bond issue to redeem its outstanding $23,000,000 of
4% bonds, which are callable at 102 >£.
10 days of
a new
Consolidated Earnings for
12 Mos. End. Sept. 30—
1940
12 Months Ended Sept. 30
1939
1938
1937
$13,196,163 $11,501,574
$9,476,416
$9,318,459
Total gross revenue
Total
oper.
exps.
taxes,
and
Federal
incl.
income tax...
7,449,585
6,131,734
5,106,528
4,631,645
Net operating revenue $5,746,579
Total interest deduct'ns
1,179,488
$5,369,840
1,258,709
$4,369,888
1,257,196
$4,686,813
1,067,562
Net
a
income.
Pennsylvania Electric Co. (& Subs.)—Earnings —
12 Months Ended
Total
operating
1940
1939
$12,117.650 $11,180,802
Sept. 30—
revenues
-
4,502,816
profits tax,
...__b$4,567,091
for Federal tax
$4,111,132 a$3,112,692 a$3,619.251
on
undistributed profits,
as
imposed by the Second Revenue Act of 1940.
Consolidated Balance Sheet Sept. 30
1940
Assets—
$
1940
1939
Liabilities—
$
$
Prope., plant & eq .63 ,791,854 58,852,269
a Intangibles
2 130,350
2,426,731
c
Other
CI. B. pref. stock.
investm'ts.
Reacquired
239,592
,719",266
7,000
2,816,980
rec.
945,433
890,472
Mat'l & supplies-.
231,824
183,142
sec...
Cash
3
Accts. <fc notes
Non-cur. notes and
charges
247,051
20,113
9,948
94,931
121,027
2 ,306,629
2,617,864
CI. A pref. stock. .10,000,000
10,000,000
1,000,000
1,000,000
Ser. A 4% bonds..22,505,000
Oth. long-term debt
31,297
23,003,000
Accounts payable-
546,336
Pref. di vs. declared
Other
curr.
&
159,240
165,000
165,000
e2,135,466
taxes
1,147,627
81,350
80,833
Accrued interest.ac¬
9,372
Deferred liabilities
57,964
135,240
d Res. for depl.,&c
8,716,720
764,531
7,049,289
739,215
f7,282,782
6,066,914
Other reserves
Surplus.
Total
$
18,626,125
crued liabs
Debt discount and
expenses
1939
Common stock..20,184,175
Accrued
accts. receivable
Special deposits
Prepaid accts. and
deferred
4,528,282
766,574
1,093.077
590.891
989,984
537,782
978,462
383,420
847,802
$4,174,309
10,654
$3,905,054
96,599
Operating
expenses
Maintenance
_
Federal income taxes
Other taxes
.
.
Operating income
Other income (net)
Gross
Interest
income..
on
.
—
.......u--
—..
68,970
Cr9,381
$4,001,652
1,812,417
169,118
80,388
Cr24,356
$2,131,009
....
$1,964,084
$4,184,963
long-term debt-..-..
1,810,205
Other interest
184,159
-
Amortization of debt discount, prem. & expense..
Interest charged to construction
Netincome
,
,
—V. 151, p. 1907.
Pennsylvania Forge Corp.— Stock Offered—An issue of
29,658 shares of common stock fpar $1) was offered Nov. 15
at $9.25 per share by E. H. Rollins & Sons, Inc.
The offer¬
ing does not represent new financing, the shares offered hav¬
ing been purchased from minority stockholders.
Transfer Agent—Pennsyl vania Co. for Insurances on Lives and Granting
Annuities,
Philadelphia.
Registrar—Fidelity-Philadelphia
Trust
Co.,
Philadelphia.
Business—Corporation is engaged in the production and machining of
forgings for use in the chemical, machine tool, oil refining, pipe fabrication,
public utility, shipbuilding and other industries and for ordinance for use by
the United States Army and Navy.
These products comprise rough and
finished forgings varying in weight up to 40 tons, and in length up to 90
feet.
They are produced from ingots or billets of carbon and alloy steels
as well as non-corrosive alloys.
The products are supplied for heavy-duty
instalations which are subjected to severe stresses and strains, and where
maximum strength is required with minimum weight.
.
Corporation produces forgings of variable sizes, shapes and dimensions
to customers' drawings and specifications, and also produces and sells
flanges in regular standard and special sizes.
History—Corporation was incorp. in Pennsylvania, Nov. 14, 1928
succeeding to the business of the Pennsylvania Forge Co., which was
originally started in 1904 but which was then carried on at another location.
In 1929 the corporation transferred operations to the present plant which
had previously been used by the Tacony Steel Co.
During 1933 by volun¬
tary agreement between the stockholders of the corporation and the bond¬
holders of the predecessor Pennsylvania Forge Co., the corporation re¬
organized its capitalization through exchanges of several classes of stock
then outstanding for a single issue of common stock and the sale of additional
shares of such common stock.
Corporation also secured releases from
obligations previously assumed as to the funded debt of the predecessor
company except for the guarantee of principal and interest on $25,000 6%
first mortgage bonds of the predecessor company (which have been acquired
by the corporation since Aug. 31, 1940), and an agreement to pay charges
senior to the general mortgage of the predcessor company.
Such charges
have comprised real estate taxes and interest on a prior mortgage, which
together have amounted to approximately $3,000 annually, on the plant
site formerly used by the predecessor company.
Capitalization and Funded Debt—Pursuant to a vote of the stockholders
at a special meeting held Oct. 28, 1940, authorized common stock has been
increased from 100,000 shares (no par) to 240,000 shares (par $1); and the
number of issued and outstanding shares of common stock has been in¬
creased from 36,079 shares to 216,474 shares by a six for one split.
On Sept. 9,1940 a mortgage payable serially to Jan. 2,1941 in the amount
of $100,000, was replaced by a note payable, secured by mortgage and
due Sept. 9, 1942, in the same principal amount.
Giving effect to the above changes, the capitlization is as follows:
.
—
Before provision
b After provision for additional Federal normal income tax and Federal
excess
—
miles flown during October totaled 4,285,145, against
1939, an increase of
106.6%, according to Edward Sullivan, General Traffic Manager.
P. C. A.
carried 24,616 revenue passengers last month, compared with 12,093 in
October, 1939, an increase of 103.6%.
October traffic marked the 28th
consecutive month that the airlines' business has shown a substantial
increase over the corresponding month of the preceding year.
Pennsylvania-Central's traffic increases this year have brought the
company's business to a new all-time high, Mr. Sullivan said.
The airline
carried 181,994 revenue passengers in the first 10 months of this year,
an 80.2% gain over the 100,960 revenue passengers carried in the similar
period of 1939.
In this same period 32,313,689 revenue passenger miles
were flown, an increase of 84.7%
over the 17,496,942 revenue passenger
miles flown in the first 10 months of last year.—V. 151, p. 2807.
Assets—Fixed
accounts
com¬
Revenue passenger
Provision for retirements
Consolidated net profit
Dividends paid on prior preferred stock
Dividends paid on 2nd preferred stock
the
stock, payable Dec. 14 to holders of record Nov. 22.
Dividend of
10 cents was paid on Dec. 26, 1939, this latter being the first dividend paid
on the common shares since Dec.
15, 1937, when 25 cents per share was
distributed.—V. 151, p. 2202.
mon
2,073,544 revenue passenger miles flown in October,
the Fiscal Year Ended June 30,1940
from electric, water and telephone services.
Net operating income.
Netincome...
—V.
73,479,993 68,172,4851
—
Total..73,479,993 68,172,485
a Representing gas sale and
purchase contracts, &c.
c Represented by
807,367 (745,045 in 1939) no par shares,
d For renewals, replacements,
retirements
and amortization (other than amortization of gas sales and
purchase contracts).
e Includes
provision for additional Federal normal income tax and
Federal excess profits tax, as imposed by the Second Revenue Act of 1940.
f Surplus is restricted, in the amount of $2,955,781 by the certificate of
incorporation as to the payment of common stock and participating divs.
Authorized
3% note payable to bank (secured by a first
mortgage) due Sept. 9, 1942
Common stock (par $1 per share)...
$100,000
240,000 shs.
Outstanding
$100,000
216,474 shs.
Earnings for Stated Period
8 Months
(David) Pender Grocery Co.—Merger Planned —
Stockholders of this company and Southern Grocery Stores, Inc., have
been notified of a proposed merger agreement necessitating the approval
of a majority of all David Pender stockholders at a meeting at which
a quorum is present
and a two-thirds of the preferred and participating
stock and the common stock of Southern Grocery, voting by classes.
Special meetings of stockholders of both companies will be held on Dec. 5.
The National Food Products Corp. owns 13% of the preferred and
1940
Calendar Years—
Netincome..
a
Earned per share
__
$251,320
$1.16
1939
$170,184
$0.78
Based on 216,474 shares of common stock.
In the above statement of net income for the eight
1938
$102,472
$0.47
1937
$216,967
$1.00
a
1940,
no
months ended Aug. 31,
deduction has been made for increased normal Federal income taxes
possible excess-profits taxes for that period under the
enacted Federal Second Revenue Act of 1940.—V. 157, p. 2657.
and
for
recently
Volume
Pennsylvania Glass Sand Corp.—Registrar—
for 5%
Guaranty Trust Co. of New York has been appointed registrar
pref. stock, $100 par value.—V. 151, p. 2807.
cum.
Pennsylvania RR.—To Pay $1 Common Dividend—
Directors on Nov. 13 declared a dividend of $1 per share on the capital
stock, par $50, payable Dec. 18 to holders of record Nov. 23.
This com¬
pares with 50 cents paid on June 26, last; $1 paid on Dec. 18, 1939; 50 cents
paid on Dec. 20, 1938; 75 cents paid on Dec. 20, 1937; 50 cents on July
22, 1937; $1 on Dec. 21 and on Feb. 29, 1936- and dividends of 50 cents
per share distributed on March 15,1935; Sept. 15 and March 15, 1934.—
V. 151, p. 2658.
Pennsylvania State Water Corp. (& Subs.)—Earnings
1940
$1,305,689
12 Months Ended Sept. 30—
Gross earnings
625,563
Operating expenses, maintenance and taxes
Reserved for
2953
The Commercial & Financial Chronicle
151
1939
$1,273,897
592,414
59,933
69,406
$620,194
2,377
$612,077
2,113
68
335,977
60
342,154
$281,772
$267,750
retirements
Gross income
Interest and other deductions of subsidiaries
Minority interest
Int., amort, of disc't, &c.,t of Pa. State Wat. Corp.
Weekly salaried employees and hourly rated employees will receive fou
week's pay.
Employees who have been with the company less than
a year will receive one-half of this additional compensation.
The company has announced its intention of paying the group life in¬
surance premiums of all employees who enter the service for a period of
one year and forty days.
Seniority will be credited while employees are
serving with the armed forces of the United States.
At the conclusion of the one-year service period, Philco will re-employ all
those called to the service in accordance with the Selective Service and
Training Act of 1940.—V. 151, p. 2658.
Pittsburgh Plate Glass Co.—To Pay $2 Dividend—
The directors
on
Nov. 7 declared
a
compares
150,
p.
3984.
■
•
«
..
Porto Rico Gas & Coke
Co.—Earnings—
1940
$351,429
$149,838
$164,561
38,532
Operation
123,107
$160,446
4,114
$151,245
36,711
$126,029
30,208
revenues
1939
$322,471
140,136
12 Months Ended Sept. 30—
Operating
$114,534
31,212
.........
Maintenance
Net income
—V. 151, p. 2203.
dividend of $2 per share on the com¬
par $25, payable Dec. 23 to holders of record Dec. 2.
This
with $1 paid in three preceding quarters; $1.75 paid on Dec. 23,
1939; 75 cents paid in the three preceding quarters; $1 paid on Dec. 23,1938,
and dividends of 25 cents paid on Oct. 1, July 1 and on April 1, 1938.—Y.
stock,
mon
Peoples Gas Light & Coke Co.—Extra Dividend—
a
share, payable Dec.
Regular quarterly dividend of 50 cents
per share was also declared payable Jan. 15 to holders of record Dec. 21.
—V. 151, p. 1907.
Directors have declared an extra dividend of $1 per
Utility operating income
20,534
15,539
13,452
18,238
16,431
16,178
...
__
General taxes.
Income taxes
:
Other income (net)
1,407
16 to holders of record Nov. 20.
Peoples Water & Gas Co.—Earnings—
...
Net earnings
income
1940
$1,288,806
924,479
1939
$1,129,068
830,749
$298,319
6,505
Dr6,949
$370,832
155,371
17,288
13,639
155,722
$184,534
income
Interest
long-term debt
on
Amortization of debt discount and expense
Miscellaneous deductions
__
Net income
reserve
accruals
$124,411
Interest
bonds
on
...
1,655
Notes—(1) A preliminary study indicates that, due to the taxable loss
by the sale of the Hillsboro, Ore., water property, no normal
Federal income tax nor excess profits tax will be payable for the calendar
year 1940.
However, an accurate computation of possible excess profits
tax in accordance with the provisions of the Second Revenue Act of 1940
cannot be made until the issuance of regulations applicable to said Act.
(2) The operating results for the year ended Sept. 30, 1940 are not strictly
comparable with those for the year ended Sept. 30, 1939, as the company
sold its water properties at Burlington, Mount Vernon and Sedro-Woolley,
Wash., as of Nov. 1, 1939, and its Hillsboro, Ore., water property as of
Feb. 27, 1940.
Balance Sheet Sept. 30, 1940
+
rights, franchises, &c., $3,911,541; proceeds
from sales of properties on deposit with trustee, and sinking funds, $460,273;
cash, $297,221; special deposits, $5,751; accounts and notes receivable
(net), $142,944; materials and supplies, $203,767; prepaid insurance, &c.,
$6,025; deferred charges, $204,999; total, $5,232,521.
Liabilities—$6 cum. pref. stock, $350,000; common stock (42,500 shs.,
no
par), $42,500; long-term debt, $3,049,000; notes payable (bank),
property,
Net income
Dividends declared on preferred stock—
a
Balance Sheet
total, $2,028,016—V. 151, p.
Period End. Sept. 30—
Operating revenues
Operation
...
Maintenance
Depreciation.
Taxes
$133,343; total, $5,232,521.
1155.
$479,698
$490,547
Dr 12,984
Dr 11,928
$5,635,947
Drl46,422
$5,975,881
Drl61,148
$466,714
278.597
-
$478,619
308,213
$5,489,525
3,423,232
$5,814,734
3,780,097
$170,406
$2,066,293
$2,034,637
Balance
Balance
(& Subs.)—Earnings-
1940—Month—1939
1940—12 Mos.—1939
$1,425,260
$1,369,332 $16,599,668 $16,329,853
518,806
479,535
6,134,607
5,583,453
90,740
75,632
1,002,173
1,003,492
121,192
114,754
1,437,816
1,408,053
a214.825
208,864
2,389,125
2,358,974
Net oper. revenues—
Other income (net)
Prior preference
$188,117
dividend requirements
550,000
will be
Oct.
Petroleum Corp. of
Balance, deficit
a
Does not include provision for
by the Second Revenue Act of 1940
America—Dividend—
8 declared a cash dividend of 35 cents per share on
payable Dec. 20, 1940, to stockholders of record Nov.
20, 1940.
The corporation also directed a special distribution of one
share of common stock of Consolidated Oil Corp. for each five shares of
Petroleum Corp. of America outstanding in the hands of the public, also
payable Dec. 20, 1940, to stockholders of record Nov. 20, 1940.
Fractional
interests in common stock of Consolidated Oil Corp. will be paid in cash by
Petroleum Corp. of America on the basis of the mean between the highest
and lowest quoted selling prices of the common stock-of Consolidated Oil
Corp. on the New York Stock Exchange on Dec. 20,1940.—V. 151, p. 2203.
Directors on Nov.
enacted in October.—V. 151, p. 2808.
[Revenues and Expenses of Car and
Period End. Sept. 30—
^Totafr^enues^^-'
Auxiliary Operations]
1940—12 Mos.—1939
1940—Month—1939
$4,815,390
$5,019,532 $43,964,479 $45,137,965
4,264,215
4,456,032
39,135,703
39,817,300*
$551,175
$563,500
$4,828,776
$5,320,665
Total revenues
$162,934
$172,760
Total expenses
133,931
140,642
$1,576,259
1,277,483
$1,572,740
1.280,917
Total expenses
Net
-
revenue
Auxiliary operations:
Phelps-Dodge Corp.—75-Cent Dividend—
year-end dividend of 75 cents per share on
the capital stock, par $25, payable Dec. 10 to holders of record Nov. 25.
This compares with dividends of 25 cents paid in each of the three preceding
quarters and a year-end dividend of 75 cents paid on Dec. 8, 1939.—V. 151,
p. 2658.
Directors have declared a
Net
$29,003
$32,118
$298,776
$291,822
$580,179
$5,127,552
3,225,570
$5,612,487
412,981
$595,618
388,384
$167,197
$207,234
$1,901,982
$2,151,072
revenue
Total net revenue
Taxes accrued
Pittsburgh & Lake Erie RR.<—Earnings—
Period End. Sept. 30—
1940—Month—1939
Railway oper. revenues. $2,276,530
$1,991,445
Railway oper. expenses.
1,553,704
1,509,023
1940—9 Mos.—1939
$17,410,947 $12,665,979
13,397,362
11,306,751
$1,359,228
2,150.471
1,313,973
Crl93,871 Cr2,176,114 Crl.721,441
$482,422
198,194
$4,013,585
$639,235
15,230
$478,099
12,147
$4,039,228
$1,766,696
171,786
115,881
$654,465
95,193
$490,246
86,229
$4,211,014
661,617
$1,882,577
387,872
3,423
3,405
30,830
30,965
from ry. oper.
$722,826
Railway tax accruals...
Equip. & jt. facil. rents.
341,973
CV258.202
Net ry. oper. income...
Other income
Total income....
Misc. deducts, from inc.
Total fixed charges
$400,612
$555,849
charges
$3,518,567
$1,463,740
$3.50 Dividend—
dividend of $3.50 per share on the capital stock,
16 to holders of record Nov. 22.
This compares
paid on Dec. 15, 1939; 50 cents paid on
15, 1938; 50 cents paid on June 15, 1938;
$2.50 paid on Dec. 15,1937; $2 paid on June 15,1937; $2.25 on Feb. 1,1937;
$1.50 on Dec. 23, 1936 and a regular semi-annual dividend of $1.25 paid on
Aug. 1, 1936.—V. 151, p. 2658.
Directors have declared a
$50, payable Dec.
with $2 paid on June 15, last; $3
June 15, 1939; $1.25 paid on Dec.
Philco
first 10 months of 1940 amounted
$7,878,909 at factory selling prices, it was announced on Nov.
15 by
James T. Buckley, President of this corporation.
"The 1941 line of Philco automobile radios was
introduced in September
approximately $2,000,000 at- factory
selling prices," Mr. Buckley stated.
"The current high level of automobile
production, together with the increasing demand tor radios as part of
original equipment, leads us to believe that our automobile radio business
will be further increased over the next several months."
Philco began the manufacture of automobile radios in 1930.
In the
past 10 years it has made and sold more than 3,300,000 automobile radio
and
unfilled
orders
already
total
86t8.
Philco supplies
automobile radios
as
original equipment for many of the
leading motor car manufacturers.
To
Pay Draftees—
employees having more than one year's seniority who
volunteer or are drafted for military service will be paid one month's salary
following their induction into the service, it was announced on Nov. 7 by
ames T. Buckley, President.
All
Pullman, Inc.—Extra
monthly
Dividend—
Directors have declared an extra
dividend of 50 cents per share In addition
regular quarterly dividend of 25 cents per share on the
both payable Dec. 16 to holders of record Nov. 22.—V. 151,
to the
common stock,,
p. 1003.
Pure Oil Co.—To Pay 25-Cent Dividend—
dividend of 25 cents per share on the common
Directors have declared a
stock, payable Dec. 20 to holders of record Dec. 2. Last previous payment
also amounted to 25 cents per share and was made on Dec. 20, 1939.—V.
151, p. 2808.
Radiomarine Corp. of
Total oper. revenues
Net oper. revenues
Net income transferred
to earned
America—Earnings—
1940—Month—1939
$71,915
$82,617
8,596
17,562
6,601
surplus
14,536
1940—9 Mos.—1939
$676,451
92,535
$713,246
130,857
139,472
107,551
151, P. 2204.
—V.
Communications, Inc.—Earnings—
1940— Month—1939
1940—9 Mos.—1939
$641,403
$1,007,479 $5,708,638 $4,608,514
revenue
212,186
545,246
1,703,280
1,089,940
R. C. A.
Period End. Sept. 30—
Total
Net
Net
Corp.—Sales—
Sales of Philco automobile radios in the
to
Operating Income
3,461,415
—V. 151, p. 2316.
Period End. Sept. 30—
Net income after fixed
par
$99,333
imposed
the additional Federal taxes
Pullman Co.—Earnings—
the capital stock,
rev.
$1,484,637
1,583,970
$67,677
Preferred dividend requirements
550,000
$1,516,293
1,583,970
Balance
Changed—
7, 1940, the principal office of this company
located in the Watts Bldg., Birmingham, Ala.—V. 151, p. 857.
Net
!
.
Sept. 30, 1940
Puget Sound Power & Light Co.
$53,242; miscellaneous accruals, $10,868; customers' advances for construc¬
tion, $2,627; reserves, $717,940; contributions in aid of construction,
Address
$81,963
64,285
Assets—Utility plant, $1,915,500; sinking funds, $309; cash, $15,196;
receivable, $39,694; materials and supplies, $53,726; prepayments,
$2,914; deferred debits, $678; total, $2,028,016.
Liabilities—Common stock ($25 par), $250,000; 6% cumulative preferred
stock ($100 par), $494,500; long-term debt, $548,480; accounts payable,
$17,114; payables to associated companies, $2,046; dividends declared,
$9,725; customers' deposits, $30,335; taxes accrued, $17,292; interest accrued
$7,674: customers' advances for construction, $6,497; retirement reserve,
$423,578; uncollectible accounts reserve, $21,893; other reserves, $875;
contributions in aid of construction, $1,042; earned surplus, $196,964;
Int. & amortization
Effective
'
Before retirement reserve accruals.
accounts payable , $111,723; customers' deposits and accrued
interest thereon, $lb3,107; general taxes accrued, $72,055; Federal and
State income taxes accrued, $26,568; interest on long-term debt accrued,
$200,000;
$377; capital surplus, $278,172; earned surplus,
1,359
$94,166
44,505
Other income charges
accounts
11,237
sustained
Assets—Plant,
Retirement
$291,370
Other
Gross
Gross income
Gross income
$364,327
12 Months Ended Sept. 30—
Operating revenues
Operating expenses and taxes
a
to
oper.
oper.
income
revenues...
transferred
82,777
earned surplus
—V. 151, p.
436,073
2511.
Reed-Prentice
724,991
1,088,552
'
Corp.—Accumulated Dividend—
Directors have declared a dividend of 62
accumulations on the 7% preferred stock,
cents per share in account of
payable Nov. 18 to holders of
Dividends of $5 were paid on Nov. 1, Oct. 1, Aug. 30 and on
Aug. 1, last; dividend of $4.25 paid on June 12, last: $4 on May 1, last, and
$1.75 per share distributed on March 13, last.—V. 151, p. 2511.
record Nov. 12.
Reliance Insurance Co. of Philadelphia—Extra Div.—
Nov. 8 declared an extra dividend of 20 cents per share in
addition to the regular semi-annual dividend of 30 cents per share on the
common stock, both payable Dec. 16 to holders of record Nov. 22.
Similar
Directors on
payments were made on
Dec. 15, 1939 and Dec. 15,1938.—V.
149, p. 3275.
Inc.—Bonds Offered—An under¬
writing group headed by Blyth & Co., Inc., on Nov. 15
offered $7,500,000 1st mtge. 334% sinking fund bonds due
Revere
Copper & Brass,
Nov. 15, 1960, at 102^ and accrued interest.
Other mem¬
bers of the group are Smith, Barney & Co., Harriman Ripley
&
Co., Inc., Kidder, Peabody & Co.,
Hemphill, Noyes & Co.
Hay den, Stone & Co.
Nov. 15, 1960. Interest payable (M-N) In
New York at principal office of Commercial National Bank & Trust Co..
New York. Coupon bonds in denom. of $1,000, registerable as to principal
only.
Commercial National Bank & Trust Co. and Foster W. Doty,
trustees.
Semi-annual sinking fund payments, to be applied to the re¬
demption of bonds as provided in the mortgage, of (a) $100,000, plus
(b) 5%, but not in excess of $100,000, of consolidated net income for the
preceding calendar year, payable on April 4 and Oct. 4 of each year, 1941 to
1960, inch, provided that the company may deliver bonds at their prin¬
cipal amount for cancellation in lieu of any part of any sinking fund payment.
Redeemable on 30 days' notice, for the bond sinking fund at 103 >4% prior
to Nov. 15, 1942, and at the option of company as a whole or in part at
any time at 105% prior to Nov. 15,1941, with reductions in the redemption
prices on these respective dates and from time to time thereafter, in each
case
15. 1940; due
Company—Incorp. Dec. 1, 1928, and on Dec. 17, 1928, acquired the
liabilities, of Dallas Brass &
fliggins Brass & Mfg. Co., Michigan Copper & Brass Co.,
Rome Brass & Copper Co., Taunton-New Bedford Copper Co. and also
acquired certain assets subject to certain liabilities of the so-called Baltimore
entire business and assets, subject to certain
Copper Co.,
Sheet Mill of General Cable Corp.
Company after such acquisition continued the general business so ac¬
quired and now manufactures a varied line of copper, brass, bronze and
alloy products, including sheets, rolls, rods, strips, plates, shafting, round
and flat wire, drawn and commutator copper, extruded and drawn shapes,
seamless and special tubes and pipe, soldering copper, welding rods, cups,
discs, rotating bands and printing rollers. In addition, the company fabri¬
cates steel tubing, copper and copper-clad stainless steel cooking utensils
and other fabricated copper or brass articles and novelties.
i
Copper and zinc are obtained by the company principally from producers
and refiners under short-term contracts, except metal scrap which it pur¬
chases from various sources and except that, in a substantial number of
Instances, metals are furnished to the company by customers for manu¬
facture or fabrication into the company's products ordered by such cus¬
tomers.
In the latter instances, the value of the metal content of such
products in so far as such metal content was furnished to the company
by its customers is not included In gross sales nor in cost of sales.
The products of the company are sold through the company's own sales¬
men principally to independent distributors, manufacturers and
the U. S.
Such sales are made principally for delivery throughout the
but during the past two years the export business of the
increased materially due largely to the demand for cups, discs,
strips, rotating bands and other parts for ammunition resulting from
existing wars abroad.
Company's production of articles of this type has
increased substantially due also to the requirements of the U. 8. Govern¬
ment in connection with the national defense program, but no estimate can
be made as to the extent to which the company may be further subject to
such requirements of the U. 8. Government. It is also impossible to estimate
the future effect upon the company's business of existing wars abroad and
related political and economic conditions.
Company maintains a research laboratory for the purpose of supplying
technical supervision of production and technical assistance to users or the
Government.
United
Developments—During the five-year period ended Sept. 30, 1940, com¬
pany made plant Improvements, replacements or additions, including new
machinery and equipment, at an aggregate cost of $6,225,209.
During
the same period the company charged to income as depreciation an aggregate
$6,685,335 and retired properties, plant and equipment of an aggregate
gross book value of $4,612,693 principally by charges to the reserves for
depreciation. Improvements, replacements or additions to plant, including
new machinery and equipment, have been made in most instances for the
purpose of reducing costs, increasing manufacturing efficiency and enabling
the company to produce new products.
Statement of Income (As Adjusted)
9 Mos. End.
■Years Ended Dec. 311938
1937
1939
Sept. 30,'40
Consolidated
$3,820,398
1,384.568
348,685
»...»
Depreciation..
on
bonds
Amort,
of
bond
*$359,742
1,346,704
358,452
$2,327,366
373,618
$4,897,800
1,043,779
254,990
58,077
Income
a
Interest
60,509
68,398
162,000
43,932
1.850,000
Other income (net)..
Gross income
$136,639
$164,162
46,762
a
$414,758
$1,705,099
414,000
Prov. for Federal taxes..
a
or
loss
$1,615,068 *$2,125,407
Before depreciation, interest and amortization on bonds and provision
on Income,
* Denotes loss.
for Federal taxes
Funded
Debt
and
a
Utility operating income
on
Other income charges......—
Net income
s
Before retirement reserve acruals.
be redeemed as result of present
financing.
names of the principal underwriters and the principal
severally to be purchased by each, are as follows:
Blyth & Co., Inc., $2,000,000; Smith, Barney & Co., $1,000,000; Harri¬
man Ripley & Co.,
Inc., $1,000,000; Kidder, Peabody & Co., $1,000,000;
Hayden, Stone & Co., $1,000,000; Hemphill, Noyes & Co., $500,000;
Kuhn, Loeb & Co., $1,000,0000.
'
Undericriting—The
Consolidated Balance Sheet Sept. 30, 1940
Assets—
Uabilities—
$3,318,212
5,196.121
(net)
MLscell. notes & accts. rec...
Inventories...
Non-current Inv. &
Accounts payable
Customers'
11,545,084
$2,443,498
adv.
pays,
on
2,123,715
sales contracts
248,207
16,5'5.068
Bond sinking fund payment..
1st mtge. 4Ms. 1956
Deferred charges
230,152
Reserve for compens. insur..
Unamort. bond premiums, Ac
Goodwill...
804,904
7% preferred stock
5H% preferred stock
187,757
rec
Props., plants A eopt. (net)..
1
2,458,700
9,411,800
Class A stock
2,071,600
Common stock
2,815,095
Surplus applied against treas.
170,020
stock
Capital surplus
Surplus earned
Total..
$38,045,565
......
1,296,328
3,905,143
$38,045,565
Total
-V. 151, p. 2809.
Rheem
Manufacturing Co,—Earnings—
r-
Period End. Sept. 30—
Net sales
1940—9 Mos.—1939
$7,267,155
$5,746,308
616,126
448,903
418,965
x378,245
$1.33
y$1.20
1940—3 Mos.—1939
$2,626,673
$2,179,676
206,792
180,373
Net
earns,
bef. inc. taxes
Net
earns,
(est.) after all taxes
share on 314,674 shares
Earnings
per
If adjusted on same basis of taxes as in 1940.
of shares as in 1940.—V. 151, p. 1733.
x
Roan
American
On equivalent number
y
Antelope Copper Mines, Ltd.—Dividend.—
Directors have
shares
declared
on
Nov.
a
dividend
27
to
of 31
holders
cents
per
of record
share, payable on
Nov.
22.
Previous
payment was 32 cents on June 6, last.—V. 151, p. 2056.
Roses
Assets—Utility
Period Ended Oct. 31—
Sales
operation
—Y. 151, P. 2204.
1940—Month—1939
$544,380
plant, $2,935,962;
$147,595; receivables from associated
$11,450
79.585
22,410
3,955
Loss.
Balance Sheet Sept.
30, 1940
cash, $19,299; accounts receivable.
companies, $11,593; materials and
supplies, $69,903; prepayments, $8,331; deferred debits, $7,048; total,
$3 199,731.
Liabilities—Common stock (10,000 shares, no par), $100,000; long-term
debt, $1,935,262; notes payable, $518; accounts payable, $72,903; payables
to associated companies, $16,807; customers' deposits, $14,830; taxes ac¬
crued, $6,153: interest accrued, $17,892: deferred credits, $3,644; retirement
reserve, $389,674: uncollectible accounts reserve, $19,730; other reserves,
$31,865; contributions in aid of construction, $50,156; earned surplus,
$535,295; total, $3,199,731.—V. 151, p. 2204.
Rutland RR.—Earnings—
Period End. Sept.
30—
1940—Month—1939
Railway oper. revenuesRailway oper. expenses-
$327,710
269,621
$337,200
239,642
1940—9 Mos.—1939
$2,659,318
$2,533,870
2,475.878
2.330,563
from ry. oper.
$58,089
$97,558
22,828
9,232
19,555
6,228
$183,440
207,634
23,851
$203,307
Railway tax accruals
Equip. & jt. facil. rents.
Net ry. oper. income-
$26,029
5,178
$71,775
5,325
x$48,045
39,212
$4,008
40,860
Net
rev.
Other income...
'
174,604
24,695
$31,207
$77,100
x$S,833
Misc. deducts, from inc.
344
Total fixed charges—
33,595
393
33,744
302,713
$44,868
4,371
305,400
x$2,732
$42,963
x$317,283
x$264,903
Total income
y
5.737
Net income after fixed
;
charges..
x
Deficit,
Includes interest accrued on outstanding bonds but unpaid
y
—V. 151, p.
2660..
St. Louis-San Francisco Ry.—Interest—
dated Nov. 1, 1940, of
District of Missouri, Eastern
The trustees announce that, pursuant to order
the
U.
District Court
8.
for the
Eastern
Division, they will be prepared to pay on and after Nov. 25, 1940, to the
holders of prior lien mortgage bonds, series A and series B (also series E in
temporary form)
of
sum
outstanding in the hands of the public or pledged, the
$1,048,184.
Such interest will be paid at
the following rates:
(1) Series A 4% Bonds—$5.53 on each $1,000 bond; $2.77 on each
bond; $1.38 on each $250 bond, and 55 cents on each $100 bond.
$500
Series B 5% Bonds—$5.84 on each $1,000 bond: $2.92 on each $500
bond; $1.46 on each $250 bond, and 58 cents on each $100 bond.
(3) Series E 6% Bonds—$6.15 on each $1,000 bond, and 62 cents on each
$100 bond.
Payments are to be on account of the interest due Jan. 1, 1933.
The respective coupons should be detached and presented, or forwarded,
for stamping and payment of such interest to the office of O. W. Michel.
Executive Eastern Representative, Room 1949, 120 Broadway, New York
(2)
City.
:•
Fully registered bonds should likewise be presented or forwarded for
stamping and payment of such interest to the said office. 1
Certificates of deposit for prior lien mortgage bonds should be presented
forwarded for stamping and payment
& Trust Co., Corporate Trust
or
Bank
York
of such interest to Central Hanover
Department, 70 Broadway, New
City.
Committee Issues
Report
on
Activities—
lien bondholders' committee (John W. Stedchairman) continuing its policy to keep the depositors and assentors
informed as to its activities, has issued a report for the period since Oct. 14,
1939, the date of its last circular letter.
The present report dated Nov. 8
The committee for the prior
man,
states;
■■
$478,265
order of Nov. 1, 1940,
bonds in the amount of
by the Fort Scott bonds
prior lien bonds in the interest distribution directed by said order
Interest
Payments on Other Bonds—The
court
a payment of interest on the Fort Scott
$20 per $1,000 bond.
The relative participation
and the
was
fixed
so
as
to
be somewhat less in each case than
1940 fixed interest
bonds issuable in respect of them under the Interstate Commerce Com¬
mission plan in order to avoid legal issues that might otherwise conceivably
arise.
The division accordingly does not purport to be based upon the net
on
cash
proceeds resulting from the operation of the property subject to the
respective mortgages.
However, by reason of the provisions of the order
crediting the payment against interest on bonds to be issued in reorganiza¬
tion any discrimination which might otherwise result from the present pay¬
ment will be automatically canceled when reorganization becomes effetcive.
Payments at the above rates on prior lien bonds and Fort Scott bonds
pledged under the consolidated mortgage result in payments on account of
interest on the consolidated bonds.
Said court order accordingly directs
that from funds so derived there be paid $6.05 per $1,000 consolidated
bond series A and $6.61 per $1,000 consolidated Dond series B.
The bankruptcy trustees have continued, with the approval of the com¬
mittee, their prior policy of currently paying all interest matured at the
coupon rates on the Birmingham bonds 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—The
1939 earnings available for interest
amounted to $3,902,000 (or somewhat more than three times the 1938 net
available of $1,242,000; realized on gross revenues of $47,716,000 or 5.8%
more than in 1938).
For the first nine months of 1940 net available for
interest
was
$2,445,000 compared with $1,817,000 in the corresponding
period of 1939, although for the first nine months of 1940 as a whole gross
5, 10 & 25-Cent Stores—Sales—
Stores in
x
$117,400
directed
Outstanding
amount of bonds
rec.
companies.
317,228
Class A stock (par $10)
Common stock (par $5)
Accts. & notes
—
advances from associated
183,220
7,734,290
1940
$9,200,000 a$7.922,000
95,176 shs.
24,587 shs.
150,000 shs.
94,118 shs.
998,974 shs. 207,160 shs.
3,000,000 shs. 563,019 shs.
5^% cumulativepref. stock (par $100)
deposits
_
$80,686
79,585
22,410
3,513
x$24,823
Gross income
Interest on bonds ........
Int.
3,114,928
First mortgage 4Jfs, 1956.
7% cumulative preferred stock (par $100)
Cash and demand
55,953
598
Accrued liabilities
30,
Sept.
Authorised
l o
.......
35,937
41,020
Interest Payment on Prior Lien Bonds—Pursuant to an application mad®
jointly by the committee and the committees representing the Fort Scott
bonds and the consolidated bonds, the Bankruptcy Court entered an order
on Nov. 1, 1940, directing the payment of interest on all such bonds; the
amount payable on prior lien bonds is at the rate of $5.53 per $1,000 bond
of series A and $5.84 per $1,000 bond of series B, in each case on account of
the interest instalment which became due Jan. 1, 1933.
The order also
directs the bankruptcy trustees to pay the normal United States income tax,
if any, pursuant to the terms of the prior lien mortgage.
This is the second
payment of interest on prior lien bonds since July 1, 1932, a payment hav¬
ing been made on and after Oct. 23, 1939.
By the terms of the order, acceptance of this interest payment will con¬
stitute a waiver of interest on the interest represented by such payment and
the amount of such payment will be credited (subject to further order of
the bankruptcy court) against interest that shall have accrued for 1940 on
any fixed interest bonds that may be issued under any plan of reorganiza¬
tion in respect of the bonds on which such payment is made.
These pay¬
ments are apportioned among the several series in proportion to their re¬
spective total claims as of Jan. 1, 1940.
[Payment of this interest will be made on and after Nov. 25, 1940, as
indicated above.]
Capitalization
_
a
- - *
Retirement reserve accruals....--...-.....
prem.,
r*&c
Net inc.
1,308,592
1939
$184,497
Dr20,335
—
General taxes
Federal income tax—
States
company's products.
1940
r
$161,794
Dr25,156
Operation
company has
Condensed
Co.—Earnings-
the
#
1940
$464,349
202,297
the
Purpose—Net proceeds are to be used, together with other funds of the
company, to redeem approximately 30 days after the date of issue of such
bonds, at 102^%, all of the first mortgage 4H% sinking fund bonds due
Jan. 1, 1956, outstanding in the principal amount of $7,922,000.
16,
$488,769
239,446
40,534
41,744
5,250
with accrued interest.
Company has agreed to make application for the listing of the bonds on
New York Stock Exchange and for the registration of the bonds under
Securities Exchange Act of 1934.
*
Roanoke Gas
12 Months Ended Sept. 30—
Operating revenues.
Maintenance
and
Dated Nov.
Nov.
Chronicle
The Commercial & Financial
2954
averaged about .7% less than in the corresponding period of 1939
(gross was greater in 1940 than in 1939 through July, but thereafter less).
Present cash is adequate; it is estimated by the bankruptcy trustees that
on Nov. 30, 1940, after making the interest payments hereinabove men¬
tioned, their cash will exceedA$8,350,000.
The^.bankruptcy trustees con-
revenues
1940—10 Mos.—1939
$4,398,835
110
$3,898,984
109
The Commercial & Financial Chronicle
Volume* 151
tinue
to
expected
meet
that
currently their
any
new
and
obligations.
money will be needed for the
expenses
It is not now
purposes of re¬
organization.
was
tenance and able to handle a substantial increase in traffic without
expan¬
sion of facilities.
The 1940 improvement program authorized by the
court on Jan. 3, 1940, contemplated a net capital charge of
addition to $682,000 expended shortly prior thereto for new
rail)
report had been issued on Aug. 11,
1939, proposing a reorganization plan in part the same as, and in part
different from, a plan theretofore
jointly proposed by the committee and
15, last, and previously regular monthly dividends of
share had been distributed.—V. 151, p. 2362.
Savannah Electric & Power
Period End.
Sept. 30—
Operating revenues
Operation--------....
Co.—Earnings—
1940—Month—1939
$210,780
$200,266
78,349
70,563
21,869
11,320
26,825
24,700
a25,S92
26,389
_
Maintenance..........
Depreciation
Taxes.
JteorQunization—After the proposed
,
2955
Oct.
on
20 cents per
fc Condition of the
Propertied—The properties, in the view of the bankruptcy
trustees, continue in excellent physical condition, with no deferred main¬
paid
Net operating revenues
$57,844
1940—12 Mos:—1939
$2,406,869
$2,313,487
908,685
813,789
161,377
130,395
346,430
319,588
281.660
$670,790
6,436
$786,635
Dr3,346
301,009
Other income (net).....
1,102
$67,294
1,334
Balance
Interest and amortizat'n
$58,946
31,193
$68,628
31,190
$677,226
374,806
$783,289
375,709
$37,438
$302,420
$407,580
the committees
representing the Fort Scott bonds and the consolidated
committee, after consultation with those representatives,
advocated before the Interstate Commerce Commission on Nov. 1, 1939,
the original committees* plan modified so as to include certain recommenda¬
tions of the proposed report
(such plan being herein called the conformed
plan).
Under date of July 6,1940, the Commission approved a plan (called the
bonds,
the
commission
plan).
The commission plan follows the capitalization proposed
by the committee in the conformed plan and, with one important exception
mentioned below, follows the allocation of securities
proposed by the
committee in the conformed plan.
That exception was to award $3,390,000
or new first and
general mortgage bonds to Reconstruction Finance Corpora¬
tion for "special equities" over and above its
share on the basis of its
pledged collateral and $3,691,060 of such bonds to the Railroad Credit
Corporation for similar reasons.
The claims so recognized arose from loans
to the debtor corporation in 1932 to
provide for the payment of taxes and
interest on Birmingham bonds, prior lien bonds and consolidated bonds,
and interest on and principal of
equipment trust obligations; such loans
being made during the effort to avert receivership through the readjust¬
ment plan of 1932 which,
among other things, provided certain preferred
treatment for those loans.
Balance..
........£
$27,753
Debenture dividend requirements-
imposed the burden of supply¬
awarded to RFC and RCO upon the prior
theory of relative deficiencies on the part of
properties in earnings interest charges on presently
outstanding debt.
The committee, being advised that such preference to RFC and RCC,
the respective mortgage
divisions, are unauthorized in law, petitioned the Commission on Aug. 30,
1940, to modify the commission plan by eliminating such preference to
RCC.
At the same time the committee asked that certain changes
made by the commission plan in the terms
proposed by the conformed plan
new securities be eliminated or modified.
Petitions for modifications
for the
were
simultaneously filed by other parties, including said other two com¬
Such petitions are still under consideration by the Commission
and its ultimate views are not now known.
Such plan as may result from
the Commission's action will be certified to the
bankruptcy court for its
consideration and approval before any submission to the security holders
for their acceptance or
rejection.
The principal points of similarity and
dissimilarity between the commission plan and the conformed plan are
indicated in the following tables and may be of interest.
mittees.
Proposed New Capitalization
Proposed Securities—
Undistrib. equip, trusts..
a
Principal
Interest
$207,664
6,506,170
63,305,149
2,532,206
Total fixed interest debt $75,685,319
Total fixed interest
Income mtge. bonds...
Total funded
—«—Conformed Plan
Principal
Interest
$5,874,000
$207,664
260,247
I ixed interest bonds for
b Fixed interest bonds for
other outstanding bonds
c
of Jan. 1, 1940
$5,874,000
Birmingham bonds
,
as
Commission Plan
_
40,385.885
6.506,170
260.247
63,291,269
2,531,651
$75,671,439
$3,000,117
1,817,365
$2,999,562
1,818,266
40,405,903
debt....$116,071,204 $4,817,482 $116,077,342 $4,817,828
61,846,169
3,092,309
61,893,092
3,094,655
d Preferred stock—
149,115
Balance for
common
,
In both plans, in two classes, first
mortgage
a
bonds for the Birmingham
Jgeneral bonds; both 4%, and second mortgage bonds for the Birmingham
ncome mortgage bonds
due 1970.
The commission plan adds a sinking
fund.
b In both plans, 4%; due 1990 in the commission
plan, 1980 in the con¬
formed plan.
Both plans permit additional issues and $5,000,000 of trea¬
bonds forthwith.
The Commission adds a sinking fund for the initial
issue ($200,000 if earned after the property
improvement fund, noncumulative) and imposes additional restrictions on issues for purchase of
sury
SGCUntifiR
c In both
plans, 4H%, cumulative up to 18%, due 2015, with the privi-,
lege of conversion into common stock.
The commission plan doubles the
shares issuable upon such conversion.
ment fund is deducted before
In both plans a property improve¬
contingent interest; in the conformed plan
this fund, called capital fund, is limited to the amount required to provide
a remaining balance of $
1,125,000 (but not more than 2H% ot gross revenues
less roadway
depreciation charged against income); in the commission plan
such fund, called additions and betterments fund, is mandatory at the rate
or $1,125,000 per year (but not more than
2H% of gross revenue irrespec¬
tive of roadway depreciation charges). The commission plan also deducts '
sinking fund instalments on fixed interest bonds before contingent interest.
After contingent interest both plans provide for an income mortgage sink¬
ing fund 04% of greatest amount outstanding plus interest on sinking
fund
bonds).
The commission
plan impounds depreciation cash in a
"capital fund" for equipment purchases and other stated uses.
d In both plans, par value
$100, dividends 5%, convertible in the com¬
mission plan into two shares of common stock and in the conformed plan
into
one
share of common stock.
Proposed Allocations of New Securities
(Per
$1,000
Fort
Scott,
Prior
Lien
or
or
Consolidated
Fort Scott
Prior
Bonds
Lden A's
Proposed Securities—
outstanding
bond,
pledged)
$614
$146
614
Prior
Lien B's
Consol.
A's
'
Consol.
382
382
Commission plan.
Conformed plan
Common stock (no par
shares)—
Commission plan..
Schiff
a
Co.—Sales—
Sales for the month of October, 1940 were $1,038,705 as
compared with
sales for October, 1939 of $1,029,798.
This was a gain of
0.86%.
Sales for the 10-month period this year were $10,916,273 as
compared
with last year of $10,522,265.
This was a gain of 3.74% .—V. 151, p. 2362.
Seaboard Air Line
At
hearing
Ry.—Hearings Postponed—
the reorganization of the road resumed in Federal Court
7, before Special Master Taylor, numerous briefs were
filed correcting and revising the plans previously filed.
Further hearings
will be continued on Dec. 17.—V. 151, p. 2661.
a
on
at Baltimore Nov,
Sharp & Dohme, Inc.—Earnings—
Period End. Sept. 30—
Net profit——
Earns, per sh. of com.
1940—3 Mos.—1939
$401,939
$314,679
a
stock.
$0.15
$0.26
.
,
Bs
Period Ended Sept. 8,1940—
Net loss after deprec., Federal income taxes, &c—
Company
* 12 Weeks
Shattuck-Denn Mining Co.—15-Cent Dividend—
Directors have declared a dividend of 15 cents per share on the capital
stock, payable Dec. 20 to holders of record Nov. 30.
This compares with
10 cents paid on May 31, last; 15 cents paid on Dec: 22, 1939; 12 J4 cents
paid on Feb. 20, 1939 and an initial dividend of 25 cents paid on Dec. 24,
1937.—V. 151, P. 1005.
Sheep Creek Gold Mines, Ltd.—Earnings—
Quarter Ended Aug. 31—
Net income after charges
Earnings per share on 1,875,000 shares
capital stock
*
—V. 151, p. 1586.
1940
$90,898
Siscoe
Gold
Mines,
9 Mos. End. Sept. 30—
$0.06
$0.05
1939
$385,823
4,640,043
$0.08
Shs. cap. stock ($1 par).
Earnings per share
151, p. 1910.
1938
$85,947
Ltd.—Earnings—
1940
Net profit after charges
and income taxes—.
1939
$107,598
$0.05
.
'
1907
1938
$797,622
4,640,063
$969,790
4,747,997
$0.17
$520,796
4,640,043
$0.11
$0.20
—V.
Sloss-Shef field Steel & Iron Co .—Earnings—
Period End. Sept. 30—
Net income after Federal
income taxes..
1940—9 Mos.—1939
1940—3 Mos.—1939
$541,824
$2.84
$1,090,505
$8.98
$198,232
$1.13
$517,962
$4.78
-
Earns, per sh. of com.stk
Note—Earnings for 1940 give effect to requirements under the Second
Revenue Act of 1940.—V. 151, p. 1290.
(L. C.) Smith & Corona Typewriters, Inc.—Registers
with SEC—
See list given on first page of this
South
American
department.—V. 151,
Utilities
p.
2810.
Corp.—Stockholders
Must
Deposit Funds to Cover Cost of Reorganization—
Federal District Judge John
O. Knox has Instructed special master Oscar
W. Ehrhorn to require stockholders of the corporation to deposit sufficient
cover costs of hearing their petition for reorganization of the com¬
funds to
pany under the Chandler Act.
The company's assets consist of the securi¬
ties of four operating utilities located in South American republics, and
these investments are pledged as security for $4,000,000 of four-year notes,
which matured in 1938.
The creditors contended that since these operating utilities' securities
held by City Bank Farmers Trust Co. as collateral for South American
Utilities' notes and there are no other assets, the stockholders of that com¬
In a position to reorganize the company and they objected to
paying costs of hearings on a reorganization.—V. 150, p. 3676.
pany are not
191
209
133
12 Months Ended
117
124
122
122
133
Operating revenues.-Operating expenses
241
255
258
195
193
213
211
South Bay Consolidated Water Co., Inc.—Earnings—
1940
337,369
6.55
6.92
3.39
3.70
6.55
6.91
3.39
3.70
Net earnings
Ry.—1941 Budget—
expenditures during 1941 for additions and betterments
total amount of $2,761,008.
freight cars at an estimated
-
-
Amort, of debt discount and expense.
companies)
construction
Miscellaneous deductions
Interest charged to
Net loss
—
-
•
$190,649
$187,156
$190,650
156,725
12,483
1,353
43,969
$187,362
206
—-
$159,084
Taxes assumed on interest
Interest, (parent and affil.
Other interest charges—
1938
$475,376
288,221
$496,453
-
Gross corporate income
Interest on funded debt*
1939
$507,599
316,950
$159,084
Sept. 30—
Other income——...— '
Federal Judge Charles B. Davis at St. Louis has set for hearing Nov. 22
the petition of Berryman Henwood, trustee, for authority to enter into
....
Balance Sheet
156,372
12,596
938
44,635
1,032
Cr34
7
$56,463
601,
Cr3
107
Crl59
100
~~ $24^698
$27,707
Sept. 30, 1940
parent
companies,
$830,319; accounts payable, $9,329; due to parent,
(current account), $533; consumers' deposits and interest accrued
Federal, State and local taxes accrued, $50,407 interest
on funded debt accrued, $65,083: miscellaneous accruals, $1,662
unearned
revenue, $23,397'
deferred liabilities, $15,432: reserves, $682,215; con¬
tributions in aid of construction, $109,544- 6% cumulative preferred stock(par $100), $1,044,400; common stock ($100 par), $750,000 capital surplus,
thereon, $25,337
Milling Co.—15-CerU Dividend—
43,664
713
company
The largest item in budget is for 400 new
cost of $1.377,026.—V. 151, p. 2661.
Directors have declared a dividend of 15 cents per share on the common
stock, par $8, payable Nov. 15 to holders of record Nov. 2.
Like amount
157,070
12,176
1,617
Assets—Property, plant & equipment, $6,812,146; cash in banks and
working funds, $11,663; account* and notes receivable (less reserve of
$12,932), $36,351: accrued unbilled revenue, $52,928; materials and supplies,
$25,649; debt discount and expense in process of amortization, $119,658;
prepaid accounts, deferred charges and unadjusted debits, $7,604; total,
$7 065 999
Liabilities—Funded debt, $3,124,000; indebtedness to affiliated and
in the estimated aggregate
36 Week
$214,454
$139,224
Jan. 1, 1940, changed its accounting basis from a calendar
month to a 13 period year basis.
Consolidated results this year therefore
reflect its operations for period ended Sept. 8, 1940, and operations of sub¬
sidiaries for period ended Sept. 30, 1940.—V. 151, p. 1157.
190
Deposits and Assents—The aggregate principal amount of deposits and
assents as of Nov. 1, 1940, was $68,056,950 (of which $1,439,000 are con¬
ditional) which is more than 57.9% of all prior lien bonds outstanding in the
hands of the public.
The withdrawal charge payable upon the withdrawal
of bonds or cancelation of assents remains currently at $3.60 per $1,000
bond.
The committee is highly gratified that the overwhelming majority
of depositors and assentors, both in number and in ainount, have con¬
tinued their deposits and assents.
The committee deems it urgently im¬
portant for the interests of prior lien bondholders that its activities be con¬
tinued and that its effective representation be not impaired by large
withdrawals.—V. 151, p. 2809.
San Carlos
$0.11
for current
on
124
Allocations computed at $50 per share.
contracts and make
$0.36
new rate
(Frank GJ Shattuck Co. (& Subs.)—Earnings—
117
244
St. Louis Southwestern
1940—9 Mos.—1939
$881,956
$685,125
a After
depreciation Federal income taxes (at the
period), &c.—V. 151, p. 1156.
180
254
-
by
$185
254
Conformed plan
60,000
..
$169
Preferred stock—
a
$198,465
a Does not include provision for the additional Federal taxes imposed
the Second Revenue Act of 1940 enacted in October.—V.
161, p. 2809.
$154
Income mtge. bonds—
Commission plan.
Conformed plan
$93,3C5
are
Fixed interest bonds—
Commission plan.
Conformed plan
$258,465
stock and surplus.
—
Total funded debt and
V
preferred stock—$177,917,373 $7,909,791 $177970,434 $7,912,483
Com. stock (shs. no par).
1,241,652
1,241,131
149,115
$153,305
60,000
...
and the allocation of the burden thereof
among
P
'
Balance..
Preferred dividend requirements
The Commission
ing nearly all of the bonds so
lien bonds, apparently on the
the respective mortgage
...
$511,294; deficit, $176,953; total, $7,065,999.—V. 151, p.
861.
The Commercial A
2956
Gross operating revenues
Operating expenses
—
Maintenance
___
Depreciation and
-
—
$108,187
4,311
4,667
$125,787
$112,854
19,567
3,282
1,317
19,663
2,569
1,317
Subsidiaries—
Interest on funded debt
-
„
unfunded debt
Amortization of debt discount and expense.
Minority interest
Interest on
127
$101,621
$89,178
73,680
104,670
73,849
104.670
481
2,037
$77,209
.
$91,379
Oas <fc Water Co.-
Charges of Southeastern
bonds
general lien bonds
Interest on first lien
.
Other interest-.
Net loss
Of
excess
'original cost'
x
Net income
Earns, per
x
sh. on com.stk
After interest,
of book value of fixed assets
thereof.- V. 151, p. 1586.
of Southeastern Gas Co. over
'
with SEC—
Southern Acceptances, Inc.—Registers
given on first page of this department.
1940—9 Mos.—1939
$778,259
$782,591
$0.35
$0.34
depreciation, Federal income taxes,
&c.
Net—Federal income taxes for current period computed according
to the Second Revenue Act of 1940.
Net profit for 12 months ended Sept. 30, 1940, was $1,746,761,
to $1.01 a share on common, comparing with $2,084,135, or $1.28 a common
share for 12 months ended Sept. 30, 1939.—V. 151, p. 2208.
_
^
Square D
Co.—Government Contracts—
See list
recently awarded the Kollsman Instrument divi¬
contract totaling $2,745,985 to manufacture Alti¬
contract totaling $222,000 for indicator
The U. S. Government
sion of this company a
_
1940
equal
47,481
4,085
$121,475
.
a
89,754
40.592
39,865
775
47,681
6,123
———--
Non-operating income.
Interest on
262,163
28,875
92,103
depletion
a Amortization
Abandoned leases
General taxes
Federal income taxes
Charges of
$581,137
1940—3 Mos.—1939
$119,824
$94,320
Nil
Nil
Period End. Sept. 30—*
1939
1940
5625,618
286,344
31,254
Sept. 30—
16,
Spiegel, Inc.—Earnings—
Subs.)—Earnings-
Water Co. (&
Southeastern Gas &
12 Months Ended
Nov.
Financial Chronicle
assemblies and another
assemblies.—V. 151, p. 2811.
meter
Standard Accident Insurance
Co.—Plans Stock Offering
Company has filed with the Securities and Exchange Commission a
registration statement covering 115,270 shares of common stock ($10 par).
The stock is to be offered to company's common stockholders under a
subscription plan.
Stockholders are to be given the right to subscribe
to 1.9 shares of the new stock for each share of common stock held at the
initial public offering price.
....
.
The stock is to be offered publicly at a maximum of $57 per share.
First
Boston Corp. is listed as principal underwriter.
The exact public offering
price is to be stipulated by amendment to the statement.
Of net proceeds from sale of the stock approximately $3,370,654 will be
applied to the redemption at $45 per share, exclusive of accrued dividends
to the date of redemption, of the 75,000 shares of outstanding 1st pref.
stock.
Accrued dividends payable on redemption will be paid from other
funds of the company.
The 75,000 shares of 1st pref. will be surrendered
for redemption and retired.
Balance of the proceeds will be added to the general corporate funds of
the company.
Planned—
Southern Grocery Stores, Inc.—Merger
Pender Grocery Co., above.
Charles C. Bowen, President, announced on Oct. 31 that
called a special meeting of stockholders for Nov. 22,
had
See (David)
Earnings for Slated
39 Weeks
13 Weeks
Sept. 28 '40 Sept.
Period—
30 '39 Sept. 28 *40 Sept. 30 '39
Net income after Federal
^
,
.
i ncome taxes and other
$20,953
$0.05
$71,185
$0.74
deductions
Earns, per com. share.—V. 151, p. 1157.
$164,888
$269,767
$2.97
.
$1.58
England Telephone Co.—Earnings'—
1940
1939
1938
$10,452,788
$9,859,454 $9,465,023
Toll service revenues4,037,952
3,720,881
3.434,769
Miscellaneous revenues
633,491
573,715
546,582
Southern New
fonths Ended Sept. 30—
9
Local service revenues-
-
--.$15,124,231 $14,154,050 $13,446,374
20,500
31,500
40,500
Total
Less uncollectible operating revenues.
$14,122,550 $13,405,874
Total operating revenues
——$15,103,731
Maintenance and amortization exps-.
3,139,791
a2,944,899
2,926,274
2,525,630
2,222,108
1,126,593
89,874
1,235,255
a2,466,574
2,085,700
1,120,689
89,787
1,142,687
2,358,388
2,032,178
1,064,733
143,516
1,103,964
$4,764,480
$4,272,216
$3,776,821
Depreciation expense
Traffic expenses
Commercial expenses
——
Operating rents
-
General and miscellaneous expenses—
Net operating revenues
Federal income taxes
383,510
648,525
463,918
Social security taxes
282,300
274,300
Other taxes..
598,094
558,547
266,800
564,570
Cr48,631
Cr45,525
054,086
---$3,284,193
8,975
$3,020,976
Dr625
$2,616,027
91,540
$3,293,168
622,500
56,993
$3,020,351
622,500
42,227
$2,707,567
548,834
69,839
—
Taxes charged construction
-
-
Net operating income
-
Net non-operating income
—
Income available for fixed chargesBond interest
Other interest
-
Release of premium on long-term
02,414
02,414
Crl ,567
$2,616,089
240,000
2,100,000
$2,358,038
$2,090,461
2,100,000
2,400,000
debt
Income after fixed charges
—
Miscell. reservation of income
Dividends on common stock
--
a
$258,038 def$309,536
$276,089
Income bal. transferred to surplus,
Revised figures.
Balance Sheet Sept. 30
1940
$
Liabilities—
85,731
cos.
Prem. on cap.
Funded debt
93.972
Advs.
Inv. in non-contr
168,878
1,309,308
1,359,082
40,000
40,000
2,231,371
2,076,929
Working funds...
Acc'ts receivable
-.
Mat'l A supplies..
Deferred charges..
from
Amer.
1,800,000
Tel. & Tel. Co.-
140,378
companies
Cash
$
$
40,000,000 40,000,000
stk_
136,539
136,539
25,000,000 25,000,000
Common stock
Telephone plant-. 92,799,433 90,093,252
Misc. phys. prop..
415,906
373,207
Inv. In contr.
1939
1940
1939
$
Assets—
Cust'sdeps.&adv,
billing & paym'ts
Acc'ts payable and
1,200,000
593,468
572,084
1,189,075
1,912,593
439,209 Acer. liab. not
Deferred credits.128,256
116,998
Reserves
.23,270,704 21,701,709
Surplus
4,046,215 3,595,665
1,226,176
due 2,147,760
other curr. liab..
808,635
887,625
410,866
—
Total.--
-.98,349,119 95,424,6631
Total.
98,349,119 95,424,663
— .
—V. 151, P. 2662.
Interstate
Commerce Commission
on
Oct. 31 issued a certificate
permitting abandonment by the company of a portion of its San Jose-Santa
Cruz branch (approximately 15.167 miles) in Santa Clara and Santa Cruz
counties, Calif.—V. 151, p. 2514.
Southern
Ry.—Earnings—
—lsf Week
1940
Gross
$2,912,274
(estd.)
—V. 151. P. 2810.
earns,
—Jan.
of Nov.—
1939
1
1940
to Nov. 7—
1939
$2,857,871$117,639.557$111,852,325
Southwestern Gas & Electric Co.- -Earnings—
1940—3 Mos.—1939
Operating revenues
$2,117,280 $2,159,952
Oper. exps. and taxes...
1,393,918
1,271,524
Period End. Sept. 30—
Net operating income-
Other income (net)
Gross income
Int. & other deductions.
Aircraft Products,
Standard
Net income
*
1940—12 Ados.—-1939
$7,870,420
$7,649,837
5,223,051
4,743,794
$723,363
Dr8,911
$888,428
3,766
$2,647,369
Dr4,493
$2,906,043
$714,452
234,045
$892,194
236,142
$2,642,876
931,418
exclusively for Standard
Proceeds from
Aircraft Products.
will be used for payment
the present financing
$656,052
154,605
stock
cooled engines.
received an order from a large Canadian manu¬
liquid cooled aircraft engines, and is now
Company has already
facturer for 500 thermostats for
negotiating with Packard Motor Car Co. in connection with thermostatic
cooling systems for the 9,000 Rolls-Royce Merlin engines Packard has
agreed to make for the British and American governments.
The
thermostat which Standard Aircraft Products will make was especially
designed for the Rolls-Royce Merlin engine and, with
is adaptable to the Allison and other liquid cooled
9,581
$1,711,458
471,140
$1,981,300
618,422
$1,362,878
Note—Provision for Federal income tax In the current periods has been
computed in accordance with the requirements of the Second Revenue Act
$386,657
of 1940.—V.
$501,446
$1,240,317
151, p. 1912.
Sperry Corp.-—Government Contracts—
awarded the Sperry Gyroscope division
of this company a contract totaling $3,484,522 to manufacture mount
assembly filter, oil regulators and another contract totaling $9,961,240 for
indicator and controller assemblies.—V. 151, p. 2058.
The U. S. Government recently
minor modifications,
engines developed in
;
this country.
The preferred
stock being offered is redeemable in whole or in part on
$8 per share plus accrued dividends, and is convertible
at the option of the holder into common stock at the rate of two shares of
common for
each share of preferred.
Dividends are cumulative at the
annual rate of 40 cents per share.
Outstanding capitalization upon completion of the present financing
will consist of $60,000 of 5% secured notes, 40,000 shares ($7.50 par)
cum. conv. pref. stock, and 217,000 shares (10 cents par) common stock,
of an authorized issue of 300,000 shares.
Reserved for conversion of
pref. stock are 80,000 common shares.
'
Gem City Sheet Metal & Mfg. Co. showed an increase of 190% in sales
for the fiscal year ended May 31, 1940, over the previous year, and its
60 days' notice at
rapidly, with a substantial backlog
hand.
Net earnings for the May 31, 1940, year, after
amortization and taxes, were $88,134, against $25,142 in the
previous year.—V. 151, p. 1291.
volume of business continues to grow
of orders now on
interest,
Standard Cap &
Seal Corp. (& Subs.)—Earnings—
1940
1939
1938
9 Mos. Ended Sept. 30—
come taxes, &c
Shares of common stock
Earnings
Balance
of the
portion of the purchase price of the Gem City Sheet Metal
and as working capital in the manufacture, assembly and sale of cooling
devices for aircraft engines and the British thermostat control for liquid
cash
$2,915,624
934,324
$480,407
93,750
Inc.—Stock Offered—An¬
public financing of the company was made by
Hill, Thompson & Co., Inc., New York, Nov. 12 with the
offering of 40,000 units of preferred and common stock and
25,000 separate shares of its common stock.
The units,
consisting of one share of cumulative convertible preferred
stock ($7.50 par) and 34 share of common stock (10c. par),
are priced to the public at $7.55.
The company, incorporated in Delaware in May, 1940, has acquired
an option to purchase all the issued and outstanding stock of Gem City
Sheet Metal & Mfg. Co. of Dayton, manufacturers of aircraft accessories, in¬
cluding aviation lighting and aircraft engine cooling equipment since 1926.
The company has also close# a contract with the British Thermostat
Co., Ltd., of Sunbury-on-Thames, England, for exclusive rights in the
United States and Canada to make and sell a perfected thermostatic tem¬
perature control device for liquid or chemically cooled aircraft engines,
and another with the Fedders Mfg. Co. of Buffalo, under which the latter
will make airplane cooling radiators, oil coolers and supercharger coolers
nouncement of
Net income after aeprec.,
Pref. stock dividends--.
stockholders to act favorably
proposition to issue new common stock for a consideration of about
$6,000,000, the proceeds of this stock to be used to retire all of our out¬
standing preferred stock and to add to the company's surplus."
Issuance
of the new common stock, which is subject to stockholders' approval and
registration with the Securities and Exchange Commission, is expected to
be underwritten by a nationwide group of investment bankers under the
leadership of The First Boston Corp.
It is understood that the proposed
operation would represent the largest piece of financing for a casualty
insurance company undertaken publicly since the enactment of the Federal
Securities Act in 1933.
According to Mr. Bowen, successful completion
of the proposed financing would place the company in a better position to
expand its business.
"If this program is approved, it will be the first time Standard Accident
Insurance Co. has offered its common stock to the public in more than
40 years," Mr. Bowen said.
The letter to stockholders stated that the common stock would be offered
the public at a price somewhere between $52 and $57 per share.
Mr. Bowen stated, "Upon consummation of this program, and assum¬
ing a continuance of the present rate of the company's earnings available
for the purpose, it Is the expectation of the company to undertake the
payment of dividends on its common stock."
Dividends have not been
paid by the company on its common stock since 1931, although regular
dividends have been paid on the preferred stock, now proposed to be
retired, since its Issuance in 1933.
In order to permit the completion of the financing, the directors urged
the present common stockholders to waive their preemptive rights.
Company was incorporated in Michigan in 1884 and is engaged in writing
many lines of casualty insurance and fidelity and surety bonds.
At the
close of 1939 the company had total admitted assets of over $23,000,000,
and during the year ended on that date had a net premium volume of
over $14,850,000.
All of the directors and principal officers of the com¬
pany are residents of Michigan.
On the basis of net premiums written in
1939, the company is the tenth largest American stock casualty insurance
company.—V. 148, p. 598.
upon a
British
Southern Pacific Co.—Abandonment—
The
the company
1940, to act
for the company.
upon a comprehensive plan of refinancing
Mr. Bowen stated, "We propose to ask the
Periods
per
—V. 151, p.
Federal in-
_
$210,371
$503,098
outstanding-
216,503
215,972
*
$0.38
$1-74
share
1157.
$489,912
214.676
$1.69
Sterchi Bros. Stores, Inc.—Sales—
sales for the month of October, 1940 were $634,565
compared with $610,433 for October, 1939.
This is an increase of
Total company net
as
over October last year.
Total company net sales for
3.95%
$4,991,335
as
p.
2208.
the 10 months ended
Oct. 31, 1940, were
compared with $4,872,758 for the same 10 months of 1939.
$118,577 or 2.43% over the 1939 figure.—V. 151,
This reflects an increase of
The Commercial & Financial Chronicle
Volume 151
Standard Gas & Electric Co. (& Subs.)—Earnings—
amounted
[Exclusive of Deep Bock Oil Corp., Pittsburgh Rys. Co., and the sub¬
of Philadelphia Co.,
sidiaries of those companies, street railway subsidiaries
and Beaver Valley Traction Co., and its subsidiary.]
Period End. Sept. 30—
Income Statement {.Including Subsidiaries)
Sub. Pub. Utility Cos.—
revenues
Net oper. income
Other income (net)
Interest
on
Net sales
Dr229,530
Drl31,803
Dr201,802
Dr360,403
Net profit on sales
8,217,306
8,228,061
10,957,104
1,037,238
67,724
1,381,049
108,027
1,384.991
255,492
on
491,926
492,035
522,939
497,975
Loss,
y
x$499,814
Assets—
977,428
884,688
722,370
on
$378,948
Sight
1,224,737
drafts
7,198,632
9,120,593
distributed net inc
234,175
288,994
41,217
78,038
9,783,151
867,199
Inventories
2,198,826
of income
sub.
public
companies
Other
inc.
Gas &
Divs.
of
for
utility
412,153
6,012,230
274,139
472,018
7,597,568
323,086
curr. assets
$5,522,083
Other
affiliate..
on
257,197
Prop, plant
equipment
395,356
5,923,646
6,490,646
,
paym't
by
pro v.
of indenture
&
500,337
548,226
(par $l)c2,274,792
Com. stk
less
for losses
2,221,792
Capital surplus...17,156,655 16,900,955
Earned surplus...
and
2,642,316 def359,481
.17,020,731 15,100,262
706,324
721,405
Trade name, good¬
will and patent
$9,051,199
423,086
600,369
479,571
$5,628,433
3,178,979
$4,872,056
3,207,967
22,667
$8,450,830
4,247,122
296
$7,146,319
4,307,658
40,255
40,155
52,845
56.466
70,742
93,708
94,783
$1,530,525 b$4,056,859
$2,647,157
39,306,376
1
$7,625,890
337,011
1
Total
"$5,209,067
41,569
fund. debt..
473,183
invs.
def'd
197,566
927,617
6%
debs, due Jan. 1,
1945
46
rights
$6,051,519
interest
Federal and State tax
int.
17,309
296
Consol. net income.
16
205,651
_
Deferred charges..
4,398
Total
on
Non-curr.
a
402,051
401,446
301,538
5
and taxes
of
Stand. Gas & Elec. Co.
c
$228,498
$228,498
300,933
income
Interest
$7,206,530
res.
Expenses
Other
$8,421,250
conv.
4,947,778
1,937,095
147,850
on
liabils.
curr
10-year
Accrd. int
or
receivables,
of affiliate
ness
„
$4,903,131
Co.—
Divs. from others
Interest of indebted¬
Other
purchase
355,195
deps.
sales contracts_
redemp. of debs.
Standard
E]ec.
from
of
for taxes
Dealers'
and notes
receivable, trade
yOther
Accrued expenses.
Dep. with trustees
Balance
$
$
7,121,341
Res
out¬
standing
Accts.
1939
1940
Liabilities—
Accts. pay., trade.
11,488,712
y
7,190,343
un¬
$
and
hand
x
9,115.996
1939
$
*
deposit
on
$12,790,464 $12,142,980 $17,830,837 $16,556,701
stocks
held by public
Minority interest in
$457,495
debentures.
Cash
703,120
Balance
capital
x$395.365
Including amortization of special tools, dies, &c., and selling
depreciation and interest and discount on
Consolidated Balance Sheet Sept. 30
miscell. deductions
on
$370,844
8,104
1940
obligations
Sundry amortization and
.
$482,995
7.500
33,000
Net income.
guaran¬
teed
Divs.
x$396,910
1,545
292,081
84,403
and general expenses, but before
for
reserve
$1,428,799
681,471
Profit
x
Other interest (net)
Approp. to
payments
$1,552,829
.
710,376
278,872
80,586
Other income, net
Federal income tax
10,976,483
1,039,753
204,282
x$44,514
226,902
97,360
28,134
x$631,861
2,047
Crl30,000
Amort, of debentures.
$23,307,778 $22,829,481 $31,684j644 $30,649,070
funded debt.
and expense
x$275,345
241,983
88,856
25,677
Depreciation
Interest
of debt discount
Amort,
1940—9 Mos.—1939
1940—3 Mos.—1939
$14,681,010 $16,010,095 $57,282,070 $53,913,718
14,956,355
16,054,609
55,729,241
52,484,919
Mfg. costs
y
$23,537,308 $22,961,284 $32,045,047 $30,850,872
Gross income
^
Period End. Sept. 30—
^
$73,991,239 $68,834,822 $98,861,606 $92,006,613
24,209,972
22,582,786
32,406,674
30,559,551
Maintenance and repairs
4,836,616
4,700,741
6,432,524
6,264,098
Approp. for retirement,
deprec. and depl. res.
9,106,457
8,793,425
11,998,398
11,440,966
Taxes
12,300,886
9,796,586
15,978,963
12,891,026
Operating
Operation.
to 88,580 units compared with 71,813 for the corresponding
1939 period.
Factory sales for the first 10 months of 96,245 units com¬
pared with 88,186 in the same period last year.
1940—12 Mos.—al939
1940—9 Mos.—al939
2957
For the first 10 months of 1940, retail deliveries of Studebaker dealers
on
funded debt
70,131
expense
Consol. netincome__.b$2,337,458
For comparative purposes the figures
19374856
39,306,376 33,427,782
Total
for doubtful accounts and notes,
After reserve, a After
reserve for loss on demolition, &c., of $1,708,236 in 1940 and $1,821,354 in
1939 and reserve for depreciation of $4,447,468 in 1940 and $3,537,238 in
1939. c Includes 50,000 shares subscribed, but unissued.—V. 151, p. 2664.
x
Amort, of debt disc, and
33,427,7821
After
reserve
y
Superior Tool & Die Co., Detroit, Mich.—Stock Offered
—Baker, Simonds & Co., Detroit, and Robinson, Miller &
Co., Inc., New York on Nov. 13 offered at $2,375 per share,
200,000 shares of common stock C$1 oar).
publicly offered, the registration state¬
35,000 shares which have been set aside for distribution over a
In addition to the 200,000 shares
ended
for the 9 months and 12 months
Sept. 30, 1939 have been revised to reflect equalization of adjust¬
subsequently, but which are applicable to those periods.
b Includes approximately $483,000 of undistributed earnings of a sub¬
sidiary company, which amount is required to be retained in surplus by
that company pursuant to order of the Securities and Exchange Com¬
ment covers
ments recorded
five year period to such employees and persons affiliated with the manage¬
ment as the board of directors shall determine.
Annually, commencing
mission.
to
a
Before deduction
c
of income charges of Standard
Gas & Electric Co.
Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Nov. 9, 1940, totaled
837,270 kwh.,
as
141,-
compared with 124,879,919 kwh. for the corresponding
13.6%.—V. 151, p. 2811.
week last year, an increase of
Standard Oil Co. of
9 Mos. End. Sept.
x
30—
Kansas—Earnings—
1940
$67,102
Net profit
1939
loss$29.383
1937
$611,890
1938
$521,497
After
intangible
interest, depreciation, depletion, amortization of
development costs, abandonments, taxes, &c.—V. 151, p. 1157.
x
Sterling Aluminum Products, Inc. -Earnings —
Period End.
Sept. 30—
1940—3 Mos.—al939
1940—9 Mos.—*1939
Net income after Federal
taxes & other
charges
Earns. per sh .of com .stk.
—V. 151, p. 568.
.
$86,729
$91,062
$0.37
$0.35
$245,947
$1.00
$238,171
$0.97
End.
Sept. 30—
1940—3 Mos.—1939
yNet prof, after all chgs. $1,656,161
$1,790,045
Shs. cap. stock outst'g__
1,740,871
1,712,877
Earnings per share
$0.95
$1.04
$7,230,584
1,740,871
$4.15
$7,100,098
1,712,877
$4.14
Company has filed a certificate of reduction of capital providing that the
capital represented by the issued shares of common stock be reduced from
$145,500 to $72,750 by reducing (in conjunction with an amendment to
the certification of incorporation of the corporation under Section 26 of
the general corporation law of Delaware) the par value of each of the
14,550 issue and outstanding shares of common stock of the corporation
from $10 each to $5 each, and by transferring the amount of $72,750
(being the amount of said reduction of the capital of the corporation) from
the capital stock account of the corporation to the capital surplus account.
(J. P.) Stevens & Co., Inc.—Government Contracts—
U.
S.
Government
has
awarded
the
following contracts
to
this
under its defense program: 1,000,000 yards cotton cloth, $254,800;
800,000 yards flannel shirting, $1,423,100; 475,000 yards serge cloth,
$1,356,325, and 175,000 yards elastique cloth, $515,025.—V. 151, p. 2514.
company
Storkline Furniture
Directors
have
declared
an
Corp.—Extra Dividend—
extra dividend
of 12 K
cents per share in
addition to the regular quarterly
dividend of like amount on the common
stock, par $10, both payable Nov. 29 to holders of record Nov. 18.
Like
extras were paid on Aug. 30, last; Nov. 29, 1939; and Feb. 28, 1939.—V.
151, p. 1006.
Superior Oil Corp.—Gets $1,500,000 Bank Loan—
The corporation on Oct. 14, last, concluded arrangements to borrow
$1,500,000 from six banking institutions.
From this sum payment was
made of the old note obligations previously outstanding of $650,000, leaving
proceeds of $850,000 which is to be used for additional working capital.
All notes are secured by a first lien deed of trust on 48 leases, of which
15 are located in Oklahoma, 32 in Texas and one in Louisiana.
They are
payable in equal monthly instalments beginning Oct. 15, 1940, to and
including Nov., 1944.—V. 151, p. 2664.
Studebaker Corp.—Sales—
Retail sales of Studebaker passenger cars and trucks in the U. 8. in
were the largest for that month in the history of the company
October
middle of 1928, Paul G. Hoff¬
President, reported on Nov. 12.
Last month's factory sales to dealers
throughout the world, Mr. Hoffman said, set a 16-year record for October.
Retail deliveries by Studebaker dealers in October totaled 11,720 units
compared with 9,866 in the corresponding month last year.
Not since
and exceeded those for any month since the
man,
July, 1928, when 11,980 units were sold to consumers has a single month's
deliveries been greater than those for last month, Mr. Hoffman stated.
Factory sales to dealers last month totaled 14,709 units against 10,932
in
1939.
October records
factory volume and, Mr.
October,
month's
from
any
Company—Incorp. in Michigan, Nov. 21,1933, at which time it took over
business and assets of Superior Tool Works, a partnership, em¬
ploying an average of 40 persons annually.
In Dec., 1936, the name of
the company was changed to Superior Tool & Die Co.
Originally the com¬
pany was engaged chiefly in the tool, jig, and fixture business, and in 1935
it began the manufacture of sheet metal dies mainly for small stampings
used in automobiles.
In 1935 and 1936 its plant, originally built in 1929,
was increased to an area of 11,025 square feet.
Further additions were
made in 1937, 1938 and 1940, and the plant, including office space, has a
total area at this time of 27,600 square feet.
In 1937 the company com¬
menced the manufacture of larger sheet metal dies.
Until that time its
business
was
divided between the manufacture of tools, jigs,
metal dies.
At the present time
approximately 225 persons at peak periods.
about equally
and fixtures and the manufacture of sheet
the company employs
May, 1939, the company purchased a small reamer and cutting tool
on May 29. 1939, incorporated its wholly owned subsdiary.
Michigan and transferred the business to
The subsidiary employs 9 to 11 persons.
In
business and
back to 1924 were broken by last
Hoffman added, dealers' purchases
also were greater than those of
the corporation during the month
single month since Aug., 1928.
Company's sales to automobile, truck and trailer manufacturers con¬
the fiscal year ended Nov. 30, 1939
the fiscal year 1940. In 1939 three
out of seven major customers in that group accounted for 10.5%, 12.4%
and 36.7% respectively, of such business and in 1940 four out of eight
stituted 83.6% of its total business for
and 84.3% for the first nine months of
major customers in the same group accounted for
33% respectively, of such business.
Its sales to
facturers constituted 12.6% of its
Stern, Wampler & Co., Inc .—Capital Reduced—
The
in force.
the name,
it.
1940—9 Mos.—1939
Before provision for surtax on undistributed profits.—V. 151, p. 1006.
y
be distributed, at a price
Standard Reamer & Tool Co., in
Sterling Products, Inc. (& Subs.)~ -Earnings—
Period
company'8 fiscal year 1941, a sufficient amount of such stock is to
equal to its asset value on Nov. 30 of such year,
equal 5% of the company's net earnings after all taxes for such year as
certified by the public accountants and reported to the stockholders in the
annual report.
The price of these shares cnanot, therefore, be determined
at this time and will fluctuate from year to year.
The Intent is to establish
a stock bonus plan to replace the cash bonus plan which has heretofore been
with the
10.4%, 16.6%, 21% and
automobile parts manu¬
total business for the fiscal year 1939 and
8.4% for the first nine months of the fiscal year 1940.
The aggregate amount of orders on hand as of Sept. 26,1940, is $125,452,
84.9% of which is for the automobile parts manufacturers and 12% of
which is for the automobile, truck and trailer manufacturers.
For the first
nine months of the 1940 fiscal year approximately 75% of the company's
business was obtained by competitive bids and 25% was obtained on a
time and material basis.
Company's plant, owned in fee, unencumbered, and located at 6633
Rohns Ave., Detroit, consists, except for the offices, of a one-story brick
and steel sash building having an area of approximately 240 feet by 110.5 ft.
The new plant site which the company is acquiring in its expansion
„
program consists of 4.492 acres located in a rapidly
area on Hoover Road north of the Eight Mile Road
developing industrial
in Warren Township,
It is contemplated that the new plant and office
building which the company intends to build upon this site will be a com¬
pletely modern brick and steel sash building.
Sales, Net Income and Dividends
Macomb County, Mich.
Dividends
Sales
$168,901
297,898
384,481
Years Ended Nov. 30—
§00,485
598,165
765,468
1940 (9
a
842,790
months)
No cash dividends were
$7,276
19,000
34,825
61,898
57,287
117,186
111,357
on
Common Stock
Net Income
b 13c. per share
20c. per share
c
15c. per share
d 7 He. per share
declared on the common stock for the fiscal
1934, 1935 and 1936, but a stock dividend of 100,000 shares ($1 par)
stock was declared and paid in Dec., 1936.
This was at the rate
2.857 shares for each of the 35,000 shares ($1 par) common stock then
years
common
of
outstanding.
share in cash, 5c. per share in notes.
These dividend
been paid in full except for notes aggregating $250 which have
presented for redemption.
c Ten cents per share in cash, 10c. per share in notes.
■
d On Oct. 2, 1940 directors declared regular quarterly dividend of 2M
cents a share and an extra dividend of 12)^ cents a share, both payable
Oct. 16 to holders of record on Oct. 9.
Capitalisation—As a result of an amendment to the articles of incorpora¬
tion on Oct. 2, 1940, the capitalization of the company is as follows:
Authorized
Outstanding
b Eight cents per
notes have
not been
,
520,000 shs.
265,000 shs.
1940, capitalization consisted of
265,000 shares of common stock ($1 par), all of which was issued and out-
Common stock
Prior
to
($1 par)
the amendment
Bt*Urrierwriting—Baker,
resDect to
made
200,000 shares.
of Oct. 2,
Simonds & Co., Detroit, is the underwriter with
No firm commitment to take the issue has been
Sept. 14, 1940, gave Baker, Simonds & Co. the
but the company on
The Commercial & Financial Chronicle
2958
right to purchase for cash all or any part of 200.000 shares at a price of not
less than $2 a share within 24 days after the effective date of the registra¬
tion statement and the date of qualification of such stock in Michigan and
four other States to be designated by Baker, Simonds & Co., unless such
time is extended by the company, provided that this right shall terminate
unless within the first 14 days of such period Baker, Simonds & Co. pur¬
chases 160,000 shares in one block.
If 160,000 shares are purchased, com¬
pany will receive 1323,000, within the time stated, and it will receive in
addition $2.01875 a share for each share purchased above 160,000 shares,
or a total amount of $403,750 if the entire 200,000 shares are purchased
within the time stated.
>•
Purpose—The net proceeds after deducting expenses in connection with
the sale of the securities, will amount to $393,803.
It is intended to use the
net proceeds for the following purposes connected with the proposed expan¬
sion program of the company: approximately $150,000 will be used for the
construction of a modern plant and office building having an area of not
less than 50,000 square feet; approximately $195,500 will be used in the
■
Thew Shovel Co.—SI Dividend—
Directors have declared a, dividend of $1 per share on the common
stock, payable Dec. 20 to holders of record Dec. 5.
This compares with
50 cents paid on Aug. 15; last; $1 paid on Dec. 20, 1939; 50 cents on Aug.
15, 1939; Dec. 20, 1938; and Dec. 23, 1937; a dividend of $2 paid on Aug.
25, 1937; and one of 50 cents per share distributed on Dec. 15, 1936, this
last being the first payment made on the common shares since Dec. 15,
1931.—-V. 151, p. 1913.
Third Avenue Ry.—Bus
t4L.
.
Jmrchase of plant and for the present plant, and approximatelyand fixtures
the
additional machinery, equipment, tools, furniture $10,000 will
new
be spent in moving some of the machinery and equipment used in the manu¬
facture of sheet metal dies from the present plant to the new plant.
The
balance of the net proceeds amounting to approximately $38,000 will be
used as additional working capital.
Balance Sheet
at
as
Aug. 31, 1940
period starts as soon as the various security-holding groups of the Third
Avenue Ry. System have approved the motorization plan.
The Mayor also signed a 25-year franchise to the Surface Transportation
Co., a Third Avenue subsidiary now operating buses In the Bronx under a
grant that expired in 1938.
The new franchise has a renewal clause for
another 25-year term.
The contracts signed
by the Mayor, and also by Slaughter W, Huff,
President of the Third Avenue System companies, were approved by the
Board of Estimate recently after public hearnings the resulted in a lioerali-
provisions covering transfers at key points in Manhattan and the
Bronx.
V
;
The net effect of the new franchises will be to subsititute buses for street
■
than a hundred miles of routes in Manhattan and the Bronx.
The basic fare will be 5 cents, with two-cent transfers at numerous key
cars on
more
points between street car and bus lines during the period of transition.
There will also be some free transfers.—V. 151, p. 2665.
payable, $45,250; accounts payable, trade, $47,623;
151,
$177,013; total, $591,282.—V.
2514.
p.
Thompson Products, Inc. (& Subs.)—Earnings—
Period End.
Talon, Inc.—Extra Dividend—
—
authorized, no preferred stock has been issued heretofore.
The preferred is callable at par.
An extra dividend of $1.65 per share was
paid on Dec. 26. 1939.—V. 149, p. 4042. :
Operating
;
(
Total income
Developing
1940—9 Mos.—1939
$69,670
$60,979
$0.52
$0.44
1940—3 Mos.—1939
$14,682
$17,378
$0.10
$0.12
Corp., below.—V. 151, p. 2515.
;
;
Terminal RR. Association of St* Louis— Bonds Offered'—
Halsey, Stuart & Co., Inc., and Otis & Co.. Inc., placed Nov. 13 on the
$389,432
$2,315,649
$1,246,543
35,376
.61,438
201,683
505,262
108.793
199.077
$560,802
295,457
$1.78
$292,618
293,290
$0.89
$1,608,704
295,457
$938,673
293,290
$3.02
>
1940
S
Cash....—.—...
x
Trade notes,
634,722
1940
585,251
by competitive bidding.
Advocates of
Inventories......
3,836",966
Company has asked the Interstate Commerce Commission for authority to
borrow $1,897,000 from the Reconstruction Finance Corporation.
Patents
p. 260.
„
-
-
1940
-
—
1,843,075
$1,932,805
—
-
-
12 Mos.
1939
12 Mos.
1940
1,370,834
Total gross operating income.—--—- $1,437,871
Operating exps,, maint. and repairs..
195,548
Depreciation and depletion.--340,179
Taxes, other than Federal taxes—-85,438
Commission on oil sales.
11,826
General and administrative expenses189,798
Uncollectible accounts-—----——-———
1,656,465
$1,704,014
244,252
391,782
105,842
18,074
220,657
252,090
447,503
117,736
16,416
243,812
—
,
Total...
x
541
Net operating income—
Other income———————
$609,078
$854,703
27,938
26,353
Total income.
Income deductions.
$626,502
132,838
$882,642
212,545
Crl2,750
$749,759
132,966
3.000
————
-----
—
—
Provision for Federal taxes (est.)
11.250
Net income.————Previous earned surplus-——-
$482,414
5,440,658
$682,846
5,329,040
$613,792
4,958.380
$5,923,073
88,814
$6,011,887
177,629
$5,572,172
222,035
—-—.
Total--.-
-
Cash dividends.-..———————
Stk. transf. tax assess, for 1933 & 1934
i
Adjustment of provision for Federal ■'
■
.
taxes for 1936 and 1937——
12,184
60",649
60,649
$5,773,608
$5,329,040
3,356.226
3,598,320
242,094
costs.——————
250,893
-------
Balance at end of period.—$3,105,332
per share on capital stock—
$0.54
$3,105,332
$3,356,226
$0.77
-——_
$0.69
Earnings
Balance Sheet Sept. 30
1940
Assets—
$
Cash'.——;
1939
1940
Liabilities—
$
$
L-
375,152
550.457
Working funds.—
6,275
18,115
4,050
5.575
Accounts payable.
Notes payable
18.115
Accrued liabilities.
Notes receivable..
Acer. int. recelv—
Acc'ts receivable—1
Inventories-
—
—
172,723
61,432
Other eurr. assets.
1,506
a Fixed assets....
9,396.133
Organization exps.
...
Deferred charges..
Acc'ts receiv. from
73,399
production.——
Other assets—...
47,030
9,882
2.961
181,654
Prov.
for
226.000
$
60,109
165.395
500.000
54,135
21,488
6,642
2.552 Res. for con ting..
9,399.726 b Common stock..
60,649 Div. credits outst.
6,769 Surp. arising from
212,857
633,855
1,460
appraisal—.— 3,105,333
Earned surplus... 5,773,609
63,644
18.487
252,791
633.853
1,462
3,350,226
5,329,041
Total— —10,165,703 10,375,035
After depreciation and depletion reserves of
$4,941,915 in 1940 and
$4,255,014 in 1939.
p. 2664.
Thermoid
b Represented by 888,146
Depreciation..-.—...
Interest & amortization.
Federal income taxes...
Minority interest
Net profit
no-par
shares.—V.
151,
Co.,Earnings—
Period End. Sept. 30—
Profit before charges—.
....
—a..
Earns, per com. share...
—V. 151. P. 1586.
65,372
203,643
109,504
70,955
29,073
2.894.500
$5 cum. convert.
—
.
.
2,932^900
2,829i496
101,200
106,777
Total...
—. —
.15,503,023
$161,865 in 1939 and $130,472 in 1940.
j
10,279.202
After
reserve
Thompson-Starrett Co., Inc.—Meeting Adjourned—
elimination of the operating deficit.
The p oposal provides for the merger of Thompson-Starrett Engineering
Associates Inc., a wholly owned subsidiary into Thompson-Starrett Co.,
Inc.—V. 151. P. 2210.
Timken-Detroit Axle Co.—New Director—
H. H. Timken has been elected a director to fill
death of H. H. Timken, Sr.—V. 151, p. 1738.
Timken Roller-Bearing Co.
x
9 Months Ended
Net profit
Earnings
per
Sept. 30—
share capital stock--.-.
a vacancy
created by the
(&Subs.)—Earnings—
1940
$6,940,598
$2.87
1939
$4,908,934
$2.03
1938
$381,298
$0.16
x After
provision for depreciation, taxes and all other charges and in
1940 after estimated income and excess profits tax under new laws.
$1.50 Dividend—
.
Directors have declared a dividend of $1.50 per share on the common
stock, no par value, payable Dec. 5 to holders of record Nov. 19.
This
compares with 75 cents paid on Sept. 5 and Tune 5, last; 50 cents paid on
March 5, last; $1.50 paid on Dec. 5, 1939; 50 cents paid on Sept. 5, 1939;
and dividends of 25 cents paid in preceding quarters.—V. 151, p. 2665.
Tokheim Oil Tank & Pump Co.—EarningsPeriod End. Sept. 30—
Net income—
Earns, per com. share...
x
—
1940—3 Mos.—1939
y$70.148
$115,673
—
$0.35
1940—9 Mo#.—1939
y$282,644
$326,829
$0.59
$1.42
$1.68
x After charges and Federal taxes,
y Federal taxes at rate established
by Second Revenue Act of 1940.—V. 150. p. 3530.
Toronto Elevators, Ltd.
Years End. July 31—
b$522,lll
23,328
133,219
123,533
—
Prov. for depreciation._
Prov. for income taxes—
Loss
on
capital
written-off.
Shs.
com.
stk. (no
per
1939
.1938
$310,702loss$228,570
25,274
118,652
27,864
27,127
1937
$392,280
28,892
128,726
40,025
assets
_—
Net profit.—
Divs. on pref. stock-—Divs. on com. stock-—
Earnings
(& Subs.)—Earnings—
1940
Operating profit—
Balance, surplus
Total——-10,165,703 10,375,035
a
223,938
prior pref. stock 2,829,000
a Common
stock. 2,997,910
Earned surplus.
4,145,910
Capital surplus
101,200
.15,503,623 10,279,202
Interest-
Federal
taxes.——'—.
61,042
12,602
1939
.
125,350
Contingent Income
72,932
586.597
taxes, est—....
Reserves
.
of
294,094
The special meeting of stockholders which was to act upon recapitaliza¬
tion of tne company has been adjourned until Dec. 11, due to lack of quorum.
The meeting is to vote on a plan involving the elimination of the accrued
dividends on the preference stock, an increase in capital surplus and the
8,912
r.
Balance at end of the period
$5,773,608
Surplus arising from appraisal:
Balance at beginning of period—
3,291,245
Depletion of appreciation.
185,912
Organization
72,369
reserve
864*498
475,029
parshares.—V. 151, p. 2812.
$723,405
17,423
——
After
—
1,346.422
_
Divs. payable
Prov. for Federal
z
cost
—
alties, &c___„
for depreciation of $1,710,527 in 1939 and $2,054,599 in 1940.
z Rep¬
resented by no par shares,
a Represented by 295,457 (1939, 293,299) no
Co.—Earnings9 Mos.
Period Ended Sept. 30—
Total net barrels produced-
at
—
and
Prepaid Insurance,
taxes, advertis'g,
catalogs,, &e
The company, whose properties are located in Galveston County. Texas,
proposes to use the loan to retire on Jan. 26,1941, an equivalent amount of
Texas Gulf Producing
139.845
3,449,409
assets'.........
Prop.,plant
less amortization
City Terminal Ry. of Texas— Seeks RFC Loan —
6% first mortgage bonds.—V. 151,
170,624
equipment..... 5,042,719
the latter procedure prevailed.]—V. 150, p. 3066.
Texas
Notes pay. to bks. 2,950,000
Accrued taxes, roy¬
2,095,582
y
1939
%
Accounts payable.
ac¬
& ac¬
counts, receiv.. 3,137,847
War bonds—Can.
44,741
purchased by the bankers and reoffered to the public in August, 1939.
[The Issue was the cause of a controversy whether it should be sold through
or
Liabilities—
~
ceptances
6,197,059
^
V;
1939
5
Invests, and other
banking connections
$5.08
Consolidated Balance Sheet Sept. 30
v
Assets—
market $4,368,000 of 3%% bonds due in 1974 at 105, to yield about 3V* %.
The bonds were the unsold portion of an issue of $7,0C0.COO originally
traditional
53,275
Note—Provision for deprec. for the first nine mos. of 1939 amounted to
$211,405 and for first nine months of 1940, $287,943.
x Provision for Federal taxes on income based on new rates of
24%, but
does not include any provision for excess profits tax.
Tennessee Corp.—Dividenis—
Directors have declared two dividends of 25 cents per share each on the
capital stock, one payable Dec. 11 to holders of the record Nov. 25 and the
other on March 12,194,1 to holders of record Feb. 24,1941.
These dividends
will be the first paid since Dec. 23, 1937 when 10 cents per share was dis¬
tributed.—V. 151, p. 1006.
$1,193,268
CV58,500
xl87,119
Net fncome.
'
$2,237,899
77,750
int.,
exps.,
royalties, Sec
8hs.com. stk. (no par)—
Earnings per share
Coal, Iron & RR. Co.—To Expand Facilities
$370,250
19,182
$689,422
—
Federal income taxes
(G.) Tamblyn, Ltd.—Earnings—
See United States Steel
$672,089
17,333
profit
Other income
Although
Earns, per com. share—
—V. 161, p. 1158. v:
$6,243,587
5,571,498
Costs, expenses, &c
Directors have declared a regular quarterly of 60 cents and an extra of
4% non-voting preferred on every 10 shares of common
held.
Both are payable Dec. 10, record Nov. 20.
Period. End, Sept. 30—
Net income after charges
1940—3 Mos.—1939
1940—9 Mos.—1939
$3,715,947 $18,007,406 $11,019,112
3,345,697
15,769,508
9,825,844
Sept. 30—
Net sales.——
one share of $10 par
V
and Its subsidiaries are to surrender their perpetual street car franchises
In exchange for 50-year bus grants and to substitute buses for street cars
on ail their Manhattan and Bronx routes within a 20-year period.
That
accrued expenses, $23;770; provision for current and prior years' Federal
income taxes, $32 625; common stock ($1 par), $205,000; earned surplus,
Tennessee
Grant Signed by Mayor—
Mayor La Guardia signed Nov. 9 the contracts under which the com¬
pany
zation of
Assets—Demand deposits in banks and cash on hand, $30,465'; accounts
receivable, trade after (reserve for allowances of $6,300), $237,922; inven¬
tories, $15,773; prepaid expenses, $8,268; value of life insurance, $986;
investment in and advances to wholly-owned subsidiary, $10,805; property,
plant and equipment (less reserves for depreciation of $61,626), $287,064.
total, $591,282.
»
Liabilities—Notes
16, 1940
.
_A,
or
Nov.
par).
share—
13,925
'
$242,031
77,530
52,318
$138,912 loss$269,622
78,718
52,318
$194,635
*77,053
77,744
$112,183
52,318
$3.14
$60,506 def$400,658
52,318
52,318
$1.15
Nil
$39,838
52,318
$2.25
78,406
-
'
a Includes $57,253 dividend on 7%
preference shares to date of redemp¬
tion, March 7, 1937, and $19,800 dividend on 5 H% preference shares,
b Includes $1,369 profit from redemption of preference shares.
Consolidated Balance Sheet July 31, 1940
1940—3 Mos.—1939
$277,851
$178,340
54,716
53,894
1940—12 Mos.—1939
$1,135,998
218,982
$746,471
218,737
139,524
54,165
33,106
45,650
34.265
158
56
831
210
$144,221
$75,555
$333,835
$0.24
$0.09
$594,239
$1.00
14,570
134,102
187,844
$0.45
Assets—Cash, $119,958; accounts and bills receivable (less reserve).
$156,423; accounts receivable, contract sales for future delivery, $446,479;
grain and feed inventories, $2,760,590; equity in deposits with brokers on
option trades, $16,063; life insurance, cash surrender value, $19,845; pre¬
paid expenses, $36,753; seats on grain exchanges, $12,100; mortgages re¬
ceivable, $9,825; land, $137,639; elevator structures, docks, moorings and
sidings, machinery and equipment (net), $2,146,964; total, $5,862,639.
Liabilities—Notes payable to bankers (secured), $2,215,000; owing on
grain purchase contracts, $155,624; accounts payable and accrued charges
$39,905; current maturities on City of Sarnia loans, $57,302; reserve fo
The Commercial & Financial Chronicle
Volume 151
taxes including excess
profits taxes, 1122,000; deferred liabilities, $413,865;
5H% cumulative redeemable preference shares, $1,460,550; common stock
(52,318 no par shares), $1,030,600; surplus, $367,792; total, $5,862,639.
—V. 149, p. 3573.
Udylite Corp. (& Subs.)—Earnings—
Including Bright Nickel Corp.]
Period End.
,
m
interest, Ac
Earnings
1
:
Passenger revenue
Express revenue
Mail
Other
202,754
2,447,752
46,109
—...
revenue
Total
$3,670,963
152,657
2,038,972
50,412
$5,878,309
...
revenue...
—
revenue...
$5,913,004
$8,574,926
7,511,290
772,803
...
Operating expenses (including taxes)
Depreciation and retirements
*
5,150,423
per
operating income
Other charges
Earnings per common share
—V. 151, p. 2812.
Transport
Would
Co.
of
$21,265
53,645
26,755
$237,187
$0.25
def$5,489
Nil
....
15,900,000
7,050,000
$3,21*2,612
$4,549,713
4,666,270
$6400,000
4,666,270
$1.37
$8,850,000
4,666,270
$1.90
4,666,270
$0.69
$0.98
third
quarter, construction work was started on a distillation plant to
reduce heavy oil to petroleum coke, which coke the Pacific Gas & Electric
..
Co. has contracted to purchase.
This plant will effectively refine high
sulphur bearing crude oils.
During this same period, work was started on
a catalytic
cracking plant which will permit more economical manufacture
of high quality gasolines.
These facilities are expected to be completed
during 1941.
Production for crude oil, excluding co-owners' interests, but subject to
royalty, increased 229,000 barrels during the third quarter as compared
with the same period of 1939, the total for the nine months ended Sept. 30
having aggregated 13,678,000 barrels and 12,926,000 barrels, respectively
in the two years.
Exploration—The recently completed well on the company's Louisiana
properties is producing satisfactorily under curtailment, which production
is being sold to the Gulf Refining Co.
Two wells are now being drilled,
which, together with additional wells contemplated, will assist in indicating
the extent of the
741,315
$290,832
....
(net)
Net profit..
.6,850,000
share.....
productive area.—V. 151,
United Aircraft
Net
13,250,000
24,998,000 barrels at Sept. 30, 1940.
Capital Expenditures for the nine months ended Sept. 30 amounted to
$8,755,450, consisting principally of new drilling, and the continued modern¬
ization of transportation, refining, and marketing facilities.
During the
Federal income taxes which in the first nine months of 1940
193
12,118,774
7,569,061
of the year.
At Sept. 30, 1940, the net current assets of foreign sub¬
sidiaries
(chiefly Canadian) included above, amounted to $2,018,450
U. S. funds.
Oil inventories increased slightly during the third quarter and aggregated
amounted to $143,817.
The total accrual on the books of the company
for income taxes applicable to mail compensation for both 1939 and 1940
1940
1937
for distribution Nov. 9.
Net current assets at the end of the third quarter
amounted to $48,856,703 as compared with $48,600,877 at the beginning
24%.
Company has continued its conservative depreciation and reserve
policies.
As a result, the company is obliged to provide an even larger
,
1938
The net profit for the third quarter of 1940 amounted to $1,198,232, or
26c. per share, as compared with $1,898,569 and 41c. per share for the
corresponding 1939 period.
j
Current Assets, consisting of cash resources, $24,307,927, accounts and
notes receivable, $8,822,057, and inventories, $24,327,821, amounted to
$57,457,805 at Sept. 30, and were almost 7 to 1 of current liabilities of
$8,601,102, which includes the amount of the dividend declared Sept. 30
company.
'
"The 1940 Revenue Act establishes income taxes in the aggregate rate of
<
1939
11,143.128
7,930.516
Net profit...........
Shs. com. stock, outst'g.
pany's gross mail revenues.
"That portion of the adjusted mail compensation applicable to 1939 will
be taxable for income tax purposes in 1940," Mr. Frye said.
"However,
no portion of the adjustment applicable to
1939 will be picked up in the
company's profit and loss statement for 1940.
It is planned that that
portion of the adjustments applicable to 1939, less the income tax thereon,
will be credited to the earned surplus account to reduce the deficit of the
$240,435."'
1940
$53,590,047 $55,810,884 $57,950,000 $61,100,000
Deprec., depletion, Ac..
its books for the carriage of mail on its Route 44 from New York and
Pittsburgh to Kansas City via Chicago since the inauguration of mail
service on Dec. 21, 1939 until Sept., 1940, when the rate of compensation
was first established by the Civil Aeronautics Board.
This decision of the
Civil Aeronautics Board set the rate of compensation for Route 44 and
adjusted the rates for the other routes. In adjusting the rates for the other
routes, a revised basis of compensation was established for the period from
the date of the company's application for rate adjustments, Jan, 23, 1939,
through Sept. 30,1940. Beginning Oct. 1,1940, new rates were established
for all of the
company's routes. The rates on the smaller routes operated
by the company were increased and the rate on T. W. A.'s transcontinental
route from New York to Los Angeles was substantially reduced.
However,
since the company will now receive compendation on Route 44, the effect
of all of the adjustments in mail compensation will be to increase the com¬
on
Comparative Income Statement for 9 Months Ended Sept. 30
9 Mos. End. Sept. 30—
Sales
Profit after Federal taxes
the mail decision and after provision for Federal income taxes of $130,156.
Jack Frve, President pointed out the T. W. A. had accrued no revenues
to
9 Months^
y $217,201
Union Oil Co. of California—Earnings—
adjusted and determined in the same manner.
Net earnings for the first six months of 1940, after giving effect to the
recent mail decision, had resulted in a loss of $60,080.
Net earnings for
the third quarter of 1940 resulted In a profit of $297,267, giving effect to
as
amounts
3 Months
x$88,214
..........
...
After all charges and 24% normal Federal Income tax, but before
provision for excess profits tax.
y After depreciation, interest and normal
Federal income tax at new rates but before provision for excess profits tax.
—V. 151
p. 569.
x
Company reports a profit of $237,187 for the first nine months of 1940,
after provision for Federal income taxes and after giving effect to the recent
decision of the Civil Aeronautics Board with respect to mail compensation.
This compares with a loss of $5,489 for the same nine month period in 1939,
amount for
Sept. 30, 1940
Net profit
Transcontinental & Western Air, Inc.—Earnings—
-
2959
p.
1008.
Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
1940—3 Mos.—1939
Sales and oper. revenue.$39,805,913 $12,965,914
Costs and expenses
26,628,087
753,322
.
Depreciation..
10,065,757
209,208
1940—9 Mos.—1939
$79,023,797 $34,173,518
56,715,028
26,338,107
1,923,442
594,933
Prov. for amort. A retir't
New
York—Seeks
to
Issue
of
1,478,700
—1,960,200
——
$10,945,804
Other income-—.....
122,609
$2,690,949 $18,425,127
88,922
566,120
$7,240,478
267,947
Total income..$11,068,413
Other deductions
116,020
Fed. A Can. inc. tax
7,993,821
$7,508,425
Cr 13,096
$2,779,871 $18,991,247
174,402
189,319
480,419
9.589,087
4,433
13,073
x$2,971,662
2,656,691
$1.12
$2,120,617 x$9,199,768
2,649,437
2,656,691
$0.80
$3.46
$5,799,307
2,649,437
$2.18
Stock—
Acquire 50 Bus Firms—
mfg. facilities
excess
Operating profit
The company has applied to the Interstate Commerce Commission for
authority to issue 110,000 shares of 6% cumulative preferred stock and not
exceeding 1,116,667 shares of common stock to acquire stock of certain
corporations and assets of a partnership and to provide working capital in
connection with its acquisition of smaller bus companies.
Recently, an ICC examiner's report recommended to the ICC in part
the application of Transport Co. to acquire some 50 bus companies operat¬
ing in the middle Atlantic States.
Consolidation and merger of many of
these firms,
the examiner's report stated, would
not result in undue
restriction of competition, nor affect adversely more than 8% of employees
of the companies proposed to be included in the consolidation.
The pro¬
posed merger is the largest since the Motor Carrier Act of 1935.
Under the application to issue the securities, the preferred stock (par
$100) is to be preferred as to both dividends and assets over the common
stock ($1 par). The preferred is to be convertible at the option of the holders
at any time before Oct. 1, 1950 (or, if called for redemption, at any time
Backlog of unfilled orders at July 1,1940
Brior to the redemption date) into common share at $30 a shareif converted
of common,
converted before Oct. 1, 1943, $35 a stock of common,
New business booked during quarter ended Sept. 30, 1940
Sales (shipments) during quarter ended Sept. 30, 1940
'
thereafter and before Oct. 1, 1946, and $40 a share if converted thereafter
and before Oct. 1, 1950, without any adjustment for dividends.
The application states that holders of preferred stock are entitled to
receive, when declared, cumulative dividends from Oct. 1, 1940, at the rate
of 6%, before any money set aside for or applied to the purchase or redemp¬
tion of preferred stock and before any dividends are paid or other distri¬
bution made on the common stock and before
stock
any
acquisition of common
by the applicant.
There is
firm commitment to
purchase the stock, except that vendors
under agreements submitted to the Commission have agreed to
accept a
portion of the stock in part payment of the purchase price of the stock or
assets to be sold to the applicant,—such stock to be credited on the pur¬
chase pr.ce of acquired stock or assets at $100 per share for preferred and at
the public offering price (now placed at $22 per share) for common stock.
—V. 151, P. 2364.
no
Troxel
Mfg.
Co.—Earnings—
9 Months Ended Sept. 30—
Net profit.I
Earns, per sh. on the 74,750 shs. capital stock.....
1940
$3,866
$0.05
1939
$43,950
$0.59
Bag & Paper Corp.—Earnings—
Period End. Sept. 30—
Gross sales,
1940—3 Mos.—1939
1940—12 Mos.—1939
after disct.,
Ac.
$5,565,610
4,437,510
Costs, exp., depr. A depl
Operating profit.....
$1,128,100
4,745
Other income
Total income.
Interest, Ac
$1,132,845
73,182
251,000
.......
Federal income tax
$5,009,998 $21,124,903 $16,887,751
4,695,439
17,248,624
15,903,117
$314,559
3,885
$318,444
65,808
44,950
$3,876,279
19,430
$984,634
15.823
$3,895,709
$1^00~457
247.360
807,500
296,718
124,300
1940, approved Oct. 8, 1940.
Shipments year to date approximate 75% for export and 25% for United
States Government and commercial.
Net profit..........
x
*$808,663
$0.64
$207,686
$0.16
Electric
Co.
of
Missouri
$2.25
$0.46
(& Subs.)—Earnings
12 Months Ended Sept. 30—
1940
1939
$34,377,083 $31,839,481
22,043,696
19,171,721
Total operating revenues
Operating expenses and taxes
Net operating revenues
$12,333,387 $12,667,760
Drl 1,912
5,009
...
Non-operating revenues.
.....
....
Gross income
..............
Interest on funded debt
Amortization of bond discount and expense
Other interest charges
Interest during construction
$12,321,474 $12,672,769
....
Preferred dividends of
Minority interest
To
Net loss from opers. of sub. land & develop, co
Other deductions.
....
Net income.
—V. 151, p. 1441.
^
98,313
$6,840,853
.
.....
Pay $2 Dividend—
a dividend of $2 per share on the capital stock,
16 to holders of record Dec. 2.
This compares
Dec, 15, 1939; 75 cents
paid on June 15, 1939, and on Dec. 15, 1938, and dividends of 50 cents
per share paid on June 15,1938, Dec. 15 and July 15,1937, and on Dec. 15,
1936, this last being the initial dividend.
$5,
with
payable Dec.
$1.50 paid on June 15, last; $1.25 paid on
Government Contract—
V
The U.S. Government recently awarded this company a contract totaling
$3,315,845 to build airplane engines.—V. 151, p. 2812.
United Air Lines Transport Corp. (&
1940—3 Mos.—1939^
77,273.252
50,670,434
1472168077 1420542.039
Express pound miles
604.882.127 472,798,127
Revenue plane miles
6,811,197
4,925,729
Operating revenues.—. $5,376,295
$3,818,240
Depreciation
Net salvage on eqpfc. sold
Federal"income
$7,0753l8
14,921
taxes
Subs.)—Earnings
1940—12 Mos.—9139
210,953.975 136,602,345
5672092,389 5214177,306
2068736.220 1720783,505
21.919,944
16,721,990
$15,847,353 $11,554,718
3,140.755
570,785
x466,529
1,983
192,833
252,612
2,273,333
353,307
435,955
Cr3,483
139,530
69,452
10.471.940
1,664,250
1,689.256
Crl9,880
653,504
378,060
8,144,965
1,327,325
yl ,467.522
$108,143
Cr75,275
512,586
69.452
$750,797
$550,145
$1,010,222
int., Ac—
Dr21,929
7,184
Z>r25,045
43,803
Net income
$728,868
$557,329
$985,177
$151,946
Net earns, from opers.
Income from misc. prop,
Earns, per
share on cap.
stock
—
-
.
$0.48
'
$0.37
$0.10
$0.65
1940, the depreciation rates for certain airplanes, engines
and other equipment were revised in accordance with a reappraisal or the
useful lives of such properties as outlined in the annual report to the stock¬
holders for the year 1939. As a result of such revision, depreciation expense
for the third quarter of 1940 is $74,768 less than it would have been had
the previously used rates been in effect, y Depreciation expense for the 12
months ended Sept. 30, 1939, includes a credit of $109,624—applicable to
a prior period,—V, 151, p. 1008.
x
On Jan. 1,
United Chemicals, Inc.—
30— 1940—3 Mos.—1939
1940—9 Mos—1939
$46,101
$56,518
$130,166
$116,851
x After
depreciation and Federal taxes (at new rates for 1940).—V,
Period End. Sept.
Net profit——
151, P. 2665.
4,455,° 11
482,795
40,401
Cr22,355
494,068
3,827
44,846
98,756
16,541,553
39,768,342
—.189,550,879
.—
Directors have declared
par
United
x
Cr40,254
494,068
1,678
subsidiary
...
...
4,422,419
472,672
16,802
charged to prop. &
► plant......
h
x$2784(L849 "$579,439
After applying the 24% Federal income tax rate.—V. 151, p. 2812.
Union
r
.$212,777,668
Backlog of unfilled orders at Sept. 30, 1940.
x
Earns, per sh. on com
531,803
1,166,826
10,489
x These figures are after provision for Federal income and excess profits
taxes, as estimated under the provisions of the Second Revenue Act of
Operations...
Maintenance
After all charges, including taxes.—V. 150, p. 1953.
Union
Netprofit—
Shares capital stock
Earnings per share..
Period End. Sept. 30—
Revenue pass, miles
Mall pound miles
x
x
Minority interest
Drug, Inc.—Earnings—
Period End. Sept. 30—
Net profit-
Earns, per
x
sh. of cap.stk.
After depreciation.
1940—3 Mos.—1939
$122,376
$160,955
$0.09
$0.11
1940—9 Mos.—1939
$96,234
loss$21,347
$0.07
Nil
j
Federal taxes interest, Ac.—V. 151, P. 1158.
United Gas Imorovement Co.—Weekly Output—
The electric output for the U. G. I. system companies for the weekjust
closed and the figures for the same week lat year are as follows: Week
ending Nov. 9, 1940, 115,674,996 kwh.; same week last year, 107,464,900
kwh., an increase of 8,210,096 kwh. or 7.6%.—V. 151, p. 2812.
The Commercial & Financial Chronicle
2960
United Gas Corp.
Period End. July 31-—
Operating
expenses
Taxes
Property retirement and
depl. reserve, approp.
2,336,504
Net oper. revenues...
$1,354,563
a
199,659
Other income
Other
8,639,157
$1,256,006 $10,550,242
199,978
353,928
412,724
325,685
$1,372,148 $10,491,446
76,470
301,380
$8,656,044
195,000
1,620,250
196,945
1,620,250
83,836
143,281
taxes
$1,410,941
Gross income
74.670
Interest on mtge. bonds.
Int. on collateral
bonds...
trust
48,750
405,063
48,750
405,063
Interest on debentures._
Other Int. (notes, loans,
&C.)
313,845
.
12,811
Crl6,340
Cr5,184
1,940,254
58,867
Cr21,200
212
212
24,722
Int. charged to construe.
8,959
175,249
1,944,592
212,637
Cr 14,107
divs. to public—
subsidiary
Portion
applicable
to
9,946
Pref.
v
—
■
^
minority interests
share
1159.
151, p.
Upson-Walton Co.—30-Cent Dividend—
Directors have declared
dividend of 30 cents per share on
a
10 cents per share was distributed; prior to
dividends of 20 cents were paid.—V. 150, p. 2276.
when
Vadsco Sales Corp.
(& Subs.)—Earnings—
-:VV,■■■■'' 1940
9 Months Ended Sept. 30—
Net profit
x
before Federal taxes.—V.
1159.
p.
Van Norman Machine Tool Co.—Earnings—
profit.
y$475,976
$185,261
$5.35
$2.08
y Before provision for
,
$6,220,799
$4,270,838
been made in the above statement for possible
losses resulting from pending suits and claims (arising principally in connec¬
tion with gas and oil producing properties).
It is the practice of the com¬
panies to record any such losses when and as settled.
Statement of
Income (Company Only)
1940—3 Mos.—1939
Period End. July 31—
1940—12 Mos.—1939
The company
178,050
817,650
110,700
652,600
644,800
x$37,848
1,641,858
x$20,169
1,409,383
$1,534,515
6.674,802
57,123
304,660
227,986
$1,498,627
$1,332,091
501,525
443,517
8,459
2,261
501,525
443.517
8,986
1,295
$7,904,657
2,006,100
1,764,425
37,098
8,058
$8,082,279
2,006,100
1,759,604
$542,865
$376,768
$4,088,976
$4,269,037
1,303,385
193,052
expenses
Taxes
Property retirement re¬
appropriations
serve
109.800
__
>
Net
oper
revenues—
Natural gas
Other income
Other
taxes
VJ1 vTStl
«> «> w
«
Int. on debentures
Int. on notes and loans.
Other interest
Other
deductions
Net income..
x
Loss,—V.
—
.
151,
2665.
p.
42,229
providing ample room for additional expansion if re-
Viking Pump Co.—To Pay 50-Cent Dividend—
Directors have declared a dividend of 50 cents per
Virginia Electric & Power Co.—Earnings—
Period End. Sept. 30—.
Operating revenues
Operation
671,207
133,046
195,000
Maintenance
Depreciation. _;
Taxes
5,309
a270,827
—
$5,869,421
945
Dr21,727
Dr53,578
$515,501
146,629
$514,193
147,234
$5,847,694
1,764,470
$5,668,965
1,841,262
$368,872
Balance
$513,248
Dr3,905
$366,959
$4,083,223
1,171,599
$3,827,703
1,171,596
$2,911,624
$2,656,107
Co.—Change in Personnel—
G. Bausher has resigned as
Balance
Vice-President and Sales Manager of
and its associated companies, Queen Dyeing Co., Providence,
Dye Works, Hartsville, S. C.
William Myers
Jr., who has been with the companies for the past 18 years, and recently
General Plant Manager of the U. S. Finishing Co. and Queen Dyeing Co.,
has been appointed General Manager of those companies.
Announcement
of this change was made by Grant A. McClatchie, Executive Vice-President.
Royce N. Pharr has been made Sales Manager.
J. J. Mo wry continues
as Vice-President and General Sales Manager of Hartsville Print & Dye
Works, and William H. Barnewall remains Sales Manager of that company.
—V. 149, p. 1631.
this company,
—
Preferred dividend requirements.—
1.
R. I., and Hartsville Print &
Balance for common stock and surplus
•
S.
Federal taxes imposed
by the Second Revenue Act of 1940 enacted in October.—V. 151, P. 2812.
Vultee Aircraft Inc.—Government Contract—
!
The U. S. Government recently awarded this company
plant expansion.—V. 151, p. 2060.
; •
Freight Co.—Earnings—
Expenses
$254,274
$378,439
$604,674
2,992
120
8,342
48,786
91.050
107,236
297,825
236,424
$79,066
$0.26
Net profit
Earns, per com. share..
share
$238,483
$0.80
$191,271
$0.64
$77,307
$0.26
147.380
25-Cent Dividend—
share on the common
stock, payable Nov. 28 to holders of record Nov. 18.
Like amount was paid
on Sept. 5 and March 7, last, and dividend of 50 cents was paid on Dec.
21, 1939, this latter being the first dividend paid since December, 1936.—
V. 151, p. 1739.
:
were
distributed.—V. 151, p. 1009.
G:;
Walker & Co.—Accumulated Dividend—
627
24,632
Depreciation
Federal inc. tax, &c
share on the capital
stock, payable Nov. 30 to holders of record Nov. 20.
Dividend of 50 cents
was paid on Aug. 31, last; one of 30 cents was paid on May 31, last; $1 on
Nov. 30, 1939, and previously regular quarterly dividends of 20 cents per
$461,738
147,584
Interest..
$4,294,798 for
^.
Agricultural Co., Ltd.—60-Cent Dividend—
Directors have declared a dividend of 60 cents per
30—
1940—3 Mos.—1939
1940—9 Mos.—1939
$10,646,971 $10,026,209 $29,721,725 $28,241,405
10,392,697
9,647,770
29.117,051
27,779,667
Operating profit
-
Does not include provision for the additional
a
Waialua
U.
Period End. Sept.
Gross income
Directors have declared
dividend of 50 cents per share on
a
on
15, last; 62^ cents paid on Aug. 31, June 1, and March 1, last;
Dec. 23, i939, and dividends of 50 cents
Oct.
dividends of 75 cents were paid on
paid Dec. 1, Sept. 1, July 15, and March 1,
and Dec. 1. 1938.—W. 151, p. 2060.
were
(Hiram) Walker-Gooderham, Worts
Subs.)—Earnings—
Period End. Aug. 31
Profit from operations—
1939, and on Dec. 20
50,531
Gypsum Co. (& Subs.)—Earnings—
Period End. Sept. 30—
Net profit
Commonshares
Earns, per com. share-.
1940—3 Mos.—1939
1940—9 Mos.—1939
$2,613,003 y$5,250,240
$5,730,861
1,194,156
1,194,960
1.194,156
$1,713,781
1,194,960
$1.32
$2.08
$4.46
$4.05
x After depreciation, depletion, Federal income taxes and in 1940 after
$957,358 charge for excess profits tax and Federal income tax applicable
to the third quarter and after a $437,558 charge for excess profits tax
applicable to the six months ended June 30, 1940.
y The additional Fed¬
eral taxes and excess profits taxes for the nine months was $1,587,756.—V.
151, P. 1009.
S. Playing
Net profit
Earnings
per common
share
$618,118
$1.60
1939
$583,549
$1.51
excess
Corp.—To Expand Sub.'s Facilities—
defense program.
The
improvements comprise the following important features:
Construction of an additional battery of coke ovens and an additional
blast furnace at Fairfield Steel Works; improvements to the existing open
hearth furnaces: development of ore and coal mining facilities to meet the
requirements of the new blast furnace: additions ana improvements to the
plate mill at Fairfield, including a new 140-inch, four-high plate mill;
additional wire drawing, galvanizing and finishing facilities at the Fairfield
Wire Works, and additional processing and finishing facilities at the Fair¬
field Sheet Mill.
These changes will
and quarries,
necessitate enlarged operations at the ore mines, coal
including mechanical equipment, additional trans¬
portation facilities, and, to the extent necessary, enlargements and im¬
provements in the steam and electric power plants and the water supply
system.
'V
'
mines
October
Shipments—
See under "Indications of Business Activity" on a preceding page.—V.
185,378
2,101,886
1,256,195
$1,007^563
$1.21
$6,065,664
$7.60
$5,295,979
$2.22
Net profit
Earns, per com. share
—V. 151. p. 434.
837,750
629,552
29,159
$6.58
Ward Baking Co. (& Subs.) —Earnings—
15
Weeks Ended—Oct. 21, '39
Oct. 19, '40
A broad program, involving an expansion of the steel making and finish¬
ing facilities at Birmingham, Ala., or the Tennessee Coal, Iron & RR. Co.,
United States Steel subsidiary, Was announced on Nov. 13 at Birmingham
by Robert Greg?, President.
The new facilities, when Installed, will result in approximately a 20%
increase in the ingot capacity—a little more than 400,000 tons—and a
corresponding increase in the finishing capacity of the Tennessee company.
These improvements, which will commence immediately but which by
reason of their nature will require about 18 months to complete, will then
place the Tennessee company in a materially improved position to carry
out any obligations which may be required as a consequence of the national
151, P. 2666.
$9,557,982
810,552
579.880
Income taxes, &c
x
x After depreciation, Federal and Canadian income, taxes, &c., and
profitgs taxes in 1940.—V. 151, p. 865.
United States Steel
$1,553,203
212,850
147,412
Period—
1940
x
$8,048,635
$2,454,769
207.872
138,013
Stock sale expense
Card Co.—Earnings—
Earnings for 9 Months Ended Sept. 30
„
~$1,745^805
....
a
U.
Ltd. (&
*363,079
Total income
Depreciation.,
Interest, &c
& Co.,
1940—12 Mos.—1939
;
$9,262,671
$7,733,715
42,740 v
295,311
314,920
1940—3 Mos.—1939
$2,404,238
$1,510,463
Other income
x
account of
on the $2.50 cum. class A conv. stock, no par value, payable
Dec. 2 to holders of record Nov. 20.
This compares with 50 cents paid
accumulations
Directors have declared a dividend of 25 cents per
U. S.
$5,722,542
$519,406
Net oper. revenues
Other income (net)
.
1940—12 Mos.—1939
$1,671,228 $20,453,943 $19,022,655
7,310,726
7,700,184
631.908
1,526,085
1,572,935
124,512
2,223,141
2,388,742
177,833
2,240,160
2,922,662
223,726
1940—Month—1939
$1,789,487
Int. & amortization
U. S. Finishing
John
share on the common
stock, no par value, payable Dec. 15 to holders of record Dec. 1.
Dividends
of 40 cents were paid in each of the three preceding quarters; dividends
totaling 75 cents were paid on Dec. 15, 1939, and dividends of 25 cents were
paid on Sept. 15, June 15 and March 15, 1939.—V. 151, p. 1588.
incl.
deduc.,
inc.
feet of floor space,
3,
$1,190,923
7,119,342
105,383
Operating
$1,479,856 $10,000,386
1,211,275
6,995,621
of the
manufactureres, of confec¬
tionery and baking equipment.
The business of the National Equipment
Co. has already been sold while the plant and equipment will be used to
le
further increase the capacity of the Van Norman Machine Tool divisions.
or
van
JMacmne 1001 envisions,
The National Equipment plant comprises approximately 200,000 square
aipment
...
-
,681,503
6 ,138,523
707,257
$1,568,389
.......
National Equipment Co. of Springfield, Mass.,
quired.—V. 151, p.
Oper. revenues—Natural
...
profits taxes.
has acquired the plant, machinery and business
excess
Note—No provision has
gas."
After depreciation and Federal income taxes,
x
$342,968
$375,653
earned surplus.
1939^
1940
Weeks Ended Oct. 5—
Net
x
Balance carried to consol.
1939
$81,271
151,
$81,329
.
,
After depreciation and other charges but
x
then, regular quarterly
Earnings per common share.
*
the common
stock, par $1, payable Dec. 20 to holders of record Dec. 10.
Dividend
of 10 cents was paid in three preceding quarters, and 30 cents paid on
Dec. 20, 1939, this latter being the first dividend paid since March 21,1938,
40
110,197
com.
Revenue Act of 1940.—V.
Second
847
847
484,964
485,401
-
Other deductions
b$749,778
S447.412
$1.50
$0.89
x After charges including provision for Federal and State income taxes,
Before and (b) after deducting additional levies ($267,645) under the
——
Earnings per
$8,458,466
523,263
incl.
deduc.,
inc.
10,028,031
2,032,588
1940—9 Mos.—1939
1940—3 Mos.—1939
a$287.432
$199,676
$0 57
$0.40
Period End. Sept. 30—
Net profit
x
a
.
1940
16,
Universal-Cyclops Steel Corp.—Earnings—
(& Subs.) -Earnings—
1939
1940—12 Mos.—1939
1940—3 Mos.
$8,771,820 $44,460,180 $39,700,505
$9,128,716
4,577,586
19,306,589
18,844,960
4,343,924
3,757,922
905.640 ' 4,575,318
1,093,725
..
Total operating revenues
Nov.
Net
$61,G91
$0.24
profit
Earns, per com. share
x
/
42
$256,958
$1.00
151, p. 1442.
After depreciation and Federal income taxes.—V.
Warner Sugar
Weeks Ended
Oct. 21. '39
Oct. 19, '40
$152,441 loss$188,805
$0.60
Nil
Corp.—Reorganization —
The trustees in a petition filed in Federal Court, state that they are in a
position to formulate a plan of reorganization for the corporation. Federal
Judge Samuel Mandelbaum on Nov. 13 directed creditors and stockholders
to file proofs of claim on or before Jan. 15, 1941, with Federal Bankruptcy
Referee Oscar W. Ehrhorn.
The corporation has outstanding $4,656,400
first and refunding mortgage bonds.—V. 150, p. 3840.
Warren Bros. Co.
(& Subs.)—Earnings—
1940
$38,026
8 Months Ended Aug. 31—
Net loss after charges, &c—
Charles
31
The
R.
Gow,
President
in
a
report
states"
combined
current
operations of
the parent company, its whollynet profits and losses
owned subsidiaries, and its proportional share of the
of its controlled subsidiaries, resulted in a net profit of
$10,783, after making
provision for depreciation in the aggreegate amount of $155,308
interest
1939
$16,066
for the eight months ended
on
but before
funded debt.
However, after deducting from the above figure, charges of $48,809
covering miscellaneous expenses in connection with the company's reorgani¬
zation proceedings, certain losses realized in the liquidation of assets which
were acquired during prior years and other charges not applicable to current
operations, the net book figure results in a loss of $38,026 before interest
on funded debt.
This corresponds with a net loss of $16,065 reported for
the
same period of the year 1939.
Net current assets, including cash not subject to exchange restrictions of
$580,385 and preliminary expense on contracts in procees of construction,
of the parent
company and
its wholly-owned subsidiaries were as of
Aug. 31 $1,162,998, an increase of $3,744 since the beginning of the year,
and an increase of $73,932 since Aug. 31,1939.
Bank loans were $135,000,
all of short-time maturities.
In order to provide adequate facilities for the
construction of the increased volume of business already secured and the
anticipated increase of military road and airfield runway
construction, the
Volume
parent company and its wholly-owned subsidiaries during the eight
ended Aug. 31, have purchased plant and equipment in excess
months
of sales in
the net amount of $226,168.
During the same period provision for deprecia¬
tion of these companies aggregated $108,682.
Collections from Argentine
investments during the eight months were sufficient to pay all costs
and to
remit to the parent company $93,000.
Contingent liabilities of the parent
company and its wholly-owned subsidiaries at Aug. 31.1940, were $101,857.
fsConstracts secured by the several operating companies over the first
eight months amounted to $6,674,342, an increase of 8% over the com¬
parable period of 1939. With $2,343,816 of contracts carried over from the
previous year, this provided a total amount of available work aggregating
$9,018,158.
Of this volume, $5,121,197 had been completed by Aug. 31
leaving $3,896,961 yet to complete, or approximately 18% in excess of that
hand at the
on
same
been
There have
date in 1939.
no
direct charges to
deficit account during the
eight
months' period.—V. 151, p. 2812.
Requirement—
Holders of 81 % of the Anacostia <fc Potomac River RR. 1st 5% bonds and
$86% of City & Suburban Ry. of Washington 1st 5% bonds have deposited
their holdings in assent to the plan proposed by the Capital Transit Co. and
the Washington Railway & Electric Co.
These deposits exceed the minimum requirement of 80% necessary to
make the plan effective, but any depositor who filed up to Oct. 1 had until
Nov. 8 to withdraw his assent.
The time limit for deposit, originally fixed as last Oct. 1, has been ex¬
tended to Dec. 2.
The plan also has been modified to permit the depositaries
to collect the Aug. 1 and Oct. 1 coupons and to pay holders of deposit
certificates the interest
their bonds at the modified rate of 3lA%
on
respect to interest accrued since last April 1.
Under the plan, the Capital Transit Co.
are
in
Non-operating income..
(& Subs.)—Earnings—
1940—12 Mos.—1939
$24,834,828 $21,859,388
135,826
259,917
224,866
102,379
$18,666,896 $16,582,003 $24,970,654 $22,119,305
7,642,441
7,916,542
5.679.816
5,839,064
1,926,309
1,823,824
1,373,126
1,458,126
792,773
1,968,239
Federal income taxes
686,273
1,670,280
1,578,175
Other taxes
1,996,545
1,320,872
1,489,653
2,184,875
Res. for renewals & retire
2,143,233
1,468,472
1,622,977
Total earnings
Operating
expenses
Maintenance
Other
interest
$6,053,444
1,598,129
2,945
$9,019,786
2,205,205
3,209
227,544
Cr36,121
funded debt.
on
$8,097,217
2,128,753
7,734
$6,586,796
1,666,180
2,351
Gross income....
Interest
228,722
Cr53,743
303,777
305,531
Cr35.287
Cr78,758
discount,
(net) and exp_.
prem.
Int. charged to construe.
Paym'ts under tax cove¬
35,550
35,367
48,700
43,962
$4,691,292
1,002,671
$4,242,024
$6,494,182
$5,689,995
1,328,751
1,336,895
1,806,136
$3,688,621
2,935,000
sh. of com.stk
$1.26
$2,913,273
2,775,000
$1.05
nants
Net
income.
Preferred
dividends
$5,157,287
$3,883,859
2,935,000
2,775,000
$1.76
$1.40
subsidiaries
except Monongahela
Bal. for com.stk.&sur
Com. stk. out. (shares).
Earns, per
Note—This statement
includes
all
West Penn Public Service Co. and its subsidiaries, whose accounts are not
herein consolidated.—V. 151, p. 1740.
and Washington Railway &
Western
asking holders of the two types of bonds to assent to a
Capital Transit would become the obligor
Mills
(& Subs.) —
Earnings—
modification of the indenture.
and Washington Railway would become the guarantor.
Maturities
be extended to 1951 and interest rates reduced from 5 to SH%The offer
West Penn Power Co.
Period End. Sept. 30—
1940—9 Mos.—1939
Total oper. revenues...$18,564,517 $16,357,137
Amort, of debt
Exceed
Washington Ry. & Electric Co.—Bond Assents
Electric Co.
2961
The Commercial <& Financial Chronicle
151
has been made
would
proposed settlement of a suit.—V. 150, p.
as a
3682.
Canada
Flour
Co., Ltd.
Earnings for the Year Ended July 31, 1940
Earnings from operations
$627,755
3,589
7,422
45,655
134,538
129,424
91,000
Directors* fees
Legal fees
Remuneration of executive officers
Webster-Eisenlohr,
Period End.
Gross profit
Expenses, deprec., &c__
Interest
Inc.—Earnings—
1940—3 Mos —1939
$265,931
$203,428
206,030
181,255
Sept. 30—
1940—9 Mos.—1939
$686,062
$501,228
598,762
570,116
8,600
8,600
Res. for income tax
$216,127
Assets—
*
xReal estate, build¬
$3 ,077,257 $3,548,132
ings, Ac
Trade
Juice Co.—25-Cent Dividend—
the
common stock, payable Dec. 10 to holders of record Nov. 25.
Like amount
was paid on Aug. 31, last; stock dividend of 5% was paid on July 1, last;
regular quarterly cash dividend of 40 cents was paid on June 14, last.
Year Ended Aug. 31—
1940
1939
Net income after all charges
$241,343
$382,009
Earnings per common share
$1.32
$2.38
-
—V.
151,
p.
1
Co., Inc. (& Subs.)—Earns.—
Consolidated Income Account
Sept. 2, '39
Sept. 3,'38
Aug. 31/37
to
Ended
Sept. 2, '39 Sept. 3, *38 Aug. 31,'37
Net sales
$54,021,158 $50,397,552 $61,333,280 $70,109,763
Cost of saies & expenses- 51,228,779
50,133,689
56,928,255
65,135,063
Deprec. & amortization777,612
779,385
702,550
821,233
Profit from
Other income
operation- $2,014,767 loss$515,522
266,880
314,910
$3,702,475
$4,153,467
267,723
311,957
$2,281,647 loss$200,612
120,673
158,644
551,590
165,718
$3,970,198
65,871
834,045
$4,465,424
69,065
996,081
6,420
Total income
Interest
Federal & State taxes—-
3,610
undist. profits
$1,609,384 loss$524,974
9,252,270
11,446,659
*41,577
*9,623
$3,066,672
7,569,620
$3,393,858
7,160,240
Portion
240,656
605,547
policies&
of fire
305,987
y72,800
profits, &c
$9,252,270 $11,446,659
$7,569,620
583,129
579,200
582,000
Nil
$3.27
$3.80
x Net addition arising from adjustments of reserves for depreciation with
respect to subsidiary companies, since dates of acquisition by Wesson Oil &
Snowdrift Co., Inc., to bases agreed upon with U. S. Treasury Department
for income tax purposes,
y Undistributed net profits as at Aug. 31,1937, of
Houston Fire & Casualty Insurance Co., a whoxly owned subsidiary com
pany, which is now excluded from the consolidation,
z Adjustment arising
Bal., earned surplus-$10,354,802
Shs. com.stk. (no par).583,129
Earnings per share
$0.76
consolidation of the accounts of a subsidiary com¬
which became wholly owned during the year,
a Previously provided
restored.
from the inclusion in the
from earned surplus now
Consolidated Balance Sheet
Aug.31/40
Balance
$
Liabilities—
14,066,339
in & advs. to
504.449
761.704
allied cos.-:
Accts. & bills rec_.
3,904,385
3,577,670
Advances (current)
686,676
Capital stock.-.20,571,786 20,571,786
Accts. payable and
accrued liabils.. 1,903,246
1,687,824
Due
1,746,482
192,002
47,059
639,528
Res. for fire ins.Ac.
c
Prepd.exp.&def'd
350,565
304,752
761,900
3,200,000
3,200,000
5,249,528
5,819,420
9,252,270
10,354,802
Treasury stock._Z>r719,522 Z>r719.522
401,478
41,819,169 45,655,5971
stock,
b After
Operating profit
41,819,169 45,655,597
Total
Western Air
x
$31,372
$166,238
119,453
$170,805
119,453
$46,786
$51,353
.
1940—9 Months—1939
$9,093,303 $73,342,647 $70,991,154
5,017,951
181,132
4,715,174
6.176.913
4.212.914
44,069,690
1,642,657
4,642,458
6,258,926
4,073,939
43,094,498
1,688,176
191,426
1,499,029
1,634,298
$1,923,123 $11,026,270
36,874
293,371
532,261
4,412,718
$9,598,859
284,465
4,455,386
4,857,251
177,675
163,019
-
-
524,837
783,476
471,358
All other gen. & miscell.
expenses
—..
Net telg. & cable oper.
$1,269,389
revenues
Uncoil, oper. revenues-_
Taxes
assignable to opers
32,638
483,617
Gross income
Deducts, from gross inc.
$753,134
$1,353,988
194,768
190,812
$6,320,181
1,186,754
$4,859,008
1,138,930
$947,902
583,152
$1,544,800
594,250
$7,506,935
5,288,099
$5,997,938
$364,750
Operating income
Non-operating income.,
Net income
To Pay
$950,550
$2,218,836
5,351,068
reserve
1940—3 Mos.—1939
1940—9 Mos.—1939
$542 loss$18,519 loss$86,924 loss$247,018
Federal income and excess
571.
$646,870
$1 Dividend—
75 cents per share was
the common
of record Nov. 22. This will be the first
when a regular quarterly distribution of
made.—V. 151, p. 2367.
1
declared a dividend of $1 per share on
Weston Electrical Instrument
Corp.—Govt. Contract—
awarded a contract totaling $1,509,420 to
assemblies for the If. 8. Government.—V. 151, p. 1443.
Company was recently
indicator
Earns, per com.
1940
1939
$141,932
$45,297
profits taxes.—V. 151,
After
x
build
Products Corp. (& Subs.)—Earns.
1940—3 Mos.—1939
1940—9 Mos.—1939
$242,728
$343,517
$971,290
$864,229
$0.50
$0.80
$2.19
$1.91
share—
depreciation, Federal income taxes,
&c.
Preferred Stock Called—
All
Payment will be made at
p.
the Guaranty Trust Co.
2813.
White Rock Mineral Springs
Company has advised the New York
stein has been elected a director to fill
Robert H. Neilson.—V. 151, p. 1589.
Net profit
x
After interest,
vision for excess
Co.—New Director—
Stock Exchange that Sidney
the vacancy caused
Rhein-
by the death of
Machine Corp.—Earnings—
1940—3 Mos.—1939
1940—9 Mos.—1939
$96,886
$101,623
$320,721
$254,898
depreciation, Federal income taxes and estimated pro¬
White Sewing
Period End. Sept. 30—
x
stock, par $30, have
and accrued dividend.
of New York.—V. 151
5% convertible preferred
redemption on Dec. 9 at $33 per share
of the outstanding
been called for
Express Corp .—Earnings—
Sept. 30—
Net profit
x After charges
and
.
stock, payable Dec. 16 to holders
dividend paid since July 15, 1937
600,000 shares of no
for depreciation of $10,700,057 in
After charges and
9 Months Ended
p.
Conducting operations
Relief depts. & pensions
Period End. Sept. 30—
depreciation.
At Sept. 30, 1940, the consolidated net working capital of $1,197,686
shows an increase of $164,323 over that of Jan. 1, 1940.—V. 151. p. 571.
x
$504,557
333,752
421,200
Net income-.
Virginia Coal i& Coke Corp. (& Subs.)—Earnings
Period End. Sept. 30—
x
$484,813
318,574
Westvaco Chlorine
1940 and $10,391,451 in 1939.
c Represented by 7,900 shares of convertible
preferred stock and 16,871 shares of common stock.—V. 151, p. 866.
West
$57,045
25,673
1940—Month—1939
30—
All other maintenance..
Represented by 300,000 no par pref. shares and
common
par
$579,133
JDr74,576
Teleg. & cable oper. revs. $8,159,305
584,427
Repairs
686,344
Deprec. & amortization.
value of
life insurance
a
$530,373
Dr45,560
Telegraph Co., Inc.—Earnings-
Western Union
428,767
33,924
charges
Total..
$63,502
Dr6,457
include provision for the
Directors on Nov. 12
49,908
for Fed. and
13,606,094 19,703,742 Paid-in surplus
Cash
5,816,287
4,436,043 Capital surplus
Mis cell, investm't.
194,494
195,485 Earned surplus
Inventories
surr.
Does not
Period End. Sept.
allied and
State inc.tax.-.
1,563,757
191,885
&c
to
affiliated cos
Res.
ginners,
Dep. inbk. lnliq__
Cash
232,134
199,080
Balance for common stock and surplus
5,300,000
Notes pay. to bks_
585,865
to
223,389
a
bldgs., ma-
chin'y & equip..14,526,673
Loans
18,817
$29,415
Balance
$2,161,954
991,138
136,878
280,177
$54,907
25,492
Net oper. revenues.
Other income (net)
$191,205
79,527
9,797
19,562
$57,563
Dr2,656
Depreciation
Taxes
Sept. 2/3
$
A«f7.31/40 Sept. 2, '39
Assets—
Inv.
$2,150,834
1,006,536
133,951
$190,904
80,774
11,272
22,022
al9,273
additional Federal taxes imposed
by the Second Revenue Act of 1940 enacted in October.—V. 151, p. 2813.
$11,814,767 $10,931,3u8 $14,138,459 $10,794,098
Divs. on $4 pref. stock.1,168,400
1,168,800
1,171,000
1,180,310
Common dividends
291,565
510,238
1,448,000
2,044,167
b L'd,
1Q3Q
1940—12 Mos
1940—Month—1939
revenues
Maintenance
Total
pany
(& Subs.)—Earnings
Western Public Service Co.
Period End. Sept. 30—
Operating
Operation
a
cas¬
ualty insurance
Undist.
reserve
y
Preferred dividend requirements
x3,502,167
Transfer of reserves
Prcds of life ins.
$7,243,680 $6,737,341
Total
$7,243,680 $6,737,341
for depreciation of $1,530,113 in 1940 and $1,441,308
135,000 shares common stock of no par value, z Represented
by shares ef $100 par.—V. 149, p. 3281.
After
x
Int. & amortization..
Net profit
Prev. earned surplus
Adj. of res. for deprec.--
82,173
Year
to
to I
Aup. 31/40
Period—
193,300
47,093
45,389
_
Total
a
-
1,470,338
7,348
75,954
Cash
.
1,364.000
622.468
50,000
822,706
1 ,878,699
Inventory
Deferred charges
Pension reserve
1
1 ,220,794
and goodwill
rec._
564,354
50,000
1,715,000
Surplus
Patents, tr. marks
in 1939.
on
35,210
$2,413,000
2,205,700
102,326
Res. for inc. taxes
Accts. & bills pay-
34,464
1939
1940
6H% pref.stk..$2,413,000
Common stock- 2,205,700
Bank loan
vestment, Ac
Accts. & bills
y
\
1160.
Wesson Oil & Snowdrift
Surtax
768,472
949,161
member¬
ships, mis cel. in¬
of 25 cents per share on
declared a cash dividend
have
Directors
Liabilities—
1939
1940
Investments
Welch Grape
profits taxes
Net profit
Consolidated Balance Sheet July 31
$78,700 loss$68,888
$0.12
Nil
$22,173
$0.03
$51,301
$0.10
Net profit
Earns, per com. share
—V. 151, p. 1160.
bank loan
on
Provision for depreciation
Prov. for Provincial & Dom. income & excess
profits taxes.
The Commercial & Financial Chronicle
2962
Provision for Federal income and excess
profits taxes in the September,
Wisconsin Public Service
1940 quarter was $180,155, as against $23,837 in the like 1939 period.
For the 12 months ended Sept. 30, 1940, net profit was $568,791, com¬
paring with $442,342 in the 12 months ended Sept. 30,
p. 2211.
1939.—V. 151,
1939
$9,109,470
2,918,003
517,282
532,890
1,109,921
1,088,125
1,305,955
1,255.630
-
Provision for Federal & State income taxes.-
Macklin, Vice-President and General Manager of the corporation,
hunting at a a lake called Frozen Ocean, about
80 miles north of Greenville. Me.—V. 151, P. 2517.
was
1940
-
Depreciation——
r* Paul M.
681,550
408,770
$3,044,706
drown on Nov. 7 while
Net operating income
Other income
(H. F.) Wilcox Oil & Gas Co.—Earnings —
Sept. 30—
Income—Crude oil, gas,
gasoline & oil safesRents and royalties---
1939
1940
m 9 Mos. End.
1938
Interest
1937
$2,606,656
$2,305,334
33,887
34,539
41,446
29.708
277,529
$2,612,133
1,202,504
$2,675,081
1,075,418
$2,369,287
795,310
636",944
647",605
196,682
202,568
770,983
172,303
$2,872,446
1,253,040
Cr86,194
823,969
130,745
$576,103
146,967
20,305
~Y,297
$749,489
138,457
26,251
4,340
17.294
37,500
4,244
$630,692
110,240
36,061
6,455
9,630
16,196
4,320
$750,887
102,676
35.802
4,287
10,683
6,729
1,460
$386,907
18,198
$521,402
49,619
$447,791
31,066
$589,250
22,508
$3,090,588
$2,903,357
1,068,253
1,078.253
146,942
—
—
148,489
funded debt
on
Amortization of debt discount and expense
Other interest
$2,565,208
^
44,389
45,883
$2,906,052
Dr2,695
—
Gross income
$2,532,906
Miscellaneous
16,282
15,217
50,000
GY4,057
43,730
50,000
C7r22,650
$1,769,438
$1,587,156
Amortization of abandoned street railway property
Interest
,
charged to construction
Miscellaneous deductions
Total income
Purchase, freight, &c—
Inventory
Operating expense
Gen. adminl expense--.
Operating profitDry hole costs———
Interest charges
Provision for bad debts.
3,482
17,144
Discounts allowed
Prov, for contingencies.
Sundry deductions
Profit
Other income
Profit exclusive of de¬
pletion, deprec., &c.
Depletion & depreciation
•
$290,469
$75,241
$229,279:
'
Wilkes-Barre & Eastern
RR.—Delisting—
New York Stock Exchange at its meeting
Nov. 13 approved the recommendation of the Committee on Stock List
that the first mortgage 5% gold bonds, due June 1, 1942, of the company
be suspended from dealings at the opening of business on Nov. 15, and that
application be made to the Securities and Exchange Commission to suspend
the bonds from listing and registration.
The Committee on Stock List stated that it had received notice that an
order had been entered by the court permitting company to distribute, on
Nov. 15, $120 for each $1,000 bond.
Notice has also been received that the
assets remaining after the distribution will consist of about $31,000 cash,
eight miles of track and a general claim in the New York Susquehanna &
Western RR. bankruptcy proceedings amounting to $2,250,000, the value
of which at present is undeterminable.—V. 151, p. 2669. mat
The Board of Governors of the
flat 10% wage increase, effective Dec. 1.
The increase will add approximately $1,000,000 a year to the company s
payroll and coincides with a rapid expansion program which has found the
firm adding about 100 new employees to
for the past 20 months.
its various departments each month
...
National defense and European war orders have been responsible for the
Increase in the company's
business.—V. 142,
Wisconsin Electric Power
3701.
p.
Co.—Earnings—
^'.V-
Earnings for 12 Months Ended Sept. 30, 1940
$22,623,685
16,492,593
Total operating revenues
Operating expenses and taxes
——
Net operating revenues
—
Non-operating revenues
Gross income
—
Interest on funded debt
Amortization of debt discount and expense
Other interest charges-.—
Interest during construction
—
$6,131,092
464,968
$6,596,060
2,334,694
389,208
15,222
30,920
.
1,250.000
-
$611,223
266.835
—.
—
1
Operating profit
on sales of purchased merchandise
Profit
$344,388
78,030
5,351
------
Miscellaneous other income
Total income
$427,770
1,395
77,500
Less interest expense
Provision for Federal tax on income
—
Net profit.
Dividends paid on common stock
Earnings per share on 300,000 shares of
—
-
$348,874
-
;
common
120,000
stock ($2 par)-
$1.16
Note—Provision for depreciation for the year amounted to $54,246.
Balance Sheet Aug.
31, 1940
WAssets—Cash, $397,800: trade accounts receivable (net), $255,908!
Inventories, $247,594; investments and other assets, $68,991; land, $171,912!
buildings, machinery and equipment (net), $543,250; patents, $1; deferred
charges, $42,502; total, $1,727,959.
Liabilities—Accounts payable and accrued expenses, $316,184; Federal
taxes
on
income, $77,617; reserve for contingencies, $9,557; common
stock (par $2) $600,000; capital surplus, $137,543; earned surplus,
$587,058;
total, $1,727,959.—V, 151, p. 2517.
Worcester Street
Period End. Sept. 30—
Net profit after all chgsRev. fare pass,
carried:--
Average fare
x
Indicates loss.—V.
Ry. Co.—Earnings—
1940—3 Mos.—1939
x$47,606
$2,105
4,729,121
4,546,212
9.81 cts.
9.80 cts.
150,
1301.
p.
1940—9 Mos.—1939
$422
$138,726
16,401,147
9.65 cts.
9 Months Ended Sept. 30—
Net profit
1940
y$3,806,952
,
-
Earnings per share on common
After
income and
15,748,746
9.65 cts.
\
Wright Aeronautical Corp.- -Earnings—
$6.34
depreciation, interest and taxes,
excess profits taxes of $5,723,286.
y
!y;"." >y"'y V-"/'
1939
1938
$2,878,580
$4.80
$2,490,985
$4.15
After deducting
Federal
Provision has been made in the 1940 figures for Federal income and
excess profits taxes on the best estimate of what such taxes will be.
Pend¬
ing the issuance of Treasury Department regulations and final determina¬
tion of the tax status of expediting fees and the amortization of additional
facilities, the income and excess profits taxes must necessarily be in some
part estimated.
During the year 1940 the company acquired certain plant facilities, the
cost of which was, or will be, recovered through
expediting fees on foreign
contracts in 1940 and 1941.
In the foregoing report of income, such ex¬
pediting fees earned in this period have been included in taxable income,
and taxes, including excess profits taxes, have been accrued thereon.
The company's directors believe that, from a conservative
viewpoint,
and regardless of the treatment for tax purposes, these plant facilities should
be amortized over a three-year period.
In the foregoing statement of
income (1940), amortization has been deducted on that basis.
To
Pay $4 Dividend—
Directors
on
Nov. 8 declared
a
dividend of $4 per share
on
stock, payable Dec. 14 to holders of record Nov. 29.
This
$2 paid on Dec. 14, 1939, Dec. 14, 1938 and Dec. 14,1937.
Vice-President
Crl7,640
charged to property and plant
Other deductions.-__...
a Provision for contingent losses-
Inc.—Earnings—
Earnings for Year Ended Aug. 31, 1940
x
Company announced on Nov. 12 that it would give its 6,000 employees
a
46,891
.
from sales of manufactured products
Selling, administrative and general expenses.
x
^Winchester Repeating Arms'Co.—Wages\Increased—
-
Gross profit
93,529
7,952
5,160
5,000
$72,771
-
Woodall Industries
.
V
-
151, P. 2367.
—V.
$615,852
439,131
on
■Net profit
—v. 151, p. 718.
Net income--
26.602
$478,857
244,418
$571,021
280,552
$405,105
327,334
capital assets
sold and abandoned-Amortization
of
bond
discount and expense.
Loss
1940
$9,588,632
2,929,218
" '
Maintenance.
Taxes
16,
Corp. (& Subs.)—Earnings—
Years Ended Sept. 30—
Operating revenues
Operation
-
Steel Corp.—Obituary—
Wickwire Spencer
Nov.
the
common
compares
with
Resigns—
George F. Chapline, Vice-President in Charge of Sales, resigned on
Nov. 12 to become President and General Manager of Brewster Aeronautical
Corp.
Net income
a
-
$2,593,656
-----
-
-
On investment in transportation subsidiary and in certain transportation
properties.—V. 151, p. 1296.
Wisconsin Gas & Electric
Co.—Earnings—
Operating expenses and taxes
1940
$6,767,813
5,530,685
$6,568,972
5,325,196
Net operating revenues
Non-operating revenues
$1,237,128
Dr6,613
$1,243,776
Dr4,561
12 Months Ended Sept. 30—
Total operating revenues—
Government Contract—
The U. S. Government recently awarded this
company a contract totaling
$218,851 to manufacture maintenance parts for Wright engines, and an¬
other contract totaling $11,436,042 to build aircraft
engines.—V. 151, p.
2813.
j
■- V
i?39
Wrigbt-Hargreaves Mines,
at
Interest
on
$1,230,515
418,297
32,435
5,677
-
funded debt
Amortization of bond discount and expense
Other interest charges
$1,239,215
386,554
CV6.812
13,975
04,608
43,147
$766,942
-------
$773,697
33,935
6,489
Interest
during construction charged to property
and plant
-
-
Other deductions-—.
-
...
Net income
-V. 151. p. 1589.
Wisconsin Michigan Power Co .—Earnings—
12 Months Ended Sept. 30—
Total operating revenues
1940
$3,888,528
2,534,122
Operating expenses and taxes
*
Net operating revenues.
Non-operating revenues
—
Gross income
Interest on funded debt
Amortization of bond discount and expense
Other interest charges.,
Interest during construction charged to property
and plant
1939
$3,691,053
$1,354,407
14,215
$1,298,517
5,450
$1,368,622
484,527
32,595
2,608
$1,303,967
486,425
2,392,536
32,234
3,829
Cr912
14,174
$854,350
Net income
Cr6,740
1,282
-
Other deductions
$768,218
-V.'lSl.p. 2060.
x
Earns, per com. share—
x
1940—3 Mos.—1939
$318,939
$124,585
$0.97
$1.73
1940—9 Mos.—1939
$840,497
$2.32
$388,840
$0.06
After all charges and Federal income taxes.—Y. 151, p. 1443.
(F. W.) Woolworth & Co., Ltd. —Final Dividend—
Directors have declared
a
final dividend of 3 % on the American Deposi¬
tory Receipts for 6% registered preferred shares payable Dec. 7 to holders
of record Nov. 13.—Y. 149, p. 3734.
Accordingly,
$0.0555
per
share,
a
dividend of $0,111
was
per share, plus an extra dividend
declared upon the outstanding capital stock of
the company, payable Jan. 2, 1941, to stockholders of record at the
close
of business Nov. 20, 1940. and an interim dividend of
$0,111 per share was
also declared, payable on Jan. 20, 1941, to stockholders of record at the
close of business Dec. 2, 1940.
The amount of these dividends,
when exchanged into United States
at the prevailing rate of
exchange set by the Canadian Foreign
Exchange Control Board, is equivalent to the dividends heretofore paid by
the company at this time of the year, of 10 cents
per share plus an extra
dividend of 5 cents per share, and an interim dividend of 10 cents
per share,
respectively, in United States funds.
funds
For the convenience of stockholders resident In the United States of
America, the company has made arrangements whereby the proceeds of the
dividend may be converted into United States dollars at the
present rate of
the Canadian Foreign Exchange Control Board of
9.91% discount, by
sending their dividend checks for collection through their usual banking
channels, properly endorsed, to the Bank of Nova Scotia, New York
Agency, 49 Wall Street, New York City.
Under authority of the Candian
Foreign Exchange Control Board, stockholders who are residents of the
United States of America, may convert these dividends into United States
funds through any branch in Canada of a Canadian chartered
bank, at the
board's official rate of exchange on the date of presentation.—V.
151, p.
2669.
,
(Rudolph) Wurlitzer Co.—Earnings—
Period End. Sept. 30—
x Net
profit
Earns, per com. share.-x
1940—3 Mos.—1939
$207,872
$91,637
$0.46
$0.17
1940—6 Mos.—1939
$280,980
$0.58
$248,507
$0.50
After depreciation, interest. Federal income taxes, &c.—V. 151, p. 1160.
Yates-American Machine Co.-
(Alan) Wood Steel Co.—Earnings—
Period End. Sept. 30—
Net income
this time In Canadian funds rather than in United States
funds, as here¬
tofore.
of
Gross income
Ltd.—Dividends—
At a meeting of the board of directors held
recently, it was deemed
advisable, due to foreign exchange and tax conditions, to pay dividends
Year Ended June 30—
Net income after charges and taxes.
-Earnings—
1940
$59,400
$0.30
-
Earnings per common share
—V. 150, p. 449.
Yellow Truck & Coach Mfg.
1939
loss$66,669
N<
Co.—Govt. Contracts—
The U. S. Government recently awarded the
following contracts to this
Trucks, $222,079; trucks, with special
bodies and equipment, $1,805,262, and trucks chasses, $652,828.—V.
151,
p. 2813.
company under its defense program:
The Commercial & Financial Chronicle
Volume 151
2963
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
10
COMMERCIAL EPITOME
Friday Night, Nov. 15, 1940
,
Coffee—On the 9th inst. futures closed 3 to 4 points net
higher for the Santos
only 5 lots
(Saturday).
To a minor degree the
market during the week derived some of its steadiness from
the inflation sentiment that swept all commodities on Thurs¬
day, but the first impetus toward higher levels derived from
private reports of an indicated short crop in Sao Paulo. The
reports were that the output would be only one-third of the
total of recent years, which averaged about 15,030,000 bags.
The prospect of a short crop has had only mild influence on
prices of shipment coffee from Brazil and the prospect that a
quota soon will be in effect, has had only a stabilizing effect
for
the
far.
so
contract, with sales totaling
short session
In Brazil it
was
announced in
a
cable to the exchange
Saturday that the Federal Government has decided to
raise the price of the Sao Paulo "supplementary" quota to
70 milreis per bag for type No. 7.
On the 12th inst. futures
closed 3 to 5 points net lower for the Santos contracts, with
sales totaling 14 lots.
Santos coffee futures were unchanged
to 3 points lower in quiet trading up to early afternoon.
There was nothing new on the quota plan.
In Brazil the
official spot price on Rio 7s was 200 reis lower at 12 milreis
on
per 10 kilos.^ Actuals were steady with little doing.
The
question of higher freights with the new year was still being
discussed. On the 13th inst. futures closed 6 to 3 points net
higher for the Santos contract, with sales totaling 29 lots.
Santos coffee futures were 1 to 5 points lower in slow trading
during the morning.
March sold at 6.09c., off 5 points.
With the actual market quiet pending quota regulations, and
nothing from Washington of an official nature, traders were
the sidelines.
on
On
14th inst. futures closed
the
1 to 2 points net lower
with sales totaling 10 lots.
In
Brazil the spot price of Rio 7s was off a further 100 reis
to 11.9 milreis per ten kilos.
This, and the fact that Wash¬
ington reports indicate a further delay in final action on the
quota plan, may have encouraged a small amount of selling.
It is said that ratifications have only been received from
half of the sixteen participating nations.
It is expected the
pact may need approval of the United States Senate. The
present customs machinery may be utilized to keep within
for
the
Santos
contracts,
bounds of the agreement.
The coffee sub-committee, it is
said, hopes to have plans settled before Nov. 25th when
an
Inter-American Maritime Conference will be held at which
coffee
freight rates
are sure
to be discussed.
Today futures
closed 3 to 2 points off, with sales totaling 8 lots, all in the
Santos contracts.
Santos coffee futures were 2 to 6 points
lower
rates
in
The trade today talked of freight
light trading.
from
Brazil
to
the United
States.
The rate
to
the
end of the year
has been fixed at 75c. per bag, but higher
rates are being discussed. The American trade will natura'ly
oppose any boost.
Freight space until the end of the year
northward is said to be very nearly booked solid, but other
commodities than coffee have caused the tight situation.
Mexico's weather experts report a hurricane headed toward
El Salvador whose coffee crop is very near ready to be
picked.
Rio coffee
prices closed
as
follows:
4.101 May
December
Santos coffee
December
— „
—4.201 July.
March, 1941
prices closed
_
as
6.01
follows:
July
6.13 September
6.19
March. 1941
May
..........4.29
4.37
6.27
6.36
Cocoa—On the 9th inst. futures closed 9 to 7 points net
Transactions totaled 256 lots for the short Saturday
Open interest figures as of the close of trading
Friday, showed an increase of 231 lots, the most substantial
expansion in some time.
Inflation talk which followed in¬
dications that an attempt may be made to increase statutory
limitations on the public debt, stimulated a broad and active
interest in the cocoa futures market last week.
Activity
higher.
session.
early in the week was featured by trade liquidation, which
eased values slightly.
Consumer and Wall Street interest
expanded later, absorbing heavy hedge selling against
Bahia cocoa and some selling against West African grades.
Local closing today: Dec., 4.72; Jan., 4.75; Mar., 4.84; May,
4.92; July, 5.00; Sept., 5.07. On the 12th inst. futures closed
5 to 6 points higher, with sales totaling 211 lots. News of
spread of the war to Africa caused a little nervousness in the
cocoa trade, where it was feared that neutrality laws may
be invoked with effect of preventing normal cocoa shipments.
As a result the rise in cocoa futures continued, the market
standing 3 to 5 points higher this afternoon, with Dec. at
4.77c., up 5 points during the early part of the afternoon
session.
Local closing: Dec., 4.77; Mar., 4.90; May, 4.77;
July, 5.05.
lower.
On the 13th inst. futures closed 9 to 8 points net
totaled 250 lots.
Cocoa futures
Transactions
abruptly reversed their trend when Dec. liquidation set in
this morning and upset the market.
The Dec. position broke
points to 4.65c., while Mar. at 4.79
was
off 11 points.
Sales to early afternoon totaled 164 lots.
At the bottom the
market developed some rallying power on covering.
Local
closing: Dec.,
Sept., 5.04.
On
the
4.68;
14th
.
Mar.,
4.81;
May,
4.89;
July,
4.97;
.
inst. futures
closed
unchanged to 1 point
lower, with sales totaling 231 lots.
Cocoa futures were
irregular.
Prices this afternoon were a point lower, with
December then selling at 2.67c. a pound, after having been
at 4.70, up 2 points.
Sales to that time totaled 207 lots.
The news of appointment of a West African cocoa control
board was no surprise as it had been unofficially forecast
some time ago..
It was hardly a market factor. Warehouse
stocks decreased 2,029 bags overnight.
They now total
1,297,222 bags, compared with 1,057,138 bags a year ago.
Local
closing: Dec., 4.68; Mar., 4.81; May, 4.88; July, 4.96.
Today futures closed 5 to 6 points net lower, with sales
totaling 189 lots.
Traders in cocoa futures were inclined to
accept profits when the stock market went into reverse.
Prices during early afternoon were 6 to 8 points net lower.
Some December liquidation was reported.
First December
notice day falls on Nov. 25th./ Warehouse stocks decreased
900 bags overnight.
They now total 1,296,390 bags com¬
pared with 1,056,146 bags a year ago. Arrivals of cocoa are
falling off.
So far this month they have totaled 170,136
bags, whereas in the comparable period last year they were
100,000 bags greater.
Local closing: Dec., 4.63; Mar.,
4.76; May, 4.83; July, 4.91; Sept., 4.98.
F
Sugar—On the 9th inst. futures closed 2 points up to un¬
changed for the domestic contract, with sales totaling 216
lots.
Prospect of a tightening up in the statistical position
for the balance of the year promoted increased activity in
the sugar market.
Today (Saturday) and late Friday, in¬
creased demand developed for raws among the refiners at
2.90c., while hedge lifting against these sales moved Jan.
futures up 2 points, narrowing the spread with Mar. to 5
points.
In the world contract trading was slow amounting
to 20 lots, and prices ended unchanged to Y point lower.
On the 12th inst. futures closed unchanged to 1 point higher
for the domestic contract, with sales totaling 142 lots.
The
world sugar contract closed 2 to 2 lA points net lower, with
sales totaling 94 lots.
The domestic sugar market was strong
despite softness of other commodity markets.
Domestic
futures were 1 to 2 points net higher during early afternoon
and hit new highs for the season on the more distant months
and new highs for the movement on all positions with Mar.
at 1.98c.
Strength of the raw market was the chief in¬
fluence in futures.
It was revealed that large purchases of
raws at full prices were made by important refiners on Friday
and Saturday and that no 1940 quota sugars were on offer
today.
The world sugar market opened 1 lA to 2 points net
higher, but failed to hold the gain and later dropped as much
as 4 points from
the highs of the day.
On the 13th inst.
futures closed unchanged to 1 point off for the domestic
contract, with sales totaling 80 lots.
The world sugar
contract closed 2 to 4H points net lower, with sales totaling
Sugar contracts were easier, especially the world
showed pronounced weakness towards the
close.
Traders are awaiting the Government's report on
deliveries during Oct. and the announcement of 1941 quotas.
In the raw market Revere paid 2.91c. a pound for 1,000 tons
183 lots.
contract
which
Philippines due Nov. 26.
While that was a point higher
previous sale, it should be recalled that cargoes
for delivery at Boston often are priced higher than sugar
delivered in New York.
On the other hand holders were
of
than the last
Dec. sugars. Refiners were cautious.
market liquidation of Dec. contracts in
anticipation of first notice day next Monday unsettled the
market, prices dropping 2lA to 3 points.
asking 2.95c.
for
In the world sugar
point off to 1 point up
with sales totaling 121 lots. The
On the 14th inst. futures closed 1
for the domestic contracts,
world sugar contract
to 1 point net higher, with
closed
totaling 78 lots.
Sugar markets were firm.
It was
disclosed in the raw market that a Philadelphia refiner
sales
yesterday had paid 2c. for a cargo of January shipment
Cubas.
Further Cubas were offered at 2c., while a cargo
for November shipment was held at 2.05c.
One cargo of
Puerto Ricos, late November shipment, was offered at 3c.
a pound, duty paid basis.
It was believed that refiners had
paid 2.85c. a pound for two lots of excess quota Puerto
Ricos. It also is possible that forward shipment Philippines
have been sold at 2.95c. a pound. After opening unchanged
point lower, the world sugar futures market rallied on
buying and hedge lifting. The world spot price dropped
points yesterday to 0.75 of a cent f. o. b. Cuba in the
first change in the quotations since Oct. 2d. Today futures
closed unchanged to 1 point off, for the domestic contract,
with sales totaling 194 lots.
The world sugar contract
closed unchanged to Y2 point higher. Sales 92 lots. Trading
was light in the domestic contract.
There was nothing new
to
1
new
5
#
The Commercial & Financial Chronicle
2964
in
but offers
liberal than ealrier in the
shipment were held
at 2.0«5c., while three lots for January
shipment could be
had at 2c.
Puerto Ricos for January shipment were at
2.90c., while one parcel of excess auota sugar clearing Nov.
26th, was at 2.85c. Philippines December-January were at
raws,
were
more
There
2.95c.
were
Cubas
November
that
rumors
had
been
of
lots
two
half
second
sold
overnight at 2c., with
McCahan taking one and an operator the other, but no
confirmation was had.
World sugar futures were holding
gains of ^ point in early afternoon after having been 1H
points higher earlier. The Exchange rceived word that 104
notices, covering 5,200 tons, will be issued against December
contracts next Monday.
These were under expectations.
A report from Amsterdam said that a Netherlands beet
production of 285,000 metric tons was expected against
242,000 tons last
Prices closed
January, 1941
1.61
(July
1.95
May
September
2.06
.
Sugar Division of the Agricultural Adjustment Ad¬
ministration issued
producing
on Nov. 8 its tenth monthly report on
1940 sugar quotas for the various sugar-
supplying the
areas
ments can
qualify for Federal sugar payments on the 1940
if it is first determined that production in that area will
The Division's announce¬
crop
exceed 505,000 short tons.
ment further stated:
not
The amendment provides that a grower may
tion from his payment up to
States market.
United
the
quantity of sugar estimated, under the Sugar Act of 1937,
to be required to meet consumers' needs during the current
year.
The report shows that the quantity of sugar charged
before
Nov.
1,
weight
There
figures
.v.
209,083
were
for
short tons of
mainland
the
entered
as
subject
are
data
for
all
to
certified
or
change after
importations
.'■•,■/V
;v
sugar,
and
area
cane
recorded
areas
The
polarization
available.
quota
all
1940.
and
are
The
first
,
charged against the quotas for the offshore
months
10
of
the
and
year
follows:'
the quantity of
sugar estimated
Raw Sugar for Further Processing to Require
Certification Starting Nov. 12
Sugar Division of the Agricultural Adjustment Ad¬
on Nov.
9 announced that beginning Nov. 12
Cuban
raw
entering the United
sugar
States for further
processing will require prior certification that such sugar is
within the 1940 Cuban sugar quota of 1,749,796 short tons,
This is in accord with the procedure of previous
value.
The AAA announcement further said:
Requests made to the Sugar Division for certification should state the
of
mime
the
steamer,
date
of
approximate number of pounds
arrival,
of
type or kind of sugar, and approximate polarization of such sugar.
was also announced
that the 1940 Cuban direct consumption quota,
sugar,
It
which
that
is
entered
for
The Sugar
direct
for
value, charged against the
short tons, raw value,
raw
for October.
The quantities
the
grower's tolerance and
portion
use
without
of
the
further
total
Cuban
processing,
Act of 1937 limits the amount of
consumption from Cuba
tens, raw value.
'•
which
quota
sugar
was
exhausted
sugar
which
in any calendar
year
Nov.
may
may
8,
be
1940.
be imported
to 375,000 short
X'XX ~4'-
v/.,'
1,225,054
against the quota for the continental sugar beet area during the period
January-September this year.
Data for these two areas are not yet
available
a
ministration
raw
during the first 10 months of the year,
amounted to 3,875,298 short tons, raw value, as compared
with 4,264,798 tons during the corresponding period of 1939.
The Sugar Division's advices went on to state:
outturn
The deduction rate will
in excess of
1940 quota and provide normal reserves.
Cuban
years.
countries,
entry
grower's tolerance is exceeded.
The figure of 505,000 tons represents
duty
final
a
early this year by the Department as necessary to enable the area to meet
its
against the quotas for all offshore areas, including the full-
The report includes sugar from
However, nonpayments wm be made on excess acreage
1, 1940.
be $10 for each acre, up to 500 acres,
It
is pointed out that the sum of these quotas represents
for
harvest without any deduc¬
110% of his acreage aUotments or his allotment
plus 25 acres, whichever is larger, providing the acreage was planted prior
$20 for each acre above 500.
3,875,298 Tons of Sugar Entered Against Quotas for
First 10 Months of 1940, Reports AAA
the status of the
Sugar Division of the Agricultural Adjustment Adon Nov. 1 that sugar production from
1940 crop in the mainland cane area will not excees 505,000
short tons, raw value.
This determination has been made
in accordance with an amendment to the Sugar Act of 1937,
approved Oct. 10, 1940, which provides that Louisiana and
Florida growers with acreage in excess of their 1940 allot¬
will be made if
2.03
2.001
The
The
ministation announced
within the tolerance limits, and deductions from payments otherwise earned
>
March
1940
Production Reported Within
505,000-Ton Limit
U-
to Jan.
year.
follows:
as
16,
1940 Mainland Sugarcane
Two lots of Cubas for November
week.
Nov.
the
balances
areas
remaining
during
are
as
x*'
(Short Tons—96 Degrees Equivalent)
f
Javan
Sugar Exports in August Decreased 41.9% from
Year Ago
Exports of sugar from Java during the month of August,
1940, amounted to 64,895 long tons, according to B. W. Dyer
& Co., New York, sugar economists and brokers.
This is a
decrease of 46,879 tons, or 41.9%, from
August, 1939.
Dur¬
ing the first five months of the present crop year (running
1940 Sugar Quotas
Amounts
Established. Under
Charged
the Latest
Against
Regulations
Quotas
Area
Cuba
1,749,744
982,441
797,982
938,037
8,916
Puerto Rico
*
Hawaii
Virgin Islands
■:v.
1,624,186
832,048
24,177
Philippines
from
Balance
'
...
••
V:;-
crease
went
125,558
150,393
658,193
183,007
0
8,916
5,841
18,336
the
of
Total
625,999
Direct-Consvmption Sugars
Direct-consumption
sugar
is
included
in
the
above
'V
against the various quotas.
amounts
.'X'';':-"
charged
vXX
(Short Tons—96 Degrees Equivalent)
Quantity Charged Against Quota
•
1940
Area
Sugar
Sugar
Balance
Polarizing
375,000
Puerto Rico..
29,616
80,214
Philippines
Charges
99.8 Degrees
Remaining
356,599
17,496
374,095
905
163,904
a
Hawaii
Total
Less Than
and Above
Cuba........
Polarizing
99.8 Degrees
Quota
11,072
7,415
0
22,201
55,995
1,325
174,976
7,415
57,320
0
22,894
a Under the Sugar Act of 1937, as amended on Oct.
15, 1940, the direct-con¬
sumption quota for Puerto Rico this year is not to be less than the quantity of such
sugar actually brought into the Continental United States, for consumption therein,
up to and including Oct. 15, 1940. Based on preliminary data this figure is 174,976
short tons, raw value.
QUOTAS FOR FULL-DUTY COUNTRIES
Charged
Area
1940 Quota
Against
Quota
{Pounds)
278,782
China and Hongkong.....
Haiti
891,763
Mexico
5,836,506
10,754,118
30,092,831
Peru
Quotas not used to date.b
U nallotted reserve
48,354,000
24,177
Tons
'
Remaining
{Pounds)
{Pounds)
49,529
783,363
591,073
5,245,433
clO.754,118
0
30,092,831
500,000
Total
Balance
a
229,253
108.400
500,000
11,682,844
5,841
36,671,156
18,336
a In accordance with Section 212 of the
Sugar Act of 1937, the first 10 short tons
of sugar raw value, Imported from any foreign
country other than Cuba have not
been charged against the quota for that country.
b This total Includes the
following (in pounds):
Argentina, 14,105; Australia,
197; Belgium, 284,776; Brazil, 1,158; British Malaya, 25; Canada, 546,931; Colombia,
258; Costa Rica, 19,930; Czechoslovakia. 264,774; Dominican Republic, 6,452,490,
Dutch East Indies, 204,537; Dutch West Indies, 6;
France, 169; Germany, 114;
Guatemala, 324,055; Honduras, 3,321,388; Italy, 1,694; Japan, 3,879; Netherlands,
210,808; Nicaragua, 9,889,949; Salvador, 7,942,670; United Kingdom, 339,309;
Venezuela, 280,609.
616 pounds have been Imported from Canada, 263 pounds
Chile, 47 pounds from France, 104 pounds from Panama. 90 pounds from
Venezuela, 20 pounds from the French West Indies, 88 pounds from Brazil, and 439
pounds from Guatemala, but under the provisions of Section 212 of the Sugar Act,
from
referred to in footnote
a,
these importations have not been charged against the
quota.
c
In addition,
quotas on
704,746 pounds,
Aug. 26, 1940.
were entered from
or
22.9%.
Peru before reduction of the
were
423,206 tons,
1940
a
de¬
The firm's announcement
to say:
crop
is 1,554,342 tons.
the latest estimate of
Production during the first five months
1,265,694 tons.
Sept. 1, 1940, sugar stocks in Java were estimated at 939,562 long
tons, as compared to 720,587 tons on
of
3,875,298
4,501,297
on
127,778 tons,
the present crop year was
On
Foreign countries other than
Cuba
of
According to advices received by the Dyer firm,
139,789
755,030
April, 1940, to March, 1941) exports
compared with 548,984 tons in the previous year,
as
Remaining
218,975 tons,
or
the
same
date last year,
an
increase
30.4%.
Lard—On the 9th inst. futures closed unchanged to 2
points' advance compared with previous finals.
The market
opened 2 points net higher.
Trading was very light, with
fluctuations narrow.
The hog market on the close was quiet
but steady.
No early sales were reported at Chicago.
Receipts for the Western run totaled 21,000 head, compared
with 5,800 head for the same day a year ago.
On the 12th
inst. futures closed 2 points off to 2 points net higher.
The market held fairly steady today, though fluctuations
were narrow.
The foreign demand for United States lard
remains extremely slow.
Heavy hog marketings were re¬
ported at Chicago and other packing centers today.
Re¬
ceipts for the Western run totaled 101,400 head, compared
with 85,700 head for the same day last year.
Chicago hog
prices were 10c. lower, with sales ranging from $6 to $6.35.
On the 13th inst. futures closed 5 to 12 points net higher.
Lard futures held steady throughout most of the session,
but near the end firmed up under scattered new buying
encouraged by the firmer tones of other commodity markets.
Western hog receipts were very heavy and totaled 102,200
head, compared with 66,200 head for the same day last year.
Hog prices at Chicago were 5 to 10c. lower, with sales ranging
from $6 to $6.25.
On the 14th inst. futures closed
unchanged to 2 points
higher. Trading was light and the market narrow, though
a
steady undertone prevailed during most of the session.
Marketings of hogs at the principal packing centers in the
West were again very heaw today and totaled 111,700 head
compared to 74,300 head for the same day last year.
Hog
prices at Chicago were mostly 10 to 15c. lower for the day.
Sales at Chicago ranged from $5.85 to $6.15.
Today futures
closed 2 to 5 points net lower.
This market ruled heavy
during most of the session, though fluctuations were narrow.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Tues.
Wed.
Sat.
Mon.
Thurs.
Fri.
4.87
4.82
4.87
4.85
4.85
H
5.02
4.97
4.95
5.02
4.97
O
6.17
6.05
6.20
6.05
6.17
L
6.37
May.
6.22
6.25
6.40
6.35
6.42
July.
6.55
6.40
6.55
6.52
Pork—(Export), mess, $24.75 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.75 (200 pound barrel).
Beef: (export), steady.
Family (export), $24.25 per barre
Volume
The Commercial
151
(200 pound barrel).
Cut Meats: Pickled Hams: Picnic,
loose, c.a.f. —4 to 6 lbs., 10%c.; 6 to 8 lbs., 10Hc.; 8 to 10
lbs., 1034c.
Skinned, loose, c.a.f.—14 to 16 lbs., 1534®.;
18 to 20 lbs., 1514c.
Bellies: Clear, Dry Salted, Boxed,
N. Y.—16 to 18 lbs., not quoted.
18 to 20 lbs., 1134c.; 20 to
25 lbs., 1114c.; 25 to 30 lbs., 1134c.
Bellies: Clear, f.o.b.
New York—6 to 8 lbs., 12 %c.; 8 to 10 lbs., 12He.; 12 to 14
lbs., 12He- Butter: Firsts to Higher than Extra and Pre¬
mium Marks: 29 to 3314c.
Cheese: State, Held '39, 24 to
25c.
Eggs: Mixed Colors: Checks to Special Packs: 18 to
30c.
:
:
\
Oils—Linseed oil prices continued strong at a basis of 8.1c.
inside for tank cars.
Quotations: Chinawood: tanks, spot—
25f4c. bid; drums—26 H bid. Coconut: crude, tanks—.0214
bid; Pacific Coast—.025 bid.
Corn: crude: West, tanks,
nearby—.05H to .0534 nominal., Olive: denatured: drums,
spot—$2.40 to $2.45 nominal. Soy bean: tanks, West—.0414
to .0414; New York, 1. c. 1., raw—.063 bid.
Edible: coconut:
76 degrees—.08 bid.
Lard: ex. winter—prime, 714 offer;
strained—7H offer. Cod: crude—50c. offer. Rosins: $2.48
to $3.40.
Turpentine: 45 to 47.
yesterday, including switches, 218
Crude, S. E., val. 414.
Prices closed as follows:
Cottonseed Oil sales,
contracts.
5.97®
March
December
5.80(3}
5.81 (5}
January, 1941
February
5.85(3} 5.88 May
June..
5.90®
n
November
—
n
6.00
6.02®
6.06®
n
6.10@
5.84 April
n
Rubber—On the 9th inst. futures closed 13 to 23 points
higher for the old contract and 10 to 23 points net higher
new standard
contract.
Buying came principally
from dealers and commission house sources.
Some of this
net
on
the
purchasing, traders say, was short covering against further
possible advances in rubber futures.
Sales totaled 640 tons
in the old contract, and 70 tons in the new standard contract.
The outside market
was more
active than usual for
a
Satur¬
day session.
Although business in general was small, one
importer reported a sale of spot rubber at 2114c.
Importers
and dealers quoted spot No. 1-X ribbed smoked sheets, in
cases
at 2114c. per pound.
Local closing: Old contract:
Dec., 20.80; Jan., 20.58; Mar., 20.45; May, 20.33.
New
contract: Nov., 20.90; Jan., 20.63; Mar., 20.50; May, 20.38;
July, 20.10; Sept., 20.05.
On the 12th inst. futures closed
2 points up to 3 points off, with sales totaling 42 lots, all in
the No. 1 standard contract.
There were four contracts
traded in the new standard contract, July delivery, which
latter closed 5 points off from previous close.
The rubber
futures market was quiet, but had a steady undertone.
Dealers were reoorted as trading on both sides of the market.
During early afternoon prices were 1 point higher to 3 points
lower, with sales totaling 29 lots up to that time. The
London market was firm, closing 3-16 to !4d. higher.
A
reported that beginning Nov. 18 the London market
British daylight time, while during
Dec. the market will close at 3 p. m.
Local closing: No. 1
standard: Dec., 20.82; Mar., 20.45; May, 20.30.
On the
13th inst. futures closed 22 to 26 points net higher for the
No. 1 standard contract, with sales of 158 lots.
The new
standard contract closed 23 to 30 points net higher, with
sales totaling 29 lots.
Japanese activities in the Far East
revived nervousness over the future supply of rubber, with
the result that the rubber contract market rallied strongly
in active trading.
Prices this afternoon were 15 to 32 points
net higher, with Dec. selling at 21.10c. a pound or within a
few points of the high of the year.
Sales to that time totaled
130 lots, of which 107 were in the old contract.
Certificated
stocks decreased 10 tons to 1,630 tons.
The decline in
rubber imports during Oct. may have been a market factor.
The London market closed unchanged to l-16d. lower.
cable
will close at 3:30 p. m.,
Singapore on the other hand was 1-32 to 3-32d. higher.
Local closing: No. 1 standard:/ Dec., 21.04; Mar., 20.65;
July, 20.35;
i:.: 4
14th inst. fututes closed 1 point up to 3 points
May, 20.56.
Sept., 20.20.
On the
New
#
standard:
Dec.,
'
21.10;
V
off for the No. 1 Standard contracts, with sales
totaling 56
The July contracts were traded in the new standard,
which closed unchanged compared
with previous final.
lots.
Trading in rubber futures was light, but the market had a
firm tone.
Bv early afternoon on gains of 3 to 12 points
December was selling at 21.12c. Up to that time sales were
only 24 lots. Both London and Singapore remained quiet,
unchanged to l-16d higher. Traders here were disappointed
because Singapore made no better response to strength in
New York.
Spot rubber in New York remained tight.
Local closing:
No. 1 Standard: Dec. 21.05; March 20.65;
May 20.53. Today futures closed 7 to 13 points net lower,
with sales totaling 101 lots.
The rubber futures market
made no response to news of near record consumption of
the commodity during October, probably because the mar¬
ket already has advanced nearly lc. a pound in the last
couple of weeks.
Trading was mixed and largely in the
hands of dealers who seemed to be executing switches.
In
early afternoon December was selling at 20.99c., off 6 points.
Liquidation was reported. Sales to that time totaled
of which 77 were in the old contract.
The London
79 lots,
market
closed unchanged to l-16d lower.
Singapore was l-16d to
l-32d lower.
Local closing: Dec. 20.98; March 20.57; May
20.40.
-
,
closed 35 to 20 points net
stronger securities market, hide
during most of the session.
Commis¬
Hides—On the 9th inst. futures
higher.
futures
Influenced by
were
strong
a
2965
& Financial Chronicle
sion house
buying and dealer covering brought out some stop
purchasing, advancing the market at one time during
the two-hour session to 55 points net higher.
Selling pres¬
sure
was light but profit-taking put quotations
below the
highs of the day.
Ever since the news of possible infla¬
tion in this country was announced on Wednesday, activity
in hide futures has been rather heavy.
Transactions totaled
order
lots, equal to 5,800,000 pounds.
Local closing: Dec.,
13.20; Mar., 13.05; June, 12.75; Sept., 12.70.
On the 12th
inst. futures closed 5 points off to 10 points up compared
145
previous finals.
Sales totaled 160 lots.
Raw hide
opened 14 to 15 points' decline.
Slight advances
were registered following the opening.
Later on, however,
the market declined once more and by 12:30 p. m. losses of
with
futures
12 points were in evidence due to liquidation and
profit-taking.
Transactions totaled 101 lots. Certificated
stocks decreased by 1,553 hides to a total of 455,641 hides.
Local closing: Dec., 13.15; Mar., 13.05; June, 12.80; Sept.,
12.80.
On the 13th inst. futures closed 13 to 17 points net
lower.
Transactions totaled 125 lots.
The opening range
about
points off compared with previous finals.
The
throughout the morning, and
at one time losses of as much as 29 points were shown.
By
12:30 p. m., however, slight advances from the low of the
morning were registered and values were about 23 points
lower.
The decline was due to liquidation in a nervous mar¬
ket.
Transactions totaled 92 lots.
Local closing: Dec.,
13.02; Mar., 12.90; June, 12.67; Sept., 12.63.
On the 14th inst. futures closed 26 to 13 points net higher.
Transactions totaled 255 lots.
The opening range was 5
12 to 13
was
market continued to decline
13
points higher.
The market registered sharp advances
following the opening and bv 12.30 p. m. gains of 30 to 38
points were in evidence.
Transactions totaled 160 lots to
early afternoon.
Commission house buying and covering
were
the chief factors in the advance.
Chicago reported
branded cowhides at 1334c. a pound, an ad¬
Local closing: Dec., 13.28; Mar., 13.10; June,
12.88; Sept., 12.76.
Today futures closed 13 to 20 points
net lower.
Transactions totaled 164 lots. Raw hide futures
sales of spot
vance of He.
opened 1 to 4 points net higher. Prices declined following
the opening and losses of as much as 12 points were regis¬
tered.
Subsequently the market advanced slightly and at
12.30 p. m. values were about 7 points below the previous
close.
Some December liquidation was reported.
Certifi¬
cated stocks of hides in warehouses licensed by the exchange
decreased bv 7,657 hides to 447,984 hides.
In the domestic
spot market sales totaled about 40,000 hides including light
native cows, October take-off, at 14c.
Heavy native steers,
October take-off at 14c. and Butt Branded steers, October
take-off at 14c.
Local closing: Dec., 13.15; Mar., 12.90;
June, 12.70; Sept., 12.60.
firm undertone continues to
The volume of trade
recently has been quite heavy and freight rates in many
branches of the market made new highs,. Charters included:
Time: A steamer, trip down, delivery Hatteras, redelivery
Venezuela, Nov., $4.50 per ton; owners paying war risk. A
steamer, two to three months West Indies trade, Nov., $3.75
Ocean
feature
Freights—A
the
ocean
very
charter market.
ton; owner paying war risk.
Round trip, West Indies
trade, prompt, $3.40 per ton (war risk owners account).
per
Canadian-West Indies trade, Nov.; $4.25 per
account).Trip down, Canada to North
Nov., $5 per ton vowner paying war risk insur¬
ance). Round trip, West Indies trade, Nov., $3.75 per ton.
Trip up, delivery New York, redelivery Newfoundland
prompt, p. t. Time charter: West Indies trade, $3.25-$3.75,
nominal.
North of Hatteras-South African trade, $4 per
ton.
North of Hatteras-South American trade, $4.
$4.50
asked.
Net form: North Atlantic to Ireland, Nov.-Dec.,
37c. per cubic foot.
Round trip,
(war risk owners
ton
of Hatteras,
Coal—According to figures furnished by the Association
American Railroads, the shipments of anthracite into
eastern New York and New England for the week ended
Oct. 26 have amounted to 2,068 cars, as compared with
of
during the same week in 1939, showing a decrease
or approximately 18,000 tons.
Shipments of
anthracite for the current calendar year up to and including
the week ended Oct. 26 have amounted to 74,821 cars, as
compared with 75,482 cars during the same period in 1939,
showing a decrease of close to 33,050 tons.
Shipments of
bituminous coal into this territory during the week ended
Oct. 26 have amounted to 1,727 cars, as compared with
2,340 cars during the same period in 1939, indicating an
increase estimated at 285,250 tons.
2,428
cars
360
of
cars
Tops—On the 9th inst. futures closed 2 to 8 points
higher. The market was fairly active for the Saturday
short session.
The opening showed a gain of 1 point, which
was later increased to 3 to 8 points net gain, at about which
levels the market closed.
Transactions totaled 68 lots or
Wool
net
840,000 officially reported for the
Friday. Buying of spot wools diminished
considerably, but wools continued to move freely from the
West and from dealers' warehouses to mills.
Local closing
for Saturday: Dec., 113.5; Mar., 105.3; May, 102.8; July,
100.2.
On the 12th inst. futures#closed 5 points up to un¬
changed compared with previous finals. Trading in the wool
top futures market today was slow, with total transactions
340,000 pounds, against
full trading session
on
at
the New York exchange to noon estimated
only approximately 150,000 pounds of tops.
in the trade
Interest was
The Commercial & Financial Chronicle
2966
confined
to
only 3 of the usually active deliveries. ' The
market opened easier, but strengthened
slightly in subsequent
trading. At the low point of the morning prices were 3 points
below to 5 points above Saturday's
closing levels, while at
the
a
hi^h point, which
over
The trade interests
supplied contracts on a scale-up
Exchange to midday were estimated
in the trade at about 325,000 pounds of
tops.
In all of
yesterday's session only 270,000 pounds changed hands. Dur¬
ing the early trading active months registered no change to a
gain of 2 points over the closing levels of the preceding day,
while at the best levels, which were recorded around
noon,
prices were 7 to 10 points above yesterday's last quotations.
Activity was most pronounced in the May option.
Local
closing: Dec., 115.0; Mar., 106.9; May, 103.9.
Total sales
on
bales.
the
ground
fairly heavy spot house and trade demand.
on
•
■ ■
Sat.
Total
1.919
3.062
4.467
5.063
12,426
201
3,702
2.764
13.267
Houston
M
~
-mmm
M
New Orleans.—
«,
—
»
2.693
Wed.
Thurs.
Fri.
Total
30,087
42,674
947
746
108
108
4.935
1,630
3,125
3,911
19,734
79
7
82
126
337
*.
M
3.440
—
—
—
~
_
-
M
'
Mobile
43
Savannah
M
M —
47
Charleston
Lake Charles
M
M
-
7
6
11
1
—
33
105
690
690
9,458
1,100
9.458
1.100
MM — -
•
M~-
-
Wilmington
MMM
Norfolk
-
....
«.-MM
M<*MM
83
Totals this week.
The
Tues.
1
129
12.727
18,699
212
23,817
8.015
9.034
33,160 105,452
following table shows the week's total receipts, the
Aug. 1, 1940, and the stocks tonight, compared
total since
with last year:
1940
Tf/*/*n4c
1939
Stock
/n
JtvfslsCtJJl A »(/
Nov.
15
This
Since Aug
Week
.
Galveston
1, 1940
30,087
Brownsville...
Houston.
M
This
Since Aug
Week
1. 1939
1940
Beaumont.
M
__
4M M
Mobile
M
Pensacola, &c.
Jacksonville..
w
MM
'd»
»
Savannah
Wilmington..
M
4
M
—
M
630,000 pounds.
The volume
of trading was slow on the opening, but increased
appreciably
in later dealings.
At the low point of the morning prices
showed advances of 1 to 3 points over the
closing levels of
the previous day, while at the
highs they were 4 to 11 points
above yesterday's finals.
Although interest was shown in
four of the usually active positions,
activity was centered
mainly in the Mar. and May deliveries.
Local closing:
Dec., 116.6; Mar., 108.6; May, 105.4; July, 102.3.
—
9,458
1,100
—
1939
-
7,482
45.817
14,260
1,699
26,765
M-M-M
36
1,519
1,129
4,081
.
M
M
—
•
263
M
M M
MM
M
—
-
M
mm.
-
M M
---
M
9,794
MMM-
MM
-
-
«,
mmm
_
MM
m
789
------
m
*
1,887
141,616
38,408
18,273
'
9,122
31,760
1.599
28,798
854
.
'
MMM-M
46.495
35,757
20,768
10,500
43,895
169
mm.
64.374
685.418
66,334
118,946
30,422
399
M
56,960
49.204
1,982
1,215
MMMM—M
"
-
880,726
57,850
'
M
....
Totals
*
'
-
797,587
966.264
79,167
101,970
527,293
—
931,149
M -
'
887,434
760
172,015
35,572
9,021
14,144
19,431
4,200
9,416
212
M
Baltimore
1,350
m
6,464
100
-
1,150
------
105,452 1,739,474 202.576 3,361.995 2,892,433
2,839,488
m'
Stock included in Gulfport.
j
.
,
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
*
Receipts at—
1940
Galveston—.
1939
1938
1937
1936
1935
30,087
42,674
19,734
37,535
56,723
98,607
67.826
47,579
34,133
1,143
41,823
65.703
79,102
66.297
5,897
8,214
646
'
105
57,449
63,938
68,713
7,482
1,519
690
1,129
225
1,621
3,780
1,100
Houston
New Orleans.
169
204
85
1,262
7,449
8,318
1,105
Mobile
337
Savannah
Charleston
unchanged to 2c.
-
-MM
M
-»
105
690
M
<*-M
MM
Boston...
4.
«.
68.713
20,718
754
'MM,MM
MM
»M
Charleston
Lake Charles.
337
M
—
690
5,867
-
-
—
5,198
441,969
19,734
MM
875.122
40,006
63,938 1.123.934
751,550
141,836
108
...
New Orleans
Gulfport
57.449
15,596
~
947
New York
was
299,774
42,674
_
Norfolk
Profit-taking and
scale up basis supplied the contracts.
Total
sales on the New York Exchange to
midday were estimated
in the trade at about 750,000
pounds of tops.
In all of
yesterday's session 730,000 pounds changed hands, while on
on a
M.
—
Corpus Christi
liquidation
lower.
6,040
Corpus Christi..
Beaumont
trade and spot and commission houses.
12th inst. futures closed
10,190
trans¬
Exchange to noon were estimated
in the trade at
approximately 425,000 pounds of tops.
No
sales were recorded on the opening, but
shortly after prices
were 2 to 4 points above
yesterday's closing levels.
Around
midday active options registered gains of 7 to 10 points over
the last quotations of the
preceding day.
Local closing:
Dec., 116.3; Mar., 107.7; May, 104.8.
Today futures
closed 3 to 9 points net higher.
Wool top futures con¬
tinued to strengthen today under active
buying by the
Wednesday the turnover
Mon.
4,409
5.452
Receipts at—
Galveston
today under
the New York
Silk—On the
■1
"
•
-
On the 14th inst. futures closed 13 to 8
points net higher.
Wool top futures continued to gain
actions
1940
previous week, making the total receipts since Aug. 1, 1949
1,739,474 bales, against 3,361,995 bales for the same period
of 1939, showing a decrease since Aug. 1, 1940, of
1,622,521
the last
quotations of the previous trading day. Local closing: Dec.,
114.0; Mar., 105.8; May, 102.8.
On the 13th inst. futures
closed 10 to 11 points net higher.
After a steady opening,
wool tops futures moved upward in later
dealings on the
strength of a fairly active demand for contracts by spot
basis.
16,
was reached at midday, they recorded
decline of 2 points to an advance of 5 points
houses.
Nov.
...
Wilmington
_
_
89,020
70,982
12,407
.
1,167
4,094
>
Trading was light, with the feature an issuance of
33 November transferable notices which
brought the total
to 72 notices so far this month.
Futures at Yokohama were
1 yen lower to 2 yen higher, while at Kobe were
unchanged to
7 yen better.
Grade D remained the same at 1,370 yen in
Yokohama and advanced 5 yen at Kobe to
Norfolk
All others
Spot sales in both primary centers amounted to 1,820 bales,
while futures transactions totaled
only 1,000 bales.
Local
closing:
Nov., 2.56; Dec., 2.57; Jan., 2.58; March, 2.58;
May, 2.58; June, 2.58.
On the 13th inst. futures closed un¬
changed to lc. net higher.
Transactions totaled 30 lots, all
of 17,540 bales, of which 16.940 were to
Great Britain and
600 to China.
In the
corresponding week last
1,375
yen.
in the No. 1 Contracts.
Raw silk futures were firm
during
most of the session, and continued so
up to the close, with
the range unchanged to lc.
higher.
Japanese
political
situation
was
Uncertainty
a
factor.
In
the
over
the
market crack double extra silk
spot
was 3^c. lower at
$2.59*4 a
The Yokohama Bourse closed 3 to 8 yen lower.
silk in the spot market remained
unchanged at
1,370 yen a bale.
Local closing:
No. 1 Contracts: Jan.,
2.58; March, 2.58H; May, 2.59; June, 2.59.
pound.
Grade D
On the 14th inst. futures closed
1% to 2c. net higher.
Sales totaled 19 lots, all in the No. 1 contract.
Uncertainties
over the Far Eastern situation caused
silk traders to hesitate.
Sales to earlv afternoon totaled
only three lots.
January
silk was l*4c. higher at
$2.59K. Heaviness in the Japanese
markets deterred traders here from
buying, but at the same
time they hesitated to sell.
Sixty bales were tendered on
contract—making 780 bales so far this month.
In the
uptown spot market crack double-extra silk declined lc. to
$2.5834
pound.
The Yokohama Bourse closed 2 to 9
yen
lower.
In the spot market Grade "D" silk
lost 10 yen at
1,360 yen a bale. Local closing: No. 1 contracts:
Dec., 2.5834
Jan., 2.60; Feb., 2.60; Mar., 2.60.
Todav futures closed
134c. off to 34c. net higher for the No. 1
contract, with sales
totaling 28 lots.
Silk futures were steady at moderate de¬
clines.
lower
a
During early afternoon the market
on
a
turnover
of 21
lots.
was
Most traders
1
to
were
Total this wk.
in
a
The price of crack
double extra silk in the uptown
spot market was unchanged
at $2.5834 a pound.
In Yokohama Bourse prices were 2
yen
lower to 3 yen higher.
The price of Grade "D" silk in the
spot market was unchanged at 1,360 yen a bale.
Local
closing: No. 1 contracts: Dec., 2.57;
263
845
3,703
1,914
3,547
2,290
1,739
4,307
1,348
13,538
105,452
202.576
125,857
195.034
251,440
271.993
Since Aug. 1__ 1,739,474 3,361,995
2,361,523 4.536,852 4,010,796 4,235,814
The exports for the week
ending this evening reach
Week Ended
Exported to—
Nov. 15, 1940
Exports from,—
Great
Ger¬
Britain
New Orleans
Los Angeles
France
Italy
many
Japan
16,940
Total
1939
300
Total
1938
36,110
16,967
12,417
4,985
11,584
13*744
i
17,540
34,571
9,861
10,952
32,568
2,189
29,685 138.297
77,636
Exported to—
Nov. 15, 1940
Great
Exports from—
Britain
Galveston
Houston
France
23,225
108.632
M
—
—
MM
-
•
—
M
28,111
Norfolk
1,004
York
M M
M
-
M
M
MMM MM M
M
MMMMMM
M
M
—
M
M
M
M
M
1,680
M
M
M
M
M.
M
M
—
MM
600
MMMM
MM
M
M
M
M
M
M
M
M
M
^
„
MM
—
M
MMM--
M-MMMM
-
M M
M
M
13,352
64,139
169,737
M
M
600
M
M
20,997
25,505
131,068
M
M
28,111
1,004
MM-*,-'
1,852
MM
74
2,066
3,290
22,077
764
MM
18,113
M
29,869
41,986 148,262
229,378 120,517
4,251
On
342
98.008
397,171
264,156 101,102 482,524 1993,318
311,004
7,682 254,688 1350,426
In addition to above
exports, our
telegrams tonight also
on
shipboard, not
cotton
Shipboard Not Cleared for—
Great
Ger¬
France
Other
Foreign
wise
Leaving
Coast¬
many
2.000
Stock
Total
885,434
151
8,358
64
1,000
2,000
8,207
Orleans..
Savannah
1,000
2,064
957.906
525.229
118,946
35,757
49,204
31,760
275,775
::::
Mobile
~4»MMM
Norfolk
Other ports
grams
Total 1940..
Total
M
2,136
673,938 281,350
190,458 236,699
Britain
Total
M
M
1,351
15 at—
268
M
1,439
M
M
M
MMMMMM
give us the following amounts of
cleared, at the ports named:
Not.
Other
6,366
4,884
M
M,
M
268.952
Total 1939—
Total 1938—
CMna
'
M-«M
214
Los Angeles..
San Francisco
Total
Japan
1,617
100,446
Orleans.
Mobile
Italy
many
5,369
Corpus Chrtetl
New
New
Ger¬
Charleston
600
600
Houston
Movement of the Crop, as indicated
by our tele¬
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached
105,452
bales, against 126,753 bales last week and 120,952 bales the
Total
16,940
Aug. 1,1940JO
New
The
Other
*600
Total
From
China
16,940
Galveston
Friday Night, Nov. 15, 1940.
total
year total
were 77,636 bales.
For the season to date
aggregate
exports have been 397,171 bales, against 1,993,318 bales in
the same period of the
previous season.
Below are the
exports for the week:
Jan., 2.59; Mar., 2.59;
COTTON
a
exports
134c.
waiting mood, pending developments.
May, 2.5934; June, 2.60.
212
10.513
1939..
Total 1938..
1,000
80,397
11,643
2l",590
10,966
3,823
8,271
38,229
40,050
3,151
12,422 2,880,011
5,773 145,989 2,693,499
8,287
74,769 2,974,514
2967
Volume 15 J
Speculation
week
past
a
was
in
for
cotton
future delivery
during the
with the market displaying
A record consumption for Octo¬
active,
more
distinctly stronger tone.
and lack of im¬
portant hedge selling influenced mills and consumers to re¬
enter the cotton market.
Revival of inflation talk also
smaller mill stocks
ber,
had
its
than last
year,
effect
On the 9th inst. prices closed 5 to 8 points net higher.
Speculative enthusiasm continued to dominate sentiment
in the cotton futures market today, and with prices gen¬
exception although
absorb a relatively large volume
of Southern selling.
New high prices for the movement
were again touched, with deliveries from May forward going
to new highs for the season.
At the highs for the day quota¬
tions showed advances of 10 to 11 points, but with Dec.
and Mar. contracts touching 9.95c., Southern sources again
sold heavily.
The close approach to the 10c. level and the
fact that cotton futures prices were regarded as having
touched a basis at which it would be profitable to tender
actual cotton to settle contracts, were said to be influencing
some of the selling.
Mills have not been correspondingly
active buyers of spot cotton in the South, partly because
their warehouses are said to be filled.
During the last
week spot cotton sales at the 10 designated spot markets
amounted to 209,405 bales against 236,451 bales in the
previous week, and a peak for the season of 315,190 bales in
the week ended Oct. 11.
On the 12th inst. prices closed
3 to 5 points net lower.
Less enthusiasm for inflation talk
and curtailed demand for actual cotton in the South resulted
today in a slight decline in cotton and final prices were
3 to 5 points net lower.
The opening range was 1 to 2 points
higher.
Leading spot houses were sellers on the slight
advance, but also bought when the market eased, prin¬
cipally in Dec. and Mar.
Bombay brokers bought fair
quantities of July and some Oct.
The market slowly lost
ground, but the pace of trading slowed as the market eased.
erally tending higher, cotton proved no
buyers
were
called
upon to
The official
quotation for middling upland cotton in the
day for the past week has been:
15—
Sat. Mon. Tues. Wed. Thurs. Fri.,,,,
(nominal).. 9.92
Hoi.
9.87
9.86
9.95 10.08
15-16 (nom'l). 10.12
Hoi.
10.07 10.06 10.15 10.28
New York market each
Nov. 9 to Nov.
Middling upland
Middling upland
Grade and Staple—The
Premiums and Discounts for
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries on contract on Nov 20.
Premiums
and discounts for grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
13.
Nov.
on
'
;
—
,
29-32
31-32
Inch
H
15-16
Inch
Inch
Inch
1 Inch
and
Up
V
White—
.34
on
.44 on
.56 on
.62
on
.69
Strict Good Middling
.29
on
.39
on
.50 on
.67
on
.64 on
Good Middling
.22
on
.32
on
.44
on
.50 on
.67 on
Strict
:08
on
on
Middling Fair
on
.18 on
.30
.36
on
.44
on
Middling
.21 off
.11 off
Basis
.06
on
.14
on
Strict Low Middling
.71 off
.61 off
.51 off
.46 off
.39 off
1.27 off
1.19 off
1.15 off
1.11 off
Middling
Middling
Low
..
1.36 off
Extra While—
.44
.50
on
.57 on
on
.22 on
.32
Strict Middling
.08 on
.18 on
.30 on
.36 on
.44
Middling
J21 off
.11 off
Even
.06
on
.14 on
.46 off
.39 off
1.15 off
1.11 off
Good Middling
on
.71 off
.61 off
.51 off
1.35 off
1.27 off
1.19 off
SpottedGood Middling..
.14 off
.05 off
Strict Middling
.29 off
aMlddllng
.81 off
Strict Low Middling
Low
a
Middling
on
on
.12 on
.19
\19 off
.09 off
.02 off
.05 on
.71 off
.61 off
.66 off
.50 off
Middling spotted shall be tenderable only
for such grade
.06
on
when and If the Secretary of Agri¬
culture establishes a type
York
Market and Sales at New
the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also show how the
The total sales of cotton
and futures closed on the same days:
market for spot
report
matter of
on
Elections and the issuance of the Government crop
buying, and as a
filled to the brim with cotton
now,
and lack of space prevents further commitments.
Private estimates indicate that consumption for Oct. by
domestic mills may reach a new high record.
Estimates
range from 750,000 to
770,000 bales. Uncertainty also
gripped traders over the farm program for next year.
Some
Washington reports indicated the possibility that the
Administration might raise cotton loans from around 10c.
last week caused mills to slow up
parity payments.
prices closed 1 point up to 1 point off com-'
pared with previous finals.
A well balanced market was
witnessed in cotton futures today.
Mill price-fixing was
to
15
16c.
or
and
eliminate
the farm
On the 13th inst.
light but sufficient to absorb moderate hedge sales.
The
opening was quiet and prices were easier, the market slipping
off 2 to 3 points in the early trading, chiefly because of per¬
sistent selling by spot houses which converged on Dec.
A certain amount of hedge selling was done and quiet liquida¬
tion of Dec. contracts was believed to be in progress.
Busi¬
ness
continued small throughout the forenoon.
Bombay
buyer of distant months, that support being one of the
of the trading.
Hedge selling was in smaller
volume than usual and was restricted mainly to the Dec.
was a
features
and
Mar.
position.
There also appeared to be scale-up
market. Slacken¬
ing of hedge selling was linked with reports showing that
sales in the Southern spot markets were falling off.
selling orders in Mar. slightly above the
On the 14th inst futures closed
9 to 11 points net higher.
SALES
Futures
Spot Market
Market
Closed
fact, some mill warehouses are
Closed
Total
Contract
Spot
1
Saturday
Monday
Tuesday
Wednesday
Nominal--
Nominal
Steady.
Steady
Steady
Very steady
Nominal
-
Thursday— Nominal
Nominal
Friday
Total
600
Steady
HOLIDAY
j..
1
1
1
1
til til
'600
I
"600
1
1
400
600
1
1
1
1
400
1,600
1,600
week.
4,700
29,768
1
Since Aug.
1
and closing prices at New
Futures—The highest, lowest
York for the past week
34.468
have been as follows:
Saturday
Monday
Nov. 11
Wednesday
Nov. 13
Tuesday
Nov. 9
Nov. 12
Thursday
Friday
Not. 14
Nov. 15
iVoMmo)
Range..
lO.OOn
9.95n
9.90n
9.91n
Range..
9.88- 9.95
9.83- 9.92
9.81- 9.86
9.87- 9.95
Closing
9.90
9.85
9.86
9.95
9.7 6n
9.77n
9.88n
10.00
9.81 n
9.82n
9.92ra
10.04n
9.88- 9.96 10.00-10.10
Closing
.
Dee.—
.
—
Jan. (1941)
9.81n
Closing.
9.97-10.00
9.77- 9.87
9.82- 9.82
Range—
9.98-10.08
10 08
HOLIDAY
Feb.—
Range..
9.86n
Closing.
Afar.—
Range..
9.85- 9.95
9.86- 9.92
0.82- 9.88
9.91
9.86
9.87- 9.88
9.96
10.09-10.10
Closing.
10.06n
—
April—
Range..
9.88n
9.84n
9.84n
9.93n
9.81- 9.89
9.79- 9.82
9.82- 9.91
Range-
9.82- 9.91
Closing
9.86- 9.87
9.82
9.81
9.90
9.78n
9.74n
9.73n
9.83n
9.65- 9.74
9.64- 9.68
9.68- 9.77
9.81- 9.89
Range-
9.66- 9.73
9.70
9.67
9.66
9.77
9.89
Closing.
9.75n
9.53n
9.63n
9.64n
9.78»
9.44n
9.40ra
9.4On
9.51n
9.67n
9.26- 9.34
9.24- 9.28
9.28- 9.39
9.42- 9.57
Range—
9.25- 9.33
9.31
9.27
9.28
9.37- 9.39
9.55- 9.57
Closing.
Closing.
consumption of cotton stimulated buying of
with the result that active months registered
May—
gains of 7 to 10 points in spirited trading.
Trading was
fairly active on the opening, which was unchanged to 4
June—
Spot houses were buyers of nearby po¬
there also was trade support in them.
Brokers
July—
News of heavy
contracts,
points net higher.
sitions and
representing Bombay interests continued to buy distant
positions.
The crop is reported as virtually picked in the
southern areas of the belt, but in the northern districts
late cotton had been developing before the cold blast struck
it.
That late cotton presumably has been killed.
Cotton
ripe in the boll is undamaged unless
it be by rains.
Freez¬
weather merely causes the bolls to burst, it is said.
October consumption figures were released by the Bureau
of the Census today.
They proved higher than expected,
.
——
RangeClosing
.
—
9.95-10.04
10.03-10.04
9.96rt
—
Aug.—
Range..
Closing.
Sept.—
Range..
Closing
.
Oct.—
—
ing
with
a
total of 770,702
bales.
change had calculated that
The New York Cotton Ex¬
Nominal.
n
Range for future
Nov. 15,
Option for—
Buying
prices in the absence of selling pressure forced prices
of cotton futures up to the best levels of the season and
night's finals.
Trading was active.
It included further
trade demand, buying for Bombay account, and Wall Street
Persistent Southern selling was readily absorbed.
markets were a sentimental help to the
bull side.
Spot houses were on both sides of the market.
Selling of December was believed to have been liquidation,
but was easily taken up, as the situation appears to be
rather tight.
Contracts evidently were not plentiful today.
The ris in the market continued throughout the forenoon.
Around midday a flurry of buying caused a sharp further
Strong
overseas
advance in
prices.
Range Since Beginning of
Range for Week
Option
1940—
to fix
highest since last May.
The market crossed old highwater
mark on the opening, which was up 4 to 5 points over last
the week ended
trading began on each option:
consumption might have reached
750,000 bales last month.
Today prices closed 12 to 19 points net higher.
support.
prices at New York for
1940, and since
9.81 Nov. 13 10.08 Nov. 25
8.33 June
6 1940 10.18 Apr. 17 1940
January
9.77 Nov. 14 10.00 Nov. 26
8.26 June
0 1940 10.14 Apr. 17 1940
March...—
9.82 Nov. 13 10.10 Nov. 25
8.10 May 18 1940 10.10 Nov. 25 1940
May
9.79 Nov. 13 10.04 Nov. 25
8.00 May 18 1940
December..
1941—
9.64 Nov. 13
July
September
9.89 Nov. 25
8.69 Aug.
9.24 Nov. 13
9.57 Nov. 25
8.70 Oct.
_
Oct
Volume of Sales for
Future
7 1940
18 1940
9.67 Nov. 25 1940
Delivery—The Commodity
Administration of the United States Department
of Agriculture makes public each day the vol11™© °* sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
Exchange
The Commercial & Financial Chronicle
2968
which
from
Nov. 11 Nov. 12 Nov. 13 Nov. 14
Nov. 9
Nov. 8
Contracts
4,008
.33,185
92,266
4,448
20,511
.59,215
317,718
46,588
481,464
2,285
789
13,055
7.350
2,896
.
919
-
Via Louisville
Nov. 14
Aug. 1
117,774
98,300
3,009
3,217
58,285
200,879
99,947
65,755
.13,705
6.625
1,222
...
Via Mounds, <fcc
Via Rock Island-.
Open
Week
Aug. 1
Week
Shipped—
Via St. Louis
New York
-1939Since
Since
Nov. 15—
figures are given in bales of 500 lb. gross weight.
1940
16,
-1940-
The
the following table,
have compiled
we
Nov.
305
4,267
52,587
470
,
Via Virginia points
.
Via other routes, &c
1940—
40,800
70,500
December.
24,900
348,600
28,800
21,200
1941—
100
January..........
Closed
300
1,700
10,900
342,100
40*300
67.000
49*706
47,900
May.............
84,000
20,100
13,200
11,600
16,300
14,200
July
October...........
41,200
22,900
22,000
29,600
11,600
16,900
22,600
7,300
76,000
March. ...........
13,900
Nov. 11
Nov. 7
Nov. 0
New Orleans
Nov. 8
Nor. 12
Nov. 9
212
.10,368
178,764
6,371
140,422
48,847
138,954
40,217
:
341,042
-1939Since
1940Since
In Sight and Spinnets'
105,452
Net overland to Nov. 15
202,576
40,217
160,000
13»,954
2,305,000
Southern consumption to Nov. 15.170,000
3,361,995
341,042
2,150,000
402,793
1,739,474
48,847
...
Aug. 1
Week
Aug. 1
Week
Takings
Receipts at ports to Nov. 15
56,400
4,150
5,700
7,150
7,468
3,123
129,831
Contracts
1940—
18,350
5,369
Including movement by rail to Canada.
:
6,050
213
173,389
Leaving total net overland ♦.
-
Nov. 12
Deoember
3,090
.10,156
Total to be deducted.
*
Open
.....
Inland, Sec., from South,...—.
130,400 115,700 121,100 1,389,800
251,400 130,800
Total all futures.
overland
Between interior towns
317,200
295,000
11,600
Total gross
Deduct Shipments—
Overland to N. Y., Boston, &c.
5,853 037
1,119,530
1941—
000
Closed
January..........
Total marketed
—
March............
6*800
9*100
7*200
4*666
4*500
62,350
Interior stocks in excess
May......—
7,000
8,400
1,350
4,400
4,100
57,050
Excess
14,000
5,150
7,6.50
5,800
7,850
56,760
over
5,550
4,650
2,850
2,700
1,900
4,183,428
1,195,405
.324,299
15,200
July
October
.....
59.450
33,800
Total all futures
30,000
22,600
22,660
248,350
Supply of Cotton—Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool:
The Visible
Stock In Alexandria, Egypt
8.07d.
14.06d.
Liverpool
Middling uplands,
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd
7
•./■'■■■
•
the
At
5 661
mill
takings
consumption to Nov. 1
North. 8pinn's' takings to Nov.
Interior
651,049
444,459
408,454
Came into sight during week...394,071
Total in sight Nov. 15-—
—
7,623,616
5,823,292
15- 75,313
586,151
36,177
848,702
Movement into sight in previous years:
>
Week—
Bales
...281,116
429,407
441,227
18
19
1936—Nov. 20-
1938—Nov.
1937—Nov.
Bales
Since Aug. 1-
.6,249,095
.8,572,589
.8,076,412
1938
1937.
1936
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
principal cotton markets for each day of the week:
Below
Southern
4,05d.
6.83d.
6.24d.
7.35d,
3.87d.
5.90d.
Closing Quotations for Middling Cotton on-
6.86d.
fine; Liverpool........
.
4.55d.
9.04d.
6.62d.
9.12d.
fair, L'pool
1937
286,000
Southern
of
1 staple, super¬
Oomra, No.
P
1938
394,000
5.08d.
1939
284,000
7.10d.
1940
442,000
NoVt 15—
O
69,772
'
<
the
Towns,
4.02d.
6.38d.
•
,
•'
,'i
7'-
•
4.02d
r'>: V
that is,
movement,
Week Ended
v;.-7 '#
Monday
Saturdag
Friday
Thursday
Wednesday
Tuesday
Nov. 15
the
H
15-16
%
15-16
%
15-16
H
J5-16
H
15-16
H
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
Galveston
9.40
9.60
9.35
9.55
9.35
9.55
9.45
9.65
9.59
9.78
corresponding periods of the previous year—is set out in
New Orleans.
9.56
9.76
9.48
9.68
9.48
9.68
9.66
9.76
9.68
9.88
detail below:
Mobile
9.50
9.70
9.46
9.66
9.47
9.67
9.56
9.76
9.69
9.89
Savannah
9.86 10.01
9.81
9.96
9.83
9.98
9.80 10.01
9.95 10.10
Norfolk
9.70
9.85
9.65
9.80
9.65
9.80
9.70
9.85
9.8510.00
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, ana the same items for the
v'j-_
.
Holl day
Movement to Nov. 17, 1939
15, 1940
Ship¬
15
,
Stocks
Nov.
Week
Nov.
Week
Receipts
9.60| 9.45!
9.60
9.35
9.55
9.35
9.55
9.40
9.71
9.96
9.66
9.91
9.67
9.92
9.7610.01)
Memphis
8.85
9.10
9.05
9.30
9.05
9.30
9.05
9.30
9.50
Montgomery,
Ship¬
ments
Slocks
ments
Receipts
9.40
Augusta
Movement to Nov.
Towns
17
1,650
Ala., Blrm'am
Euf&uia
158
.
325
Montgom'y
Selma
483
.....
Ark., Blythev.
Forest City
8,779
Helena....
3,756
Hope
1,246
2,444
Jonesboro..
664
Rock
7,437
Llttle
3,000
Newport
Bluff.
8,223
3,910
Pine
Walnut Rge
74
Qa., Albany.
Athens....
6,232
13,438
38,143
22,825
87,692
26.023
35,633
20,476
10,178
60,035
111
17,513
9,628
104,247
56,667
183
7,337
2,035
910
27,458
2,214
1,515
51,274
1,939
41,647
518
55,698
35,741
392
20,939
2,998
143,641
38,720
68,251
45,444
9,410
3,000
6,249
3,443
43,052
286
1,086
1,500
2,781
1,100
11,488
45,894
105,822
184,685
30,000
4,784
1,000
190
19,108
98,428
53,201
582
750
La., Shrevep't
2,295
4,791
9,126
71,014
Miss., Clarksd
6,810
58,259
550
8,227
1,000
327
160,351
31,000
97,829
2,562
600
5,500
400
796
1.599
20,712
12,873
850
5,758
5,881
99,229
>5,371
115,868
5,185
920
14,600
491
40,651
5,388
195,757
27,127
6,468
8,633
29,754
331
19,770
31,344
67,362
2,993
4,306
1,765
13,504
100,006
219
2,175
138
414
78
563
22,194
46,593
118,432
1,383
2,175
13,055
30,260
37,768
106,056
102,229
915
Oklahoma—
338,268 13,951 236,920 15,773
2,582
80,893
54,951
7,262
849,296 119,202 1663,565 112,359
991
1,305
25,298
19,287
100
100
7,724
6,410
175
375
4,416
14,402
700
1,664
33,368
57,896
872
1,521
46,104
54,079
83
6,517
2,940
162
"ll6
3,374
4,229
836
575
34,084
20,853
509
33,587
1,586
50,725
15 towns *.
34,434 267,027 17,212
S. O., Gr'vdle
1,509
45,401
4,310
Tenn., Mem's 166,245 1405,456 133,006
1,889
27,350
Texas, Abilene
1,554
119
123
Austin.....
19,101
165
150
Brenham
9,099
546
Dallas.....
1,477
43,396
Paris
44,459
1,493
2,703
.
Robstown..
48
6,584
146
San
91
7,377
31,553
34,857
38
Marcos
Texarkana
2,766
300
Waco.....
11,226
402
9.60
9.30
9.00
9.20
8 95
9
9 15
9 40
9 02
324,591
75,097
947,507
15.298
3,909
5,427
38,842
47,094
747
2,466
42,378
23,494
totals
show
New York
1939
1938
1937
-----
1934
1933
9.34c.
8.52c.
12.42c.
12.20c.
.12.55c.
9.35c.
---
.
1936
1935
-
10.08c.
9.71c.
that
the
——
-----
6.40c.
6.40c.
1930 ----11.10c.
1929 .—.-17.75c.
1928
19.70c.
1927
19.75c.
1926
13.10c.
1925
21.10c.
9.48
Tuesday
Wednesday
Thursday
Friday
Nov. 11
Nov. 12
Nov. 13
Nov. 14
NOV. 15
1940—
December.
9 95-
9.88 6-9.89a 9.876-9.89a
9.96
stocks
..
March
9 886
HOLIDAY
9.92
9.876-9.88a
July
October...
-
9.95- 9.96 10.09
9.75
9.72- 9.73
9.73n
9.82
9.94
9.35
9.33
9.31n
9.44
9.59
Tone—
Spot
Steady
Steady
Steady
Steady
Steady
Futures...
Steady
Steady
Steady
Steady
Steady
nNominal.
6Bid.
a
Asked.
Census
Report of Cotton Consumed and on Hand,
&c., in October—Under date of Nov. 14, 1940, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles, and
imports and exports of cotton for the month of October,
1940
and
Cotton
1939.
consumed
amounted
to
compared with
639,252 bales of lint and 94,395 bales of linters in September,
1940, and 686,451 bales of lint and 98,706 bales of linters in
October, 1939.
It will be seen that there is an increase of
84,251 bales of lint and 13,656 bales of linters when com¬
pared with the previous year. The following is the statement.
OCTOBER
REPORT
OF
COTTON
CONSUMED,
AND EXPORTED, AND ACTOVE
ON HAND,
IMPORTED
COTTON SPINDLES
Cotton Consumed
During—
Cotton
In
on
Hand
Oct. 31—
Cotton
Three
{Bales)
United States--
1924 -—.24.30c.
1923
34.70c.
1916
1915
20.20c.
"{
1922 -r--25.80c.
1921
17.20c.
1914
In Public
suming
Storage
Ending
on
In Con¬
Months
Year
1920-—-18.75c.
1919
39.65c.
1918
28.75c.
1917
29.60c.
770,702
bales of lint and 112,362 bales of linters, as
Establish
<fe
at
Com¬
Spindles
Active
During
Oct. 31
ments
presses
October
{Bales)
{Bales)
{Bales)
{Number)
1940 770,702 2,064,457 1,354,063 13,848,115 22,456,588
1939 686,451 1,941,301 1,459,329 15,504,291 22,667,414
Cotton-growing States..
1940 652,236 1,766,045 1,172,152 13,712,347 17,006,378
7.50c.
New England States...
1939 578,972 1,647,260 1,290,137 15,476,084 16,972,616
1940
146,415
243,097
126,176 4,848,572
97,480
1913
13.80c.
1912 —12.20c.
1911
9.50c.
All other States...—...
11.70c.
1910
14.50c.
1909
14.90c.
1939
86,583
1940
20,986
1939
20,896
236,604
55,315
67,437
133,472
35,496
35,720
22,435
9,592
5,772
13,066
28,871
23,427
27,836
24,848
7,785
5,129
6,891
19,376
20,051
9,453
7,489
Included Above—
1940
Egyptian cotton
4,792
1939
for the week and since Aug. 1, as made up from
telegraphic
The results for the week and since
Aug. 1 in the last two years are as follows:
10.036
10.136-.14a
9.92 6-9.93a 10.01
9.88
9.96
9 916-9.92a
May
9.886
9.796
9.786
have
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
reports Friday night.
10.12
9.96
1941—
January
500-pound bales)
interior
middling upland at New York
1931
9.40
9.23
Monday
Quotations for 32 Years
1932
9.73
9.20
9.35'
Nov. 9
Nov. 15 for each of the past 32 years have been as follows:
J 940
9.53
9.251
9.10
Saturday
week last year.
quotations for
9.60!
9.05
9 26
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Oct.
The
9.40
9 15
New Orleans Contract Market—The
during the week 69,772 bales and are tonight
395,597 bales less than at the same period last year.
The
receipts of all the towns have been 189,585 bales more than
same
9.50
for
increased
in the
9.30
9 01
15'
Cotton in running bales, counting round as half bales, except foreign, which is
♦Includes the combined totals of 15 towns In Oklahoma.
above
9.30
8 95
9 27
Total,56towns 307,074 3073,930 237,302 3153,982 217,489 3617.238,211.828 3549,579
The
9.05
163,390
1,080
3,891
405
13,794
14,582
36,042
83,811
1,115
1,327
13,705
Mo., St. Louis
N.C., Qr'boro
180
530
9.40
Little Rock..
67,058
2,377
21,572
28.557
2,628
30,685
45,435
33
4,064
15,683
1,520
5,135
1,033
5,656
79,262
59,225
37,492
169,292
57.297
141,555
7,057
68,482
34,885
3,783
394
1,149
01,349
764
263
470
Yazoo City
1,014
1,439
1,056
91,181
56,973
9,191
22,573
2,561
20,898
14,722
Vicksburg..
Natchez..
1,841
4,344
63,692
75,962
209,703
25,883
122,355
5,025
16,005
2*069
521
1,036
8,795
50,908
409
125,584
404
..
680
31,011
10,887
1,000
35,046
39,552
89,641
5,396
3,566
8,529
Columbus..
Jackson
885
127,194
39,844
256
Macon....
Greenwood
24,270
406
6,483
Augusta..
Rome
2,481
979
2,680
Columbus..
3,000
Season
13,038
29,007
22,444
133,539
93
27,210
31,592
123,000
9,500
1,360
Atlanta
Week
Houston
Dallas...
Season
Week
9.65
9.89 10.14
4,667
12,615
Other foreign cotton
1940
6,829
18,072
1939
Amer.-Egyptian cotton.
1940
7,719
2,170
22,152
5,871
1939
2,110
6,354
1940 112,362
292,708
1939
255,753
3,078
Not Included Above—
Linters
"{
98,706
407,455
340,809
65,440,
93,976'
5,077,816
601.638
616,982
The Commercial <4 Financial Chronicle
lb I
flume
im
(500-pound Bales)
submitted prioi to noon, Nov. 22, and the rates offered in
3 Mos. End. Oct. 31
October
bids
Country of Production
1939
1940
1939
1940
3,814
10.316
169
330
Peru
The
""276
5~667
10,976
~2~583
20,774
9.703
699
610
704
1,433
15,926
13,678
30,070
36,918
"""273
British India
All other
for
bids
are
limited
movements of cotton will be
sary
Total
invitations
warehouses
to
located
in
the cotton
producing areas and ports adjacent thereto.
Cotton stored in these areas is
readily available for distribution to all domestic consuming centers and
export markets without the loss of transportation expenses.
The cotton will be stored at the warehouses offering the lowest rates,
and no bids may be revised after the last date for submission.
Any neces¬
220
"
Mexico
accepted will be effective from Dec. 1, according to the
announcement, which continued:
19,895
7,986
164
Egypt
2969
the 1940 crop, which is now being harvested, either owned or
held as security for loans by the Corporation.
Bids must be
oils of Foreign Cotton
or
made
in
line of transit
domestic mills
to
ports..V'.
of the Corporation pointed out that this solicitation
being made for the twofold purpose of obtaining warehousing
Officials
amounted to 14,176
Imported during two months ended Sept. 30, 1940,
Llnters
is
equivalent 500-pound bales.
for the Government and
Exports of Domestic Cotton—Excluding Linters
:v'.
3 Mos. End.
October
Oct. 31
congested storage situation in certain localities so as to provide
producers with adequate facilities for 1940 crop cotton at all local points.
Exclusive
of
the
1940
crop,
the CCC holds title
to
approximately
6,500,000 bales of cotton and has under loan approximately 2,200,000
hales,
Country to Which Exported
CCO's office
United Kingdom
111,059
192,535
59,887
118,621
18,992
Italy
300
Germany—
....
Spain
,
Belgium
81,346
30,331
13,206
,
........
Japan.
51,574
133,526
56,361
104,394
54, 573
7.956
Other Europe
18,064
281,269
181,532
85,408
71,296
59,106
--
13,979
59,360
24",221
6,738
15,635
15.349
29,117
194,251
885,182
350,231
1,744,051
Canada
AU other......
Total
invitation
WORLD STATISTICS
,
world's production of commercial cotton, exclusive of
linters, grown in 1939, as compiled from various sources, was 27,875,000
bales, counting American in running bales and foreign in bales of 478
pounds lint, while the consumption of cotton (exclusive of linters in the
United States) for the year ended July 31, 1939, was 27.748,000 bales.
The total number of spinning cotton spindles, both active and idle, is about
145,000,000.
'
The estimated
Census
Cottonseed
of
Report
Nov. 13 the Bureau of the Census
Production—On
Oil
issued the following state¬
showing cottonseed received, crushed, and on hand,
products manufactured, shipped out, on
hand,
and exported for the three months ended with
October, 1940 and 1939:
;v ■
;
ment
cottonseed
COTTONSEED
RECEIVED.
for bids may
Washington, D.
be obtained
upon
request to the
C.
Italian Raw Cotton Stocks Almost Exhausted, Says
Department of Agriculture—Difficulties Arise in Buy¬
ing Turkish Cotton—Indications are that existing supplies
of raw cotton in Italy are likely to be exhausted by Dec. 31,
the Office of Foreign Agricultural Relations said on Nov. 11
in "Foreign Crops and Markets."
For several seasons Ital¬
ian mill consumption of cotton has averaged 700,000 bales
annually,
over
vices from the
included above, were 2,861 bales during October in
1940 and 30,995 bales in 1939; 9,776 bales for three months ended Oct. 31, 1940,
and 94,209 bales in 1939.
The distribution for October, 1940, follows:
Canada,
1,192; Panama, 10; Cuba, 12; Japan, 1,647.
Note—Linters exported, not
and
at
632,361
236,236
298,378
111,005
...
France
':\v\
.
Copies of the
1939
1940
1939
bids
the
\
(Running Bales—See Note for Llnters)
1940
of
services
the lowest available rates and relieving
farmers at
CRUSHED, AND ON HAND (TONS)
No
90% of it being imported cotton.
The ad¬
Department of Agriculture further state:
had been accumulated in Italy when
because of the reluctance of foreign
release more exchange than was need to finance
immediate requirements.
Shortly after war was declared liberal grants
of foreign exchange were made in an attempt to build up stocks.
The subsequent increase in imports, however, was far below the antici¬
pated level because of high war risk insurance rates, high freight rates,
insistence on the part of exporters in foreign countries on payment before
delivery, and the British naval blockade to prevent shipments of cotton
into Germany through Italy.
largo stocks of foreign cotton
out in September, 1939,
broke
war
exchange
authorities
to
normal
result stocks of raw cotton in Italy were little if any above the
peace-time levels when that country entered the war on June 10,
1940,
Since
As
a
that
time
all
sources
of
raw
imports
cotton
except
possibly
shipments from Turkey have been closed.
immediately requisitioned by the Government.
overland
Such stocks as existed
In order to conserve
supplies, all mills except those manufacturing goods for military use were
closed on July 1, 1940, and even those were placed on a reduced operating
were
schedule.
■
Government
the
Simultaneously
increased
the
,
compulsory
mixing of
as 50%, com¬
pared with the pre-war mixing of from 20% to 30%.
In addition, an
embargo was placed on all exports of cotton goods suitable for military
fibers
artificial
with
cotton,
in
some
instances
to
high
as
purposes.
cotton
State
73,015
25,452
Alabama
Arizona
268,150
Arkansas
104,872
California
129,325
79,549
243,620
124,543
123,083
99,088
186.310
619,146
Georgia
Louisiana
—
Mississippi
North Carolina
Oklahoma
South Carolina..
Tennessee
Texas
54,095
Ail other States......
./
94,281
$3,462
27,698
316,570
76,717
103,730
166,371
162,117
450,547
16,435
21,161
94,931
55,196
125,690
1939
1940
1939
26,239
13,843
10,135
78,957
16.479
131,065
26,794
131,386
92,950
169,975
86,780
189,560
35,526
49,176
24,607
208,667
124,444
69,714
263,673
54,799
59,808
65,413
28,075
119,183
275,812
31,474
89,285
68,345
107,725
58,178
61,648
108,859
71,529
237,753
641,098
73,352
68,253
359,746
22,842
9,025
81,985
87,652
398,266
29,335
54,796
35,735
56,874
27,774
153,037
297,900
44,695
2,130,248 2,552,373 1,129,498 1,389,983 1,040,257 1,283,016
United States
*
1940
1939
1940
and 120,626 tons seed on
Does not Include 39,507
hand Aug. 1 nor 1,827 and
barter
basis.
1940 Cotton Loans—The Commodity
Corporation announced Nov. 13 that, through Nov.
12, 1940, loans made on 1940 crop cotton by the Corporation
and lending agencies aggregate $79,852,227.65 on 1,650,082
bales.
Cotton loans completed and reported to the Corpo¬
ration, by States, are as follows:
CCC Reports on
Credit
No. Bales
State—
Alabama
1939 respectively.
6,917 reshipped for 1940 and
Arizona
COTTONSEED PRODUCTS
'
MANUFACTURED, SHIPPED OUT, AND ON
V-v;
HAND
■
-
Arkansas-
Florida
—
Shipped Out
On Hand
Aug. 1 to
Aug. 1
Season
Oct. 31
Aug. 1 to
Oct. 31
57,978
19,235
53,270
27,417
145
-
State—
Amount
$2,797,355 Oklahoma
929,307 South Carolina..
2,647,024 Tennessee
1,396,628 Texas-....
6,983 Virginia..
——.
On Hand
>
Oct. 31
105,376
358,374,397
275,310,520
429,564,036
403,053,703
1940-41
*37,351,577
72,066,763
0493,658.107
5214,800,242
1939-40
1940-41
1939-40
Refined oil, lbs.
and
Cake
Mississippi——-
37,289
2,648,041
1,728,786
153,940
24,117
674,230
——
3,278
Mexico—504
North Carolina...
13,879
Missouri
503,761
622,086
20,914
77,087
282,112
353,680
129,340
479,316
1,215
24,931
286,017
1939-40
Llnters, running
fiber,
Hull
lb.
1940-41
1939-40
bales
1940-41
600-
1939-40
bales
452,548
542,951
1940-41
12,449
bales..
1939-40
30,642
*
Includes 15,683,017
17.443
J
11,707
26,741
refining and manufactur¬
25,692,740 pounds in transit to refiners and
1940 respectively.
Includes
6 Produced from
EXPORTS
AND
Returns
IMPORTS
OF
COTTONSEED
two-thirds.
Rain
Texas—Galveston
Rainfall
Days
Inches
High
3.73
78
37
58
72
5
39
22
42
2
.
dry
Amarillo
Austin
0.46
61
Brownsville
1
79
16
48
0.94
85
36
61
0.02
82
30
56
70
1.16
56
29
20
50
1
2
0.69
78
30
2
.
0.15
2
.
>
Fort Worth
-
-
Palestine
.
San Antonio
0.89
74
75
25
28
14
Amounts for October not
56,200
42,850
2,550,016
1,908,035
197
6,915
1
14,176
Included above are 2,636,720 pounds
Invited by CCC on
None
6,506
refined, "entered
52
18
36
26
18
29
0.01
39
0.07
76
34
2.40
36
57
0.61
73
79
0.30
81
31
39
55
60
0.01
86
39
68
84
66
75
85
62
74
81
41
61
3
1.21
76
2
.
1
1
.
0.38
0.09
81
35
38
56
60
83
42
63
0.32
0.84
79
34
73
31
52
0.93
0.81
2.00
74
35
55
77
69
37
19
51
0.30
0.62
78
35
57
79
32
2
1
.
dry
irgia—Savann.
Atlanta
.
.
Storage Cotton—The Com¬
1
.
.
.
_!>( U1 til
wcviv^
Raleigh
Wilmington
—
.
Chattanooga
The
roiiowing
.
.
Tennessee—Memphis ...
Nashville
modity Credit Corporation on Nov. 8 invited warehousemen
to submit bids for the storage of all cotton, except that from
.
30
3
2
.
.
None
3,344,836
for consumption."
Bids
34
38
54
0.38
Louisiana—New Orleans.,—
Alabama—Mobile
Birmingham
-.
63,214
3,973
58
dry
dry
1,993
None
0.18
2
-
Oklahoma—Oklahoma City..
Arkansas—Fort Smith
Florida—Jacksonville
1939
637,168
Mean
0.03
Abilene—
Tampa
Exports—Oil, crude, pounds.....
.......
Oil, refined, pounds..
Cake and meal, tons of 2,000 pounds
—
Llnters, running bales
Imports—Oil, crude,* pounds
Oil, refined, * pounds
Cake and meal, tons of 2,000 pounds.............
Llnters, bales of 500 pounds
...
Low
1
:v
Little Rock
PRODUCTS FOR TWO
1940
-Thermometer-
3
.
Montgomery....—
Items
$79,852,227
0.94
226,270,632 pounds of crude oil.
MONTHS ENDED SEPT. 30
*
Total .........1,650,082
by Telegraph—Telegraphic advices to us this
Houston
12,623,312 and 6,197,459 pounds held by refiners, brokers, agents
and warehousemen at places other than refineries and manufacturing establishments
and 4,064,378 and 8,632,202 pounds in transit to manufacturers of shortening,
oleomargarine, soap, Ac. Aug. 1, 1940 and Oct. 31, 1940 respectively,
a
—.1,439,474 $69,669,552
Loans by co-op's..
210,608
10,182,675
and 26,203,426 pounds held by
ing establishments and 8,340,320 and
consumers Aug. 1, 1940 and Oct. 31,
2,035
Total
ern
16,621
11,238
18,376
3,837,100
225,211
44,371,796
41
-
evening denote that there has been considerable rain in the
eastern third of the cotton belt and dry weather in the west¬
4,161
10,496
14,475
3,250,160
4,522
918,961
147,640
178,903
397,381
3,355
415,448
Amount
198,853
103,992
.
283,127
236,454
Grabbots,motes,
Ac., 500-lb.
432,629,521
130,714
199,034
333,513
6,301
9,133
74,552
157,201,439
0356,103,789
313,100,282
79,501
119,718
1940-41
Hulls, tons
560,035.317
1940-41
1939-40
meal,
tons
*148.288,283
68,609
.
5,076,833
54,418
— —-
New
Crude oil, lbs—
No. Bales
.
...
Louisiana.
Georgia
Item
— --
California
v
Produced
•
into
Italy
from Turkey by
Turkey produced
bales, most of it
Oct. 31
Aug. I to Oct. 31
1 to Oct. 31
Aug
*
..
blockade is preventing virtually all shipments of
by sea, the Italian cotton mills hope to obtain supplies
rail through Yugoslavia.
Last season (1939-40). when
300,000 bales of cotton, the export surplus was 185,000
going to Germany and Rumania,
It is estimated that Italian imports from Turkey last season amounted to
only 5,000 or 6,000 bales.
This year the Turkish cotton crop is estimated
at 360,000 bales.
Negotiations now under way between Italv and Turkey
for a
larger share of the Turkish surplus are meeting with difficulty.
Turkey is demanding payment in cash, while Italy desires to deal on a
British
the
While
On Hand at Mills
Crushed
Received at Mills*
.
—,
;
3
1
2
2
3
1
-
3
siaxemeni nas
graph, showing the heights of
8 a. m. of the dates given:
aiso
oeen
.
received
55
•
57
57
56
uy reie-
rivers at the points named at
The Commercial & Financial Chronicle
2970
Nov. 17, 1939
Feet
Nov. 15. 1940
Feet
New Orleans.... ....Above zero of gauge.
Above zero of gauge.
Memphis
0.9
1.8
9.2
9.3
5.6
1.3
—3.1
16,
1940
Prices of futures at Liverpool for each day are given below
0.1
Above zero of gauge.
Above zero of gauge.
Nov.
—5.2
Nashville
Sbreveport
VJcksburg
Above
zero
of gauge.
2.6
-
The
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
1940
1938
1939
1939
1941
1940
1939
1938
d.
d.
d.
d.
*
7~50
#
7" 52
7M
7*50
7.48
7.44
7.45
7~47
7~49
*
*
July
—
Closed.
Cotton
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates. *
are no
Receipts from Plantations
1938
d.
—
March
May
*
d.
d.
0.
*
Foreign Cotton Statistics—Regulations due to the war
prohibit cotton statistics being sent from abroad.
are therefore obliged to omit the following tables:
End.
1940
Frl.
*
>
December
January,
d.
d.
d.
October, 1940—
York
Slocks at Interior Towns
Receipts at Ports
Thura.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
15
New Contract
Week
Wed.
to
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
Tuea.
Mon.
Sat.
Nov. 9
Nov
in Europe
We
Aug.
16.
78.606 101.982
73.033 1910.674 2417.522 1927,836
23.
91.740 140,844
78.102 1893,294 2408.973 1922,216
63,675 85.433 67,385
74,360 132.295 83,722
300,222 2427,136 111,232 836,739 214,507
30. 111,232 196,344 144,055 1886.703
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Sept.
6_ 143,187 209.955 195.347 1878,515 2487,313 2044 616
Liverpool Imports, Stocks, &c.
134.999 270,132 290.308
13. 137.224 266,665 227,732 1893 099 2690.556 2198,739 151,740 369.908 381.855
1947,476 2745,834 2390.140
20. 142.923 306,040 236.651
27.
137,695 297,080 221.656 2062,281 2930,731
197.300,461.318
428.052
2633,665.252,500J481,970
465,081
4. 118,475 297.656 183,369 2185,345 3113.815
Friday Night, Nov. 15, 1940.
2881,086'241.439 480.640 430.890
11. 128,793 290,322 205,107 2378,831 3262,486 3110,218 322,379 1904035 433,993
18-
200.646 2570.606 3399,830 3275.615 306,536 388.276 366,043
243,288 150,872 2775,573 3486,871 3387,084,317.147,330.329 263,541
Nov.
1- 120.9 2 231,212
256,332 2980,289 3533,182 3460,497 325,668 277,523 329,745
8. 126,753 237,671
92,125 30*4,210 3549,918,3510,308 230,674 248,407 141,936
15. 101,452 202,576 125,857 3153,982 3549,579 3518,088 175,224 208,237 133,637
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1940, are 2,941,470 bales;
in
1939
they were 4,474,481 bales and in 1938 were
4,035,482 bales.
(2) That, although the receipts at the
outports the past week were 105,452 bales, the actual move¬
ment from plantations was 175,224 bales, stock at interior
towns having increased 69,772 bales during the week.
from the
Alexandria Receipts and
Shipments—The following are
and shipments for the past week and for the
corresponding week of the previous two years, as received
by cable:
the receipts
1940
Alexandria, Egypt,
1938
1939
Nov. 14
Receipts (cantars)—
This week
421,000
1,122,000
Since Aug. 1
250,000
240,000
2,921,705
3,174.854
This
Exports (bales)—
To Liverpool
To Manchester, &c
To Continent and India
Since
This
Since
This
Week
Aug. 1
Week
Aug. 1
Week
f 14,000
50.000
2,000
2,000
-
Total exports
I8,0f,0
Since
.
Aug. 1
56,981
8~900
43,548
7". 100
175,348 12,250
24,181
32,720
45,646
186,782
4,750
121,000 17,400
300,058 19,350
269,898
{8,500
\
-
To America
47,000
24,000
Note—A cantar Is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Nov. 14 were
421,000 cantars and the foreign shipments 18,000 bales.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for yarn is good.
We give
prices today below and leave those for previous weeks of
this and last year for comparison.
";
■;;
1940
1939
32s Cop
8M Lbs. Shirtings. Common
Twist
to Finest
SM Lbs. Shirt¬
,
Upl'ds
d.
s. d.
s.
d.
d.
Middl'g
to Finest
Upl'ds
32s Cop
Twist
d.
Cotton
ings, Common
\ Cotton
Midd'g
'
s.
d
s.
d.
d.
Aug.
16—
14.26
12
6
23—
14.37
12
6
30—
14.51
12
6
@12
@12
@12
9
8.19
9
8.18
8.23
8.33
9
7
8 10>£@
9
@
9
1>£
5.22
9
3
5.62
9
8K@ 9K
9
@10
9H@10>*
9
3
Nominal
@
6.71
Onnf
oc p
1**
6-
Not
available
13-
14.61
12
6
@12
9
20-
14.58
12
6
@12
9
27-
14.86
12
7>£@12 10>£
8.31
Nominal
7.03
Nominal
Nominal
9
8K@ 9H
@13>£ 11
8.40
8.82
9
3
4.76
3
@11
6
6.74
6.44
13
@
7.09
Oot.
4—
Not
available
13
@11
6
14.50
12
6
@12
9
7.99
13
3
@11
6
6.27
14.47
12
6
@12
9
8.13
13
@13 >£ 11
@13J£ 11
@13>£ 11
3
11-
18—
3
6
6.35
25—
14.56
12
0
@12
9
8.22
13
@13>£ 11
3
@11
@11
6
6.38
14.56
12
6
@12
9
8.17
11
3
@11
6
6.22
@12
9
8.23
13 >£@14
14
@14>£
11
7>£
8.07
14
4>£@11
6
@11
8.21
Nov.
1—
8—
15
Flour—The extent of last week's heavy flour buying
114.7611230,932
25. 112,180
—
14.61
12
6
14.65
12
4>£@12
@14>£ 11
7>£
7.01
9
7.10
Shipping News—Shipments in detail:
Bales
New Orleans—To Great Britain
Los Angeles—To Japan
Total
-
16.940
600
17,540
_
Liverpool—The tone of the Liverpool market for spots
and futures each day of the past week and the daily closing
prices of spot cotton have been as follows:
Spot
revealed
which
last year.
estimated that
opened
Market,
4
P. M.
or
the day following Secre¬
an increase in the
500,000 barrels
sold
were
on
those two days
'kV'Vvr■
Wheat—On the
9th inst. prices closed
to %c. net
The market at Chicago reached the highest levels
since last May, with Dec. quoted up to 88%c., as the
market continued the advance
which began Thursday.
Although bhying was not on as broad a scale as on Friday,
there was good underlying strength, with some of the support
coming from milling and baking interests.
Strength in
securities, the domestic industrial picture and carryover
talk about inflation, added to bullishness, offset by
profittaking, evening up for the double holiday and selling based
on reports that "free" wheat sales had increased.
Minneapo¬
lis reports indicated that milling interests were covering flour
sales there and messages from the Southwest of better flour
demand and the last two days, but business was by no means
on a large scale.
Dealers were said to be hesitating because
the price rise has carried values several cents above basic
loan rates at most terminals, a fact which some thought would
check the amount of grain being stored for loans and
might
even encourage some
redemptions.
On the 12th inst. prices
closed
to %o. net lower.
Wheat futures lost as much as
a cent a bushel at times in an
up and down session today,
but recovered fractionally at the close from the day's bottom
levels on buying credited to milling interests.
At no time
during the session did wheat futures go higher than Satur¬
day's final prices.
The volume of trading was light and
price changes generally followed the trend of securities.
Neither weather conditions—which forced the closing of
the markets at Minneapolis and Duluth—nor
developments
in the European war appear to influence the
grain market.
Most selling appeared to be profit-taking and these
offerings
found very little demand until resting orders to
buy were
higher.
uncovered
through commission houses at levels of around
ana 87c. for May.
In the cash market No. 1
hard wheat sold for 91c., or 10c. above the Government loan
rate.
On the 13th inst. prices closed unchanged to
88c. for Dec.
higher.
Wheat prices ruled slightly lower during most of
today's session in the grain market, but they rallied just
before the close, and finished fractionally higher than
yes¬
terday.
Late buying was associated
with
purchasing
credited to mills.
A report that the United States may be
asked to help supply Spain with wheat
[attracted attention,
but was not confirmed by agricultural officials in Wash¬
ington.
Traders said as long as the amount of wheat in
storage under Government loans increased, a tightening of
commercial
supplies was inevitable, inasmuch as daily
grindings were making steady inroads on stocks.
They
said that if close to 300,000,000 bushels were held off the
market under loans and in connection with other features of
the Government program, this would leave a comparatively
small
working margin if now sterilized supplies were ex¬
Loans begin reaching maturity early in the spring.
cluded.
Traders said Great Britain
was
understood to have asked for
cooperation of the United States in furnishing Spain with at
least part of the 37,500,000 bushels of wheat needed by that
Wednesday
Thursday
Friday
country.
Quiet
Quiet
Quiet
Quiet
previous
8.09d.
8.11d.
Quiet,
Quiet,
8.10d.
8.04d.
8.07d.
2 to 3 pts.
un¬
advance
changed
Quiet but
st'y, 2
pts.
pts. adv.
Quiet, un¬
changed to
Quiet,
Quiet,
1 point
3 points
1 Dt. dec.
advance
advance
the
14th
inst.
finals.
prices
Renewed
closed
IY2
to
2c.
higher than
professional and outside
specu¬
lative buying today caused wheat prices to shoot up about
2c. a bushel to around 90c. for December contracts, highest
the
Market
Nov. 7,
the Northwest.
in
Tuesday
CLOSED
Futures
on
national debt limitation, were 260% of capacity, while sales
on
Nov. 8 soared to 414% of full-time operations.
It Is
Monday
P. M.
Mid. upl'ds
Bookings
tary Morgenthau's statement relative to
On
•
report,
wheat
mills
that
bookings
by
spring
quadrupled the volume of
thejprevious week. Sales in the
Northwest amounted to 159.5% of capacity, against 38.2%
in the previous week and 36% in the corresponding week
Market,
12:15
was
"Northwestern Millers"
by the
yesterday
showed
Quiet
Saturday
|
BREADSTUFFS
Oct.
market
has
wheat reached
been
since
last
May.
Prices of deferred
highs for the season.
Milling interests
buying from Eastern sources accounted for much of
the activity in the wheat pit.
Reports of a sharp increase
new
and
Steady,
Quiet,
Quiet,
Quiet,
6 points
4 points
in
decline
3 points
decline
4 points
advance
advance
demand
flour
business late last
for
further
week and continued underlying
quantities, combined with indications
Volume
of
good
a
The Commercial & Financial Chronicle
151
export
flour
trade
Latin
to
Philippines, helped to boost prices.
mills
moderate
were
sales,
and
America
and
the
said
continued on a
Philippines presumably
moderate scale.
the
and
presumably reflecting flour
flour business in Latin
buyers,
interests
export
America
Trade reports indicated
•
,
Today prices closed % to l^c. net lower.
Wheat prices
six
Rye—On the 9th inst. prices closed H to He.
higher.
during most of the session, in¬
by the strong action of wheat
values.
On the 12th inst. prices closed H to
net lower.
This grain ruled heavy in sympathy with wheat.
On the
13th inst. prices closed unchanged to He. higher.
Trading
was
light and without feature.
The rye market held firm
in large measure
fluenced
On
advanced about lc. today to new high levels for the past
of
profit-taking that engulfed the market.
December wheat
reached 90%c., highest level for any contract since last
May, and then slipped to S8%c.
The setback in grains
after
seasonal high i)rices had been established in the
wheat market, accompanied a downturn in securities.
Re¬
ports of improved moisture conditions in the winter wheat
tumbled lc. to almost 2c. in a
months, but then
belt
and
increased
of
wave
inquiry from producers about pro¬
attracted attention. There
cedure in redeeming loan wheat
sold, however.
Heavy shipping demand here took 67,000 bushels of wheat.
Pacific Coast mills were reported to have sold substantial
were
of
reports
no
loan
any
grain
being
quantities of flour to the Philippines and Latin America
under subsidy.
Open interest in wheat tonight, 55,582,000
HOL
109
PRICES
CLOSING
OF
WHEAT
Sat.
108%
especially
Tues.
Fri.
109%
Thurs.
Wed.
Season's High and
December
90%
89%
85%
May
July
DAILY
when
sharp
the
break
CLOSING
PRICES
OF
December...
May
July
RYE
PRICES
CLOSING
July
CLOSING PRICES
L
RYE
OF
CLOSING PRICES
DAILY
86%
82%
87%
83%
88%
84%
88
84%
May.
July
December
May
July
72
—
-
H
76%
77%
-
O
L
WINNIPEG
IN
Thurs.
73
73%
77%
78%
72%
76%
78%
77%
79%
Fri.
72%
76%
78%
Corn—On the 9th inst. prices closed He. lower to He.
higher.
Selling of Dec. corn unsettled that market despite
strength of wheat.
This was based partly on the steady to
He. lower spot market and belief that with harvesting at
its peak, receipts may increase despite the fact that farmers
are holding corn pending announcement
of the loan rate
expected next week.
Receipts were 239 cars, mostly new
corn; shippers sold 40,000 bushels and only 17,000 bushels
were booked
to arrive.
On the 12th inst. prices closed H
to He. net higher.
Corn was firm, partly on expectations
of a better feeding demand due to the early cold snap.
Sales by local shippers were reported at 537,000 bushels,
while bookings to arrive were only ,5,000.
No. 1 yellow corn
sold at 66 H to 68He-, or 3H to 6c. above the Dec. futures.
On the 13th inst. prices closed H to He. net higher.
In¬
creased Government estimates of domestic corn production
market.
The Government's report raised
the corn crop to 2,433,523,000 bushels, an increase of about
81,000,000 compared with a month ago.
Announcement
of the new loan rate was expected in a few days.
Good
shipping demand for corn and cold weather brought some
buying to the feed grain pit.
On the 14th inst. prices closed % to %c. net higher.
Corn
receipts showed signs of picking up after declining, due to
that
depressed
Closing quotations were
Open interest in corn, 23,000,000
bushels.
DAILY
CLOSING
PRICES OF
Sat.
No. 2 yellow
CORN IN NEW YORK
Tues.
Wed.
Thurs.
Man.
H
84%
DAILY CLOSING PRICES
82%
December..
82%
82
Thurs.
Wed.
62%
62%
63%
63%
63%
64%
64%
64%
64%
64
64
July 15, 1940
Aug. 16, 1940
Sept. 23. 1940
53%
Coarse
Prices Withdrawn
Fancy pearly (new) Nos.
54%
58%
Oats—On the 9th inst. prices closed
M to He. net higher.
light, but the undertone of the market was
firm.
On the 12th inst. prices closed H to He.'net lower.
Oats were dull in sympathy with wheat.
On the 13th inst.
prices closed H to He. net higher.
There was some good
buying of spot oats reported, and this together with the
firmer tone of the other grains towards the close, had a
Trading
was
favorable influence
On
the 14th
sympathy
on
inst.
with
the
85%
Corn. New York—
No 2
futures held strong,
closed 1 to
in
oats
wheat
lHc. net lower.
futures,
and
especially
the
influenced
y.llow, all rail
There
PRICES
the close.
was
by- the
Sal.
37%
May
July..
-
36%
33%
Today prices
heavy profit-taking
reactionary
Mon.
Wed.
Tues.
trend
Thurs.
H
37%
38
O
L
36
33
36%
33%
Season's Low and
Season's High and When Made
39%
38
34%
67%
50
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
<
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Rye
Barley
bush 56 lbs bush 48 lbs
—
94,000
2,215,000
218,000
23.000
190.000
809,000
412.000
297,000
100.000
624.000
825,000
Chicago
Minneapolis
576.000
149,000
18,000
200.000
340,000
221,000
Duluth
12",066
2,000
2,000
8~6~666
53,000
60,000
1,000
772,000
Milwaukee-
589,000
34,000
105,000
Toledo
Buffalo
23,000
Indianapolis
443,000
lbi'.bbo
30,000
239,000
38,000
Peoria
40,000
113,000
36,000
502,000
21,000
288,000
268,000
36,000
62,000
294,000
6,000
19,000
131.000
36.000
133,000
32". 000
62,000
Kansas City
2,000
130.000
St. Louis
Omaha....
St.
Joseph.
Wichita
...
lb'ooo
74,000
14,000
117,000
~7~,666
"2~O6O
21,000
424,000
3,274,000
5,945.000
955,000
156,000
Same wk '39
356,000
4,642.000
7,319,000
1,614,000
228,000
Same wk *38
378,000
6,965,000
7,279,000
1,053,000
507,000
1,582.000
2,474,000
1,166,000
1
31,651,000 6,387,000 36,258,000
47,367,000 11,481,000 54,268,000
50,600,000 15,072,000 46,678,000
6,334,000 147,535,000 103,253,000
6,868,000 151,344,000 86,095,000
6,491,000 172,145,000 112,944,000
1939
1938
Total receipts of flour
and grain at the seaboard ports for
follows:
the week ended Saturday Nov. 9, 1940
Flour
Wheat
Corn
Oats
bbls 196 lbs
Receipts at—
bush 60 lbs
bush 56 lbs
bush 32 lbs
99,000
416.000
York.
161.000
Philadelphia
32,000
1,000
Rye
Barley
57,000
22,000
46,000
4,000
60,000
New Orl'ns*
bush 56 lbs bush 48 lbs
10,000
14,000
New
~8~666
60,000
34,000
8,000
9,000
Galveston..
lYooo
Boston
2,000
1,636,000
2,056,000
Can.At.pts.
2,530,000
1,874,000
22,000
34,000
46,000
10,709,000 107,265,000
Tot. wk. *40
35,612,000
3,471,000
1,989,000
1,242,000
246,000
Since Jan. 1
1940
194,000
3,467,000
1,316,000
178,000
168,000
374.000
13,567,000
Week 1939.
In
oats
of
OF OATS FUTURES IN CHICAGO
December..
December
62%
94,895,000
20,330,000
4,689,000
1,846,000
7,824,000
•
on
Receipts do not include
grain* passing through New Orleans for foreign ports
through bills of lading.
from the several seaboard ports for the week
Saturday, Nov. 9 and since July 1, are shown in
The exports
ended
the annexed statement:
securities market.
DAILY CLOSING
May
July
to lc. net higher.
in the other grains,
near
51
No. 2 white....
Rye. United States, c.l.f
Barley, New York—
40 lbs feeding
Chicago, cash
82%
Manitoba No. l.f.o.b.N.Y.
1939
prices closed %
rise
4.25@5.75
Since Jan. 1
oats futures.
sharp
^
Oats, New York—
2 red, c.l f., domestic...309%
No
Baltimore..
Nov. 14. 1940 May
Nov. 15, 1940 July...
65%
65%
May..
July...
2.15
Barley goods—
When Made
Season's Low and
December
65
Corn flour
Wheat, New York—
82%
Fri.
O
L
63%
64
Season's High and When Made
December
63%
Oct. 24,1940
.
46%
45
43
48
51%
....
1.2-0.3-0.2
1
H
62%
May...
July
Tues.
Mon.
WINNIPEG
Fri.
Thurs,
47%
46
GRAIN
OF CORN FUTURES IN CHICAGO
Sat.
47%
44%
42%
Rye flour patents
4.20@4.30
Semlnola, bl., bulk basis..6.05@6.55
Oats, good
2.95
....
Since Aug.
1940
Fri.
47%
50%
48%
51%
follows:
as
Spring pat. high protein..5.55( >5.701
Spring patents
5.25< >5.45
Clears, first spring
..4.65< >4.85
Hard winter straights
(
Hard winter patents
4.95(_ >5.10
Hard winter clears
Nominal
Sioux City.
sharp declines in wheat.
WINNIPEG
Thurs.
Fri.
47%
50%
FLOUR
Tot. wk. '40
ing was
-
Aug. 19. 1940
Aug. 19,1940
Sept. 23, 1940
Wed.
50
L
Today prices closed Vs to He. lower.
Trad¬
light and the market heavy in sympathy with the
good.
IN
47%
H
' O
45%
44
weather, and demand from shippers and industries re¬
mained
Tues.
H
O
When Made
OF BARLEY FUTURES IN
Sat. Mon.
Tues.
Wed.
Fri.
O
L
Wed.
Fri.
46%
51
52%
L
December
Tues.
FUTURES
Mon.
46%
49%
May
July
88%
Man.
is
oats
CHICAGO
IN
When Made
|
Season's Low and
May 29. 1940|December
38%
Nov. 15, 1940 IMay
42%
Nov. 14, 19401July
47%
52%
89%
Sat.
and
Tues.
Wed. Thurs.
45%
45%
47%
50
50%
51%
51%
51%
52%
O
51%
Season's High and
December.... 50%
May
52%
87%
WHEAT FUTURES
OF
wheat
FUTURES
50%
87%
When Made
Aug. 16. 1940
Aug. 16. 1940
Sept. 27. 1940
in
Sat. Mon.
46%
H
'
_
H
Made
j • Season's Low and
68%
15. 1940 December
70
15. 1940 May
76%
15. 1940 July
When
Nov.
Nov.
Nov.
covering, which
considered.
December
CHICAGO
IN
FUTURES
Man.
110%
108%
net higher.
to l^c.
side buying of rye futures, also substantial
87%
83%
——
.
cold
prices closed V/s
resulted in unusually large gains at the close.
Today prices
closed %c. net lower.
Rye futures held up relatively well,
88%
December
,
inst.
Sat.
No. 2 red
DAILY
14th
DAILY
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mm.
Tues.
Wed.
Thvrs.
May
JuJy
the
With all the grains showing much strength, it was natural
for rye to follow in sympathy.
There was some good out¬
bushels.
DAILY
2971
Nov. 15, 1940 December
Nov. 15, 1940 May
Nov. 15, 1940 July
27%
28%
30%
38
37%
34%
36%
33%
When Made
Aug.
Aug.
Oct.
19,1940
16, 1940
9,1940
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat.
ion.
Tues.
Wed.
Thurs. Fri.
December
33%
H
32%
34%
34%
34
May.
July
32%
O
L
32%
31%
32%
33%
32%
31%
Wheal
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from,—
Bushels
Barrels
Bushels
Bushels
Bushels
Fri.
39
37,000
112.000
New York
Philadelphia
20,000
~3~666
New Orleans
Can'd'n.Atl.ports
Tot. week 1940
Since July
1,1940
2,056,000
2,188,000 1,636,000
37,743,000 17,256,000
a40,000
817,000
2O",666
163"000
55,000
864,000
81,770
224,000
147,000
311,000
4,780,000 1,605,072 1,041,000 1,453,000
5,542,000
Tot. week 1939
2,664,000
Since July 1,1939
42,865.000
a
■
1,636", 000
Export data not available from Canadian ports.
The Commercial A Financial Chronicle
2972
supply of grain, comprising the stocks in
visible
The
points of accumulation at lake and
ports Saturday, Nov. 9, were as follows:
at principal
granary
seaboard
GRAIN STOCKS
Wheat
Corn
Oats
Rl/e
Barley
Bushels
United State*—
Bushels
Bushels
Bushels
40,000
1,000
44,000
x
Philadelphia.
459,000
99,000
33,000
7,000
6,000
z
Baltimore
786,000
11,000
19,000
154,000
68,000
78,000
247,000
New Orleans
-
afloat
159*666
1,000
2,000
11,000
6,000
154,000
41,000
7,000
3,000
11,000
390,000
21,000
5,000
3,000
427,000
952,000
13,000
5,000
195,000
9,000
1*8*7",000
7,000
1,744,666
J.143,000
199,000
3,565,000
4*1*666
445,000
1,443*666
29,349,000
9,260,000
1,300,000
2,034,000
5,487,000
Duluth
27,468,000
2,464.000
411,000
1,284,000
855,000
••
777,000
-
178,000
afloat
"
2,000
afloat
On Canal
Total Nov. 9,
*4*666
2,000
260,000
1,301,000
100,000
4,578,000
148,000
26,000
Detroit
827,000
1,005,000
646,000
51*666
1940...163,614,000 65,020,000
6,904,000 7,532,000 9.760,000
165,010,000 63,488,000
6,049,000 7,774.000 10,003,000
132,967,000 31,011,000 13,616,000 10,059,000 15,768,000
2, 1940
Total Nov.
Total Nov. 11,1939
—
Philadelphia also has 3,000 bushels Argentine corn in store,
has 69,000 bushels Australian wheat in store.
at
x
Baltimorejtfso
Oats—Buffalo, 170,000 bushels; Buffalo
Nof*—Bonded grain not Included above:
afloat, none; New York, 84,000; Erie, 99,000; total, 353,000 bushels, against 704,000
bushels In 1939. Barley—New York, 128,000 bushels; Buffalo, 380,000; Baltimore,
156,000; Duluth, none; In transit—rail (U. S.), 402,000; total, 1,066,000 bushels,
against 1,176,000 bushels in 1939.
Wheat—New York, 3,507,000 bushels; New
afloat, 1,013,000; Boston, 2,267,000; Philadelphia, 1,059,000; Baltimore,
York
1,360,000; Portland, 1,211,000; Chicago, 18,000; Buffalo, 6,942,000; Buffalo afloat,
136,000; Duluth, 7,830,000; Erie, 1,998,000; Albany, 8,796,000; on Canal, 199,000;
transit—rail (U. 8.), 3,592.000; total, 39,928,000 bushels, against 17,911,000
in
bushels in 1939.
Wheal
Corn
Oats
Rye
Bushels
Canadian—
Bushels
Bushels
Bushels
Barley
Bushels
539,000
328,000
1,833,000
1,501,000
Lake, bay, river & seab'd 64,325,000
Ft. William & Pt. Arthur 82,156,000
Other Can. & other elev.258,165,000
4,646,000
798,000
9, 1940 -404,646,000
Total Nov.
2, 1940-404,137,000
Total Nov. 11, 1939-328,137,000
7,018.000
7,380,000
10,250,000
2,627,000
2,877,000
3,023,000
Total Nov.
1,454,000
1,067,000
3,203,000
5,724,000
5,467,000
9,228,000
Summary—
American.
163,614,000 55,020,000
6,904,000
7,532,000
9,760,000
Canadian
404,646,000
7,018,000
2,627,000
5,724,000
12,922,000 10,159,000 15,484,000
569,147.000 53,488,000 13,429,000 10,651,000 15,470,000
31,011,000 23,866,000 13,082.000 24,986,000
Total Nov.
9, 1940- 568,260,000 56,020,000
Total Nov.
2,1940
-
Total Nov. 11. 1939-461.104.000
The world's
shipments of wheat and corn,
as
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Nov. 8 and since July 1, 1940,
and July 1, 1939,
are
shown in the following:
Corn
Wheat
Week
Since
Week
Since
Since
July 1,
July 1,
July 1,
1939
Nov. 8,
1940
July 1,
1940
Bushels
No. Amer.
Since
Nov. 8,
1940
Exports
Bushels
Bushels
ArgentinaAustralia
1940
500,000
16,391,000
4,759,000
95*666
16,030^665
50,658,000
2,520,000
24,042,000
34,941,000
80,240,000
14,368,000
41,881,000
Bushels
1,373,000
07,005,000
57,454,000
2,3b*0*o6o
1939
Bushels
Bushels
4,219,000
02,486,000
Black Sea-
781,000
11,293,000
_
India
Other
Total...
CCC
12,664,000
4,544,000
144,000
countries
6,669,000 104,439,000 167.816,000
Reports
on
1940
1,468,000
Wheat
Loans—Wheat
loans
valued
$174,874,570.82, the Commodity Credit Corporation
Nov.
through
nounced
on
totaled
4,
Nov. 8.
243,180,566 bushels
Wheat loans for the
1939 totaled 151,730,112 bushels,
same
at
an¬
period in
valued at $106,441,588.28.
The number of loans at this time is 385,250,
214,608 last
compared to
Wheat loans completed and reported to
year.
the Corporation, by States, follow:
No. of
Loans
State—
Farm
Storage
Bushels
Arkansas
29
California
37
Colorado
4,128
Delaware.
Idaho
Indiana..
Iowa.
Kansas
Kentucky
Maryland
Michigan
Minnesota
Missouri
...
Montana
30,171
453
Dakota........
Ohio
Oklahoma
Oregon
Pennsylvania
...
70,145
11,294
31,118
1,966
1,5*40",320
597,635
289,598
372,161
7,218,927
217,391
1,976,941
301,744
5,420,342
4,688,485
64,245
3,998,330
326,797
2,417,700
675,394
315
South Dakota
34,239
2,058,121
854
Tennessee
Texas
Utah
3,759
26,774
11,140
5,151
64,627
1,159
107
1,426
21,461
19,598
20,424
......
New Mexico
North
33,591
843,141
3
...
Illinois....
Nebraska..
-
—
—
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Total
Reporting
Crop
the United States
of
19,465
467
1,487,651
629,655
561
3,685
22
1,104*882
Warehouse
Storage
Amount
Bushels
$
12,635
95,726
2,271,916
1,625
5,009,568
11,992,780
3,140,398
2,333,188
38,647,637
452,331
51,835
148,896
6,387,168
7,924,035
16,961,368
9,458,980
376,239
39,236,838
3,377,439
18,025,118
4,644,233
80,038
9,316,973
273,069
17,047,158
9,375
87,881
2,048,484
1,327
3,500,711
10,061,496
2,654,481
2,016,396
32,849,557
344,674
157,066
8,650,816
9,267
36,579
254,582
6,604,452
6,181,975
15,486,229
10,233,303
319,094
32,621,365
2,962,072
14,662,265
3,113,580
60,089
8,461,346
241,006
13,598,270
408,750
119,356
5,514,029
8,004
199,236
1
""*172
671
286,459
3*4*7",308
440,712
385,250
36,549,682
206,630,884
174,874,570
115
as
data furnished by crop
of Nov.
1, based
on
reports and
correspondents, field statisticians and
cooperating State Boards (or Departments) of Agriculture.
This report shows
that the production of winter wheat is
placed at 555,839,000 bushels, the
month ago,
ment's estimate
a
of
bushels in
563,431,000
average
same as
wheat is estimated
1939 and
as
bushels, which compares with
bushels in 1939 and
a
a
a
harvest
(1929-38)
10-year
The production
of Nov. 1 to be 236,493,000
a
production of 191,540,000
10-year (1929-38)
of 183,619,000 bushels.
the Depart¬
and comparing with
production of 571,067,000 bushels.
of spring
791,000
Minneapolis
Buffalo
on Cereals,
Board of the United States
Department of Agriculture made public late Tuesday after¬
noon, Nov. 12, its forecasts and estimates of the grain crops
5.000
136,000
-
Milwaukee
1940
Agricultural Department's Official Report
&c,—The
now
132,000
1,239,000
846,000
Fort Worth..
10,089,000
Wichita
4,681,000
Hutchinson...8,796,000
......
St. Joseph.........——
4,865,000 2,370,000
Kansas City
35,628,000 7,175,000
Omaha
9,260,000 13,034,000
Sioux City....--—-.-1,067,000 1,639,000
St. Louis
7,581,000
809,000
Indianapolis...........
2,386,000
524,000
Peoria
931,000
619,000
Chicago
13,033,000 10,992,000
"
16,
Bushels
New York
"
alloat
9,000
116,000
71,000
61.000
Galveston
Nov.
average
production
We give below the report:
Crop prospect* in the United States improved more than 1% during
October, the Crop Reporting Board states.
Dry weather during the month
in nearly all areas east of the Rockies and generally mild temperatures
were
favorable for the maturing and harvesting of most late crops.
But
in the South and Southwest the dry weather was decidedly unfavorable
for late growth of pastures, grain sorghums, sugarcane, and sweet potatoes.
Many fields of late corn that had been threatened by early frost matured
with the warm
weather, and yields are now expected to average 28.2
bushels per acre, the third highest in 17 years.
Estimates of corn pro¬
duction have been raised to 2,433,623,000 bushels—an
increase of more
than 80,000,000 bushels over indications a month ago.
The 4% improve¬
ment in tobacco prospects brings the estimated yield up to the record high
yield of 918 pounds per acre secured last year, and raises the estimate
of production to 1,320,000,000 pounds—a nearly average crop.
On the basis of conditions on Nov. 1, prior to the completion of the
fall check-up of acreages harvested,
the production estimates for sugar
beets and pecans have been increased 5%, peanuts 2%, and cotton, beans,
rice, and potatoes each 1%.
Expectations of the quantity of sugarcane
that will be harvested for sugar have been reduced 11%, and the estimates
for sweet potatoes, grain sorghum and soybeans 3% to 4%.
The national crop situation is developing about as expected, but there
can
now
be much greater assurance that
the excellent crops that have
been indicated will actually be secured.
Although neither the acreage of
crops grown
nor
the yields secured per acre will equal the wonderful
showing made in 1937, crop production now seems likelv to be larger than
in
any
other season, and probably 6% to 7% above the pre-drought
average.
But the improvement over outturns in exceptionally good crop
years such as 1920, 1928, 1931 and 1938 may he only about 1% or 2%.
With a fairly large crop of com added to the largest or second largest
oats, barley and grain sorghum crops in a dozen years, the production of
feed grains for all purposes totals 98.500,000 tons, or onlv about 2% below
the pre-drought average.
This tonnage is large enough to permit feeding
present livestock about as liberally as in any of the last 15 years without
utilizing any of the large reserves of feed grain accumulated since the
drought.
With an outstanding crop of sweet sorghum forage to supple¬
ment
a
near-record
hay
supply,
practically all
areas
except parts
of
Nebraska report ample supplies of hay and roughage on hand.
The production of most of the
principal food crops appears ample.
The crops of wheat, rye and buckwheat are all below the long-time predrought averages, but as all have been selling at about their feed value
in some surplus areas there is no evidence of shortage.
Rice and beans
are both close to top records and above production
in years prior to 1937.
More potatoes have been harvested than can ordinarily be utilized for
food.
On the other hand, the dry weather has reduced prospects for sweet
potatoes, sorgo syrup and sugarcane syrup, all important food crops in
the South.
The production of both sweet potatoes and syrup is now
expected to be lower than in any year since the drought of 1930.
Fruit
production was not unusually large but appears ample under present con¬
ditions.
Combined production of peaches, pears, grapes, cherries, plums,
prunes, apricots and commercial apples is 12% below the 1939 crop, but
is about equal to average.
Production of pears, grapes and commercial
apples will be somewhat larger than was indicated a month ago.
Grape¬
fruit production from the 1940-41 bloom,
though 3% smaller than the
1938-39 crop, is expected to be 22% larger than last year.
The 1940-41
crop of early and midseason oranges is indicated to be 15% larger than
last
v
season.
Fourteen
commercial
truck crops
foT fall and winter harvest during the
planted and to be planted 16% larger than
the acreage harvested in 1940. and 17% larger than the 1930-39 average
acreage.
Compared with a year ago, increases are indicated for fall snap
beans, fall and early cabbage, fall and winter cauliflower, fall eggplant,
Virginia kale, early lettuce, early Bermuda onions, Virginia fall spinach,
and fall tomatoes.
No change is reported for fall carrots and cucumbers,
and there are small decreases for California artichokes, fall and winter
celery, fall peppers, and fall shallots.
In
comparison with last year the indicated
production of vegetable
crops for harvest this fall shows increases of 84% for snap beans,
81%
for kale, 50% for spinach, 31% for eggplant, 23% for artichokes. 11%
for
cucumbers, 8% for tomatoes, 5% for green peppers, and 3% for
cauliflower.
But shallots show a decrease in prospective fall production
of 20%, celerv shows 9%. and carrots 7%.
The production of several nuts is below average, but the total production
is
large.
Almonds, walnuts and improved pecans are all rather light
crops, but with a large crop of wild pecans in the Southwest the produc¬
tion of these three nuts is expected to exceed 100.000 tons for the fourth
time on record.
The quantity of peanuts that will be cleaned or shelled
for sale as nuts has not yet been estimated, but the total quantity that
will be threshed or picked is estimated at 787,000 tons, which would be a
fifth more than in any previous season.
Soybean production is expected to be about 9% below the record crop
of last year,, but the production of both sovbeans and flaxseed will be
around three times the 10-year
(1929-38)
average.
As cottonseed pro¬
duction will probably be about 9%
larger' than it was last year, the
combined production
of these three oil seeds seems likely to be about
8.900,000 tons, a quantity exceeded only in 1937.
The supply of the principal hay-crop see^s appears ample.
Production
is about 7% less than in 1939 and much below the excessively heavy pro¬
duction of 1938, but about 10% higher than in any previous year.
Seed
production of alfalfa, red clover and sweet clover is slightly less than last
year, but all are large crops and there are fairly large carryover supplies
from last year's production.
Timothy seed production is rather low, but
the demand is reduced and stocks are large.
The lespedeza seed crop is
the second largest secured and alsike is the second largest in 10 years.
Seed production of hairy vetch and Australian winter peas, both of which
are rapidly coming into use as winter
cover crops in the cotton belt, has
been enough to plant about 2,000,000 acres compared with a little over
1,000,000 last year.
Although crop yields have been high since the droughts and the national
average is unusually high this year,
there are Bome limited areas where
crop failures were serious and some faily large regions where yields were
far below the rather high level now Considered
"normal".
Crop losses
1941
season
show
acreages
>
particularly heavy in a group of 35 counties centering
but a large part of the Great Plains area from
northwest Texas to central North Dakota suffered from drought at some
time during the season and vields averaged far below those secured in
favorable vears.
In the central part of the Gulf Coast area excessive rains
in the earlv part of the season and very dry weather later made con¬
ditions very unfavorable.
Most of the Ohio Valley also suffered from
drought during part of the season.
West of the Rockies pastures and ranges are mostly in good to excellent
condition as a result of liberal fall rains and a late growing season.
East
of the Rockies drought checked growth over large areas, particularly in
from
in
drought
were
south-central
Nebraska,
Volume
South.
The Commercial & Financial Chronicle
151
production, favored by mild clear weather, an extended
and liberal feeding, continued higher than in previous years
was
about 5% higher than at the same season last vear.
Egg production was likewise favored.
For three months in succession both
milk production per cow and egg production per 100 hens have been
the
Milk
pasture
season
and
Nov.
on
1
reported at record high levels for the
season.
relatively
first
Island
Husking1 returns indicate higher corn yields per acre tnan expected, and
Nov.
1 preliminary estimate of 2,433,523,000 bushels
is about 3%
the production indicated on Oct. 1.
The present indicated produc¬
tion is about 7% lees than the 1939 crop of 2,619,137,000 bushels but 6%
larger than the 10-year
(1929-38) average production of 2,299.342,000
bushels.
The increase over the average is moderated by the fact that the
period 1929 to 1938 includes three drought vears in which the production
ranged from 1,461,000,000 bushels to 2,080,000,000 bushels.
The estimate
of production relates to the acreage grown for all purposes.
The yield per acre this year of 28.2 bushels compares with 29.5 bushels
in 1939, which was the highest yield in 19 years.
The 10-year (1929-38)
average yield is 23.2 bushels.
Increases over last month are general in all
sections of the country but are most marked in the corn belt.
In that
area yields show a
high degree of variation compared with the uniformity
which existed last year.
In Iowa, where July drought and heat damage
were
light, the estimated yield per acre is the same as last year.
In
Illinois the damage was heavy and the indicated yield is nine bushels below
that of 1939.
In Indiana, where the drought was more prolonged, the
above
estimated yield is
15.5 bushels shorter than that of a year ago.
Husking is well advanced compared with the average but lagging com¬
pared with last year, when the crop ripened and was husked under ideal
conditions.
In Illinois about half of the 1940 crop hgd been husked by
Nov. 1 as compared with 80% of the 1939 crop on the same date a year
ago.
Uneven ripening, which has resulted in both sound and immature
ears in the same fields, has delayed husking,
especially in the eastern part
of the corn belt.
In general, the 1940 corn crop is expected to be of good
quality in spite of some chaffiness resulting from the drought and early
frosts.
The quality, however, will not equal that of the past three years.
Quality, like yield, varies widely this year.
Present indications point to lower
than average silage yields in the
Northeast, and in the eastern corn belt States where either an early frost
or drought stunted
growth.
With the exception of Kansas and Nebraska,
where
growth
was
shortened
by
July
drought, silage yields in
the
remainder of the corn belt were above average.
Above average yields are
in most of the Western
indicated
the
of
New York favorable weather prevailed during the
October, but the freezes of late October caused some
decline
Yields
the
in
Michigan
October
area.
from
estimates
Colorado
stored
water
pump
season.
in
because
irrigation water
used and good
season
land,
but
New
in
is
storage
was
The
irrigated
loss
show
fur¬
some
of
in
was
short
vields
Mexico
during the
obtained
were
favorable
was
crowing season, but
in spite of the drv
for
potatoes
on
grown
the
dry land acreage had insufficient moisture.
The
had favorable growing weather during the latter
part of the season which resulted in above-average yields.
Iii Washington.
Oregon and California yields per acre were unusually good.
Because of
the long growing season the crops in these StateB have continued to improve
during recent months.
and
Utah
Nevada
crops
GENERAL CROP
REPORT
OF NOV.
AS
1,
1940
The Crop Reporting Board of the Agricultural Marketing Service makes
the following report from data furnished by crop correspondents, field
statisticians and cooperating State agencies.
UNITED STATES
Yield per Acre
Total Production {in Thousands)
Crop
Prelim.
Average
1929-38
23.2
Corn, all, bush
Wheat, all, bush
Pasture
Wisconsin
and
expected
damage from late
these two States.
Minnesota has a large crop of good quality potatoes, and North Dakota
has one of the best yields of record for that State.
In Nebraska the yield
per acre is higher than estimated in October because of the good recovery
made possible by timely rains in September and a continuation of favorable
weather during October.
Montana had good growing weather during the
late season which resulted in a larger crop than previously expected.
In Idaho rains in September and mild October weather were favorable
for the
further development of the crop, and the yield is higher than
estimated on Oct. 1.
In the Upper Snake River Valley of this State the
long growing season has resulted in a large percentage of big potatoes.
Cellars are reported to be filled to capacity, and with mild temperatures
prevailing, considerable loss in storage is expected.
In the Twin FallsBurley district the storage situation is reported to be less critical and
sorting losses apparently are not as heavy as in the Upper Valley.
In
Considerable
States.
Corn, All *
On Long
largest yields of record were obtained.
Pennsylvania has a
quality, although some freeze damage occurred in the
of
good
Potter Plateau
blight.
the
In
weeks
muck-Ian^ potatoes and to the up-State upland crop.
crop
ther
Com
small.
three
injury to
2973
1939
Average
1940a
1929-38
29.5
28.2
2,299,342
Prelim.
1939
1940a
2,619,137
754,971
563,431
2,433,523
792,332
191,540
236,493
14.1
15.0
754,685
14.3
14.9
15.9
671,067
10.4
12.1
13.3
9.1
11.2
11.1
10.6
12.3
13.8
183,619
29,619
154,000
Oats, bush
27.4
28.3
35.2
Barley, bush
Condition, Nov. 1 Pet.
All spring, bush
20.6
21.9
23.2
1,024,852
225,486
Rye, bush
Production,Thousand Bushels
13.2
Winter, bush
Yield per Acre, Bush.
11.4
10.3
12.1
38,095
Buckwheat, bush
15.8
15.1
15.8
6.0
8.9
9.7
7,617
10,846
Rice, bush
Grain sorghums, bush..
47.9
50.3
47.4
11.3
10.3
12.9
Hay, all tame, ton
1.25
1.30
1.40
44,254
84,148
69,650
34,360
157,180
937,215
276,298
39,249
5,739
20,330
52,306
83,102
75,726
.76
.81
.81
9,298
8,800
8,927
1.12
1.14
1.30
26,030
1.94
2.00
2.17
24,597
23,640
27,035
28,392
29,973
c759
c898
c864
13,086
13,962
15,130
16.3
18.2
13.9
4,288
3,713
15.8
27,318
1,035,243
366,949
1,179,505
3,292
79,198
1,574,315
393,931
State
Durum, bush
Avge.
Avge.
Avge.
1929-
1939
1934-
1940
1938
1940
1938
Prelim.
1939
1929-
Prelim.
Other spring, bush.
1939
1940
1938
Maine
38.7
39.0
38 0
481
546
532
76
70
69
N. H
41.2
41.0
40.0
613
615
600
75
71
75
39.8
40.0
38.0
2,873
3,040
2,850
79
75
75
Mass
41.0
40.0
41.0
1,586
1,620
1,599
81
65
63
R. I
39.7
41.0
42.0
354
410
420
78
83
71
Vermont.
_
38.8
39.0
39.0
1,989
77
77
63
34.0
35.0
32.0
1,998
21,824
1,950
York
24,465
22,816
77
68
71
New Jersey
38.4
38.0
39.0
7,291
7,182
7,371
54,720
74
60
70
74
62
78
119,140
71
49
141,732
321,941
71
51
59
70
58
62
Conn
New
40.0
52,402
50.0
37.0
51.5
36.0
52.0
43.0
134,812
152,216
311,056
42.5
Penna
39.6
Ohio
37.2
Indiana
34.1
Illinois...
34.6
Michigan
33.0
58,140
171,250
213,416
418,652
67
29.7
37.0
44,978
58.238
52,470
70
67
83
Wisconsin.
32.1
38.5
42.0
72.844
74
61
75
29.6
45.5
40.0
172.840
60
57
66
Iowa
36.0
52.0
52.0
138,187
394,166
85,970
204,796
94,710
Minnesota
19.9
29.0
29.0
107,653
13.7
16.5
23.0
11.7
17.5
Missouri.
.
.
503,776
122,641
458,432
72
64
80
114,057
57
47
60
24,173
49,896
105,245
41,580
3,948
38
56
72
41
48
55
48
41
45
43
44
64
71
18.0
48,802
16,995
46,848
Nebraska.
16.0
12.0
17.5
149,599
82,032
Kansas—
12.7
13.5
15.0
67,786
37,220
Delaware
27.5
29.0
28.0
No. Dak..
So. Dak
_
_
16,025
77
73
Maryland-
31.2
36.0
34.0
15,923
18,216
17,374
74
72
75
Virginia
22.0
26.0
27.5
32,255
12,448
36.530
37,868
76
55
79
13,994
55
73
64
68
62
65
308,021
37,452
6,904
30,629
51,924
122,949
84,504
•"
ton.b
Hay, alfalfa, ton
Beans, dry edible,
J
m
100-
lb. bag
Peas, dry Held, bush
15.4
Soybeans for beans, bush
20.7
721
634
805
111.5
120.3
127.6
84.6
84.3
Peanuts, lb.d
Potatoes, bush
Sorgo sirup, gal
79.8
72,436
816
918
918
60.1
Sweet potatoes, bush...
Tobacco, lb
56.8
59.2
1,360,661
13,061
4,439
21,428
8,937
Sugarcane for sugar, ton
17.4
22.4
17.3
Sugarcane sirup, gallon.
160.3
171.8
154.5
11.3
11.7
12.7
Sugar beets, ton..
54
45,892
37,020
199,473
1,218,273
Hay, clover & timothy,
62
60
Hay, wild, ton
72
48,087
25,433
36,941
12,879
45,158
24,152
72
42,617
22,306
Flaxseed, bush
555,839
87,409
364,016
72.679
1,848,654
63,598
10,230
1,319,946
11,267
6,197
24,909
10,773
4,980
19,006
11,633
69
.
.
.
24.7
28.5
26.5
Caro.
18.2
19.5
18.5
So. Caro..
13.5
14.5
3,908
13.5
W. Va
No.
41,328
11.0
8.5
10.1
Georgia...
4,176
c259
c272
c309
43
30
42
1,184
1,270
1,231
c34,310
e39,380
40,260
Broomcorn, ton
Hops, lb....
Per Cent of a Full Crop
*
Percent
9.2
7.5
77
75
62
22.3
25.0
25.0
64,084
6,038
70,400
8,620
Kentucky.
70,400
65
46
48
Tennessee.
21.5
20.0
24.5
52.700
67,130
60
47
48
Alabama..
12.8
10.0
12.5
61,741
41,253
34,080
43,025
62
67
57
Mississippi
15.0
12.6
13.5
38,526
35,488
40,622
61
66
64
Arkansas
14.4
15.5
21.0
30,246
42,462
59
57
65
Louisiana.
14.5
15.0
15.5
20,908
32,318
23,325
23,374
70
70
13.2
14.5
21.5
33,168
27,216
40,356
50
41
63
Texas
15.4
16.0
19.5
75,556
73,376
96,584
60
49
63
forward from previous reports,
2,117
56
75
86
d Picked and threshed,
"
Percent
67
Okla
Percent
Florida
.
10.5'
6,871
1,346
1.768
1,231
1,138
£61
74
61
115,456
71
61
£121,755
e52,723
143,085
58
66
70
74
e26,333
e60,822
e31,047
52,516
Pears, total crop, bush..
Grapes, ton.h
Pecans,lb
72
76
77
e2,200
2,526
2,577
46
42
54
63,430
63,639
85,922
£164
156
167
Apples, com'l crop.bushf
Peaches, total crop, bush
,
Pasture
a
32,187
based on current indications, but are carried
b Excludes sweetclover and lespedeza.
c Pounds,
Includes some quantities not harvested,
f See footnote
For certain crops, figures are not
9.5
13.0
14.5
Idaho
35.1
34.5
38.0
1,178
71
76
96
on
Wyoming.
10.2
11.0
11.5
2,107
1,771
1,944
67
63
78
fresh fruit.
Colorado—
10.4
10.5
13.0
14,838
10,855
60
52
e
69
Mont
13.5
2,847
8,043
2,552
2,403
63
70
15.3
12.5
14.0
494
275
406
81
83
79
Utah
24.6
25.0
28.0
468
475
560
68
70
75
60
120
78
85
90
1,104
1,073
72
69
States,
£ Average 1934-38.
h Production Includes
Juice, wine and raisins.
I Condition Nov. 1.
by
65
Arizona
table
87
N. Mex...
13.5
13.6
Nevada
26.7
30.0
30.0
50
Wash
34.4
34.5
37.0
1,148
30.2
31.0
31.0
1,862
1,891
1,705
69
73
34.0
35.0
2,368
2,040
2,205
74
66
81
23.2
29.5
28.2
2299,342 2619,137 2433,523
64
56
67
.
Callforn'a.
U.
*
8...
Grain equivalent on acreage
Corn, all
Winter
All spring
Durum
Buckwheat
Other spring
of buckwheat is now estimated as 5,904,000
bushels, a crop slightly larger than the record small crop of 5,739.000
bushels in 1939.
The decrease in prospect during the past month is due to
reappraisal after harvest of the damage by the frost which closed the
Barley
growing
Higher production than expected in the States on the
southern edge of the buckwheat area and in New York were offset bv
lowered production in the other Northern States of the area.
The decrease
in the estimate for Pennsylvania was equal to the net decrease for the
Flaxseed—
ccuntry#
Hay, all tame
The
1940
production
season.
estimated
month, but
The
last
1929-38
average
is 0.4 bushel lower than
'is 0.7 bushel higher than in 1939, and just equal to
yield of 15.8 bushels per acre
yield.
Potatoes
of potatoes
in
393,931,000
bushHs
compared with
the 10-year
(1929-38) average of 366,949,000 bushels.
The Nov. 1 estimate of the
1940
crop
is 4,840,000 bushels higher than indicated on Oct. 1, due
largely to increases in yields in Montana, Idaho. Colorado, New Mexico,
Utah, Nevada, Oregon, California, Nebraska and North Dakota.
The esti¬
mated yield per acre for the United States is the highest of record.
Production in the 30 late States (excluding the California early com¬
mercial crop) is now placed at 309,182,000 bushels, compared with 289.926,000 bushels in 1939 and the 10-year (1929-38) average of 295,772,000
bushels.
The Nov. 1 estimate in these States is 4,339,000 bushels larger
yields per acre, total production
the 1940 season is estimated at
364,016,000 bushels in 1939 and
the basis of reported
the United States during
On
the Oct. 1 estimate.
In the seven intermediate
than
...
..
States the crop is estimated at 36,404,000
compared wiht 27,617,000 bushels in 1939 and the 10-year average
33,972,000 bushels.
Production in the 11 early States and for the
commercial early crop of California, combined, totals 48.345,000 bushels
in 1940, compared with 46,473,000 bushels in 1939 and the 10-year aver¬
of
of 37,205,000 bushels.
most regions weather conditions have been favorable for the
ing of the late potato crop.
Weather conditions in most parts
age
In
England
have
been
quite favorable
Oats
Rye
Buckwheat
—
Rice
Grain sorghums
—
Cotton
-
Hay, wild
Hay, clover and timothy.®.._
Hay, alfalfa
Beans, dry edible
Peas, dry field
Soybeans for beans
Soybeans_b
Cowpeas.b
....
Peanuts _c
Velvet beans.b
Potatoes
Sweet potatoes
Tobacco
Sorgo for sirup
Sugarcane for sugar
Sugarcane for sirup
Sugar beets
Broomcorn
...
bushels,
harvest¬
of New
and losses from freezing have been
1940
For
Hope
Total (excluding
a
duplicates)
Percent
Harvest,
Average
1929-38
Wheat, all
for all purposes.
for
Acreage
Harvested
Crop
90
32.6
Oregon
all grapes
of
1939
1939
1940
98,986,000
66,869,000
39,463,000
17,416,000
3,036,000
14,381,000
37,006,000
10,795,000
3,260,000
485,000
1,868,000
924,000
7,396,000
33,166,000
55,808,000
12,019,000
23,263,000
12,678,000
1,737,000
263,000
1,682,000
4,756,000
2,476,000
1,427,000
107,000
3,296,000
860,000
1,674,000
216,000
249,000
133,000
792,000
332,000
29,000
88,803,000
86,306,000
97.2
53,696,000
62,680,000
34,922,000
92.4
330,577,000
311,921,000
Excludes sweetclover and lespedeza.
37,802,000
15.894,000
3,066,000
12,828,000
17,758,000
3,330,000
14,428,000
98.1
111.7
108.6
112.5
33,070,000
12,600,000
34,685,000*
104.6
13,290,000"
105.6
3,811,000
3,086,000
373,000'
3,168,000*
1,096,000
9,523,0007
24,406,000
60,573,000*
10,978,000
21,768,000
13,838,000
1,751,000
379,000
2,284,000
1,039,000
8,065,000
23,805,000
58,347,000
10,898,000
20,828,000
13,494,000
1,554,000
204,000
4,226,000
81.0
98.4
138.7
105.4
118.2
102.6
103.8
100.7
104.5
102.5
112.7
236,000
115.7
5,011,000
118.6
9,023,000
2,923,000
1,859,000
10,286,000
114.0
1,965,000
105.2
161,000
103.7
3,059,000
104.7
862.000
167,000
3.087,000
797,000
2,014,000
1,437,000
71.3
180,000
190,000
105.6
277,000
288,000
104.0
145,000
917,000
223,000
123,000
913,000
84.8
275,000
123.3
31,000
33,000
105.5
315,909,000
101.3
3,027,000
I
b Grown alone for
102.0
92.5
99.6
all purposes, c Picked
and threshed.
Weather Report for the Week Ended Nov. 13
general summary of the weather bulletin issued by
The
the
The Commercial & Financial Chronicle
2974
Department of Commerce, indicating the influence of the
weather for the week ended Nov, 13, follows:
V
beginning of the week a depression moved eastward over the
attended by widespread precipitation, though mostly light,
States; there were some local excessive rains along the west
Gulf coast.
During the middle days of the period an extensive "high"
moved slowly eastward over the interior and eastern districts, bringing
decidedly lower temperatures with rather general frosts as far south as
with
aged
the.,meantime
In
west-central, where moisture needed; condition spotted, ranging from
to fairly good; affording some pasturage.
Livestock good to
Stock water still scarce locally.
Arkansas—Little Rock: Temperatures averaged 2 degrees bplow normal,
frosts and freezing in most sections Tuesday morning.
Rainfall aver¬
region,
Carolinas.
the
16, 1940
excellent
Eastern
over
Nov.
excellent.
the
At
Lake
and
extensive depression developed
an
the Great Plains,
over
centered in eastern Colorado on the morning of the 10th.
It moved thence
eastward to Iowa, then north-northeastward to a location north of Lake
Superior at the close of the week, and was followed by an extensive mass
cold polar air that settled gradually southward and eastward over the
Rocky Mountains and Great Plains.
This "high" was attended by abnor¬
mally cold weather, high, shifting winds, and moderate to heavy rain
or show
in many places.
Temperature changes were abrupt with marked
falls in short periods of time.
For example, in the central Mississippi
Valley drops of 40 degrees or more in 24 hours were reported at the
close of the week.
While abnoinmlly low temperatures attended the progress, of the polar
air mass, the cold wave had not extended eastward beyond the Ohio Valley
at the close of the week, although
freezing temperatures had overspread
Arkansas and Oklahoma.
The lowest temperatures reported from first-order
stations were minus 15 degrees at Havre, and minus 17 degrees at Fort
Peck, Mont., on the morning of the 12th. but the previous low November
records were not broken; on Nov. 20, 1896, Havre had a minimum tem¬
perature of 83 degrees below zero.
At the close of the week sub-zero
temperatures had overspread Montana, the Dakotas, most of Nebraska, and
the
northern
Jtocky Mountain area, and freezing was reported to the
over
one
inch
and
soil
moisture
adequate in
favorable for germination and growth of winter crops.
interfered.
until latter part, when rain
threshing under way.
progress
most sections.
Week
Cotton picking good
Cutting rice completed:
Tennessee—Nashville:
Heavy frosts on several days stopped growth.
progress made in gathering corn, and picking cotton nearing com¬
pletion.
Plowing delayed in west account hard ground, but soil now in
good condition.
Seeding progressing and much to be done.
Good
of
,
eastern Ohio Valley and western Tennessee, but at the same time minimum
temperatures were in the 60's from Virginia southward to Florida,
The week as a whole was warmer than normal in the immediate Gulf
section and the Atlantic coast district ; also in parts of the Southwest and
the western Lake region.
Otherwise, the weekly mean temperatures were
below normal, markedly so from the central Great Plains northward and
northwestward..
In
northwestern Minnesota, North
Dakota.
Montana, and
parts of South Dakota and Wyoming the temperatures averaged from 10
degrees to about 20 degrees lower than normal, while from the lower
Missouri Valley southward the minus departures were mostly from 4 degrees
to 7 degrees.
Moderate to rather heavy precipitation occurred generally between the
eastern Great Plains and Appalachian Mountains,
The heaviest falls were
in the lower Mississippi Valley and central Gulf area; Galveston,
had a weekly total of 7.1 fncher.
Substantial falls occurred also in
area
from central California northward and in northern Rockv
Mountain sections.
On the other hand, a small area in the Southeast and
reported
Tex.,
the
Pacific
large one in the Southwest had very little precipitation.
The outstanding feature of the week's weather was the storm and cold
that overspread midwestern and northwestern areas the latter part
of
the week.
While considerable damage resulted
to
overhead wires,
a
wave
especially
cultural
in
Mississippi
the upper
interests
were
not
Valley and western Lake region, agri¬
materially affected.
In fact, the moderate to
heavv precipitation in many sections was decidedly favorable.
Showers in the Ohio and lower Missouri Valleys were helpful, hut more
rain is needed rather generally, especially in Missouri and Illinois.
Also,
in the more southeastern sections rain was sufficient to be of only tem¬
porary
benefit,
with
the
drought
continuing
severe
especially in southeastern Georgia and parts of Florida.
in
some localities,
Farm work made
generally good progress the first half of the week, but during the latter
part activities over large arpas were practically at a standstill.
'
^
The first general killing frost of the season occurred over considerable
areas
of the fnterior,
including the Ohio and upner Mississippi Valleys.
In Iowa tables were being supplied with vegetables from home gardens
until the freeze of Nov
7 and many stations have established new records
for the latest killing frost;
also, the first general frost of the season
occurred in the lower Colorado Valley.
/
:
;
SMALL GRAIN&~Beneficial
precipitation occurred over most of the
winter wheat belt, and the current condition of grain continues mostly
satisfactory, although the reaction to colder weather retarded growth.
In
Missouri rain was helpful, but more is needed, while in Texas drv-planted
grain is coming up to good condition in eastern and central Panhandle
sections.
In Oklahoma progress was mostly good except in some dryer
areas, while in Kansas wheat is in good condition to go into the winter.
In
eastern Nebraska
additional precipitation was helpful, but in other
parts of the State the general condition remains poor.
In Montana rain
and snow, the Matter up to 10 inches in some extreme northeastern sec¬
tions, were helpful, while the outlook continues promising in the Pacific
Northwest.
Winter oats were benefited by showers in most of the South.
CORN
progress
AND COTTON—-Picking and husking corn made generally good
the first half of the week but, because of unfavorable weather for
outside operations, but little was accomplished in the western half of the
belt during the last few days.
There were still reports of too much moisture
for
safe cribbing in a good many interior localities.
In Illinois com is
about two-thirds gathered, while in Iowa picking is practically completed
in the northwest to more than half done elsewhere generally; the general
freeze of the 7th was helpful in drying corn, but the later storm blew off
THE
DRY GOODS TRADE
New York,
Friday Night, Nov. 15, 1940
Trading in the markets for dry goods was less active
during the past week.
This subsidence of activity was due
partly to the holiday and adverse weather conditions and
partly to the sold up conditions in various directions. Many
merchants took advantage of the let-up in activity to confer
with millmen in regard to manufacturing and merchandising
policies in addition to checking prices and deliveries.
As a
result of the sold-up condition of many items, locating
supplies in sufficient quanties to meet requirements has
become a difficult problem.
In the meantime, producers
and sellers have apparently agreed to continue their efforts
to prevent a runaway market.
In order to assist in accom¬
plishing this, mills are said to be checking the usual or
ordinary requirements of their customers and are requesting
them not to make purchases of a speculative nature, or in
other words, not to buy beyond their needs for the first
quarter of next year at least.
It is a known fact that a
large majority of mills have booked sufficient business to
put them in a position where they can take a firm stand
against excess buying, and therefore are able to see to it that
the situation does not get beyond their control.
A number
of mills are claimed to be in a much stronger position than
thev were this time a year ago, notwithstanding the tre¬
mendous volume of buying following the outbreak of war
in Europe.
Business during the past two months has been
in excess of production with the result that stocks accumu¬
lated have been largely disposed of and sizable backlogs
have been built up.
Many mills have sold the bulk of their
output through the first quarter of next year, while others
are reluctant to book new orders for delivery too far ahead
as there is a possibility of both labor and raw material costs
moving upward after the turn of the year.
•
v
Moderated sales volume characterized wholesale markets
during the past week.
Trading in
goods was more or
goods not being
wanted, but to their scarcity and the difficulty in obtaining
desired quantities.
The same situation prevailed in the
sheetings division, where buyers found that supplies available
for delivery during the remainder of the current year were
the smallest in some time.
Producers of sheetings appeared
to welcome the lull in trading as it gave them an
oppor¬
tunity to check their position and plan production and
shipments for the first quarter.
Business in print cloths
for the most part was confined to
special constructions at
full asking prices.
Twills continued in a well sold con¬
dition with prices firm; shortages have developed on a
number of weights and weaves of drills, while manv other
lines of goods are in the same position.
The dry goods
less
routine.
This
was
not
due
gray
to
the
markets as a whole maintained a firm undertone.
With
stocks in the hands of producers greatly reduced and their
which were covered by snow, up to 12 inches in places.
picking, where not completed, made good progress, except for
interruption by rain 4u the northwestern belt
Considerable cotton
is still unopen in some Mississippi River sections, and much remains un¬
picked in Oklahoma, where yieltte are heavy.
output well sold ahead, prices
abnormally sensitive to any
The weather bulletin furnished the following resume of
conditions in different States:
including six million white cotton handkerchiefs.
While
trading in rayons was a little less active, prices remained
seme
ears
Cotton
some
South Carolina—Columbia: Fair germination and growth of small grains,
more rain needed.
Freezing in places in the interior on 9tb.
Con¬
but
siderable frost damage to late tender truck in some places, but generally
slight account seasonal advance.
Corn mostly housed.
Cotton picking about
completed.
;v, ■ ■
Georgia—Atlanta: Rainfall adequate in most sections, but drought con¬
tinues in southeast where soil too dry for vegetables, small grains, and
cover crops.
Cotton picking good advance in all sections and praetically
finished.
Favorable for harvesting corn,
pecans,
sweet potatoes, and
sugar.cane.
Florida—Jacksonville: Showers in northwest, otherwise dry.
Drought
seveie in central and northeast.
Slight frost damage in interior of extreme
north on
9th.
Truck good progress in southeast, where moisture and
improved in northwest; otherwise poor.
Citrus
fruit dropping.
Ranges dry, with some fires.
leaves
curling and much
Alabama—Montgomery: Good general rain conditioned soil for plowing
and planting in south and improved germination and growth of winter
grains, cover crops, and vegetables in aU sections.
Mississippi—Vicksburg: Precipitation mostly moderate at beginning of
week; moderate to locally excessive accompanying high and locally de¬
windstorms and sharp temperature decrease at close.
Consider¬
able cotton not open
in northwest, otherwise crops
generally housed.
Progress of gardens, pastures, and truck poor to fair.
Louisiana—New Orleans: Favorable warmth, except unseasonably cold
at close.
Moderate to locally heavy rains very favorable.
Good progress
in harvesting cane and sweet potatoes, and planting oats and winter cover
crops.
Rice threshing delayed locally by rain.
Some remnants of cotton
still to pick in north.
structive
Tezaa—-Houston:
General
rains,
exeept
in
northwestern
Panhandle
and
extreme west.
Sunshine now desired in roost growing sections.
Cotton
picking still, incomplete in extreme northwest, where delayed by wet
'weather; condition mostly fair to good, but some locally "poor.
Dryplanted winter wheat coming np in fair condition in east and south Pan¬
handle following rains i elsewhere progress mostly poor much remains to
be planted when soil sufficiently dry.
Progress of oats and minor grains
slow.
Truck, gardens, and ranges mostly in good condition.
Oklahoma—Oklahoma City: Crop growth stopped by killing frosts on
More Tain needed in most sections and lack of rain felt in northwest
west-central.
Cotton picking rapid progress, but only about 70%
picked.
Progress of winter wheat good, except only fair in the northwest
Ilth.
'and
in a strong position and
increase in demand.
The
are
Government continued to solicit bids for large quantities
of various textiles in connection with the defense
program
firm.
A number of mills are said to have about sold up
their production for the remainder of the current year, ana
predictions of higher prices after the turn of the year were
not uncommon.
Prices for print cloths were as follows:
7Mc.; 39-inch 72-76s, 6%c.; 39-inch 68-72s,
6Me.; 38M-inch 64-60s, 5Me., and 3834-inch 6048s, 4Me.
39-inch 80s,
Woolen
Goods—Continued heavy buying by the Gov¬
ernment featured the markets for woolens
during the past
busy on Government
keep step with civilian
demand, while underwear and hosiery plants were likewise
well occupied on Government contracts.
Demand for men's
wear for civilian use
improved during the week as a result
of the sudden cold wave in various sections of the
country.
week.
Wool blanket mills continued
contracts and found it difficult to
Women's
mills continued
busy, and with stores placing
large orders for spring merchandise, cutters continued to
purchase piece goods on a liberal scale for delivery over the
next fewqnonths.
Mills manufacturing woolen goods gener¬
ally are in a well sold-up position, and faced with the task
of producing large quantities of cloths for uniforms, &e.,
for military purposes, they are obliged to reduce the quan¬
wear
tities to be sold for civilian
use.
Foreign Dry Goods—Little change was noted in the
markets for linens, various items
continuing to move at
steady- prices. Burlaps ruled firm owing to increased con¬
sumption, scarcity of spot supplies and belated ship arrivals.
According to advices from Calcutta, cargo space from that
port was becoming increasingly tight for the remainder of
the current year.
Domestically, lightweights were quoted
at 5.70c., and heavies at 7.65c.
.
The Commercial <6- Financial Chronicle
Volume 151
1
Page
2226 Fresno
2686
Specialists in
2975
Rate
Name
County, Calif.—.
r28,000
200,000
105.71
3.32
4
1944-1963
1941-1960
105.71
3.32
Galena Park Ind. S. D„ Texas...3
1941-1949
3.00
4
r9,000
10,000
1941-1950
19,000
l66".27"
Glrard, Ohio
r69.000
100.62
1.93
50,000
100.02
2.24
1942
65,800
100.01
.099
1
2690
Goldsboro, N. C; (2 Issues).
2K
Granger Ind. S. D., Texas
3K
2637 Grants Pass., Ore
.„r.lM-2
2230 Greene Twp. Rural S. D., Ohlp_.2
2079 Greenville,
Ohio
—2—3
1943-1952
20,000
100.30
2.21
100
3.25
"1942-1952
16,000
25,750
100.31
1.82
1946-1966
18,000
100.10
1.99
1941-1955
2691
ST.
BOND SALES
MUNICIPAL
IN
municipal
during the month of October, which the
crowded condition of our columns prevented our publishing
at the usual time.
of
the
the
"Chronicle"
of Nov.
This
stand at $177,246,241.
month
2824
The total awards during
9.
does
total
not
promised
to States and municipalities during the month.
The num¬
ber of municipalities issuing bonds in October was 296 and
include Federal loans
grants actually made or
or
the number of separate
issues
Rale
Name
Page
2226
Albemarle, N. C. (3 issues)
1943-1965
r40,000
29,000
1942-1949
1942-1951
1946
Arnolds Park, Iowa
2.20
3K
2575
Bedford, N. Y
2691
Belle Vernon, Pa
2078
Benton Heights, N. C
4)*
IK
K
Berlin, N. H
2691
2379
2689
2380
2537
Heidelberg. Pa
7-19,000
North
&
Hempstead
100.19
2.48
100.23
101.36
1.37
3,500
55,000
30,000
101.15
3.46
100
3.50
2231
2074
1941-1975
35,000
100.17
1942-1949
1941-1950
1941-1955
15,000
103.28
6,000
100.03
4*49
2536
85,000
100.78
1.64
2688
70,000
79,250
100.09
0.73
2689
100.70
0.80
2384
2383
2.19
2381
2532
12,500
" 100
4.00
2538
r70,000
100
7.00
2692
2680
25,000
1*0*3*55*
2232
12,000
50,000
101.65
2.13
2691
6,000
100.08
2.35
2535
367,000
100.05
2.29
2079
100.07
1.12
3K
IK
3-4
100.05
0.98
Indianapolis, Ind
Kenesaw, Neb
3)4
Kennedy Twp., Pa
.~2K
Kenosha, Wis. (4 lss.)
1%
Kenosha County, Wis
IK
King County 8. D., Wash
3-3K
3K
Knoxvllle, Tenn
Lackawanna County, Pa
IK
Lancaster W. D. No. 1, N. Y
2.20
Lane Co. H. 8. D. No. 15, Ore.2-2J4
-
2538
5,000
2688
30,000
r35,000
78,482
200,000
100
4*66
2692
100.06
1.74
600,000
100.14
1.70
19,990
100.44
2.44
2538
Long view, Wash
5,000
25,000
100.20
1.36
2079
100,000
115,000
98,000
14,000
7181,000
102.55
1.79
100.14*
0*96
-1)4
2K-2K
Los Angeles, Calif
3
Louisburg, N. C (3 Issues)
3K
Lynn, Mass
—1K
Lynn, Mass...
,——0.75
LynviUe Con 8. D., Miss
5K
Macon, Miss
2)4
McMinn Co., Tenn.
3 J4
McMinnville, Tenn
2K
Maiden, Mass
IK
Malverne, N. Y
1.70
Manawa, Wis
2)4
Manlius, N. Y
2.20
Mansfield, Ohio
—2)4
100.21
0.66
2530
2530
2690
2532
2532
100
1.50
2228
2K
20 years
20,000
100.27
2.43
2688
Charlotte, A. C. (4Issues)..AK-IK
1943-1956
197,000
120,000
100.06
1.55
2080
100.65
1.13
2691
100
4.00
2381
101.28
2.07
2535
1942-1954
1942-1966
43,000
26,000
2691
Clackamas Co. S. D. 1, Ore_.l^-2
1945-1956
24,000
100.07
1 90
2692
2691
Clackamas Co. S. D. No. 13, Ore.4
1942
2,600
102.26
2 63
2229
25,000
100.15
0 60
2079
2690
Clark County, Ohio
0.75
1941-1942
2537
Clarksvillee, Tenn
r80,000
100
2.75
ClarksvUle, Tenn
2K
2
1943-1953
2537
1941-1945
7-25,000
100
2.00
...2
2
2
26 C, Ore.2H
2K
IK
Dist.,Neb3. K
Dlst.,Neb.3)i
2K
2534 Colllngswood, N.J.......
2229
Colonie, N. Y
2232
Columbia, S. C
2384
Coos County, 8. D. No.
Corpus Christ!, Texas
2077 Coxsackle, N. Y
2691
2689 Consumers Public Pow.
2689
Consumers Public Pow.
2691
Coryell County, Texas
Crandall Ind. S. D., Texas
2385
2691
-
Crofton, Neb
Crystal City, Texas
2078 Cuyahoga Falls, Ohio
2231
1941-1965
100.44
7275,000
100.95
'-4
0.70
2K
Dale S. D., Pa
2687 Davenport, Iowa...
2383 Davidson County, N. C. (3 issues) 2 )£
2383 Davidson County, N. C
1K-2K
Drew County, 8. D., No. 18, Ark.
1.03
2080 Matagorda
T6XflS
2,000
100.27
2*48
1941-1964
120,000
1,800,000
1,100,000
100.33
1.72
2534 Metuchen, N. J. (2 Issues)
1941-1958
30,000
748,896
1945-1960
100
2.75
2227
2686
100.21
2.48
2533
2691
2384
12,000
2687
20 years
35,000
7100,000
101.31
2.82
2687
1941-1950
20,000
106.34
2.75
2533
1943-1944
390,000
100.28
0.61
2384
1941-1960
71,075,000
2686
1948-1956
100.04
2.24
766,000
100.10
2.07
1943-1956
60,000
100.10
2.07
1941-1944
16,000
18,000
100.03
0.88
2686
2227
2386
2231
1941-1980
35,000
100.03
3.49
2690
IK
(124,000
20,000
100.05
1.20
2080
1943-1953
1942-1950
1941-1945
1941-1970
40,000
166*36"
2*21
2687 Elkhart
County,
Ind
4
4K
2537 El Paso, Texas
2228
Emerson 8. D., N. J
2691
Estacada, Ore
2226
3K
2K
—1K
2K
4K
Estes Park, Colo
2381
Everett. Mass
2228
2531
—
2K
IK
Fair Lawn, N. J
2381 Farmington Twp., Mich
2K~3
2533
Fern dale, Mich
2533
100.14
1.22
2229
4.00
2379
55,000
100
4.50
2536
35,000
1942-1965
1941-1950
1941-1960
1944-1969
1941-1960
100.93
1.07
2535 North
0.50 1941-1945
3-3 K -——2 K
Freeborn County, Mich
—IK
1942-1948
Fremont, Neb.------—...—-lJi
10 years
Framlngbam, Mass
2537
Fredericksburg, Texas
2691
Fredonia 8. D., Pa
2688
2689
....
1)4
3K
3)4
2K
2640 North Hempstead,
2.62
75,650
92.50
5.26
100.005
3.20
100
3.00
100.30
165,000
11,000
762,000
750,000
1941-1948
1943-1952
23,000
175,000
12,000
7*100,000
1942-1969
40,000
1941-1960
2,450,000
1942-1947
r6,000
15,000
1944-1958
1946
1941-1950
1.21
100.53
1.93
100
1.90
100.50
1.42
100.009
3.48
100.03
100
3*50
100.28
2.02
r61,000
100.10
1.36
500,000
99.53
1.90
22,600
lOO'.OS"
3*39
1942-1958
73,688,000
1941-1960
400,000
101.08
1.60
1941-1960
12,000
100.32
2.16
1942-1960
100,000
100.03
2.17
1942-1946
85,000
100.80
1942-1951
30,000
101.12
1941-1950
70,000
100.04
2.04
1941-1951
42,000
100.02
2.49
1941-1942
50,000
100
1.00
1941-1945
1942-1954
170,000
1*56
105.53
747,000
1967
102.80
10,000
719,700
1942-1950
84,000
1942-1949
17,605
1941-1976720,592,000
102.80
100
4.00
100.66
1.89
166"""
*2*86
100
2.86
1945-1956
72,000
100.22
3.48
1941-1955
35,000
100.29
1941-1945
50,000
19,250
100.29
1976722,000,000
1941-1962
1941-1958
18,000
1946-1960
7289,000
1941-1955
740,000
1941-1950
176.000
100.75
1.10
1941-1960
20,500
100.12
1.69
1-20 yrs.
25,000
101.57
1.95
40,000
100.68
2.14
1941-1960
22,500
713,000
1941-1945
700,000
100
4.00
100.45
0.33
100.17
1.47
80,000
mmemm
IK
N. Y
100.15
28,000
2381
2077
99,000
dllO.OOO
7500,000
1946-1950
1942-1951
10,000
*1942-1955
18,000
14,000
7,000
1941-1947
1941-1949
9,000
K
1941-1950
7337,000
Minneapolis, Minn
IK
1,277,000
Minneapolis, Minn. (3 issues)
1.60 1941-1960
1944-1970 78,245,000
Mobile, Ala
3)4
1943-1962
10,000
Montlcello, Minn
2
1941-1950
30,000
Morris vllle, Pa
IK
1941-1960
dlO.OOO
Mount Joy, Pa
2K
8,000
Mount Vernon, Iowa
2K
1941-1*946
6,000
Munster, Ind
-1K
1968
2,058,000
Natchez, Miss
4
74,000
Nanticoke 8. D., Pa
2K 1941-1950
12,500
Nassau Co. Tax S.D. No. 2, Fla—6
1951-1954
74,000
Newark S. D., Ark
5
60,000
New Bedford, Mass
IK 1941-1950
735,000
New Braunfels 8. D., Texas
2K
*1942-1957
15,700
New Bremen, Ohio
2
53,000
New Canaan, Conn
IK 1941-1958
7,300
New Paltz, N. Y
2.40 1941-1945
1941-1958
7179,000
Newport, Tenn. (2 Issues)
3KA
1941-1945
9,000
New Hyde Park Fire Dist., N.Y..1
583,000
New Rochelle, N. Y. (4 Issues) —1.30 1941-1950
1941-1970 60,000,000
New York, N. Y
3
1944-1970
25,000
North Chillicothe, 111
4
78,687
North College Hill, Ohio
IK 1942-1950
North Hempstead 8. D. No. 7,
775,000
125,000
1941-1953
3
2690
100
Flathead & Lake Cos. S.D. No. 38,
Mont
2690
12,000
727,000
1941-1956
Fulton, Blenheim,
&C.8.D.N0.1, N. Y
2
1942-1951
Edgecombe County, N. C—
1941-1944
40,000
100.55
2.60
100
2.50
2383 Mlddleburgh,
724,700
1960
1942-1961
10,
'm'mmmmernmmpmmmmmmm
500,000
Eastchester, N. Y
Eastside, Ore
No.
1947-1962
East Baton Rouge Parish Sewerage
District No. 5, La
3K-3K
2690
D.
2533
2687
2231
mmmmm'
R.
2384 Maumee, Ohio
2689
2384 East Palestine, Ohio
Co.
Marigold, Miss
2686 Mesa Co. S. D. No.28, Colo
..
0.90
4
0.50
100.65
1943-1965
2-20 yrs.
50,000
Marion Co., Texas
1.96
1942-1952
1941-1962
1942-1947
Marinette, Wis
2386
1944-1953
\K
(2 Issues)...3
2538 Deane County, Wis
2686
1*87
250,000
3K
2228
101*61"
r82,000
75,000
Crockett Co. Con. R. D. 2, Texas.
2232
4
2
Lorain, Ohio (2 Issues)
Los Angeles, Calif
2692
2227
....4-4Ji
2K
(3 Issues)
2534 Crete, Neb
1941-1956
;
2688 Massachusetts (State of)
186,000
2385 Cochran County, Texas
Livingston R. D„ Va
IK
2-2 K
2K
—.1
3
3
3
Logan Twp. S. D., Pa
2231 Logan Twp. 8. D., Pa
2689 Long Pine, Neb
Che8tnuthill Twp. 8. D„ Pa
1941-1950
—
2231
2383
IK
4
Laramie County, Wyo
Lawrence County, Ind
Liberty County, Texas
Lincoln County, Miss
2380 Linn County, Iowa
2691
Chelsea, Mass
1*50
10,000
132,000
Chillicothe, IU
100
23,000
125,000
2537
2382 Clnnamlnson Twp. S. D., N. J..2K
4*66
13,000
250,000
3,000
d240,000
f 720,000
\
Brockton, Mass
2531
1.17
l66""""
1942-1952
2227
2532
3.48
100.07
1945-1954
2386
1941-1942
97.02
10,000
IK
Indianapolis, Ind
IK
Jackson Twp., Pa
4
Jacksonville, Fla
3K
Jackson, Tenn
2
Jamestown, N. Y
1.90
Jasper, Texas.
-AK
Jefferson Davis County, Miss
3K
Jeffersonvllle, Ind
1K
Jonesvllle 8. D., N. C
3K-3K
Kansas City, Mo. (2 lss.)
IK A
2532
IK
7-619,000
1957-1969
Indiahoma S. D., Okla
2687
2538
C
0.99
15,000
2532
3.47
2080 Charleston, 8.
1.46
100.03
r
1942-1950
1*43
—
100.26
1941-1945
Ibsen Twp., N. Dak
Idaho (State of)
Imperial, Neb. (2 Issues)
2074
2.29
1
1941-1955'V' 70,000
2536
105.27
Center, Colo
2.74
1942-1965
100.05
Cattaraugus County, N. Y
100.12
79,500
Houston Co. Con. R. D. 2, Texas.4
33,000
2226
7-30,000
2692
500,000
2229
1953-1954
1.20 1941-1944
1941-1949
3
2*89
1942-1960
1942-1956
1941-1948
1.38
2K
Holley, N. Y
Holloway, Ohio
1985
2
3K
1.70
100.08
2230
1944-1960
1941-1950
Casey, IU
100.21
500,000
2383
4
IK
1
3K
4
Carroll Ind. 8. D., Iowa...
3,000,000
1941-1950
1
3K
r--2K
2531
1941-1949
1.40
17, N. Y
2382 Hoboken, N. J..
Bristol, Tenn
2380
1.90
2.00
Central H. S. D. No. 2, N. Y..1K
100.34*
Carrlzozo S. D., N. M
100.96
100
55,000
2229 Hempstead Union Free S. D. No.
2691
2382
20,000
20,000
1941-1950
IK
2229^Hempstead
40.000
...
1941-1966
1949-1951
2690 Hartnett County, N. C
2692 Hawley Ind. 8. D., Tex
100.17
1941-1945
2691 Bryan, Texas
1941-1950
2537 Burke Ind. S. D., S. Dak
1942-1960
2230 Butler County, Ohio
IK
1942-1961
2688 Cambridge, Mass
0.75 1941-1945
2534 Camden, N. J
IK
1941-1945
2687 Campbell Twp., Ind. (2 issues)...2K
1941-1954
2078 Canton, N. C
IK
1941-1943
4*66
2
Texas
2380 Boston, Mass
2383 Brown County, Ohio...
1.21
1*0*0* ""
2
Texas
100.55
Bexley, Ohio
100
2538 Harrison Co. Flood Control Dist.,
4,000
1941-1950
1
1942-1945
Big Stone City, S. Dak
4
1943-1952
Black well, Okla
.,—7
1941-1950
Blanco, Texas
4
25 years
BUnn Junior College Dist., Texas_3
1941-1960
Blooming ton, Ind
2K
1955-1957
Bolivar. N. Y
2.40 1941-1944
Boston, Mass
4K
1941-1950
2227 Beverly, Mass
2691
2.91
15,000
1K
2380 Bath Water District, Me
2383
l66~.64~
7,000
2230 Barnesville, Ohio
2385
Harrison County, Iowa
2533 Harrison County, Iowa
2K-3
2538 Harrison Co. Flood Control Dist.,
Basis
$30,000
Anson, Texas
2532
2536
7*13,500
12,000
115,000
2385
2689
1941-1954
Hamlin, Texas..
Hampton Twp. S. D., Pa
—3)4
4
2691
Price
Amount
1943-1951
3
Akron, Colo
2536
Maturity
3
4K
2K
Adair, Iowa
Hamilton,Texas
166*64"
100.19
2534
356.
Miss..2Ji
2228 Aberdeen Separate S. D.,
2687
was
30,000
2227
bond issues put out
The review of the month's sales was given on page
r507,000
1941-1950
2688
OCTOBER
present herewith our detailed list of the
10 years
1943-1965
IK
2231
LOUIS
Guernsey County, Ohio
2385
We
2688 Grenada County, Miss
1.2K
Grosse Polnte Woods, Mich—..2-3 )4
2385
WIRE
7,500
7-25,000
2636
CHICAGO
314 N. Broadway
DIRECT
1*14
1950
1943-1955
2
.2K
Gastonia, N. C
2230
1.20
1.38
100
1945-1960
Galva, Iowa
k
2077 Garden City, N. Y.».-.
2787 Gary, Ind
j**---
Founded 1890
2.68
100.014
2078
105 W. Adams St.
Basis
168,000
2227
Stifel, Nicolaus & Co,Inc.
Price
100.10
30,000
1942-1950
Gadsden, Ala. (3 issues).
2378 Gadsden, Ala. (2 Issues)
2537
Amount
1941-1953
IK-IK
2378
Illinois & Missouri Bonds
Maturity
2K-2K
Fresno County, Calif
1*01*19*
100.48
102.20
1.63
N. Y
2.10
Hempstead & Oyster Bay
8. D. No. 3, N. Y
1.20
2531 North Stonington, Conn
1
2637 Northumberland Co., Pa
IK
2536 North wood, N. Dak
4
2538 Nueces Co., Texas
2K.-3
2231 Oberlin, Ohio
2
2077 Ocean Twp. Fire Dist. No. 2, N.J.4
2692 Odem, Texas
2229 Oneida Co.,
N. Y
4
1
1941-1955
100.25
1.45
100.12
1.58
100.75
3.45
100.26
1.98
100.12
1.22
100.80
2.14
100.25
1.67
l6i*06"
*2".04
100
5.00
100.30
1.39
100.71
100.90
1*80
102.23
1.36
100.06
2.37
l66".05"
6*98
100.12
1.27
100.41
2.97
100.72
1.38
100.25
1.47
1941-1959
535,000
11,600
100.28
1.97
1941-1948
49,000
100.22
1.15
0.93
1941-1944
42,000
100.12
1941-1949
105,000
100.16
1942-1953
12,000
106.46
2.96
735,000
100.12
2.78
1941-1955
1941-1948
1941-1945
1.22
7,500
5,000
l66"""*
4*66
100.15
0.97
20,000
1941-1950
100,000
Financial Chronicle
A
The Commercial
2976
Maturity
Rate
3K
"1942-1955
3
1.90 1941-1966
1942-1964
2K
Name
Page
2076 Ord, Neb-.——
2634 Oxford, Neb
»
2077 Oyster Bay, N, Y
2386 Parte, Term
1942-1956
2227 Paris Township, Mich—«,
2689 Park Ridge, N. J............—2K
1941-1960
2633 Pascagoula, Miss———.....
1941-1964
«.»
Price
Amovnt
Basis
100
13,000
35,000
100.26
1.88
(August)
2075 Roann, Ind......
100.25
2.46
2077
3.00
2384
14,000
10,000
25,000
1941-1965
100.28
2T9
100
253,000
1941-1965
2638 Pecos, Texas.
2384
2074
364,000
1.925
.
100.72
4-4 K
3
Roosevelt Co. S. D. No. 1, N. M..2K
St. Clair Township, Ohio
3K
Strutbers, Ohio
-IK
Trenton Community H. S. D. 70,'
Amount
3
.........
1941-1960
Price
Basis
r300,000
IU..3K
1942-1951
4,000
102.92
2.45
1943-1960
37,000
100
2.50
1941-1945
100
3.50
1941-1950
2,500
30,000
100.06
1.74
1941-1956
....
2074 Trenton Grade S. D. No. 18,
16,000
109.70
1.72
9,000
108.05
1.81
100.51
2.94
1941-1949
2,600,000
U.S. (13Issues).....
1.84
1941-1951
28,000
100.11
—2K
Mont»„2K
20,000
15.000
100.20
100
2.22
2J62
2633 Picayune, Miss
„—-—4K
2228 Pickens, Miss..
4
2687 Plkevllle, Ky
4
2226 Pinal County 8. D. No. 33, Ariz._3K
1941-1961
220,000
100
4.25
3.600
105
t/105.000
2.37
1942-1060
1945-1954
3
2079 University Heights, Ohio.
10,000
-.3
2K-2K
—
Maturity
1940
2073 Lnited States Housing Authority,
—2
N.J
Fla.
21.000
Commission
2634 Passaic Valley Water
Name
Page
16,
2074 Pinellas Co. Special Tax S. D. 7,
r56,000
111
2634 Passaic Valley Water Commission,
N. J, (2 Issues)
2
Nov.
Rate
2078 Person County, N. C
2228 Pemberton, N, J—
2634 Petroleum Co. 8. D. 169,
1941-1950
2637
2076
2077
2637
2232
2692
2386
2690
5,000
19,000
1941-1950
2636 Plttsford 8. D. No 6, N. Y
2687 Polk County, Iowa
IK
2
Pontotoc Co. Ind. 8. D., Okla__ „.5K
Portland, Me...
IK
Port of New York Authority, N. Y.l 40
Poteau, Okla. (2 Issues)
3-3*4
Reeves County R. D. No. 1, Texa»2K
Rlesel Ind, 8. D., Texas
3
Bocksprlngs Ind. 8. D., Texas...2^
Bockvllle Centre, N. Y.
J
..1.20
100.30"
3.20
100
1942-1960
1.25
102.33
100.08
1.07
1944-1960
100
3.40
101.05
100
2.54
2386 Canada (Dominion of)—
3.00
2830 Canada (Dominion of)
2538 Lacblne Roman Catholic
1941-1950
22,000
f30,000
rl8,750
f35,000
34,000
1941-1948
12,000
1941-195Q
72"
l".15
100.71
100.69
4.47
Mont...—.—........——6
...0.76
Minn................1)4
St. Joseph County, Ind......
1
St. Louis County, Mo...—
3K
St. Louis Park, Minn......
3
Salem, Mass............—....0.75
Salt Blver Project Agrlo. Impt. &
Power District, Ariz.....—.AM
Sandusky, Ohio...
-AM
San Angelo, Texas
2K-2K
San Angelo, Texas
3K
Sault 8te. Marie, Mich
2
Santa Fe Con. 8. D„ Texas. ....... 3 K
Scranton, Pa
;
.2K
2692 Rutland, Vt...........
1941-1945
1946
1941-1945
2380
2689
2381
2632
2073
2636
2838
2638
2381
2638
2691
6.00
100.29
0.60
101.65
0.83
100,58
0.79
2.900
30,000
100
1942-1961
1954-1958
1941-1950
1941-1965
1941-1950
mm
.*
3.00
100.16
0.72
96.02
1946-1960 02,500,000
1942-1966
1965
Ky
3K
2632 Sioux City, Iowa...............4
2076 Smith County, Miss.......
4
2688 Somervllle, Mass................IK
1941-1959
1941-1950
100
4.00
100.89"
l".08
100.26
0.95
5,000
100.02
0.74
2386 South Dakota (State of).........
1950-1959
100.14"
100
1941-1955
2K
1941-1949
-IK
1941-1955
1942-1953
2.22
100.79
30,000
2532 Taylor Co. Puollo School Corp.,
Ky
3K
2687 Taylorsville, Ky
.............4
1.31
100.14"
9,000
3.00
101.39
265.000
17,000
1.00
100
35,000
rlO.OOO
2531 Stratford, Conn. (2 Issues).
...IK
2687 Talbot Co., Ga...
——
1.39
40,000
r32,000
r32,000
2078 Tarboro, N. C-2688 Taunton, Mass......
—
1941-1960
2534 Tekanah, Neb.....—..........3K
2687 Terrlll, Iowa.—
-2K
1942-1949
2689 Townsend, Mont..—..———— -3K
2538 Underhill, Vt—
2
1956
2078
2533
2631
2690
2688
2533
2386
2079
2688
2381
2537
2232
2232
2536
2537
2231
2690
2380
2386
Utah———3K
Utloa, N. Y. (7 Issues)
1
Virginia, Minn
IK
Volusia Co., Fla. (10 Issues)..—4
Warren, Ohio
m^Warren Twp., Mich
3K
Washington Co., Miss........—IK
Washington ToU Bridge Authority,
Wash, (2Issues)..—
—3-3M
Washington Twp., Ohio..—
2
Watertown, Mass
0.50
Webster Co., Miss.......—.—-6K
Wellston, Ohio.
3K
Welch, W. Va.
2K
Welch, W. Va
2K
West Jefferson, N. C...
—4
/
West Falrvlew, Pa......———.2
West Milton, Ohio....
—2 T
Westerville, Ohio
IK
Whitewater Twp. Sch. Twp., Ind.l K
Wichita Falls, Texas
3K
...
1941-1950
—
1943-1952
m m m m mm, mm mm mm mmm m
70.000
4.10
99.15
3.59
100.33
1960 r<f9,650,000
514,000
1941 1955
73,600
19,000
10,000
30,000
1943-1953
1941-1960
1942-1955
1945-1950
100
100.83
1.63
1.33
100.12
2.62
100
3.00
120 36
2.28
100.06
1.49
*
«•<■«»
100.13
1.66
k Not
\
Including $117,836,750 temporary
of the Federal
following items included in
our
totals for the previous
same.
We give the
months should be eliminated from the
in which reasons for
our paper
found.
-:.m*
.
2074 Sheridan S. D., Ark. (Sept.)
Amount
Price
$130,000
7,500
13,000
Basis
-
-
loUovnng^additional sales for
previous months:
2384 Douglas Co. S. D. 34, Ore
2075 Garden City S. D., Mich—
Maturity
1942-1950
1K-2
...4K
1942-1951
1941-1945
2382 Hoboken, N.J. (June).....
3K
2080 King Co. Sew. & D. D. 2, Wash..5
1950-1957
2074 Lake
Co. Spec, Tax S. D.,
.....
No. 25-J, Ore
——
.
Amount
$5,000
39,276
27,500
20,000
1568,000
25,000
Fla.
—
Price
101
100.18
100.03
Basis
1.22
1.86
—
4.13
96
90
'r
4.17
.......
11 (Issues).———
—4
2231 Lane and Douglas Counties S. D.
r928,500
—
2079 Leipsic, Ohio—
2
2076 Meagher Co. S. D. No. 8, Mont..2.30
2075 New Iberia, La,.-............AM
on Suburban Municipal Bonds
Prepared—Wm. J. Merieka & Co., Inc., of Cleveland and
New York, have just prepared a booklet entitled "Suburban
Municipal Bonds Within the Metropolitan Area of Cleve¬
Cleveland, Ohio-—Booklet
land."
^
In this booklet there is a
description of all of the refunded bonds in the
It gives the population, assessed valua¬
tion and bonded debt of all the towns and cities in the area that have re¬
funded bonds under the Gallagher Act or the Federal Municipal Bank¬
ruptcy Act.
The booklet is available for individual distribution.
metropolitan
area
of Cleveland.
-
.
98
.
1-10years
14,000
.....*
7,000
1942-1946
Louisiana—Officials Act to Offset Loss of Sales Taxes—
Officials of the State
100.187
17,600
30,000
are
completing
a
broad study of the
the anticipated call
shortly for contem¬
The sales impost, which had accounted for receipts of $6,000,000 an¬
nually, is to be repealed as of Dec. 31 of this year.
Increased rates on liquor, severance and tobacco combined with the
regular gasoline and income levies to produce an increase of $821,892 in
October, it is shown in figures issued by Rufus W. Fontenot, Commissioner
of the Department of Revenue, indicating that if the rate of Improvement
is sustained the State's revenue for the biennium wiU about balance the
appropriations.
For the first four months of the fiscal year ended with
missioner
-
:i
-
100
Fontenot
discloses.
This
October special
$23,539,196, the report of Com¬
compared with $21,569,421 for the
Municipalities Urged to Adopt Pay-As-You-Go Basis
During Defense Period—-A warning that American cities
should put their financing on a pay-as-you-go basis in the
period of defense preparation to avoid large payments for
bonds and interest in the period of reaction that
the emergency was given out in Chicago on Nov,
H.
»
Maturity
Rate
approval of Referred Act 319 to set up workmen
compensation system based upon commercial coverage secured by em¬
ployers, and Referred Act 314 to limit revenue In personal injury litigation
to plaintiff's home county or county in which accident occurred.
Approval
of these proposals was urged by Governor Bailey and others as necessary
to industrial development and participation in location of national defense
plants,".;
; ,.v
;;
;v\'\-V\.
corresponding period of the preceding fiscal year, an increase of $1,969,774.
Returns indicated that the proposed constitutional amendment for a
higher income tax rate was approved by the voters at the election last week
by a narrow margin.
The increase would be applicable on personal and
corporation incomes, and particularly on speculative profits derived from
trading in oil and gas leases, royalties and other mineral rights.
100.45
Refunding bonds.
Name
indicate
tax collections of the State amounted to
110,000
10,000
r251,600
1946-1950
1.86
100.58
55,000
45,000
60,000
3,000
25,000
720,000
2,000
1942-1946
2.00
101.04
rl2,500
6,000
60,000
7,500
1941-1947
4.00
100
funds obtained by States and munlctpalites from agencies
Page
■
Returns
plated action toward establishing other revenue sources to
offset loss of the sales tax, according to reports from Baton
Rouge.-." V-,:7
1941-1955
1941-1964
2076 Beardsley, Minn
2K
2078 Coshocton, Ohio— ...........AM
Pre¬
State's fiscal prospects preliminary to
for a special session of the Legislature
S177,246,241
We have also learned of the
•
three-to-
3.40
1943-1955
..
on
100.56
1942-1951
—2
these eliminations may be
liminary returns show these proposals rejected
one vote.
7^'
1.72
1945-1951
Name
Rate
2074 Charleston, HI, (August)-..-....
2080 Pierce Co. S. D. 99, Wash.(8ept.)„
Debt Guaranty Proposal
5 election apparently have re¬
jected Amendment No. 31, which proposed constitutional
guarantees of payment of $137,000,000, highway debt and
also Referred Act 4, which embodied Gov. Carl Bailey's
1939 plan to refund the debt, according to a dispatch from
0.40
"1941-1955
Page
Defeat Highway
100.29
—2K
number of the issue of
News Items
100.82
covering 358 separate Issues
page
Total long-term Canadian debentures sold In Oct. $33,920,815
r9,500
10,000
rl6,500
Total bond sales for October (296 municipalities,
r
3.23
30,000
Texas....'—.1K-1K
Subject to call prior to maturity,
3.83
100.41
1941-1950
1949
2692 Yakima Co. W. D. No. 1, Wash. -6
2692 Yoakum Co. B. D. No.
1,
The
99
385,000*
30,000
1941-1955
Government,
4.00
101,50
Temporary loan; not included In total for month.
1.65
100.62
0.99
1941-1946
or
0*96
100.02
2228 Winnebago, Minn...—...
—3
2691 West Elizabeth S. D., Pa— .....2K
2692 West Virginia (State of)—
—IK
d
1.88
100.16"
57,000
2537 Wilkes-BarreTwp. 8. D., Pa
2691 Williamson Co., Tenn. .........IK
loans
100
1941-1945
——......
2228 York, Minn
2384 Youngstown, Ohio...
101
1943-1960
—...—
6
2K-2K
1.50
3" 12
100
1942-1949
m
mmmmmmm mmmmmm mmm
....—
100.10
f2,798,000
....
2381 Wiggins, Miss..
2379 Williams, Ariz-
100.67
14,600
r27,600
r8,000
602,518
1941-1960
2080 Onitah Co. S. D.,
225,000
5,717,000
1941-1970
.,
4,000
<120,128
25,000
1942-1950
2691 The Dalles, Ore....
——IK
2228 Tippah Co., Miss..............2K
1941-1900
little Rock to the "Wall Street Journal" of Nov. 13.
rl,000,000
1-10 years
50,000
1946-1953
2538
2386
10 years rlO.OOO,000
1943 r3,000,000
—Arkansas voters in Nov.
1,650,000
.3
4.01
r6,000,000
Arkansas-— Voters
1942-1947
2537 Sylvanla, Ohio..
4.50
96.57
750,000
1-5 years
■■mmrnm-mm
1941-1945
1941-1958
100
4 years
mmm m mmmmmmm
2.08
2632 South Bend, Ind.........
1
2227 Soutbboro, Mas8............... M
2686 Southlngton, Conn. mmmmmmmmmmrn .1.40
2686 Stamford, Conn
—A
34,000
41,815
rl,516,000
years rl,592,000
1941-1955
1950-1955
2692
3
3K
Prince Edward Island (Prov. of) .4
Ontario (Province of)
2
Ontario (Province of)
3K
Saskatchewan (Province of)—...A
Sherbrooke, Que.
—.——4
Toronto, Ont. (5 Issues)
2-3K
3.75
101.74
84,000
00,365
nfioo.ooo
50,000
--
Le«Xde76nt7IIII7I7IIII~7l3 K
1.99
100
r73,000
1960
D„
2.49
100,03
2687 Simpson Co. Public School Corp.,
1942-1960
——*40,000,000
*35,000,000
S.
60,000
1%
2638 Shorewood S, D. No. 4, Wis
Basis
1950 $5,051,000
4
2232
2692
*
J277.000
*r
Britpb Columbia (Prov. of).
OCTOBER
Price
Amount
Maturity
2.28
106.87
MUNICIPALITIES IN
Rate
9K
1.73
100.26
CANADIAN
BY
1941-1950
2692
5.01
100.29
325,000
120,000
10,000
22,130
rl8,100
500,000
75,000
RFC and PWA
2692 Nova Scotia (Province of)—.
2092 Nova Scotia (Province of)
2386
1965 d2,600.000
1941-1942
1941-1960
2692 Schulenburg, Texas
........
—
2632 Sedgwick County, Kan........-.IK
2080 Shamrock, Texas...............
"
100
6,000
25.000
(120,000
245,000
2692
SOLD
Name
Page
T.61
100.15
2228 Bonan Spec. Impt. Dlst., No. 3,
2688 St. James,
for
1.50
DEBENTURES
100
are
loans) for that month $69,664,152.
650,000
r4,990
180,000
1941-1945 f6,284,000
1945-1949
1941-1955
2076 Rockwood, Mich-,.—...-——AM
otherwise indicated)
These additional September issues will make
the total sales (not including temporary or
60.000
1942-1951
All of the above sales (unless
September.
—
4.75
will follow
14 by Carl
Chatters/executive director of the Municipal Finance
Officers Association.
Addressing the annual conference of the American Municipal Association,
Mr. Chatters predicted that capital outlays by municipalities for public
improvement will be greatly restricted over the next few years except in those
areas where defense activities require their expansion. Curtailment of public
construction in Canada during the past year has been almost complete, he
pointed out, and such was also the casei n the United States during the World
War.
Although Mr. Chatters in his address expressed the belief that tax col¬
lections will improve because of greater business activity and the earnings of
people long idle and that revenues wiU rise from water and light plants,
bridges, tunnels, and payments for various fees and licenses, he cautioned
against the encouragement of bond issues for unnecessary purposes.
"Interest rates on municipal bonds will probably have a tendency to go
upward slowly," Mr. Chatters said, "although this is a dangerous prophecy
to make.
Remember that bonds and interest will have to be paid even when
the defense program
is complete and money Is scarcer."
Municipalities under the defense program will be caught between con¬
flicting forces, he explained.
There will be the desire to grow and to spend
on one hand and the limited financial and administrative authority on the
other.
"
Volume
New
The Commercial
151
York,
N.
2977
& Financial Chronicle
Y.—Comptroller Warns of Mounting City
sounded on Nov. 14 by City Comptrol¬
Debt—A warning was
and Negotiations
Bond Proposals
Joseph D. McGoldrick that the $246,843,969 capital
outlay program recommended by the City Planning Com¬
mission for 1942-46 would force the city's funded debt to an
ler
all-time high of
ARIZONA BONDS
$2,966,361,760.
annual message on the capital outlay budget com¬
mended the City Planning Commission for holding the 1941 capital program
down to $85,056,873 in the face of departmental requests which aggregated
$384,222,746.
He took the opportunity to rebuke department heads for
asking amounts which the city could not possibly finance, and asked them
to maintain a more realistic attitude in applying for capital funds in the
Market« in all Municipal
The Controller in his
I
CO
REFSNES, ELY, BECK &
future.
Discussing the six-year program that the City Planning Commission
required to set up under the City Charter, Mr. McGoldrick said:
"So far as the capital program for the years 1942 to 1946 is
leeuee
PHOENIX, ARIZONA
is
concerned,
estimates that during this period we will be
authorize $246,843,969 for improvements, of which $219,252,969 would be a charge against the debt margin.
This latter figure is
nearly double the $112,500,000 which I recommended in August.
"If we should undertake the entire program, excluding assessable im¬
provements proposed for the period 1942 to 1946, as well as the 1941 schedule
of $85,056,873, and in addition provide money for $155,000,000 of authori¬
zations which still have to be financed, we would be confronted with financ¬
ing capital improvements costing $486,900,842.
Of this sum, $450,000,000
would have to be financed over the next six years.
"During the same period our redemptions of corporate stock and serial
bonds, exclusive of assessment bonds, would be $251,700,000.
Adding to
this the sum of $60,000,000 in redemptions from new issues of bonds, the
total redemptions would approximate $311,000,000.
If we estimate that
$450,000,000 in authorizations for improvements would be financed during
the next six years, our funded debt would increase by approximately $140,000,000, and, exclusive of assessment bonds, it would reach the all-time
high of $2,966.361.760.
Under no circumstances, short of a national emer¬
gency. would I consider this condition advisable."
Planning Commission
the
required
ARIZONA
to
MESA, Ariz.—BOND SALE DETAILS—The City Clerk states that
the $35,600 sewer plant construction revenue bonds sold to the Recon¬
struction Finance Corporation at par, as noted here—V. 151, p. 2825—
were purchased as 4s and mature on Oct. 1 as follows:
$1,000 in 1941 to
1943 and $2,000 in 1944 to 1959.
ARKANSAS
PULASKI COUNTY SPECIAL
ELECTION—This district, area of
SCHOOL DISTRICT, Ark
which comprises all of
except Little Rock and North Little Rock,
to refund
$506,000 bonded indebtedness.
sale of refunding issue are
trict's issues are
Pulaski County
will vote Dec. 7 on proposal
Preliminary negotiations for
described by district officers as favorable.
Dis¬
widely held.
a.
■J
Tennessee—Two Constitutional
Amendments Heavily Sup¬
California
ported—Fate of the two constitutional amendments passed on
by the voters at the general election still remains in doubt,
according to Nashville advices, although unofficial and in¬
complete returns from a majority of the State's precincts indi¬
cated the electorate favored the proposals by overwhelming
BANKAMERICA COMPANY
Los Angeles
San Francisco
support.
New York
With 2,022 of the State's
2,351 precincts reporting, the
Municipals
proposed amend¬
Telephone WHItehall
1
52 Wall St.
the Governor's term from two to four years with a provi¬
be a candidate to succeed himself, had received 120,170
for and 43,217 against it.
The other amendment, to increase the pay of legislators from $4 to $10
ment to increase
Representative
3-3470
sion he could not
per diem, had
Under the
received 115,878 favorable votes to
48,634 opposing votes.
be ratified, must receive a
majority of all the votes cast for Representatives in the Legislature.
There¬
fore, it was pointed out that the exact fate of the proposed amendments
would probably have to await an official count of the ballots cast for
Constitution the proposals, to
Representatives.
The Constitution provides that attempts to amend
oftener than every six years, therefore,
cannot be made
the Constitution
should these two
proposals be defeated it will be 1946 before they could be brought up for
anv further consideration by the General Assembly, which must, in turn,
submit them to the voters.
Secretarv of State A. B. Broadbent said the returns would be canvassed
by the Attornev-General, the Govenor and himself, and a proclamation
would then be issued as to whether or not the proposals were adopted.
Mapped by Local
Chambers'—Increased budget control of funds of the State,
counties, cities and school districts and opposition to in¬
creased or new taxes while the national defense urogram is in
progress are major objectives of the South Texas, West
Texas and East Texas Chambers of Commerce in a fivepoint program to be followed while the Texas Legislature is
Texas—Governmental Economy Program
in session.
organizations in setting up a program said the
control is shown in a growth of the Treasury surplus
Executives of the three
need of stricter budget
$54,000,000 to $69,000,000, an increase
$15,0on.noo to $22,000,600 and an excess of
expenditures.
from
of ad valorem revenue from
$20,000,000 in receipts over
includes scientific budgeting of the State's income
consolidation of departments, bureaus and commissions
to which revenue is now credited for disbursement,
collection of delinquent tales estimated at $21,oro,PPP, opposition to new
and increased taxes while the national defense program is under way.and
rigid economy and efficiency of budeet control for counties, cities and school
The 5-Point program
and expenditures,
of
20
State
funds
districts.
United
States
Housing
Authority—Additional Note
Chemical Bank & Trust Co. of New
York, heading a group of banks which include the Chase
National Bank, the National City Bank, the Guaranty Trust
Co., the Bankers Trust Co., the Manufacturers Trust Co.,
the New York Trust Co., and the Bank of New York and
other banks in other
cities,
Nov. 8, obtained the
on
high bidder of $48,736,000 out of $70,161,000
temporary loan notes offered for sale by various local hous¬
ing authorities at an interest rate of .375%, except $460,000
Champaign Co., 111., Housing Authority notes for which the
award
were
LOS ANGELES COUNTY (P. O. Loa
DEFEATED— It is stated by Leda Douglass.
tion held on Nov. 1 the voters defeated the
Montebello Unified School District bonds.
METROPOLITAN WATER
(P. O. Los Angeles),
FORNIA
The Girard Trust
premium.
awarded $13,600,000 Phila¬
Co. of Philadelphia was
delphia Housing Authority notes as follows:
$600,000, Eighth series, and
$1,000,000. Ninth series, at 0.32%: and $2,000,000, Tenth seri^. $3,600.000, Eleventh series, $3.000,060, Twelfth Reries, and
Thirteenth series, at 0.33%, plus a premium of $1 for each series.
The Central Hanover Bank & Trust Co. of New York, was awarded
Hubbard
proposal to issue $1,500,000
DISTRICT OF SOUTHERN CALI¬
Calif.—BONDS OFFERED 10 PUBLIC
York has purchased from
&
Asche;
Stevenson
Bacon,
$12,096,000 3% semi¬
which they reoffered
yield from 2.00 to
,
,
.
_. ,
Inc.; Ladenburg ThalPlmlps, Fenn & Co.;
& Co.; Shields & Co.;
Hemphill, Noyes & Co.;
Roosevelt & Weigold. Inc.;
Co.; Charles Clark & Co.;
Sargent, Taylor & Co.;
Donnellan & Co., Inc.; Page
& Co.; District Bond Co., and
SCTheesj^iSe^^gMnthes1e1 bonds from the RFC at a"price of ,107.22, a
Dated AprUl, 1940. Due $336,000
int. (A-O) payable at the Chase
the District Treasurer s office.
Legality approved by Thomson, Wood & Hoffman of New York, and
O'Melveny, Tuller & Myers of Los Angeles.
SANTA CRUZ COUNTY (P. O. Santa Cruz), Calif.—SCHOOL
basis of about
2.65%.
Denom. $1,000.
April 1 in 1953 to 1988 incl. Prin. and
National Bank in New York City, or at
BOND
$2,006,000, Baltimore City Housing Authority, Md.. notes
$500,060, Seventh series, at 0.31%. $500,000, Eighth series, at
as follows:
0.32%, and
$1,060,600, Ninth series, at 0.33%.
R. W. Pressprich A Co. of New York, were awarded $2,000,000. Eleventh
Baltimore City Housing Authority, Md., notes at 0.35%, plus a
premium of $11.
Salomon Bros. 8c Hutzler, of New York, were awarded $1,425,000.
series,
Denver
Housing
Authority,
$500,000, Third
Colo., notes as follows:
series, at 0.37%, and $925,000. Fourth series,
Harvey Fisk & Sons, of New York, were
at 0.36%.
awarded $1,300,000, Fifth
series, Charleston Housing Authority, S. C., notes at 0.47%.
Salomon
Bros. & Hutzler were also awarded $1,000,000, Hartford
Housing Authority, Conn., notes, at 0.35%, plus a premium of $10.
The local housing authorities whose notes were purchased are as follows:
Biloxi, Miss...
_
Butte, Mont
Champaign Co..
960,000
460,000
4,050,000
Ill
Charleston, S. C
500,000
Decatur, Ga
Colo,
countv)
Denver,
$575,000
Kins ton, N. C
650,000 Macon. Ga
$17,500,000
Baltimore, Md
(city and
Helena, Mont
1,925,000
380,000
436,00(;
630.000
1,100,000
293,000
Jackson, Tenn
506,000
-
Frederick. McL
ni
Falls. Mont
Granite City,
Hartford. Conn
Tenn
New Bedford, Mass
New Bern, N. C
Pawtucket, R. I
Nashvile.
Polly, Texas
Philadelphia,
Phenix
r«
2,000,000
2,550,000
1,560,000
900,000
700,000
200,000
Pa
13,606,000
City. Ala
1,250,000
Pittsburgh. Pa
Rock Island Co.,
Ill
Rock Island, 111
San Antonio, Texas
15,134,000
410,000
1,248,000
650,000
3Vi% semi-annual Aptos
SALE—The $30,000
Union Elementary
bonds offered for sale on Nov. 7—V. 151,
H. Moulton & Co. of Los Angeles, paying
$2 400, equal to i08.00, a basis of about .283%.
Due on Nov. 1 in 1942 to 1966.
School District
awarded to R.
p. 2379—-were
a premium of
Dated Nov. 1, 1940.
CONNECTICUT
STAMFORD
(Town of),
Conn.—NOTE SALE—The
14
$600,000 fiscal
awarded to
Dated
1940-1941 tax anticipation notes offered Nov.
were
Whiteside & Symonds of Boston, at 0.186% discount.
Nov. 15, 1940 and due June 16, 1941.
Other bidders were:
Co
0 19% Plus $11 premium; First National Bank, 0.22%;
year
Chace,
$4.000,060,
Great
Angeles), Calif.-BONDS
Bond Clerk, that at the elec¬
syndicate headed by Lehman Bros, of New
the Reconstruction Finance Corporation a block of
annual Colorado River water works refunding bonds,
on Nov. 14 for general public investment at prices to
2.75%, according to maturity.
_
Included in the offering group are Blair & Co.,
mann & Co.; Stone & Webster and Blodget,
Inc.;
Union Securities Corp.; Kaiser & Co.; Dean Witter
Paine, Webber & Co.; Eastman, Dillon & Co.;
Hallgarten & Co.; Equitable Securities Corp.;
B. J. Van Ingen & Co., Inc.; John Nuveen &
Otis & Co. (Inc.), The Illinois Co. of Chicago;
F L. Dabney & Co.; Brush, Slocumb & Co.;
—A
as
paid 0.48%, plus a small
group
various
in the India
7—V. 151,
Francisco, for premium
Johnson, State
Treasurer.
■
CALIFORNIA, State of—WARRANT SALE— The registered wan-ants
aggregating $5,144,037, offered for sale on Nov. 8—V. 151, p. 2826—
awarded to R. H. Moulton & Co. of Los Angeles, at 1%, plus a
premium of $8,000, it is stated.
The warrants are divided as follows:
$3,051,422 general fund, and $2,092,615 unemployment relief warrants.
Dated Nov. 14, 1940.
Due on or about Aug. 27, 1941.
on
Issues Awarded—The
many
CALIFORNIA
CALIFORNIA, State of— SINKING FUND BOND SALE— The
blocks of bonds aggregating $197,000, held as investments
Basin Sinking Fund, offered for sale at public auction on Nov.
p. 2226—were awarded to Davies & Co. of San
a
of $50,650, equal to
125.71, according to Charles G.
Bankers Trust
Chase National
FLORIDA
AUTHORIZED—The
issuance of the
the voters at the
COUNTY (P. O. Miami), Fin.—BONDS
County Commissioners are said to have authorized the
$2,000,000 county park bonds that were approved by
DADE
Nov.
5 election.
,
(P. O.
Wilson,
sealed
semi¬
1.940. Due on
1959, and $4,000
Bank,
bidder
National
Proposal forms,
check for
COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 6
Fla.—BOND OFFERING—It is stated by James T.
Secretary of the Board of Public Instruction, that he will receive
bids until 3 p.m. on Dec. 11, for the purchase of $46,000 4% coupon
annual building bonds.
Denom. $1,000. Dated May 1,
May 1 as follows: $2,000 in 1943 to 1951, $3,000 in 1952 to
in 1960.
Principal and interest payable at the Chase National
New York, in legal tender.
The bonds will be sold to the highest
and will be delivered on or before Jan. 1 at Miami, or at the Chase
Bank, at the purchaser's option.
Bids must be made on
which will be furnished by the above Board.
Enclose a certified
2% of the bid.
FLORIDA, State of—BOND AND NOTE TENDERS
announced by W. V. Knott, State Treasurer that pursuant to
15891, Laws of Florida, he will receive until Nov. 29, at 10 a. m.
sealed offerings of matured or unmatured original or refunding
bridge or highway bonds, time warrants, certificates of
and (or) negotiable notes of the following Florida counties and
DADE
Miami),
INVITED—It is
Chapter
(EST),
road and
indebtedness,
special road
2,7, Charlotte*Harbor
and
No
Martin -MomOkeechobee, Palm Beach Dists. Nos. 4. 8, 12, 16,
and 18 on!ly, and
St. Lucie, including Jensen R. & B. Dist. and Quay Bridge District.
Charlotte, De Soto, except Dists. Nos. l,
McCall, Glades. Hardee, Hernando, Ley Dist.
aDBrevarcL
roe,
2978
The Commercial dr Financial Chronicle
All offerings submitted must be firm for 10
days subsequent to the date
of opening, i. e., through Dec. 9, 1940, and must
state full name, descrip¬
tion and serial numbers of bonds, interest
rate, date of issue, date of ma¬
turity and price asked.
The offer must specifically state
exactly what
coupons are attached: and will be delivered with the bonds for
the price
asked,
Bondp that are in default of interest must be offered at a fiat price
which price shall be understood to be the
price asked for such bonds with all
maturities of past due, defaulted or unpaid
coupons attached and notice
is hereby given that if any such
coupons have been detached prior to
delivery
of any bonds accepted and (or) purchased
hereunder, the face value of
such missing coupons will be deducted from
purchase price, and offerings
must be submitted on this basis.
(
envelope containing offerings of bonds pursuant to this notice shall
on its face that it is a proposal for sale of road and
bridge
Separate tenders shall be submitted covering the bonds of each
county, but any number of such sealed offerings
may be enclosed in one
mailing envelope.
The right is reserved to reject any and all
offerings or
portions of offerings.
;
:
bonds.
?
MARION
oe offered for sale about Feb.
1.
PINELLAS COUNTY (P. O.
Clearwater), Fla .—CERTIFICATES TO
SOLD—Tt is stated by S. K. Keller, General
Supe-intendent of the
County Water System, that 268,000 4% semi-annual water revenue
certifi¬
COUNTY
Chicago.
.
Other bids:
Bidder—
GEORGIA
;V
ELECTION CONTEMPLATED—It is stated
by Mayor Thomas Gamble that an issue of
$1,000,000 2% bonds for
various municipal purposes will be submitted to
the voters next month.
The City Council is said to have
approved the proposal to submit the
above bonds to the voters at an election
scheduled for Dec. 10.
up to
par and accmed interest.
Due Jan. 1, 1951, callable Jan.
1,
for payment with all unmatured
1945.
III.—
Nov. 1, 1940 and
semi-annually
•v.-ivA:
Illinois National Bank & Trust
Co., Chicago.
OKOBOJI,
sewer
revenue
wider
John J. Seerley k Co. of
Chicago, as reported in
4% interest, were issued at par, bear date of
July 1,
1940, and mature July 1 as follows:
$500 from 1945 to 1952,
incl.; $1,000,
1953 to 1968, incl.; $1,500,1969 to
1976, incl., and $2,000 in
1977 and 1978.
The
firm also purchased $4,000
4% general obligation water system
bonds, dated April 1,1940, and due $1,000 on April 1 from
1944 to 1947, incl.
DETAILS—The
$20,000
sewage
Chicago, and Walter, Woody k
Heimerdinger of Cincinnati, jointly, as reported in V. 151,
p. 2826 bear 4%
interest, are dated Hept. 1, 1940, in $5O0 denoms. and
mature
Dec.
1 as
follows: $1,000 from 1942 to 1956,
incl.; $1,500 in 1957; $2,000 in 1958
and $1,500 in 1959.
Principal and interest (J-D) payable at the
City
Treasurer's office.
The bankers paid a price of
104.375 for the isme. a
basis of about 3,52%.
III.—BONDS
AUTHORIZED—The Village Council on
Oct. 28 passed an ordinance
authorizing an Issue of $50,000 4% refunding
bonds.
Dated Nov. 1, 1940.
Denoms. $1,000 and $500.
Due Nov. 1 as
follows: $1,000 from 1944 to
1949, incl.; $1,500, 1950 to 1955, incl.:
$2,000,
1956 to 1964, incl.; $2,500 from
1965 to 1968, incl.: $3,000 in 1969 and
$4,000 in 1970.
m
MM
V
OLNEY, III.—BOND
ISSUE DETAILS—Tue amount of
water system
on Aug. 6 to
Lewis. Pickett k Co. of Chicago, was
$65,000 and
not $90,000 as
originally reported.—V. 151, p. 1024—.The bonds
bear
2 M % interest, were sold at a
price of 100.056 and mature Aug. 1 as
follows:
$3,000 in 1942; $5,000,1943 and
1944; $20,000 in 1945 and 1946 and $12,000
in 1947.
bonds sold
INDIANA
r
2,500 civil township community
building notes.
in 1941 and 1942.
to
of the notes will
name a
be dated
Oct.
1, 1940.
single rate of interest, expressed in
payable
J-J.
The
of either the school
a
on
$1,250.
July 1
Bidder
multiple of M of 1% and
issues represent unlimited
civil township, as the case
may be.
respective
or
Due $1,250
Denom.
tax
obligations
ANDERSON, Ind.—BOND SALE—The $375,000
coupon electric utility
bonds offered Nov. 8—V. 151, p. 2531—were
awarded to Paul H.
Davis & Co. of Chicago, and the Milwaukee Co.
of
revenue
Milwaukee, jointiv, as
plus a premium of $3,030, equal to
100.80, a basis of about
Dated Nov. 15, 1940.
Denom. $1,000.
Due as follows:
$10,000
Jan. 1 and July 1, 1942; $15,000 Jan. 1 and
July 1 from 1943 to 1947, incl.;
1Mb, at
par
1.34%.
Towa—BOND
bonds offered for sale
SALE—The
on
Nov.
$13,567.42 special assessment
7—V. 151, p. 2687—were
purchased
as 4Mb. at par, according to
on
May 1 in 1941
to
1950, incl.
KANSAS
IOLA, Kan.—BOND
SALE—The $50,000 airport site purchase bonds
offered for sale on Nov. 8—V.
151. P. 2826—were awarded to the RhodesSeltsam Co. of Tooeka at a
price of 101.063 for the bonds divided as follows:
1942 to 1946 maturities as Is, the
1947 to 1951 maturities as
1M»-
JENNINGS, Kan.—BONDS
SOLD TO RFC— The City Clerk states that
semi-ann. public improvement bonds were
purchased at par
January by the Reconstruction Finance Corporation. Due
$350 on Jan. 1
in 1941 to 1959 incl.
:
$6,650 4%
,
VALLEY CENTER SCHOOL DISTRICT
NO. 46 (P. O. Valley Cen¬
ter), Kan.—BONDS SOLD—Tt is stated that $19,000 construction
bonds
approved by the voters in June have been sold.
*
WICHITA, Kan.—BOND
OFFERING— It is reported that sealed bids
7.30 p.m. on Nov. 18, by E. S.
Worrell, Director of
an issue of $136,250
refunding bonds.
Dated
Dec. 1, 1940.
Due on Dec. 1 as follows: $13,250 in
1941: $13,000, 1942
to 1944, and $14,000 in
1945 to 1950.
Legality approved by Bowersock,
Fizzell k Rhodes of Kansas
City.
7,>
,;
\
:
will be received until
Finance, for the purchase of
,
KENTUCKY
JOHNSON COUNTY (P, O.
Paintsville), Ky.—BOND VALIDATION
SOUGHT—An
Associated Press dispatch
from
Frankfort on
.7
.
Nov.
5
follows: Johnson County petitioned Franklin
Circuit Court
today to validate its proposed $260,000 bond issue which the
county debt
as
commission refused Oct. 4 to
approve.
The bonds were desisrned to refund an old
road and bridge issue and
were to bear 5% interest and be
paid from a special 20 cents on each $100
valuation.
,7
;■
•/
\
.■.
v..-:
State local finance officer
Harry Lynn approved the new
•
.
■
....
issue, but
receiving an opinion from the
Attorney General's office questioning validity of the
original bonds on
grounds they exceeded the legal limit, and therefore
that a new issue to
the county commission overruled
cover
him after
them would be invalid.
KENTUCKY,
State of—BOND OFFERING—It is stated by
J. L
Donaldson, Commissioner of Highways, that he will on Nov.
29, at 10 a. m.
(CST), receive and publicly open, sealed competitive bids for the
purchase
of the
following Commonwealth of Kentucky bridge revenue
refunding
bonds aggregating $1,450,000, to be issued
by the Department of Highways,
an
agency of the Commonwealth:
$720,000 bridge revenue refunding bonds,
projpct No. 2, to provide
funds, with other moneys in the sinking fund available for
such purpose,
for redeeming all of the
outstanding $784,000 Commonwealth of Kentucky
Bridge Revenue 3% Refunding bonds, Project No. 2, dated June
1, 1936,
maturing July 1, 1950, and redeemable on Jan. 1,1941 at par
plus a premium
of 1M %
$730,000 Bridge Revenue Refunding bonds,
Project No. 13, to provide
funds, with other moneys in the sinking fund available for
such purpose,
for redeeming all of the
outstanding $775,000 .Commonwealth of Kentucky
Bridge Revenue 3% bonds, Project No. 13, dated Dec. 1, 1937,
maturing
Jan. 1, 1953, and redeemable on Jan.
1, 1941 at par plus a premium of 2%.
The $720,000 bonds.
Project No. 2, now offered will mature on July 1,
1950, and will be subject to redemption on any interest
payment date prior
to maturity, upon 30
days' notice, either,
(A) in part, from moneys in the sinking fund for the bonds of said
•
not
ADAMS TOWNSHIP (P. O.
Markleville), Ind.—NOTE OFFERING
—Walter Hays will receive sealed bids
until 10 a. m. on Dec.
7 for the
purchase of $5,000 not to exceed
4% interest notes, divided as follows:
$2,500 school township building notes.
Due $1,250 on July 1 in 1941 and
All
■
Iowa—BOND
by the Carleton D. Beh Co. of Des Moines,
the Town Clerk.
Dated Aug. 5, 1940.
Due
reported
DETAILS—'The" $36,000"
system bonds sold to Lewis, Pickett k
Co.,
■
::7
,v
IOWA
—Jamefl
HINSDALE SANITARY
DISTRICT, III.—BONDS SOLD—The H. C.
Speer & 8ons Co. of Chicago purchased $25,0f0
3% refunding bonds.
Dated Nov. 1, 1940.
Denom. $1,000,
Due $5,000 on Nov. 1 from 1951
to 1955, incl.
Principal and interest (M-N) payable at the Continental
OKAWVILLE?
v
SALE—The $4,000 town hall bonds
offered for sale on Nov. 12—V.
151, p. 2826—were awarded to the Carleton
D. Beh Co. of Des Moines, as
2Ms, at par, according to the Town Clerk.
pay for the bonds In Federal Reserve Funds payable in
Chicago and accept
delivery of the bonds not later than 9:30 a. m. (Central
Standard Time), on that day and each
proposal must be so conditioned.
The printed bonds and
approving opinion of Chapman & Cutler, of
Chicago,
will be furnished the purchaser
by the district. Enclose a certified check for
$150,000, payable to the district, r b
r
A%%
.
Guaranty Trust
taxes to be levied upon all the taxable
property within the boundries of the
district without limitation as to rate or
amount.
The purchaser will be
required to grant to the Retirement Board of the
Sanitary District Em¬
ployees' Annuity and Benefit Fund a five-day option from date
of award
to purchase $75,000 of the bonds
at cost, the bonds to consist of
bonds
optional as follows:
$25,000 on Jan. 1, 1943 and $50,000 on .Tan.
1, 1944.
The bonds will be delivered at the
city on Jan. 2, 1941 and the purchaser
must be prepared to
ISSUE
100.112
100.076
100.28
*■*;,
amount of bonds bearing interest at the
rate
of4%,4M%,4M% and 5%,
respectively, redeemable on Tan. 1. 1941, and are payable from ad valorem
MASCOUTAH, 111.—BOND
100.637
100.38
1%
1%
SCHERERVILLE,
Ind.—BOND
OFFERING—Alfred
W.
Govert,
Town Clerk-Treasurer, will receive sealed bids
until 7:30 p. m. on Nov. 27
for the purchase of $3,500 not to exceed
3% interest town hall and water
town bonds and (or) notes.
Dated Oct. 10. 1940.
Denom. $250.
Due
as follows:
$1,000, Dec. 10, 1940; $250, July 10.
1942; $250, Jan. 10 and
$500, July 10 1943; $500, Jan. 10 and July 10,
1944, and $500, Jan. 10,
1945.
Interest J-J.
A certified check for
2% of the amount, of the bid
is required.
Legal opinion of Davis, Pantzer, Baltzell k
Sparks of Indian¬
apolis as to legality of the bonds and (or) notes will be
furnished the successful
bidder.
"■/.;v;..
-.c.'
ILLINOIS
r
-
PULASKI COUNTY
J. Sullivan, Clerk of the Board of
Trustees, will recefve sealed bids until
2 p. m. (CST) on Nov. 25, for the purchase
of $7,500,000 series D
refunding
bonds of 1941.
Dated Jan, 1. 1941.
Denom. $1,000.
Due Tan. 1, 1961.
Optional $375,000 Jan. 1, 1942 to 1960, or on
any interest pavment dates
thereafter; all bonds redeemable on the earliest date shall first be
redeemed
before any bonds optional at a
subsequent date are called for payment.
Bidders shall specify the rate of interest
(one rate for the entire issue) in
multiples of M ofl%. No bid wld be considered that does not offer
to pur¬
chase the entire issue of $7,500,000 at not less
than par at one rate of interest
and otherwise conform to the specifications of the notice
of sale.
Principal
and interest (J-J) payable at the District
Treasurer's office.
The bonds
may be registered as to principal, and are to be issued to
refund a like Par
system bonds sold to
V. 151, p. 2826, bear
Rate Bid
1%
1 %
Indianapolis Bond & Share Corp
KIMBALLTON,
■
Int. Rate
:
ISSUE
*
(P. O. Winamac), Ind.—BONDS NOT SOLD—
The $6,303.46 5%
coupon ditch bonds offered Nov. 4—V.
151, P. 2380—
were not sold.
Dated Oct. 15, 1940 and
BOISE, Idaho—BOND CALL—It is stated by R. M. Wetherell,
City
Clerk, that 4 *A% refunding bonds numbered from 1 to 218
aggregating
$218,000 are called for payment on Tan. 1,1941, at
111.—BOND
-■:
Fletcher Trust Co.
TALBOT COUNTY (P. O.
T*lboton), Ga .—BOND SALE DETAILS
—-The Clerk of the
County Commissioners states that the $17,000 jail
bonds sold recently, as noted
here—V. 151, p. 2686—were purchased
Jointly by Norris k Hirshberg, Wyatt, Neal &
Waggoner, and Brooke,
Tindall k Co., all of Atlanta, as 5s,
paying a price of 121.41, and mature
$1,000 on Dec. 1 in 1941 to 1957, giving a basis of about
2.35%.
;
V LODA,
'r
Baum, Bernheimer Co
Harriman Ripley & Co., Inc
City Securities Corp
SAVANNAH, Ga.—BOND
CHICAGO SANITARY DISTRICT,
100.80
100.60
100.103
100.374
(P. O. Indianapolis), Ind.—BOND SALE—
$70,000 Julietta Infirmary Power Plant bonds
offered Nov. 12—
V. 151, p. 2532—were awarded to
Raffensperger, Hughes k Co. of Indian¬
apolis as 0.75s at par plus a
premium of $14.93, eaual to 100.021, a basis
of about 0.74%.
Dated Dec. 2, 1940, and due $7,000 on June
15 and
Dec. 15 from 1942 to
1946, incl.
Second high bid of 100.638 for Is was
made by the Harris Trust k
Savings Bank of
cates will be taken
up on or before Nov. 15 by the Reconstruction
Finance
Corporation at par.
Due on Aug. 1 in 1941 to 1970 incl.
Legality to be
approved by Chapman k Cutler of Chicago.
;
Co., New York City.
100.8279
100.827.
The
BE
at the
100.121
100.08
-
expected that these bonds will
or
100.413
1M%
PALM
BEACH COUNTY SPECIAL TAX SCHOOL
DISTRICTS
(P. O. West Palm Beach) Fla.—BOND VALIDATION
SOUGHT—The
Instruction is said to have instructed C.
D. Blackwell,
Attorney for the District, to arrange for the validation of the
following
bonds aggregating $670,000, approved
by the voters on Nov. 5: 1600,000
School District No. 1, and $70,000 School
District No. 4 bonds.
It is
City Treasurer's office
100.537
100.419
Knight, Dickinson k Kelly
1M%
Illinois Co. of Chicago
1 H%
City Securities Corp
l%%
John Nuveen & Co.; Inoianapolis Bond &
Share Corp.,
and Raffensperger.
Hughes & Co
1 *A%
Salomon Bros, k Hutzler
\*A%
Blyth & Co. and F. 8. Moseley k Co
\H%
Lincoln National Life Insurance Co
2M%
Board of Public
Dated Jan. 1, 1931.
Donom. $1,000.
1941,
Said bonds must be presented
Rate Bid
;
—
plainly state
coupons attacked, at the
16. 1940
Other bids:
'v
• V
Bidder—
Int. Rate
Shields k Co.; B. J. Van Ingen k
Co., Inc.; Seasongood
v
Mayer; Pohl & Co., Inc.. and Widmann & Holzman
1M%
R. K. Webster k Co
1M%
Lee Higginson Corp.; Alex. Brown k
Sons, and Charles
K. Morris & Co
1M%
Fox, Reusch k Co
Sealed
:
Nor.
$30,000 Jan. 1 and July 1 in 1948 and
1949; $30,000 Jan. 1 and $55,000
July 1, 1950.
Bonds maturing on and after Jan. 1,
1948, are redeemable
at the option of the city on
July 1, 1947, or on any subsequent interest pay-1
ment date, in their inverse numerical
order, at 102 and accrued interest to
date of redemption, on 30 days' notice.
Second high bid of 100.537 for 1
Ms
was made by a
group composed of Shields & Co., B. J. Van
Ingen & Co.,
Inc., Seasongood & Maver. Pohl & Co. and Widmann &
Holzman.
issue
required for paying the interest payable on the interest
payment date
which such redemption is to be made and on the next
succeeding payment
date on all of the bonds of said issue then
on
outstanding, as follows:
(i) $400,000 bonds of said issue, consisting of bonds numbered
1 to 400,
inclusive (herein called the serial
optional bonds), may be redeemed at
and accrued interest, in the order of their
numbers, lowest numbers
first, in the following amounts and at the following times:
$40,000 on or
after July 1, 1941, $50,000 on or after Jan.
1, 1942, $40,000 on or after
July 1, 1942, $50,000 on or after Jan. 1, 1943, $40,000 on or after
July 1,
1943, $59,000 on or after Jan. 1, 1944, $40,000 on or after
July 1, 1944,
$50,000 on or after Jan. 1, 1945, and $40,000 on or after
July 1, 1945: and
(ii) the remaining $320,000 bonds of said issue
may be redeemed, when
selected by lot, at par and accrued interest and a
premium of 1M % if re¬
deemed on July 1, 1941, 1 % if redeemed thereafter and on or
prior to July 1.
1943, M of 1% if redeemed thereafter and on or prior to
July 1, 1945, and
without premium if redeemed thereafter and before
maturity;
par
provided,
however, that none of such bonds at any time
outstanding shall be so re¬
deemed unless all of the serial
optional bonds then subject to redemption
shall have been called for
redemption on or before the interest payment date
on which such
redemption is to be made; or
Volume
The Commercial <fr
151
(b) in whole, from the proceeds of new refunding bonds or other moneys
and accrued interest and a premium
made available for such purpose, at par
of
1H% if redeemed on July 1, 1941, 1% if
redeemed thereafter and on or
Jrior 1, Julv 1,and without 1% if redeemed thereafter and on and before
1943, M of premium if redeemed thereafter or prior to
uly to 1945,
maturity.
The $730,000 bonds, Project No. 13, now offered will mature on Jan. 1,
1953, and will be subject to redemption on any interest payment date prior
to maturity, upon 30 days' notice, either,
(a) in part, from moneys in the sinking fund for the bonds of said issue
not required for paying the interest payable on the interest payment date
on which such redemption is to be made and on the next succeeding interest
bonds of said issue then outstanding, as follows:
consisting of bonds numbered 1 to 240,
(herein called the serial optional bonds), may be redeemed at par
and accrued interest, in the order of their numbers, lowest numbers first,
in the following amounts and at the following times:
$25,000 on or after
July 1, 1941. $35,000 on or after Jan. 1, 1942, $25,000 on or after July 1,
1942, $35,000 on or after Jan. 1, 1943, $25,000 on or after July 1, 1943.
$35,000 on or after Jan. 1, 1944, $25,000 on or after July 1, 1944, and
$35,000 on or after Jan. 1, 1945: and,
(ii) the remaining $490,000 bonds of said issue may be redeemed, when
selected by lot, at par and accrued interest and a premium of 2 % if redeemed
on July 1, 1941. 1 K% if redeemed thereafter and on or prior to July 1,1942,
1% if redeemed thereafter and on or prior to July 1, 1943. \4 of 1 % if re¬
deemed thrrpafter and on or prior to July 1, 1944, and without premium ii
payment date on all of the
(i) $240,000 bonds of said issue,
inclusive
before maturity: provided, however, that none of
outstanding shall be so redeemed unless all of the
serial optional bonds then subject to redemption shall have been called for
redemption on or before the interest payment date on which such redemption
is to be made; or
(b) in whole, from the proceeds of new refunding bonds or other moneys
made available for such purpose, at par and accrued interest and a premium
of 2% if redeemed on July 1, 1941, 1 Y % if redeemed t hereafter and on or
prior to July 1. 1942, 1% if redeemed thereafter and on or prior to July 1,
1943, Y of 1 % if redeemed thereafter and on or prior to July 1, 1944, and
without premium if redeemed thereafter and before maturity.
The bonds of each issue will be dated Dec. 1, 1940. will be issued in the
denomination of $1,000 each, and both principal and interest of the bonds
of each issue will be payable at the Chemical Eank & Trust Co. in New
York City, or at the Kentucky Title Trust Co. in the City of I ouisville,
Ky., or at the office of the Ftate Treasurer in Frankfort, Ky.. at the option
of the holder.
The bonds of paeh issue will be subject to registration in the
names of the holders as to principal alone.
All bom's of each issue will bear interest from .Tan. 1, 1941. such interest
being payable July 1, 1941 and semi-annually thereafter on the first days of
January and July In each year, and each hid must specify the interest rate
or rates, not exceeding 2Y% per annum in a multiple or multiples of Y of
1% and the price bid for the bonds of each issue.
No bid may name more
than two rates for the bonds of each issue, one rate for all of the serial op¬
tional bon-'s and another rate for all of the remaining bonds. No bid of less
than par will be considered.
,
In considering the relative merits of the bids submitted, the Commissioner
will estimate the future annual revenues of the bridge in JTojrct No. 2 to be
$64.£63.20 in the first six months of each calendar year and $80,832.85 ii
the last six months of each calendar year, and the future annual revenues
of the bridge in Project No. 13 to be $43,650 ..<*5 in the first six months of
each calendar year and $52,347.85 in the last six months of each calendar
redeemed thereafter and
such
bondg at any time
year.
LEBANON,
Ky.—BOND OFFERING—Tt is reported that
by the City Clerk, for the purchas
will be received until Nov. 19,
sewer
sealed bids
jof $35,000
bonds.
LEITCHFIELD, Ky.—BONDS OFFERED TO PUBLTC—Ftein Pros. &
Boyce of Louisville have purchased and are now offering for general invest¬
ment
$55,000 3 Y% coupon semi-annual water works revenue bonds.
Denom. $1,000.
Dated Dec. 1, 1940.
Due on Dec. 1 in 1941 to 1962.
These bonds are part of a total issue of $57,5rO.
Principal and interest
iJ-D) pavable at the ofiice of the City Treasurer or atinterest payment
the Leitchfield
Deposit Bank.
Callable in inverse numerical order on any
date upon 30
davs' published notice at 103 and interest on or
before Dec. 1,
interest
premiums
1945: at 102 and interest on or before Dec. 1, 195° and at 101 and
thereafter, provided the yield on any bond including such call
shall not exceed 6% per annum.
Ky.—PURCHA SERS—Tn connection with the sab;
$15,000 3 H% semi-annual counon school
by the Bankers Bond Co. of Louisville,
as noted
he-e—V. 151, p. 2826—we are now informed that Stein Bros.
& Boyce of Louisville, was associated with the above named firm in the
purchase.
Duo $1,000 on Nov. 1 in 1941 to 1955 incl.
MADISONVILLE,
and subsequent rooffe^ing of the
building refunding revenue bonds
SOMERSET, Ky .—BONDS VOTED—At the Nov.
approved the issuance of $100,000
margin, it is said.
5 election the
voter3
hospital construction bonds by a
wide
BERNICE, La.—BONDS SOLD— The Town Clerk states that $4,000
5Y% semi-annual general obligation fire equipment bonds approved by
the voters last June have been sold at a price of 102.50.
Dated Nov. 1,
1940.
Due in
1942 to 1949.
$28,000 coupon semi-annual water
tension bonds sold to the Ernest M. Loeb Co.
the
LOUISIANA, State of—BOND ISSUANCE
APPROVED—Tt is reported
that, on the basis of incomplete returns, it now appears that the con¬
stitutional amendments providing for the issuance of the following bonds
aggregating #17.900,000, were approved:
$10,000,000 State
$7,000,000 deficits and Confederate Veterans' pensions, and
Confederate Veterans' and Widows' pensions bonds.
MANSFIELD, La .—BOND OFFERING—It is
highways:
$900,000
stated by Boy H. Corley,
City Clerk, that he will receive sealed bids until 7 p. m. on Dec. 10, for the
purchase of $85,000 not to exceed 6% semi-ann. water works bonds. Dated
Oct. 1. 1910. Denom. $1,000. Due Oct. 1, 1942 to 1960. A certified transscript and the approving opinion of Chapman & Cutler of Chicago, will be
furnished the purchaser.
Enclose a certified check for $2,500, payable to
the Town Treasurer. *
La.—BOND OFFERING—Tt is stated
NEW IBERIA,
by G. C. Pharr
City Clerk, that he will receive sealed bids until 11 a. m. on Dec. 4, for the
purchase of $261,000 public improvement bonds.
Interest rate is not to
exceed 4%, payable J-J.
Dated Jan. 1, 1941.
Denom. $1,000.
Due
Jan. 1, 1944 to 1961.
These bonds were authorized at the election held on
Oct. 29.
The approving opinion of B. A. Campbell of New Orleans, and
the transcript of record as passed upon will be furnished the purchaser
without additional cost to him.
Enclose a certified check for $5,220, pay¬
able to the city.
\
.,
MASSACHUSETTS
BEVERLY, Mass.—NOTE OFFERING—John C. Lovett, City Treas¬
urer. will receive bids until 11 a. m. on Nov. 20 for the purchase at discount
of $200,000 current year revenue anticipation notes.
Dated Nov. 21, 1940.
Payable March 14, 1941 at the First National Bank of Boston, or at the
Central Hanover Bank & Trust Co., New York City.
Said notes will be
authenticated as to genuineness and validity by The First National Bank of
Boston, under advice of Ropes, Gray, Boyden & Perkins, of Boston, and all
legal papers incident to this issue will be filed with said bank, where they
may be inspected.
F
Mass.—NOTE SALE—The First Boston Corp. of New York
was awarded on Nov.
14 an issue of $5,000,000 notes at 0.23% interest,
plus a premium of $251.
Dated Nov. 19, 1940 and due on Nov. 3, 1941.
Reoffered on a 0.20% yield basis.
Unsuccessful bids: Halsey, Stuart &
Co., 0.34% plus $34; Chase National Pank, Salomon Pros. & Hutzler
and R. W. Pressprich & Co., jointly, 0.28% plus $14; and Chace, White¬
side & Symonds, 0.283%.
All bids were made on the usual 365-day
F BOSTON,
interest to follow
basis.
Mass.—BOND SALE—The $100,000 coupon municipal
bonds offered Nov. 13 were awarded to Tyler & Co. of Boston, as
a price of 100.333, a basis of about 0.94%.
Dated Nov. 1, 1940 and
EVERETT,
relief
Is, at
Bidder—
Newton, Abbe & Co
First Boston Corp
,
Harris Trust & Savings Bank,
Second National Bank of Boston
National Shawmut Bank of Boston and
100.203
100.07
100.069
100.05 1
.
100.014
Merchants
-
1 K%
1M%
_
Halsey, Stuart & Co., Inc
R. L. Day & Co
101.123s
101.114
1K%
1K%
Bank
Estabrook & Co
100.305
1%
1%
1%
1%
1%
1%
-
Whiting, Weeks & Stubbs.
National
Rate Bid
Int. Rate
,
H. C. Wainwright & Co_
100.924
100.39
NORWELL, Mass.—NOTE SALE—An issue of $10,000 revenue notes,
May 8, 1941, was sold to the Mrechants National Bank of Boston,
due
at
0.17%
discount.
RAMSEY
COUNTY
(P.'0.
St.
Paul)
Minn.— BOND
SALE—The
$261,000 issue of semi-ann. public welfare, series S bonds offpred for sale
on Nov. 14—V. 151, p. 2688—was awarded to the Harris Trust & Savings
Bank of Chicago, as 1 Kb. paying a price of 100.289, a basis of about 1.20%.
Dated Dec. 1. 1940. Due on Dec. 1 in 1941 to 1950 incl.
REVERE, Mass.—BOND SALE—The $54,060 coupon municipal relief
were awarded to Frederick M. Swan & Co. of Boston,
1 Ys, at a price of 100.04, a basis of about 1.24 %.
Dated Nov. 1, 1940.
Denom. $1,0( 0.
Due Nov. 1 as follows: $6,000 from 1941 to 1944, incl.,
and $5,000 from 1945 to 1950, incl.
Principal and interest (M-N) payable
at the First
National Bank of Boston.
Legality approved by Ropes,
Gray, Best. Coolidge & Rugg of Boston.
Second high bid of 101.081 for
IY& was made by Chace, Whiteside & Symonds of Boston.
bonds offered Nov. 8
as
WARE. Mass.—BOND ISSUE DETAILS—'The
$22,000 bonds awarded
of 100 839. as reported
2827. mature as follows: $10,000 wat^r d^oartment extension,
due $1,000 on Nov. 15 from 1941 to 1950 incl.; $12,000 welfare, due $2,000 on Nov. 15 from 1941 to 1946, incl.
to R.
L. Day A Co. of Boston, as IKs. at a price
151, p
in V.
Mass.—BOND SALE—The $25,000 coupon municipal
14 were awarded to Arthur Perry & Co. of Boston
basis of about 0.87%.
Dated Nov. 1, 1940.
Denom. $1,000.
Due Nov. 1 as follows: $3,000 from 1941 to 1945, incl.,
and $2,000 from 1946 to 1950. incl.
Principal and interest (M-N) payable
at the First National Bank of Boston.
Legality approved by Ely, Brad¬
ford, Thompson & Brown of Boston.
Other bidders: For 1%—Tyler &
Co., 100.444: First National Bank of Boston, 100.345; Jackson & Curtis,
100.277: Chace. Whiteside & Symonds, 100.267: H. C. Wainwright &
Co., 100.053.
For IK %—R. L. Day & Co., 100.574.
WESTFIELD,
relief bonds offered Nov.
as
Is, at a price of 100.644, a
MICHIGAN
SCHOOL DISTRICT NO. 7 (P. O. DearSALE—The $375,000 coupon refunding bonds
awarded to an account composed
of Harriman Riploy & Co., Inc.; John Nuveen & Co.; Bacon, Whipple &
Co., Chicago, and Nordman & Verral, of Detroit, on a bid of 100.03. for a
combination of $125,000 3s, due on April 1 from 1941 to 1945, incl. and
$250,000 2s, due on April I from 1946 to 1954, incl. Net interest cost about
2.105%.
Bonds are dated Nov. 15, 1940.
DEARBORN TOWNSHIP
bom),
Mich.—BOND
offered Nov.
12—V. 151, p. 2688—were
CALL—Roy D.
BOND
following described bonds,
Renton, District Secretary, announces that the
dated Jan. 15. 1935, due Jan. 15, 1955, and sub¬
ject to redemption at par and accrued interest on any interest payment
date, will be redeemed on that basis of Jan. 15, 1941, at the Manufacturers
National Bank of Detroit:
Refunding bonds of 1935, series C, Nos. 87 to 90. 93 to 95, 97 to 100, 103
to 105, 107 to 108, 111 to 113, 115 to 120, 123 to 125, 127. 130 to 1932,
134 to 1937, 140 to 144. 147 to 157, 159 to 165, 167 to 169, 171 to 181,
184 to 185, 189, 191 to 192, 194 to 240, 243 to 245, 247 to 249, 252 to 281,
283 to 285. 289. 291 to 221. 333 to 334. 336 to 426, 429, 433 to 448, 451,
457, 461 to 462, 465, and 469 to
522, all Inclusive.
'
/
PLEASANT RIDGE, Mich.—BOND ELECTION— An
held Jan. 6 on the question of Issuing $55,000 community
election will be
house bonds.
(P. O. Pontiac), Mich.—OPTION EXERCISED
Campbell, McCarty & Co., both of Detroit, jointly,
to purchase as 3Y&< at par, the $1(0,COO coupon
refunding bonds offfred Oct. 29—V. 151, p. 2827.
Dated Nov. 1, 1940.
Denom. $1,000.
Due Oct. 15 as follows: $5/(0 in 1941 and 1942; $16,660
from 1943 to 1949, incl., and $20,000 in 1950.
The 1950 fconds will be
callable at par and accrued interest on Oct. 15, 1941, or on any subsequent
interest date on 30 days' notice.
TROY TOWNSHIP
—Crouse &
Co. and
exercised their option
OFFERING— Raymond G. Parrott, Village
the purchase of
$1,000.
from
1953 to 1959, incl.
The bonds will not be subject to call for prior redemp¬
tion prior to Nov. 15. 1950, after which they may be called in inverse order
of maturity on adequate advertised notice at least 30 dass in adduce of
Clerk, will receive sealed bids until 8 p. m. on Nov. 18, for
$45,000 coupon refunding bonds.
Dated Nov. 15, 1940. Denom.
Due Nov. 15 as follows:
$2,0( 0 from 1941 to 1952, incl. and $3,GOO
proposed call.
Bonds will bear interest at a rate or rates, expressed in
K of 1%, not exceeding 3Y% to March 1, 1945 and 4K%
payable semi-annually on May 15 and Nov. 15.
The village
reserves the right to purchase any of the bonds before maturity at less than
the
La.—INTEREST RATE— The Town Clerk states
works improvement and ex¬
of New Orleans, at a price of
100.036, as noted here—V. 151, p. 2827—were purchased as 5s.
No other
bid was received.
Due serially in 18 years.
INDEPENDENCE,
that
on Nov. 1 from 1941 to 1950, incl.
Principal and interest
(M-N) payable at the National Shawmut Bank of Boston.
Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston,
Other bids:
due $10,000
WARREN, Mich.—BOND
LOUISIANA
F
2979
Financial Chronicle
multiples of
thereafter,
par, on
advertised tenders.
Both principal and interest
Community Bank of Warren, or at a
successor
will be payable at
paying agent, which shall
responsible bank or trust company in the City of Detroit.
The bonds
will be the general obligation of said village, which is authorized and re¬
quired by law to levy upon all the taxable property therein such ad valorem
taxes as may be necessary to pay the bonds and the interest thereon as the
same shall become due, without limitation as to rate or amount.
Bids shall
be
be
a
conditioned
the legal opinion of Miller,
Detroit, approving the legality
upon
Stone, attorneys.
Caniield, Paddock and
of the bonds. The cost
legal opinion and of the printing of the bonds will be paid by the
village.
A certified check in the amount of $1,6( 0 drawn upon an incor¬
porated bank or trust company and payable to the order of the
of said
Warren, must accompany
part of the
each proposal as a guarantee
Village of
of good faith on the
bidder.
MINNESOTA
Minn.—BOND SALE— The $19,000 3% semiannual
sewer system bonds offered for sale on Nov. 7—V.
151, p. 2381—were
awarded to the Franklin State Bank, according to the Village Clerk.
Due
FRANKLIN,
in 1956.
(P. O. Caledonia), Minn.—BOND OFFERING— Sealed
received until 2 p. m. on Nov. 30. by M. M. Sullivan, Town
MAYVILLE
bids will be
road and
$500. Due
19.50 and 1951.1
premium offered
for the purchase of $16,000 general obligation coupon
bridge bonds.
Dated Nov. 30, 1940.
Denoms. $1,000 and
Nov 30. as follows: $1,500 in 1942 to 1949, and $2,500 in
The bidder shall designate the rate of interest and fix the
Clerk,
by him, if any, but the bonds will not be sold for
These are the bonds authorized at the
interest.
less than par and accrued
election held on Sept. 28.
legality of the Donds is assured by the town, and the opinion of
Roerkohl of Caledonia, will be furnished.
Enclose a certified
$300, payable to the Town Clerk.
The
Dorival &
check for
sealed
Nov. 18 at
and owned
MOORHEAD,
Minn.—SINKING FUND OFFERING—Both
bids will be received by R. G. Price, City Clerk, until
for the purchase of various bonds and certificates held
by the Water and Light Department sinking fund of the
$46,500.
and open
8 p. m.
ST. LOUIS
city, aggregating
PARK, Minn.—WARRANT
SALE— The $16,850 warrants
purchased
2/4 8,
Re¬
$9,000
offered for sale on Nov. 12—V. 151, p. 2688—were
Northwestern National Bank & Trust Co. of Minneapolis, as
paying a premium of $50, equal to 100.296, according to the Village
order. They are divided as follows: $7,850 sewer warrants, and
improvement orders
and orders
by the
OFFERING— Sealed bids will be
Justad, Village R^ordw, for
annual certificates of indebtedness.
Dec. 15 in 1941 to 1944.
Mm
FST. LOUIS PARK, Minn.—BOND
received until 8 p. m. on Nov. 18, by Joseph
purchase of $2,530 not to exceed 5%
Dated Nov. 15, 1940.
Due $632.50 on
the
2980
The Commercial & Financial Chronicle
MISSISSIPPI
LEAKE COUNTY (P. O.
Carthage), Miss.—BONDS SOLD—A $40,000
2%% semi-annual funding bonds is said to have been purchased
by the J. S. Love Co. of Jackson for a premium of
$41, equal to 100.102,
a
basis of about
2.73%.
Dated Oct. 1, 1940.
Denom. $1,000.
Due
April 1 as follows:
$3,000 in 1941 to 1945, and $5,000 in 1946 to
1950.
Prin. and int. payable at the
County depository.
Legality approved by
issue of
Charles & Trauernicht of St. Louis.
MACEDONIA SEPARATE SCHOOL
DISTRICT (P. O. New
Albany),
is reported that $5,000
5% semi-annual school
bonds have been purchased
Jointly by two New Albany banks at a price
of 100.40.
Due in five years.
„
Mies.—BONDS SOLD—It
MARKS, Mies.—BONDS
SOLD— The
Citizens
Bank
&
Marks is said to have purchased $4,000
water works bonds.
to be expressed in a
multiple of M or 1-10 of 1 %.
Principal and interest
(M-N) payable at the First National Bank, Cape May O. H.
A certified
Legality to be approved
by Caldwell & Raymond of New York City.
check for $7,520 must accompany each proposal.
HA WORTH SCHOOL DISTRICT, N. J.—BOND ISSUE DETAILS—
The $20,000 school addition bonds purchased last July by the 8tate Teach¬
Annuity Fund, were sold as 3Ms at par.
Dated July 1,
1940.
Denom. $1,000.
Due $1,000 on July 1 from 1941 to 1950, incl.
ers' Pension and
Registered.
Interest
pality's share of the cost of Works Projects Administration improvements.
In another referendum, the electorate voted in opposition to the question
of whether the cost should be placed in the tax budget.
Less than
of the voters passed on the referendums, the lack of interest
NORTH
An
issue
of
CALDWELL
$25,000
the Nov.
single bond
or
(P.
water
O.
may
as
N.
bonds
J.—BONDS
whs
VOTED—
by the
authorized
•
Government Bonds
Hoasini Authority Bonds
Tilney & Company
76 BEAVIR STREET
NEW
YORK, N. Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
be
the Board of Trus¬
NEW
sale, both principal and interest to
during a period of 20 years from the
sold, they will be In the
Caldwell),
improvement
5 election.
Mmkipai Bonds
divided into several bonds
third
Co. oj
MISSOULA COUNTY (P. O.
Missoula), Mont.—BOND OFFERINCP-
one
a
being ascribed
to confusion caused by the requirement of a separate vote on each question.
We are informed by W. J.
Babington, Clerk of the Board of County Com¬
missioners, that he will receive sealed bids until 2
p. m. on Dec. 4 for the
purchase of $270,000 free high school construction
bonds.
Interest rate is
not to exceed
6%, payable J-J.
Dated Jan. 15,1941.
Amortization bonds
will be the first choice and serial
bonds will be the second choice of the
Board.
If amortization bonds are sold and
issued, the entire issue
be payable in semi-annual
Instalments
oif issue
If serial bonds are issued and
voters
Nov. 5 approved city's practice of issuing bonds to provide the munici¬
MONTANA
put into
J-J.
NEWARK, N. 3.—FAVOR BONDS TO FINANCE WPA—The
on
DEER LODGE SCHOOL DISTRICT
(P. O. Deer Lodge), Mont.—
BOND SALE—The $38,489
gymnasium bonds offered for sale on Oct. 11—
Y. 151, p. 2076—were purchased
by the Deer Lodge Bank & Trust Co.,
as 2s, according to the
District Secretary.
tees may determine upon at the time
of
1940
t1,000. from Nov. to as follows: $10,000 in 1946 and 1947; $50,000, 1948;
60,000
Due 1949 1 1952 incl. and $66,000 in 1953. Rate of interest
voters at
Trust
16,
CAPE MAY COUNTY (P. O. Cape May C.
H.), N. J.—BOND OFFER¬
ING—Ralph T. Stevens, Director of Revenue and Finance, will receive
sealed bids until 2 p.m. on Dec. 3 for the purchase of $376,000 not to
exceed 6%
interest refunding bonds.
Dated Nov. 1, 1940.
Denom.
GREENVILLE, Miss.—BONDS SOLD—A $30,000 Issue of 1M%
semi-annual funding bonds is said to have been
purchased by the Union
Planters National Bank & Trust Co. of
Memphis.
Dated Oct. 15, 1940.
Legality approved by Charles & Trauernicht of St. Louis.
LAUREL, Miss.—BOND SALE DETAILS—It is now reported that the
$70,000 refunding bonds sold to the J. 8. Love Co. of Jackson as
noted
here—V. 151, p. 2827—were purchased at par, divided as
follows:
$20,000
as 2M» due $4,000 from Nov.
1, 1941 to 1945: the remaining $50,000 as
3s due $5,000 from Nov. 1,1946 to 1955.
Denom. $1,000.
Dated Nov. 1,
1940.
Prin. and int.
(M-N) payable at the Chase National Bank in
New York City.
Nov.
amount of
$500
each, the sum of $13,500 of the said serial bonds will
become payable on
Jan. 15, 1942, and on the same
day each year thereafter until all of such
bonds are paid.
The bonds, whether amortization or
serial bonds, will be redeemable in
full on any interest payment date from and
after five years from the date of
issue.
The bonds will be sold for not less than
their par value with accrued in¬
terest, and all bidders must state the lowest rate of interest at
which they
will purchase the bonds at
par.
Enclose a certified check for
$1,000, pay¬
able to the County Treasurer.
TOWNSEND, Mont.—MATURITY— The
Town Clerk states that the
$14,500 refunding bonds sold to the State Board
of Land Commissioners
as 3 Ms, at
par, as noted here—V. 151, p. 2689—are due on
May 1 and
Nov. 1 in 1941 to 1950.
YORK
CANAJOHARIE, N. Y.—BONDS VOTED—An
house construction
Oct. 29.
bonds
was
issue
of
approved by the voters at
$40,000 fire
an
election
on
CLARENCE WATER DISTRICT NO. 1 (P. O. Clarence
Center),
N. Y.—BOND SALE—The Marine Trust Co. of Buffalo was awarded on
Nov. 12 an issue of $10,000 water main addition bonds as
1.70s, at a price
of 100.12, a basis of about 1.67%.
Dated Nov. 15,1940.
Denom. $1,000.
Due $1,000 on March 15 from 1941 to 1950, incl.
Principal and interest
(M-S) payable at the Bank of Clarence, with New York exchange. Legality
approved by Dillon, Vandewater & Moore of New York City.
Other bids:
Bidder—
Int. Rate
C. E. Weinig, White &Co
Bank of Clarence
GEDDES
COMMON
SCHOOL
DISTRICT
Rate Bid
1.70%
1.70%
2%
Manufacturers & Traders Trust Co
100.119
100.06
NO.
Road, Syracuse), N. Y.—BOND SALE—The $55,000
1
Par
(P.
O.
Cherry
coupon or registered
school addition bonds offered Nov. 12—V. 151, p. 2828—were awarded to
NEBRASKA
McCOOK JUNIOR COLLEGE DISTRICT
(P.
O. McCook), Neb.—
BOND OFFERING—It is stated
by J. N. Gaarde, Secretary of the College
Board, that he will receive bids until Nov. 18 at 8
p. m. for the purchase
of $9,400 not to exceed
2M% semi-annual funding bonds.
Due on Dec. 1
as follows:
$400 in 1941 and $1,000 in 1942 to 1950,
NEBRASKA CITY SCHOOL
DISTRICT
inclusive.^-
(P. O. Nebraska City),
Neb.—BOND OFFERING—Sealed bids will be
received until 8 p. m. on
Nov. 18, by Frank A.
Bartling, Secretary of the Board of Education, for the
purchase of $25,000 school bonds.
Due in 20 years from date of
bonds,
option five years after date.
The purchaser shall
pay all expenses,
including
printing, registration fees and legal expenses
incurred by purchaser as to
opinion of validity of bonds and
sufficiency of bond.
Also, purchaser
shall prescribe
form of bond which shall
be subject to
approval of the
Board of Education.
These bonds were authorized at the
election held on
March 12.
The avails of the bonds shall
be paid over to the District
Treasurer on or before Dec. 20.
Enclose a certified check for
$500.
V
OMAHA,
Neb.—BOND
ISSUANCE
CONTEMPLATED—The
City
Comptroller states that the $500,000
municipal airport improvement bonds
approved by the voters at the Nov. 5
election, will be placed on the market
about the beginning of next
year.
Dated Jan. 1, 1941.
Due on Feb. 1,
1951.
Halsey, Stuart & Co., Inc., New York, as lMs, at 100.129, a basis of about
1.48%.
Dated Nov. 1, 1940 and due Nov. 1 as follows: $3,000 from 1941
to 1945, incl. and $4,000 from 1946 to 1955, incl.
Other bids:
Bidder—
E. H. Rollins & Sons, Inc.
Marine Trust Co. of Buffalo
Int. Rate
Rate Bid
1.60%
1.60%
1.60%
1.70%
1.70%
1.90%
1.90%
100.285
100.22
100.079
100.388
100.108
George B. Gibbons & Co., Inc
R. D. White & Co
Blair & Co., Inc
Union Securities Corp
C. F. Childs & Co. and Sherwood & Co
GREECE SEWER DISTRICT NO. 1 (P. O. 2505
Rochester),
N.
Y.—CERTIFICATES
AUTHORIZED—The
CAMDEN,
N.
-
J.—$500,000 BONDS TO BE PLACED ON SALE—
Funding Commission meeting of Oct. 28 contained
"The
proposal of the City of Camden
looking toward the issuance of
refunding bonds in a total amount of
$1,900,000 was considered.
An
original proposal involving the issuance
of $496,000 only was referred
back to C. O.
Coliings & Co., fiscal agents, for further consideration with
^as
amended its plan to cover the issuance of
$1,900,000; $500,000 of which will be offered for
public sale at this time pursuant
to Chapter 373 of the
laws of 1939.
The overall issuing expense in connection with the proposal shall
not exceed $3,000 which covers a
fee of
$1,500 to O. O. Coliings &
Co., fiscal agents.
This fee includes the prepara¬
tion or the financial
information and the preparation and
publication of
financial prospectus.
a
"The
Commission reviewed the
plan, but in view of the importance
thereof, it was concluded that it should be
laid over for consideration at a
subsequent meeting.
It was, therefore,
regularly moved, seconded and
carried that the proposal of the
City of Camden looking toward the issuance
of refunding bonds be
laid over for further consideration
at the next meeting
of the Commission."
CAMDEN COUNTY
(P. O. Camden). N. J .—BOND SALE—Butcher &
Sherrerd, and H. T. Greenwood &
Co., both of Philadelphia, jointly, were
offering of $101,000 coupon or registered county
successful bidders at the
improvement bonds
Nov. 13—V. 151, p.
2534, taking $100,000 bonds
?rice of $101,300.81, equal to 101.30, a basis of about
on
Snin£Id f<£ 2A8^t a
19(56 ind
Other
to
bids^4°' and dU6 N°V' 1 as^olloW8: $5,000Jfrom
No. Bonds
^.?o
- - - H. L. Allen -& -Co__
J- Van Ingen &
-
—
-
Dolphin & Co
Campbell, Phelps & Co., Inc.; Einhorn &
Co., Inc.; P. E. Kline, Inc., and
Fox,
Reusch&Co
H. B. Boland & Co
Ira Haupt &
Co., and Seasongood & Mayer
E. H. Rollins &
A.
LONG BEACH, N. Y.—APPOINTS EXCHANGE AGENT—Manu¬
facturers Trust Co. of New York has been appointed by the
city as Exchange
Agent and Depositary for the exchange and (or) stamping of bonds in
accordance with the offer made by the city under date of
April 15, 1940.
—V. 151, p. 2828.
LUZERNE, N. Y.—OFFERING
OF FOURTH LAKE WATER DISTRICT
BONDS—Charlotte Williams, Town Clerk, will receive sealed bids until
10 a. m. on Nov. 26 for the purchase of $16,000 not to exceed
5% interest
water bonds.
Dated Nov. 1, 1940. Denoms. $750 and $500.
Due Feb. 1
as follows:
$500 fromfl941 to 1963 incl. and $750 from 1964 to 1969 incl.
Rate of interest to be expressed in a multiple of
H or 1-10th of 1%.
A
certified check for $320 must accompany each proposal.
Legality to be
approved by Dillon, Vandewater & Moore of New York City.
The bonds
are issued to pay the water district's share of
the cost of constructing a
water system for the district as a
project of the Works Progress Adminis¬
tration of the Federal Government, and shall be
general
obligations of the
town, payable primarily from special assessments upon the lots and parcels
district, but if not paid from such levy, all the taxable
property in the town is subject to the levy of unlimited ad valorem taxes to
pay the bonds and interest thereon.
<
of land within the
MAYBROOK, N. Y.—BOND
SALE—The $17,000 coupon
or
registered
101.02
2%
100 676
incl.
2M%
100.55
214"%
100
Bidder—
Roosevelt & Weigold, Inc
Rate
2
H%
Rate Bid
16
101
2H%
100.15
101
2M%
100 08
and
and
J.
101
100
2M%
2M%
100
2M%
100.03
101.30
101.105
«u.iuo
2M%
100.676
2M%
100.56
2M%
2H%
100.32
S.
& Co
M. M. Freeman & Co
Halsey, Stuart & Co., Inc
101
100
-
------
2%
2%
2%
2.20%
3 H%
4%
Rate Bid
100.52
100.38
J00.31
100.348
100.50
Par
NEW CASTLE (P. O.
Chappaqua), N. Y.—BOND SALE—The $36,000
registered highway refunding bonds offered Nov. 13—V. 151,
C. Allyn & Co., Inc., New York, as 2.10s,
price of 100.147, a basis of about 2.09%.
Dated Dec. 1, 1940, and
due Dec. 1 as follows: $1,000 from 1941 to 1945,
incl.; $2,000 from 1946 to
1959, incl., and $3,000 in 1960.
Other bids:
coupon or
p. 2828—were awarded to A.
at a
100.192
Int. Rate
2H%
2H%
101.618
George B. Gibbons & Co
100
101.208
C. F. Childs & Co. and Sherwood & Co
101
2H%
100.54
& Co., and W. H. New¬
born's Son & Co
E. H. Rollins & Sons, Inc
Maybrook National Bank
Bidder—
R. D. White & Co._
Roosevelt & Weigold, Inc
E. H. Rollins & Sons, Inc
MacBride,
Hemphill, Noyes
Int. Rate
C. F. Childs & Co. and Sherwood &Co
National Bank of Middletown
101
Inc.,
Co.,
Other bids:
George B. Gibbons & Co
ioi
&
^Miller & Co.
Eastman, Dillon
being tax-exempt when delivered.
loi
Bid for
100
101
Corkran
Rippel,
—
Bid conditioned upon bonds
fire house bonds offered Nov. 13—V.
151, p. 2690—were awarded to R. D.
White & Co. of New York, as 1.90s, at a price of
100.2039, a basis of about
I.87%. Dated July 15, 1940 and due $1,000 on July 15 from 1941 to 1957
Sons., Inc., and Schmidt,
KRippel&Co
Julius
x
100.399
100.23
100.34
100.27
100.149
100.13
.
1941
Interest
Co., Inc., and Buckley
Poole &Co_
Huntington Station Bank
George B. Gibbons & Co
A. C. AUyn & Co., Inc
ioi
Bidder—
O. O. Coliings & Co
Mlnsch, Monell & Co., and Colyer, Robin-
Dougherty,
Bacon, Stevenson & Co.
Rate Bid
1M%
1.80%
1.90%
1.90%
1.90%
1.90%
ioi
,
son
Int. Rate
Roosevelt & Weigold, Inc
H. L.Allen & Co
Minutes of the State
the following:
of
HUNTINGTON (P. O. Huntington), N. Y.—BOND SALE—The
$33,000 coupon or registered refunding water bonds offered Nov. 12—V.
151, p. 26851—were awarded to R. D. White & Co. of New York, as
1Mb,
at a price of 100.203, a basis of about
1.74%.
Dated Sept. 1, 1940, and
due Sept. 1 as follows: $1,000 in
1954; $7,000, 1955; $6,000, 1956; $9,000,
1957; $8,000 in 1958 and $2,000 in 1959.
Other bids:
x
JERSEY
Board
Supervisors recently authorized an issue of $50,000
2H% sewer system
certificates of indebtedness.
Dated Nov. 1, 1940 and due
May 1, 1941.
construction
Bidder—
NEW
100.269
100.073
Ridge Road West,
:
Manufacturers & Traders Trust Co
County Trust Co. of White Plains
Rate Bid
2.20%
2.20%
2.20%
2.20%
2.20%
2.20%
2.30%
100.473
100-4<L
100.397
100.32
100.277
100.149
100.008
Volumt
NEW
The Commercial
151
YORK,
N.
Y.—MUNICIPAL PRINTING PLANT RECOM¬
York City Printing Authority which
MENDED—The creation of a New
city's printing was recommended recently in the
La Guardia by William B. Herlands, Commissioner
Russel Forbes, Commissioner of Purchase.
The
would handle 60% of the
report to Mayor F. H.
of Investigation, and
report was based upon a two-year
Power
investigation of alleged collusion among
would
special vote of the people, since
electricity and not by
In April, 1938, the request of the city
follows: $2,000
$5,000 In 1941 and
dated Nov. 15, 1940.
Denom. $1,000. Bidder
single rate of interest, expressed in a multpile of
or l-10th of
Principal and interest (M-N) payable at the First National Bank
Trust Co., Port Chester.
A certified check for $740, payable to order
the village, is required.
Legal opinion of Reed, Hoyt, Washburn & Clay
of New York City will be furnished the successful bidder.
&
of
ROCHESTER, N. Y.,REDUCES TAX RATE—With the provision for
$500,000 of maturing city debt still in, the City Council
the 1941 budget calling for total expenditures of $29,585,247
and a tax levy of $16,494,767.
Although the refunding plan, advised by
City Manager Cartwright, was unchanged, the budget in its final form calls
for $123,000 less in expenditures in 1941 than did Mr. Cartwright's budget
tentatively. This $123,000 reduction means a tax levy less by 24 cents per
$1,000 assessed valuation than it would have been had the budget been
adopted-in its original form. The 1941 tax rate, therefore, will be $31.18
per $1,000 assessed valuation, as compared with $31.42 both in 1940 and
1939. Of the tax $20.48 is for general city purposes and $10.70 for schools.
the refunding of
has adopted
In the meantime, however, two other suits questioning the right of the
city to construct this project and to issue revenue bonds therefor were
Instituted.
In one of these actions, J. W. McGuinn, Duke Power Co. and
other taxpayers contended that the city was not authorized to comply with
the provision of a license which had been required by the Federal Power
Commission under the Federal Power Act and that the city Was proceeding
under the North Carolina Revenue Bond Act of 1938 (adopted August,
1938) which Act required the securing of a certificate of convenience and
necessity from the State Utilities Commission.
The North Carolina Su¬
preme Court upheld the contention of the plaintiffs and again the project
was restrained.
In the other action brought by Yadkin County it was
held that City of High Point was without authority to alter and reconstruct
highways in that county affected by the proposed reservoir and to acquire
by condemnation a small tract of farm land owned by the county with the
result that another restraining order against the construction of the project
was issued.
In these last two decisions of the Court, however, the previous
decision relative to the right of the city to issue revenue bonds was re¬
Legality approved by Dillon,
York City.
CAROLINA
$7,000, 1958.
43,000 general refunding bonds, maturing $2,000, 1954;
$10,000, 1956; $11,000, 1957, and $15,000, 1958.
$5,000, 1955;
$1,000; principal and Interest (J-D) payable in lawful money In
New York City; coupon bonds registerable as to principal only general
obligations; unlimited tax; delivery at place of purchaser's choice.
There
auction.
A separate bid for each issue (not less than par and accrued interest) is
required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of ]4. of 1%; each bid may name one rate for part
of the bonds of any issue (having the earliest maturities) and another rate
for the balance, but no bid may name more than two rates for any issue,
specify in his bid the amount of bonds of each rate.
The bonds will be awarded to the bidder offering to purchase the bonds at
the lowest interest cost to the county, such cost to be determined by de¬
ducting the total amount of the premium bid from the aggregate amount
of interest upon all of the bonds until their respective maturities.
No bid
for less than all of the bonds will be entertained.
Bids must be accompanied by a certified check upon an incorporated
and each bidder must
order of the State
$1,740..The right to reject all bids is reserved.
The approv¬
of Peck. Shaffer, Williams & Gorman of Cincinnati will be
furnished the purchaser.
Treasurer for
ing opinion
BUNCOMBE COUNTY (P. O. Asheville), N. C.—SEALED TENDERS
INCITED—It is stated by Curtis Bynum, Secretary of the Sinking Fund
Commissioners, that, pursuant to the provisions of the respective bond
orders and ordinances authorizing their issuance, tenders will be received
by the Sinking Fund
the respective
and mature on
Commission until Nov. 29, at noon, for purchase by
of and on behalf of the issuing
sinking funds, in the name
units, of the following bonds:
County of Buncombe refunding bonds dated July 1, 1936.
County of Buncombe refunding bonds, Series 2, dated July 1, 1936.
City of Asheville general refunding bonds, dated July 1, 1936.
City of Asheville refunding bonds, Series 2, dated July 1, 1936.
Asheville Local Tax School District refunding bonds, dated July 1, 1936.
Special Tax School District refunding bonds, dated July 1, 1936.
Special School Tax District refunding bonds, dated July 1,1936.
School Tax District refunding bonds, dated July 1, 1936.
Reems Creek Township Special School Tax District refunding bonds, dated
July 1, 1936.
Beaverdam Water and Sewer District refunding bonds, dated July 1, 1936.
East Biltmore Sanitary Sewer District refunding bonds, dated July 1,1936.
Caney Valley Sanitary Sewer District refunding bonds, dated July 1, 1936.
Fairview Sanitary Sewer District refunding bonds, dated July 1, 1936.
Swannanoa Water and Sewer District refunding bonds, dated July 1, 1936.
Woodfin Sanitary Water and Sewer District refunding bonds, dated July 1,
Beech
Biltmore
Johnson Special
be considered firm for
ing, unless otherwise
five days following date of open¬
specified in the tender.
SALE—
The following semi-annual coupon refunding bonds aggregating $79,000,
offered for sale on Nov. 12—V. 151, p. 2829—were awarded to Scott,
Horner & Mason of Lynchburg, as 2^s, paying a premium of $151.18,
equal to 100.191, a basis of about 2.74%:
$70,000 refunding road and bridge bonds.
Due $35,000 on May 1 In 1960
COLUMBUS COUNTY
(P. O. Whiteville), N. C.—BOND
and 1961.
9,000 refunding school
on May 1, 1961.
bonds.
Due $4,000 on May 1, 1960, and $5,000
DUNN, N. C.—BOND SALE—The $20,000 municipal building bonds
Nov. 12—V. 151, p. 2829—were purchased by R. 8.
Charlotte, as 4Hs, paying a premium of $47.50, equal
to 100.237, a basis of about 4.47%.
No other bid was received. Dated
Nov. 1, 1940.
Due $1,000 on Nov. 1 in 1942 to 1961, incl.
offered for sale on
Dickson & Co. of
MUNICIPAL POWER
us recently by H. L.
HIGH POINT, N. C.—CURRENT STATUS OF
PROJECT—The following information was furnished
Crowe, City
Accountant:
Municipal power project: On Nov. 30, 1936, the City Council formally
authorized construction of a municipal hydro-electric power plant on the
Yadkin River and the issuance of $3,171,750 bonds to finance the project.
Immediately after this action, steps were taken to obtain a court ruling upon
the legality of the procedure.
A Public Works Administration grant of
$2,595,000 to help finance the project was approved
Early in December, 1936, a suit was brought before Judge
in Hendersonviile by a taxpayer and the city in a consent case, in which
it is sought to have the Court pass upon the validity of the city issuing
earlier in the month.
H. H. Sink
for the
construction of the proposed
hereinafter stated without option
of
$5,000
$53,000 school and improvement refunding bonds maturing annually
1941 to 1945, $4,000 1946 to 1950, all inclusive, $4,000 1952
and
1954.
19,000 water and sewer refunding bonds maturing
and $4,000 1942 to 1945, inclusive.
Denom. $1,000; princ.
required.
and int. (J-D)
annually $3,000 1941
payable in lawful money in New
principal only; general obliga¬
choice. There will
bid for each issue (not less than par and accured interest) is
Bidders are requested to name the interest rate or rates, not
bid may name one rate for
earliest maturities) and another
more than two rates for either
issue, and each bidder must specify in his bid the amount of bonds of each
rate.
The bonds will be awarded to the bidder offering to purchase the
bonds at the lowest interest cost to the city, such cost to be determined by
deducting the total amount of the premium bid from the aggregate amount
of interest upon all of the bonds until their respective maturities.
No bid
multiples of M of 1%; each
exceeding 6%, in
part of the bonds of either issue (having the
balance, but no bid may name
rate for the
for less than
Bids
must
all of the bonds will be
be accompanied by a
Yadkin generating plant.
entertained.
certified check upon an
incorporated
payable unconditionally to the order of the State
Treasurer for $1,440.
The right to reject all bids is reserved.
The ap¬
proving opinion of Reed, Hoyt, Washburn & Clay, New York City,
will
be furnished the
purchaser.
bonds
The Duke
,
semi¬
12—V. 151,
paying a
onds divided
6remium of $2,as follows: $3,000 a net interest $500 of about 2.97%1943 to
equal to 100.013, as 2%s, due cost from May 1, on
1948; the remaining $12,000 as 3s, due $1,000 from May 1, 1949 to 1960,
FOREST, N. C.—BOND SALE— The $15,000 coupon
public improvement bonds offered for sale on Nov.
2829—were awarded to Oscar Burnett & Co. of Greensboro,
WAKE
annual
p.
the
inclusive.
N. C.—BOND OFFERING—
(EST) on Nov. 19 by W. E.
Local Government Commission, at his office
of th3 following bonds aggregating $115,000,
Nov. 1, 1940, and will mature on Nov. 1 in
the years hereinafter stated without option of prior payment:
$50,000 school refunding bonds maturing annuaLy $12,000 1955, and
WILSON
COUNTY (P. O. Wilson),
received until 11 a. m.
Sealed bids will be
Easterling, Secretary of the
in Raleigh, for the purchase
ail of which are to be dated
1957.
„
^
bonds maturing annually $13,000 1955, and
1957.
Denom. $1,000; princ. and int. (M-N) payable in lawful money in NewYork City; general obligations; unlimited tax; coupon bonds registerable
as to both principal and interest; delivery at place of purchaser s choice.
$19,000, 1956 ahd
65,000 general refunding
$26,000, 1956 and
There will be no
auction.
,
....
•
„
A
accrued interest) is
the interest rate
rates, not
each bid
rate for
earliest maturities) and another
than
rates for either
of bonds of each
to purchase the
be determined by
bid
the aggregate amount
of interest upon a.l of the bonds until their respective maturities.
No bid
for less than all of the bonds will be entertained.
Bids must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer, for $2,300.
The right to reject all bids is reserered. The
approving opinion of Reed, Hoyt, Washburn & Clay, New York City, will
A separate bid for each issue (not less than par and
required.
Bidders are requested to name
or
exceeding 6%, in multiples of M of 1%;
may name one
part of tne bonds of either issue (having the
rate for the balance, but no bid may name more
two
issue and each bidder must specify in his bid the amount
rate.
The bonds will be awarded to the bidder offering
bonds at the lowest interest cost to the county, such cost to
deducting the total amount Qf the premium
from
be furnished
the purchaser.
NORTH
1936.
All tenders must
1 in the years
Dec.
prior payment:
bank or trust company,
Denom.
payable unconditionally to the
.
SALISBURY, N. C.—BOND OFFERING— Sealed bids will be received
until 11 a. m. on Nov. 19 by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of the
following bonds aggregating $72,000, all of which are dated Dec. 1, 1940,,.
A separate
Taylorsvilie), N. C.—BOND OFFER¬
ING—Sealed bids will be received until 11 a. m. (EST), on Nov. 19, by
W. E. Easterling, Secretary of the Local Government Commission, at his
office in Raleigh, for the purchase of the following bonds aggregating $87,000, all of which are to be dated Dec. 1, 1940, maturing annually on June 1
in the years hereinafter stated as follows, without option of prior payment.
$19,000 school refunding bonds, maturing $15,000, 1953, and $4,000, 1954!
25.000 road refunding bonds, maturing $6,000, 1955 to 1957, incl.. and
trust company,
affirmed.
York City; coupon bonds registerable as to
tions; unlimited tax; delivery at place of purchaser's
be no auction.
ALEXANDER COUNTY (P. O.
or
.
court decision.
ROTTERDAM (P. O. Vinewood Ave.. R. D. 5, Schenectady), N. Y.—
Owen, Town Clerk, will receive sealed bids until
a. m. on Nov. 26 for the purchase of $30,000 not to exceed 5% interest
coupon or registered home relief bonds.
Dated Oct. 1, 1940. Denom.
$1,000. Due $3,000 on Oct. 1 from 1941 to 1950 incl. Principal and interest
(A-O) payable at the Citizens Trust Co., Schenectady, with New York
exchange.
The bonds are direct obligations of the town, payable from
unlimited taxes.
Bidder to name a single rate of interest, expressed in a
multiple of H or l-10th of 1%. A certified check for $900, payable to order
bank
Supreme
May 16, 1938. city was ruled not in contempt of court
by Judge E. C. Bivens for approval on April 27,1938, of issuance of revenue
bonds to augment PWA funds for construction of a $5,000,000 power plant.
Decision has been appealed to Supreme Court by Duke Power Co. and the
North Carolina Supreme Court in December, 1938, confirmed the lower
Power bonds: On
11
no
taxation.
for a rehearing in the State
Court was denied.
BOND OFFERING—Peter
will be
Constitution and would not
from the sale of
All of the bonds will be
NORTH
in reversing a
by the Duke
However, the opinion
violate the 1936 debt
require a
the bonds would be paid wholly by revenues
to name a
each proposal.
an
limitation amendment to the State
follows:
of the town, must accompany
Vandewater & Moore of New
to
powers conferred by the Revenue Bond Act."
stated that the issuance of the bonds would not
N. Y.—BOND OFFERING—William H. LeCount,
Village Clerk, will receive sealed bids until 3 p. m. on Nov. 19 for the
purchase of $37,000 not to exceed 6% interest coupon or registered bonds,
1%.
entitled
Power Co. from issuing revenue
PORT CHESTER,
as
not
bonds to help finance a hydro-electric power
project.
The decision ruled that the proposed power project would allow
the city to enter the general power business and thus "goes far beyond the
bill incorporating the proposal will be submitted to the
in January.
The authority would have the power to
issue $1,000,000 bonds to finance plant and equipment.
The bonds would
be serviced from payments for printing work by the city.
Surplus revenues
would revert to the city.
The bond issue would not pledge the general
credit of the city.
28,000 public works bonds.
Due Nov. 15 as follows:
1942 and $6,000 from 1943 to 1945, incl.
Were
power bonds.
On Feb. 2, 1938, the North Carolina State Supreme Court
lower court decision, ruled that the city could be restrained
Board approve, a
State Legislature
$9,000 street local improvement bonds.
Due Nov. 15
from 1941 to 1944, incl., and $1,000 in 1945.
the submission of the case, the
file its complaint.
Duke Power Co., and J. P.
injunction against issuance of the
Dec. 3, 1936, intervened In
on
Williamson
monopoly
as
Co.,
Court setting Dec. 16, 1936, for company to
On Oct. l, 1937, Judge Sink ruled that
printing firms for city work.
The Authority would be given a
on all printing requirements but 40% would be let on contract to private
concerns.
Mayor La Guardia, on receiving the report, stated that he
discuss it with members of the Board of Estimate.
If the Mayor and the
divided
2981
& Financial Chronicle
DAKOTA
DISTRICT NO. 13 (P. O.
and oral bids will be
R Buehler, District Clerk,
at the County Auditor's office in Hettinger, for the purchase of a $67,000
issue of not to exceed 3 H% semi-ann. refunding bonds
Dated Dec:. 1,
1940.
Denom. $1,000.
Due Dec. 1, as follows: $5,000 in 1941 to 1943,
$6 000 in 1944 to 1947, and $7,000 in 1948 to 1951.
All bonds maturing
after Dec
1 1945, are subject to redemption and prior payment on that
date and any interest payment date thereafter, at par and accrued interest.
Prin and int. payable at any suitable bank or trust company designated
bv the purchaser.
No bid of less than par and accrued interest will be
considered. The district will furnish the printed bonds and the approving
legal opinion of Fletcher, Dorsey. Barker, Colman & Barber, of Minneapolis,
without cost to the purchaser. A certified check, payable to the district, is
ADAMS COUNTY SPECIAL SCHOOL
Hettineer) N. Dak.—BOND OFFERING—Sealed
until Nov. 18. at 9 p. m
by Harry
received
required.
NO. 17 (P. O.
that bids will be
Auditor's office in Fargo,
the purchase of $3,000
and building bonds. Due $500 on June 1 in 1942 to 1947 incl. These
were approved by the voters on Oct. 28.
A certified check for not
COUNTY COMMON SCHOOL DISTRICT
Dak.—BOND OFFERING—It is reported
CASS
Casselton) N.
until Nov. 19, at 2 p. m., at the County
H Potter, Clerk of the Board of Directors, for
rSeWed
hv D
repair
bonds
less than
2%
of the bid is required.
receivedbyAlberfc
bonds. Dated
*1 1940 BueJan? 1, as foUoVs: 32.000 In 1942, 33.005 In 1943; 34.000
iVl944 to 1958, and $5,000 in 1959 to 1961.
All bonds ^maturing after
1, 1951 to be redeemable on that date and on any interest payment
OAKES, N.
F
Klein.
Tsr"nv
22
Dak.—BOND
Dec
Jan.
date
OFFERING--Bids will be
6ity Auditor, at the County Auditors office in
for the purchase of $80,000 refunding
o,t 2pm
thereafter.
4
r
The Commercial & Financial Chronicle
2982
OHIO
CINCINNATI,
Nov.
Unsuccessful bids for the issue
of
Bidder—
"■
-
Ohio—BOND ISSUE DETAILS—The block
were as
\<;
.
Braun, Bosworth & Co...
....
...
.
....
Ryar, Sutherland & Co
VanLahr, Doll & Isphording-........
.......
Paine, Webber & Co
Seasongood & Mayer
.......—
Halsey, Stuart & Co., Inc
Assel, Goetz & Moerlein____.i._.„...
Stranahan, Harris & Co., Inc..,
...
BONDS DEFEATED—C. O. Sherrill, City Manager,
reports that the'
voters on Nov. 5 defeated proposals calling for the issuance of
$4,000,000
improvement and $2,000,000 municipal auditorium bonds.
•
sewer
bonds
was
to issue $80,000
WESTERVILLE,
HURON
approved at the recent general election.
CITY
Nov.
on
SCHOOL
DISTRICT, Ohio—BONDS VOTED—The
5 authorized
an
issue of
$339,000 bonds for
a
combined
grade and high school building.
<
NEW BOSTON SCHOOL
proposal
voters
on
NEW
to
issue
DISTRICT, Ohio—BONDS DEFEATED—
$40,000 athletic field
bonds
was
Nov. 5.
rejected by the
PHILADELPHIA, Ohio—BONDS DEFEATED—The proposal
issue $100,000
sewer
bonds
was
to
defeated at the recent general election.
OHIO
(State
of)—ELECTION RESULTS IN VARIOUS LOCAL
UNITS—The outcome of the voting in various communities at the Nov. 5
on proposed bond issues was as follows;
Name—
Ami. of Issue
Decision
$110,000
Approved
...
-
—
160,000
64,000
16,000
7,500
40,000
Apple Creek (municipal building)
(municipal building)
Twp. S. D. (Ravenna)
Beaverdam (fire apparatus)
Bucyrus (swimming pool and park)..
Chester Rural S. D, (Wooster)
Clinton Township (Shreve) (fire apparatus).;
Aurora
......
...
...
Conneaut
(lake front development)
Cuyahoga Falls S. D
Deer Park (Cincinnati) (recreation field)
Elida (waterworks)
Geneva Township (Geneva) (fire
apparatus).
Girard City S. D
....
......
Defeated
Defeated
(Massillon)..
...
...
Twp, Rural S. D. (Mansfield)
New Philadelphia City S, D
Parkview (Lakewood) (town hall)...
...
$15,000
230.000
25,000
5,000
25,000
44,000
6,000
31.000
197.000
Approved
Approved
Approved
Approved
Approved
Approved
Approved
Defeated
.....
Twp, Rural S. D
,
35,000
339,000
135,000
58,000
Approved
Rejected
Approved
Approved
Approved
Approved
Rejected
Approved
Defeated
Approved
Approved
Defeated
78,000
Salineville
Defeated
15,000
...
Say brook Twp. Rural 8. D. (Ashtabula)
Approved
Approved
Approved
Approved
Approved
Approved
80,000
Tiffin (fire equipment)
20,000
60,00)
18,000
Willoughby Twp, Rural S. D. (Willoughby).....
Windsor Twp. Rural 8. D. (Windsor)
York Twp. Rural S. I). (New
Philadelphia)
48,000
ADDITIONS TO RECORD—Results in other instances were
...
Name—
Alger (sewer plant)
Amberly (fire department)
$10,000
1,500,000
12,000
24.000
Bowling Green (hospital)
Canal Winchester (municipal
building)
Harpster (drainage sewage)
Ironton (flood prevention)
Jasper Village 8. D. (Washington C. II.)
McCutcheonville Rural School District
as
follows:
OKLAHOMA
BETHANY, Okla.—BOND OFFERING—Sealed
Rejected
17,000
Rejected
Approved
8.000
;
North Badimore (fire
equipment)
North Troy Twp. 8. D.
60,00o
38,000
15,000
160,000
85,000
42.500
16.000
8,000
Approved
Rejected
Approved
Approved
Rejected '
Rejected
Approved
Approved
(Tontogany)..30,000
Approved
115,000
58,000
10.000
Rejected
Rejected
Approved
Approved
Approved
Approved
Rejected
Approved
Approved
Approved
Palmer Twp. Rural 8. D. (Miller
City)...
Pike Twp, School District (North
Hampton)....
Republic Rural School District..
...
Rushsylvania (water
and sewer)
...
Springfield Township (Lakemore) (building)
Springfield Twp. Rural 8. D. (Zanesville)..
Stryker (fire truck)
Taylor Twp, Rural School District (Raymond)..
Upper Sandusky (fire department)..
Versailles (sewer system).
West Alexandria (fire
department)..
PORTAGE
COUNTY
(P.
10,000
10,000
40,000
6,000
48.C00
10,000
10,000
11,000
Defeated
O.
Ravenna), Ohio—BONDS VOTED—
E. R. Wascko, Clerk of the Board of
County Commissioners, advises that
the voters favored an issue of
$100,000 4% county hospital addition bonds
on Nov. 5.
They will be dated Dec.
15, 1940.
PREBLE
COUNTY
(P. O. Eaton), Ohio—BONDS DEFEATED—
Nov. 5 refused to sanction the issuance of
$82,000 children's
home construction and site
purchase bonds,
on
QUINCY,
works and
Ohio—BONDS
sewer
Clifford Decker,
APPROVED—An issue of $16,000 water
system bonds carried at the Nov. 6
election, according to
Village Clerk.
SIDNEY, Ohio
down
the
bonds.
BONDS DEFEATED—The voters on Nov. 5 turned
proposition calling for an issue of $20,000
alley improvement
' -
■;<
WARREN TOWNSHIP RURAL SCHOOL
DISTRICT (P. O. War¬
ren), Ohio—BONDS APPROVED—W. G. Moran, Clerk of the
Board of
Education, reports that the voters on Nov. 5
approved an issue of $125,000
auditorium bonds.
WARREN,
Ohio—BOND
SALE—The
$57,000
coupon
improvement
bonds offered Nov. 12—V. 151, p. 2537—were
awarded to Singer, Deane
& Scribner of Pittsburgh, as 1 yAs, at
par plus a premium of
$251, equal to
100.44, a basis of about 1.16%.
Dated Dec. 1, 1940.
Due sa follows:
$4,000 June 1 and Dec. 1, 1942, and $2,000 June 1 and
$3,000 Dec. 1 from
1943 to 1949, incl.
Second high bid of 100.421 for
l^s was made by
BancOhio Securities Co. of Columbus.
E. H. Rollins & Sons, Inc.,
participated with
In purchasing the issue.
bids
will
be
received
19, by Ruth Mines, City Clerk, for the purchase of
$31,355 water works improvement bonds. Due$2,0G0 in 1945 to 1959, and
$1,355 in 1960. The bonds shall be sold to the bidder offering the lowest rate
of interest and agreeing to pay par and accrued interest. These bonds
were
authorized at the election held on Oct. 22, and are issued in accordance with
Sections 5929 and 5930, Oklahoma Statutes, 1931.
Enclose a certified
check for 2% of the amount of bid.
STERLING
INDEPENDENT
CONSOLIDATED
SCHOOL
DIS
TRICT NO. 3 (P. O. Sterling), Okla.—BOND SALE—The
$6,400 build-;
ing bonds offered for sale on Nov. 12—V. 151, p. 2829—were awarded to
R. J. Edwards, Inc., of Oklahoma
City, according to the District Clerk.
OREGON
DOUGLAS COUNTY SCHOOL DISTRICT NO. 34 (P. O.
Elkton),
Ore.—BONDS OFFERED—Sealed ties were received until 8
p.m.
on
Nov,
16, by Edna A. Jensen, District Clerk, for the purchase of $27,5( 0
exceeding 5% coupon semi-annual building tones.
Decern. $5(0.
Dated Dec. 1, 1940.
Due on Dec. 1 as follows: $3,(;( 0 in 1942 to 1949,
and $3,500 in 1950.
Prin. and int. (J-D) payable in lawiul money at
the County Treasurer's office or at the fiscal
agency of the State in New
York City.
not
DOUGLAS COUNTY SCHOOL DISTRICT NO. 96 (P. O.
Ro.eburg),
Ore.—BOND SALE—The $7,500 coupon semi-annual
building bone's of¬
for sale on Oct. 31—V. 151, p. 2691—were awarded to the Charles N.
Tripp Co., Inc. of Portland, paying 100.60, a net interest cost of about
2.13%, on the bonds divided as follows: $4.500 as 234s. due $5( 0 on Nov. 1
in 1942 to 1950; the remaining $3,000 as 2s, due
$500 from Nov. 1 in 1951
to 1956, incl.
fered
MARION
COUNTY
SCHOOL DISTRICT NO. 24 (P. O.
Salem),
SALE—The $100,000 negotiable notes offered for sale on
2591—were awarded to the First National Bank of
Portland, at a rate of 0.50% plus a premium of $30, according to the Dis¬
trict Clerk.
Dated Nov. 15, 1940.
Due on April 15, 1941, optional on
and after Feb. 15, 1941/--
Ore.—NOTE
Nov.
12—V.
151, p.
PORTLAND,
Ore.—BOND
ISSUANCE
CONTEMPLATED—The
following letter
was sent to us by R. E. Riley, Commissioner of
Finance,
under date of Oct. 30:
■
-\.-'V;.
f
v
■
"Your request, addressed to Commissioner Bowes under
date of Oct. 24,
has been referred to me as Commissioner of Finance.
,
.
"The Front Ave. development bond issue was authorized at
the last
general election in the amount of $1,250,000, and not for the
$4,500,000
mentioned in your communication.
4
"While it is true that the total project Is estimated to cost
$4,000,000, the
difference between that figure and the $1,250,000 to be furnished
by the
city is to be supplied by the State Highway Department and the Federal
Government.
"It is expected that the entire authorized amount will not be
issued In
lot. but will be broken up into smaller issues as the
one
project
At
progresses.
a conference held
yesterday, it was suggested that the first block be
Issued in the amount of $750,000.
The issues will be general obligation
bonds, probably of 10 year duration, callable after five years at the
option
of the city on any interest date. The first olock will
probably be offered for
sale in about 60 days. /
\
-■
..
Decision
Approved
Rejected
Rejected
Approved
80,000
Madison Rural School District.
Madison Twp.- Rural School District
(Trenton)..
Maumee (swimming pool)....
New Miami (village hall)
The voters
:h
,
Amount
Adams Township (R. R. 2, DeGraff)
(fire dept.)..
Akron City School District
Nov~5
,
Defeated
15.000
13,000
290,000
7,500
100,000
5.000
Navarre S.D
follows:
Decision
5,000:
......
Jackson Twp. Rural 8, D.
Kalida 8.D
Perkins
Defeated
were as
225,000
—
Grover Hill Rural S, D
Huron S. D
Madison
Defeated
60,000
Amount
Ashland
Defeated
Approved
Approved
50,000
175.000
ADDITIONAL RETURNS—Results in other elections
Name—
Defeated
V
on
until 8 p. m. on Nov.
election
Bainbridgo Twp. S. D, (Chagrin Falls)
Barberton (municipal building).......
Brewster (water system)
Frankfort (water system and plant)
Lowellviile (fire equipment)..
Ridgeway 8. D
Salem (parks)
Saltcreek Twp. Rur. S. D, (Kingston)
Southeastern Rur. 8. D. (Richmond Dale)......
voters
issue of $65,000 bonds for street improvements and
.
MENTOR, Ohio—BONDS APPROVED—11. E. Barnes. Village Clerk,
reports that the voters authorized an issue of $100,000 sewer system and
disposal plant bonds at the Nov. 5 election.
The
an
playgrounds and equipment.
MEDINA, Ohio—BONDS DEFEATED—An Issue of $90,C00 hospital
bonds failed to obtain the approval of the voters at the recent
election,
r
132.00
Ohio—BOND
WILMINGTON, Ohio—BONDS DEFEATED—'The
refused to authorize
LEMON TOWNSHIP SCHOOL DISTRICT (P. O.
Monroe), Ohio—
BONDS DEFEATED—The proposal to issue $200,000 construction
bonds
failed to obtain the required 65% majority vote needed for
passage.
83.22
74.10
18.85
15.00
342.00
SALE
CANCELED—ISSUE
REOFFERED—The Oct. 24 award of $12,500
coupon refunding bonds to
Seasongood & Mayer of Cincinnati as 1 Us at 100.83. a basis of about
1.63%—V. 151, p. 2690—was canceled due to a defect in the transcript.
New bids for the above issue will be received by R. W.
Shoemaker,
Village Manager, until noon on Nov. 29.
Bonds will be dated Oct. 1, 1940.
One bond for $500, others $1,000 each.
Due Oct. 1 as follows:
$2,000
from 1945 to 1949, incl., and $2,500 in 1950.
Interest A-O.
A certified
check for 1% of the issue, payable to order of the village, is
required.
HAMILTON
COUNTY
(P. O.
Cincinnati). Ohio—BONDS DE¬
FEATED—E, J. Dreihs, Clerk of the Board of County Commissioners,
reports that the voters turned down the proposed issue of $3,500,000
county
home and equipment bonds at the Nov. 5 election.
voters
$240.00
162.45
158.00
116.95
103.00
134%
134%
............
CRESTLINE, Ohio—BONDS VOTED—The proposal
Premium
IH%
1H%
1H%
134 %
IH%
13i%
134 %
1H%
134%
•
Ellis & Co..,
The $721,000 2H% refunding park bonds taken by the
City Sinking
Fund, again at par, mature as follows; $31,000 in 1942, and $30,000 from
1943 to 1905, incl.
1940
Int. Rate
,
.....
....
Otis Sc Co ......................... i.
street
'■
BancOhio Securities Co
11,-
16,
follows:
Singer, Deane & Scribner
PORTLAND, Ore.—BOND OFFERING—Sealed
until
11
bids
will
be received
m. on Nov. 27, by Will E.
Gibson, City Auditor, for the pur¬
$750,000 issue of not to exceed 2% semi-annual U. S. Highway
W-99 extension bonds.
Dated
Dec.
1,
1940.
Denom.
$1,000.
Due
Dec. 1, 1950.
The city reserves the right to call, pay and redeem each
and all of the bonds on any
interest-paying date on or after June 1, 1946,
such redemption
to progress by number, beginning with
number one.
Bidder to name one rate of interest.
Principal and interest payable in
lawful money at the City Treasurer's office, or the fiscal
agency of the State
in New York City.
The bonds will be sold at not less than par and accrued
Interest, and are issued under the authority of Section 349 of the
City
Charter, adopted May 17, 1940.
The bonds are general obligations of the
city, and shall be sold subject to the prior approving opinion of
Storey,
Thorndike, Palmer & Dodge of Boston.
If delivery is demanded outside
of the city, delivery shall be at the
expense of the purchaser.
Enclose a
certified check for 2% of the face value of the amount of
bonis bid for,
payable to the city.
chase of
a.
a
PEN NSYLVANIA
ALLEGHENY TOWNSHIP SCHOOL DISTRICT
(P. O. PI..,.ntville), Pa.—BOND OFFERING—Oscar L. Carson, District Secretary, will
receive sealed bids at the office of Nesbitt &
Wasson, Exchange Bank &
Trust Co. Bldg., Franklin, until 3 p. m. on Nov.
25 for the purchase of
$16,000 coupon school bonds.
Dated Dec.
1, 1940.
Denom. $1,000.
Due $1,000
on Dec. 1 from 1942 to
1945, incl.; 1947 to 1950, incl.; 1952
1955, incl., and from 1957 to 1960, incl.
Bidder to name rate of interest
multiple of 34 of 1 %.
Sale will be subject to approval of the Pennsyl¬
vania Department of Internal Affairs.!
District will furnish bonds and
legal opinion of Burgwin, Scully & Churchill of
Pittsburgh.
A certified
check for $500, payable to order of the
district, is required.
to
in
a
BERKS
COUNTY
(P.
O.
Reading),
Pa .—BOND OFFERING—
Schoener, County Comptroller, will receive sealed bids until
Dec. 5 for the purchase of $200,000
0.50%, 0.75%, 1%, 134%.
or
13i% coupon, registerable as to principal only, operating revenue
bonds.
Dated Dec. 1, 1940.
Denom. $1,000.
Due Dec. 1 as follows:
$70,000 in 1941 and 1942, and $60,000 in 1943.
Bonds maturing on and
after Dec. 1, 1942, will be callable in whole or in
part at the option of the
county at par and accrued interest on Dec. 1, 1941, or on any interest-
Ralph
10
a.
E.
m.
on
payment date thereafter.
Bids will be received for the entire issue at
any
of the above rates of interest but no bid
combining two different rates of
will be accepted.
The bonds may be registered as to principal
only, and will be sold to the highest responsible bidder, provided such bid
is not less than
par and accrued interest.
These bonds are direct and
interest
general obligations of the county, and are issued under the
authority of
the. Act of May 16, 1939, P. L. 139, for the purpose of providing funds for
the payment of the
operating expenses of the county.
Outstanding real
estate taxes for the fiscal year 1939 and
prior years in an amount not less
$260,000 will be pledged as additional security for the bonds.
These
bonds are issued subject to the favorable
opinion of Townsend, Elliott
& Munson of
Philadelphia, and subject to the approval of the Department
of Internal Affairs.
Enclose a certified check for 2% of the par value of
the amount of bonds bid for,
payable to the County Treasurer.
than
CONWAY, Pa.—BONDS VOTED—A1 Erzen, Borough Secretary, states
an issue of $15,000
funding bonds was approved at the Nov. 5 election.
that
,
Volume
FREDONIA
of the taxing power,
DISTRICT, Pa.—BOND ISSUE DETAILS—
SCHOOL
FINANCING PLAN—According to newspaper reports
Mayor Lamberton on Nov. 8, disclosed that a new $42,000,000 sewer bond
plan is being formulated.
The Mayor said that a board is planning a sewer rent based upon water
consumption which will contain a provision that an unfairly heavy burden
shall not fall upon factories which use a great amount of water in their
manufacturing process*
NEB
as follows: $500 in 1942, $1,000 in 1943 to 1945, incl., $500 in 1946
1948, incl., $1,000 in 1949 and 1950, $500 in 1951 and 1952 and $1,000
1953 to 1955, inclusive.
Oct. 15
from
JEFFERSON TOWNSHIP SCHOOL DISTRICT (P. O. Eldersville),
Pa.—BOND OFFERING—C. V. Melvin, District Secretary, will receive
Dec. 2 for the purchase of $8,000 coupon
1940.
Denom. $1,000.
Due $1,000 on
Bidder to name a single rate of interest,
expressed in a multiple of M of 1%.
Interest J-D.
Sale of the bonds
will be subject to approval of the Pennsylvania Department of Internal
Affairs.
A certified check for $250, payable to order of the District Treas¬
urer, is required.
sealed bids until 7:30 p.m. on
school
Dec.
bonds.
Dated
Dec.
1,
expense
$20.50.
0.15%.
1M %
Schmidt, Poole & Co
E. H. Rollins & Sons, Inc
-
Stroud & Co
-
Int. Rate
0.26%
0.34%
0.35%
DISTRICT,
$1,-
Pa.—PLANS
of the issue.
PLEASANTVILLE SCHOOL DISTRICT,
Pa.—BOND OFFERING—
George A. Waddell, District Secretary, will receive sealed bids at the office
of Nesbitt & Wasson, Esq., Exchange Bank & Trust Co. Bldg., Franklin,
until 3 P.m. on Nov. 25 for the purchase of $18,000 coupon school bonds.
Dated Dec. 1, 1940.
Denom. $1,000.
Due $1,000 on Dec. 1 from 1942
to 1945 incl. and from 1947 to 1960 incl.
Bidder to name rate of interest
in a multiple of M of 1 %.
Sale will be subject to approval of the Penn¬
sylvania Department of Internal Affairs.
District will furnish the bonds
and legal opinion of Burgwin, Scully & Churchill of Pittsburgh.
A certi¬
fied check for $500, payable to order of the District, is required.
100.558
100.549
100.538
100.668
' 100.407
101.129
LEHIGHTON, Pa.—BONDS AUTHORIZED—The Borough Council
on Nov. 4 adopted an ordinance authorizing the issuance of $50,000 2%%
bonds, divided as follows: $35,000 refunding, $5,000 storm water sewer
extension, $5,000 fire truck purchase, $3,000 light plant operation and
$2,000 storage shed.
All of the bonds are to be dated Dec. 1, 1940.
f POTTSTOWN, Pa.—BOND OFFERING—Edmund W. Critchlev, Borft
ough Secretary, will receive sealed bids until 8 p.m. on Dec. 3 for the pur¬
chase of $50,000 1, lk, 1H, 1M.2.2M.2M.2M or 3% coupon, regstered
principal only, sewer improvement bonds.
Dated Dec. 1, 1940.
$1,000.
Due Dec. 1 as follows: $2,000 in odd numbered years
$3,000 in even numbered years starting with 1941 and ending in 1960.
Bidder to name a single rate of interest, payable J-D.
A certified check
LYKENS, Pa.—BOND OFFERING— E. Leroy Keen, Borough Solicitor,
as
to
Denom.
3 for the purchase of $78,000
2, 2M. 2Ji, 2
3, 334, 3k, 3 % or 4% coupon water works bonds.
Dated
Dec. 1, 1940.
Denom. $1,000.
Due Dec. 1, as follows: $2,000 in 1941 to
1945, $3,000 in 1946 to 1954, $4,000 in 1955 to 1958, and $5,000 in 1959
to 1963.
Callable in whole or, from time to rime, in part, at the option of
will receive sealed bids until 7 p.m. on Dec.
and
,
payable to the order of the Borough Treasurer,
to favorable opinion of Townsend,
subject to approval of the Penn¬
sylvania Department of Internal Affairs.
tm
UPPER
MILFORD
TOWNSHIP
CONSOLIDATED
SCHOOL
DISTRICT (P. O. Old Zionsville), Pa.—BONDS DEFEATED—'The
voters on Nov. 5 refused to authorize an issue of $65,000 building erection
for 2%
of the bonds bid for,
is required.
Bonds will be issued subject
Elliott & Munson of Philadelphia, and
and accrued interest on Dec. 1, 1950 or on any interest
payment date thereafter, in the inverse order of maturity.
Bidder to name a single rate of interest, payable J-D.
Bonds may be
registered as to principal only and will be general obligations of the borough,
backed by its full faith and credit.
They will be issued subject to favorable
legal opinion of Townsend, Elliott & Munson of Philadelphia, and subject
to
approval of the Pennsylvania Department of Internal Affairs.
A
certified check for 2% of the bonds bid for, payable to order of the Borough
Treasurer, is required.
the Borough at par
bonds.
"
WASHINGTON TOWNSHIP (P. O. Flicksville), Pa.—BONDS DEFEATED—The voters on Nov. 5 refused to sanction an issue of $25,000
road construction bonds.
M«m
.
MARSHALL TOWNSHIP SCHOOL DISTRICT (P. O. Warrendale),
DEFEATED—An issue of $25,000 building addition and
Pa.—BONDS
equipment bonds was rejected by the voters on
SCHOOL
CITY
PITTSBURGH
101.149
100.671
2%
2%
2%
2K%
Moore, Leonard & Lynch
Hemphill, Noyes & Co
Ramo, Keen, Close & Kerner
-
500,000 BOND ISSUE—The Board of Education budget for 1941 includes
a sum of $18,750 to be applied to payment of interest at rate of 2M% on
a bond issue of $1,500,000 to cover interest cost from the date of the sale
100.558
2%
2%
2%
Fox, Reusch & Co..
'
Mackey, Dunn & Co. (plus $1)
First National Bank of Pittsburgh (plus $36)---
_
2%
Other bids:
Bidder—
Mellon Securities Corp
SALE—The $199,000 coupon refunding bonds offered Nov.
13—Y. 151, p. 2384—were
awarded to M. M. Freeman & Co. of Philadelphia, as 1Mb, at a price of
100.5196, a basis of about 1.405%.
Dated Nov. 15, 1940 and due Nov. 15
as follows: $19,000 in 1941 and $20,000 from 1942 to 1950 incl.
Other bids:
Bidder—
int. Rate
Rate Bid
Harriman Ripley & Co., Inc
l%%
100.778
_
Pa.—BOND SALE—The $800,000 coupon current
151, p. 2537—were awarded to Halsey,
York, at 0.23% interest, at par plus a premium of
Dated Nov. 1, 1940 and due Nov. 1, 1941.
Re-offered to yield
bonds offered Nov. 12—V.
Stuart & Co., Inc., New
JOHNSTOWN SCHOOL DISTRICT, Pa.—BOND
Eastman, Dillon & Co
SEWER
PITTSBURGH,
1 from 1941 to 1948 incl.
Blair & Co
become the
then the constitutional exceptions have
constitutional rule."
The SI 1,000 high school construction bonds sold to Singer, Deane & Scribner of Pittsburgh as 2Ms, at a price of 101.19—V.
151, p. 2691—mature
to
2983
The Commercial & Financial Chronicle
1S1
WEST VIEW SCHOOL
t
Nov. 5.
RONEOUS— Report in V.
DISTRICT, Pa.—ELECTION REPORT ER¬
p. 2830 of the defeat of an Issue of $55,000
such a proposition was not
" ,
151,
bonds at the Nov. 5 election was erroneous, as
MIDLAND, Pa.—BONDS DEFEATED—'The voters on Nov.
issue $33,000 improvement bonds.
5 rejected
on
the ballot.
he proposal to
SOUTH
SCHOOL DISTRICT (P. O. Pleasantville), Pa.—BOND OFFERING—Clara Monroe, District Secretary, will
receive sealed bids at the office of Nesbitt & Wasson, Esq., Exchange
Bank & Trust Co. Bldg., Franklin, until 2 p. m. on Nov. 25 for the pur¬
chase of $30,000 coupon school bonds.
Dated Dec. 1, 1940.
Denom.
$1,000.
Due Dec. 1 as follows: $2,000 in 1943 to 1945, $1,000 in 1946
to 1949, $2,000 in 1950, $1,000 in 1951 to 1954, $2,000 in 1955, $1,000 in
1956 to 1959, and $2,000 in 1960 to 1963.
Bidder to name rate of interest
in a multiple of 34 of 1%.
The sale will be subject to approval of the
Department of Internal Affairs.
The district will furnish the bonds and
legal opinion of Burgwin, Scully & Churchill, Esqs., of Pittsburgh.
Enclose
a certified check for $500, payable to the district.
CREEK
OIL
TOWNSHIP
TENNESSEE
WJACKSON, Tenn.—BOND OFFERING— It is stated by B. F. Graves,
City Recorder, that he will offer for sale at public auction on Nov. 27, at
2 p. m„ a $30,000 issue of not to exceed 3% semi-annual general obligation
municpal airport bonds.
Dated Dec. 1, 1940. Due as follows: $1,000 in
1943; $5,000, 1946 to 1949 and $9,000 in 1950.
No sale will be made at
less than par and the purchaser is required to bear legal and printing
PEN ARGYL, Pa.—BONDS APPROVED—An issue of $35,000 funding
and park improvement bonds was authorized by the electorate on Nov. 5,
according to Francis H. Ede, Borough Solicitor.
They will be offered in
TOWNSHIP
PENN
(P. O. Verona), Pa .—BONDS DEFEATED—At,
of $500,000 sewer
the recent election the voters refused to sanction an issue
■'.
PENNSYLVANIA
LOCAL
5 election on
Name—
Amt. of Issue
$50,000
185,000
Twp. School District (Bloomsburg)
25,000
East Greenville School District
Greenville School District--,
Greenwood
42,000
Lehigh Twp. School District (Walnutport)
Media (water
and sewer)
Millcreek Twp. School District (Erie)
Neshannock Twp. School District (New
-
Castle)-North Sewickley Twp. School Dist. (Beaver Fails)
Perkasie (electric light refunding)
*
Verona School District
*
It
'
of)—ELECTION RESULTS IN VARIOUS
voting in various communities at
proposed bond issues was as follows:
(State
UNITS—The outcome of the
the Nor.
was
previously reported that this issue had
75,000
150,000
60,000
45,000
50,000
75,000
Decision
Approved
Defeated
Approved
Defeated
Approved
Defeated
Defeated
Approved
Approved
Defeated
been approved.
JELLICO, Tenn.—BOND OFFER ING—11 is stated that O. A. Rodeheaver Sr., City Recorder, will offer for sale at public auction on Nov. 18,
at 2 p. m., an issue of $104,000 not to exceed 5% semi-annual electric system
revenue bonds.
Dated Nov. 1. 1940.
Denom. $1,000. Due as follows:
$4,000 in 1943 to 1945, $5,000 in 1946 to 1950, $6,000 in 1951 to
$7,000 in 1956 to 1958, and $8,000 in 1959 and 1960.
Rate or rates
interest to be in multiples of M of 1 %.
Not more than two rates of interest
shall be specified and there shall be no more than one rate for any one
maturity.
The bonds will be awarded to the responsible bidder whose
results in the lowest interet cost to the city.
No bid will be accepted for
less than par and accrued interest.
The bonds are issued for the purpose of
the acquisition of an electric system for the city and are payable
the revenues to be derived from the operation of the system after the prior
payment from such revenues of the reasonably necessary cost of operating,
maintaining and repairing the system.
The city will supply the approving
legal opinion of Chapman & Cutler of Chicago, and all bids must be so
conditioned. A certified check for 3 %. of the amount of the bonds,
to the City Treasurer, is required. * kteEkfe * ftfc to ft fc ton. * .
1955,
of
bid
solely from
payable
LIVINGSTON, Tenn .—BONDS SOLD—Of the $7,000 5% semi-annual
improvement bonds offered for sale on Nov. 9—V. 151, p. 2537—
purchased by a local investor, which was the only
bid received, according to the Mayor.
tad
W
street
a
PHILADELPHIA, Pa .—RECEIPTS HIGHER IN 10 MONTHS—Col¬
by the city in the first 10 months
tne monthly report of Frank J.
Willard, receiver of taxes, shows.
This compares with collections in the
corresponding period of 1939 of $55,295,446.
Collections on the W%% earned income levy during October exceded
$1,200,000 and brought receipts from that source for 10 months to $11,873,0»6, which is about $3,000,000 under expectations.
Real estate levy yielded $36,761,168 in the 10-months period compared
with $36,261,908 a year ago, the school levy $25,325,245 against $21,774,021
and personal property $3,129,629 against $3,206,686.
Water rental payments continued to lag, receipts totaling $6,162,699
against $6,267,004.
There was a marked falling off in receipts in the delinquent departments,
delinquent real estate returns amounting to $3,791,884, drop of $707,988
from year ago; delinquent school $2,184,504 against $2,506,629; and
delinquent personal property $97,263 against $103,524.
The city's receipts from all sources in the 10-montbs period increased
$14,481,453, totaling $91,550,920 compared with $77,069,467 year ago.
As of Nov. 1, last, there remained still to be collected $6,110,999 of the
city levy and $2,717,989 of the school levy.
lections from all general revenue sources
of this year amounted to $66,225,675,
PHILADELPHIA,
Pa.—-SEWER F NANC1NG PLAN SEEN AS
DEBT LIMITS—In connection with the
ATTEMPT TO EVADE LEGAL
Srevious report Court to columns—V. 151, p. 2231—of the refusal of the
tate Supreme in these
validate the proposed $42,000,000 sewer rental
we give the following comment as contained in
"Enquirer" of Oct. 29:
Philadelphia's plan to finance a $42,000,000 sewer construction program
was set aside by the State Supreme Court because it was an attempt to
exceed the city's borrowing capacity.
k That was learned yesterday when the high tribunal, in Pittsburgh, made
public the o inion by which the plan was held unconstitutional on Oct. 7.
The city had hoped that because the huge program was to be "selfliquidating" through the collection of sewer rentals oased upon property
assessments, it would pass the constitutionality test.
But, the Court held, in an opinion written by Justice D. Patterson, if
the city were permitted to go ahead under such a plan, it could do likewise
for other municipal enterprises "almost without limit."
P -"The mischief which
it is the purpose of the constitutional limitation
to prevent, i.e., unduly burdensome, if not ruinous, taxation, would clearly
be present in the same degree where a number of special levies for various
municipal enterprises thus permitted to oe imposed, the sum total of which
when added to the necessary tax for current expenses would exceed what
the taxable property of the municipality can support, as where the whole
amount is collected under one assessment.
"As appellant states," it continued, "if a public utility should be held
to be self-sustaining, within the meaning or the constitutional exclusion
bond financing program,
the Philadelphia
|»
to*. ■■
expenses.
December.
system bonds.
CAROLINA
SUMTER, S. C.—MATURITY—The City Clerk states that the $30,000
street improvement bonds sold to Hamilton & Co. of Chester, as 2Ms, at
a price of 99.02, as noted here—V. 151, p. 2830—are due $2,000 on Jan. 1
in 1942 to 1956, giving a basis of about 2.37%.
block of $4,COO was
OFFERING—It
publ c
semi¬
1,1940. Due
MADISON COUNTY (P. O. Jackson), Tenn.—BOND
August Wilde, County Judge, that he will offer for sale at
27, at 3 p. m.. a $30,000 issue of not to exceed 4%
annual general obligation airport building bonds.
Dated Aug.
$2,000 in 1941 to 1955, incl. No sale will be made at less than par.
!*
is stated by
auction on Nov.
TENNESSEE,
Governor Prentice
State
of—BOND OFFERING— It is announced by
State Funding Board will receive sealed
Cooper that the
bids until 10 a. m. on
Nov. 25. for the
purchase of $368,000 consolidated
reimbursement) coupon or registered bonds.
Dated Dec. 1, 1940.
$1 000.
Due Dec. 1, 1950.
Bidders are requested to stipulate the
rate of interest the bonds are to bear in multiples of M of 1 %.
The same
rate of interest must be stipulated for all bonds of this issue.
Principal and
interest (J-D) payable at the fiscal agency of the State in New York City,
(county
Denom
are direct general
full faith and credit
therefor, there is also
nledeed the annual net revenues of all toll bridges now operated by the
State or any State agency, the first $307,500 of the annual receipts of any
tobacco tax heretofore or hereafter levied until and including the fiscal
vear 1946-47, the annual proceeds of a tax of five cents per gallon upon
gasoline, the annual proceeds of all fees for the inspection of volatile sub¬
stances provided for by Section 6821 of the Code of Tennessee, one-half of
the annual proceeds of motor vehicle registration fees now or hereafter reauired to be paid to the State and the entire annual proceeds of franchise
taxes imposed by the Franchise Tax Law, being Chapter 100, Puolic Acts of
Tennessee, 1937, and all of the bonds are entitled to the benefit of the
proceeds of the foregoing taxes, fees and revenues and to share therein with
other obligations of the State that might be entitled to share therein as
provided by Chapter 165, Public Acts of Tennessee, 1937.
The legality of
the bonds will be approved by Thomson, Wood & Hoffman of New York,
whose opinion will be furnished the purchaser without charge.
The bonds
will be awarded to the bidder offering to take them at the lowest rate of
interest at a price not less than par and accrued interest to date of delivery.
at the State Treasurer's office.
All of the bonds
obligations of the State for the payment of which the
of the State are pledged, and as additional security
or
anv
The statutes
prescribe a maximum rate of 5 % for the consolidated bonds,
higher rates cannot be considered.
Enclose a certified
ths face amount of the bonds bid for, payable to the State
and accordingly
check for 2% of
Treasurer.
TEXAS
AND ATASCOSA COUNTIES, WATER IM¬
PROVEMENT DISTRICT. NO. 1 (P. O. Natalia), Texas— BONDS
SOLD TO RFC— It is stated that $125,000 4% semi-annual water,,series
1939 bonds have been purchased at par by the Reconstruction Finance
BEXAR,
Corporation.
MEDINA
The Commercial & Financial Chronicle
2984
BRISCOE
COUNTY
(P.
O. Silverton), Texar-BONDS SOLD—A
$29,000 issue of court house refunding, series 1940' bonds is'reported to
have been purchased by the?Rittenoure Investment Co. of
Wichita, paying
par for 2M» and 3s.
Due on April 15 in 1941 to 1951.
~
GRAY COUNTY (P. O.
Auditor states that
Pampa), Texas—BONDS SOLD—The County
COWLITZ-COUNTY^PUBLIC UTILITY DISTRICT (P. O.
Kelso),
Wash.—BOND ISSUANCE APPROVED—It is stated by George E.
Secord, County Treasurer, that'the District' Commissioners have approved
the issuance'or $6,600.000'in bonds to be used for the proposed acquisition
of properties now owned by the
Washington^Gas^Electric Co. In Long-
interest
cost of about 1.74%, on the bonds divided as' follows: $80,000'
maturing
$40,000 Dec. 1, 1943 and 1944, as 1Mb. and $520,000'maturing Dec.
1,
$40,000 in 1945 to 1947, and $80,000 in 1948 to 1952, as l^s.
Dated Dec. 1, 1940.
Denom. $1,000.
Bonds'maturing'on" and after
Dec. 1, 1948, may be called for payment' Dec. 1, 1948, or
any interest
view
Kindred & Co. of Austin.
(P. O.
v
4
'
'
Longview), Texas—BOND OFFERING—
103 thereafter.
HUNTINGTON RURAL SCHOOL DISTRICT (P.
O. Lufkm).
Texas—BONDS SOLD—A $15,000 issue of 5% semi-annual
construction
bonds is said to have been purchased by
McCling & Knickerbocker of
Houston, at par.
Due on April 1 in 1941 to 1970.
§14,000 in 1963, $22,500 in 1960 and 1961,in$20,000 in
22,000 in 1959, $16,000 in 1964, $24,000
1965 and
1962
1966,
1967, $27,000 in 1968, $29,000 in 1969, $30,000
1970, $32,000 in 1971 and $307,000 in 1972.
»
18,000 warrants, on March 1 as follows: $2,000 in 1954, $1,000 in
1955 to 1957, $4,000 in 1958 and $.3,000 in 1959 to
1961.
Dated March 1, 1939.
Optional on any interest
$26,000 in
in
payment date.
Prin.
and int. payable at the Chase National
Bank, New York.
Legality
proved by the Attorney-General, and Chapman & Cutler of
Chicago.
TEXAS
(State of)—LEGISLATURE
TO
BE
ASKED
TO
ap¬
RELIEVE
REALTY OF ALL STA TE LEVIES—A special
dispatch from Austin to the
"Wall Street Journal" of Oct. 24 had the
following to say:
"Public agitation for a reduction of ad valorem taxes in
Texas has been
manifest for several years, but it was not until this
year that various cham¬
bers of commerce and other civic bodies
got behind it and
plished striking results.
The South Texas
been particularly active in this respect.
have accom¬
of Commerce has
Chamber
"A
considerable element of property owners have been
urging during
years the enactment of a law that would relieve all real
ad valorem taxes.
Success, to the extent of exempting
homesteads to the amount of $3,000 valuation from State
taxes, has been
attained, and the forthcoming Legislature which meets in
regular session
next January, will consider a bill to relieve
realty of all State levies.
This
may also be extended to county and city ad valorem
taxes.
'
The tax reduction movement has been accentuated
by the increased
Federal taxes but it had Its origin before these were
:.V.
:...//
The
bonds cannot
be sold for less than par and accrued interest.
Pur¬
chasers will be required
to pay accrued interest to the date of delivery.
Delivery will be made in New York City, or Charleston, at option of the
through
1,1946 to March 1,
1954, and 5% from March 1, 1954 to March 1, 1972, due as follows
$676,753,43 bonds, on March 1 as follows: $12,253.43 in 1954. $13,000 in
1955, $14,000 In 1956, $15,000 in 1957, $13,000 in
1958,
,
refunding bonds, Parkersburg-Belpre, Williams-Marietta and St*
Marys Bridges bonds. Dated Jan. 1, 1941.
Denom. $1,000.
Due Jan. 1
follows: $200,000 in 1942 to 1946 and $250,000 in 1947.
The bonds are
callable on any interest date on and after Jan. 1, 1944 at a premium of 1%.
The bonds will be sold to the bidder asking the lowest rate of interest and
offering to pay the highest price.
Prin. and int. payable in lawful money
at the State Treasurer's office, or at the National City Bank, New York.
to 1980.
SAN BENITO, Texas—ADDITIONAL INFORMA
TION—Tn connec¬
tion with the report given here on Aug. 3 to the effect
that $676,753.43
refunding, series of 1939 bonds had been purchased by the
Ranson-Davidson
Co. of San Antonio, it is now reported
by the City Manager that these
bonds, together with $18,000 refunding warrants, were exchanged
through
the said firm with the original holders at par for
3% obligations maturing
from March 1, 1939 to March 1, 1946; 4% from March
.v,V;\
as
ROFSTOWN, Texas—BONDS EXCHANGED—It is reported that a
$284,500 issue of 4M% semi-annual refunding, series of 1940 bonds has
been exchanged with the holders of the original bonds
at par,
April 15 in 1941
;
revenue
Texas—BOND SALE DETAILS—It is now
reported
$20,000 3M% semi-ann. refunding, series 1940 bonds sold
to
Pallas, as noted here on July 27, were purchased at
par
are dated June 1, 1940, and mature
$2,CC0 on June 1 in 1942 to 1951 incl.
Prin. and int. (J-D) payable at the Mercantile National Bank
of Dallas.
the
on
•
VIRGINIA, State of—BOND OFFERING—Sealed bids will b®
received until 1 p.m. (EST), on Nov. 26, by Burr H. Simpson, Stat®
Road Commissioner, for the purchase of an issue of $1,250,000 bridg®
PLAINVIEW,
Due
..
WEST
Crummer A Co. of
Crummer & Co. of Dallas.
VIRGINIA
—BONDS OFFERED FOR
Sealed bids will be received until Nov. 23, by Merritt H.
Gibson, County
Judge, for the purchase of $200,000 airport bonds.
Bidders are to name
the rate of interest.
Due serially in 10 years.
that
-
CHARLESTON HOUSING AUTHORITY (P. O. Charleston), W. Va.
INVESTMENT—Goldman, Sachs & Co., and
B. J. Van Ingen & Co., Inc., both of New York, jointly, offered on Nov. 14
for public subscription $258,000 bonds, first issue, series A, due June
1,
1941 to 1954 incl.
The bonds, bearing 2, 2H and 2M% coupon rates are
priced to yield 0.40 to 2.30%, according to maturity.
The bonds are
redeemable at the option of the Authority at 104 if redeemed on or before
Dec. 1, 1945; at 103M thereafter, but on or before Dec. 1, 1950; or at
Associated with the above named firms in the
purchase'were.-'Gregory
Eddieman & Abercrombie of Houston, Rauscber, Pierce
&ICo. of Dallas'
COUNTY
and^Ryerwood.
WEST
'reasurer's office.
Payment date thereafter. Principal and interest payable'at Ithe State
GRFGG
1940
16
the'National Bank of Commerce, and the
Seattle-First National Bank, all of Bellingham, as 1.70s, at a
price of
100.0658, and mature as follows: $10,000 in 1942; $12,000, 1943; $14,000,
1944; $16,000, 1945;'$18,000, 1946; $42,000, 1947; $44,000, 1948; $46,000.
1949: $48,000, 1950, and $50,000 in 1951, giving a basis of about 1.69%.
$600,000 road bonds were purchased on' Nov. 9
by
Crummer & Co. of Dallas, and the Ranson-Davidson' Co. of San Antonio
and associates, paying a premium of $11, equal to 100.001, a net
and Barcus,
Nov.
Bellingham NationarBank,
purchaser.
These bonds are issued under authority of the Official Code of West
Virginia, known as Article 17 of Chapter 17 of the Official Code of West
Virginia 1931, and under authority of Acts of the Legislature, known as
Chapter 1, of the Acts of the Legislature, Extraordinary Session of 1932,
Chapter 40, Acts of the Legislature, First Extraordinary Session of 1933,
Chapter 26, Acts of the Legislature, Second Extraordinary Session of
1933 and Chapter 120 of the Acts of the Legislature, Regular Session of
1937.
The proceeds of these bonds will be used for the purpose of paying
off and cancelling bonds of a like amount dated July 1, 1937 and maturing
serially to July 1, 1952.
The amount of the bonds of the original issue
outstanding at this date is $1,306,000.
The net balance in the sinking
fund, after providing for the interest payment due Jan. 1, 1941, will be
approximately $126,000.
$56,000 of this amount will be used to retire a
like amount of the original bonds and the sum of $39,180 will be used for
the purpose of paying the call premium of 3% on the total of $1,306,000.
The remaining moneys in the sinking fund will be held to apply against
interest and principal requirements on the refunding bonds.
These three
bridges were acquired by the State in 1937.
The Parkersburg-Belpre and
Willlamstown-Marietta on July 19, 1937: the St. Marys Bridge on Dec. 3,
1937.
These bonds are payable solely from a special fund administered
by the State Sinking Fund Commission, into which shall be paid monthly
tolls and other revenues collected for the use of the bridges, after deducting
therefrom maintenance and operating expenses.
Tolls are to be collected
for the use of the bridges and payment made into the special fund until
all of the bonds issued shad have been paid or a sufficient sum of money
accumulated in the fund to provide for their payment.
The purchaser
will be furnished with the final approving opinion of Chapman & Cutler of
Chicago, but will be required to pay the fee.
v.
V,-* ;
and
the last several
estate of State
imposed.
Nueces, which previously had announced a reduction of
10 cents—from $1.30 to $1.20 on the $100
valuation—found a way to lop
off 16 cents more, making the rate $1.04.
are
informed by the Town Clerk
purchased by Bell & Farrell of Madison,
1947,incl.
were
"One county,
TEXAS. State of—LOCAL SCHOOL BONDS
PURCHASED—The State
Board of Education Is said to have purchased
recently the following school
bonds:
$2,300
1,860
3,500
14,000
3,500
10,000
Brown County, County Line Rural High School District
4% bonds,
Callahan County Common School District No. 7,
4% bonds.
Cherokee County Common School District No.
76, 4% bonds.
La von Independent School District 4% bonds.
McLennan County Common School District No. 3-A
3M% bonds
Malone Independent 8chool District 3M% bonds.
10.000 Tyler County Rural High School District
ZM% bonds.
6,000 Barksdale Independent School District
3%% bonds.
2,000 Donie Independent School District 4% bonds.
1,600 Evant Independent School District 3M% bonds.
760 Grayson County Common School District No. 20
Texas—BONDS
SOLD—The
Due
on
Dec. 1 in 1941 to
y
WYOMING
10
DUBOIS, Wyo.—BOND OFFERING— Sealed bids will be received until
a. m. on Nov. 26, by W. A. Meckem, Town Clerk, for the purchase of
$10,000 not to exceed 4% semi-annual water bonds.
Denom. $1,000.
Dated Dec. 1. 1940.
Due $1,000 in 1942 to 1951.
Optional on any in¬
date after 1947 as a whole or in part in reverse order.
Principal
terest
and interest payable at the Town Clerk's office.* These bonds are part of
an authorized issue of $19,000.
The town willffurnish the bonds and the
approving opinion of Myles P. Tallmadge of Denver.
Enclose a certified
check for 5% of the par value of the bonds.
CANADA
ALBERTA
3M%'bonds.
2,700 Hopkins County Common School District No. 14
3M% bonds.
1,000 Tarrant County Village Creek School District No. 55
bonds.
9,000 Trinity County Rural High School District No. 44
3H% bonds.
WESLACO,
®
WI SCONS IN
ETTRICK, Wis.—PURCHASER—We
that the $9,000 3M% anrual town hall general obligation bonds sold on
Nov. 1 at 105.966, a basis of about 2.20%. as noted here—V. 151, p. 2830—
(Province
of)—DOMINION
MAY
PAY
DEFAULTED
DEBTS—It is reported that payment by the Dominion Government of the
defaulted principal and interest on bonds of the Province of Alberta will be
made possible if the nine provincial governments accept the program to be
laid before them at a corference to be held in January in Ottawa.
revenue bonds
authorized by the City
1, have been sold.
Dated Aug. 1, 1940.
Denom. $1,000.
Due Feb. 1 as follows: $1,000 in
1942, $2,000 in 1943 to 1954, $3,000 in
1955 to 1958, and 84,000 in 1959 and 1960.
Principal and interest payable
at the Guaranty Trust
Co., New York.
Legality approved by Gibson &
Gibson of Austin, and
Chapman <fc Cutler of Chicago.
Alberta, since 1936, has defaulted on all maturities which aggregate
$15,500,000, of which $15,150,000 were payable in New York. The Province
virtually all outstanding issues.
The conference will be based on the report of the Sirois Commission which
after nearly three years' study of fiscal relationships recommended the
assumption by the Federal Government of all provincial debts and re¬
linquishment by the provinces of some of their taxing powers to the central
COUNTY (P. O. Georgetown), Texas—BONDS SOLD
road and bridge refunding, series
1939 bonds Is said to have been
purchased by W. H. Bullard & Co.
of Austin.
stated that its plan "proposes the assumption of Alberta's debt including
all unpaid interest, on the same terms as for every other Province."
$45,000
Council
4%
on
semi-annual
City
Manager states that
water
Oct.
~7A $20,000 issue of 3 H % semi-annual
of
has also cut interest on
government.
Recommendation of the Commission
The Commission noted
result
UTAH
MORONI
Johnson,
CITY, Utah.—BONDS
City
Recorder, that
electric revenue bonds
bids
to
rejected.
1951, incl.
were
were
NOT SOLD—It
$40,000
offered
gested
on
not
Dated Nov. 1, 1940.
is Btated by
to
exceed
12
but
Nov.
6%
were
Due $4,000
on
Rulon
semi-annual
not
sold
as
all
Nov. 1 in 1942
on
Alberta
that the assumption
was
equally plain.
It
of provincial debts might
this sug¬
in fortuitous profits to some bondholders and to prevent
a
special capital gains tax or transfer tax.
CANADA (Dominion of)—TREASURY BILLS SOLD— An issue of
$40,000,000 Treasury bills was sold on Nov. 14 at an average yield of
0.6356%.
Due in three months.
QUEBEC (Province of)—$21,600,000 BONDS PLACED ON MARKET
—A large underwriting group headed by the Royal Bank of Canada made
VERMONT
RUTLAND, Vt.—BONDS DEFEATED—T.
reports that the voters
following
storm
on
bonds: $125,000
P. Roberts, City Treasurer,
Nov. 5 refused to authorize the issuance of the
reservoir,
sewer.
$120,000 weU system
and
$35,000
•
VIRGINIA
LIVINGSTON ROAD DISTRICT
(P. O. Spotsylvania), Va.—BOND
SALE DETAILS—The Chairman of the
Board of Supervisors states that
the $17,000 road bonds sold to R. S.
Dickson & Co. of
Charlotte,
at
as
3s,
a price of 105.53, as noted
here—V. 151, p. 2692—are due $1,000 on
Nov. 15 in 1941 to 1957, giving a basis of about
2.34%.
ROANOKE,
until
noon on
Va.—BOND
OFFERING—Sealed
Dec. 9. by L. D
bids" will'be
received
James, City Clerk, for the purchase of a
of not to exceed 3% semi-annual
armory-stadium, library
and athletic field bonds.
Denom. $1,000.
Dated Dec. 1, 1940.
Due on
Dec. 1 as follows: $24,000 in 1941 to 1950, and
$23,000 in 1951 to 1970.
These bonds were approved by the
voters^at the general election held on
$700,000
issue
Nov. 5.
public offering in Canada on Nov. 12 of $21,660,000 refunding bonds of
the Province, embracing $11,750,000 sinking fund 4s, due Nov. 15, 1952,
and callable in whole but not in part on Nov. 15, 1950 or on any subse¬
quent interest date, at par and accrued interest, and $9,850,000 serial de¬
bentures, due $1,976,000 yearly on Nov. 15 from 1941 to 1945 incl.
Latter
securities bear interest rates as follows: 1941, 2M%; 1942, 2M%; 1943,
2H%, 1944, 3%, and 1945 at 3M%•
The entire $21,600,000 bonds bear
date of Nov. 15, 1940 and the proceeds of the financing will be used by the
Province in the refunding of loans due Oct. 1, 1940 and Dec. 1, 1940.
The $11,750,000 sinking fund 4s were offered by the syndicate at a
price of 99.50, to yield about 4.05% to maturity.
The serial debt was
offered at par with subscriptions to include equal amounts in each ma¬
turity, providing an average yield of 2.916%.
All of the obligations
offered are payable as to principal and semi-annual inte rest (M-N 15)
in lawful money of Canada in the cities of Quebec, Montreal or Toronto,
at the holder's option.
The sinking fund securities are in denoms. of
$1,000, $500 and $100, and the serials in units of $1,000 and $500.
A
sinking fund of at least 1% will be provided annually for the sinking fund
securities.
All of the obligations have been approved as to legality by
Montgomery, McMichael, Common & Howard, and may be registered
as
to
principal only.
In addition to the
Royal Bank of Canada, the underwriting group also
following: The Canadian Bank of Commerce; tne Bank of
E. Ames & Co., Ltd.; the Dominion Securities Corp.,
Ltd.; Woody, Gundy & Co. Ltd.; W. C. Pitfield & Co. Ltd.; Bank of
Montreal; Banque Canadienne Nationale; La Banque Provinciale du
Canada; L. G. Beaubien & Co., Ltd.; Royal Securities Corp., Ltd.; Collier,
included
WASHINGTON
BELLINGHAM, Wash.—BOND SALE DETAILS—It'is'now reported
by the City Comptroller that the $300,000 water bonds sold
recently, as
151, p. 2830—were purchased by a group composed of the
noted here—V.
Nova
the
Scotia; A.
Norris &
Henderson Ltd., and Nesbitt, Thomson &
Co., Ltd.
@FedFRASER