The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Volume 154
Number 4013
-
y
•
New York, N. Y., Saturday, November 29, 1941
.
STATE
AND
CITY
%
.
Price 60 Cents
t
Copy
a
DEPARTMENT
BOND PROPOSALS AND NEGOTIATIONS
y<
vV ALABAMA
*
|
*?,,
•
.,
p-i
21,000 school and
•
,
**.i
• f
State
Teachers College
O. Montgomery), Ala.
Bonds Sold—A $50,000 issue of
3%
semi-ann. building revenue
(P.
on
Nov.
posed
bonds
18
of
by
purchased
was
syndicate
a
Mohr
King,
&
com¬
Co.
,
of
Montgomery, Ward, Sterne & Co.
of Birmingham, Agee & Leach, J.
Mills Thornton, both of Birming¬
ham,
and
the
Robinson-Hum¬
phrey Co. of Atlanta, at a price
of 102.05, a basis of about 2.80%.
Dated Dec. 1,1941. Due on June 1,
as follows:
$2,000 in 1942 to 1954,
and $3,000 in 1955 to 1962; op¬
tional on or after Dec. 1, 1946,
at y4% premium for each unex¬
pired year, not exceeding 105 in
order of maturities.
reverse
calls for
bonds.
For
$10,000 ma¬
turing $5,000 Jan. 1, 1969 and
Alabama
refunding
series
sewer,
B
1970, as 3y2s, and $11,000 maeuring Jan. 1, $5,000 in 1971
and $6,000 in. 1972, as 3y4s.
415,000 general, series A bonds.
For $208,000 maturing $104,000 Jan. 1, 1969 and 1970, as
3y2s, and $207,000 maturing
Jan. 1, $104,000 in 1971 and
$103,000 in 1972, as 3y4s.
64,000 general, series B bonds.
$32,000 maturing $16,000 Jan.
1, 1969 and 1970, as 3y2s,
J. & J., and $32,000 maturing
$16,000 Jan. 1, 1971 and 1972,
3 y4 s.
as
Birmingham,
are
offer¬
1, 1935.
The
1965.
1,
ac¬
The
1942,
Trustees of the State Normal
School, Western State College
bonds
must
be
pre¬
tees calls for payment on Jan.
mentioned
1937, at
par
Little Rock.
to
called,
Leachville
Spec. Sch. Dist. (P. O.
Leachville), Ark.
Bond Call—Secretary Board of
Education, J. Lee Bearden, calls
for payment, at par and accrued
interest, on Jan. 1, 1942, of the
above
to
district
58 RB.
Due
Nov.
May
bonds
Dated
1,
4 RB
1,
1964.
to
y4
of
amount
1934.
The
with
presented
1%
exceed
5%
on
the
of
coupon
For
$73,000 maturing Jan. 1.
$37,000 in
1969, $36,000 in
1970, as 3%s, and $72,000 maturing $36,000 Jan. 1, 1971
l':
and 1972, as 3V4s. ,
19,000 water, series B bonds.
For $9,000 maturing Jan.
1.
cial
%'■yJVbV ;2Q
1942, and all subsequent
Tuscumbia, Ala.
Bond
First
Tenders
National
Invited
Bank
—
coupons
attached, to the Commercial Na¬
Bank, Little Rock.
.
*
The
tional
of
Birming¬
ham, sinking fund agent and de¬
positary for the above city, an¬
nounces that it will Receive sealed
Court
High
Ruling
Upsets
.
.
ers
Co., New York.
must
contain
All tend¬
complete
a
culties
de¬
year
common
to all of them by
the
restraining
transportation
oi
\
Page scription of the bonds tendered, persons and property across
its
State and City Department
•
including
their
numbers.
Any borders."
Bond Proposals and Negotiations. 1249
tenders may stipulate it is for the
The
test
of
the
California
General
Corporation and Invest¬
purchase of all or none of the statute, which makes it a mis¬
ment
News
1257
•
.
Western
State
bonds tendered.
Weekly Statement of Reserve Banks
(individually)
....................
1273
fied
check
for
Enclose
1%
of
a
the
certi¬
demeanor
face
to
bring
or
assist
in
bringing
non-resident indigents
amount of the bonds tendered.
into the State, was raised in the
Federal Reserve Note Statement.. 1273
appeal of Fred F. Edwards of
Weekly Return of Reserve Banks
Union Springs, Ala.
(combined)
'.... 1275
Marysville, Calif., who was con¬
Bonds Offered to Public—Marx
Condition of the New York Rer
victed y of
driving
his
jobless
serve Bank
1277 & Co. of Birmingham, are offer¬
brother-in-law, " Frank
Duncan,
Discount Rates of Foreign Central
ing for general investment $35,from Spur, Tex., to Marysville in
Banks
1277 000
3%
general obligation re¬
December, 1939.
Weekly Return of Member Banks
funding bonds. Denom. $1,000.
California • enforced
the
law
1274,1277
•
-
:
1277
ing House
Bankers'
New
Acceptances
York
.............
Foreign
Loans
1274
Exchange Rates
Brokers'
....................
Weekly
Federal
Changes .....
Gold
The
Bullion
Course
Discount
of
Rates
Bank
of
of
Course
of
has
the
school
(P,i O.
District
Wilmington},
Del.
Bond
or
Sale—The
registered
$46,000
coupon
construction
and
.
tion
a
bill
Congress
authorizing
and
fire
house
construc¬
bonds.
2ygs
Keiser Con. Sch. Dist.
(P.
Market.......
Bond
1278
1278
of
O.
ann.
bonds
&
Co.
by Francis
I.
du
Chisholm
and
&
Chapman.
Florida Keys Aqueduct
sion, Fla.
Bond
Validation
Commis¬
Upheld—The
Supreme Court of Florida is said
to
water works extension bonds
Keiser),
No. 31
Ark.
Call—Secretary of Board
Education, R. ,H. Robinson,
for
sale
on
Nov.
p.
have upheld the validation of
Sept. 1 in 1942 to 1951 incl.
J.
Van
Ingen
Qo.: ofYNew!
&
York, Sullivan, Nelson & vGoss of
West
Palm
Beach, Carlberg &
Cook of Palm Beach, and Alien!
& Co. of Lakeland, paying 101.05,
a
net interest cost of about 3.90%:
water
supply
the
line
The
of
bonds
134
miles
to
mainland
be finished
Key
West
early next
year.
constitute the
will
city's share of the cost of the
aqueduct. Attorneys for the Com¬
mission
have
told
the
Supreme
Court that validation would clear
the last obstacle to completion of
the
project, for which the United
States Navy Department has paid
two-thirds of the cost.
The
Supreme
project
was
Court
said
the
entirely self-liquidat¬
ing and "the fact that this
tri-party
undertaking
is
does
a
not
the
vitiate it and will not affect
validity of the bonds."
except for the $16,000 due in 1972,
are
priced at 103.00. y ;,
Lakeland, Fla.
Accepted—It is
stated by J. L. Davis, City Clerk,
Bond
Commission
are
cooperat¬
ing in construction of the- pipe¬
line.
>
•
«
in
Tenders
connection
tenders
with the call
Nov.
on
20, of 1936
and 1939
general refunding bonds,
$25,000 bonds were purchased at
99.00, 99.74 and 99.75 and in¬
terest.
<
,
Okeechobee County
(P* O. Okeechobee). Fla.
'
yy,....
.
Bond
Call
Rescinded—Roy R.
Raulerson, Clerk of the County
Board
of
Commissioners, states
that all notices which may have
been given with respect to call¬
ing for payment on Dec. 1, the
following road
funding ' bonds
and
are
bridge
hereby
scinded and ineffective:
re¬
re¬
<
Series A,
Nos. 1 to 397, 587 to
591, and 594 to 801, aggregating
$609,890.91.
Denom. $1,000, one
for
The
City of Key :' West,
the
Navy Department and the Aque¬
duct
re-of-
for public
which
for
to
bidders
bonds
subscription; the 3^s priced to
yield from 2.00% to 3.25%, while
that
revenue bonds
issued by the above Com¬
mission for completion of a fresh
be
from
successful
fered the above
to
$890.91.
'
:
Series B, Nos. 1 to 82, and 87 to
156,
aggregating
nominations
$151,829.56. De¬
$1,000,
$928.13
and
$901.43.
Series
1, 1942,
of all outstanding bonds of the
above district, dated Jan. 1, 1937.
Said bonds will be redeemed on
C, Nos. 1 to 63, aggre¬
gating $63,000.
Denom. $1,000.
Dated June 1, 1940.
Due June
1, 1970. For convenience of bond¬
holders who may wish to sur¬
render their bonds, the Board of
County Commissioners has ar¬
ranged to provide funds for the
purchase of these bonds at par
date
and interest to Dec.
Indian River Co., Spec. Road and
Bridge Dist. No. 4 (P. O.
Vero Beach), Fla.
Bond Call—A
call
has been
is¬
sued for payment on Jan.
called
crued
at
par,
,
plus that
interest evidenced by
due
on
ac¬
ers
cou¬
Jan. 1, 1942, on pres¬
with
all
subsequent un¬
attached, at the
Chemical Bank & Trust
York City.
25—v.
849—were awarded to the
Specializing in I
[ODD LOT MUNICIPAL BONDsJ
$1,750,000 of water
entation
Sale—The $125,000 semi-
:•
■
■
the 4% bonds are priced at 103.25,
Co., New
Lake Wales. Fla.
Bond
Sale
may
—
The
Ranson-Davidson
Co. of Wichita,
1, 1941. Hold¬
send their bonds to The
Manufacturers Trust Co., for sur¬
render pursuant to said terms.
Sarasota
County Spec. Tax Sch.
1 (P. O. Sarasota),
Dist. No.
:y ;,y >yvY'YY
following
bonds
Harris Trust & Savings Bank of semi-ann.
aggregating
Chicago, as 1.10s, paying a price $393,000, offered for sale on Nov.
of 100.04, a basis of about 1.09%. 25—v. 154, p. 1137—were awarded
Dated
Sept.
1,
1941.
Due
on to a syndicate composed of the
154,
1274
1251
Germany Statement......
Bond
•.
BROADWAY, NEWY0RK TEl.REctor 2-1737
—The
made
was
Pont
matured coupons
Greeley, Colo.
Y-
■
$52,000 3Y2%
refunding
bonds.
154, p. 1041—
Due on July 1 in 1943 to 1947.
were awarded to
Laird, Bissell &
341,000 4% refunding bonds. Due
Meeds, of Wilmington, as 2s, at
on
July 1 in 1949 to 1972;
104.361, a basis of about 1.53%.
optional on or after July 1,
Dated
Dec.
1,
1941, and
due
1961.
Dec. 1, from 1942 to 1961
incl.
y Bonds Offered for Investment
Second
high bid of 105.18 for
pons
COLORADO
-
offered
ARKANSAS
Sinking
Notices
Non-Ferrous .Metals
vir¬
> *'■
offered Nov. 24—v.
—
municipality to issue $250,000
England Statement....... 1273
Calls
impover¬
by dust storms which
Alaska
Authorized
approved
1276
of Sterling Exchange.
Fund
Bonds
1277
Redemption
Bank
Ketchikan,
1251
Reserve
Southwest,
lapidated cars and trucks.
Clearings,...
Banks
Bank
ished
and
tually reduced their lands to des¬
ert
wastes,
b e g a n
migrating
westward.
They traveled in di¬
ALASKA
1278
Federal
Prin.
National Bank of Union Springs.
Banks.
European
Middle
(J-J) payable at the First
1273
Rates—.......... 1278
in
$2,000 in 1962 to 1969.
and int.
1273
...
Money
and
when farmers and ranchers in the
Bank
Reserve
Dividends
Foreign
1278
1278
Money Rates
Dated Jan. 1, 1942. Due on Jan. 1,
as follows:
$1,000 in 1943 to 1961,
135
B.
School
-
Weekly Return of N. Y. City Clear¬
y
Widest House in America
Col¬
........,.............
...........................
LOT
LEBEISTTHAL#CO.
said
.....................
>
Y'
or
FLORIDA
tenders until Dec.
18, at noon "Oakie"
Law—A
United
Press
$4,000 in 1969, $5,000 in 1970,
(CST), for the purchase of the dispatch from Washington, D. C.,
3V2s, and $10,000 maturing public
improvement
refunding on Nov. 24 reported in part as
:
y $5,000, Jan. 1, 1971 and 1972, 1-5 % bonds
sufficient to exhaust follows:
California's
famed
as
a
sinking fund deposit of $21,- "Oakie" law, used during the de¬
338,000 street improvement, ser¬ 029.44; and
public improvement pression years to prevent Mid¬
ies A bonds. For $168,000 ma¬
refunding 1-5% bonds, hospital western dust bowl migrants and
turing $84,000 Jan. 1, 1969
refunding 3-5% bonds and general other
indigents
from
pouring
and 1970, as 3V2s, J. & J., and
refunding 1-5% bonds, sufficient into the State, was declared un¬
$170,000 maturing $85,000 Jan. to exhaust a
sinking fund de¬ constitutional by the Supreme
V;\'Y 1, 1971 and 1972, as 3y4s.
posit of $4,697.48, all dated Sept. Court today in a far-reaching de¬
388,000 school and sewer, series
1, 1936, due Sept. 1, 1966.
All cision affecting 27 other States.
A bonds.
For $194,000 ma¬
tenders must state the time and
The
Court's
unanimous
deci¬
turing $97,000 Jan. 1, 1969
place
of
delivery
and
the sion, written by Justice James F.
>
and 1970, as 3y2s, and $194,place
of
delivery
must
be Byrnes, struck vigorously at "at¬
000 maturing $97,000 Jan. 1,
at
the
above
mentioned
bank tempts on the part of any single
r 1971 and 1972, as 3y4s.
or
at
the
Chemical
Bank
& State to isolate itself from diffi¬
INDEX
of
Park
CALIFORNIA
California (State of)
as
Trust
principal
each
DELAWARE
Richardson
or
'
*
lege of Colorado, at Gunnison..
1942, and all subsequent
coupons attached to the Commer¬
National
for any
MUNICIPALS
principal
presentation at the
amount,
immediate and
ODD
premium
the
of
a
1,
Bank, Little Rock,
ing for
general subscription a
$70,000 issue of 23/4% general ob¬ Whitton Spec. ScK Dist.
(P. O.
sewer
improvement
registered semi-ann. refunding of ligation
Whitton), Ark.
bonds. Denom. $1,000. Dated Oct.
Bond Call—Secretary Board of
1941
bonds offered for sale on
Due on Oct, 1; $3,000 in Education, G. A.
Nov.
25—v.
154, p. 1196—were 1, 1941.
Looney, calls
1942 to 1951, and $4,000 in 1952 for
awarded to John Nuveen & Co.
payment, at par and accrued
to
1961.
Prin. and int.
(A-O) interest, on Jan. 1, 1942, of the
of Chicago, paying a premium of
payable at the Chase National above district bonds Nos. 9RB to
$70,800, equal to 105.093, a net
These bonds 38 RB.
Dated Nov. 1, 1934.
interest cost of about 3.10%, on Bank, New York.
Due
were
approved by the voters at Nov. 1, 1942 to 1954.
the bonds divided as follows:The bonds
an election held on
must be presented with May
Sept* 8* 1,
<$145,000 water, series A bonds.
Sale—The
plus
thereof for
Montgomery, Ala.
Bond
dated Jan. 1,
and accrued interest
fraction, from redemption date to
the stated maturity thereof, such
premium in no event, however,
to
an
firm bid
l
1,
college,
office
Nos.
Nov.
1942
be
must
of
upon
bonds of the above
revenue
date
depend
,
Bond Call—The Board of Trus¬
1942,
always
can
of Colorado
Due Dec. 31,
1, 1942, and all
subsequent coupons attached, to
the Commercial National Bank,
bonds
Bonds Offered to Public—Marx
Jan.
on
and
sented with Jan.
Sylacauga, Ala.
& Co. of
interest
par
district bonds Nos. 1 RB to 96 RB
Dated July
YY
;;y vy
■;;
crued
payment, at
Fla.
Refunding
stated
man
lic
Authorized
—
It
is
by C. W. Matheny, Chair¬
of the
County Board of Pub¬
Instruction, that the Board
formally
adopted
a
resolution
authorizing, a refunding program
and directing School Board At-
high bid of 100.586 for U4s was
Kirk to insti¬ Hardin County (P. O. Elizabeth'
, > '
A/' j" ' "'.V made by the Fletcher Trust Co.,
legal proceed¬ A//A /'• // tOU)n), III.
- A ;7,"( /■'f- V
Bonds Sold—The $19,875 judg¬ Indianapolis.
ings to validate $495,000 in bonds.
Circuit Judge George W. White- ment funding bonds, mentioned
Muncie School City (P. O. • *.
hurst set a hearing for Dec. 4. in v. 154, p. 1097, were sold as A A:
I/HA Muncie), /ndh///'A A/A'
on
the validating petition.
At¬ 3V4S. and 3!/2S to Vieth, Duncan & A. Bond Sale—The issue of $50,Dated Oct.
torney Kirk said the refinancing Wood of Davenport.
000 funding bonds offered Nov.
program
had received the ap¬ 1, 1941. ^ Legality approved by 26—v. 154, p. 1043—was awarded
&
Trauernicht
of
St.
proval of Colin English, State Charles
to the Merchants National Bank
Louis.
Superintendent of Education.
of Muncie, as 2s, at par.
Dated
the
tute
necessary
Fairfield, Idaho
Sale—The $25,000
sale
.
semisystem bonds offered
water
ann.
for
154,
24—v.
Nov.
on
Authority
Jan.
(P. O. Kewanee), III.
Bond
Offering — Sealed
bids
will be received until vnoon on
p.
Dec.
000
1, 1942, and due $25,000 on
1, 1954, and $25,000 Jan. 1,
1955.
■
/ A/A A/
Bond
;
bids
sealed
Trustees will receive
.
recent election an
a
issue A of'* $8,000 fire equipment
purchase bonds was approved.
'
bonds, including
and all legal' ex¬
the
of
suance
;
under¬
entire cost of the, is¬
bear the
to
Catlettsburg, Ky.
.Bonds
Approved—We
\
stand that at
Iowa
Atlantic,
the
by
Harris Trust & Savings Bank of
until noon on Dec. 3, for the pur¬
Chicago, and Estes, Snyder & Co. chase of $45,000 water bonds, due
of Topeka, ■ as. 1 ys s, at a price of
in 1964, and callable as follows/!,}
'100:47,. a basis of about 1.03% ; price, of .103 from 1944 to. 1949;
Due .on-Dec. 1 in 1942 to
1951 102 from 1949 to
1954/101 from
incl."
1954 to 1959; and .thereafter:, at/,
par} Successful bidder must, agree ,
KENTUCKY
IOWA
10, for the purchase of $54,A housing
authority
series
jointly
purchased
were
:;/AAA^'^'A:/:':i
Water District, Me. :•
Offering—The Board of
Gardiner
t
offered for sale at the same time,
July
Housing
County
Henry
MAINE
semi-ann. public
No, 486 bonds
$36,500
work relief, series
,
.
IDAHO
Bond
The
E.
James
torney
Saturday; November 29, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1250
certification
and will have the. privi-f
penses,
lege of selecting the bank to act
paying agent for, the issue.and
attorneys to. render a satisfactory
as
.
by
the bonds, 'dated Jan. 1, 1942, and
Bond
Sale
Postponed — It
is
Ferry
Bank,
Ltd.,
of due serially on July 1 from 1942 stated by George H., Alexander, Graves County (P. O. Mayfield), legal opinion}
Legal opinion of
A A'
Glenns Ferry, divided as follows: to 1958 incl.
City Clerk, that the sale of the
MASSACHUSETTS
..$10,000 as 2V2S, and $15,000 as 3s. Chapman & Cutler t>f . Chicago. $15,000 sewer outlet and purify¬ A Bond Sale Details—The County
Address of the Authority is 125 V2
Court Clerk states that the $92,ing plant bonds scheduled lorCambridge Housing Authority
North Tremont St., Kewanee.
000
ILLINOIS
>
4%v semi-ann.
refunding
Nov. 28—v. 154, p. 1197—has been
(P. O. Cambridge), Mass. y „
bonds sold recently—v.
154, p.
;\£A • 1043—were purchased by Usher V Bond Offering — Sealed bids
Argo Community High School Dis- Madison County (P. O Ed wards- postponed to. a later date.
viiie), m:
'
/A- trict No. 217, ill.
will be received until 1 p.m. on
purchased
-1042—were
Glenns
.
.
'
[Bond
Call
School
Township
call
the
nounces
Vial,
E.
Jennie
—
Considers
Treasurer, an¬
for payment on
Purchase—
Bridge
Bettendorf• School District (P.
O. & Gardner of Mayfield; at par,
Bettendorf), Iowa ,/ '//A and mature on-.March 1, as* fol¬
Bonds Defeated—It is stated by lows:
$19,000 in 1950; $21,000.
The County Board of Supervisors
passed
resolution
to
committee to investigate
recently
a
Frank H. Peters, Secretary,
Board
[Jan. 1, 1942, of 4% school' build* name a
of
School .Directors,
that
the
ing bonds, Nos. 31. to 40, both the possibility of purchasing, from
$115,000 construction bonds were'
incl., totaling $10,000.
Dated Jan. the proceeds of revenue bonds defeated at the election on Nov.
1,
1938./ Denom.
$1,000.. Due the McKinley Bridge - w hie h
18, by a count of 328 for,, to 251
;Jan. 1, 1958, and callable starting crosses the Mississippi River a\
against.
The bonds failed to re-!
•Jan. 1, 1942.
Bonds together with Madison:
ceive the necessary 60% of votes;
Jan, 1 and all subsequent coupons
Metropolis Paving District No. 10,
Clinton County (P. O. Clinton),-A (attached should be presented for
III.
Iowa /
A-//;///.//
(redemption
to
the
Continental
Bonds Authorized—An issue of
Trust
&
Bank
National
Illinois
Co., Chicago, paying agent.
III.
Bushnell,
The
—
an
issue
an
of
and
plant
recently
Council
City
passed
'
Authorized
Certificates
Utility
:[
come
Sale—The
E
water
III.
Ramsey,
Issue
Details—The
system
bonds,
-
$7,000
mentioned
at
$3,000,000 ser¬
bonds offered
refunding
election
of
held
26.:
Nov.
The bonds would be issued as
Chicago Sanitary District, III.
Bond
X
•Bond
par,
3s,
bear date of Dee. 1, 1941;
$1,000 and $500.
and in denoms. of
Rantoul School District, III.
154,
p.
995—were
Bonds Voted—At a recent elec¬
syndicate composed
iOf the Northern Trust Co., Con¬ tion the voters authorized an is¬
tinental Illinois National Bank & sue of $20,000 construction bonds;
25—v.
Nov.
;
awarded to
Pikcville, Ky.
.Sold—Stein
Bros.
a
tutional
building bonds.
J Bonds
tional
of
Bank
of
•
•
.
shall
date
earliest
first
be
re¬
Pre-election
Bond
Co.
Denom.
L.
J.
that
A
'■
'*v
5
A" A'-
"-"lA/*
;*
>
AAA
Durant, Iowa '
is stated by
Bond
Edst^Baton Roiige
Offering—It
Town Clerk,
sealed bids
Schneekloth,
he
will
8
p.m.
Baton
receive
Bond
Essex
(P.
La.
that
the
Police
Jury
the recently authorized the issuance
purchase of $115,000 municipal} of $100,000 airport revenue bonds,
light and power .plant revenue to supplement $200,000 previously
bonds.
Dated
Jan.
1,
1942. allocated for the completion of a
Denom. $1,000.
Due on Jan. 1. new airport.
' •
as follows:
$3,000 in 1944, $5,000
Natchitoches, La.
in 1945 and 1946, $6,000 in .1947;
Bond Offering—Geo. C. Sutton,
$7,000 in 1948 and 1949, $8,000 in
states
1950 to 1952, $9,000 in 1953 and City. Secretary-Treasurer,
that he will receive sealed bids
1954, and $10,000 in. 1955 to 1958.
until 11 a.m. on Dec. 17, for the
Callable on Jan. 1, 1951, and on
purchase of; $25,000 coupon mu¬
any interest payment date there¬
nicipal airport improvement of
after at par and accrued interest;
1941, series A bonds. Interest rate
The bonds will specify the maxi¬
is not to exceed 4%, payable J-J.
mum rate that will
be charged
Denom. $500,
Dated Jan. 1; 1942.
the consumer, including the mu¬
Due $2,500 from Jan. 1, 1943 to
nicipality, and will provide the
until
on
Dec.
9,
[ Sale—The
Treasurer's
Town
for
office.
Payable
from
before
any
bonds
op¬
date
are
subsequent
at
•
,
•
Superintendent of Schools reports
that
unlimited
an
a
issue
an
struction
called for
of
bonds
$850,000
has
been
con¬
sold
Stuart
Blair
f
&
Fenn
&
Co.,
Co.,
&
Co.,
Inc.,
INDIANA
National Bank of New
York, Bankers
Trust Co.,
C.
Allyn &
Co., Inc.,
Adams
Chase
1
Associates
ad
•
(P.
O.
Decatur),
'
101.209
2\'4
Bond
Offering—The
County
Bonds
of
Sold
—
"
U-"~
-
i
a
certified
for
check
payable to the city.
O. Topeka),^
(P.
Kan;
Board
close
1
•
v
Shawnee
will
City
be
Bank
of
received
New
Commissioners will receive sealed
until
noon
Bonds
Deputy
Voted—It
is
stated
by
County? Clerk
on
Bond
Offering — Sealed
bid? Oct. 1, 1941. Dud $5,000 on Aug. 1
[ Dec. 10, for the purchase of $136/ will be received until noon on
in-1943 to -1947 incl. Interest pay¬
000 series A housing
authority Dec.
10, for the purchase of $466,7 able F-A.
bonds, dated Jan. 1, 1942, and 000 series A
housing authority
due serially on July 1 from 1942
Wichita, Kan.
bonds, dated Jan. 1, 1942, and due
to
1961
incl.
Bond
Sale —• The
Legal opinion of
following,
serially on July 1 from 1942 to
semi-ann.
b on ds
aggregating
Chapman & Cutler of Chicago. 1961 incl.
Legal opinion of Chap¬
Address of the Authority is 306
man
& Cutler of Chicago.
Adi $299,201.70; offered :fbr/saieAdit
Adams Bldg., Danville.
(' dress /of the Authority is City Nov.- 24—v. 154, p. 1138—were
awarded to a syndicate composed
East Alton, III. /-AAA / Hall, Gary.
1
A
of Lehman Bros., Stone & Web*
Bonds Voted—At a recent elecLogansport School City, Ind. ! ster and Blodget, Inc., both of
tion the voters authorized an is¬
Bond Sale—The issue of $60,t .New
York,
and /the: Prescottj,
sue
of $35,000 bonds to finance
000 building bonds offered Nov. Wright,
Snider
Co. of Kansas
the School District No. 101 shar
21—v. 154, p. 947—was awarded City,/as Is, at a price of 100.04,
: of
the *■ proposed $75,000
schoo to
!
Raffensperger, Hughes & CO. a basis of about 0.99%/
building addition.
of Indianapolis, R3 IV4S, at par, $50,000.00
refunding/ series Not
484 bonds. ' Due $5,000 froni
plus a premium of $461.56, equal
Elizabethtown, III.
;
Dec. 1, 1942 to 1951 incl.
j
100.669, •" a
basis
of
about
Proposed
Bond
Issue — The to
V
Dated Nov. 15, 1941," and 249,201.70 paving and sewer, serf
question of bonding the town for 1.12%.
'•ies No. 485 bonds Due on Dec.
^ a
due semi-annually from July It
sewerage system will be sub-i*
.
, .
,
j
-
'
mitted
to
the voters
soon.'
•
,
r
1942, to Jan. 1,1954-incl.'- Second
County (P. O. Salem), Mass.
Offering — Harold
E.
Thurston, County Treasurer, will
receive
Dec.
until
bids
11
a.m.
-on
the purchase at dis¬
count
of
$50,000
tuberculosis
hospital maintenance notes. Dated
Dec.
1,
1941.
Denom. $5,000..
Payable April 1, 1942, at the
for
2,
of Sa¬
Bank
National
Merchants
lem, or at holder's option, at the
National Shawmut Bank, Boston.
Legal opinion of Ropes, Gray,
Best, Coolidge & Rugg of Boston.
Lawrence
Housing Authority
(P. 0. Lawrence), Mass. /
/
Bond
Offering — Sealed bids
until
be received
will
1
p.m.
on
Dec. 10, for
the purchase of $220,housing i authority
bonds, dated Jan. 1, 1942, and
due serially on July 1 from 1942
to
1961 incl. ,, Legal opinion of
series/A
000
New iTork
Lawrence.
;■>.-
1
in 1942 to 1951
inch --// V Z
yet.
as
A
Offering—C.
awarded
were
to
syndicate
a.
composed
Hemphill,
000
annually
bids until.. 11
a.m.
.
re-offered
ders
the
bonds
at
prices to yield from 0.30% to
0.65%,
according A to
maturity.
Among other bids were the fol¬
lowing:,.
Int. Rate
Bidder—
Tyler
&
Rate Bid
0.75%
Co
National
Bankers
Clay,
L.
Oct. 1 from 1943
The successful bid¬
on
1947 incl.
to
cago. and
& Co.
City. Clerk,« states; thatthe -will
receive:1 sealed
(State of)
$1,500,000 fully
registered Boston Airport bonds
offered Nov. 24—v. 154, p. 1043—
First
Opelousas, La.
Bond
Massachusetts
Bond Sale—The
Dated Dec. 1,1941, and due $300,-
Oakdale, La.
f
•
The
informs us that Roy A. Butchee, City Clerk, that
York,
Smith,
Barney
&
at an election on Nov. 18, an is¬
bids until 9 a.m. on Dec. 30, for $25,000 coupon
public work re¬
Co.,
Kidder,
Peabody
&
sue
of $170,000 3% water and
Co..'and
Associates.,,.....
101.16 :
bonds
were
the purchase of $65,000 infirmary lief
purchased 011
improvement
Oct. 24 by Soden & Co. of Kan¬ sanitary .sewer,
Danville Housing Authority (A O. building bonds.
bonds was approved.
No details
sas City,
Mo., as 0.75s, paying a
Danville), III.
Gary Housing Authority (P. O.
price of 100.322, a basis of about relative tq placing these bonds on
Bond
Offering — Sealed
bids
Gary), Ind*. '
0.65%.
Denom.
$1,000.
Dated the. market have been completed
National
<
,..
County
Ind.
A.
and
KANSAS
A
101.418
2\'4
sociates
.
/
of
Lehman
Bros.,
Noyes & Co., Bacon,
Stevenson & Co.; Kean, Taylor &
Co., and Charles Clark & Co., all
of New York; H. C. Wainwright
& Co., Boston, and Alfred O'Gara
$500; &
Co., Chicago, as 0.75s, at a priqe
of 100.34, a basis of about 0.66%.
.
Inc., Phelps,
Inc., and As-
bid-
■
power
■
Haisey,
high
Reed, Hoyt, Washburn & Clay of
City.
Address of the
is
353
Essex
St.,
These Authority;
Issued
to
second
Boston,
,
Note /
'
Authorized—We
Issuance
understand
Parish
Rouge),
of
der, named a rate of 0.225%.
LOUISIANA
$1,000.
.•;
York
,
pay the cost of constructing
valorem tax of one mill.
municipal electric light and
bonds carried at the election held
plant and distribution sys¬
payment.
on Oct. 14, by a vote of 106 to 7.
Authorized by
Bonds
Publicly
Offered—The subject to approval of the voters tem in the town.
Issued for the purpose of pur¬
banking
group f re-offered
the at an election to be held in about Sections 363 to 367 of the 1939
chasing
additional
lands,
and
Code of Iowa, as amended.
The
bonds from a yield of 0:60% to 30 days.
making additions, extensions and
purchaser will
be required to
a
price of par, to the respective
Toulon, III.
improvements to the municipal
furnish the bonds at his own ex-r
optional dates. Other bids at the
airport. The city will furnish the
Bond
Offering—C.
L.
White, pense.
The approving opinion of
sale were as follows:
City Clerk, will receive sealed Chapman & Cutler of Chicago; legal opinion of Chapman & Cut¬
.Bidder—
Int. Rate Rate Bid
bids until 7:30 p.m. on Dec. 1. will be furnished the successful ler of Chicago,: and will pay for
John Nuveen & Co. and As¬
the printing of the bonds./ De¬
sociates
2V4%
101.679
for the purchase of $25,000 water bidder.
A certified check for $5,Harrtman Ripley & Co., Inc.,
livery of the bonds will be made
bonds.
000 is required.
Blyth & Co.. First Boston
on
or
before Jan. 15, 1942.
En¬
Corp. and Associates......
2'/4
101.56
deemed
tional
bonds, dated Jan. 1, 1942, and due
serially on July I from 1942 to
1961 incl.
Legal opinion of Reed,
Hoyt,
&
Chicago, First Na-i St. Clair
County (P. O* Belleville),
Chicago, Harris
III.
/Trust & Savings Bank, City Na¬
Proposed Building Programtional Bank & Trust Co. of ChiIt is reported that a Committee
cago, and the American National of the Board of
Supervisors had
.Bank & Trust Co. of Chicago, all
been appointed to study-the ques¬
of Chicago, as 2s, at 100.02, a basis
tion of constructing a new county
of about 1.997%. A Dated Jan. 1,
home and general hospital, in¬
1942, and due Jan. 1, 1962.
Op- volving a possible expenditure of
tional $150,000 yearly on Jan. 1
$750,000, to be financed by the town shall not increase or fix 1952 incl. Rate of interest to be
from 1943 to 1961, or on any in¬
in a multiple of V\ of 1 %.
issuance of bonds.
Prin.
terest payment dates thereafter;
any rate beyond such maximum.
and int. payable at the City Bank
Prin.
and
int.
payable at the
Salem School District, III.
all
bonds
redeemable
on
the
&
Trust
Co.
of
Natchitoches;
Co.
Trust
for the purchase of $266,"
housing authority
000: series A A
Washburn & Clay of New
City/ -Address of/the Au¬
Boyce of* Louisville, have pur¬ thority is 12 Norfolk St., Cam¬
chased $48,Q00 3% coupon play-; bridge. ■
ground and park bonds;
Dated;
Easthampton, Muss,
'
N0YM8, 1941. v" Due on Nov., If i
/Note
Sale—The
Second
Na¬
in 1943 to 196T incl.. Prin. ■ and|
tional
Bank
of
Boston
was
Bond
Offering — Sealed
bids int. (M-N 18) payable at the of-'
author¬ will be received until noon on
awarded on Nov. 26 an issue of
fice of the City Treasurer, PikeDec. 8, by the County Clerk, for ville.
Legal approval by Chap- $75,000 notes at 0.21% discount.
Due Nov. 6, 1942.
R. L. Day &
the purchase of $9,000 .3% insti¬ man '& Cutler of Chicago, A
ordinance authorizing in v. 154, p. 996, have been con¬
$43,000 electric light tracted for by the Municipal Bond
system certificates of Corp., Chicago, subject to out-'
indebtedness.
ies
$36,500 paving bonds was
ized recently.
1951; $20,000r 1952 and 1953, and
$12,000 in .1954.
Dec. 10,
of
Bank
100.33T
0.75
100.279
Chi¬
L. F. Rothschild
*
Trust
Co.
of
New
Ycrrk, and Harris Trust &
Savings Bank
............
First National
Bank of New
,
.
/■York, R; W. Pressprlch &
Co.,. Northern Trust - Co., <
,
,
100,119
0.75
-//j//■*/;.
: Z:
■
■
»
.5, for the ..purchase of
Chicago,
and Associates/; 0.75 ; / 100.099
•• ..c
$93,000 refunding bonds.-/Interest Phelps,' Fenn- Sc Co., Inc.;
/Goldman,
Sachs
&
Co.,
100.088
0.75
rate is riot to exceed 4%!, payable
and
Associates';-'*"'
semi-annually.
Dated A Nov.
1, ; /
,/v Southbridge, Mass.i
>
1941. " DenomA $1,000.
Due. in
Notev Sale—The
First Boston
1942 to 1960.
Payable at a bank
to
be named
by the successful Corp., Boston, recently purchased
; Jan.
on
.
;
'
,
bidder./
bonds
These
the
were
au¬
election
on
Nov. 4, by a vote of 246 to
100.
A certified transcript and
thorized
at
general
the
approving
man
Chap¬
■& Cutler , of
furnished
the
opinion of
Chicago, will be
successful bidder
„
and all bids shall be
conditioned,;; .A>
i • :/A;
an
Other
of
$100,000
notes
at
Due May 1, 1942.
bids:
First
National
Bank.,
0.15%; Second Na¬
tional Bank of Boston, 0.248%.
;
Boston,
-A/./;// M|CH|GAN
:
Allen Park j MichS^'^'iZ^ "
without Cost,
so
of
issue
0.11% discount,
•
Notes
•;
Purchased—^t^nley - H.
1251
$502,000,/ iy2s,
as 1.27%basis, enues of the water system and of 10 mills for the years 1939 to
BahKaf-s Trust Co. of New Yortf shall not be geiieral Obligations 1943, both incl.; the limitation for
and National City Bank of New. of the city.
Bidder to name rate the years 1942 and 1943 incl., is
•Yofk,rl00h8 for iy2s, a net cosi or rates of interest, in multiples 25 mills for all purposes.
of y4 of 1%. Prin. and int. (J-J 2)
bf i.42%.// • /•/// ;•/
MINNESOTA
payable at the City Treasurer':
t
Melvindale, Mich. r - - <
office.
A" certified check for 2%
Grand Rapids, Minn,
v
State Officials Score Default—
of the bonds, payable to order ol
Bond Sale—The $54,000 semi•Members /of
the
State
Public
the City Treasurer, is • required
ami.
funding bonds offered for
Debt/? Commission,/, headed
by Bids shall
be conditioned upon sale on Nov. 21—v. 154, p. 1044—
•State Treasurer Theodore I. Fry
the unqualified opinion of Mil-; were
awarded to the First Na^
as
Chairman, were undecided as
ler, Canfield, Paddock. &! Stone tional Bank & Trust Co/ of Min¬
to what action to take against the
of Detroit, approving legality oi
neapolis, as l%s, at par, accord-,
city/: /which, ' the
Commission the bonds.
Cost, of opinion and
ing to the Village Clerk.
Dated
charges,
"wilfully"
defaulted
printing the bonds will be paid Dec. 1, 1941.
Due on Dec. 1 in
payment of interest on its $2,by' the city.
;
\
\
1943 to 1956.
500,000
/
.
refunding
bond
issue,
„(These .are the bonds offered
nearly one-third of which is held
Mcintosh, Minn.
in State sinking funds, according Oct. 13, sale of which was can¬
reports therein such ad/valorem taxes as
BuHoank,; .yuifge /Clerk,
;
that i a^V 'result * 61- the /call for'
I tenders
until Nov.
bonds
12 Of the out¬
Southfield :Townships Fracttonal School' Dist.
No:
limitation
amount.
';/'/;/■//?:■■■
//
/
-
.
the Manufacturers National Bank,
1
i
•
Principal/ and interestY (A-O)
payable at the Birmingham1 Na¬
tional Bank, Birmingham, or at
Bloomfield, Troy, Royal Oak, and
•
interest thereon
shall; becomes/due,
as to rate or
same
without
.
,
the
and
the
as
standing refpndjng notes, an ag¬
gregate ofv $13,107,17 were, pur¬
chased
at
prices * ranging 1 from
96.49 to 98.87. *.
1 J
• ;v
,
Detroit, at the holder's option-/0
at any
bank or :- trust company
.U^' f"-ll"'* r' Vt-"4 'eft/A
.'7-A
named by the district as a suc¬
BondOffering
Earnest | W, cessor
paying
agent,
provided
Seaholm, Secretary of the Board that one such paying agents shall
of Education, will receive sealed
at all times be a responsible bank
bids until 8 p.m. (EST) on Dec. 2.
or
trust company in Detroit.
A
for the purchase of $545,000 not
certified check for $10,900, pay¬
tO exceed 3% interest coupon re¬
able to order of the district, must .to
jpress reports.
/
;
/
funding bonds • of 1941.7 Dated accompany each proposal.; Bids
At a recent hearing before the
Dec. 1, 1941. Denom. $1,000. Due
shall be conditioned upon the un¬
Commission, Howard Cline, Mel¬
Oct. 1, as follows:
/////•;
,
qualified legal opinion of Berry vindale City Attorney, testified
$20,000 from 71942 to 1961 incl.; & \ Stevens of Detroit,' cost of that / be ) had / advised the City
'7- $35,000, 1962 to/1964 incl., Which will be paid bythe dis¬ Council to use the money ear¬
Successful bidder to pay marked for bond retirement for
and $40,000 in 1965. '///v///';/ trict.
O.
(P.
Birmingham),
.
t'
n
1 «*
,
,i
•
•
'
•
*
.
,
,
Bonds
attorneys
to
—V/154,
the
approve
1197.)
p.
i
Nc>.
Township School District
7
for printing of bonds.
Delivery
Rate or rates of interest to be
expressed in multiples of Va of of bonds will be made at Detroit
1%Bonds Nos. 1 to 300, both
///'//
Detroit, M(ch, [
•/
incl., will not be subject to re¬ V; Note
Sale — The
$1,170,000
demption ; prior "to
maturity.
street trail-way revenue notes 6fr
Bonds Nos. 301 to 545, both incl..
fered Nov. 24r^v. -l^^/p.HIlS.S-^
will
be -subject
to
redemption
were
awarded to a group com¬
prior
to / maturity, > in
inverse
posed of John Nuveen & Co., Chi¬
numerical order, at par and ac¬
cago; Miller, Kenower & Co., and
crued interest, on 30 days' pub¬
Crouse & Co., both of Detroit, .as
lished notice, on any one or more
Is, at 100.08, a net interest cost
general
T
,
interest
payment
dates
and
on
Town¬
ship), Mich.
Bond
the
Offering
// V
Walter
—
St. Louis Park, Minn.
Sale—The following
Certificate
S.
Schofield, Secretary of the Board semi-ann. certificates of indebt-'
Education, will received sealed edness aggregating $14,100, of¬
fered for sale on Nov. 17—v. 154,
until
8
plight..
He charged that if taxes bids
p.m. /(EST);
or.
adequate to meet the funding Dec. 3; for the purchase of $19,- p. 1044—were awarded to Park-to exceed 6% interest Shaughnessy & Co. of St. Paul,
program
and
general
expenses 000? not
school bonds.
were Collected, no industry would
Dated Dec. 1, 1941., as
l%s, paying a premium of«
Due July 1, as follows: $9,000 ift $11.50, equal to 100.081, a basis
locaterin the city.
'
city had defaulted to attract the
Commission's
attention
-
of
its
to
.
Chairman
Fry
Melvindale
is
declared
1943,
that
"violating
and
$10,000 in
of
rates
or
every
of about
1944. / Rate
interest
be
to
ex--
$11,500
pressed in multiples of J/4 of 1%.
Prin. and int.
(J-J) payable at
vestige of the refunding order we
gave / them
in
1936.
Interest
of about 0.97%. Sale consisted of:
after the following
said
He
expenses.;
Warren
(P. O.
.
is
channels,". Mr. Fry said. "We also
have information
that
ditioned
bond¬
one
required.
Bids
shall
the
upon
be
Chemical.
100.0016
Bank
for
.
the
taxable
Co.,
property
$668,000
for
100.052
secured
and
Is
by
Company and Issue—
Calls and
Sinking Fund
^>ulL Power
,
■/> '
1st mtge. 4s, duel942_J__-l)ec
1
Bond
1
due
Dec.
Corp.
collat.
trust
bonds, Arundel issue,
'
due
Dec.
Corp.
collat.
trust
bonds,
Calvert
Carmelite
serial
bonds
of
of
the
Divine
1
1055
New
N.
Illinois
Co.-l3y2%
14%
15
serial
debs
1
906
due
1966'
——
—
—Dec
:
1146
;
1st
real estate mtge. notes of 1926——
——Dec
Machinery Corp. 4Vn% preferred stock__^__;_i-_Dec
Bond Corp. collateral trust .bonds,. Franklin
.,
:
*
1
1057
"Phelps Dodge Corp. 3 V2# debentures, due 1952—:—__Dec 15
869
1057
Franklin
1
due 1953—
General Public Utilities, Inc., 1st mtge. 6Va%
b.
& m. issue,
—Dec
bonds-—Dec
••
Works, Ltd.,
;,
1
3
863
/
.
^
1148
958
1st
Dec
bonds____
mtge.
15-year
15
Fisher,
Alliance
1st mtge. bond.
Manufacturing
Paul
Union
Co.
common
Depot Co.
stock—
1st mtge. 5%
Dec
8
963
1953—Dec
1
1150
Dec
1
963
——Dec 31
Corp.,
& Dve
Corp.
5%
Co.
5'/2%
of America
1,'42
Feb
bonds
1
547
964
_Dec
1st mtge. 5s_—_:
1
'
Dec
1st mtge.
Bank
American
Note
Sift
$lVi
1
7%
pref.
preferred
(s-a)
(quar. I
—
6%
pref.
6'r
965
$2.75
Cities
class
Power
A
(Opt.
1194
American
I960—
payable in cash or
mon
5'i
Dec
1
871
Dec
9
*
1
t!291
1
Ice Machinery
*
Corp. 6%
bonds
& Tube Co. 4%
Announcements in this issue.
Pec
1
Export
Mart Bldg.,
(year-end)
>
Dividends
first
are
Commercial and Financial Chronicle. (Beg. TJ. S. Patent Office) William B. Pana Company,
Frederick W. Jones, Managing Editor, William Dana Seibert, President, William x>. Biggs,
12-22
12-18*
$3
12-31
1-
1
12-19*
12-20
American
National
698
$1
non-»cum.
I_
Finance
preferred
Radiator
American
Rolling
-
12-
12-31
12-15
1
12-11
t6834c
1-
$2
12-20
11-29.
12-15
12-
1
2-16
2-
9
11-27
11-18;
(quar.)
Stand.
Mill,
pref (quar.)
Sanitary Corp.
4 Vi %
conv.
Sugar Refining,
Sumatra
Tobacco
5
5
$2
12-29
12-15,
12-30
12-22
12-15
pref.
1
2
12- 8
1-
2
12-
t$l3/4
12-20
15c
12-29
$l Va
7%
12-
1-
t93%c
8
11-29/
5,
12-
pref,
*
American
American
12-
12-
tSIVs
__________
&
12-22
12-22
(quar.)
iquar.i
American Telephone & Telegraph Co. fquar.)
American Tobacco Co., 6%" preferred (quar.)
$134
1-15
1-
2
12-15'
12-
5*
12-
1
25c
12-15
$2V4
1-15
12-15
SIVa
1-
12-10,
2
Publishers, 25 Spruce Street, New York, .BEekman 3-3341. Herbert D. Seibert, Editor and Publisher,
Business Manager. Published three times a week [every Thursday (general news and advertising
issue) wlth statistical issues on Tuesday and Saturday].
Other offices: Chicago-r-In charge of Fred H. Gray, Western Bepresentative, Field Building (Telephone State 0613). London—Edwards
de Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1941 by William B. Dana Company.
Beentered as second-class matter September 12, 1941, at the post office at New York, N. Y., under
the Act of .March 3, 1879.
Subscriptions. in United States and Possessions, -$26.00 .per year, $15.00 for 6 months; in Dominion of Canada, $27.50 per, year, $15.75 for 6 months. South and Cen¬
tral America, Spain, Mexico and Cuba, $29,.5d per year, $16.75 for 6 months;/Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $31.00 per year, $17.50 for 6 month*,
•NOTE: On account of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
•**.'•*• '•
\yf
•
2,
Corp.,
(year-end)
Light, $6 preferred
preferred
American Power &
$5
12-15
$1.20
967
In the
1
2
20c
Corp
tV. 153.
grouped in two separate tables.
11-
25C
Insulator
bring together all the dividends announced the
current week.
Then we follow with a second table in
we
$3 Va
25c
(quar.)
American
DIVIDENDS
.
$l3/4
$3
Hardware Co.
Extra
American
^
12-11-
$6 preferred
872
1195
12-11
2
com-
(quar.)
Furniture
American Public Service, 7%
.
Y.),
Steamship Co. (year-end)
1
2
1-
$1 ft
(N.
American Hawaiian
debentures——Dec 15
1-
50c
Inc.
(year-end)
preferred
American
*
York
Youngstown .Sheet
12-15
12-17
Light Corp.—
,
div. series of 1936),
—Nov 25
——
1,
2
2
&
Lines,
debentures, due
12-
1-
1-
$1 Va
preferred (quar.)
American
i'u share of B stock
Alleghany C'nty (resumed)
31/2%
.
1
$2
American
Co.
5
12-
"
1194
965
—_T———
12-20
11-26,
12-17
25c
+
«s-a>
Cigarette & Cigar, common
American Coal of
Edison
1
12-22
$l3i
American
*
—
1-
12-15'
12-
7% non-cum. pfd.
1194
—
12-20
12-15
10c
1
—
1
75c
Co.—;
15
Bldg. bonds
1
9
10c
1947—Dec
5s, due
12-
$l'/4
Bros. Bldg. 1st mtge. 6s of 1927—Dec
Corp.
1-
12-29
50c
:
(quar.-)—
Bemberg Corp.,
t$4
A—
(quar.i
Car & Foundry,
12-10,
(quar.)
pref.
Co.
American Can Co., 7%
American
12-17
12-
(quar.)„
American-Cast Iron Pipe Co.,
Jan
1st mtge. 5s of 1931
Sugar
preferred
2
12-20
12 Vac
pref.
6%
*
bonds, due
1972
&. Webster Realty
American
-
1-
1.
12-23
t$2J/a
(resumed)
Inc.
Investment
Amalgamated
1057
2-lf
12-
50c
Mfg. Co.
;
Alpha Portland Cement (year-end)
Amalgamated Electric Corp., Ltd.
5s,
Dec 23
'Pocahontas Fuel Co.,. Inc., 50-year 5% bonds——-—Jan
1
1191
'
—Dec
bonds—___________
.6'/»
RR.
12-12
2-20
35C
Allis-Chalmers
Paris-Orleans
'12-20
37 Vac
(quar.)_
(interim)"
Stores Corp.,
••
1
"Food
class A
Allied
,
,;
6V4C
6V4C
I
Bearing Mfg. <quar.)
Steel Corp., Ltd.—
preference
Alles &
Washington Railway & Electric Co. 4% bonds
Dec
West. Virginia Pulp & Paper Co. 1st mtge. 3s, due 1954—Dec
Western .New-York Water'Co. 1st mtge. 5s
Jan
1st mtge. 3y2s,
Scientist, of Louisville, Ky.,
5%
of Ree.
(year-end 1
1057
Dec
Holders
12-15
Ball
Algoma
f.
B
When
Pay'ble
20c
:
—
■/
Chemical
due 1945
.
First Church of Christ,
Class
,
868
(Hiram) Walker-Gooderham & Works Ltd. 10-yr, 4y»s
Detroit, Tol. & Ironton RR. 1st mtge bonds, due 1964_.Jan
Devoe 8c Raynolds Co., Inc. 7%,pref. stock___„—Jan
■
(initial)
Allied
Toleoo
" >
1146
,
Corp.
(resumed)
868
r
are;
Share
Name of Company
Gas
Superior Oil Co. of Calif. 3'/4% debentures, due 1950—Dec 22
(Taggart .Corp. 1st mortgage 6s_—
—
^Dec
1
3737 South Ashland Bldg. Corp.-Union
Bag & Paper
1052
1
906
1,'42 540
Dewey & Almy Chemical Co. conv. preferred stock_^._'_l)ec 15
•
*
Eastern Racing Association, Inc., 5% debentures, due
May 1, 1945_i.
Dec 15
•
Equity C.orp. 5'/n , debentures
_Kel)
1 '/1191
Fairbanks, Morse & Co. 4% bonds^ui,——Dec
1
.•
957
•
Quarterly
Aero Supply Mfg.,
Aetna
1
_
&
Dec
1
—Dec 12
Stan ec
1190
———-Nov 28
Aerco
/
} 9ec
—
—
Stone
*
1
'
:
•/■/■■//;
Nypano Rft..pripr lien bonds—_
Paramount Pictures,,Inc., 3'/4% debentures—:
Sun Realty Co.-Barker
Continental
1953—
The dividends announced this week
1056
South Shore Dock Co.
956
Bond Corp. collateral trust bonds, Cont
1 :/
-Dec
nental issue, due Dec. 1, 1953
Continental Investment Bond Corp. collat. trust bonds/
:
.
clared.
15
Salmon River Power Co.
861
"
6s,
Saint
861
,
/
Potomac Bond Corp* collateral trust bonds, due
Public Service Co. of Colorado 4% bonds
906
that
of past dividend payments in
many cases are given un¬
der the company name in our "General
Corporation and
Investment News Department" in the week when de-*
Adams Oil
•/,
1150
1
Jan
;
,
,
due 1946—
due 1946——
mortgage
Ruud
1
-Dec
3lAt% debentures
lr":
Consumers Co. of 111. 1st mtge. 5s, due 1956—_____ -Dec
-Jail //I
Continental Baking Co. 8% preferred stock-—
.i—
states
$15,000 airport
bonds have been purchased by
Lewis & Co. of Jackson, as fol¬
lows: :
$7,000 as 1 %s, - due on
Oct. 1, $1,000 in 1942 to 1946, and
$2,000 in 1947; $8,000 as lV2s, due
$2,000 on Oct. 1 in 1948 to 1951.
(Continued on page 1278)
increase
an
—Dec 31
...
15-year
due
1958
Portland General Electric Co.
954
bs.j|Dec
1939.
American ..Co.' 4'U ••:debentures__
North Western. Refrigerator Line Co. first lien ctfs
1189
1
debs
in
Milton
—
Smith
__________
1189
Continental B. & I. issue,
due
liens,
Horth
;
-Nov 17
lateral trust mortgage bonds of 1890._»_
1
Development Co., Ltd., 6% preference stock- -Dec
Cumberland County Power & Light Co.
prior
954
serial
ad.
neces¬
Per
*
Y.,
Electrical
series
A,
1953
0
Community Power & Light Co. 1st mtge. bonds
^ -Dec 24
1
Connecticut Railway & Lighting Co. 4ya% bonds_—_ -Jan
.
Inc.,
1
4'
Colon
Corp.
1193
mtge.
pref. stock. _Jan
-Dec
Oil
Chic. &-St.'.L. RR. 1st mtge. bonds, due 1947—Nov 26
York City Omnibus Corp.—New York Railways
1st
Realty,
Phillips
Jesus,
such
be
may
said
:
1150
1192
Supply'Co.
Brothers
10-year, 7s,
!
Consolidated
33/4S_—_—Dec 15
6'/e> debs., due 1948
Dec 22
York, Chic: ,& St. Louis RR. 4% notes, due 1946__Dec 19
Corp.
1145
as
752
New
i-
;
called
MISSISSIPPI
Greenville, Miss.
Bonds
Sold
Mayor
868
Philadelphia Transportation Co. 3-6%
-Dec
Service
1,'42
1
due 1955—
1145
1938—
Public
Mar
Dec
bonds,
ilew. York .Trap, Rock Corp—
1
Central
5%
National:Dairy Products Corp. 3V*% debentures..:—
:
i;/
655
-
1
1189
of
Heart
been
submit to the voters
$15,000 refunding
■'
;/;//■'%;/'
which we show the dividends
previously announced, but
which have not yet been paid. Further details and record
Page
1
4% bonds__^il_——Dec
15
1925
voted
trict
Date
.
bonds
-Jan
-Dec
Sisters
has
election
bonds.
-the
pay
on
1149
*
752
960"
Neisner
issu
1,
Bakeries, Ltd., 6'6% bonds of
Canadian Foreign Invest. Corp., Ltd., 8%
$650
Due
15, 1944 to 1947.
Election—We
an
for Dec. 2, to
an
issue
of
limitations prescribed
1192
1st
1
1,
Bond
Calvert
interest
15
1
7
1
National
330
Atchison, .Topeka & Santa Pe Rv. 20-year 4'At % bonds__!)ec
1
954,
bonds, due 1960_l____——Dec
1
1145
^Atlantic City Sewerage Co. 1st mtge. 6s, due 1956_—4an 17
Autocar Co, 1st mtge. 7s, due 1947—1, '42 '
'Autocar CO, 7% "debentures, due 1947--——J_l)ec 26 .
Canadian
.
taxes
959
Mississippi Power Co.
r
Atlantic City Gas Co. 5%
,,
that
principal- and
bonds, within the
by Section
21, Article X. of the Michigan
Constitution
and
Property Tax
Limitation Act/ Said school; dis¬
to
sary
Co.- 5% bonds, due 1968—-—Dec
Midi RR. Co..
745
Bond
--
-
therein
property
1
857
1
Arundel
:
■
--
rev¬
on
;
Jan
1145
2
Akron & Barber ton Belt RR.
lien-
able
valorem
Michigan Public Service Co. 1st mtge. bonds, series A__I)ec
Page
^/^Date
Appleton Company preferred stock
Armour & Co. of Del. 7% preferred stock___-_L-__;_-Jan
-
;
•
to
Stephen, Minn.
understand
unqualified
by law to- levy upon all the tax¬
Louisville
7/ Below will be found a list of corporate bonds, notes,
and preferred stocks called for redemption, including
those called under sinking fund provisions.
The date
indicates the redemption or last date for making tend¬
ers, and the page number gives the location in which
the details were given in the "Chronicle."
Issue—
certificates.
ment
from Jan.
district is authorized and required
Lehigh Valley Transit Corp. 1st mtge. bonds, due 1945—Jan
& Nashville RR. unified mtge. bonds
—Jan
Mandel Bros, Corp.,7% bonds of 1926—
Dec
Maryland Casualty Co. guaranteed bonds—
—Dec
Notices
.
first
a
Illinois Consolidated Telephone Co.
:i/:/
Com
itmpany and
1943
in
.
•
all
certificates-
15
con¬
holder, favored by the city, was opinion of Miller, Canfield, Pad¬
paid -$50,0d0 in full for his bonds." dock & Stone; of Detroit, approv¬
ing the legality^ of the bonds.
1
Owosso, Mich.
District will pay for the opinion
168,000 notes,
dated Feb. • 15, / i
Bond
Offering—G.
A.
Van and purchaser is to pay cost/ of
1942, and due Feb. 15, 1946.
; Other
bids
were
as
follows: Epps,
City Clerk, will receive printing the bonds. / The school
&
Trust" Co.. sealed bids until 3 p.m. (EST) on
$668,000 ; 0.75s. and Dec. 8, for the purchase of $24,125
$502,000. j iy4s, . .a7 net « cost -of not to exceed 6% interest water
to 505, both incl., on
and after 1.049%; National Bank of Detroit supply system improvement rev¬
Oct. 1, 1943; and bonds Nos. 506 and Detroit Bank, jointly, 100.172 enue bonds.
Dated. Jan. 2, 1942.
to. 545, both incl., on and after for
114s, a 1.18% basis; J. -P. One bond for $1,125, others $1,000
each.
Due
Jan.. 2,
Oct. 1, 1942.
as follows:
These bonds will be Morgan & Co.,' Inc., 100.03 for
the general
obligations of said 1V4S, a 1.23% basis; First Bos¬ $2,000. from 1944 to - 1946 incl.;
school district which is author¬ ton
Corp.,
First
of
Michigan $3,000 from 1947 to 1951 incl..
ized and required by law to levy Corp.
and Watling, Lerchen < & and $3,125. in 1952. Bonds will be
upon
Jan.
on
2,600 curb and gutter improve¬
•
-
'//; /■'/// '/.//•:
mains
1946.
Bank,. Detroit. A cerceased
on
June
1, and money
raised by taxation for this pur¬ tified check for $1,000, payable
to order of the District Treasurer,
pose has been diverted into other
'
1.72%:
water
Due
.
the Detroit
dates, to wit:
Bonds Nos. 301 to 320, both incl.. $668,000 notes, dated Dec. 1, 1941".
and due $167,000 sefni-annuon
and after Oct. 1, 1950; bonds
ally from Dec. 1, 1942, to
Nos. 321 to 340, both incl., on and
June 1, 1944 incl.
after. Oct. 1, 1949; bonds. Nos. 341
334,000" notes, '/dated
Jan. 715.
to 360,; both incl., on and ' after
1942, and due -$167,000 on
Oct. 1, 1948; bonds Nos. 361 to 380.
Jan. 15 and July. 15,, 1945/7,
both incl.,* on and after Oct. 1
1947; bonds Nos. 381 to 400, both
incl., on and after Oct. 1, 1946;
bonds Nos. 401 to 435, both incl.,
on
and after Oct. 1, 1945; bonds
Nos. 436 to 470, both incl., on and
after Oct. 1, 1944; bonds Nos. 471
that
states"
issue.
.
Warren
Sold—The
Village Clerk
$27,000
semi-ann.
permanent improvement, revolv-:
ing fund bonds were purchased
On Nov. 21 by Juran & Mbody of
St. Paul, as 2y2s, at par.
•;
celed because: of refusal of bonds.
.
'
I
Name of.Company
;
,?
American Window Glass Co., common—_____
'
5 %
prelerred
conv.
American
Woolen
Anaconda
Wire
___________
Angostura-Wuppermann
Arizona Edison Co., Inc.
1»
$114
12-15
12-
12-22
12-12
12-20
12-
4
(year-end) _____„
Dayton & Michigan EE., 8e/b pref. (quar.)
10c
12-10
12-
2
Delaware
;
11-13
12-15
25c
—:
Extra
./■
De
6
12-24
12-17
12-24
12-17
Detroit Steel Corp.
2
12-15
m
12-22
12-15
Dixie
■
pref.
(s-a)
-
$2'/a
2-
2
12-31
$2>/2
—
——
1-
1
12-12
Atlantic
Atlantic
Atlantic
Autocar
(
11-23
11-18
(quar.)
Co.
' r_1
f
. J
_
_
n-
1- J-
,''n-r
Light
&
Hills Power
(initial)
Black
12-12
2
12-10
2
12-10
10c
12-
12-15
25c
12-19
12-
Mining (irreg.)——_
Elec., 6% pref. (s-a)
Blaw-Knox Co. (year-end)
—
Blue Top Brewing Co., Ltd., 6 % class A (s-a)
Bon Ami Co., class A (extra)
.
Black Mammoth Cons.
12-
W
11-26
12- 5
$3
V
Blackstone Valley Gas &
1
12-
,
12-23
{30c
12-31
12-15.
$l'/2
12-15
12-1
Stores,
Bond
12-20
12-
11-29
11-18
$2'/4
12-31
11-29
Esmond Mills,
2
12-10
Eversharp, Inc., 5%
•
11-28
Excelsior Insurance
Co.
(irregular)
50C
12-16
25c
1-
Feb.
5%
6% 2nd preferred (quar.)
Tire & Rubber Co.
Fitzsimmons
12-31
15C
12-10
12-
$5V2
12-17
(quar.)
12- 5
1
,
12- 5
12-15
75C
12- 5
$1
12-15
15c
12-18
12-
1
Gamewell
$6
5c
10-15
5%
I5y2c
11-20
11-10
5(4 %
25c
12-13.
11-29
50c
-
11-21
Campbell, Wyant & Cannon Fdry. (year-end)
Canada Cycle & Motor Co., Ltd. (quar.)„—
12-29-
Power
preferred
com.
preferred (quar.)
7%
Canadian
Ltd.,
Canners,
1-26
12-31
General Box Co.
t$l%
1st
60c
non-cum.
.(quar.)
common
(quar.)
preference
Participating
5%
;V
;
1-15
12-31
2,
12-15
General
2
12-15
.' .Extra
12-.,1
General Finance Corp.,
12- 1
5%.preferred B (s-a)
General Fire Extinguisher
t $2
_
v
Extra
,
1-! 2
1-
2
1-
.
2
r
12- 1
12-
1
{5c
1-2
12- 1
{50c
; 1-31
y. 1-1
12-31
{$1
{$1V4
■i {2c
$ tic-
•'
Western Natural
1-2
.
15c
J15c
_
—
Canadian Converters Co., Ltd. (quar;)
Canadian Cottons, Ltd., common (quar.) —
6'/2% preferred (quar.) _______—_—
Canadian Malartic Gold Mines, Ltd. (quar.)
Canadian
J25C
—
preferred
conv.
vParticipating
1^
U2»/aC.
—
___—
Gas,
Light, Heat
•v; 1-
l
12-
1
12-
1
12-20
11-29
12-20
1
11-15
{4c
Co.,
121-
2
12** 3
{lc |
Power
1-2
50c
(interim)
(quar.)
Castle (A. M.) & Co. (extra)——
Catalin Corp. of America
(year-end)
Carpenter Steel Co.
r
3
12-9
1
15c
—— — —
12-15
12-
12-15
11-15
12-15
11-15
8c
(bi-monthly)
Central & South West Utilities-Co.,
•
$7 prior lien preferred
—
$6 prior lien preferred
Central Wharf & Wet Dock Corp.
Chapman Ice Cream Co, (year-end)
Chartered Trust & Executor Co.
(Toronto),
Central Eureka Mining
12-4
50c
—'
12-
12-15
25c
EXtra
12-15
15c
(quar.)
Central Cold Storage
12-19
12-
75c
Pomeroy & Co.
Case
12-15
11-28
2
12-15
11-28
Chemical
Clorox
Coeur
Colt's
12-15
11-28
12-15
11-25
12-12
12- 2
30c
12-15
12- 5
;_
15c
d'Alene
$4 partic. pref.
Co.
Mines
Patent Fire
12-19
12-10
30c
12-
4
12-
t$iy2
$2
12-
3
11-26
12-
1
11-20
(quar.)
(s-a)
(quar.)_____;
(initial)
(year-end)
—
12-22;
75c
___
80
12-20
12-12
$6
12-
1
$4y2
12-20
12-
1
(year-end)
75c
12-22
12-
Gold
Mines,
Haile
Gold
Hall
25c
12-22
12-
8
75c
12-22
12-
12-22
12- 5
1- 2
12-12
■
Baking,
common
$1
Extra
Commonwealth
; $6
&
Southern
Corp.
30c
(Del.)—
t75c
preferred
Coniaurum
Mines,
Ltd.
{4c
—
(quar.) —
Consolidated Laundries Corp.—
$7.50 preferred (quar.)__—
;___
Consolidated Rendering Co. (year-end)——_
Consumers Power Co., $5 pref. (quar.)——
; $4.50 preferred
(quar.)
Continental Motors Corp. ($1 par com.)—_
Continental Oil Co. (Del.)
Consolidated Edison Co.
(N. Y.), $5 pref.
75c
Connecticut Light & Power
Crown-Zellerbach Corp.
Crucible Steel Co. of America, com.
$iy8
5^
conv.
preferred (quar.)
$iy4
$iy8
1
11-29
2
11-25
2-
11-
Extra
_;
2
Hercules Powder Co.
Hershey Creamery Co., common
12-22
12-
1
12-22
12-
1
Extra
7%
(s-a)
2
12-26
12-15
.11-28
2-
7%
prior preferred (quar.)
Lindsay Light &
:
7%
-
(year-end)
Hinde & Dauch Paper (Canada)
Holland Furnace Co.
12V4c
12-15
11-24
50c
12-24
12-13
Hollander
25c
1-
2
12-13
Honey
Extra
& Son
(year-end)
Louisville
$1
12-12
J2-
8
$1 Va
12-16
12-
1
Horder's,
Inc.
Nashville RR.
&
Royalty
J.
&
M.
&
(extra)
___.
.
pref.
Ltd.
12-12
Mackinnie
Magazine
Oil &
Repeating Razor,
$5 preferred
7%
6i
12-
12-19
5
,.$13A
1_
.'12-5
12-fl*
12-15
:
11-28
12-23
v
12-16
11-24
12-15
11-25
12-10
11-26
25c
12-22
12-
8
12-22
12-
8
12-26
12-15
12-26
12-15
'Ac
(semi-annual)
3c
(irregular)
(year-end)
com.
4
(quar.)
common
25c
(quar.)
75c
preferred (quar.)
r
$13A
12-22
(interim)
(quar.)—
12-15
12-26
{5c
—
Gold Fields, Ltd.
>
50c
.■
11-29
2
12-15
12-24
12-15
1-
$1
12-19
12- 4
50c
12-19
12- 4
15c
12-19
$1',4
12-31
12-15
$l'/2
12-31
12-15
7c
Calculating Machine Co.
12-15
37'/2c
(quar.)
Extra
Wall
Marshall
6%
1
1
12-
-
h12-19
10c
Mapes Consolidated Mfg. Co.
.
1212-
12-20
30c
Extra
Malartic
11-29
11-29
12-12
lc
Drilling Co.
Magor Car Corp.,
.
'
V
(year-end)
11-29.
-
„
12-10
40c
,{10c
___.
Products,
Field
Inc.
&
Co., 6% preferred
2nd preferred (quar.)
Fund,
(qv.ar.)_
Inc.
:
(
12-10
11-29
12-18
12-
2
$1%
12-24
12-
8
37'/2c
12-24
12-
8
25c
12-24
12-
8
20c
(year-end)
Works, 7%
pref.
(quar.)
(quar.)
MacKinnon
11-30
12-15
12-15
12-20
12- 1
12- 1
12-10
McGraw-Hill
11-24
11-15
12-10
12-15
12- 1
12- 5
Mercantile
12-12
1-15
12-20
12-22
12- 5
12-31
12-1
12- 8
Merck & Co., Inc., common
12-22
12- 8
12- 1
12-31
11-19
Messer Oil
11-29
Mesta Machine
11-25
11-15
Extra
11-25
12-
8%
$7
12-
12-5
11-29
45c
12-20
12-10
12-
12-31
12-15
12-31
12-26
12-29
12-29
12-23
1
11-25
si
12-
1
11-25
25c
75C
12-10
12-
1-
1
12-
2
l-
1
12-
2
■>;•• i_ 1
12-
2
12-
2
:
1-
$1'A
(quar.)
25c
Co.
10-31
12-
1- 2
12-
$l'/2
(quar.)
2
*'•'
12-17
;
$l'/2
(Philadelphia),
1;
11-15
10c
(irreg.)
1
12-16
1':
$13A
$1%
12-
1- 2
1-
/„,:•
$l'/2
$l'/2
(quar.)_______________
Savings
12-23
12-
(year-end)
&
12-23
,
1
50c
(quar.)
Loan
4
1-
(year-end)
i*
12-15
11-25
1
'
50c
(Port
12-16
12-
1
20c
____;
12-22
12-
5
Hope,
"
Ont.),
(s-a)
t40c
;
—
(initial)
.
*;■
Milwaukee
Gas
Light,
7%
Minneapolis Brewing Co.
-
•
(extra)
preferred (quar.)
$1%
1
___________
Minneapolis Gas Light Co., 5%
$5.10 1st preferred (quar.)
5»4,%. preferred (quar.)
6% preferred
(quar.)
—
15c
1- 2
v
12-15
12-20
12-10
12-15
12-
8
1
111-25
12-10
11-28
12-
$l'A
pref. (quar.)
________
$2
50c
Midwest Piping & Supply, common
5
12-13
12-26
$1'A
;___
Co.
Midvale Co., new common
4
,12-
Corp.
preferred
Midland
12-10
12- 4
1- 2
3
12-23
v'
Mid-City Bank & Trust Co.
(year-end)
;__
Middle West Corp.
11-29
12-15
12-26
1-
50c
25c
Brewing Co., 10% conv. pref.
Copper Co
Michigan Associated Telephone Co.
6% preferred (quar.)
Michigan Consol. Gas Co., 6% pref.
12- 6
12-26
3
{30c
preferred (quar.)
$5 preferred
12- 6
12-20
12-26
12-12
1-
$lVa
Metz
12- 8
12- 6
12-15
12-12
12-23
Miami
12-6
12-20
12-23
15c
{30c
$l'/2
1st preferred (s-a)
National Bank (Chicago)
$7 prior preferred
112- 6
12-20
12-12
Metropolitan Edison Co., $6 preferred (quar.)
$6 prior preferred (quar.)
1
1- 2
conv.
6% preferred (quar.)
Merrimac Hat Corp., common
12- 61
1-2
11-29
12-23
25C
5%
12- 5
12- 1
1- 2
12-15
25c
pref.
conv.
(quar.)
Publishing Co. (year-end)
Petroleums, Ltd., com. (annual)
Participating preferred (s-p.)
Mengel Co., common (resumed)
11-24
12-18
12-13
12-15
7%
McManus
11-15
12- 1
1- 1
12-15
12-15
12-15
Steel,
McCrory Stores Corp.
t$l'A
25c
25c
37(4c
$13A
,
!
!(11-29!
ny2c
(quar.)
(interim)-
(year-end)
Consolidated
12-15
11-15
$50c
12-12
12-12
$iy4
Co.
M
12- 8
30c;
•
vl1-29•
'
Lusk
1- 2
12- 1
,50c
„
1
12-12
1$134
12-20
50c
1
(A.)
Dew. Ltd. (quar.)_j._^_
Honolulu Plantation (year-end)
1
12-
,12-12
Exploration
Mathieson Alkali
50c
12-
25c
(quar.)
&
Masco Screw Products
25c
(Increased)
12-12
12-15
37'/2c
;
12-20
50c
(quar.)
11-21
■
87»/ae
Chemical, 7%
preferred
12-12
12- 1
$3(4
___.
(s-a)___-___-_____________
1
r12-15
25c
.
,
■
Corp.
Louisiana Land
Marsh
75c
_____
preferred
"i-
25c
i
Marchant
12-19
12-20
12-31
12-10
'
_™_Ar
participating preferred (quar.)
Participating
12-15
$1.20
50c
(year-end)_
Hewitt Rubber Corp.
15C
Extra
r:
12-12
10c
-
6
30c
6%
11-29
12- 8
50c
.1
(quar.)_—1
6
"12-20
1-15
,
15C
$13A
Corp. (Washington, D. C.),
(quar.)
;
Common
1-2
$13A '
—
preferred
12-
12-
12-30
(quar.)
12-20
$1(4
(quar.)
12-15
30c
Corp.
12-31
35c
(quar.)
(Geo. W.) Co., common
Extra
7%
Parts
12-15
1- 2
,
Lincoln Service
11-28
12-10*
40c
;
.__
Motor
12-26.
,
12-12
Year-end
,11-10
50c
„
12-12
3
•
20c
preference
Hein-Werner
1-15
11-28
Lily-Tulip
30c
Boiler Inspection & Insur¬
(Hartford, Conn.) (year-end)
11-25
12-20
$1.30
(quar.)
pref. (quar,)_>:
Tobacco, 7%
$1(4
t25c
(s-a)
(year-end)__
__^
;
1
12-15"
2
40c
(year-end)
Telephone Co.—
5.2% preferred
(initial quar.)
Life & Casualty Ins. Co. (Tenn.)
50c
common
1-
$1 y8
{17'4 c
Co.
$13A
20c
25c
Haverty Furniture Cos. $1(4 pref. (quar.)
Heath (D. C.) Co., 7% preferred (quar.)___
Heileman (G.) Brewing Co. (year-end)
12- 5
25c
-
(initial)
1-
Co.,
11-29
r
25c
Navigation Co.
Leland Electric
Steam
Co.
ance
-
$3
$iy4
*
12-20
conv.
Hartford
Helme
(quar.)
Consolidated Gas Co.
(Reading), (irregular)
Creameries of America, Inc. (quar.)
—
Crowell-Collier Publishing Co. (quar.)—
;i
(Pa.),
Battery Co., Ltd.
12-15
12-
12-12,
20c
12-31
'65c
12-15
12-15'
(Hamilton,
& Clark (year-end)
& Sons, Ltd. (quar.)
Lehigh Coal &
12-24
12-20
50c
Harrisburg Steel Corp., (quar.)
Extra
i
$2
Co.
Loan
20c
(M. A.) Co. (year-end)
Harrisburg Gas, 7% pref. (quar.)
Harrisburg Railways Co._
50c
■
&
lc
(year-end)
12-12
12-12
;
1- 2
{$1
Lang (John A.)
.'Le-: RoiCo
12-22
12-20
v
10c
Hanna
Hart
1- 2
11-28
$1.50
6
12-12,
12-22
$iy2
(quar.)
Landers, Frary
12-20
$1%
(quar.)
Lamp Co.
Hart-Carter
2
D
25c
$2
Inc
Watch Co.
Hamilton
8
Columbia
'
(C. M.)
10-31'
1-
.1- 2
{15c
Mines
8
partic. preferred (quar.) —
on preferred
Commercial Solvents Corp. (year-end)
Extra
12- 1
11-29
12-10
12-10
12- 4
12-15
,12- 8
12-15
12-15
t$iy2
(quar.)
Haile
12-
11-15
25c
;]*> l- 2
Common
$6 pref.
$5.50 pref.
12-29
50c
$1%
lc
Utilities,
preferred
Harrisburg Trust Co.
12-23
$iy2
—
Arms
1
Gulf States
18c
.
series
V
.11-25-
$iy2
{75c
(quar.)
Power Corp.,
•
12-10
(quar.)
{75c
12-15
Wire Co., Ltd.
(B.)
5*
50c
(quar.)
Maryland
partic. preference
12-
12-10
'
series C
Ont.)
12-20
12-22
12-22
12-15
1- 2
12-15
•; 1- 2
1-2
5c
Co. (resumed)
Great Lakes Paper Co., Ltd.,
$2 class A preference (accum.)
Green Mountain
pref,
12-2
1
series B
M.
40c
Greening
1-
preferred,
Koehring Co..
Landed
Banking
5
•
$1JA
$1 'A
5c
"
12- 2
15c
City & Suburban Homes (s-a)—
Cleveland Cliffs Iron Co., $5 preferred
Theaters,
(quar.)
(year-end)
11-29
83Ac
.
12-20
12-20
12-15
___.
5%
'
1-2
20c
v
(yr.-end)
Kobacker Stores
80c
11-29
11-22.
1
37y2c
(year-end)
"
12-12
12-
•
$1V2
$1(4
12-15
$1
-
t$10
50c
$l>/2
40c
6214c
25c
Grand Valley Brewing
B
12-31
25C
$iy4
11-21
11-21
12-15
12-15
12-15
12-15
1- 1
«,
(quar.)
preferred
25c
(quar.)
•11-22
preferred,
12-1
12- 1
75c
{l'A*.
12-16
12V4c
Co.
Cleveland
/.
Grouped Income Shares, series A
Chicago
City Auto Stamping Co.
Y.)
11-22
11-22
1
6'A
1.
12-15
12-15
11-25
12-20
1-
(quar.)
Lighting,
Liggett & Myers
30c
$2
t$iv2
11-29
County
11-19
12- 5
12- 5
12- 1
12- 1
25c
10o
12-20
preferred
Kings
11-25
12-15
12-15
12-31
1- 1
!
(s-a)_l,_
(year-end)
(N.
12-
1
Lexington
,___
common
12-1
$3
$1'A
6'/o
12-15
12-15
12- 5
12- 5
Little Long Lac Gold Mines,
Lorrilard (P.) Co., common
(quar.)
Co.,
12-15
1
Keystone Custodian Fund, Series S2
Kimberly-Clark Corp., common (quar.)
Liquidometer
(assum.)
Great Northern Iron Ore properties—
Certificates of beneficial
int.
(year-end)
f$l3A
(quarJ
Rivet & Machine i———
(year-end)
;
Cincinnati Street Railway (year-end)
$5
Co.
(B. F.)
2
class A (quar.)
Kern County Land Co. (year-end)
Kerr-Addison Gold Mines, Ltd.
(irreg.)__
'
Goodrich
1-
12-
Kerlyn Oil Co.,
12- 1
12-1
11-10
(quar.)
Glens Falls Insurance Co.
m $iv4
.
8;
J
25c
12-2
.
Goeble Brewing
12-15
••*•'
Corp, cl. A
12-20
12-20
11-25
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Glen Alden Coal Co. (year-end)
1
50c
Chilton
preferred
12-8.
1
Common
12-20
,
$2.50
pref.
Kelley Island Lime & Transport Co.
Kellogg Co., com. (year-end)
12-20
Outdoor
$2 class
{$1
Chesebrough Mfg. Co. (Consolidated)
,
1
1^
preferred B (semi-annual)
non-cum. preferred C
6%
8c
Inc., 5% pref. (quar.)
•_
Advertising
Co.,
Inc.—
$4 participating class A
General Railway Signal Co., com (year-end)
6% preferred (quar.)
General Telephone Corp., common (quar.)
General
1-
$1%
(semi-annual)
25c
$.1'A
General Theatres Equipment Corp
{$1V2
Ltd., 6% preferred (quar.)_
Cariboo Gold Quartz Mining Co., Ltd. (quar.)_
6
Co., 5%
6%
11-19
$1
10c
General Mills,
11-29
Power
A
12-. 1
12- 1.
12- 1
12- 1
12- 2
_
i___
pref.'A
12-17
12-
$3
(quar.)
Oklahoma & Gulf Railway Co.,
preferred
12- 1
683Ac
T
(quar.)
6%
1
1
$3
Electric
Kansas
12-15
12-15
12- 5
(quar.)
Cigar Co.
1-
1-
12-13
12-19
12-20
•
$13A
Kansas
6%
12-
11-29
.
$ija r
1.
;
Extra
1-
t$l
Class B
.12-10
(quar.)
lc
12-10
tl5c
_______
Ltd. (quar.)
—
Canada Permanent Mortgage Corp., (quar.)
12-26
(quar.)
class A (year-end)
(year-end)
:
11-29
12-24
,
5 %
12-22
{$1,38
i 12(4c
preferred
5(4%
12-15
(quar.) ;>•
12- 4
12-22
{15c
General Aniline & Film,
Packers,
B
12-12
12-12
,
1
11-30
12-15
:
City Power & Light, $6 pf. B
■
12-20
12-12
12-15
-12(4C
12-10
12-710
2
75c
_
Kansas
3
12-20
12-1
12- 1
$1(4
(quar.)
—1
2
_____
:
!
Extra
1-
1-2
1-
$1'A
(quar.)__
12-13
50c
preferred- (quar.)
t$VA
first preference (quar——
Canada Northern Power Corp., Ltd., com—
5%
,
A
12- 4
$2'/4
______
Gaylord Container Corp. (quar.)
12- 9
;
6
preferred
preferred
12-31
12-31
12-31
12-31
12-15
12-15
WA
t20c
12-18
,12-
,
15c
(quar.)
&
12-18 '
5c
(quar.)
t30c
*5%
(year-end)
(year-end)
(year-end)1
12-15"
12-15
t37y2c
(quar.)___—
12- 6
12-13
t$l3A
$l'/2
(irregular)
(quar.)
Co.,
5%
12-30
1- 2
common
preferred
conv.
Gatineau
_———-—
Co.,
& Co.
2
1-15
■.'
2 y2 %
preferred (quar.)'___
Laughlin Steel Corp.,—.1+.
7%
Jones
5c
Brewing
1-
12-171
'
125c
$7 conv. pref.
Fulton Bag & Cotton Mills
12-13
(C. E.V
1
"
.
.
(John) Shoe Corp., <6% :preferred____
Irving
Jamieson
Johns-Manville Corp., common
.
-
12-27
12-26
12-18
125c
(Canada), class A (quar.)
Schmidt
&
Group shares
Ken-Rad Tube & Lamp
50c
.___
Fuhrmann
Ltd.— (stock)__
Securities,
Kellogg Switchboard & Supply
10c
Fruit of the Loom, Inc.. preferred
.
Bank
1-
.
'
V 12-1*
12-15
,25C
12- 8
10c
Co.
Foster Wheeler Corp.,
Instiutional
A
Foresight Foundation, Inc.—
Non-cumulative class A (s-a)
12- 1
12-29
cl.
Class B
12-15
$1V4
partic.
__
Ford Motor Co.
,:
11-26
1 ; 411-24
12'•
;
8
11-28:
7%
(year-end)
5% non-cum. partic. class B, (quar.)_
Foote-Burt
Calumet & Hecla Consolidated Copper—
Canada
;
$l'/a
5
12-
12-15
60c
v
12-
v
12-12
' 50C
«
:
5
12-8
1-2
25c
5
11-15
12-24
•r
$3
•
12-
12-
>12-15
$1
.
11-19
1
12-15
•
Department
25c
(annual)
Stores, Ltd., 5%
12-
,\-.f 50c (
;
1
12-15
$1 i
Hosiery Mills
10-24
12-20
75c
$l'/2
$iy2
50c
8c
12-
50c
$1%
pref. (quar.)_^ '
(Maine)
V ti.i4y3
25c
Stores____^_____l
80c
(s-a)
& Co., 6% preferred (quar.)
Firestone
12-20
1-15
2'/a%
(Holding), Ltd.—
American deposit receipts for 5Vs% pref—
Mills
preferred
Interstate
5
•
i_
:; 50c
12-23
37Vxo
;
(year-end)
Assn.
(year-end)_
50c
15c
(quar.)
Loan
common
25c
*
12-15
International Silver Co., 7%
International Telegraph Co.
12- 5
V...
121212J 12-
Corp.,
20c
,
—
common
•
12-
11-28
1- 2
(quar).__
12-20
12-10
1-2
1- 2
1- 2
1- 2
i- 2
11- 1%
1-2
$1%
(quar.) ______
(yr.-end)
(Syracuse)
;
Field (Marshall)
Wireless
Callaway
f; ' $iy2
.f75c
35c
56 VtC
$iy2
$1%
$iy4
First Realty Corp.
$2.0052
Cable-&
Extra
2
12-15
2
1- 2
mv*
5
1-
1-17
(A. M.) Co. 7% preferred (representthe quarterly dividend of $1.75 due
1, 1939, and interest thereon to Dec.
ing
>
12-23
12-31
12-22
_____
12- 6
,
{10c
6%
Interstate
10-23
12-12*
$iy2
common (extra)__
preferred
(s-a)
_l
Interlake Iron Corporation (year-end)
International Elevating Co. (resumed)
International Safety Razor, class A (quar.) __"
International Sal: Co. (year-end)
>
12-15.
1
12-22
50c
$1
Common
11-29'
1- 2
12-
$iy2
Ingersoll-Rand Co.,
•
<•',
$iy2
.
(initial)
Hartford
of
12-10 ; :
20c
Welfare
Public
12-10 1
12-J9:
(quar.)
12-15
12-15
12- 5
12-31
12-31
1-2
$1
>
(quar.)
preferred
Federal Bake Shops,
12-
12-20
50c
Bunte Brothers
Byers
preferred
Fanny Farmer Candy Shops
12-16
12-31
30c
•-
(year-end)
Butler Brothers (year-end)
7%
12-15
1- 2
12-31
;——
*
___l___r
(year-end)
Falstaff Brewing Corp. (extra)
•
preferred
corporate stock
dividend
2
25c
——-_—
Cash
•
;
$1%
(quar.)——-.—___
British Columbia Electric Ry. Co., Ltd.—
5 % prior preference (s-a)
Brooke (E. & G.) Iron (Birdsboro, Pa.)__—
Brooklyn Manhattan Trans. Corp. (liquidat.)
Brooklyn & Queens Transit Corp.,
(Liquidating) payable in New York City
'"
12-
tSl'/a
(quar.)
_______
British Columbia Electric Power & Gas Co.,
6%
8
1- 2
Fairbanks Morse & Co.
A
Ltd.,
1-
$1V4
(quar.)—_——Brager-Eisenberg, Inc. (quar.)
Brazilian Traction, Light & Power Co., Ltd.,
6% preferred (quar.)
—
Bridgeport Brass Co., common
5Va % preferred (initial quar.)
Brillo Mfg. Co., common (year-end)
Common
12- 8
—
Boston
'Class
12-1
12- 8
12-15
—
Boston
-
12-15
12-lF
$3
Manufacturing Co.
& Albany RR.
Elevated Railway
Boss
.
>
$6 preferred (quar.)_L_;_'___*k
$2.25 participating stock
—
Emporium Cap well Co., common (quar.).
4 Vi% preferred A (quar.)
Engineers Public Service Co., $6 pref.(quar.)
5(4% preferred (quar.)-;
;
:
$5. preferred . (qtiar.)
50c
]year-end)__
Co.
Borden
t30c
'$l3/4
•
Empire Power,
75C
(quar.)
$l'/2
;
f35c
Battery (year-end)
40c
—
Inc.
12-15
$1
V
40c
(extra)
Class B
j.
.
1-2
12-20
1-2
1- 1
1- 1
12-19
1-15'
1-15
f75c
,
12-22
(Madison,
-
:^Indianapolis Railways
_
12-20
12- 5
12-15
12 5
12-15
12-22
Co.
(quar.)____
Investors
Indianapolis
12-15
$2.; .12-31
Indiana Gas & Chemical Corp., $3 pref. (s-a)
12-12
.'::$iya;;'".
'; V
preferred
$7
15c
.
•".<
preferred B___
7%
Electric Storage
3
12-
Gas
(interim)
Incorporated
Rayon
12-23
$ll/4
Electric Power & Light Corp., $6 preferred__
11-27
1.:
,
RR.
prior preferred (quar.)l___J_______
preferred
______________________
6%
12-15
____
Co. (s-a)__.'___
& Fuel Associates—
Mahanoy
■
12-10
12-20
50
Water, 6% pref. (quar.)__
Illinois Zinc Co.
(resumed)___™_____™:._
Imperial Tobacco Co. of Canada,- common,
.
;12-20
50C
Co.________
preferred
Industrial
} 1- 2
$1%
30c
! $iy2
"
Eddy Paper Corp. (year-end) ______________
El Paso Elec. Co. (Del.), 7% pref. A (quar.)
9
3c
$1>A
V
(year-end)_____^_
41/a'/<'
5
12-15
12-20
common
$6
t
12-10
25C
Illinois Municipal
Bank
60c
*
preferred (quar.)__^_______—_______
comjtnon
(year-end)
Eastern
11-18
1
25c
pre¬
-i—
East
1
12-
12-15
12-
7%
Co.,
Wise.),
of Rec.
12-20*
2
12-20
40c
•
.
Illinois Commercial Telephone
1-
50c
(resumed) __L
(monthly) _________ v
Telephone
Industrial
$1%
$1%
Common^
Eagle Picher-Lead Co.;
6% preferred (quar.)
12-23
1-15 \
•
5%
Co.,
ferred
2
60c;
Mfg.. Co.- (year-end)—_
Birdsboro Steel Fdy. & Machine Co. .(irreg.)
Binks
Duke Power
1-
Co.,
preferred, (quar.).
~7%>
•.
1-
■
{$2
Driver-Harris
7
1-
$1
15c
11-19
11-
Bell
Payable
62V2C
Plantation
Mines
12-15
12- 1
12-15
11-29 '
11-29
12- 1
{$1%
:
7
12-15
1-.2
25c
1
Canada (quar.)_>__
Belmont Radio Corp. (quar.)
Beneficial Loan Society (Del.) (quar)
Berghoff Brewing Corp, (quar.)
Bell Telephone of
12-1
1-
50c
...
~ —' f —
>w
1
12-15
$3'/a
———
]
'
1-5
12-18
75C
(s-a)
11-29
2
2-
$1
common
(quar.)_;
preferred
Sugar
Holders
When
Share
,,
____i._i.__
12-15
1- 2 V
{$1(4
(quar.)
12-18
7%
Extra
Illinois
12-20
12-20
-
$1
$1
Jlxtrft'
■
Co.,. Ltd.,
Glass
1- 2
1- 2
{25c
-
—
$2 V2
15c
Beech-Nut- Packing
12- 1
11-25
12-15
12-19
1- 2
Dominion Textile Co., Ltd., com. (quar.)__C{$11/4 .J
1- 2v
>
7% preferred (quar.)
{$1%
1-15
Draper Corp.,-(quar.)
75c 1
1- 2
vExtra
;
$1.
12-19
Dresser Mfg. Co.v(reduced) _____—'50c
12-15
Manufacturing Co.- (s-a)__-__i——
Beatty Bros.; Ltd., 7% 2nd preferred
Beech Creek RR. (quar.)---——-'-
Extra
:
/Name of Company
.
Idaho-Maryland
:
11-29
(year-end)—I——
Alarm
'
.
____
12-15
1-
40c
Fire
v
2
Balfour Building v t c
Barcalo
"
Chemical Co.—
convertible preferred (final)
Ice Cream Co. (quar.)
12-23
$ll/2
Automatic
12-15
12- 1
12-23
12-29
(year-end)
.'..v.-
Hutchinson
12- 1
Dominion
6% pref. (quar.)
Coast Line RR. Co. (resumed)
Coast Line Co. (Conn.) (year-end) _
Refining, 4% conv. pref. A (qUar.)
Co., $3 preferred
(quar.)
Gas Light,
Atlanta
$5
•
Dixon
5%
KR.,
Coast
&
$lJ/4
12'/2c
->
$2
6%
{25c
(Joseph) Crucible Co. (year-end)_.:_•—
Doehler Die Casting
(com. stock dividend)
Dominion Foundries & Steel, Ltd. (quar.)
—_______
Birmingham
Atlanta
12- 6
Long Hook & Eye
Dewey & Almy
preL
7%
12-16
■'
12-19
11-22
12- 5
(quar.)
1
5% pref. (quar.)—
Derby Oil & Refining, $4 conv. pref.
—
'
(year"end)4___*
;
Atchison, t Topeka & Santa Fe Ey.
5% non-cum. preferred (s-a)
12-26
11-29
12-20
Dempster Mill Mfg. Co.,
1-
(quar.)
,
8
12-
15c
Common
$l'/a
$1(4
f$2
75c
12-
—
Canada,
of
Breweries
Associated
—■
12-23
12-15
40C
(quar.)
Works
Metal
Art
75c
Corp.
Constable
Arnold
12-15
12-15
_i__
.
12'/2c
(final)——-—
(year-end)—
Armstrong Cork Co.
$1
/>,
Houdaille-Hershey, class A (quar.)__
Class B (year-end)_
_______™__;
Hubbell (Harvey), Inc. (quar.)
11-20
12-15
12- 1
15c
5c
•
v
12-15
J
(quar.)—
i':y
12- 2
12-31
11-29
1- 6
Dayton Malleable Iron Co.
Fund, Inc.
12-22
{25c
25c
pref. (s-a)__
Dairy League Co-Op. Corp., $5
David & P'rere, Ltd.. (quar.)
11-21
1
12-10
75c
$2C '•
Ltd., (interim)™_
Corp. (year-end)__
Anglo Canadian Oil Co.,
12-
(yr.-end)
"
Per
Holders
.of Rec.
12-15
;
\
.
$1
& Cable
When
Payable
Per
Share
v
'} >.'?
Corp.
Manganese
Cuban-American
11-21
1
\ 'L
t$5
7% preferred
Co. (year-end)—-
Co.,
12-
10c
31'Ac
.•
J"! Name of Company
oj Rec.
Payable
Share
;
Holders
When
Per
'
; :.w
Saturday, November 29, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1252
■
12-
1
11-20
$1.27'/2
12-
1
-11-20
$1%
12-1
11-20:
$l'/2
12-
11-20
1
Volume 154
Number 4013
-
When
Per
Valley Canning, 59 pfd. (quar.)
Mississippi River Power, 6% pref. (quar.)__
Mississippi Valley Public Service, common—
•$1
6 9
preferred B
x~
4 ;10C
2
12-20 V
"
:5Vj%
Mills
■.Special
,60c
12-9
11-28
12-10
12- 1
12-10
12-
(semi-annual)
•
Monolith
1- 2
xxxx___x~*x_,lx:.,'
Mohawk Carpet Mills, Inc.
Monarch
Midwest
8%
Co.,
$1
'
.
—
Portland
-Extra
Cottons, Ltd., common
'7.9 preferred• (quar.)
Morgan (J. P.), & Co; (irregular)
Morrell (John)
Mountain
t$l
(F. E.)
div.
& Bros. Co.,'
12-19
Mfg. Co.
12-29
30c
12-18
40c
5
12-15
i
t50c
'.20c
Extra
(quar.)
.12-
8
12- 10
12-23
12-
5
12-23
12-
5
.
$1V2
2-
50c
•
1-
:<
12-
Extra
12-
12-
1
11-28
12-
1
11-20
1-2
12-15
25c
•
99i$4 preferred
12-16
12-18
12-23
12-10
12-15
12-
5
Warner &
12-15
12-
1
12-22 ;
12-
6 '
12-16
12-
6
12-16
12-
6
'
12-15
12-
1
1
12-15
12-
1 '
12-
11-18
___________
$1%
12-24
12-15 t
75c
12-31
12-19 b.
t$l V4
12-31
12-19 '
12-20
12-10
12-20
12-
40c
12-11
11-27 '
$1
12-28
12-18
%'V'
12-
*
:
West
Snowdrift
&
12-22
1
11-26
J$1
12-22
12-10.V
$$lVi
12-22
12-10 v
.-1750
1-15
37Vic
12-1
1-
2
.
12-
0.296875c
1-
2"
11-20
1
Bank
End
11-29
11-25
12-15
12-
$1(4
$1%
12-22
12-10
2
12-19
12Vic
12-15
12-10
45c
12-15
12-
20c
12-15
12-,2*
1-
2-1
$1V8
2-
1
■
5
Public Service,
$1.50 preferred
•
—
—
6%
-i
12-15
25c
12-15
12-
75c
12-15
(Alan)
;
51V*
Neiman-Marcus Co., 5% preferred (quar.)__
New England Fire Insurance Co. (quar.)—x
New
England
New
Haven Clock Co.,
New
River
New
York Air Brake
Co.,
6%
...
Telegraph Co.__
Telephone &
$1%
12-31
t$iy8
12-16
12-
(s-a)
:
1-
$2
.
—
11-29V
Y.
N.
12-15
12-
12-15
Harlem
&
RR.
Co.
shares
50
held,
common
proval of SECi
'6(c. preferred (quar.i
i
.
;
North
.end)
v
"
Common
6%
v
Northwest
Oahu
Sugar
Oceanic
•
Co.,
prior preferred
69
preferred
Match Co.
(quar.)
12-
11-25
12-15
12- 5 ;
12-15
12-
$1
12-23
12-
$1
12-23
;
,
12-22
12-22
12-10;
12-22
12-10
.
12-15V
12-31
12-15^
12-31
12-1
11-21'
50c
12-
11-21
(year-end)
7%
'49
preferred
&
11-29 *
11-29
$1.16%
12-15
11-29 t
12-19
12- 9
12-
11-25 ;
4c
Parker
69
conv.
$1%
Appliance Co.
I "
Tacony-Palmyra Bridge/ common (quar.)
12-
1
2
Co.
&
(quar,).
*
—
__r
2
.
12-15
:
12x 1,
11-25
12-
$2
11-25;
1
70c
12-10
60c
$3'/2
12-31
12-31
>
___
Coal Co.,
1-
12-
1
,12-20'
12-20
Coal
Temple
Co.,
$6
Thomson
■;
v*c
11-26
11-8
50c
12-23
12-
$1
1-15
1-
75c
(quar.)
12-19
12-
Todd
2;
Toronto
Tunnel RR. of St. Louis
25c
12-30
11-19
450C
12-15
12-15
11-29
12-
11-27
.12-15
Union
_____
25C
—
t$1.50
12-24
•
25c
.
•
12-27
1-
2
50c
U,l- 1
!
.
of New Hampshire—
(quar.)——
_______—.
preferred
(quar.)
12-23
$3
12-
20c
3
12-19.
J5C
,
1 i
,
l;
12-10
.
.,12- 2•
12-
lv
<12-*5
12-31
11-28
12-15,
-8 Vic
1-15
11-28
12-15
11-29
12-15
11-29;
:
SI Vi
$1 v*»
-
12-15
12-
12-15
12-5
1
1- 2
12-15
,
i 6%
Potash
12-22
12-
preferred
States
Two
dividends
12-
B
common
;
preferred
:
.12-15
' 12- l■:
12-15
12- $ 4
12-15
1-2
12- 5
1- 2-~
12-12
12Vic
1- 2
12-12
(35c
American
Gas
4%%
12-17
12-
12-
11-25
130c'
12-15
1
.
;
.
1
12 VaC
.
12-
40c
.•
10c
1
12-15
12-15
$1.18%
11-25:
1-
2
75c
12-
t
*
11-24:
11-19
11-19
.12-
9
General Corp_~-
-$3
preferred (quar.)
$2.50 preferred (quar.)
$2 preferred (quar.)
Hofne
;
—.
62 Vac
:x—x
Products,
12-12
American
1- 2
12-10
SOc
12-
1
pref.(s-a)
American Invest. Co.,of 111..(quar.) (reduced)
American Laundry Machinery (quar.)______
1
12-
1
75c
American Insulator Corp., conv. pr.
12-
20c
.
(monthly)______
12-24
12-15
,
11-14
11-14-
11-14"
'; 11-14*/
12- 39
$1%
12-15
12-
1
12-15
12-
1
12-15
12-
1
12-26
12-12
12-15
12-
12-5
11-28
12-
5
11-28
(quar.)
American Meter Co. (vear-end)
American Paper Co., 7%
preferred
t$6
10c
12-22
12-12
11-29
12-15
11-15"
1
11-19
12-
1
11-19
12-26
12-10
25c
12-22
x12-15
12-22
12-15
12-22,
12-15
American Radiator & Standard San. Corp.—
12-15
1
12-
50c
12-15
12-
20c
12-31
20c
20c
$1
12-13
12-
10c
$1%
t$lV2
5
1
American. Mach.
Fdry. Co. (quar.)
American Maize Products, common
Extra
7%
6%
—__
^——
preferred
American
&
(quar.)_—
Metal Co., Ltd.,
preferred
79
1-
2
12-
1
1-
2
12-
1
American
Steel
Foundries
$1%
:__x_x';
25c
v
—
—x;
12-
1
11-26
12-15
?
11-20
12-15
$1%
fqu.)___
1
$1
x_x_
12-
$1%
common—_—.—
preferred (quar.i
American Rolling Mill Co.
American Seating Co. (year-end)
11-29
:
11-25"
each).
preferred ,(quar.)__
American
*
12-12
$1%
Extra ____—4.__—
*
•
.
Forging
.
.
12- 1
51V*-
7% pfd.-A (quar.)
Power, $6 preferred-™
(30c each).
54c
a
,12-15
$5
,15c
15c
Co.
12- 5
————99-
__:
12- 5
12- 5
$1
: $1
held)
43%c
t$7
75c
20c
'
11-18
12-15
12-15
*
12-24
;
:
1
.
15c
Light Co
12-15
v
(year-end) i
12-
$1%
& Socket__x_________:—
& Electric Co. (qu»r.j_x;
American
17
11-15
12*15
12-
12-
12-20
dividends
12-
11-17
1
common
10c
:——'
(quar.)
Tobacco Co.r com.
Utah PoWer & Light $7.
preferred
Two
12-
12-20
Envelope
19. 11-19
40c
50c
non-cum.
Extra
$6
12-20
12-24
class
or
12-
.
12-1$:
12-19^
$114
12-15
Co., common——_
preferred (quar.) ___——.
United Stores Corp., $6 preferredU. S. Truck Lines, Inc., of Del. (year-end) __
United Utilities, Inc. (increased s-a)
—
v
7%
(quar.)
—
A
12-31
12-31
12-
;
American & Foreign
5
S.
(quar.i
11-29
12-15
8c
lnc
—
B
11- 8.
1
1
preferred (year-end)
Cyan a mid Co., com. class A (quar.)
American
12-
12-12
Co.," 7%
&
Co.,
11-15 r
11-15
12-
:
Power
12- 5
25c C 12-15
(quar.)__
Colortype
class
12-
'Year^end' - xix__*xx_L-_Lxl>J,_,x-«.-.x—75c
Cities
11-20
11-29
17Vic
;;
12-
12-24
''
(quar.)
preference (initial quar.)—
Special on class A and class B (Divi¬
dend
is
payable in shares of the
1 ."company's
5% cumulative, preference
($10 par) In the ratio. of one share
preference for each-eight shares of
12-
12-15
12-20
______
(quar.)
12-1'
1
1-
50c
Louis)
.
12-12
12- 1
12-12
50c
$1%
7%. pref.
5%
12-10
1-1
■
40c
x_____
Upressit Metal Cap Corp., 89 preferredx_„_
Oil Refining Co. (quar.)
________
'
5%
1
f$ 1 Va
V 50c
(s-a)
(quar.)
(St.
Co.,
:
$l'/2
(quar.)
11-15
12-16
12-15
12- 5
$3
:
11-29 i
11-20 :
12- 3
12- 1
12-29
. l-2
12-22
12-
$l'/a
(irregular)
Co.
preferred
Class
1
Co.
Co.
Ins.
Board
;
15c
t$2
vt$2
American
....
1
Guarantee
U. S. funds
com.
(year-end)
in
-:Extra,______—
1
12-
States
v
.
*
11-29
,
'
12-22
15c
433Ac
50c
t$l
American Chicle Co.. (quar.)xx_-_x_x——,
12-15
12-
Year-end
v.
5%
12-13
12-15
Utah
..
—
'
Box
5
12*15
*
United
r
Auto.
11-29
_—
11*29
Arch
American
11-14
J2-15
Public
75c
-12-20
-
12-23
12-23
$1%
(extra)
(quar.) payable
Co. of America,
American
12-
U.
12*10;
12- 1
12-20
prior preference.^-- r t$l%
United States Loan Sdciety. (Phila.) (s-a)___
$4
U. S. Petroleum Co.,' common (quar.)2c
Extra
2c
1
$6
$6
$l'/2
Southern
Great
American
12-
12-20
11-15 7
American
2
1- 2
12- 1
1
12-29
U. 8. Leather
12-
12-15
.
8 Vic
•
preferred
1
12-22
$2.
Pittsburgh Plate Glass (year-end)
Plymouth Rubber, class B (resumed)
Preferred,Accident Insurance Co. (quar.) —
Preston East Dome Mines, Ltd.- (quar.) __—
Public Investing Co. (Phila.), orig. stockCo.
1-
25c
stock
.
1-
12- 2 1
12-15
1- 2
5o
6
12-23
12-261;
12-1
(initial)
RR.,
ordinary
11-21
12-
1-10
12-20
12-31
v
11-17 r
American
1
l?-30
■'
■
it 10c
Extra
United
12-
-
v"
75c
$lVi
30c
* $1*:
(quar.)—_____
$3 preferred
United"Saving's Bank (Detroit)
12- 8
2
25c
H
1
12-15
$3
25c
;
__
(quar.)
12*15 T
12-18
1-
"
■
11-205
?
12-20 f.s-12-
1-
(irregular)
Co.
'
Corp,xx____-^__x__
12-20
>
13-1
$l'/2
;
fZ-15
1-15
51V*-
.
Pittsburgh Forgings Co. x
Service
'
1-2
'
41
^12-15
2
>
.
11-28
25c.{,
•
(vear-end)_—A
preferred (quar.)__—
$5 preferred (quar.)
Philadelphia Electric Power. 8% pref.(quar.i
Pioneer
Gold Mines of British Columbia,
; (quar.)
__:
1—
—
(
America
*
12-15
•
25c.
Philadelphia, Co.. 69
$5
12-
-
.
1
_________
(quar.i
x_;
12-
-of Reoi
.11-18 C
1- 2
Capital Corp., $5.50 pref.
& Cable, common
12-10
Noldere
*
12-12
12-1
■
American Chain
;
■■
Pay'bie
-
75c
American
Service Corpr. (annual)
: v
15c
United Public Utilltles 'Coi'p;, $2.75 preferred
t$l%
12-15?
1-
$3.75
$3
$$1
'When
*
25c
xX—X_X_ •
12-15
United
12-10"
12-lOr
12-12
—
:
27c
12-15
12-
(extra)____—
12- 8
(initial) (s-a)
Business Shares,
12-29
•
$1V4
+$13A
pref. (quar.)
American
12-
9
12- 9
2 4
(Watertown, N. Y.)
12-17
1
1-
9 !-•
12-9:
12-20
$1
25c
75c
,
12-15
12-
%
Share
(year-end)
2-1
1
.
9
12-
2
12-
12-
V
12-23
■
15c
x
12-27
Ltd.,"Class R-(Ihitial) -_—x_ ; ^ t25c *
United Dye wood, 7 % preferred (quar.)
$1%
-7% preferred (accumulated) .f'Jxx-x'x^-'xx*-.'
$1%United Elastic Corp. (irregular)___
,r ■
25c
United Gas & Electric Corp., 7% pfd. (quar.)
:
$1%"
United Illuminating Co. (year-end) •
$2
United Pacific Insurance Co. (quar.i—___
$1V2
1
2
12-15
*■
12-15
12-15
(s-a)
Manufacturing
Pacific RR.
12-15
12-30
25c
United Corp.,
1-1
-
__—_—
'
2
.
.
'v
'
•
•
Public
12-30
1-
,1-
8
12- 8 '
2
12-23
25c
(quar.)
preferred (quar.)
Aluminum Manufacturers,. Inc.
7%
preferred
(quar.)
12-15
12-27
1-
50C
$1%
6%
12-15
12-30
$1%
10c
$lVi
Bag'"&" Paper Corp^_-.___x—--x-
Union
1-
-
■
Cashable
12-30
(initial) —
pref.
United-Carr Fastener Corp.
1-
•
of
«•:) 12-
12-15
■■
Petroleum, Corp.
-
12-
12-19
25C
(resumed)——:
12-20
2
we
Aluminum
12-10
(year-end)
Corp.
Union Carbide & Carbon
12-12
"i 12-10
12-20
30c
.
1
2
12-
General Trusts Corp.
Unexcelled
11-29
12-
12-20
Welding
8,
95 3/10c
1- 1
V
5
1
1-
.
40c
(quar.)
Products Corp.
Common
8
12-11
(year-end)
Shipyards
12-
79 pref. (quar.)
qony.
1
t$l%
(quar.)__————
(final) —___,
(quar.)
Electric
Inc.
Time,
preferred
6% : pref.
12-15
12-29
10c
Pacific Coal & Oil Co.
Texas
Co.
69- preferred--:-——X—
fquar.)*<
12-30
.
Products
Tecumseh
'
12-15
2
Texas-New Mexico Utilities,
70c
Pennsylvania' Edison Co., $2.80 pref. (quar.)
$i v* <
$5 preferred (quar.)
______
250
Pennsylvania Glass Sand Corp., com. (quar.)
25c
f /Common (year-end) —i-v------—•——
5 9 preferred (quar.)
.51V*
,
,_x.;
52 ■
Pennsylvania Salt Mfg. Co. (year-end)—_
62'/2c
;•Pennsylvania' Telepv, -Corp., $2.50 pref. (quar.i
{•■■V-'i $1
Pennsylvania Water* & Power, com.:(quar.)
■
$1V*'
$5- preferred* (quar,)—
$1 rPjebples Gas Light & Coke Co.,
^
$1V2
Peoples Water*fit. Gas, $8 pref. (quar.)
—
Milk Co.
11-25
■■■■'
''Class■ A, (quar.)'Jxx-x-i^;------x_-x-:-x-.
50c:
';X:«r: Extra
—XX
V 25c
V %5% ; preferred "'(quar.) .,x^^__^_xx__«x__*•;
$1l/*
Talcott (James); Inc,
10c.
Extra}
__——10c
5Vi 9 participating preferred (quar.)
683/4C
Taylor-Wharton Iron .fit Steel, (year-end)—;
$1.20
.
Peck, Stow & Wilcox Co. (year-end)_____—
Penn Electric Switch, $1.20 pfd. cl. A (quar.)
Piet.
1
25c
,
11.-14
t$l'A
Manufacturing Co., Ltd., com.
Peabodv
12-
30c
50c
.
Extra
12-15
1-
$1
(s-a)__
Mining
—___
11-25
10%
5
1-
15c
■
-/Extra
1
(stock)
12-
t$l%'
69
5
—
'
79 preferred (quar.)
Patterson-Sargent Co.
1
12-
12-
-Lx-xy
Pathe Film-Corp.,, $7 preferred
Paton
12-10
12-
12-
Co.
12-
12-15
(year-end)
participating preferred (year-end)
Alabama Water Service, $6 preferred (quar.)
Allegheny Ludlum Steel, common (year-end)
79 preferred (quar.)
Allied Laboratories, Inc. (quar.)
Allied Products Corp, class A (quar.)
Allis-Chalmers Manufacturing Co: (irreg.)__
Altorfer Bros., $3 convertible preferred^
Aluminum Industries,'Inc. (quar.)
Aluminium, Ltd., common (quar.)
2-20
12-20
12-15
Oil
12-15
$1%
50c
Alabama
8
12-15
12-15
——
preferred
*3-16
$1V4
60c
$2 Vic
—
__________
1
,
(quar.)
Airplane Mfg.: & Supply Co.
12-10
Aluminum
11-29
12-15
(quar.)
Aircraft Accessories, conv. pref.
12-10
Webster, Inc.
11-29
12-15
.1
Agricultural Insur. Co.
(quar.)
12-10
Stone &
12-15
12-15
(quar.)
preferred (quar.) _J—
Agnew-Surpass Shoe Stores, 7%
12-20
12-15
12-20'
(quar.)'_
Tilford,
1-2
12-15
Sterling
12-6*
$1 Vs
5%
12-10
$1
12-20
t$3>/4
Aetna Standard Engineering, com.
12-10
12-
V
11-21 "
,25c.
Addressograph-Multigraph Corp.
5
12-20
12-20
1
1-16
1
Per
12-15
1-
11-28
2* 2
12-
51
-Name of Company
12-20
12-15
Swift
1-
1
2
60c
11-29;
50c
(monthly)
!
:
Paraffine Companies, common (quar.)
Park
11-
f" 75c
12-15
'
—-—___——
Consolidated
Gumans
1
t20c
■
Paracale
5
(year-end)
Brothers Stores, common
Sun
_x_^__
x_—
—
12-
12-
■
Page-Hershey Tubes. Ltd. (quar.i—_
Pan American Petrol & Transport Co. (yearend) '
——
12-15
12-16
50c
non-cumulativfe second pref.(year-end)
5%
12-15
5c
.
•
v
12-15
$3 '/2
common
—1—'
Extra
5
12-
12-19
:
35c
preferred
prior preferred
Acme Steel Company
•
(quar.)
2
,
* 7%* preferred" A <s-a)
79 preferred' B <s-a)
12-
15c
15c
pref,.__
10c
(year-end)
Manufacturing Co.,
Pacolet
11-29
12-15
50c
$1
1-2
IOC
Advertising Corp;
12-15
50c
Co.
Corp.,
1-
Extra
Packer Corp.
11-19
20c
(quar.)
Products
Coated
130c
x>—■___:
11-19
11-29
10c
t50c
_________
1
II-29
tSI
(quar.)
Products (year-end)
(year-end)
Sudbury Basin Mines, Ltd.
—
11-19
' 6%; first preferred: (quar.)xx^!._i-_^_;-i-i-
SterChi
11-21
1
.11-29
$lVi
50c
(irreg.)
12-10*
20c
t$i»/2
;
12-12
$1%
/v-Extlra^
12-15i
12-
12-12
2
$1%
Brands, common
preferred
$4.50
2
I-
$114
$3V2
com.
30c
__—
(quar.)____
:
11-28
12-31
10c
'
7%
1-
12-15
12-17
'50c
give $he dividends announced in previous
weeks and not yet paid. The list does not -include divi¬
dends announced this week, these being given in the
preceding -table.-*
12-15
$lVi
12-12
12-12 7
;
Below
5
2
$l'/2
15c
2
2
$1%
J__
B
Zonite
12- .5
1-
:___
Standard Stoker
12-20
$1%
-r
12-
"■
11-
9
12-15
Light & Power, $6 pref. (quar.)
(A. E.)
Standard
75c
■
12-22
$2
:
Standard
10c
ccnv.
Packer
.*;
50C
prior preferred (quar.) ___—
B'Gosh, Inc., common (quar.)_____
Pacific Indemnity Co.
'
1
35C.
— _
12-9
$5 preferred
v.
;
12-10
_________
(quar.)
12-
<
12- 9 *
$20c
$1V4
:r
(Rudolph) Co., 7% pref. (quar.)
Manufacturing, common
Paper Co., Inc.,
Trask Fund (quar.)
Manufacturing,
(quarterly)
preferred (semi-annual)
Staley
12-
12-
11-20
v
'*
9
•
Extra
12-30
$lVi
25c
5 V
...
"
Towne
Class
7%
$1V4
:■
:
(quar.)
Extra
12-30
Spencer
1
11-20 '
$l'/4
Sugar Plantation (year-end)
Pacific Clay Products (year-end)__
Pacific Coast" Aggregates; Inc.——
■
1
$ll/2
_______
1212-
10c
. j..-5c,:
(quar.i.^
(quar.i
Southwestern
5
12-20
Paauhau
,
12-
:
:
40C
_______
Extra
;•
12-
12-20
2c
5*
$i
__—
preferred (quar.)
Ottawa Electric Railway (quar.)
$2
12-
12-15
i; $iy2
Extra
■
1
&
Special
12-1
(quar.)
1
12-' 5
;
Yellow Truck & Coach Mfg. Co.
12-20
Works (extra)
Advance Bag &
2
t$l%
—
12-10
12-20
conv.
Oshkosh
12-10
12-22
1
12-
—
£$3'preferred (quar.) '__x___xxJixx_x,x.;i2-i;
$5.50
1-
MV*
_____
Oklahoma Natural Gas, common
i
12-19
50c
pref. (quar.)
(Toledoi (year-endi
(quar.)
12-19
$l'/2
69
common
59
Ohio
12-10 I
xi—i.
Finance
preferred
Yale
•
preferred (quar.),
<8%.: preferred (quar.) -_--.__-__x-____l.__$2 conv. preferred (quar.)
!
Southern Colorado Power Co., 7.9 preferred
Southern Phosphate. Corp. (year-end)
v Quarterly
Southland Royalty Oil Co. (year-end)
Southwestern Associated Telephone, $6 pref.
12-10
2
75c
(year-end)___
Ltd.
Co.,
Ohio Citizens Trust Co.
Ohio
2
•
Co.—
79
.*
1-
75c
Qlt.
Ohio Associated Telep. Co.,
9
(year-
(year-end)
preferred (quar.)
Engineering Co.
69
12-
:
1-
75c
Northwestern Utilities,
12-19
12-20
Wurlitzer
12-
87Vic
Varnish
&
1st pref. (quar.)__
South Porto Rico Sugar; common (interim)
75c
—_—
;
South Carolina Power, $6
71%c
(year-end)
prior preferred (quar.)
Paint
South Bend Lathe
12-30
B
(interim)
common
11-15 *
1
1
12-
{Sonotone'Corp;.^^iX»4:^^^xi^S^x^T^y-^.(,i':>' v5c
8%
-
Ltd.,
12-19 '
11-29
12-
12-22
12-19
*15c
(year-end)
& Sons,
? ^.'Extra ■
•.
12-22
10c
60c
$1
preferred (quar.)xxi.-l—_—_x___-_x-i-
Southern
___________—
:
fquar.)
(year-end)_____
jll-19^ 11-12
1—
American Rayon Corp., com. A,
-
ap-
>5% i5i/pfeferred^(quar,);rii.i.x.iw_^.-,i._(-.-fcx^;
;.
Co.
(H.)
Co.
7% -preferred (quar.)
Snyder Tool & Engineering
»
each
subject of
.-
4
12-10
Co.
20c
Smith-Alsop
11-29 )
•12-
12-19
$5
.
I,
7%
12-12
12-12
40d
"(year-end)
Simon
12-12
,12-15
-~75C-
Norfolk 'to Western Ry;
(extra)
North American Co. (stock)—(One share Detroit Edison stock for
2
(Frank G.)
Simmons
lr
1- 2
15C
.
•
_•
Spring. Co: (irregular)-——
Norfolk County Trust Co. (Brookline, Mass.),
,
'•
60c
(year-end)
(initial)
No-Sag
'
•"*
$2'/2
New York Merchandise Co.
Niles-Bement-Pond
1-
$2>/2
(quar.)__________
.Extra
Shell Union Oil
11-28
(s-a>________
common
Delaware
Brothers, Inc. _1
Shattuck
1
$i
(10%" preferred (s-a).'
Oil of
Seeman
12-15
2
t$i'/2
preferred
Co. (year-end)
'
-
I
12-10
preierred——
6Va %
New Haven Water Co.
13c:
:
Seaboard
12-
t$4>/2
-
Steel,
conv.
12-
t$l%
A__
Worthlngton Pump & Machinery Corp.,
4'/27r prior preferred (quar.)
4 V2 9
12-19
12-15*
12-27
—
preferred
Wood
2
2
12-31
20c
World Invest. Trust (Ctfs. of ben. Int.) (quar.)
11-28
(year-end)
1
1-
1-
$1%
Accumulated
1-20*
$1
pfd.
Accumulated
1-20a
$1
Co.
Lace
1-
20c
preferred
7%
2"
(quar.)
Scranton
•
12-10^
12-16 v
5V/2
Wisconsin Michigan Pow., 4 V2 9
Wisconsin Power fit Light Co.,
11-20
$2
* $1
2
11-25 '
12-22
25c
Co._2__„____^._^_
(Pittsburgh), (year-end)
West Jersey & .Seashore RR. Co. (s-a)^
West Virginia Coal & Coke (initial)
4 9
1-15
1-
12-15
"
Oil
$6 preferred B_____
Westinghouse Electric & Mfg. Co.—
999 ■
Common (year-end)
7% participating preferred (year-end)____
Weston (George), Ltd..(quar.)
Wheeling Steel Corp., $5 prior pref. (quar.)
White Motor Co. (year-end)_____________
Wilcox-Gay Corp. (year-end)
Wilson & Co., Inc., $6 preferredWinters 8c Hirsch, 7% preferred (quar.)
Wisconsin1 Bankshares Corp.__
12-
1
{V 1- 2 '
1-15
$l
Western
1-2
1-16
51V*
Wesson
12-10
12-19
8 *
*
$l'/2
Washington Water Power $6 pref. (quar.)__
Wayne Knitting Mills, common (year-end)__ *9 $l'/2
6%
''.Sl'/a'
preferred (s-a)__.__________________
50c
Wayne Pump Co.
11-29.
(quar.)
12-
12-15
'
12-19 "
12- 1
12-24
'Extra
'
12-15
12-18
25c
.
Extra
12-1
__________
12-10
,<
12-15
t75c
Swasey Co. (year-end)
Warren (S. D.) Co. (year-end)
Washington Irving Trust (Tarrytown, N. Y.)
J25c
<
1
12-10
$1
"X'- t$t
,_^x.
12-10
'
1
12-30
25c
Waldorf System, Inc. (quar.)
Walker fij Co., $2.50 class A
12-15
-
1
12-
12-
■;.vv'1
12-26
(quar.)
;
;
r
preferred
.$4.50
11-28
12-1
>
'
2
.
com;.-(quar,)
12-
12-15
60c
Co., common (year-end)
7% preferred (quar.)___
;
Vulcan Corp., $3 conv. prior pref. (quar.)__
$4.50 preferred
8
1
12-22 '
.
12-10
12-10
Tool
12-26
(year-end)
Scott Paper Co.
1
12-12
25c
iquar.)
-
RR., 5%* pref. (initial)
Schenley Distillers Corp.; 5Vi 9 pref. (quar.)
Schlage Lock Co. (quar.)
1
'Year-end
1-
40c
conv.
Savannah !& Atlanta
12-15
2
12-12
Mills
Vlchek
■
2
1
tlOc
Virginia-Carolina Chemical, 6 % preferred___
2
$3
Savage Arms Corpf (year-end)
1- 16
2
35c
________—
Sanford
:
1
2-
$20c
m8% .preferred, (accumulated)
6% preferred (accumulated)
San Jose Water Works,
4% % preferred A
8
12-
class A
12-
37Vic
,
: 4% class A conv. preferred (accum.)
St. Lawrence Paper Mills.Co., I.
'-■■
-
1
12-20
75c
Investment Co.
■
12-20
12 Vic
(quar,)
^
29 i
12-20
12'/2C
(quar.)
■-
■
Naval Stores
12
:
Corp., Ltd., 4%
(accumulated)
preferred
1; 20
40c
^preferred
,'v
12-15
v-39jei
-
■
National Standard- Co;
■
35c
Xquar^ii-x-
.Extra,
National Steel Corp.
r
11 ■29
*
2
Lawrence
St.
*
11
12-15
2-
8
12- 10
12- 3
t$l%
-
Manufacturing Co. (year-end)
St. Croix Paper Co., 6% preierred (s-a)
St. Helen's Pulp fit Paper Co
12- io
11-28
+$4
$1(4
Russell
4
•
12i
12-15
25c
33 ft r9
—
12.
-
2
-
10
11-28
11-28
1-
12-
$1%
Veeder-RoOt, Inc. (year-end)
Ventures, Ltd. (interim)
___x^
Viking Pump Co., $2.40 preferred (quar.)___
1-
t$iy4
Ruberoid
12-15 '
$1
2-28
:25c "
__^
12-22
$1
12-24
«25c '
> -
11-28
50c
50c
12-16
■
12-15
(year-end)______^.
12-19
12-15
of Rot*
12-15
'-Extra
12-12
Boldort
Pau'blo
-
t$l'/2
f$l
preferred
2
12-24
When
Share
*
.
12-15
62 Vic
Hosiery Mills, conv. pref. (year-end)
Co. (year-end)
RusseH Industries, Ltd,common tquar.lx*—"
7% preferred (quar.)
;
12-5
15%
,
,.:■■■.■
12-15
(quar;)L^-rw2-t:x-siSi-i-a.i"*,'r-$1V*.
Co.
.Lr——;x__—25c
preferred
12-11
1-
15 9
______
Rollins
11 ■29
2
1-
15c
(quar.)
common
1-
t43c
.
12
$4 conv.
Camp Milk, common
$4 preferred
(quar.)
Vapor Car Heating Co.
12-11
12-24
25c
-
Rockwood & Co., 5%
12-31
12>/2c
preferred
."Extra
.
12-31
(quar.)...
National Funding Corp^ Class. A
{Class,B
Notional Gypsum Co. Hyear'-end)
Co.,
12-10
12-22
12-24
" $3'
■'
.
Casualty. Co. (Detroit) ,*(quar_) x_u
_______1—
x
Lead
12-22
1
$i,/a
dividend
National
12-
1-15
—
■
12-15
V
A
Valspar Corp.,
12-20
2
12-15
Robertson" (H. H.)
•
'
'
Bond & Share Corp.
(year-end)._
Breweries, Ltd., common (quar.)__
>7%' preferred (quar.)————____—
National Dairy Products
;I2-:9».
1-15
National
&
5%
12-13
12-23
3c
National
Stock
2
12-29
$2
in
National Chemical
1
50c
Ltd., ordinary (final)
6haresv'___^_________
Corp^
Series
-Name of Company
,•
Van
first
Rhokana
•
50c
company's new fiscal year__
Nash-Kelvinator Corp.
x_d
:_xNational Aviation Corp. (irregular)
National
,
1-
{,
Richfield OU ;Corp;__jV_^^_l^__i__iai____;^
Ritter' Dental: Manufacturing, common_^i_w_*
15c-
:■■•;•■
_____
First
1212-
,12-15
$l'/4
(year-end)__x—
Muskogee CO. (year-end) x-lx_x___x__;—-_,Munsingwear,- Inc;
Mutual Systems, Inc., common (quar.)
,8'/(s .preferred (quar.) _x—
——I—
Myers
/
11-29
.11-29
.75C-
(quar.)______
City Copper Co.
12-15
2
$ 1V*
;■>-,
■>. 6% preferred •(s-a) _{^.__________-_____
Rheem Mfg. Co, (quar;)^
12-15
12-15
$1V2
^—x-xxx
12-15
12-15
•
t$l%
!
>
1-
t$l:
•
___
& Co. .(extra) xx~
Finance Corp.
Motbr
(quar.)
1
.12- 1.,
i
1- 2
f$3
xxXxuXxx_-___x_xxxx_.^x_x'-.,-.'X_,
Montreal
1-
$5
Montgomery County Trust Co. (N. Y.>, (s-a)
Montreal City & Dist. Savings Bank (quar.)
,
12-15
t30c..
pref.
■
:
12-20
f$l%
preferred (quar,)—-------
^
pref.
59
Per
A
tfRetrS
Utilities Equity Corp., $5.50 priority stock___
V
12-20
1-
Oklahoma,
1253
Naldert
Poy'blt
t
v
; 12-10 >:■
{20c
110c
"When
Shnro.
s
voting (quar.)
50c
non-voting (quar.)
!___
'} V50c
preferred (quar.)_______
$1%
Original preferred (quar.)____'______
$1%
Pullman, Inc.: .^quarterly),V 25c
.Extra
V 9 ' 75c
Pyrene Manufacturing Co. (year-end)
50c
Quaker Oats Co., common (quar.)
$1
6% preferred (quar.)
1__
$iy2
Quaker State Oil Refining Corp. (year-end)
25c
Raybestos-Manhattan, Inc. (year-end)
87Vic
Rayonier, Inc., $2 preferred (quar.)_
50c
Reading Co., second preferred (quar.)
50c
Remington Arms Co., common (year*end)___
20c
79
1
___—x.L-_-x,:xxl-_x'_~,-~.-—
Corp.—*
V.' Per
■
w»v,■
Common
V-.-v:
1
12-20
of
Common
>■:.
11-29 '-I,
12-
Co.
—
Publication
n-19 ;
i 12-
Service
(quar.)
12-15
v
2
*
.
2
12-10
;X:
(quar.)___
common
>,
5
l2ViC
■•••.
Modern Collet & Machine Co.—
Extra
12-
..12- 1
1-
Name-of Company
Public
,12-15
2
.12-15
$1$2
___
_
.
1-
$1%
,
(year-end)
Mobile & Birmingham RR., 4% pref. (s-a)__
Mock, Judson, Voehringer Co.
________
6
12-
12-15
$l'/2
(quar.)
\V/o' preferred A (quar.)
Missouri Portland Cement
Modern Containers, Ltd.,
1-
$l'/2
'. -"AAA.
■>
of Ret.
12-15
$l»/4
Minnesota
Hotderi
■
PaWblt
Short-
..;;Name of Company A
V
THE COMMERCIAL & FINANCIAL CHRONICLE
-
•
$1%
•
12-
I
11-20
12- 51
41-34
35c
12-12
11-12
50c
12-
11-24
25c
12-1$
9
11-29
THE;COMIiitEReiAL-&!!FiNANCIAlklPRON^
12S4
When
Holder<
Pay'ble
of Rec.
Per
«•"
'
*
•
Share'',
.--'Name of Company
m
American Surety Co.
(s-aj__._
Aberican Tobacco Co.,
/_——
(S. F.)'
National
Andian
AExtra
12-
1
30c
12-
1 1
30c
12-15
*
12-
tl5c
12-
(quar.)
1
12-12
12-
12-12
12-27
12-17
.
:
12-27
;
Canada Vinegars,
•
,
12-17 V
11-19 V":
t75c
12-1
11-20 '
6Va%
50c
12-15
11-29
12-
1
12-15
$iy2
11-29 ;
•
(interim) ____
25c
1
11-
12-15
12-
1
$i
12-15
12-
1
common
(quar.).—____
12-
Oil
5Ve
Refining
&
preferred
Associated
ferred
12-
12-10
11-25
;
Canadian
$1%
124 1
11-21
"C
Canadian-Industrial
tl5c
Goods
Dry
6%
Corp.,
1st
:
Gulf
Common
S.
Indies
West
&
(quar.)
S.
Atlantic
1
!
12-15"
12-
1 '
12-15
11-21
Works,
12-15
t4c
(Irregular
I.)
(J.
Co.,
12-
1
11-20-'
12-
1
11-20
12'
1 v
25c':
i5c
12-
1
11-15;
t$l'/2
$iy2
of America
Scotia
Bank
of
Bank
of Toronto,
Nova
(quar.)
.
-1'
:
(quar.i
capital
(quar.)
1
'$l'/2
11-19 V
11-15 y
1
11-15
12-15
11-29
'
15c
12-1
11-15 i
30c
12-
1
11-15
12-
8
11-14
*
12-
75c
12-20
12-1
-11-20
Bathurst
Power
&
i
(year-end)
Ltd.,
Co.,
Paper
•
class
12-
12-22
50c
5*.
;
i2-1
(Extra"
11-14 i
12-
t25c
■
11-14
1
12-15
12-20
11-25
(year-end)
1
$1 Va convertible preferred (quar.)
Beech-Nut Packing Co., special......
—.
Belden Manufacturing Co. .(year-end)-.——
Belding-Corticelli, Ltd., common (quar.)——(
50c
Beaunit Mills,
'
1%
Bendix
Aviation
Berens
River
$7
Corp..
Mines
t$i: ;
Fine
Associates,
Spinning
preferred
11-21V
11-17
1
12-15
1- 2
b 1- 2:
12-
12-1
11-
12-18
12-
$1'A
Cement,
TV
11-13V
b 12-1
1
6%
pref.
'7%
Bibb
Steel
Corp.,
preferred
(quar.).
;
■
$iy4
Brothers
Bloch
/
$iy2
:
"*
ers'
Bohn
option
1-
12-
2
5
Common
11-15
11-15;
Class
conv.
11-20
1
12-
vv
■Class
11-22
12-26
:
11-14
&
Borg-Warner
Special
Corp.
Cockshutt
12-22
12-12
t$i
12-20
12-10
50c
4
12-10
11-25
12-10
11-25 V:.
12-15'
11-28
$2
Boston Herald Traveler
"
20c
'/Vv/'
(year-end)—
75c
;
-u-
(irregular)
12-1It
6%
Woven Hose & Rubber,
Boston
Bourjois,
Bower
Brazilian
12-
12-15
12-
$i
S-S
57b
1\
12-15
12-
12-20
1
■A
5
12-22
10-25
12-10
Briggs & Stratton Corp.....
75c
12-15
12-
.t7yac
12-15
(quar.)..
t$iy2
/a
(quar.)
60c
______
15c
British
Ltd.,
Celanese,
7%
1st
v
prefer.
Brooklyn Telegraph & Messenger Co.
33/2%
(s-aj
(quar.)
Shoe
y; $iy4
Brunswick
i
)
-
50c
Inc. -(quar.).
Co.,
Balke
-
Collender
Co.,
Co.
:
Utilities Corp.—
11-14
1
lv
6>/2%
preferred
"C"
11-21
12-10
//iioc
—
11-14
11-19 *
Confederation: Life
11-19.
Assoc. .(Toronto)
Congoleum-Nairn, Inc. (quar.)—
Water
<initial>
25c
: 12--1
12-20
,lr 2:.
12-13
11-24
*1-24
.1- 9
>•
■
12-
llrlT
-
'
1
1
10-10
12-1
12-
/quar./*,' v $1V2 ;
CO,' common - (qiia t;
>/ ' $1V2 *
11-19
8
12-
1
1D29
".„ *.'"
loio': ;.
12-
*
8
12-
$7
$1%
..
io-fo
12-
•12-
Z12-15
■
1
*_*.
10-lor' >';/
12-/5 >/ ' .
1-2
1-
$lVa
,
Ine.Hommor&S^lL^Kl-?;,
'
12-'5
2
Sl'Ao
'quar.)
12-15
1-
2-1
12-
1
12-20
(Texas// $4.50 pref. (quar.)
common
(year-end)
preferred
*7%
&
■■.nA
U 2
12-15,;
12-11
,12-27
60c
"•'* $1% •/
12-
1
11-24
(quar>_,
$l3/4
,.*;// 20c
RR. Co.-
12-
1
$1.60
1-
2
12-
1
,
11-24
12-15
Corporation
non-cumulative
11-15,
*.**
$3, convertible
,
11-19
11-30
* 7%
Pipe
Line
preferred
Bullard
(quar.)..
(year-end
...
11-29
1-
2
12-29
12-15
12-
5
5V
50c
12-29
12-
50c
12-
11-12
50c
...i
—
11-21*
12-15
50c
-
.—...
—
12-15
$1%
-
Co.
Extra'
$1
35c
Co....
common
t62Vac
12-15
11-29
t75c ? 12-1 4*11-14
v
Co,/f__l:i._/____/__';;,/.87,/2c
(interim)..^*.
:
12-10
SI 12-
1
*'12-
Facer, Coe
Gregg/Inc./ common' (quar.)
Fairbanks Morse Ac. Co..../——.
.
>>
Inc.
1
11-15//
12->
10%
.
1
12.-1
.1115 jfcV-
•;
11-15-.
•
•
■
*'*/.>
li-is/zr
*,11- 5
50c
1
12-
1
11-
50c
12-
1
11-15 ,'*>•*.
t5c
Assoc,, an affiliate, /;>//
Mines, Ltd. (interim)L, ,
12-
50c
'■•<'
•
/, Fajardo Sugar Co. of Porto Rico>./i.i«.-_^/a.
/1.Includes
dividend
declared
by
Fajardo
12-20
■
8
Brewing Dorp, 6% " preferred
; Falstaff
;
>1 $5
Metallurgical
Corp.
(s-a)
1
/
11-29/
12-14
12-31
$l«/4
preferred
11-14 !'V.
-
.
...
12-
1
3-18 •
12-18
'
12-
12-18
>
8
12-15 "
.
50c
12-
1
11-19*'
<$l»/2
'FederalTMogul-Corp.1>_-..-_>*_l_y/v_l._j_>>.i;>/;/
Federal Screw Wrorks>"(i!esdmed.)
Ferro' Enamel
Corp./__*i/1.il/_.i_>.>_i/__l •.
..
1
12-,lr
.;/1215<
4-
25c
(resumed)_____
;!(quarterly)_„>_^___^__i_ •
Federal Compress & Warehouse (quar.).___.
Federal Light &. Traq.tion,
$6 pref. (quar.) •*
11-15 /
3c
i-
12-
1
11-17*
25c
12-15
.V12-5'
;
50c
12-15
12-1-
.*■"'
-25c
12-20
12 '-
>
.*?*,
5 »
1
50c
12-15
12-24 *
/Fifth-Third Union (Trust Co/ (Cin.i, (nuar.iw' " •.,"/■ $1 1-2-42
11-15"
Finance Co. of America, class A com. (quar.)
15c
12-22
12-12
i2-1
* :$i%.
11-15
10c
12-22 .'12-12: »'■
>'*/> Extra
62V2c*.;,.12- 1 :
:
•>
11-15
Class- B
15c
12-22
(quar.)'
12-12
,/
$l»/a*. 12--1
Connecticut River Power Co., 6% pfd. (qu,)
•> Extra'
10c
12-1 ' 10-15..
12-22
12-12 1
Consolidated Amusement Co, Ltd. (stk. div,.) v 33V*C
:>6%c
12-22
115c ;;"l:'n-i\2vy.:.i2-ia>: •»*.' 5.Vi%
.12-12
preferred-/(quar.).'n_
;
Consolidated Bakeries of Canada. Ltd (quar,).
11-15*
Firestone Tire &.Rubber, 67b pfef. A (quar.)/
: $1 Va
.; 12- 1 111-15//' *'*
*.$l3/4
Consolidated Cigar Corp, .7% pfd,. (quar.)
12-15
12- 5
ii. Fireman's
Fund .Indemnity,-(quar.)___^___i./_:/ / 50c
Consolidated Div. Stand. Secur. Ltd.— . /,
? *
15c
vPishman <M.; H.)-.* (quar.*),!■
12- 1
t37'/2c >1215*, 11-29
ins:,//
$2.50 non-cum.. preferred
(s-a)_~
—™
12 -15 V.. 11- 7;
Fits' Simons* & Connell Dredge & Dock
;
;/40c'
11-20:
/ 25c ' 12- 1
Consolidated Edison Co. of N,Y;>™..*(i *;
Fitzsimmons Stores; Ltd.-r-/ **/ •>.'.*.•,*>*:, /:
i
/
12-26.. v ,12- 5
: t25c
Consolidated Film Industries, Inc., $2 pref.
*'*
12-1
30c >12-15
12-1;. ; /1% 'preferred (quar/) -_1^_____/___________ >*.; VfVaC
11-20' "
Consolidated Investment Trust (quar.)_x-,_.
Flintkote Company
25c - 12-21
-70c /, 1215 *;/l2-1 i
^
12-13
>.va $4.50 preferred ■(quar11.._
$t V,
/50C
12-31., 12-15,
1215
12-10,;
Continental Assurance Co. (quar.)—
v
12-20
12-15
+$7
';50c•
12-13
/ Florida Portland Cement/7%• partic. pref.//
11-22
'
Florida Power Corp, 7% preferred (quar.)./*
87 Vic
Dec.
,.* ".<50c
,12-15 / 11-25*
1114;'; "
Continental Can Co. (year-end
.11-15
Food Machinery, 4V2% /preferred .(final).-./ / •76 'Ac > 12- 1
12- 1
30c
Continental Casualty Co. Iquar.)_^_-u.—- i
11-15
412 West 6th. Co,* (annual)^//_/'./^__-_/_'r/ ',i 1
$2 '< 12-15
f
1215
30c
11-29: *;.
25c
-12- 3
12-29
>1119.
25c
Fox J Peter»•Bfewing.COi':{;qua^fc*//uJ/'///i'//'>,;»
12-15/
Continental Diamond Fibre (quar.).^...1
Extra
25c
12-10/
12-20
12-29
/J-/-.—'
$1%
12-15
Continental Steel Cdrp, common (year-end)v;
12-10
Stock < dividend'
/>///!' '*
12- 1
12-20
«
11-15
> $1%
77b' preferred (quar. I ____—
.>'•> A stock dividend ofr the Fox De Luxe*:.
1-2-42
,12-15:
$1%;
Continental Tel. Co.,'7% partic. pref. (quar.):
>12-15/
>'
1-2-42
// . Brewing Co. of Michigan to be issued
-$l3/o
6y2^ preferred (quar.)
*>
r
."
share for share 1o each shareholder /
11.-24
,.50c, v12-15■
Copper Range .Co/(year-end)
12- 1,'
;lr.*Vof the Peter Fox Brewing Co. .'T, / ;
"
:12-10*, 20c
Copperweld Steel Co, common
:—;—u_
Fox-St. Louis Properties, $3 preferred...//.'./
12- 1
12-10
t75c
12-15*
62 VaC
12-1
57b convertible preferred (quar.)
Connecticut Lt. & Pwr. Co,
5V2% pref. (qu>
Connecticut Power Co.; (quar.).
„
.
12-15
12-
5\
12-15.
12-
5:
.
■
,.
(Los
Angeles)
r
1
•
.-
■
"
"
Watch
(quar.)
; '-Extra '
Bunker
i
!
Hill
&
Bros.
Sullivan
$1
—
—
trating Co,
Bunte
—
Mining
(quar.
5% preferred
&
Concen25c
12-
1
11-12V
$l>/4
12-
1
11-24.
35c
12-
1
11-15
68 %c
12-
1
11-15
25c
12-
5
15c
12*
1
11-
5
37»/ac
12-
1
11-
5
12-15
12-
1
12- 2
11-15.
^..4—
(quar.).
.
Burroughs Adding Machine (irreg.)—
Brothers
;
; 5%
convertible preferred (quar.)
Butler Water Company, 7% preferred (quar.);
Butler
Byers
— __—
(A.
^Payment
M.)
Co.,
7%
preferred
being the sum of accumulated
ouarterlv dividend, due Nov.
and unpaid
1938, together with interest thereon at
the rate of 5%.
1.
.
.
*
..
-.
Burlington Mills Corp., common
,f $2.75
convertible preferred
(quar.)
.
;
:
11-
IV
.
•
-
„
*
*
$iy4'
t$2.0198
.
11-29'//.:'-;
*
1
12-
15%
,;_*
*
4
Bullock's.
Bulova
'
10"-29 v"i*" ••
•
/ 10-29
Ordinary stock/linterim)//
Growers
•>: i!
11-30
(auar,)..____
preferred^__u_
$1
10c
*
$1 Va
Falconbridge Nickel
'<:*><>■
> 17V2c
$25
;,50c
Co.,
■
12-20
Co.r-
class* A
Pittsburgh RR.
Ready
v
11-26
12-
-
25c
Williamsport
Corp,
>
.',*•
v
11-17%.
1
12-10
50c
?. ;i
preferred '.(s-a
&
11-29/''
12-1$
> $1 >/■',
,
/,/
"
Buckeye
Bucyrus-Erie Co.,
.
'•'
.
12-'.5^//.y
11-29, 1
Ever
.11-14,
12-18.
t$4
)>'•
.
11-17 .*>*""
'/>/ Special
.
v
12-20
I
12-
r:
pref. (puar.)
fquari.)_l—.-j
m
11-14'.J'sV-1"*',
-1-
'
12-j 1
$1 Va
12-15
12-10
,
Co.—
-
(qu.)_
11-20
$1
-•
...j./..
Intcrurban
1 V*
2
37V2c
(year-end)
.
11-15
'.12-1%
50c
JV//' f< (
(preferred (itregular)
&
1-
12-15
Fansteel
(quar.)
com.
Essex Company
■>..
i; ;y$l5/«>:
12-
.<
preferred (quar.V/'V--_';t>
62f/2c
5rk\ conv. pref. (initial). (Covering period
of Issuance from Sept. °24 to pec. l5j-j-56 32/100c
Erie
12-15
12.-3 l;w
12-: 1>
*
11-29
Sugar
•1
; $i'/4
11-20
,
12-31
(initial). "
11-20":/*
12-15
$3
,11-21
.1-15
12-
50c
*;
.
vj;.y>v*4% . guaranteed (quar'.)i___>__.j
Empire Capital Corp.; com. class A -.(quar.)
/;• 170c preferred A (quar. I
;
English Electric Co. of Canada, Ltd.—
-
11-21 >
12-, 5
Compania Swift Internacional (quar.)
Confederation Amusements, Ltd, 8% partic./
1941
12-
pref.
Ine, common- (quar.)-_
Preference stock
4
11-18/ *; *>'
•
12-
J60c
.
11-20
/
11-18
1
:12r/ 1
-
■.?&>,
y
11-20
"'12-5
%$l'/4
(quar.).*
Commonwealth
11-29-
12-1
preferred
.11-29
12-
12-
-;
Telephone, .$5
12-15
1
,,
Ltd.-—
Worsted,
Empire Bay State Telegraph
11-19
•
12-
15c
4 T
12-10'
M- 2
30c
77b
.12-20/ 12- .1
12-18 V 12-4
6-18*42y. 6-4-42
$1.70
65c
&
Bros. Stores;
Elmira
r;v
-■
Kodak
Electrolux
,12- l V
/12 -i 1
12-
;**>;
11-29 *r
12-18
f$l34
t$lVa
pref.(quar.)
7%
12-1/
1
;
(year-end)..
' '
9 lO-
12-15
25c
62V2c
;
Cartons tWesfn), Ltd.
(quar,)_/.."__/__.'____^_v "
Chemical,
preferred
y Equity
.i
Carbon
(year-end )_J._;_L
,
El Paso Elec. Co,
■
(year-end).!
1,
Electrographic Corp. Jquar.)_-_r_r^__-.__._-_-
62J/2c
Class
12-
•
$1
preferred
Inc.,
11-14*
preferred Yquar.) > <
$l»/2
L.td> (quar.tWYac
12-. 1
12-. 1
65c
Commonwealth
common
(year-endi
$5
B
System,
5
"
Brown
Broadcasting
11-14
1
>5% * convertible
$
;J"50C* *rl2-'i:>-; 11-15
Co/* (irreg.
11-12 /*>
1
preferred (quar.)T..1_J/....
J
Electric Boat Co.' (year-end//...."/.-..i.'..
>:
5
L
11-25
25c
y.
Alcohols, Ltd, .8% pref. (quar.)
Commonwealth Loan. Co. (Indianapolis), 5%
;
'
Bristol-Myers Co.
v
.
V*-.
(quar.)-__^__.
preferred
6%
>
>•- v$i%
common
1/' /I*
11-
1
12-
Racing Association
Edison
.-'•*12-31 /: 12- 9
25c 4,12-1/ *11-18
12- 1
'liltf/
$1V4-
*.—
12-
12-
:/1- 2
$ L06
(quar.)
"A'ii (quar.).....^;..-.'—Vi,
preferred
(year-end)
Class
11-17
Bright (T. G.) Co., Ltd., common
6 % preferred (quar.)'___.
.
*
(quar.)
Inc,
Columbian
Covf
i
...
pref.
Commercial
10c
Corp.
$4.25
f
25c
12-15
50c"
•
" $1%
(quar.)Il---'-/.Z_^-_-_/*__r- / // $1 Va
Massachusetts St. Ry, 6'fo 1st pref.
t$l Va
Michigan Transportation (liquidat'g) ,/ '
$3
$6
,
*25C;
12-15 V 12-1 >•>:
12-15 >12-1,
12-
(quar.)..//
Louis
St.
Eastman
^121*5 .;..* 12-1'/' ¥■
12-15 j
12- 1 1
•
(quar.)
—....
Co. ' (Lima,-Ohio), 5V2%
Stores,
Columbia
11-21
*40c
(resumed)
t3c
(interim)
(resumed)..
com.
&
16%^ preferred
•
common.......
Columbia Brewing
12-12
12-
of America..
Ltd.
Brewing
Ltd,
Co.,
on
Finance
preferred
Colonial
1
75c
...
Burial Casket (quar.)..—
Traction,
Light &
Power
Colonial
1.
12-
25c
(year-end)
Inc.
Roller Bearing Co..
Boyerstown
Plow
,
12-
*
(quar.)..*.;..,
/' El Paso Natural Gas Co,
.12-15
;
•
12-31 \
". 11-28 i, :
75c
$2
Eastern Shore Pub. Serv, $6.50
*
11-10j
>$3 •>12-15
convertible preferred
57b
11-27".
12-31!
12-31
$3
pref.(s-a)
$20.35
—
—
Collins & Aikman Corp, common.^..:
.
.
$1
Wharf Co.
Boston
—:
Cochenour Willans Gold Mines, Ltd.
:
50c
7.
(year-end)
Corp.
(s-aI
Colgate-Palmolive-Peet
Co.
Borne-Scrymser
A
Additional
Brass....
$6 second preferred
International
Coca-Cola
1
siy2
(s-a)__r_._——
1
12-15
55c
55c
$1V»
50c
'L
(irreg,).-.
/
$2
(year-end)
A
!-
;:•//"*:
11-19
12-1
$l'/4
(year-end) "
112-15., ^
75c
—
•---
—
5-42->
Eastern
.
11-10
12-15
**
'/.<'*
'
-
-
.:
Common
11-20
12-15
Vic
5-
Eastern
first
31
5-15-42
8-15-42 8^: 5-42
150 c
Woolens
preferred
Eastern
12-/1
*••':"*>
50c
(initial)..
,
.*
.
■
.
,
.
,
..
1
r
*
-
*.
4
5-42
i'v7%:/prefefred dquar.)r/__.L'/-_*___Li'__-l. ;
;
50c.
'".J*.
2-
25c
Plastics
6%
*
12; 1
<
12-20 i •>■ ":
A..
50c
A""Hquar.-I•/
preferred
/
37Vac
Co, ^common
Company
11-15"
i
50c 2-16-42
.
conv.
'
>
11-29
common
& Bradstreet,
Durez
2-16-42
12-1-42 11-16-42
Sl'/4
—
Company—^
Coca-Cola
1212-
3-3-42
12-' 1
1-5-42
•/■'*..
-' *
(quar^/ $ 1V2
Duncan Mills, common_.//_*.y.__Z'Z__.>___._
. /.40c
.;
7% preferred (quarj.........^..^./.
*/ $1%
duPont (E. I.) deNemours, com.
(year-end) /•*. $l3/4 ^
"f$4.50 preferred ,.(quar.. ;$1 W-*
.
11-29
1
,
'$5,4:12-20^ 11-28 /
'. .87V2C. /•
5%
11-20
11-20
$6 preferred
:
Pittsburgh RR.-
preferred ((quar.)
20c
Aluminum
Booth Fisheries,
Dun
6-1-42 5-15-42
$l'/4 / 9-1-42 8-15-42
_L.
1
1
non-cumulative participating preferred
East
;
12-
12-12
Fdys. «te Steel, Ltd, 67b
Dominion
11-20
.
1st
/ /< f 67b
•/ Sl'A-
.
.12- 1<
pref, (quar.)__
stock, or. at holdcents in cash.
..v.*,
75
&
12*t 1
$iv2
/
*$1V4
(quar.)..—_—4.—
.Regular' stock MqUar.)—
Special guaranteed* (quar.)
Coast
Counties
Gas' & Electric,
l/32nd share of comon
:
-
6%
Tobacco
Corp.'.-$3
Ridge
<
11-10
12- .1
V
87 y2c
(quar.)..
pref. (quar.)
pref.
(quar.)
V
12*10
$iy2
Birmingham Gas, $3.50 prior pref.
Blue
,
$i
$i
Bigelow-Sanford Carpet, common (year-end)
«i6% preferred (quar.)
Bird & Son, 5% preferred (quar.)..—
12-15
12-1
$l3/4
—-4
Manufacturing Co., extra
Birmingham Water Works, 67c
5
11-19
11-15
-
■■■:/v-
1
1-
;
$iy»
common
:
:
;
.
■
>
Dominion-Scottish Investments, -57k preferred
.
of New Castle Water, 6%
Cleveland
11-15
'/
75c
Bethlehem
12-
1
12- 4
30c
12-15
12-. 1 ,
$1% ' * 12- 1 r' It-20 .
$1V2 v.. 12-1*
11.-10
:;$iy^ / "12-. 1
;11-10;
.,*$1
12:15 -<11-26
;5% preferred (initial)
.4.4V,: 61'%c- : .12-15V;:.:ll-26:.
Clearjf HiU-Mines Co.; (quar.) 4444—:-4-y^y/ y/5c/ ?r12frl^ flippy
12-5:
$13,4
i
Co./
—:
...
11-20
12-
"* ",t
(accum:)
pref. (quar.)
City Water of Chattanooga,. 5% pref. (quapj)^
Clark Equipment Co, common (year-end)—
City
Inc.—
>.
&
-1—
•f
City Ice & Fuel Co, common—————V '.
'6Va%
preferred* (quar.i.L——4- .
.
12-15
3c
.
(quar.>__
Limestone
:
81
75c
—*•/,/'•'
preferred
Corp.-Seagrams,
Dominion
5
% 12-27 : r12-5
t50c/;; 12-' 1
25c
v.* 12- 1.
preferred (quar%)—V_—.—4-4-L—'—4—"
.57b preferred (quar.)——
'
Bessemer
'•77b
••12-
50c
5f/e
11-19
1
preferred
preferred
57b
$1
-
preferred, (quar.).
;$5
12-15,
25c
—
(initial)
11-15
12-
$1
50c
Co...
11-15
12-1
37'/2c
(year-end) —"
(quar.)—'
Common
57b
.
1
12-
t$i%
Manufacturing
&
,f i2-.r
75c
4
-
'
■1*1-20
l
$1
(quar.)_^.'..Zi:iiu.-.*.--w*
/Dominion Envelopes
12-13
1-1-42
$1 Va
'
'
,
(quar.).
Hardware
Berkshire
—
common
preferred
Belknap
$l'/2
,
^*/*"/."
/
12-23
2
12-
$1%
*v * 30c
$2
..
OH Co.
Cotton
*■
•
*)(.<
pref.
(irregular)__'_/_;...._LV__V_
Co, 6%
$2.50 class
,
■
>12-16
25c 1-15-42
(quar.)——_——4//'
;
3-17
25c
-> 4-15
(Quarterly) _i4„—-----4,
4; /
(Quarterly)
—
4
s
"*25c 7-15-42 6-16-42 •
$35.15*
12-15
11-24 ,
Christian^ Securities Co, com. (year-end)..
»•-$l3/4 *:' *r'*l-'2: * *"<12-20-■
7% - preferred (quar:)
4
4$1»^ 4 12^12.'.*;* 11-12 /;
Chrysler Corporation
4.—
11-30 V*
+4c
(Quebec)
Ltd.
Mines,
25 c
5V2%
(year-end
:
preferred (quar.)___l______
Corp,
> Dr. Pepper
'12-12 '• 412- 14
Extra
11-29 V ! .*;
12-15,
25c
—
Cinn.- New Orleans & Texas Pacific Ry.
37'/2C
(quar.)..
i
Bayuk Cigars, Inc
Gold
(year-end)-.
•
11141
>12-
$iy4'
...
8%'-preferred
Dixie-Vortex
.
A
}25c
Beattie
pfd. :(quar.)
Mills, Inc., 7%
Co.;
Stove Co.-
Raynplds, 5%
Distillers
-
Hill- RR/ (quar.)_-__——
Chickasha
'
■■
;
&
Di-Noc Mfg.
'
—
Co.—
Iron Works Corp.
1
$13/V
(quar.)y
Chicago Corporation, S3 preferredChicago Yellow Cab (quar.)-—__——
4
75c
•""t$2
■I
12-
>■<
.
,411-19
12-10
Extra; oh common „ —*
4'% .non-cum. series A preference (quar.)
;
Chestnut
—
1
Michigan
Dictaphone
11-20
-12-
(quar.)
Diamond Match
11-20
11-15 "/
15c
(Col.)
Stockyards
Dexter Company
*
1 '
;
.
•
Oil
//'■
12-16
"15c
——r
Co.
11-15
1
12-23
$1
Diamond Alkali Go:
.
12-20
12-15
Chartered investors,. Inc.,
,
10-31*
■
12- 1
t$2 '/a
Co." (year-endi
(H. W.)
Barnsdall
Bath
12-15
Belt
pref.
12-
12-1
$1%
Bank
convertible
$5
12-
•'
Co., W/o
Wire
'..
'
r
York..
Class B common
11-15
•
New
Dewey & Almy Chemical/common
■!
-
11-27
t$lV2
Champion Paper & Fibre Co, common.
67b
preferred (quar.)———
$5 pref.* (quftr.)..
Chesapeake & Ohio Ry, common (quar.>4.
■12-15
It 2
m,
,
;—„
'
Barlow & Seelig Manufacturing Co
«
$1.20 class A (quar.)
•
Barber
Chain
(Montreal)
Nationale
Canadienne
Banque
Century Ribbon
12-10
12-
t$2
(quar.)_____
&
12-10
12-31,
12-16 I*
"
Co.'(quar.)—-
2
12-31.
60c
;,y.
(s-a)
Steel
Central
v-11-19
•
11-28
12-1
■'/ 1% preferred (final)-.VV;!.!/....././. .', $l3/4..
Devonian Oil Co.. '(quar.)'..'/Vl...*.;25c
"
Assoc.—
//
Montreal
of
Bank
Trust & Sav.
Nat.
(quar.)
preferred
:
:
12-15
14)2
1-
$l3/4
.
conv,
.'5%
Devoe
12-113/
.12-31
of
Co.
preferred *,• (quar.)
preferred
preferred
(quar.)i._l:_i._..^_.__..._._
••
5%
v
1
12-
% 1-2
20c
(quar.)._....^.„..^_^-^-i^
Bangor Hydro-Electric, 7'% preferred (quar.)
• 67'c
preferred (quar.)
$2
/'■■??■< 5"U
/' 12-12 V
12-10
$ 1 Va
11-15
preferred
.
:•
12-15
10c
Gasket & Mfg, 67b
pref.* (qUar.)^_
Detroit Hillsdale & Southwestern RR (s.-a.)
12-12 V
37'4c." :*,•■ 1-15
$134
Central Paper
1-1-42
11-17.
1
35c
.....
Union
Detroit
"12-12
preferred
,
6c
12- 5
12-
$l'/8
Detroit
V
*•
Centrgl Illinois Public' Service, 6'/e preferred
$6 preferred
:^
Central Ohio Light & Power, $6 pref. (quar.)
25c
41»Ac
12-15
25c
J.X
Denver
11-15
1.
12-24
7% pref.fquar.)
Central Illinois Light Co., 4y2% pref. (quar.)
y
'
.
'
12-20:
'. 11-28--*
12-24
T$l3/4
:'." /(quar.)
11-15:
^
1
((Capital)
12-
-11-12
12-19
$24
44 $7 4
i..
Supply
Extra,
1'»
12-16
12-1
Central Arkansas Pub. Serv.,
11-20
.;i
t
40c
(quar.)..
&
National
Denver
12-164
12-1
(quar.)
11-15
1
.
75c
/ /Common, (extra),
r12-'l'* / 11-12
■
J37c
-*-*50c
pentral Aguirre Associates (quar.)
12-
Bank
*12-
12-23 '
t50c
•
(quar.).^.,;
(year-end)
1-2-40.
*/*■ $3
/;:'*: "T% pref.. (qua?.)..
11-15
"
10c
com.
"
-
(quar.)..
Inc.,
Deere &
•
11-20
1
12-23
4r S1V2 ■
75c
Co.
common
Power
Dentists'
11-20
1
12-15
.
*';4v $2
—
.
Show,
11-15
Sl%-iy. 1-1
(quar.)———
Celanese Corp. of America—
'
12-31
$31/2
7% participating pref. (s-a)
y$i%4! 1-1-42
7%
prior preferred (quar.)
—*<
77b
11-28
4'42«4#:
43 %c
6c
Radio
Baltimore
12-
t20c
—
class A
Inc.,' $2
& Tel.
Tel.
Case
11-17
12-
'
—-—.
.Irregular
1
12-10
$2
common—
>/
t50c
(year-end)
B
Carolina
11-21
12-
75c
convertible preferred.,....—*,-•---•—
•
Co.",
.
12-
$1
Gear
Class
10-31
12-15
25c
preferred (quar.)__________
(year-end)..
Aunor Gold Mines, Ltd
•
--*.
—
Automobile Finance, 7% preferred
<$1.65
5 :'..
12- 1
&
; *
Light/4M>% pref. (quar.)
Company,*7% preferred (quar.)____
Dayton
Ltd.—
Capital Wire Cloth & Mfg. Co., Ltd., com.—*
$1.50 convertible preterence (quar.)
Carman
*
prior preference........
Publishing,, prior preferred
'
1".
12-
*
*12-13 *
12-1
'12-
tl5c
.
s
$2y2:
Atlas Powder Company
Automotive
(extra)
11-22
1
12-15
ihc-rr*////:,'/;>■ ///
Dejay Stores; Inc?i_—
tl5c
,
V
•
'•
(quar.)
Avondale Mills— > ':.■■/•
1-1
12-13
12-
iOC
Darby Petroleum Corp.
-1- 2
11-7/:.
12-23
$ 1 Va
...
,
—
(quar:).
A
:
*
11-13 *
1
12-1
$2
Cutler-Hammer, Inc,* (year-end)_'_."__;_/_'.rj'
Cushman's Sons, Inc,.*-7%.-.preferred
;
F.
'
Corp./6%
Atlas
6
$3
—
Co.
Refining
.
'
(accumulated)—.:
preferred
6r/d preferred
$1
(resumed)
\
Curtis
ir
11-15
.
class
6%
>
12-1 ;
12-
1
*
"t$2;'
Canfield Oil Co., common
.'
Lines-
non-cumulative preferred
t57b
*::; Cunningham Drug Stores,
:•* 11-3012-15
f$l'/2
vo
'
t$2
—
Alcohol Co,, Ltd.—
Canadian iOiKCos.
f
12- .6
12-
*
1-2
'•
•yisiy -.12-
(quar.)
International Invest. Trust,
Canadian
12- 6
12-20,:
37'/ac
Topeka & Santa Fe Ry. Co
Atchison,
12-
(quar.)————
Electric Co., Ltd.
(year-end)—.—
(year-end).——
v
11-14
12-31
/'
11-30
1~ 2 i
pref. (quat.)
Co, Ltd. (interin))
Foster,.8% pref. .(quar.)—i
-—4//
V * * '■
Culver R* Port nHU+nii: *D ' n : .rin, ,(«vt
& 'Dnr+ Clinton R.'R;-Co.* '(extra) ./J. 4
Cuneo Press, Inc.,* 4Vt% preferred (quar.)..
.
11-14
1
12-31
$ 1 Va '
B
5 e/o
JL2-31
50c
I
Atlantic
12-
A
Class
12-13'
i2-1 v
•
50c
(quar.)
common
Extra
'5% preferred (quar.)
A'stor-Financial Corp., 1st preferred
12-12
12-15
$l'/2
t$53A
j,
Co.,
Investment
Associates
...
$1 »/4 4 12-
Crow's Nest Pass* Coal
>
11-30
'
t$l'/2
General
Class
pre¬
t
preferred
1
1 12- 1'
12-19
,
preferred
8r/o
.
12-31
SVA
...
12-
12-31
•
10c
(quar.)...
(quar.)
2nd
\1%
........
,
Crum &
11-20
1 $ 1 .-*! :r^2'x
■
Ltd.(yr.-end)
Corp., Ltd.—
Investment
Foreign
.Crown Zellerbach Corp, $5 conv.
-
11-20 >;
12-15
t75c
!
(quar.)
12-15
$i
____
(quar.)
Canadian
,
1
Cottons
preferred
6'/o
11-29
:
'
pref.
$3
Canadian Fairbanks-Morse Co.,
.
25c
;
tl5c
Ashland
..
_
.
*'t50c-.;, 12-15
*;.
(accum.)
Co., Ltd., common (quar.)
Ltd.,
Breweries,
Canadian
3 '
$i
Asbestos Corp., Ltd.
(interim),.—-—.-—--———
preferred (quar.)—•_—
Canadian
,
r47e .convertible preferred (quar.)
Armstrong Rubber, class A (year-end)—..
Class B (year-end)
Artloom Corp., common
(irregular)
7% preferred (quar.)
:
Co.,
B
12-15*
12- 1
12- l*;
12-15*
:
Ltd. (quar.)
*
1:
(irreg.)
,6% preferred (s-a)„_—
.
—J50c
/.
tlOc
/'•''Extra; •"'- tioc*
Canada Wire & Cable, class A (quar.).—... ! -V
t$l
Extra
1 ;
Class
50c
$3 preferred-..
Arkansas-Missouri Power Corp., com.
Cork
4y$$l %//*; (.12-414 um-15 f.*v%>;
.
12-1
$1%
Farms. Co.,
Armstrong
" "A
•
■
$1
:
25c
__—__
\7% prior preferred (quar.)
Archer-Daniels-Midland Co.
.
/;•
,*
12-: 1
,
$1
•
Arden
May- 15_iV--^.V'V-,y*.'*.''25cyv 1^-15^'. 12-/1
...
(quar.)
Electrical Mfg. Co.
Box Co,'
't>7%:rpreferr.ed% (quar/) "4.444
Corrugated 'Paper
Company-—
...
•
Apex
(Jackson)
Dividend normally paid on
.
12-1
t$3V2
——-~
Inc.
">':/?
/ Holder»
yvhen
<„
•^Pay'ble $Of Jtec7A;\
.*
1
<•'
'
preferred
Busch,
Per SI
.'."h'-V. i-. ''<\j
Ltd.T
'
1
■'S 12-
Anglo-Norwegian Holdings, Ltd.—
Anheuser
fc'Wi J? }*&>: If.
*> 4
•
$1
50c
payable in U. S. fundsi'
Anglo-Canadian Telephone, class A (quar.)..
\7%
■
.
'
'•
/*:'t
Share4 ;i* Pay'ble, 7of Rec.
-ii.sS-*. ir*
Calaveras .Cem.ent Co, • (resumed)yi/.iJ—12-15;*' .
California Art: Tile/ : $1.75 convertible; prefy// /t25q' :/12-Vl;«"
.
12-15
10c
(s-a*,//
Corp.
(both divs.
1
40c 4
common
Holiert
When
Per
•
f?
Company
11-15.4, .:
/V '^7% preferred^accum.p4444'444y%44%444'44i / *t$l% v'M2-'-l •
11-18/
11-10
11-14 4 'Coty,-. IncV'.4444.4l4^y^44^l4y/fCLl--44,iy / ' 25f% 12- 2
'''12-17'0>/;;*
12- 4'
/Cklifornia:Ink'Co._-^-.w.^4-:^-^----v.-y'» %-, <75o - /12-20/ -12-10^ /• Cranberry .)
ZI'I-kBfSti >'r''/
Canada Bud Breweries, Ltd. (s-a)—W- ..120c
11-29 '/
12-11
11- -5 y/; /i Crane
*,;.. 12-1/
Canada
Cement Co.y*Ltd.,V 6y2%
11-21 >
"•is .5% L.
preferred
V
:
Creameries of Amer. $3,50 conv. pref.(quar.)'87 V2c
:12- 1
ii-io/* : :
11-21 ;
(accumulated)
12-20 v ;ll-29 4
V Canada Crushed Stone Corp., Ltd.
12- 1'
: 11-29! >
(interim)//-.? tlOc-V12-31- *12-15 :•*--; Creole- Petroleum* Corp.'_'i.4444^
; *,. Extra,
11-29
11-15
4.-,
*; »* *■*.,'.
25c .12-1*5
Canada Sc Dominion Sugar tquar.)__u._—J37VaC';
.11-20
12- 1
•4 11-24
;
Crown.Cork & Seal Co, Inc, cqmM(year-end)*.
50c > 12-22 >11-28* :>.•; *
11-20 /
.^Canada Dry Ginger Ale (quar.)^_____:
15c • : 12-. 9
11-28*
*
56'/»c/j 12-15
$2.25 preferred ,(quar.)_44._y..^..._.
11-24
Extra
...-V
v !
40c
12- 9
11-15
Crown Drug Company, common..:
12-. 6 4/45c / 12-16
Canada Fdy. & Forgings Class A (quar.)—V 137V2c
12-15 ,12-1:
Crown Trust Co. (Montreal)
t$l '*;• 12-31 /. 12-24 ' /
11-29
(quar.)._—.4..
Canada Malting Co., Ltd. (quar.)....—
11-28 "
t50c ^ 12-15
12-17
75c
1
,
Name-of
Byron
1
"'
_'
(quar.K_„___vr
*
11-10'
1
12-
6
11-29%
■
12-
75c
(initial)
Preferred (initial)
//-/-American Wringer Co., Inc. (year-end)—'___
Glass,
Window
American
1-. I
1
75c
—
(year-end).
Association
Turf
12-
.1- 2
12»/*C
,v
common
(reduced)
B
'.Common
American
American Trust Co.
$1 Va
•—,
5%- pref.
(reduced!
Atnerican .Thread Co.,, Inc.,
i
.
.i.-'.'J
.•
'
.
Volume 154
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4013
",
Per
Name
i',
.
of
Company
Frankenmuth Brewing Co.
Franklin
Co.
Sulphur
Fruehauf
6%
&
Co.
.Common
(initial
Bottlers,
j
Corp.
General Cigar Co., TJc
General
Electric
General
Metals
S
u——
12-
class
(This
A
12-12
2-
10c
1-15
dividend
1-
$lVa
;
:
37Vac
Rubber, com. (in creased)
preferred - (quar.).
preferred
Consolidated Mining, Smelting and
convertible
U.
12-20
1
:
'
Kress
67o
12-31
■
11-15
6%
7%
1
15c
12-
1
11-14
(s-a)
10c
12-15
11-21
Great
Pacific
&
preferred
Tea
common
Co.,
Sl'/a
12-
1
11-14 v.
$1%
12-
1
11-14
50c
12-
1
11-19 :
50c
12-
1
50c
12-19
12-19
12-12
12-
11-15
(quar.)______—.___
Northern
Paper
(quar. I
_____________
Extra
.
Great Northern
Greene
Ry. Co.. preferred-*——
Railroad
Co.
Green Mountain
(s-a)
,
:v!v''
—
Power, $6 preferred—
Griesedieck Western Brewery
5'/a%
■>
convertible
V
preferred
$3 '•
t$l'/a
.
1
Lake
Superior Dist.
11-21
Landis
U
Lane
.
12-18':
12-4.
1
11-19
Laura
12-10
(irregular_
1 Oil Corp.
Gulf Oil Corp.
iquar.t
——
Hackensack
'7%
$6 pref.
Water,
preferred
Hall
(W.
Halle
F.)
Bros.
Co.
Hallnor Mines,
Haloid Co.
/Hamilton
1-2-42 >.
12-20
12-1
11-17
12-31
12-12
12-; 1
11-14
12-1
11-14
12-20
12-
65c
12-
2
11-28
Life
*15c
12-
1
11-15
12-31
12-16
Special
Liggett &
12-
$1 Va
(quar.)__
tquar.)—
(year-end).»_:—
Ltd.
(quar.i.
—
,
Watch
Co,
25c
______
preferred
6%
12-15
12-29
12-15
2-2-42
$lVa
(quar.)
1
1 -21-42
11-15
Power, 5%
12-13
11-19
12-12
11-28
12-1
'
Le
;(R.
Tourneau
Lexington
1-2-42
7% preferred
Libby"Owens-Ford Glass (year-end)
5
Co.,
Savers Corp.
12-
12-
12-15
1-1-42
35c
12-
1
11 -15
7c
12-
1
11-15
1
12-15
12-29
12-12
12-13
12-12
Hammermill
AVa'/o
■■;
Paper
Co.,
preferred
Hammond
V
(year-end)
common
(quar.)
Instrument
50c
1
11-10
$1VB
12- 1
11-10
$1%
B
(quar.)__-
12-
1
11-10
12-15
11-28
7%
1
11-15
12-
1
11-15
Lincoln
11-15
Lincoln
12-
Hanna
(M.
Oil
Banners
S5 preferred
Co.
11-20
1.
11-20
$l'/4
12-
1
11-15
10c
12-
5
11-15
12-
1
11-13
•■■&}
$lVa
preferred (quar.
Harrison
Bank
National
J.)
(N.
Harshaw
Chem. Co., 4Va%
Hartford
Electric
(s-a),—_
$ 1 V»
—
pref. (quar.)
conv
Hazel Atlas Glass
Hazeltine
Hecla
tquar.)___;
Corp.
5
1-
1
1
J
1212-
1
11-14
12-1
11-14
1
Manufacturing,
class
Ins.
Marine
Home
Insurance
(Hawaii)
Horn
C.)
(A.
7%
Co.,
1-
Household
1
1
11-18
& Taylor, 6%
Common, .(quar.)
11-18
Louisville Gas & Elec.
12-1
11-15
12-2
2
11-18
1-
2
12-15
t90c
12-
1
50c
Water
common(fquar.V^l
T/i>
Corp.,
12-31
12-12
12-
11-15
11-15-
1
«»4%
(s-ai
guaranteed
t$l
;
n-
i
11-.V
37 Vac
i2-
'
J
...
1
6
30c
(
121-
2
Rubber
125c
<
*12-1
12-
1>.
1
11-
30c
1-2
30c
3
2
12-10
11-20
;>T- 2
12-12
$1
12-
1
11-14
,..J2-
1
11-14
1-
t$l!/a'
-12-10
40c
;'1;'
Silver
Iowa Southern
ltd., 7% pref. (accum.)y
Co.
Inc.____——_ \
Utilities Co.—
,
:
Ins.
1-
2
12-20
12-1
11-12
12-
5
.
Newport
$5
12- 5
Norfolk
12-27
12-20
North
11-15
12-
1
11-
1-
2
12-31
12-20
12-
12-
11-15
(quar.)__
12-
1
1
$1
12-
1
11-20
12-
1.
11-
11-20
75c
12-
1
11-15
—
t50c
preferred—
1-15
12-31
t$3%
12-29
12-16
12-29
12-16
60c
12-15
12-15
12-1
11-14
Sl'/a
12-
11-14
12 Vac
1
12-15
12-
12-
1
1
25c
t75c:ft
second
11-15
1
11-15
1
11-15
12-15
13-29
12-15
11-29
$1 Va
12-10
11-21
—
&
'
$2
12-13
11-21 '
$1V4
12-
1
11-
71
$1.27 Va
(quar.)
Gas,
12-
1
11-
7
5.10%
60c
1
11-15
12-15
11-28
50c
12-1
11-22
60c
12-1
11-15
(quar.)
$l'/4
2-
2
Northern
12-
1
11-20
12-11
11-13
(interim)
115c
t$l
12-15
,
11-20
Ry.
(quar.)
•
$2 Va
12-19
11-29
t$9 Va
12-10
12-
3
t$9 Va
12-10
12-
3
17 Vac
12-16
12-
2 ;
11-35..
CorD.—
preferred B
Texas. Oil
States
'
1-35
10c
(Buffalo)
(year-end»_
Power
$1
1
12-
1
12-
1
11-20
12-20
12-10
Sl'/a
1-2-42
'
11-14
$1 Va
(quar.)
12-
90c
$1%
-
,
Co.—
(interim).—,
Car
.
12-10
12-
87 Vac
& Dry Dock
Ltd.
12-23
Sl'/4
preferred A
Central
12-20
1
12-
12-
'
Light & Power Co.—
Bank
Western
12-31
12-
25c
t87'/ac
preferred
Ltd.
&
11-30
11-30
•
Electric
Mines,
American
12-15
12-15
50c
common
common^.—
Northeastern Water & Elec., $4 pref,
Northern Pipe Line Co. (irreg.)__.
5
II-29
$3 Va
31%
(year-end)
Co.,
$6
11-20
$55VaO
II-20
1
t$3.43%
end)
preferred
(year
first
North
11-20
12-
1
1
12-
:
State
$G
.
5
25c
11-20
12-
tSlVa
25c
Mines
Noranda
75c
11-20
1
40c
preferred—-——_
National
11-12
__
(quar.)
1
12-
(quar.)_—
convertible
50c
(s-a)
12-
10c
prior
Paper Co.,
News Shipbldg.
Niagara
12-10
12-15
27 VaC
common
(quar.)
Common
20c
$3 Mi
-
11-13
^
lien
York
$1Vb
Co.
_____
Porcupine .Mines^.Ltd—
12-12.•
(Wise.)—
1
12-
t:y
12-15
25c
,12-10
$lVa
.
(quar.)
$l3/8
—
..
12-20
25c
.
$1.31 >/4
(quar.)—
preferred
11-
12-15
12-
1
12-
1 ■
1
11-15
-12-
1
11-15-
1-2-42'
(accum.)
(One share of
Co.
130c
12-15
12-
1
t$l%
$1.20
12-
1
12-29
12- 5
A12-
1
12-15
v.
25C
12-5
12-1 ;
30c
12-
1
12-22
50c
12-10
— •
12-20
12-
"Meyer
Miami
; 11-18*
12-
1
12-15 r: 11-29
t$l%
12-15
11-29
t$lVa
12-15
11-29
H.)
Coppef Co.
: 6'ff
■
•
'- preferred
of
Ohio
12-
2
11-20
2
11-20
30c
12 Vac
12-
2
11-20"
(year-end)_____'——
25c
12-17
12-
25c
12-
1
11-15
it
1
7'/c
12-15 |
com.
(quar.)
—
$1%
VI- 1
12-15
preferred
«
$6
junior preferred -.(quar.)_
(quar.)_____
$lVa
1-1
12-15
—
$lVa
1-
12-15
1
11-19 '
12-10
11-21
12-
11-15
75c
25c
1
1
12-
1
ll-'5-
12-
1
11-15 '
12-15
11-1
$1 Va
preferred
■
12-15
12-
$l'/8
(quar.)
12-
11-10
1
1,
Co.-r
(monthly),
58 '/3C
12-
50c
12-
1
11-20
412/aC
(monthly),
Gas
&
Elec.,
(quar.)
12-
1
11-20
1
'
11-20
&
t
5%
common
Quebec
payable
perpetual
Also
>
.
/:
payable
holder's
Orpheum
(quar.)
Ry.
in
12-10 ;
12-15
11-29
$1%
12-15
5
11-29.
11-141
$1 Va
Sterling
/'
at
12-15
11-29
12-15
11-23r
+$3
1
12-
1
10-31
12-
1
10-31
12-20
12-10
the
•""//
(s-a)__________
Sterling
12-12
18%c
(s-a)
12-
12-22
43 %c
(quar.)__,„
com.
,
deb.; stock
in Pound
11-15*
12-
12-20
Sl'/a
(quar.)
Pound
1
12-15
$1 Va
—
(quar.)—_
Co.,
12-
$1
:_i-——
preferred
holder's option.
..
pref.
t$l
43%c
6% preferred (quar.)
6%
Ltd.,
Also
-
6%
participating preferred
Ontario
1*.
Sl'/a
"(quar.)__-f—:
1
t$ 1%
(monthly),
preferred
Oneida,
11-20-
1
12-
20c
Sand Co.,, 7% preferred
Tube, common
(year-end)
prior preference" (quar.)
Omar, Inc.,
11-20
12-
11-19
$1 Va
I Sl'/a
River
Okonite Cq.,
12-10
1
6% :
—
Seamless
'•$1.75
Oklahoma
$1%
1940
preferred
Ohio
,
(quar,)
pref.
6r4
series
: preferred
12-
.
12-1
12-
,
preferred
'6%
7%
Cof (quar.
Packing, 6V2%
Michigan Public Service Co.,
7% >■ preferred
(quar.)___':
,
t$l%
(H.
(quar.)
4V2%
Co
•
12-15-
81 >/4C
(irregular)
Co., Ltd.,
common.—
Service
■
(quar.)—_
preferred
Power
5%
12-12
30c
5
V
& 'Bower
12-16
$1%
Coastal H'way Bridge, $3 pref—
Mills,, Ltd., 7% pref. (quar.)
7%
11-15
$1%
•
(quar.)
Flour
Public
12-1
t $5.50
Meteor Motor Car
11-17.
6%
11-15
preferred A
«
-
Ohio
V.
Textile Corp.—
Light
Ohio
for each share of common held)
/;t!$3.25t participating preference
Participating preference
" 12-10
-
pref.
(quar.)
Ohio Oil Company,
common
'.Cbmmqn' .(irregul^rj
12-31
Ocean City
Ogilvie
.'
.
-preferred
Scotia
$6.50
________
Norwich Pharmacal Co.
Nova
Lines,
(preferred (quar.)—
12-
...
Merritt-Chapman & Scott. 6V2%
i
6%
—
Telegraph .Co,
(s-a)
Pub. Service, <7% pref.
Northwestern
11-25/
Metal''-&N^ermitpref. (quar.)-__
r.
1
(initial)
.
11-. 5
12-
Inc., common
1-2-42
(quar.)
Greyhound
Northwestern
13c
(quar.)
preferred
:
Northland
-
1
Mercanbire'Acceptahce Corp. 5% pfd. (quar.)
8% :.preferred .(quay.) ;
Merchants National Bank ^(Dallas)
(extra)__
1-14
12-10
partic.
(.($1' par-]
12-3
1-28
Robbing,
5%
t$l.ll
—
preferred (quar.).—
Corporation, common—
6%
12-23
: y\
preferred (dividend arre»r ctfs.)_,—
"6Va% preferred (dividend arrear ctfs.)__
6c/c preferred
(dividend arrear ctfs.) — ;r_
7%
11-10
30c
$lVa
$4
(year-end)
Co.,
1
60c
Extra
Metal
125c
Gas
Glass
Plate
Memphis Natural Gas (Stock)
Gas
Producing
U/J25c
(Coupon
^Registered shares
Natural
40c
12-
11-28
12-35
11-28
,irregular).—___________
non-cumulative
25c
(irreg.)______—_________
(Milwaukee) (s.-a.)
--.'Southwest-
12-17
$1V2
.
in U. S., funds; less' 15% Cana*i ,'dia.n- tax. ': • v
■ vv-,'?:.;:.
International Ocean Telegraph .Co.
(quar.)
Interstate
11-10
a2 J/a %
Ilsley Bank
.$5.50 preferred B
•'Payable
International
1
1-2
1
(year-end)—.
Y. & Queens Electric
Nipissing
(interim)-
reg.
Melchers Distilleries,"
12-* 2..
40c
12-26
Machinery (quar. ) —__
T3/4
7% pref. (quar.)
r12- i„
:-::.50c: v 12-31 a
Nickel Co. of Canada' (quar.);"
Power Co.,
11-25
12-
80c
5V4%
12-15
20c
International "Ciga r
International Harvester Co.,
Internat'l
&
;$6 .preferred A
.
'•*.
12-10
$1%
McEweri-Kaiser Co.; common
Mead
12-15"
-
$l'/4
:/•••■
4
11-17
12-
•
----2—
Petroleum—:;;:
12-15
.
I-17
12-
preferred (quar.)
Newberry (J. J.) Co. (quar.)
■5% preferred A (quar.)
Niewmont Mining Corp. (year-end)
Newport Electric Co. (quar.)
;
11-28
(quar.)
rects;. old.
dep
McKesson* &
125c
$1V2
'
International
pref.
McKenzie Red Lake Gold Mines', Ltd.
International Business Machines Corp.(quar.) ■'
International
7%
£ Corporation / (quar.)
Mclntyre
12-31,'
1-2-43,
t$33/4
______
(year-end
Co.
11-10
(St. Louis) (irreg.)
•;$4 preference (quar.)—-;—
(interim)—^
dividend
1
12-15
50c
12-26
$1
Stock
..
9-25:.
■
Indianapoli3 Water Co., class A__—_______
.'-5% ' preferred, series A (quar.)__—
Intercontinental
12-
40c
—
prior
$5
11-20
I-17
11-20
12-15
7% preferred (s-a)__
preferred (quar.)______
Jersey Zinc Co.
Common
11- 7
1
$1 Va
(quar.)„•
b_-a
preferred
New
12-1
1
'
1
Inter-City Baking Co., Ltd.
N.
11-29
11-28
15c
Co.,-
&
May -Department Stores
10-23 >
May
3%
.
'<quar.)_____
11-29
12-J.5
12-10
22-
12-15
t38c
—
1
$l3/4
England Public- Service Co.—
prior lien preferred—L
$7
New
25c
(irreg.)__,
(quar.)____
Master-Eldctr ic •
12-11
12.-1
$6
5/,""
12-1
6%
Bedford Cordage,
7%
New
,
12-15'
$1
4Va % " preferred- (initial)______
v.-
11-20
V:
$!'/»;
participating preferred (initial s-a)__
Imperial Life Assurance Co. of Can. (quar.)
Imperial Oil, Ltd.—
(Coupon No, 56) —1—
—
'Registered shares
—1-*--"
Ingersoll-Rand Co.
Indian Motocycle Co.,- common__^_^_____—
*6% non-cumulative preferred (s-a)
•__
Co.
(B.)
Massachusetts
*■6% '
Steel
Co.
Mfg: Co.
Marshall
Masoni te
11-23
Amer/
(interim)____
Rec.
Imperlalle Fuels—1
Inland
Marion
11-26 t;
v
12-15
12-
'
8
12-23
+3c
Ltd
.
American
;
.
12-15
1-2-42
12-
11-29
25c
•Common
Marconi Internat'l Marine Communications—
12-13
12-26
$13/4
.
Ltd.,
Shirt
Manufacturers Bank & Tr.
11-28
12-1
62 Vac
(quar.)
(P. R.)- & Co.
ManischeWitz
1*/.
-
12-17
12-15
12-15
(quar.)
(quar.)— _w,
Nekoosa-Edwards
New
;-l-27:y5 11-29t
50c
Gold Mines,
Lake
Red
Mallory
12-31*
12-27
V
V i30c
'
12-
8
1-15
t$i%
pref.. (qUar.*)__
6%
Industries,
Chemical
Imperial
Deo.
12-
12-17
1-2-42
11-29
Extra
11-17
3-24
12-15
(quar.)
Insurance
Co.
A
Co.,
Ltd.
12-24
12-
50c
Corp. * (quar.)
7%
Brothers
Neisner
11-29
noc
.Inc..
& Co.
12-31*
1-15
Negus Mines,
$2
Extra
$1-:
V
H.)
Manhattan
.,
$ 1V4
v ■;
(R.
Madsen
11-10
;
—
Illinois Municipal Water,
*
Macy
11-10
1
$1
;
Press Mfg., 6% conv pref. .(quar.)
RR.
Co.
(Leased
Lines),
1
1212-
1
2
-t8c
Magnin jl.)-& Co/ (quar.)
12-
!
12-
12-23
$3
Co., (s-a)
Magma Copper Co/ (year-end)
45c
12-11
$4
'/MacLeod-Cockshutt Gold Mines, Ltd.(interim)
5 '
$l>/4
11-24
.: 1-
pref.
preferred
iquar,)_—
Co.
Cement
preferred
1
12-15
(year-end)______________
Co.,
Power.
4-
50c
preferred—
Transit
2
75c
Machinery Co._
Nazareth
1-
25c
Bearing Inc.
Co.
prior
National
11-20
12-26
25c
Inc.' (year-end)
12-12
12-
•:1
preferred_>■
pref.
Trucks,
12-15
83/4C
'
-
Mack
Central
Illinois
Telegraph
12-15
1
1
12-20
$1%;
(quar.)
(quar.*)—
Ltd.
Mines,
12-
25c
Abington
Tcnn.)
Supply
5Va%
i3c
5
$l»/4
Bay Mining & Smelting Co., Ltd.j.
Humble Oil & Refining Co. (year-end),____'_
Hydraulic
Macassa
<fe
$lVa'
Hudson
Huntington
12-
prior partic.
Co., 6%
;
(year-end)
eya^Apref.
25c
pi:. -Vi,;
Packing
12-J5
l,vnchburg
/
.6%
t$5
$2'/a
$1
10c
Accident
Steel^ Car
National
11-20
37VaC
-
11-14
•
National
12-10
$1V2
(Del.-), class A (quar.)
Common vfiiLi-
'
12-'
;
■
12-16
(quar.)
Rubber
12-33
25c
preferred________
1st preferred (quar.)__
Lunkenheimer. Company
'.,f
12-31
1-2-42
30c
$5
Ludlow Manufacturing Associates
y
11-18
50c
Lumber-
1-15-42
Chicago
conv..
7%
&
Nebraska
Class B. (qugr.)^
11-15'
-r
$1
$2
_
12-16
12-26
12"/TV
Bell
Lord
11-19
15c
-
Special on common
<——____V
preferred (quar.)_—
Houston Oil, «%' preferred
Brothers
Long
11-18
40c
Refining Co., prior preferred
-
1
11-14
1
National
10-10
12-
2
Oats
10-10
Gas Corp.
12-1
1
1
1
$l'/4
11-10
1-
12-
Motor
10-10
12-
(quar.)
_
1
55c
30c
National
11-24
12-
pref.- (partic. d'v.)
(year-end)
partic.
Lone Star
pref.
12-
i5c:
>5%
Hunt
5%
.
12-
37'/aC
_______—
Finance Corp.,
partifc.
12-
(
,
5%
Co.,
10-10
(monthly)
common
Corp.—
12-
(quar.)
(quar.)
National
11-24
(quar.)'
11-8
30c
*
pref.(quar.)
—
Pipe Co.,
preferred
Star Cement
12-18
11-19
com,
National
t25c
75c
preferred
(quar.
—1 ;f
46% "non-cum. 2rid partic. preferred (quar.)& Hardart
(N. Y.), 5%
pref. (quar.)
(quar.)
Joint
8'7a
12-12
2
8
12-1
(quar.)_
t32c
Horn
Common
Lock
Lone
11-15*
"
(Nashville,
11-21
112 VaC
11-26
$4.50
Life
12-10
12- 1
12-27
1
convertible
(year_end)
preferred (quar.)
$1.50
National
f25c
,
$-»5/a
(qu.)
Corp.
Grocers,
Gypsum,
12-15
:
12-10
50c
Lead
11-
11-26
12-15
(quar.)—
National
12-10
(quar.)
boc
—
non-cum.
B
1
12-
12-13
50c
(quar.)
Container
11-21
1-2-42
11-15
50c
(quar. 1
preferred
National
•
$1.10
;.//'V 50c
112 Vic
Class
$3
1
11-20
35c
(quar.
Lines
12-
11-17
pref.
conv.
Bank of
Co.
11-20
1
12-
50c
Fibres, 6%
pref.
1
12-/1;
12-1
a
$ 1 Va
Louis) (quar.)
6%
12-
$1
.V
A
National
11-18
1
12-
$1 %
$1%
(quar.)
class A
8
(quar.)
•
(year-end)
Hooker Electrochemical Co., 6%
guaranteed
Groceterias,
12-
(Cal.) -(quar.)
Honolulu Oil Corp.
Special
RR.,
12-
30c
'
quar.),
(quar.)__
original capital
12-15
S1.06V4
A
Co.
Miami
Loblaw
12-18
t5c
&
Little
11-14
/
(St.
Extra
Class
12-11
12-19
11-14
1
$1
City
11-14
12- 9
preferred: (quar:)
preferred
1
3c
Co.
$2.20
Boulevard
National
(quar.),
75c
Holophane Co.', Inc. (irreg.
Holt (Henry) & Co., $1.80 class A (y.ear-end)
Fire
Inc.
50c
(5quar.H_r't:
Hollinger Consolidated Gold Mines (monthly)'
Home
Stores,
1
12-
11-19*
12-
12-15
15c
Co.,
Brush
.
12-
12-15
t$3
(quar.)
National
capital
—
Trust
Automotive
Battery
National
12-24
11-14
t$2
Bearing Metals Corp.,
National Biscuit Co., common
lu/ 11- 1
shares held
Petroleum -(initial)—
6V*%
1-15
;
;
11-25
-
$l'/4
—____
Co.
__
Hobart
2
12-
;—
(quar.)—
(irregular)
—
Hey wood-Wakefield Co., 5%
preferred B__
Heyden Chemical Corp., common
'•>4V4%
preferred
(quar.)_____._i__
Hibbard. Spencer. Bartlett Co.. (monthly) _-f
Hives (Charles E.) Co. (quar.)__l—_______
Mining
2-
$l'/2
25c
of
11-17
11 VaC
-
share
one
Link-Belt Co., "common
'>■
12-15
1
37Vac
-
7%
(resumed)
6
12-20
::
(year-end»____
Furniture Cos., .$1.50 pref. (quar.)
Hawaiian> Pineapple': Co.
(quarjii..—
Haverty
1-
12-
>;
,
(irreg.)___—
Light Co.
1-20
$l'/e
•
Ha,rt, Schaffner & Marx
-
11-15
1
-
Harbison-Walker Refractories Co., common..
6%
1
12-
12-
37VaC
(quar.)____
(vear-end)___-v_^_J__Jt,____
Co.
12-
26c
87 Vac
,
(quar.)
A.)
1
.
of
stock for each 25
12-
50c
—.—
(quar.)
common
■
50c
i
dividend
Stock
2
25c
(quar.
—
Co.,
preferred
2-
Inc.
preferred
Quarterly
12-
$1
Works,
8%
11-15
6
30c
;
3
12-
$2
National
$1
(quar.
Locomotive
Works,
National
$1
Lima
2-16
25c
Hanley- (James)
Common "BV
5
(s-a)__
12-
(quar.)
preferred
SI:
12-16
Corp.
11-21
lc
30c
(quar.)
Manufacturing Corp., $7 preferred—
Nat'l
$1
12-10
75c
preferred (quar.)
Hancock Oil of Calif.,-class A
; c/ Extra
12-
1- 2 '•
10c
common.
••6%
Class
12-20
$1.21 Va
;
Co.,
Co.
Water
11-22
12-
12-10
(Utah)—
Mutual Chemical Co. of Am.,
11-28
12-15
50c
11-20
40c
Develop.
Producers
National
55c
65c
(quar.)
Mining
Mutual Bank &
1-2-42
11-
Oil
11-20
11-30
iqiiar.u
Muskogee Co., 6% preferred (quar.)
1
Muskegon Motor Specialities, $2 cl. A (quar.)
Muskegon Piston Ring (year-end)
11-29
11-20
11-30
Line, $4 preferred A
Murphy (G. C.) Co. (quar.)_—________
11-15
$1
$2
Diablo
Corp.
Muncie
11-28
1
11-30
$lVa
—
Fuel Supply Co.
•
:
Wheel
(iniital)
Munson
12-15
40c
4
12-31
40C
preferred
Mullins
5
11-14
12-
y
Extra
Mt.
11-28
40c
common
a
11-15
40c
Myers Tobacco,
$lVa
(W. R.) Dry Goods Co. (quar.)
Towing Corp., 7% partic. pref.(quar.)
'/Participating
Mountain
12rl5
62 Vac
(quar.)
10c
common....
11-30
■
11-29
50c
(quar.)
11-10
12-
Mountain
12-15
120c
—
12-
11-10
12-15
67o
$iv4
,
$2
Morgantowa Furniture Co., eom. (initial>—
$1%
(quar.)
11-10
12-16
;
11-15
25c
common
12-
Moore
11-15
25c
Inc.,
11-10
$2 Va
(semi-annual)
Moran
12-30
y:
1
r/-v,
B
1212-
mv*
5
I'
(quar.)
G.»,
Water
12-
12"
inc.
$lVa
$2'/4
f31 V4C
;
7
12-
(quar.)
$4.50 convertible preferred (quar.)
•
11"
f30c
(quar.)
(quar.)__
(year-end)
Loan & Mortgage
(quar.)—______
Refrigeration
&
Storage,
Ltd.—
preferred ^accumulated)
$3
Motor
$1V2
t35c
pref.
pref.
pref.
(semi-annual)
Montreal
11-19
12-
Co.— ;
(quar.)____
5V2%
Co., common
A
Montreal
1
12-13
50c
(irreg.)
Society,
Chemical
preferred
15c
11-14
75c
Inc.—
Printing
12-29
$1V4
v
& Co.; $2.50 preferred (quar.>
Lehigh Portland Cement,A% pref. (quar.)
Lehn & Fink Products (year"end)
Leslie Salt. Co.;t(quar.)__r:______________i__
25c
preferred
12-15
$1 '/a
(quar.)
$l3/4
Leath
1
43 3/4 c
li'i
12-29
(quar.)
preferred
10c
1
12-
$ 1 Va
.
(s-a»_-—_____
(quar.)
Hale Brothers Stores.
12-
12-15
11-26
preferred
Secord Candy. Shops,t Ltd. (quar.),
Portland Cement (year-end)
25c
(auar.t___
common
Hajoca Corporation,
12-15
50c
______
12-
5'/c
Lawrence
25c
—
(Year-end)
Gulf Power Co.,
$50
34%c
6%
Loan
C
(semi-annual)
Montana-Dakota Utilities Co.,
11-19
...
t$l%
Company,
11-21
12-17
;i_„.
7%
12-
11-19
•
-
Group No.
Bryant,
Lane-Wells
12-27
34%c
Products
Machine Co.
2
$1
12-27
(quar.)
com.
Milling Co., Ltd.
11-19
1
12-
12-1
(resumed)
Co.
Ltd.
Tool
12,
$2%
(quar.
Mines,
12-18
$4
40c
(initial)
Shore
12 VaC
13" 1
12-15
Lake
11-10
1
12-15
12-15
50c
Woods
11-26
12-
f$l
preferred
12-19
the
12-10
$ 1 V4
$4.50
1 -16-42
preferred
:.'T
—
11-14
lr-2-42
of
7%
25c
(year-end)—:
1
2-2-42
12-
50c
:
.
(quar.)__._
Lake
12-20
*
12-
$1%
Clay
11-26
12-20
1-2-42
preferred
SIVa
preferred
8
1-2-42
$1%
$4.50
(quar.)
6'/e
12-
$1^4
Monsanto
(quar.)
Laclede-Christy
,
-
11-20
Monroe
3
preferred
&
11-25
1
11-29
.
2nd-preferred
(B.)
t$6'/?
——
Machine
12-10
12-
11-28
Co.- (quar.)
Kuppenheimer
funds)
S.
tN. Y.)
Indemnity Co.
1st
Monarch
11-20
12-
(quar.)
Kroger Grocery & Baking Co.,
11-15 i
11-28
11-25
11-25
25c
Co., S'/c
pref.
(initial)
Co., Ltd. (year-end)
Corp.. of America
Molybdenum
10c
(quar.)_______
12-15
12-
11-10
1
5
—
(Robert)
30c
preferred
Kresge
12-15
t$5V4
1
1212-
12-10
12-15
common
11-29 '
(S. S.)
$1
12-24 /.
common-
special preferred
12-
11-15*
11-15
25c
(quar,)
Utilities
Mitchell
t$l%
(quar.)_
& Co.,
Missouri
:
11-20
$1%
Co.; Inc.,
7%
Stores,
(S. H.)
5
11-22
1
12-15
12-15
12-17
common.....
12-10
12-15
S1V4
.
:
preferred
Kobacher
11-20 '
1-2-42
75c
in
1
12-
•
$l3/4
'5% '
12-31V
1-15-42
50c
-
&
12-
3
50c
(quar.)
(initial)—.
/■_;
preferred
(quar.)
Missouri Public Service
1
5
1112-
4c
$6
12-
5c
■
Emil)
1
12-
1
12-
45c
Regulator
■
12-10
62 VaC
5-15
1
Klein ID.
1 'i:
12-
12-24
preferred
of tuc
11-28
12-15
75c
Implement Co.—
$6.50 convertible
preferred-_-^____
Mississippi Power Co. $7 pref. (quar.)
i.
12;
,12-10
prior
Extra
12-15
•
15c
A'/o preferred B (quar.)
Minneapolis-Moline Power
12-15«
25c /:
30c
West Electric Co.,- 7%. preferred A____
Kingston Products Corp.,
1 % preferred (quar.)__
2
t25c
Reclaiming, $4 pref.
Hart,
Holdert
12-10
25c
2
5-
•
1-
12-15
$1
-
2-
11-17
11-29
25c
2-16-
12-1
11-15
12-15
&
$l'/2
Key
•
Miller
Minneapolis-Honeywell
$1%
(quar.)
1 ?'
•:
1
(year end)_^
convertible preferred
$2
Corp.,
Midwest Rubber
i
12-10
12-
50c
.
5-
$2'/4
(quar.)
Corp
Atlantic
pref." A
:;wr-
Kinney Mfg. Co., $6 non-cum. pref. (yr.-end)
Goodyea r .Tire &
77o
:
(qu.)
5-15
$IVa
Gotham Silk Hosiery; 7%
•
$6 partic.
12-20
12-15
25c
Kerr Lakes Mines (payable, in U. S. Funds)
Keystone Steel & Wire Co. .(year-end)
t—
Co. (quar..)
____
__
__
Globe-Democrat Publishing, 7% pref., (quar.)
Gold & Stock Telegraph Co.
(quar.)—1—.
Great
Co..
2
$l'/a
.
__—
l
$iv8
$i
j._—
1
12-
11-15
$l'/4
(year-end)
(quar.)
2-
11-29:
12-
12-15
15c
Oil Company
(s-a)——
preferred (s-a)_—
8%
12-15
(year-end)—
Hone
Oil
When
Pay'ble
Shareyi
Products
Midwest
5
12-15
15c
2-16
12-20
.
12-
15c
preferred
f
11-25
25c
___'
$i
Gibson Art
Great American
(extra)
(s.-a)
®xtra
.
;.'-t$io
Co.,
1
12-20/
75c
(quar.)
&
12-
30c
Kennecott Copper Corp.____-
1»
4-
4-15
Kendall
2
1-
$l'/4f
_
Tube
Corp
Mfd-Continental PetroJeum
f
11-28
$1V2
Dept. Stores, common
(Julius>
Micromatic
Steel
Midland
(quar.)__
Kellogg (Spencer) & Sons iquar.)
Kemper-rhomas Co., 7% special pref.
11-29
11-15
1:
/12-5
60c
Furnace
&
Michigan
12-
J 10c
:
•
Co., •common
common
convertible
-
Kayser
1-12
2
12-20.
—10c
>5'fa
;;
I
Name of Company
t
...
11-10 1
..
(quar.)
Co.,
Kaufmann
11-13
rr
Stove
Drug
$4.50 preferfed
y
11-14
11-28
10c
:
Katz
11-14
1
12-20
v
—
(payable
1
12-15
$lJ/4
•
i
_______
all arrears)
Co., Ltd.
Kalamazoo
Kallnqr Mines
r;
Georgia RR. & Banking Co.
Power
12-15 f
12-
.
(quar.)___:_
preferred
11-15
1
35c
(resumed.
Mfg. & Supply
67o
...
(quar.),
com,
Joy Manufacturing Co.
12-31
(year-end) •$'£■) rt-fx
com
Joslyn
.
.
(quar.)___
Co.
Tea
(irreg.).__
,
Per
of Rec.
12-* 1*
•
t75c
(quar.)_i
Holder1
Pay'ble
30c
Ltd.
.......
12-
12-15
-
■:.'$i3A-'
..
6% preferred (quar.).—
_______
General Shareholdings Corp., $6 preferred—
44/l,000ths share of com. or $l'/a in cash
Granby
11-18 ?'
25c
'
(resumed)
Cycle
12-15
1
Mines Co.,
Knitting Mills-—
preferred
Jewel
•
12-15
12-31
>;•)
ioc
preferred (quar.)u
.$4 participating class A--—./.
$4 participating class A__-__.
•6% preferred' (quar.):
i
Golden
»
12-3i;..
12-
(extra)
Advertising,
participating
clears
v
13 3/4 c
(resumedi
Common
11-19
75c
Co.__
Corp.
Outdoor
.Common
1"
i
;
General Motors Corp., common
;$5 preferred) (quar.)
General
12-
:'
12 Vac
(quar.)____
Mountain
Jantzen
11-19 ;
17'/aC
■
(quar.)
Fireman
Island
»
11-14
1
(quar.)
preferred
conv
-12-10
1
12-
IT/iC
■
(quar.
preferred
quar.)
American
General
-
12-
$1W".
(quar.)*
5%
12-31
..
50c
When
Share
,
Mfg, Co. (quar.)
Irving Oil Co., Ltd., 6;% preferred
5
,35c
(qUar.)___,____./
preferred
Industries,
General
$5
12-
':15c
pref. (quar.)
conv.
preferred
(Julius)
Wood
:$4
12-15
Iron
Nam^of Company
•?,
r.
5 r
"12-
5c
common...i„„...„_:';
Co.,
convertible
Gar
% 12-15
Co. ': (quar. 1
convertible
Garfinckle
..*•
Distilling, 60c
Trailer
Per
of Rec.
■Pay'hie
2V2C
____—'
Freeport
Holdert
When
Share
(quar.)
;Extra
\5%
••■/
•
1255
at
r
.
t2'/a%
the
option.
Building
COi——
15c
•
1256
Per
of Company
Name
Otis Elevator Co.,
(quar.)
preferred
t$2%
St.
■,
•
tl5c 4>T-
Co.,
Park-Wilshire
preferred
8t.
Louis Union
12-
1
"i
:
12-
8%
9
.'7V2V0
12-13
7%
6!/2%
debentures
12-15
11-22*
12-31
11-14
Schenley
12-31
11-14
Schiff
1
11-15
12-
t6c
12-19
$1
12-
12-
11-15
12-
11-15
4'/o
12-
11-10
Secord
12-
11-10
Selby
12-
5
Serrick
11-20
Class
,
12-
$1%
(s-a)
Telephone (quar.) ...
Preferred A (quar.)
Penn-Dixie Cement, 7%
preferred A
35c
Gear,
preferred
each
for
12-16
1212-
5
12-16
11-22
Gold
Crow
Common
.
Gold
11-30
Skelly Oil Company
12-20
12-10
Sloss-Sheffield Steel & Iron,
12- 1
11-19
$6
and
preferred
Packing
12-
1
1
12-
6%
11-19
12-22
Conv.
preferred
Preferred
6%
preferred B
Calif.
12-12
Southern
11-10
Southwestern
11-28
Sovereign
2-
1
12-1
11-19
75c
1- 2
12-12
tlOc
12-31
12-15
1-2-42
12-24
12-
1
12-12
15c
10-28
Life
11-21
12-20
11-28
12-1
12-22
12-
2- 15-42
Brands,
$4.50
12-1
1
1
12-1
12-15
12-
12-
1
5%
75c
12-
1
11-19
v
12-
67c
preferred
5%
preferred
.,
15c
12-10
11-20
12-
1
11-20
(quar.)
t$iy2
12-
1
11-15
(quar.)____
(initial)
$iya
12-
1
11-29
(covers
Service
7%
preferred
6%
preferred
6%
$5
preferred
Public Service
7%
Pure
Stuart
Class
1
11-19
1
11-19
11-15
5'/2%
12-
1
11-15
30c
12-19
12-15
11-14
12-15
11-14
50c
1-15
12-15
$1 Va
12-15
11-14
Oil
6%
Corp.,
(year-end)
Swift Internat'l Co., Ltd., dep.
rets,
12-19
11-28
Talon,
12-
1
Inc.
Extra
11-10
12-11
1-
1
1
1-2-42
11-15
$$3'/4
12-15
11-30
30c
12-15
11-21
40c
(quar.)
20c
12-
12-15
pref. (quar.)
37 Vic
12-
1
1-
2
1- 2
(quar.)
15c
(quar.)
B
2-1-42
2-1-42
Additional
6%
Rice
Corp.,
common
Ranch
Oil
Inc.,
Antelope. Copper
Rochester
;$1.50
Button
conv.
Rochester
:C%
6l/2%
Gas
.
J,
'
1
1
12-10
12-10
11-10
12-30
12-15
12-
11-
1
8
:
12-
1
11-20
$iy2
pref. (quar.)
Roosevelt Field, Inc. (year-end)
i
Roxv Theatres, Inc.. $l'/2 preferred
(quar.)
Royal Bank of Canada (Montreal)
(quar.)
Royalite Oil Co. (s-a)_
_______—______
preferred
common—
(quar._—_____—
Wells
11-18
12-15
12-1
11-15
West
11-
West
Coast
Michigan
12-
1
11-12
$iy2
12-
1
11-12
of
Edison
Western
Real
Western
Steel
12-15
11-24
1
12-15
12-1
12-12
12-
1
11-10
1-
10c
12-
1
12-27
t$2
12-
1
12-
Co,
12-11
12-
75c
12-15
7%
preferred
75c
12-15
1-
6%
a
.
.
20c
35c
$1 Va
12-15
1
11-20
12-
1
(quar.)
(quar.)
Co.,
(quar.)
-
4334c
30C
ended
year
$1.50
Co.,
,
Corp.—
preferred
12-15
12-
12-
1
Products.
12-
1
t37»/ac
12- 1
$2
12-1
12-
1
A__
(s-a)
50c
(initial.)
.12- 6
lc
12-15
12-10
SI
12-12
11-15
SI
12-
5
11-18
$1
12- 5
11-18
50c
12-10
$1V2
12- 1
Oil
SIVA
12-15
12-
1
11-10:
Products,
Inc.
$1
"
preferred
preferred
Gas
common
SIVA
1-31
1-15
SIVA
1-15
12-31:
(quar.)__
$134
12- 1
12'/2c
:
7%
4VA%
(quar.)
.
1
11-18
11-18
"
12-
1
11-21"
40c
12-
1
11-10:
for
6%
pref.
12-6
11-5-
a3%
(s-a)__
noc
1-
2
11-26
t5c
1-
2
11-26
25c
Mines, 'Ltd,
12-
1
—
"(Wm.), Jr., & Co." (Del.)—
Monthly
------——
ll-2«.,
256
-Monthly
"
1-2-42
12-20
25c
.Monthly
.'Monthly
2-2-42
1-20-43
3-2-42
2-20-43
-'V'"*■'./ 256:
;•'
25c
4-1-42
3-20-43
75c
12-15
11-22
25c
12-15
11-28
$134
1-1-42
12-13
Youngstown Steel Door (ifreg.50c
Zlon's Cooperative Mercan. Inst. <quar.)_
50c
12-15
11-29
12-15
12-
-
Youngstown Sheet & Tube,
com.
::
(year-end)
Extia'—'
5'/2%
preferred
(quar.)___,
5.
12-10
11-24
12-
1-15
$134
Co
Extra
Wrigley
..
pref.
preferred
Brothers,
■'
11-29'
11-15
1
preferred (quar.)
preferred (quar.)
Co..
7%
11-29
12-
1-31
Elec.
W.)
12-10
12-10
5
$1.1834
(Gar) Industries, 5%
(F.
12-
17'/2c
(quar.)
iquar.)__
(quar.)
&
12-15
20c
(quar.)
Electric Power,
Woolworth, Ltd.—
Amer. deposit rets,
5»";
12-
1*
12r
5
12-
5
(quar.)i_^u-^^^I*Li;"::/'t.;fi2VAc'
■
11-21
$1VA
Wright-Hargreaves
5
12-15
1 ",41-15
11-26
11-10
V.
1-20
Woolworth
12-
12-15./,
1...*11-45
12-
12-27
11-21
12-13
preferred
Woolf
12-
12- 5
12-
12-15
•;
12-10;
/.Monthly
.12-20
;V
$1
(quar.)
Wood
12-4
12-24
1145
12-15
1
Wolverine Tube
11-22
12- 1
.12-15
12-15
12-15
_
11-19
$1
(year-end)
1-
6%
11-25-
12-15
15c
11-12
1
12-20
Wisconsin
/
f66c
12-
12- 1
■.
12-15
62'Ac
•
1*
t50c
4%%
11-181
12 -15
(quar.)..
12-
40c
•
!(year/-end)^_' *.
common
1245
11-15
12-15
t50c
1
25c
Premier Food Stores;
12-20
12- 1
"
t$7
Instrument
convertible
Wisconsin
11-19
5
Sl'A
Gas
Union
12-15;
11-20
Sl34
11-18
,
Fisher -Co.
Underwood
Union
12-5
2
12- 1
June
pref.
(Boston)
Ltd.
Telegraph Co.
preferred
Willson
11-18
12-
Canada, Ltd.r/<quar./t20c
10-31
1-
■
(quar.)
11-25
^
„
11-15:
12- 1
k
2VAc
1st preferred—-
7%
11-20
•
(Wm.) Co., 7% preferred (quar.)—
Williamsport Water Co., $6 preferred (quar.)
Willcox & Gibbs Sewing Machine (year-end)
11-25
12-15
,
1st
11-17
*$2.50 preferred
pref.
12-15
5,
50c
412/ac
(quar.)—
1
of
12-
Ltd.—
Corp.,
12-15
5
11-
1
58 VA
—
..
11-
12-
(quar'.)___—37VAc
(year-endr____A*__^.——. 75c.
Elliott
120c
37VAc
<4
12-27
$4
12-22
1
12-1
75c
—
11.1-29:
11-15:
Whitman
12-8
15c
(monthly)
1 ;
12- I
$1
preferred
White Sewing Machine, $2 prior pref.
12-1
$1'A
(year-end)____
Pump
12-15
Co,
12-
si
11-21 '
11-17:
♦
1-1-42
1 :
40c
.
11-18;
^
1
$134
12-10*
'
1
12-
SI
11-24
(quar.)
(year-end)
.
11-15
Inc.—
11-24
12-17
Century Fox Film
Coach Co.
12-
12-20
ioc
Electric, 6%
preferred
(quar.)
Wheeling Steel Corp. (year-end)__
Whitaker Paper Co. (quar.)
11-10
12-17
.
12- 1
*
V25C
(quar.)^__^
Estate Trustees
Electric
Weston
7%
10c
$10
15c
Twentieth
convertible
•»
Wheeling
—
11-15
t50c
8
1
Troy & Greenbush RR. Assoc.
Twin
11-
1
-
#• 11-14
A 12- 1-11-14.
»l'/4
A
(monthly)
Westinghouse Air Brake (irreg.
Westinghouse Elec. & Mfg. Co., common..
7% participating preferred
11-15
1
12-
(quar.)
" 11-14 '
*
,
(irregular)____
Co.,
the
Westgate-Greenland
1
12-
&
Company,
.
11-21
12- 1
.
11-26
12-
12-
12-15
Bearing
preferred
12-15
42- 1
$1
""75c
y
(quar.)__
(Iowa)—
Service
Western Union
11-21
(sub. shares)
11-21'
11-15
12-
1
11-15
Public
12-10
12-
1
Western
12-15
preferred (monthly)
5%
preferred
(monthly)__
Toronto Elevators, Ltd.— T.
&
Co.
Payment
covers
30, 1922,
12-10
11-24
t$iy2
12-
Grocer
11-22
50c
Oil
11-15.
'12-15
*25c
Foundry
Maryland RR.,
12-31
50c
6%
5'A%
Steel
Western
12-10
1 '
*
Western
■
12-15
common
Co.,
11-15
4-10
12- 8
M96VAC-
pref.__
pref.
participating
preference
12-15
11-12
37y2c
12-12
11-21
(quar.)
&
Tank
12-15
•
.50c
Electric,
Telephone, 6%
conv.
12-20
•—10c
Oil
Tokheim
11-20
50tr
11-21.
—
Roofing Co., common (quar,)__—;
Roller
12-20
50c
11-28
$1.40 convertible preferred
Timken
11-15
1-10
Ltd.—
Virginia Pulp & JPaperJ_'_i:__:{.::__y_
Auto Supply
(quar.)___-___
Western Exploration Co.,
(quar,)_^._____
12-15
prop,
Land
&
Co.,
12-10
West
11-28
Extra.
$1.50
11-21
1-1
12-22
1
1
11-21
$1%
11-25
interest (year-end)
(year-end)______
—
Coal
12-
f5c
Worts,
Hydro-Electric
cumulative
12-31
12-
12-
11-15
12-19
$1 VA
12-15
8
3-10
40c
(quar.)
preferred
12-10:
4-20
j$i
Snowdrift
Canadian
80c
■
pref. ,(quar.)__
SIVA(s-a)
$1?A
TruaxrTraer Coal, 6% preferred (quar.)_—
;
SIVA
:5VA%
preferred (quar.)_____—$1%
25c
&
11-14
12-15
Engineering Co._^
Fargo Invest. Co. (liquidating)
Oil
*
J20c
*
Wesson
7-18-42
12-1
12r20
3-20
$1V8
&
(Northam) Corp., $3
$4 convertible
12-15
Thompson Products, common (irregular) ___
5% convertible preferred (quar.)____
Tide Water Associated Oil (quar.)___J_^___
Toledo
-
4-18-43
8-1-42
,
1-17-41
5-1-42
1-20
(quar.)
preferred
(quar.)
Grape Juice, common
pref.
(year-end)
$3 preferred (quar.)___
___________
Tilo
6
2
25c
Ruud
Mfg. Co. (quer.
Rustless
Iron & Steel,
Oil
Trane
1
7%
_
37J/ac
(quar.V
preferred D lquar.)__.
:
*5% preferred E (quar.)__
Rolland Paper Co., Ltd., 6%
conv.
12-
1
5
Electric Corp.—
preferred C (quar.)____
$2.50
2c
3 .pence
(interim)
;
6%
•
11-
$1%
(quar.)________
Mines
Co.
preferred
&
-
preferred
Richs
12-10
12-
$iy2
Co
Roan
12-20
12-22
$iy2
prior preference A (quar.)
preferred (quar.)____!
It-
12-15
Pacific
Texon
I
3c
50c
common
on
Steel
1
12-31
50c
Pacific Land Trust
Thermoid
1-15-42
Republic Petroleum Co.
Republic
12-
12-' 1
;
»
2-2-42
$1
;
(year-end)-___
Ltd. (interim)
&
____
11-28
$ia4
$1%
Extra
50c
Gulf Sulphur
37'Ac
Corp.
Railway
■
,
Wellman
—
Certificates
1-15-42
15c
■
Corp.,
'
(quar.)___
Texas
12-10
$iy8
Works
Texas
12-10
preferred
11-15*
•Extra
11-21
25c
Water
Corporation
Texas
11-21
Remington Rand, Inc., common (interim)-.
$4.50 preferred (ouar.)
:
Republic Investors Fund, Inc., 6% preferred
/' A
6%
1
1
1- 1
37VAc
37VAc
/
(quar.)___.u_^__
Pictures; Inc., $3.85
12-
12-
SIVA
Foundry & Pipe
Washington
11-15
12-20
(quar.)
Welch
1-15
11-15
1
20c
S3VA
Gooderham
Bros.
1
1
12-
$1
preferred
Warren
12-27
—
Extra
12-26
1
87y2c
Corp.
Haute
Texas
11-20
12-17
(s-a)____
$1
dividend
(quar.)
11-14
2
t$l
Common
12-16
;
Stock
12-10
1-
(H.)
2-
12-
$1 VA
(quar.)
•
1
10c
(year-end)__
(quar.)
(quar.)
Mines,
13-15
—
12-
Reliance Steel Corp., $1.50 conv.
11-15
$13A
(quar.)
50c
(quar.)
6VA% pref.(accum.)
js-a)____________
12-15'
$1
t60c
25c
.
25c
Rayonier, Inc.
Insurance Co.
Walker
1
t7c
Common
Terre
Reliance
12-
37'/ac
25c
50c
(quar.)
12-
Regent Knitting Mills, preferred
12-1
12-15
60c
preferred
12-15
Reliance Grain Co., Ltd.,
11-18
12-15
$1.60
Swan-Finch
12c
(interim)
(quar.)
12-1
Walgreen Company, common
4VA Vo
preferred
(quar.)
Walkerville Brewery, Ltd.
Extra
Quebec Gold Mining Corp., Ltd.
preferred
11-15
30c
Tennessee
7%
12-15
Amulet
20c
12-10
Corp.,
Waite
12-31
(quar.)—
11-28
Reed-Prentice
11-15
preferred
preferred
-12-
;
20c
____________________
(Irregular)
5c
Co.
Paper
11-17
1st pref.
12-15
Common
12-. 5
Sylvanite Gold Mines, Ltd. (quax*.)__^
$iy4
(quar.)
Canada
Wabash-Harrison
•
11-19
12-1
$13'4
pref.
Detinning Co., common
12-31
—
Sutherland
1
Co. of
11-15
$1
40c
12-1
non-cum.
12-15
25c
12-15
Loan
7%
:—.
45c
Real Estate
11-15
—__—
(s-a)
45c
Reading Co. 4%
12-15
'■
',
11-20
50c
_______
Vulcan
1-15
(year-end)_.
Tool
(Del.)
11-28
$l'/2
preferred
5%
7Yo
5c
Purity Bakeries Corporation (year-end)
Quaker State Oil Refining Corpp. (irreg.)__
(quar.)
convertible preferred
11-19
683Ac
(quar.)
(irregular)____
(payable in 4% [$10 par)
preferred stock) —___________—____
Telephone Bond & Share, $3 1st preferred
6%
1
common
on
11-20
41-14 V
12-15
■
*
12-
12- 1
;-12-15
12-29
12-1
Western
Co.
Co.
*
•
11-19
*20c
25c
11-20
•
12- 2
$1%
(irregular)
$6
1
12-19
12-19
50c
1
12-15
;
12-10
$1V4
_______________
Sugar
12-
common
Machine
Trust
12- 1
(quar.)______.
11-15
25c
t$2
$iy2
(quar.)
on
(quar.)
preferred
(quar.)
preferred (quar.)
8% preferred
(quar.)
Vogt Manufacturing Corp. (quar.)_
40c
(quar.)__
12-1
$138
$1
75c
'
6%
West
preferred
1-2-42
___________________
$1V4.95c
25c
T
1145 *
50c
6%
5%
Sl'A
(quar.)
(year-end)___.
common
1
•
•-..■'>■•
6'/2% Apref.
Mfg.,
Extra
11-14
Co.
25c
.
convertible preferred
Sundstrand
11-28
12-15
(year-end)
Camaguey
Chemical
Warner
preferred
11-22
$l>/2
(quar.)
Virginia Elec. & Pwr. Co.,
Virginian Railway Co.—
11-24
•
<
,
_
12-1
12-1
11-19
Warren
$l3/4
Company,
11-
5
,
1-2-42*
25c
J3c
i
Victor-Monaghan Co., common
7%; preferred (quar.)
1
1
12-
4-2-42*
-7-2-42*
12-IO
Extra
Ltd.—
Co.,
participating
dividend
Sussex
50c
pref.
12-
12-
1-15-42
7-15-42
42-1
Vertientes
11-22
12-5
5
12-15
Vick
11-27
$lB/« v: 12- 1
Oil
Sunshine Mining
the period
$1.18
1
12-10
11-19
Vapor Car Heating Co. preferred
11-29
12-9
12-20
12- 1
11-29
Telep,
Company
Cash
1
$1%
$5
12-20
•
12-
Van Raalte Co., common (year-end)Si'A
7% first preferred (quar.)
$13A
1
1-13
11-29 r
CQ.___k.A__—
Sunray Oil Corp.—
5% stock dividend
11-19
$2
Gas,
11-22*
12-
8
1-15
11-15
&
A.)
A
12-
—
&
12-10
12-
11-18
12-19
SI VA
(quar.)
Vanadium-Alloys Steel (year-end)
Vanadium Corp. of America (year-end)
12-15
—
Fuller
&
(D.
12-
preferred
Oil
.
12-
(monthly)
(monthly)
Elec.
12-
12-16
' /,
4-15-42
Inc.—
(quar.)_
$5.50 prior preference
12-15
(quar.),—___________—•
Stromberg-Carlson
(quar.)
25c
(quar.)
preferred
i
41%c
(quar.)__
(quar.)
preferred
12- 1
New Jersey-
(reduced)
Common
8%
Corp. of
Baer
Sun Oil
.Step*
30)^___
preferred
1
11-15
62'/2c
$1'A
(year-end)________.___
fouar.)
50c
front Sept. 6 to Nov.
5%
Public
11-20
(quar.)37'/2c
(Ohio)
Clothier, 7%
6% prior preferred (quar.)
11-20'
12-1
;
(initial)
Upper Canada Mines, Ltd. (interim)_____
Upper Michigan Pr. & Lt. Co. 6% pf. (qu.)
Valley Mould & Iron Co., common
12-15
50c
Sterling Products, Inc. (quar.)_______—_—
Stewarf-Warner Corporation
Stix,
5
$1 Va
com.
11-20
11-20
Paper Factories,
12-
(s-a)__
(quar.)
preferred
Strawbridge
58y3c
of Indiana,
Public Service Co.
12-1
12-1
Wall
prior preferred
12-15
(quar.,
of New Jersey
Co.
j5% /preferred
$1%
Colorado—
Universal Insurance Co.
Stecher-Traung Lithograph. Corp.—
1
II-25*
of
11-20
12-1
'
Inc..
11-19
12-15
(monthly)___
(monthly)
(monthly)—:
11-20
25c
Kansas.
Kentucky
.Standard Wholesale Phosphate & Acid Wrks»
11-15
IOC
70c
;
11-20
1
6%
1
/ v
$1'A
1
United
1-
12- 1
$1
12-
12-15
11-15
12-15
Co.
of
Special on common
11-15
12-
$1 'A
Service
Oil
11-29
$iy4
60c
(quar.)_
12-8
11-29
$i»/4
25c
-
!—:
Standard Oil Co.
11-15
12-
$1%
$5
=
Corp.—
40c
10c
40c
:
8
'1-2
50c
preferred
(quar.)
pref. (quar.)
pref. (quar.)_
25c
(quar.)__
8
12-20
V 12-20
t$lVA
common
25c
pref.
1
12-
t$2
40c
Inc.,
12-
12-
50c *
(quar.)
12-1
62'/2c
$iy8
(quar.)
Cap & Seal Corporation—
convertible preferred (quar.)
Standard Oil
12-15
$iy»
preferred
(Detroit)
Co.
Co.
12-
11-25
$i'/2 ;
5
12-20
12-24
:
sip;
Foundry
&
Corporation,
Sugar
t
12-31
$1VA
(quar.)—
Veeder-Root, Inc.
Extra
12-15
(quar.)
$5
paid cer¬
_____
Accident Ins.
Steel
S.
•
50c
preferred
,$5
.
11-21
.•Extra
12-23
(quar.)
5'/2% preferred (quar.)__
7%
12-
1
11-25 '
Prosperity* Co., 5% preferred (quar.)
Provident Loan & Sav. Society of Detroit—
Common (quar.)
Public
12-15
12-
(annual)
Standard Oil of Indiana
12-23
(quar.)__
$6 pref.
12-10
12-
I-31-42
37'/2C
conv.
preferred series "C" (quar.)
5%' preferred series "D" (quar.)_
United
12-10
Extra
$i%
5'/a%
11-14
12-22
1st
12-15
,
12-15
50c
States Playing Card
(quar.)___
Print'g & Lithograph. 6% conv. pref. A
12-22
10c
11-25
(quar.)
Pipe
U. S.
12-18
50c
11-17
12- 5
United
1
t50c
35c
11- 5
12- 1
United States Rubber Co., 8% non-cumulative
12-
31'Ac
12-13
1-10-42
—____
11-22
U.
.
a7V4%
$2VA
22VAc
30c
11-25
11-15
$6. preferred A
(Dallas) (quar.)
25%
States
11-15'
12- 0
(quar.)_________
11-25
$1V2
25c
15c
$1%
37y2c
30c
(quar.)
Dredging Corp.,* common (special)
$1.60 convertible preferred (quar.)
Standard Oil of California (quar.)____
15c
Inc.____—
Finance Service,
>
12-15
12-20
(irregular)
1
11-15
Standard
8 *
Proctor & Gamble,
Public
11-15
s
,
(interim)
1
11-21
11-20
10c
(Montreal)
12- I
1-2-42
;
preferred
12-15
Co.
Ins.
Graphite Co.
7%
12-8
$1.60
a%%
of Can.
12-1
1-2-42
50c
•
Extra
United
Standard
12-15
_.
Bank
12-15 >
50c
12-
1
Standard
$1%
,5*6% preferred (quar.)
Provincial
11-15*
12- 1
1-2-42
.
_«««._«
12-15
12-
11-20*
15c
Co. 7% pref. (quar.)__
Company, class A (quar.)
$3 preferred
11-28
11-28 ■
12-19
12-30,
53c
12-
30c
pref.
S.
Extra
12-15
11-29
$3ya
(quar.)—__———_
Alexander,
11- 7 »
12-23
50c
& Canal Co. (quar.)
(N. Y.), conv. pref. (s-a)
U. S. Gypsum Co., common
11-15
12-15
11-15
1
12-
30c
U.
.
12-15
2
$1 'A
1
Sl'A
dividend
1-
$l'/2
$1%
$1%
Spencer Kellogg & Sons (quar.)_______—. 50c
Sperry Corp. (irregular)—$1
Spiegel, Inc., $4.50 preferred (quar.)_____,—
$l'/8
Spring Valley Co., Ltd. (liqudating)—
50c
12-16
12-
t$l
12-1
3714c
Standard
SI Va
10-31
Investors
tificates
11-17
1
11-19
Sparks-Withington, 6% conv. pref. (quar.)
Spear & Co., $5.50 first preferred (quar.)__
$5.50 second preferred (quar.)
11-14 fj,
12-
a2 y2%
12-
11-20
(quar.)
(quar.)
Sovereign Life Assurance Co.,
1-15
t$l%
11-12
1
(year-end)
Southwest Natural Gas,
11-10
12-12
2'Ac
12-1
12-15
(quar.)
Pipe Line Co.
Water
1
12-22
12-
25c
Pollock Paper & Box
&
12-20
/
,
U. S. Casualty Co.
U* 8- Freight
12-1
•
Co., 5%
Southern
Standard Oil of
Powdrell
$1'A
16c
United New Jersey RR.
$1'A
t$l3A.
(quar.)
12-12
Standard
Prentice-Hall; Inc., common
1-2-42
12-1
12-23
\
58VAc
58V^o
53c
Inc.
11-25
Southern California Edison .Co,, Ltd.—
12-1
$3?
20c
$1VA
(interim)
non-conv.
6%
11-20
11-25
Mfrs.,
11-25
$2
t5c
(quar.)
12-20
12-10
&
11-25
'
(quar.)
6c
25c
pref.
11-14
•,a.>.
;
v.t.C.
5
$1
$iy2
com.
Southeastern
9-30-42
6%
!
1
25c
Merchants
Common
12-15
20c
75c
$1.80
Greyhound Lines, Inc.
Sontag Chain Stores Co., Ltd.,
7% preferred (quar.)
a—
6-30-42
Co.,
2
11-10
(monthly)
12-15
$l'/2
(quar.)__
common...
1
$iva
12-
Corp..
4-30-42
Power
.
12-
12-1
t75c
t$2'A
15c
(s-a)
(monthly)__
(monthly)
25c
(irreg.)
12-
15c
Elec.
*
[
(monthly)
preferred
22c
,
(quar.)
11-12
4
11-15
50c
12-20
12-
1
Broadway Building
12- 3
$iy2
;
Accumulated
preferred
prior
(irreg.)
United Molassbs, Ltd.—.
American dep. receipts ord. reg.
t2c
12- 1
+
12-
I.td
Sixth
50c
t20c
_ui__
11-10
5- 15-42
Potomac
prior
prior preferred
.6% .,prior preferred
United
(Canada), 7% pref.(quar.)
Publishing Corp.—
Mines,
15c 7- 15-42
&
pref.
(year-end)
15c 10 15-42
Poor
6.36%
>6%
11-JO
convertible preference (quar.)
Saw & Steel Co. (year-end)
$3
Common
Oil
$7
! 6.36%
,
5
11-15
Simonds
;
Common
Stock
6%
Water.
1
$l'/a
Common
Plymouth
12-
11-10
12'/2c
12-
$2
com
11-29
12-10
1
.
t4c
Wine Co.-(year-end)
Co.,
12-15
«
(quar.)__
Ltd.
$15
(quar.___
Valley
Tool
11-29
12-10
Inc.
Snider
Piper Aircraft Corp., 60c conv. pref. (quar.)
Pittsburgh, Bessemer & Lake Erie RR. Co.—
6%
preferred (s-a)—______—
...
Pittsburgh Brewing Co., $3.50 preferred
Pittsburgh Coke & Iron, $5 pref. (quar.)_.
Pittsburgh & Lake Erie RR. (year-end)
Pittsburgh Screw & Bolt
—
Pittsburgh, Youngstown & Ashtabula Ry. Co.
Plomb
11-29
-12-15
Corp.,
Canada, Ltd.
United Light & Railway Co. (Del.)
7% j)rior preferred (monthly)
*7% 'prior preferred (monthly)
Simmons-Boardman
stock
(quar.)
Mills (quar.)
preferred
12-10
12-
.
t$6
Pilgrim Trust Co.
Pleasant
1
Corp.,
Pillsbury Flour
Pinchin Johnson, Ltd., Amer. shrs.
12-15
12-15
11-22
12-20
/ a
(quar.)____
preferred
.____/.
common (reduced)
12-10
tlOc
(quar.)
$lVa
preferred A (quar.)
Mines (quar.)
convertible
;
preference
$5 .preferred
(quar.)
United Gold Equities of
Ltd.—
(resumed)
$1%
Co.,
Securities
B
Sherwin-Williams
5
12-16
$x
——
Phoenix
A
12-10
.__
Co.,
(quar.)
(quar.)
class A
Corp.,
Siscoe
6% preferred (quar.)________
Phelps Dodge Corp. (year-end)
—
Phila., Germantown & Norristown RR.(quar.)
Philadelphia Dairy Products, 1st pref. (quar.)
2nd preferred
(irregular)
—
Philadelphia Suburban
Water
(initial)....
6% preferred (quarterly)
—________
Philco Corp.
(year-end)___—___________—
Phillips Pump & Tank Co., class A (quar.)—
Phoenix Hosiery Co., 7%
1st preferred
7%
5-5-42 *•:
30c
(quar.)_______—
Extra
Pfaudler
'$3
5-14-42
12-
dividends)——
in
$15
Perron Gold Mines, Ltd.
preferred
%
1- 2
V 75c
Invest.
Int'l
75c
common
partic.
$3
1-2
12-15
11-22 *
12- 1
t75c
_____
United Gas Improvement,
.
12- 1
12- 1
Co
United
Gas
12-15
.
Investments
class
$2
25c
$1V4
common
—;
12-10
V
50c
________
America,
12-10
$1%
(irregular)
Shepard-Niles Crane & Hoist Corp. (quar.)__
Sherritt-Gordon
Mines
(interim)
Sherwin-Williams Co., 5% pref. AAA (quar.)
rate of one-half share of common
at the
stock
in
Chemicals,
Fuel
12-
75c
of
1-2
25c
,50p
(quar;)
Shenango Valley
1
11-21
—
(payable
United
50c
12-
12-15
;
preferred.
7%
common
11-29
$1%
,
11-15
12-15
12-15
/,;
Pennsylvania RR. (year-end)
Pennsylvania State Water Corp.—
$7 preferred
(quar.)_______„___——
Peoples Telephone Corp., 6%
pref. (quar.)
Pickle
5-42
10c
&
12-15
Carbon
United
Holdert
i of Rec.
50c
(quar.):
United
/
When
^Pay'ble
;
ry Share
(year-end)
Corp.
Co.
preferred
6%
>
Candy Shops,
Shoe Co.
Servel,
8
25c
Corp/
■Extra.
.4"
1
12-15
1-
12-
t$i%
(year-end)
Pennsylvania Exchange Bank (N. Y.) (s-a) —
>
1
12-18
25c
Peninsular
Mach.
12-20
:
25c
(Laura)
12-
75c
7%
12-26
5%
,
$l7/8
$13A
(year-end)
Co.
Co.
&
Canadian
12-20
50c
Perkins
;
12-15
$2
participating preference
25c
Penick & Ford, Ltd.__;—;—
Pennroad
/ 12-23
$iy4
Second
11-10
$1%
(quar.)..
preferred
Biscuit
Co.—
Extra.
12-
12-
35c
1
Mills, 6 »/a%
Woolen
Peerless
(quar.)
preferred (quar.)
Roebuck
Sears
25c
25c
Company
Wolverine
Aircraft
United
Company
(quar.)
-
(quar.)_
(s-a)
preferred
7%
Assn.
(quar.);
Schwitzer-Cummins
11-15
2:
United
12-15
50c
75c
(quar.)_
Corp.
Co., common
25c
Parker
;
•
(quar.)
D
(quar.)
C
Distillers
Loan
Power
B
debentures
5l/2%
9
1-
$1
Parkersburg Rig & Reel $.50 pref.
Peerless Cement Corp
;
common—
....
8
12-
$1
(quar.)
Co.
Pen
(Mo.),
(quar.)
A
debentures
10c
$3%
&
debentures
n-15
1-2-42
$3 Va
Remedial
11-10
-i $iya
^
Co.
Trust
Electric
Savannah
111-25
;
50c
Parker
Parker Rust Proof
(s-a)
12-10
Union
12- 1
$3 .12-23
^
.
Francisco
50c
vtc
common
1
12-23
25c
t$lV4
Atlantic
&
2nd preferred
3%
San
11-25
1
——
Telegraph Co. (s-a)
•Packard Motor Car Co. (resumed)
Pacolet Mfg. Co., 7% preferred A (s-a>
7% preferred B (s-a)
^Pamour Porcupine Mines, Ltd
Pan American Airways
(resumed)
Park State Trust Co., (Hartford) (s-a)__
Pacific
'
Name of
Tank Car
11-28
50c
$1V2
«
•
Louis Bridge, 6%
(Quarterly)
1-
:
Joseph Lead Co. (year-end)____—
Joseph Water Co.,. 6% preferred (quar.),
1st pref. (s-a)_
St.
1
(resumed)
Securities Co.
Paper Co., 5%
Oxford
11-25
12-
(quar.)
common
5%
Overseas
12-20
12-15
Fer
A.-
of Ree.
Pay'ble
Share
Name of Company
—
St.
$1 VA
A
Ltd.,
Co.,
Power
&
Heat
Light,
rSt;
—
preferred (quar.)____
Otis Steel Co., $5.50 conv. 1st preferred
Represents
quarterly .dividends accrued
March 15 and June 15, 1940.
6%
Ottawa
-
of Rec.
11-25
12-20
40c
end)
(year
common
Pay" bit
Holder*
When
Holder*
When
Share
y
<r
11-20
/•Transfer
books
not
closed
for this dividend.
V '
\
.
•
-
tOn
account of accumulated dividends.
;
tPa.yable in Canadian funds, tax. deductible at the source.
Non-realdent Mx, effective April 36. 1941 increased from 5%
to 15f#. vRwlCent tax remains at 2%.
<1 Less British Income tax.
i A
.
t
Number 4013
Volume 154
:
-
General Corporation
RAILROAD
Abbott Laboratories (&
Months
9
*Net
PUBLIC UTILITY
■
profit
■„
•Earnings per share of common stock..
....
is
Mr.
/IV? After- criargesVand: provision for Federal income and excess profits
taxes.
!
tRevised.—V.
154,
Profit after
'
before
but
$544,827
$370,117
"Includes $180,852 in 1941 and $131,393 in 1940,
received in United
tons
which
Airways,
1941
Coburn
Mr.
Air
he occupied from
poses
1940.
I.
H.
Shipments of sulphite pulps in October amounted to 8,435 tons,
compared with 8,647 tons in September, and 5,152 tons in October,
1940.
Present indications are that shipments of sulphite pulps will be
board
the
was compelled to resign by
time as Mr. Hill, but no announce¬
Vice-President,
Executive
at the
of directors
same
been, made, as to Mr., Crowe's successor.—V. 154, p. 1189.
ment has
Year Ended—
Case—
of New
obtain a
list of stockholders of company.
No oral argument was held.
The
court is expected to hand down a decision within the next two weeks.
The case was brought before the Appellate
Division on an appeal
submitted
Briefs were
•
York Supreme
frc-m
lower
a
obtained
In
a
had
and asso¬
Officials of company had
granted
of that order.
his original petition
making
total
Mr.
Newman
stay
he
that
court
offering
Division
Appellate
the right to the list of stockholders.
ciates
the
the
to
petition of Jerome A. Newman to
which
order
court
21
Nov.
Court in the
and
a
stockholders
to
purchase a "material percentage of the
the company at
"a price substantially
to
stock"
outstanding
for the list, Mr. Newman informed
of associates planned to make an
group
of
pbove the present market price of the stock."
Company
.
request
that the proposed offer "is
of
furtherance
in
'and
is
not
the
the
lor
petitioner's
protection
of the
furtherance
in
or
and
Cost
interest of
expense
lab.,
Engineer.,
disc,
branch
and
Total
$2,367,961
$769,295
$1,372,352
76,415
$823,531
Loss
Fed.
&
exch.,
foreign
loss
1,373
$1,448,767
801
51,977
$1,329,185
inc.
The
Mr. Newman's affidavit, will be
composed in part of the following: Benjamin Graham, a Director and
■president of Graham-Newman Corp.; William K. Jacobs, Jr., a Director
of
Graham-Newman
Corp.;
El.as Reiss, President of Reiss Factors
Corp.; Robert J. Maroney, Vice-President of Chicago, Milwaukee, St.
Paul & Pacific RR.;
Harold F. Linder, Director of Postal Telegraph,
and Preston Upham, Vice-President of United Carr Fastener Corp.
According to the Newman affidavit, these individuals "will provide
from
their own resources,
or resources
controlled by them, approxi¬
mately $5,000,000,"
of the total of from $5,000,000
to $7,000,000
anticipated to be offered for the purchase of the stock.
The members
The
jol
Newman
according
group,
to
the group now own, in the aggregate,
Adams stock% the affidavit stated.
of
The
the
the
below
of
value
asset
net
of
the
company.
v.
154,
745.
p.
Years End. June 30—
Net
-•*,
for
income
*Loss.
1940
1941
$32,314
Balance Sheet,
in
Co
and fixture and unimpr.
Furniture
Deferred
charges
64,651
15,557
12,045
$1,741,921
$1,833,054
$15,925
20,000
9,609
real estate
——
Total
|
—
Liabilities—
payable
Accounts
Notes
payable, bank
Accrued liabilities
Dividends
6%
secured
Deferred
Class
stock
class A pref.
of
A
206,805
256,865
24,011
22,263
710,300
notes
(6%
pref.
72,000
when earned)—
cumulative
stock
1,091,100
72,150
surplus
72,150
..
.
w,'
273,141 ^
—„
271,990
—359,456
.........
Earned surplus
Total
_
—
•Represented by 14,430 shares of $5 each.—V.
share
per
and
Patents,
Patents,
Total
the
class
B
Nov.
stock,
declared
19
payable
dividend
a
Dec.
23
to
cents
of 50
holders
of
compares
cents
.
145,937
June
30,
167,550
quarterly
521,995
696,723
share
per
the class A stock,
154, p. 1049.
on
payable Jan.
2
to
(estimated)—
Accessories
The directors on
Dec.
6
cents
27
per
par
2,350,000
392,091
7,538,130
569,379
2,060,885
surplus
surplus
31, 1941.
For offering of preferred stock, see V. 153, p. 3798.
Deliveries of the company and its subsidiary for the second quarter
Oct.
,
ended
Oct.
31,
1941,
^-Represented by 753,813 shares of $10 par
principal amount of 3%% debentures to be redeemed
depreciation.
$$150,000
.
1940.
857.-
p.
$789,927,
as
compared
Weeks
Oct. 5,'40
Oct. 4,'41
Ended—
$42,343
$99,793
tLoss.—V,
taxes, depreciation, etc.
G.
Coburn
of
New
York,
who has
subsidiary—V.
152,
Air
been
Chairman of the
Associates, Inc., succeeding F. Leroy Hill, who was
forced to resign
50
cents
March
cents
per
15, June
16
40 cents per share
quarterly
Jan.
share
per
the
to
2
dividend
$1.18%
of
holders
to
has
regular
of
Dec.
Oct.
on
cents
of
record
22
declared
been
quarterly
holders
to
the
on
dividend
record
of
25
Dec.
5.
1, last,—V. 154, p. 83.
share
per
March
on
Sept.
1940,
of
Steamship Co.—$2 Dividend—
$2
extra;
29,
declared
was
29
30,
Nov.
on
holders
to
Sept.
26
of
last;
30,
on
record
$1.50
on
31, 1941; Dec. 28, 1940, 25 cents
1940, 25 cents quarterly and 25
25 cents quarterly and
stock,
declared
25
Nov.
on
common
payable
distribution
154, p.
50 cents extra;
and
1001.
of
dividend
a
Dec.
like
30
of
20
holders
to
amount
made
was
cents
of
on
share
per
record
Sept.
Dec.
30,
22.
last.—
1145, 83; V. 153, p. 1122, 825; V. 152, p. 3332.
preferred
10-year
the
Investment
stockholders
unsecured
debenture
of
Co.
would
issue
used
be
of
record
debentures.
for
will
Illinois—To
Issue
majority of the 5%
a
Nov.
for
28
Company
concluded
be
general
capital.—V. 154, p.
The
directors
share,
in
on
Nov.
De¬
in
An
1,
about
of
issuing
details of
that
week.
a
and to furnish
purposes
cumulative
purpose
said
Proceeds
additional
working
Nov.
the
to
declared
13
regular
Co.—Extra Dividend—
extra
an
dividend
of
$1
per
quarterly
dividend of 20 cents per
the common stock, both payable Dec. 1 to holders of record
19.
Sept.
the
officials
1100.
on
addition
of
extra
last,
of
one
Dec.
2,
—V.
80
cents
10 cents
share
per
March
on
made
was
3,
1941,
on
June
June
on
of
one
30
2
and
cents
on
154, p., 241.
1940, and extras of 10 cents each
American
first
The
delivered
shortly
announced
by
will
eventually
serve
U.
as
M-3
with
Army
Nov.
on
"pilot"
a
the
supplant
tank
S.
company
and Sept.
1,
1940.
Co.—New Product—
medium
the
to
this
1
model
hull
will
Department,
it
tank, known as
other builders and
built
by
various
be
was
The
for
being
now
steel
cast
a
Ordnance
24.
the
will
industrial
which also manufactures the earlier model,
production of the M-3A1 at Schenectady within a few
said.
The firm
is also planning to build the first
industrial model with a diesel rather than a gasoline engine.—V. 154,
p. 905.
will
Locomotive,
Oct. 7,'39
$6,440
begin line
weeks,
Oct. 8,'38
t$64,791
it
was
153, p. 384.
American Meter Co., Inc.—Larger Dividend—
A
all
charges
income
Net
was
153,
1940
1939
$26,903
$30,237
Sept. 30—
•Net income
•After
1938
1941
$66,168
9 Mos; Ended
Federal
taxes
for
the
compared with $10,312 in
ended Sept. 30,
third quarter of 1940,—
quarter
75
Allis-Chalmers Mfg.
The
directors
the
record
and
common
Dec.
on
1.
Nov.
on
stock,
A
Co.—50-Cent Common Dividend
like
6
no
declared
a
dividend of
50
cents per
share
value, payable Dec. 22 to holders of
paid on June and Sept. 30, last,
par
amount
was
Sept. and Dec. 20, 1940, as compared with quarterly dividends
each on March 30 and June 29, 1940.—V. 154, p. 1145.
25 cents
of
on
the
common
have
of
15
$1
share has .been
per
to
holders
distributions
declared
stock,
a
last;
declared
Nov.
15, June
during
on
the
This
26.
14
capital
compares
and Sept.
1940.—V.
stock,
with
16, last.
152,
p.
973.
Nov.
payable
dividend of $1.25 per share
20 to holders of record Dec. 1.
defense
for
will
absorb
63.25%
of
total
November
parent
company plants, President Charles R.
In October, defense shipments represented
25.
from
parent company plants, he
Defense
subsidiary,
shipments
of
absorbed
85%
and
October
will
amount
The
of
to
shipments
reported
on
of shipments
stated.
Sheffield
toal
Hook
58%
Steel
September
95.38%
of
Corp.,
a
wholly owned
81% during
Mr. Hook
shipments;
November
tonnage,
said.
The
ferred
directors
—V.
authorized
of $1 12%
per
disbursement
share on the 4'%%
stock, payable Jan.
of
the
regular
quarterly
cumulative convertible pre¬
15, 1942, to holders of record Dec.
15,
1941.
154, p. 905.
year-end
Dec.
25 cents per share paid on March 25, June 25 and
75 cents per share on Dec. 21, 1940, and quarterly
dividends of 25 cents each previously.—V. 154, p. 650.
25,
record
made
were
American Water Works and Electric Co.,
This compares with
Sept.
of
share paid on March
American Rolling' Mill Co.—Defense Orders—
dividend
directors
per
Similar
from
on
Dec.
cents
Steel
92.
p.
dividend
payable
but before Federal, taxes.
before
$19,010,
$7,890
Alpha Portland Cement Co.—Year-End Dividend—
has been elected President of
usual
payable
Company is seeking the consent of
Virginia—Earnings—
Alberene Stone Corp. of
with
Air Associates Inc.—Elects F. G. Coburn as President
10
concerns.
profit
The
Frederick
of
par
$1.75
June
American
c-.vvv-X',v vvvv. yyyyy-y:yy y- -v
board of directors of McLellan Stores Co.,
on
extra
$10, payable Dec.
compares
with $1 paid on
directors
initial
M-3A1,
Canadian
includes
sheet
balance
Air-Way Electric Appliance Corp.—Earnings—
combined
the corresponding period of last year.—V. 154,
aggregated
deliveries of $191,129 for
25
dividend
American
$17,686,097 $14,054,012
3798.
declared an initial semi-annual dividend of
first
the
payable
paid
stock,
and
share,
—
Div.—Deliveries—
$5,
the
issue
an
American Laundry Machinery
844,023
7,538,130
569,379
2,705,006
stock
Note—Above
holders of
share on the 54-cent cumulative convertible preference
payable Dec. 1 to holders of record Nov. 17.
This
six months of the company's current fiscal year ended
stock,
of
addition
both
were
1941;
V. 154, p.
.
*
covers
of
stock.
stock,
American Locomotive
1941,
Corp.—Initial
this
1940,
1940, 25 cents quarterly.—V.
the
An
,
200,000
875,220
13,131
800,000
2,000,000
3% sinking fund debentures
•15-year 3%% sinking fund debentures
Reserves for conting, and insurance, etc
40
dividend
American Insulator Corp. of Del.—Dividend No. 2—
$226,715
278,982
1
18,274
82,846
168,383
179,873
188,453
—;
15-year
V.
Aircraft
declared
pref.
in
This
extra;
The
150,273
$754,572
534,420
18,589
94,844
439,768
299,015
by British Govt, under war contracts.—
payable to English subsidiary (not cons.)
2V4 % notes payable
—
1.
154,
1001.
p.
dividend
common
April 1,
2,361,259
138,794
Acct.
with
record Dec.: 17.—V.
V
15,
9.
30 cents per share paid on this issue on June
27, last; 30 cents on Dec. 23. 1940, and 25 cents on July 15, 1940.
The directors also declared the regular quarterly dividend of 37%
This
Dec.
2,361,259
notes, due currently
Principal amount of 2%%
share
Dec.
also
share,
year-end
the
on
1
:
and salesmen's credit balance—
Dividends payable
p.
compared
as
1940 —V.
16,
bentures—
Agents'
Dec.
last,
16,
Dec.
extra
an
on
16,
common
American-Hawaiian
A
$17,686,097 $14,054,012
-
contract obligationsFederal and foreign income taxes
value.
per
record
paid
were
On Dec.
cum.
stock,
per
49,776
444,618
Supply Mfg. Co., Inc.—50-Cent Class B Div.—
directors on
The
declared
12
the
on
154,
extra
207,733
216,904
Supply
♦Net
Aero
4%%
465,899
2,601,510
(net)_
—
payable
Sundry accruals
Deferred income
•After
on
2,216,818
184,191
Accounts
Capital
1941.
Like amounts
Liabilities—
tCapital
and
the usual quarterly dividend of 40 cents per
stock, both payable Dec. 15 to holders of record
to
amounts
15,
9.—V.
cents
trademarks
in process of amortization
—
June
on
15
American Hardware Corp.—Extra Distribution—
1940
3,287,405
parts, less reserves
—
——
1.
paid
June
on
subs.
foreign
patents,
Nov.
on
directors
the
cents
equipment
etc..
The
on
160,090
and goodwill
which was formed slightly over a year ago,—"Los Angeles
company,
Times."
Like
19.
An
492,950
for
Dec.
was
each
common
distributed
common
682,496
applications
record
amount
$1.25
Sept.
Dec.
approximate
Total
on
the
39,440
consolidated
•Plant
153, p. 234.
Calif.—Initial Div.—
of
and
$1,833,054
$1,741,921
14 declared two regular quarterly dividends of
the capital stock, payable Dec. 20, 1941, and
Feb. 20, 1942, to holders of. record Dec, 12, 1841, and Feb, 11, 1942,
respectively,
The December distribution will represent the first payment by this
cents
Nov.
for
1940,
326,610
to
of
like
of
addition
in
on
219,644
advances
pre¬
Chicle Co.—Extra Distribution—
directors
share
202,249
—
and
in
fiscal
April 23,-1938.—V. 154, p. 1189.
on
holders
to
extra
extras
482,214
—
to
the
2,416,070
——
reduced
of
non-cumulative
American Gas & Electric Co.—Extra Dividend—
$1,390,946
securities
value
assessment
Investment
directors on Nov.
The
6V4
less reserve
operation
to
earnings
7%
the
tlncludes
1941
$1,945,348
3,656,703
accounts for merchandise
properties,
•After
Aerco Corp., Los Angeles,
-
Employees' loans and accounts
Agents' advance commission--—
Value of life insurance policies
Earned
•
15
The
July 31
Advs.
24,000
lease
credits
•Common
Capital
on
10,449
42,618
.»
,
payable
cancellation
for
Due
charges
Sales agents'
of
out
on
directors have declared a dividend of $2 per share on the
par $25, payable Dec. 20 to holders of record Nov. 29,
Quarterly distributions of $1 per share had been made from Aug. 1,
1935; to and including May 1, 1936; none since.—V. 154, p. 650.
H$148,645
$1.20
3,506,703
accts receivable,
Notes and
$1.75
capital stock,
liDeficit.
Inventories
1,379,380
—
mortgages
—
secured notes, Aeolian
6%
•
London
32,383
14,097
10,570
$20,141
Ltd.,
Co.,
71,164
' ,25,000
44,700
—
—
Investments
88,340
13,000
39,952
1,280,075
Inventory
Investment
$47,888
172,669
$32,229
--
^
not
$106,837
156,666
German subsidiaries,
in 1941 and $11,333 in
and
subsidiary company,
Rental machines, incl.
1940
1941
-
-
and bills receivable
.Accounts
Aeolian
*$16,645
June 30
Assets—
-
includes
of
American Coal Co. of Allegany County—-Resumes Div.
tlncludes Canadian and English
Assets—:
'
Cash
,
fl$34,044
$1.35
$132,764
$0.77
$2.00
French
declared
21
745.
p,
1,055,338
Consolidated Balance Sheet,
Non-oper.
1938
1939
$46,586
$134,700
year
Canadian
Miscellaneous
Aeolian Co.—Earnings—
;
1,055,338
excludes
but
subsidiaries.
all
the
Deferred
-.7
;uv
$1,021,294
452,288
subsidiary only,
Cash
As of Nov. 6, according to the company's figures, the net asset value
the company was $11.83 and the stock was selling at $7 a share.—
,
§$585,052
753,813
$756,229
subsidiaries,
Foundry Co.—Preferred Dividend—
Nov.
dividend
a
dividend of $1 per share and the regular quarterly dividend
share have been declared on the common stock, both payable
per
An
$906,693
sh. common—
was
extra
Dec.
199,433
§1,510,042
•Includes Canadian
&
on
current
American
An
share,
Surplus
Earn, per
disbursement
The previous
stock,: par $100, payable Dec. 31, to holders of record Dec. 19.
A like amount was paid on this issue on Oct. 1, last, as compared with
$2.04 per share on Aug. 29, 1941, and $1.75 each on April 19 and July
7, 1941.
The previous distribution on the preferred stock was one
51,838
—;
last.
1,
103,252
279~667
sub._
profit
and Oct.
Car
directors
now
was
approximately 4,000 shares
of the group, according to the various petitions, is to
stock at a premium above the current market price, but
plan
purchase
Net
Dividends
1
April 1, 1939.—V, 154, p. 857.
on
ferred
90,943
181,974
438,993
tax
July
on
cents
American
year
Adams."
.
dividend
10
2,136
1,650
94,318
3,727
net-
French
46,276
also
26,728
85,711
for.
on
,713.881
610,062
The
450,000
conting
.3,321,957
*186,437
of 10 cents per share was declared Nov. 26 on the com¬
stock, payable Jan. 2 to holders of record Dec. 11.
A like amount
76,891
etc.
2,431,707
1,678,172
857.
paid
$1,252,294
54,236
$2,486,119
_
2,860,989
118,158
income—
4,532,485
income—
154, p.
was
305,613
2,715,913
dividends.:-—
Interest,
Prov.
368,833
294,535
1,560,572
income
for
Prov.
364,545
170,001
3,813,231
income
164,452
,822,241
mon
with
expense-
Operating
Other
181,093
327,901
302,449
220,094
13,723,013
railway
oper.
of $2.50 made
to agents
Comm. &
145,961
13,563,872
-—-Calendar Years
devel.,
lease amortiz._
234,882
American Bank Note Co.—10-Cent Dividend—
:
of $1
patent & royalty exp.
Depr. &
418,262
509,351
16,535,944
railway-
•Loss.—V.
*July 31,'41 July 31,'40
U939
$1938
$14,599,994
SB,229,048 $11,579,654 $12,140,754
3,548,086
6,832,309
7,353,025
7,788,452
.
sales
Net
Subsid.
reason for refusing the
neither for the protection nor
right or interest as a stockholder
petition said the
in answer to the
was
.
Addressograph-Multigraph Corp.—Annual Report—
.
•7 Months
Adams Express Co.—Briefs Filed in
from
ry.
1938
$1,652,243 " $1 ,480,360
426,387
.
1— "vV
Jan.
Ne,t
1939
6
1940
$1,572,918
V
516,925
income—
oper.
v-V
.
$1,787,678
railway
from
Net
A
Associates
Crowe,
railway
From
1932.
Stores Co., becom¬
November, 1940.
about 8,400 tons in November, compared with 5,985 in
"—V. 154, p. 1049.
<
1930 to
of McLellan
President
was
ry.
From
Gross
Board early this' year,/
plant at Bendix, N. J., which manufactures air-,
plane parts and has $5,000,000 in defense orders, was seized by the
Army on Oct. 31 during labor trouble that had resulted in a stoppage
of work and mass picketing.
After Mr. Hill resigned the War Depart¬
ment announced the plant would be returned to private management
as
sbon as it obtained management that would not have labor trouble.
Colonel Roy M. Jones is now in charge of the plant.
.
November,
in
to
Earnings—
1941
from
from
Net
Shipbuilding
Chairman of the
The
i
36,411
of Sanderson &
as
Corp. he became prominently connected
aviation industry as President of The Aviation Corp., and of
the
ing
V
Shipments of newsprint and substitute products in October, accord¬
ing to G. T. Clarkson, receiver and manager, were 51,489 tons, com¬
pared with 48,472 tons in September and 37,210 in October, 1940.
•Present
indications
are
that shipments
of newsprint and substitute
products will be about 50,200 tons in November, 1941, compared with
exchange,
Alton, RR.
OctoberNet
member of the engineering firm
a
Navy
Bethlehem
1936
*$1,142,942
long
the
MISCELLANEOUS
-
Gross
graduate
a
American
*$702,460
:
States
is
with
gen'l exps.,
deprec. &
bond interest
for a change in manage¬
restored to its owners.
Mr. Coburn
the McLellan company and will
be
would
plant
of the U. S. Naval Academy and M. I. T., and
a naval constructor
until 1919.
During the
World War he designed and was in charge of the building and opera¬
tion of the Naval Aircraft Factory at Philadelphia.
After serving with
1938
;
INSURANCE
-
official position with
duties immediately.
new
in
the
1939
1940
1941
October—
the
Coburn,
served
Abitibi Power & Paper Co., Ltd.—EarningsMonth of
his
Porter,
1189.
p.
INDUSTRIAL
-
resigning his
assume
and Investment News
by the War Department's demand
before
ment
1941
'1940
$1,814,901 t$l,815,192
$2.34
$2.34
-
——
week
last
Subs.)—Earnings—
Ended Sept. 30-—
y^r:'rtl2S7:
THE COMMERCIAL & FINANCIAL CHRONICLE
-
Output of electric energy
for the week
Inc.—Output
of the electric properties of this company
ending Nov. 22, 1941, totaled 65,656,000 kwh., an increase
THE COMMERCIAL & FINANCIAL CHRONICLE
1253
•
Saturday, November 29, 1941
77-
;
,,
o;
....
..
...
.......
..V;.
_
...
.
,
-v. .'V
.
:
•
■
■
■
■;•■■■
-
■ ■* ■ —
■-
-■-
[:■
v
■ :
r,,.
,r '
■
■
in 1931, in the course of which Hopson bought properties at greatly
Recovery Litigation—The case of "Manufacturers Mutual Pire Ininflated prices, "rigged" company stock, exploited "company ownersurance Co., et al., suing as stockholders of the company and on its
i" Comparative table of weekly output of electric energy for the last
ship," and finally, in order to retain control, "adopted the scheme
behalf, against Howard Ct-Hopsoft, et al.," has now been carried to
.five years follows:
<
: •
7'.7v - — *:
■
7-7 of interposing a new intermediate holding company, known as Assothe New York Court of Appeals by the trustee.
The application for
w
.
F
iQ4i
:
1940
1939 V
' 1938 7c
ciated Gas & Electric Corp."
-7i'v'777' "777
4 ;&.'7 leave to take this appeal was first denied by the Appellate Division
i
fi7 999 000
58 570 000
54 923 000
44 293 000
"In preparation for putting the scheme into effect," says the report,
on June 27, 1941, but upon renewal of the application, leave was
o~-~
iiq'roh'ooo
sr' 153 000
55'518 000 44 359 000
"the H°Pd0n management had, by the end of 1932, caused substan- ^granted to appeal to. the Court of Appeals upon certified question by
\
i?"
69 502000
58 981 000
54914 000
11,582 000
tia»y all the assets of the company to be transferred to Associated
order entered Oct. 31, 1941.
777777;
Mnv
oo
'fiVfi5fi'ooo 59 261 000
54 011 000
43 863 000
v Gas & Electric Corp. The management proceeded to substitute stock
>
In the action pending in the United States District Court for the
i
7,7r-:7'-77' •t"; ; « cy7 of the corporation •"for 5 the corporation's ■debt to -the - company ; and
District of New Jersey on behalf of the trustee of .the company, the
^•Includes Thanksgiving Day.-—V. 154, p..H4o.
.
.
caused the corporation to issue new debt .-securities'.% Since,, the' debt o trustees or the^corporation, and others 'against the estate-of Frederick
10.79%
of
week
of
the
over
59,261,000 kwh. for the corresponding
v7 7-'7777-777:
'
of
output
1940.
t
77:-'
■
s>
■
■
>
kt«,,
♦
.
'
_
.
.
Aug. 31—
fl94l
+1Q7Q
+
before
for depr.
prov.
royalties,
$2,195,962
$1,687,188
»>
(
interest,
etc.
In
.
,
ihe
-
j.o,ioo
income
for
Prov.
and
Admin,
394,235
i.woo
233,7b5
508,.ob
Mb,*.
531,b»^
jxo,/io
$029,13/
repairs
$32u,/30
.
selling exp.
...
_
lor
*Loss.
-tlnciudes
year.
77fi
<t7on
Cnnsniriated
comparative
Balance Sheet
Balance ton e ,
consoiaatea
Assets—
S
?
and
Notes
ful
accounts
Other
Plants,
real
Deferred
less
estate,
for
reserve
L'-
f,<k
Total.
—
33,411
Accounts
Provision for'Federal and State
for
-Reserve
cumulative
preferred
7%
cumulative
class
5%
cumulative
in
preferred
stock—
A
($25
par)
Capital
Earned
.
surplus
♦
hv'ipqqns
Rpnrpcpntpri
'shares
charpc
nar
rm
tlnclSdine
$12 50
oar
tRpnrpsented
Sd
whollv
interest
hv
the
company
on
make
other* security
security
holders
holders
lb)
these
of
the
bV
company
principal
investment
the
of
the
plan.
They
of
the
The
scheme
company
trustee,
and-..the
outlook
the
*
V
■.
interest
transferees
■
indenture trustees,
for
the
to
interest
,
these contentions,
brought.",-
different
of
classes
■
■_
.
securities
of
-
security
holders
available
assets
are
and
creditors
of
for
the
their
the
will
company
classes
of
finally
securities
receive.
will
in
all
222 241
Pollak,
prede-
the;* estate in- subsidiary companies operating outside the ■ New
York-Pennsylvanla-New Jersey regiom where'the Associated System's
present
operations
largely
are
The
concentrated.
•
Commission
also
expressed the tentative conclusion that the'-public- utility- properties-- of'
the Associated subsidiaries. operating in that region can not ail be
kept as part of one holding company system.
Having first procured the court's, authority to do.so,. the trustee of
the company on-Nov. 3, 1941, filed an application for permission to
intervene in the SEC proceedings.
This application was granted by
order of the Commission dated Nov. 6, 1941.
Public hearings were
begun at the office of the SEC, Washington, on Nov. 25,- 1941:
",
Proofs of Claim—Companion bar orders in this estate and in the
estate of Associated Gas & Electric Corp. were entered on Sept. 10,
1941> requiring the filing of proofs of claim by certain "special
"classes" on or before Nov. 8, 1941. The persons required under these
bar orders to file their claims were those enumerated-in-the so-called
the
and
H.
of
*
com-
securities
company
Walter
1940,
Intervention in Agecorp 11 (bt
(1)
Proceedings—Under date of
Sept. 4, 1941, the SEC issued an or-der pursuant to Section 11 (b( (1>
of the Holding Company Act iii which it directed the trustees of
Associated Gas & Electric-Corp. to show cause why an order rhould
'not be entered requiringvdivestment by:said trustees of all interest
others,
f
the
August of
Certificates—In
'V
the
-debenture
among
-
-
;
was originally procured, - The maturity
all outstanding trustee's certificates has been extended to, and
is, Dec. 31, 1941; further extensions are permitted, provided.
however, there is no extension of maturity beyond Sept. 13, 1942.
-+■
interest deben*-
fixed
fixed
of
is
V
been
now
that
and
those
served
received. % It
011
:
still
company
ineffective
been
now
York when authority to borrow
deben-
are
trustee of the
and
subordinate
not
are
making
are
"The
illegal
was
committee
the'
for
their
or
the report says:
whole
" '
'
fixed
refused to exchange under
.V'-rVr-^--
company."
the
of
amount
certificates
has
particulars
of
of paying administration expenses of this'trusteeship.
From'time to
time thereafter, .various sums, totaling $200,000 were borrowed on
Trustee's certificates, all bearing the maturity date Sept. 13, 1941.
At their maturity, this trusteeship was without funds to retire outstanding certificates.
A declaration filed with the SEC contemplating
an extension of the maturity of outstanding certificates was permitted
'to become effective by order of the Commission dated Sept. 9, 1941.
The right to extend the maturity of certificates had been grnnted
Tjy .the United States. District Court for the Southern District of New
,
did
who
bill
a
^.cessor trustee of the company, applied to the Court and to the Securities and Exchange Commission for authority to borrow $200,000 by
the issuance of trustee's certificates of indebtedness, for the purpose
;v-".'7
'
J-Trustee's
.
securities
But the trustee
believes that
likelihood receive nothing.
.
succeeds in recovering from the corporation the company's assets
transferred to it, the general creditors and debenture holders of the
company-will receive substantial participation.
If such recovery is
^StodSiSs
L'SSi
requirements,
caused
others;
and
made to effect a final closing of the settlement between the Associated System, , the Hopson interests and the Federal Government.
> [Details are given under Associated Gas & Electric Corp. below.]
Debt ..Capitalization—the
.
1,689,360
892,084
therefore,
"What there will be for the general creditors !
depends in great
measure upon the outcome of the pending litigation.
If your trustee
y-y~—
•—
r
$9,767,280 $19,473,529
Total;___
•
over-the
the
that
the
certain
.
put
"Recap Plan,"
claims,
of
—
813,075
surplus
of
pressure
Burroughs
and . the answer of- the .defendant Samuel. Ungerleider
"- expected that the case may be reached for trial early in 1942.
Since the date of the last report, substantial progress has
*
management
S.
...
corporation: will eventually receive new securities which, shall fairly
represent their interest in a going business or businesses.
7
"It is impossible to say how much each class of security holders
*5,995,615
12,778,016
and,
company
exchange options: *■
the security holders to
litigation, which .they havq
a
or
6,991,500
4,394.550
——
the
three
the report declares:
"To the extent that there
179; 191
U-
stock
price
-pany,
121,205
3,995.000
k 156,031 ;V.
>
stock__^„
stock
Common
*
388,402
taxes___r^.L____
repairs
extraordinary
7%
offered
holders of the company
$270,000
231,656
—
of
holders,
Df
$345,122
the
Hopson
$59,014,830
creditors
ture
'
payable
by
Rearrangement-of
was
options
.corporation.
$9,767,280 $19(473,529
Notes payable
of
were
other
of
the
the
the
,
17,136,790
Liabilities—
from
"the
convertible
contends
£
—
of
of
.
30,343
49,923
,
held
*
."Holders
creditors
116,799,793
deprec
charges
relief
Plan
position
exchange,
any
506,655
-
gain
a
pressure
tures and
_
25,224
—
______—
stock
-exchange,- :
/
1,639,421
1,316.146
_______—'
——:
assets
,.
accounts.-—■V620.577 n:
and
notes
Inventories
•
.
$126,909
less reserve for doubt-
rec.,
purchase
fear that if they did
exchange would obtain
a preferred position over them,'and
(c) the company's repeated threat
that there might be a receivership if enough security holders did not
.
51940
•
$955,617
Cash
-
.....
to
company
secure
not
31
Aue
+1941
'
the
becoming creditors of the corporation,
'
-
tlncludes American Photo
and Western Pensylvania Natural Gas Co.
Prtmndrsitivp
.
'■
"Hbfio H49
non
»«".
of
continues,
"Great
wholly owned subsidiary,
.Glass & Export Co.
-
,
*«R7
(representing, the
company
exchanges, and over $6,000,000 of the company's money: was spent
in the campaign. The chief incentives to the security holders to make
these exchanges were (al the desire to obtain a preferred and more
ans'Vva
iR7'4qi
0
order.
the
'
i9d~5fin
'
■
.
Profit
'
•
0IT170
^
the
'Recap Plan.'. Under that plan, holders of the fixed-interest
*oiq 71K
1W117
41
vn
ahead
announce
.$'Of
400,468
________
deductions
Tax
noo
«1
2,205,378
depreciation.
Interest paid
Extraordinary
,:■
i,
,
rank
report
|0
'
Total
to
ahead of any security holders of the company.-".
799
>• :<•
,
— __y,4ib
corporation
would
cri1
10n9Ki
«...
the
,'77'7% of the company's properties transferred to the .corporation!-had been
tiQin
'■
changed into stock, this new indebtedness of the corporation, if valid,
+
profit from operat.,
Other-income,
■t:
:.-i+ 1Q/lfl
jiysu
.
Years Ended
Net
of
1
Co.—Annual Report—
Window Glass
American
not had, there are so many other issues involved iir this'.'litigation .--'Recap petition of
the trustee of the company.- It
alleged
was
in
several-classes o.-d^ntur.
EXP"'
_
Co.
and
western
Pennsylvania
Natural
Gas -co.
RpA ffnstie|nri!
Initial Dividends—
v
„irnnf„vc,
T.
veT^harJ 5n
11
the
cumwative
Nov.
HiviHpnH
on
5o'oar*alue
$12
new
:quarterly dividends of
114%
and
stock
common
initial
an
in their
prefefred^Mk, both payable Dec. 1> to holders of record
154, p. 50.
a
_
A
,
.
n.
'preliminary
to
answer
KifhsSdiarv
in-
Pennsylvania
,
,
:a?
tw nnnYmn
the
of
order
Anaconda Wire & Cable Co.-Year-End Dividend-
Npw
ImS
v!.rk
nrlsfnt nrwp^?nnc
fhn
the
of
filing
proofs
of
claim
both
in
Pui'suant t0 the terms of lhc bai order.
on
before
or
Nov.
8, 1941:- Associated General Utilities Co. A Utilities' Employees Securi-
•as'amendld^8^^^
the: Securities:-and
Nnm
rpJirtl!
jprwv
require
to
estates at the saine time
propfs of-claim were filed by each of the following
Helen N B'uchehaum and Wtlilam Buchsbaum. '
•
The trustee expects in the near^^future to^^ submit to the court and
to distribute to the security holders a statement of the results of his
.
-intprpst
•
....
bn,
JNOt bold i?avors belling $22,000,000 Certificates At
Low Interest Rates For- Benefit of Security Holders—- %:
PPnfc
in
cents per share on the new 5%
31»/2
or
r.f
21.—V.
,
deemed advisable
Trustee Clarke Discussinff Inteffration Urees Prooerties
-
o?'
'£1^
Serirs? KTo't'sr"0'1 on the assumptlon that such
&
an order quiring the filing of proofs of all claims against this
clarke, Trustee [or associated Gas' J Electrte Co^tny, orge® {hit
%!£*%lbTor oliTstandtoa on' ThT took, of the d'e'SSr ^Tho
m
sssuis
of 50 cents per
share were made on April 21, July 21 and Oct. 20, last,
a year-end dividend of $1 per share on Dec 17,
1940, and 25 cents per
bhare on July 12 and Oct. 21, 1940.-V. 154, p. 857.
Andian
Anaiail
Nafinml
National
extra
An
dividend
dividend
semi-annual
•capital
stock,
holders
June
•
1
and
of
Nov.
2
Dec
50
cents
$1
Fvtra
extra
together
have been
share,
in
United
States
Like amounts
20;
and
1940
on
June
Dec
■
Anffostnra-Wuppermann Corp.
dividend
A
stock,
V.
payable
151,
;
of
10
Dec.
f
1
to
on
.
.
share has been declared
holders of record Dec. 2.
on
the
n
v«
P
stocks
dividend
interim
Dec.
1.
50
cents;
of
25
far
So
stock
common
cents
this
and Sept.
25 cents; June 2,
25 cents;
Aug.
1, 25 cents.
for the year 1941 will, amount t© $2.25 per share
compa.-ed with $2 paid In In 1840.
New Product-—
•
leather
quality
been
control
and
153,
542,
Inc "
•
directors have
addition
<the
the
to
common
declared
usual
stock,
The
payable Dec.
the
on
•This
cents
24
per
1940.—V.
Dec. 24,
10 declared
a
Associated
Gas
&
154, p.
17.
An
;
151, p. 3880.
of
25
25
there
,,
$
_
two
were
,
i
cents
per
will
in
Asso-
is
indicated
hope of recovery for investors hinged largely
"Recap Litigation," now in progress.
his report, Mr. Clarke reveals that he disagrees
on
the
.
;
In
gration
included
in
nf
a
made
earlier
f>rP'7a f°
statement
trustee
which
is
s 167.(5)
CMS'Jir
Clarke,
to
.J®
$14,949,460
be
•
in
U-
his
with
of
the
the
which
assets,
a
of
Pursuant intervened in
to the same
he has
before
the
Securities
7
i'
.
_
.
ron
T'
in
.
167(5) report, made to Judge Leibell (and
to
Howard
on
kite-
trustees
report, is referred to later
A1e,-St
j
distributed
Company
C.
security-holders),
Hopson* expanded
consolidated
debt
fqr
irr6P&r8-bl6
.v
.
j
-
.
basis,
in
1922,
the
bv
mHiai
nubile
7,501,940
"342,000*
expensei^i_-%i^L_^_
^45
$4,337,141
^
~
53 469 1
•;
148,769
40,044
—
12,733
expenses
—
Tnl'prp^t
nil
interest
.
on
flvpH
-interest
on
HAhpnt'iii'PQ
debentures
of debt
scrip
on'
$4,135,595
intpVAQt
income
Amortization
interest
discount
o R77
..,.f:i'
__7lOS77^7"r^3~
_
and
expense
certificates
convertible obligations,
'403'338
287 447
-
~
_
—-
series A and B
__
272 357
2,794,' 189
___
,
^
loss
the
system,
because
the
certificates
would
period!
for
$2 499 175
Weekly Output—
<
,
fh.
„ooV
.
„
.
'
constitute
and
reviews' the
Associated
to
the
:
condition.
present
report
of
the
or* 16 '%
P- 1145.
in
the
.
from
$941,238,518,
given
Mr
tion
V
^^
for
This
par
the
is
$100,
payable
to
the
Electric
&
&•
Electric
be •-overruled:
19.
the
share
of
time'
together
of'this
with
is
of
two
being
lecal
occupied
two
and
were
held
before
special
master
...
tc
Common
7.
B.
report
and
Hearing
will
upon <■ the
confirmation
on
•
urge
•
—;
.
---
.
of
-
court
such
?
that
report
the
,
&
V. 153, p. 236.
Lines
—
Resumes
Dividend—
held
-
^
!, j n!?f cfi-l i.
5ith T.t«hiA nJ
hninilt
n!.! \
^miiar nwtPr'rori Hi™irf
^on i...1 Bh Jx'c th^nlit
mfrir
f
ainn
romrd
nf
k
A
Hhntinn
nn
laat. whuch was t;he fiirst distribution made,.on that issue
rSince Dec. 23, 1936, when $3 was paid.
> •
>.
?'.v
<
_
The common dividend Just declared is the first to-be made on that
.
since NQy
29>
1930i when $1
was
paid> which was the
-/v,
same
-Paid .on May 30 and Aug.. 30, 1930. !
Bo.th of the current declarations will be payable out of 1941
.earnings.—V,,. 154, p. 1049.
Wehle
was •
the
T
West Indies
™
ac-
Teport
on
.J*edlr^
with prepara-
Louis
Nov.
stock
w.'
>Atlantic, OrUli
company and the corporation,
that
trusteeship
the
on
record
common
' .-V
funds
-
per
holders
paid.—V, 154, p. 858.
was
^oSpa^'wuS'
Corp.,
System
to
$1
made on
•
inclusive.
On Sept. 5, 1941, hearings were
for the purpose of taking additional testimony.
On Oct.-21',
special master filed his report with the court.
He found
such
be
to
19^9 and 1938> and $3 on Dec. 24, 1937.
Gas
Gas
were impressed with a trust in favor of particular coupon, certificate
or check holders, and that none of such funds were available to the
trustee as general* assets of the estate.
The trustee has filed except.:
to
23
Dec.
first distribution
of
A year^end dividend of $2.50 per share has been declared,
T
-'
_
7 Autocar
that. with minor exceptions. all the funds involved in the litigation
Nov.
_
dividend
a
Atlantic Coast Line Co. of Conn!—Year-End Div.—
from June 9 to June 16,
tions
*
.since Dec. 23, 1937, when $1.50
,
Associated
Associated
'attendanrl- Vf the hwHnL
occupied wiui prepaja
Special FSids-HeaHngs
tS determine the ownership of
special
reopened
1941,
stock,
common
29.
,
and
Title
;
The "dirfectorisf have declared
below 1
Dabnev's
-certain
♦'
'-
Atlantic Coast Line RR.—Dividend Resumed—
to
■
.
above production of 105,759,460 units a year ago.—V. 154,
'
If the three equities
)
of
trustees
developments
counting assistants
.
that
1941,
of
the outcome
7.
1
sep^ratelv f^in^his" (; 167?5i SDor^is^ferr^d °tn
1
,
the
of the Bankruptcy Act, and states
proceedings scheduled to start Dec. 2,
section
the
proposal
SUlfcrCu
Recap Plan Litigation-Gn Sept. 24, 1941, the so-called "Recap"
hearings began before special master Frederick E. Crane.
It seems
likely that these hearings will extend through the balance of this year
and into early 1942. This litigation is being conducted* for the company by Lewis M. Dabney, Jr., special counsel, and substantially all
1
the
held
debt
__________
Gross income
'
,
causes
n
of interest to security holders of both the
.
significance
D
.of
rorooration's
hdld by Utilities Employees Securities Co.L7-7_-„L
interest oh Federal inc. tax assessments for prior years
Accrued
other
[The
h
'that
nftV6
1941
? output of the Associated Gas & Electric group
was 123.424^862 units (kwh.). This is an increase of 17,665.402 units
estate
rfoiko ^
dol
70Cia^e
as
Electric. Company.
rff nmnoH-t
yiT
Pe^eral Jud&® Vincent L. Leibell
rnmrlnr^ rcn.ifro/f hl sfJ1
fncia' condition of the
®?i"Pany
To
S f °i ,the.,Ba,nkr,ul)tcy Act- The rtatcment set forth the ifl which led to the
bankruptcy, and
iw
the
Associated Gas &: Electric Co.:
Expenses paid by trustee
Invoices of Atlantic Utility Service Corp.—
^
°? action by
Mr
in
discussing
...
.
*
Balance
bofr®wf..an equlvaient amount of money would only be $660,000 a,
net difference in favor of the borrowing method of about $1,800,000.
Jivp v/nt.SU»^rinHr,r an/e «nfiirfnrAHria^a S J°Vqr'
"ve-year period, $9,000,000, or 40/?, would, be retired.
share
•
,
°st
Anioritzation of debt discount and
'"iced and the security
clRlYlH^C.
Co.-Trustee Clarke Files
developments of
30,
p^on; f?r fn^
^
if
Report of Trustee—
.
oc
ic
required
'Progress—
Nov.
Intg
S/ud7their ear"inf power, now amounting ta. about $2,457,000,
would be permanently lost, whereas the annual interest
dividend
Sept.
Gn)si tocome
...
•
Dpdurtions—AssnHfl7e7"n7s"X¥lPr^Tr""co7nr~~~
changes
were_ absolutely essen^
part securities of the system bearing rates of 6%.
Report With Court—Says Hope of Recovery For Investors Hmges on Outcome Of
Recap'" Litigation Now in
On
drastic
some
Ended
Corp; and subs. $12,969,257
The Atlantic Utility Service Corp. reports that for the week ended
241.
Electric
unless
the-financial bottlenecks of the system so to speak.
words, it would constitute a par for par refunding from the
There would be an immediate saving in system fixed Charges
.of over $600,000, as the 3Vr certificates would replace for the most
stock, payable Dec. 10 to holders of record Nov. 25.
with 15 cents paid on Sept. 2, last 12>/a cents on May
Jan. 31, 1941, this latter being the first
and 25 cents on
distribution since 1930.—V.
but
Months
12
Disbursements of .trustees.of the corporation—734,707
'top.
Larger Dividend—
Nov.
further,
Statement,
only
In
on
to holders of record Dec.
on
share
share
per
common
compares
1941,
10,
on
40
t
Coi p.
directors
of
and
.
.
Income
Con50l> income of Associated Gas & Electric
replace an equivalent principal amount of underlying sceurities which
quarterly dividend of 15 cents
extra of 20 cents per share was paid
Al tloom
dividend
"It is_not necessary
either in the form of Trustees' certificates or by some .other,
method. Assume the first method were employed and the trustees
were .to issue certificates, say for five years, bearing interest at the
rate of
and in' th? amount of $22,000,000, which is the amount
we have assumed would currently be realized from tbe forced sale of
the three equities under consideration. There would be no over-all
94.
extra
low
plan.
Consolidated
power
Extra Distribution
an
be
"The AGE Corp. trustees have an ;alternative method: of raising
cash rather than undertaking the forced liquidation of utility common
stocks at prevailing depressed levels. We refer to its latent borrowing
new
The
in
-reorganization
t
will
present level ot ntmty. - common
will improve from here on.
The prices
^
increase
Art Metal Works '
;
creditors
among
of these conditions confront the Trustees s of
mo/fn.-
nolaers
,
1123,
its
icorD
hilii^S
to
1267,
p.
at
now
as
by the Industrial Division of the Armstrong Cork Co.
product is impervious to oil, water, gasoline, and other liquids.
In addition, it is subject to a minimum of dimensional or other physical
changes due to moisture, dryness, or temperature variations,—V. 154,
V.
divide
pinn rnmnri !fnH
<r»ntrfi
r?
Islanfl Edi^n corporation and Jersey Central Power & Light Co, are
introduced
745;
to
poperies which, under the Public Utility Holding
stocks may decrease
."rhic
This
p.
left
nature
1,
gasket material having the natural advantages
those of a manufactured product, including
uniformity, and extra-large sheets or rolls has
addition
in
be
-
A new fibrated leather
of
is
these
age
;
Total payments
•
X^sLIlge ^omi?isslon-
pending^better market conditions, unless they
share, previously declared, is payable
distributions have been'made on the
3,
*
k
per
year
March
follows:
as
will
il gu
the hearings, starting
tpu
in connection with
w
a reorganization plan in this estate.
order, have been filed, and a disposition of thein madej the court wlll be in a better position to determine
the various classes of creditors for purposes of pariicipation in a
wind-up, of
statement',
t
yWseriously
impair^earaingr jwwer beyond^what now, can be envisioned, we submR
^
+1 judgment wohW -dictate--..that - such sale®; be, postponed
-
A year-end dividend of 75^^ cents per share has been declared^W the
stock, payable Dec. 23 to holders of record Dec, 6.
An
on
there
6
I,
r,
,are about to occur in the electric utility industry which
,
common
•
Stanley
•
»"SI?L
of
compares
Armstrong Cork Co.—Year-End Divb of 75-Cents—
:
that
c
7^7
JTV
J*
PJ a
f
s®11'
Dec- 27' 1940' and 0n Maroh31' 1939-~
-
ir.
integration
capitalization of earnings," declared Mr. Clarke
]
,
.
A11
common
This
discussin-
25
"n^'^llS' Si:
significance,
^".3 £ ?r€L
m?
^
,
Nov
^ f
152
Larger Dividend—
per
to
10
>Share Pa-d
3879.
p.
_
cents
the
on
1941;
1939 —V
,
.
issued
irit lnnp?i-!tpe i nvpelnvp' +hpL
Ac!!lltial steP in the formulation of
money
rates^to pieserve these earnings so „hat Associated
when claims, pursuant to such
f
Dec.
on
4
3961.
p.
declared
funds
and
regular
the
paid June 2,
were
1
with
statement
a
tpkp! nf lo\\
taken of
F)i<;trihnfion
Uistribution
share,
per
per
payable
both
of record
Tfrl
eta.
Torn
Corp.,
of
in
•
.-
,
Co.—Board
.
,
.-'<••
_.
_
'
as
net
.
Plan Replacing Bonds
Retire 7% Bonds and De-
Adopts
With Low Cost Loan—To
unntnr0(,
-
.Dentures, y
v;V,^v^. ./-.•; +;•/ ; ,7 ^
f + *
.
the company have given final approval to a financing
which the entire bonded indebtedness of the company will
be replaced by bank loans.-:-,n-•
/
The ''Wall Street Journal;'! Nov.-> 26, stated:--, +
/'-o
'-
Directors
program by
of
(
of first mortgage sinking fund 7%
The bonds to be called consist
convertible
and
bonds
7%
THE COMMERCIAL & FINANCIAL CHRONICLE
^
Volume 154 # Number 4013
sinking
fund
(deferred)
debentures.
other
loan
from
This
not
only
bank.
-
position
company's cash.
the
'
-
$175,000
current
the
of
•> •
,
company
tne
sa^e
basis
the
on
strengthen
York
New
a
will
charges
the
York
will
bank
discount
locked up
$800,000 cash now
©f $1,500,000.
The
the
entire
note
j,
Currently,
■j
but
this
«
,
.
30%
will
of
consist
deliveries
i
of
i
,
>
•
,,
of
been
the
called
1,
May
for
the
at
that
prior notice in writing-thereof shall have been
given to the bank of the election to convert.
All of the outstanding. 11-year -7 7c s. f. (deferred) debentures, due
May 1, 1947, have been called for redemption as of Dec. 28. 1941, at
105 and interest.
Payment will be made at the office of The Penn¬
sylvania Co. for Insurances on Lives and Granting Annuities, trustee,
15th
10
days'
Chestnut
and
Philadelphia,
Streets.
Holders
Pa.
and
will
154,
redemption
1100.
at any time at the above office
price and interest to Dec. 26.—
/
-
^
\
t
full
the
receive
p.
.vtV<
'
lijV
?
'
J
Associated Gas & Electric Corp,—Trustees'
Denis J.
have
their
eighth
of
tion-thereof.
*
report
the
estate
♦r<
V
the operation
on
of
the
•
debtor
of the business and
and
the
present condi¬
'
(5) of the Bankruptcy Act—The prin¬
cipal forward step of the trusteeship since the Seventh Report to
the court has been the completion and publication of the special
Under
Report
Section
167
report called for by Section 167
(5) of the Bankruptcy Act.
This
report, dated. Nov. -7, 1941, contains a summary of the results of the
trustees' invest,igation of the property, liabilities and financial condir
tion of the debtor, and outlines the pattern according to which the
assets of the estate are proposed to be rearranged for ultimate dis¬
tribution
i
under
reorganization
a
that sub-holding com¬
panies should be recapitalized or eliminated, and that several other
steps shall be taken.
The program is, in the trustees' judgment,
■economically sound and in compliance with the Public Utility Hold¬
ing Company Act of 1935.
On Sept. 4, 1941, the SEC instituted proceedings against the trus¬
systems shall be sold, exchanged or distributed,
York
&
to
before
the
SEC
or
appropriate
of
the
to
time
time
of
any
PA
owns
stock (the senior preferred stock)
Association.
In connection with the
Electric
&
by
instituted
under
the
SEC
Section
11
against
(b)
New
of
(2)
the
England
Holding
for
the
-
PA
Gas
NJ
in
/
/;■-»
,/
:
.;,
Power Co.—York Railways Co.,
■
,
the. NY
NJ Utilities
PA
entire stock
Co.
(whose
principal asset is
and- certain;-debt: of
Edison
Light
Co.),
Electric
Corp.
against its subsidiary, Edison Light & Power Co.,
the
before
Interest
the
on
pend¬
now
Public Utility Commission.,
Pennsylvania
the
tax
for
of
amount
5%
York Railways
1939
Co.
tric
$10,016
and
enable it
to
Federal capital
bonds has
continued with
been
to
pay
stock
delinquent Federal
tax for
1940.
Electric
&
Water
Corp.—Hazelton
ance
per annum, beginning Sept. 1, 1941.
General Gas & Electric Corp,—Prior
the
of
of- Associated
trustees
distribution
receive
the
of
order
of
any
Commission.
Gas
the
new
The
*
offer
work
upon
of
completing
the
detailed
preparation-
for
closing
is
proceeding actively, and it is now contemplated that,.upon the 'obtain¬
ing of all the requisite documents from the various interested parties,
the settlement agreement will be
closed late in November or early
December.
Promptly thereafter the trustees will take steps looking
Co.
Power
funds
so
applied tq
received by Ken¬
proceeds
,
acting
mortgage
the
under
.
,
Louisiana Public Utilities Co., Inc.—On Sept. 29, 1941, Central U. 13.
Utilities Co.- purchased-an-additional 1,000 shares of common stock
of
Proceedings
Corp.
result
before
the
per
SEC
on
share on
General
the
subsidiaries
Loans—Several
group
Pursuant
prder
the
Water
Co.,
reduced
or
in
Pennsylvania
would
an
interest
rate
of
of
their
all
United
right
that
of
best
interests
attorneys for
with respect to
had
Pleas-for
Common
entirely
for
&
the
Gas
Co.,
de¬
jurisdiction: by
of
Eastern
District
of
the
She
the
of
State,
plaintiffs
to
Columbia
revoked
formally
all
and
accordingly
of
terminate
and
Canal
and
power
record
advised
ihem
authority
the
unauthorized
County
,,
and
of
contrary
the instructions
to
State
the
of
authorities.
notwithstanding the pendency of the suit in the State
fcourt, representatives of the South Carolina Power Authority have
indicated a willingness to resume sale negotiations, and further eon*
ferences with them with regard to the proposed sale have already
held.
been
Consolidated
(Associated
Earnings
Gas & Electric
Statement
Corp. and Subsidiaries)
12 Mos. End. Sept. 30
Period—
9 Mos. End.
1941
1940
$
$
46,902,865
45,370,218
Operating revenues:
Industrial
Sept. 30,'41
$
: '
35,023,977
29,786,272
Commercial
26,592,611
22,698,376
26,771,051
25,930,353
20,013,211
9,381,327
_
Municipal
8,761,150
7,032,091
4,465,520
_______
Electric
corporations
5,744,526
4,S56,408
and
1,796,265
1,869,018
1,297,827
_' 120,382,307 113,079,759
90,531,001
miscellaneous
Total—Electric
Gas—Residential
the
NY
PA
NJ
Utilities
7,811,947
2,032,697
1,441,967
1,203,568
1,479,578
908,076
380,136
350,832
286,836
14,073,467
14,871,613
10,448,326
8,032,965
7,224,261
6,098,537
_
Miscellaneous
Total—Gas
_______
Miscellaneous—Transportation
__
Water
3,175,468
Steam
3,058,415
2,407,797
1,664,912
1,012,945
1,677.511
1,112,527
1,173,139
13,886,289
13,072,713
10,567,422
heating
Ice
Total—Miscellaneous
887^349
operating revenues
148,342,062 141,024,085 ill,547,250
expenses—Operation
62,140,935
58,170,335
46,835,121
expenses—Maintenance..
9,976,307
9,483,741
7,430,298
Total
sub-
Operating
___
for retire,
Prov.
(depr.)
Net
14,706,879
operating
6,372,556
11,523,305
37,914,406
734,650
37,462,383
28,314,848
815,231
561,410
38,277,614
28,876,258
18,043,761
18,088,890
LL;.
13,532,123
1,206,162
1,329,975
873,491 '
231,911
240,504
845,523
906,215
570,054
289,645
136,993
369,700
revenues
(net)
Gross income
Income
6,610,878
14,819,349
348,605
211,614
279,315
________
—
income
11,071,122
14,477,399
8,572,836
15,030,698
38,649,056
Other
Other
of fxd. cap.
taxes—Federal income
for
Provision
deductions—Subsidiary cos.;
on
long-term debt
.".•■
;
Interest
Amortization of debt discount and
less premium__
-expenses,
:
and used the proceeds to pay
28, 1940, payable to North¬
______
Taxes assumed on interest
interest
Other
Int.
Simplification—Associated
charged
charges
to construction—Cr.
Miscellaneous
amortization
Miscellaneous
income
Dividends
Paid
deductions.
185,904
218,785
122,590
4,181,375
3,214,823
564,754
stocks:
accrued
but not being
158,421
4,260,167
preferred
on
or
paid curr.
748,743
757,882
in 'net earnings
44,691
58,536
43,443
■'Balance of consolidated income
12,969,257
12,344,205
9,701,375
Accr'd
interest
Minority
"
*Before
deductions
for
poration's trustees.—V.
of
expenses
the corporation or of the
cor¬
154, p. 745,
Corp.—-To Acquire Subsidiary—
Aviation
corporation announced Ngv. 21 that as of Nov. 30 it will
of the assets and business of the wholly owned subsidiary,
The
acquire all
the
Aviation Manufacturing
of
Heating' divisions
parent
the
Corp., and that the Lycoming and Spencer
will
subsidiary
be
directly
operated
by
the
company.
•
Lycoming division produces aircraft engines for the United
Army and Navy.
The Spencer Heating division manufactures
The
States
products for defense uses.
various
organized
newly
Another
wholly
owned
subsidiary,
the
American
Propeller Corp., is building an experimental station at Toledo, O., and
will
lease
from the Government a large plant being built there.—
V.
154,
537.
p.
RR.—Weekly Car Loadings—
Baltimore & OMe
v
The
company
handled 58,751
of freight during the
cars
week ended
Nov. 22, 1941.
Of this total 36,135 cars were loaded on line and 22,616
cars
were
received from connections.
This was an increase of 7,545
«bars handled
over
including
51,206,
connections.
the
same'
period' of last
loaded
32,780
on
line
when
year,
and
18,426
the total
received
waa
from
.
..
,
_
During the previous week (the week ended Nov, 15) the number of
cars handled was 63,934,
made up of 41,136 loaded on line and 22,798
■received-from connections.
For the same week of 1930 the total was
55,353 consisting of 36,874 loaded
connections.—V. 154, p. 1145.
'
General
Barker
V
The
called
gage
line .and
18,479
received
from
.
.
.
Bros. Corp.—Subsidiary Calls Bonds—
Sunland Investment
for
on
Co.,, controlled by
Barker
Bros.
Corp.,
has
redemption its outstanding Barker Bros. Building first mort¬
leasehold 6% sinking fund bonds on Dec. 15, next, at 101% and
There
interest.
which
sub-holding group,. from
$875,000
are
are
currently outstanding $1,250,QQO of the issue," of
in'the hands of the public.
...
'
.'
'
^
,
'
/'Funds
obtained by loans from Barker Bros.
Corp. and two Los Angeles, CaLif., banks, viz: Bank of America and
Security-First National Bank.
As security for the loans from the
banks, Barker Bros. Corp. has assigned its rent to Sunland for the
'next 21a" years, at which time the bank loans will have been amortized.
•
Associated
under its
11,008,506
1,933,017
Industrial
$185,000 on
Kentucky-Tennessee Light & Power Co., subsidiary in the
Co. sub-holding group, acting through the trustee
10,556,745
Commercial
Texas
Electric
Court
lack
Richland.
Vigorous steps are
now
being taken to secure the dismissal of the action in the State
court on the ground, inter alia, that the institution of the suit was
Retirement of Debt
Co.,
District
Canal Suit."
"Columbia
Electric
for
them.
However, notwithstanding the unequivo¬
cal
instructions from
the Budget Commission, one of
the attorneys
thereafter proceeded to file a complaint in the South Carolina Court
of Subsidiaries—The proceeds of $3.0,000 received
GfeneralUtilities Co;, a subsidiary in- the Associated Electric
the sale, of certain of its properties to
Universal Electric Construction Cor were applied, on Oct. 6, 1941, by
•the
company
to"'the purchase for retirement! and cancellation, of
$45,000 of its outstanding bonds.' : The bonds were owned by Central
•U; S. Utilities Co., which company owns the remaining
outstanding
bonds of Texas General Utilities Co. aggregating $37,000.
;
'by
of
granted to
previously
Gas & Electric Corp.
distribution of voting
Utilities - Co.—On Aug. 11, 1941, Central U. 13.
Utilities Co. loaned $25,000 on open account to Missouri General 'Utili¬
ties Co!,
subsidiary in'the' Associated Electric-Co. sub-holding, group.
The subsidiary is using these funds for construction.
Missouri
Carolina
dismissed
the
Commission
the
to
Power Corp. was merged into
NY PA NJ Utilities Co. on Sept. 17,
1941.
This subsidiary held cer¬
tain debt securities of NY PA NJ Utilities Co. and Broad River Power
Co. and preferred stock and open account advances of four subsidi¬
aries in
the NY PA NJ group.
This completes the elimination of
investing companies which were subsidiaries of NY PA NJ Utilities
Co., so
that - portfolios of such farmer companies are now owned
directly by the parent company.
All the assets of Tracy Development Co. previously leased to New
York State Electric & Gajs Corp. were sold to the latter corporation
on
Oct. 21, 1941, for the nominal sum of $1 and assumption of the
Tracy Development
Co. mortgage.
Prior thereto, New York State
Electric
& Gas Corp. provided the funds necessary
to redeem the
first mortgage 6%' bonds due 1944 of Tracy Development Co. in prin¬
cipal amount of $114,000, on Oct. 1,' 1941, -at 102.
Tracy Develop¬
ment Go. is-now-in process of dissolution. .
On Sept. 12, 1941, the merger of Southeastern Electric & Gas Co.
into' General Gas & Electric Corp. was completed.
As a result, Gen¬
eral Gas & Electric Corp. is now the direct holder of the stocks of
all its operating subsidiaries, except certain smaller companies whose
stocks are held by parents which are themselves operating as well as
holding companies.
The result is that, in the General Gas & Electric
Corp. group, there is no
more than a grandparent
relationship
between General Gas & Electrie Corp. and any subsidiary.
Consolidated Returns Under Excess Profits Tax Act of 1940—During
thd current pferiod a consolidated excess profits tax return for the
year 1940 has
been filed by the trustee of the company on behalf
of
himself, the trustees of the corporation and 80 affiliated com¬
panies, showing no tax payable.
It is estimated that approximately
$400,000 in taxes was saved by the filing of the consolidated return.
At the time the consolidated return was filed, an agreement was made
by the trustees of the corporation with the members of the affiliated
group, other than the trustee of the company, whereby the affiliated
companies were indemnified against any possible • assertion of tax
liability in excess of the tax which would be payable by the respective
(companies on a separate return basis.
.The trustees agreed to pay,
in
the first instance any tax deficiency which might
be asserted;
rafter deduction far the liability of the trustee of the company on a
■separate r-eturn basis,, and received a right of reimbursement against
each of the affiliated companies signing the agreement on a pro rata
basis.
The filing of the consolidated return and the making of the
agreement were approved by the court.
'■r 7y-
South
was
States
the
for
be
not
litigation
the 32,110.9 shares of
met a bank loan of
5 'Jo
as
entered Sept. 26, 1941.
Thereafter, the State Budget
which had originally authorized the institution of ihis
concluded that further litigation would be fruitless and
instructed
made .bank loans during the period of this
Power Co.
activities.
progress has been made
obstacle to the consummation
Carolina,
litigation,
Of
Corporate
defense
the
Commission,
sub¬
1941, by payment of $35,000 in cash and renewal of the bal¬
$150,000 for a further period of nine" months at an interest
rate of 2%% per annum.
The loan is secured by $406,100 Mohawk
Valley Co. 6% consolidated refunding bonds due 1981.
Keystone Public Service Co. has continued to anticipate payments
on its 5%
bank loan dated June 12, 1940, paying three monthly in¬
stallments totaling $25,000 on Oct. 11, 1941.
Tracy Development Co. paid its $4,000 bank loan dated April 29,
1941, on Oct. 29, 1941.
York Steam Heating Co. made a bank loan on Aug. 27, 1941, of
.
of
motion
-complaint
the
of
South
the
to
fendant,
Sept. 9,
.
remove
presented by the so-called
sub-holding group,
report.
ance
to
proposed sale of South Carolina Electric & Gas Co. and Lexington
Water Power Co., subsidiaries in the General Gas & Electric Cocp.
Operating
Northern
with
Properties—Considerable
efforts
of
the
portion of this dividend pending further
Sept. 20, 1941, payment was made of
of corporate simplification and equitable
power dated March 5, 1941, are in progress.
-
connection
South Carolina
the
Preferred
plan
Bank
in
tion;- primarily
;
which* are outstanding.
holding
Co.
The
cash.
On
quarterly dividend of $1.25
stock
Public Utilities Co., Inc., subsidiary in the Associated
sub-holding group, for a consideration of $100,000 in
subsidiary is using the funds thus received for construc¬
Louisiana
Electric
-
is to be paid to the Federal Government under
the closing of the settlement agreement,-''' ^
Utilities
Railway
Electric
&
with
by the Hopson group,
S.
Electric
tee
of 6%
serial notes dated Sept.
Piping & Construction Co.
-
&
holding group,
Dividends—During
the current quarter, the matter of declaration of a quarterly dividend
on
this corporation's $5 prior preferred stock out of capital or un¬
earned surplus again arose.
Pursuant to the order of the SEC on
Sept. 13, 1941, the declaration of General Gas & Electric Corp. regard¬
ing the corporation's proposal to pay dividends on its $5 prior pre¬
ferred stock was permitted to become effective in view of the waiver
$9,000
The
for a
The
the
U.
refunding mortgage
$22,754, the cost
of
Co.,- subsidiary. in the Associated Eiectric Co. subthrough Chase National Bank, New York, trus¬
securing the 5% 50-year first lien and col-»
lateral trust sinking fund, gold bonds of Manila Electric RR. & Light¬
ing Corp., acquired on Sept. 7, 1941, through tenders with moneys in
the sinking fund
under the mortgage, $105,000 of the bonds at a
purchase price of $97,769.
Of the bonds so purchased $101,000 was
acquired from Central U. S. Utilities Co. at a price of 93 and
accrued interest.
,
Manila
.
of this corporation,-completed an agreement with three insur¬
companies which own its $936,000 4'/2% first mortgage bonds
1958
whereby interest on these bonds has been reduced to 4%.
$9,000
of $6,887,898 to the Federal Government.
The
•orders authorizing consummation of the settlement agreement proVide for the payment under the ne.w offer to the Federal Government
•of $1,187,898 by the Hopson group and not exceeding $5,700,000 by
the Associated trustees.
Certain credits due system companies
account of overpayments were either to be refunded to the companies
■entitled thereto or to be credited upon the $6,687,898.
Th amounts
-of these credits plus interest have now been ascertained and agreed
upon with representatives of the Federal Government, and the new
•offer was submitted on Oct. 7, 1941, with a letter providing that the
amount
payable , thereunder shall be reduced by such credits and
Interest thereon aggregating $268,560.
The Associated trustees do not have available sufficient funds with
•which - to meet the payment required of- them under the new offer
and accordingly, as contemplated by the orders of Aug. 25, 1941, and
upon notice to all security holders, the trustees of the corporation
applied to the court for leave to borrow $5,000,000 through the issu¬
ance of
trustees' certificates. • A declaration was filed with the SEC
with respect thereto and, as amended, has now become effective.
:
By • orders dated Oct. 16,- 1941, entered in* both proceedings, the
court authorized the trustees of the corporation-to issue to, Guaranty
Trust
Co. of New York their trustees'
certificates in the principal
amount
of $5,000,000, .carrying
interest at the rate of 214% and
maturing, as to $1,000,000, one year from date of issue, and, as to
the balance, two years from date of issue.
Subject to certain excep¬
tions, the certificates constitute a first: charge and claim upon all
assets now held and all proceeds and earnings hereafter received by
the trustees of the corporation.
The certificates contain certain pro¬
visions for the application of net proceeds from the sale-of assets
«ot the 'estate of the corporation to the payment of the indebtedness
represented by the certificates, and also provide that while they are
•unpaid no additional certificates having priority over or parity with
them shall be issued.
Guaranty Trust Co. of New York is committed
to make this loan until Dec. 31,
1941.
^
:v' ;.
}
The orders of Oct. 16, 1941, also authorized the corporation trus¬
tees to
set
aside $700,000 of the funds in their hands, of which
268,560 is to be segregated in three separate accounts ($21,358 with
.respect to General Gas & Electric Corp., $81,158 with respect 10
Metropolitan Edison Co. and $166,045 with respect to Erie Lighting
Co.) and held subject to the respective rights of those concerned as
(though, payment of the amounts in such accounts had been made hy
the United States.
The remaining $431,439, with' the $5,000,000 to
be borrowed on the trustees' certificates and the $1,187,898 to be paid
represented
and
sum
Co. from the sale of certain of its
properties.- Central U. S. Utilities Co. owns all outstanding bonds of
Kentucky-Tennessee Light & Power Co.
;
% ; ;
/'.[H''' <
sidiary
eastern
payment
Light
Electric—Residential
Northeastern
their
sum
Central
first
the bonds
purchase of
tucky-Tennessee
default.
in
hearing
lump
from
$26,900
the
This company's
Associated
and
ceeding
spect to all tax claims covered by the 1939 offer in compromise.
hew offer contemplated- by the settlement agreement provides
1941,
retirement
series, due 1954, for the
Central U. S. Utilities Co.
income
entirely of debentures of Associated Gas & Elec¬
Gas & Electric Corp., which debentures are
consist almost
assets
require.
personal trusts, partnerships and corporations.
After a full
the court on Aug. 25, 1941, by orders entered in this, pro¬
and in the proceeding for the reorganization of Associated
Gas & Electric Co.,
authorized the trustees to carry out the terms
of the settlement agreement.
The settlement agreement contemplated
the settlement of all Federal tax
claims against the Hopson Group
for
1915
through 1940 and also
the settlement of all liability of
•Associated interests to the Federal Government under and with re¬
1,
Nov.
on
and
bonds, 5%
price thereof to
Meanwhile,
f
program,
Settlement and Trustees' Certificates—The Seventh Report
(gave
in some detail an outline of the litigation and negotiations
leading up to, and of the substance and effect of, the settlement
agreement dated as of Aug. 4, 1941, between the trustee of the com¬
pany and the trustees of the corporation, New England Gas & Elec¬
tric Association and Howard C. Hopson, members of his family, and
-
regularity since defualt on payment of principal.
However, the com¬
pany now proposes to pay only one-half of the semi-annual interest
due on Dec. 1, 1941.
Associated Corp..—On Sept. 15,
1941, The Associated Corp., direct
subsidiary of the estate of Associated Gas & Electric Corp., received
a
non-interest bearing advance on open account from the latter in
SEC filing
Hopson
argument
Associated Gas &
ceedings
con¬
proceedings.
cancellation
gold
Com¬
9, 1939, that an amended plan of reorganization was fair
equitable, final action thereon by the court and the SEC has
withheld pending a determination of rate and reparation pro¬
and
the
with such modifications as circumstances,
This court order requires that, in the
proposing a specific sale or exchange of cer¬
tain major
properties, the trustees must give a five-day notice of
®uch filing.
i'
While
the report is not a plan of reorganization, it outlines the
necessary
ground-work for a plan and is, thus, an important and
necessary
step
toward the ultimate goal of these reorganization
summation
from
-case
'
'
Association—NY
Jan.
on
been
distribution of the report authorizes
necessary
V
Electric
&
Inability to meet the Dec.
31, 1937, maturity of its 5% gold bonds, was responsible for-the reor¬
ganization proceeding:
Although a special master reported to the
United States District Court for the Eastern District of Pennsylvania
tees of
participate in the proceedings referred to and in other
the trustees
proceedings
The
had filed a voluntary petition: for reorganization under
Section 77B of the Bankruptcy. Act prior to appointment of the trus¬
(1) of the Holding Company Act.
the court directing
Gas
Railways Co.—Edison Light'&
Power
1
The order of
Gas
investmenfc- in. the
its
'
(b)
NY
subsidiary
due
program
tees under Section 11
.
[For details of plan,
with the parent.
England
Association
oral
making
plan,
outlined in this report contemplates that four simpli¬
fied utility systems, the securities of which would be distributed to
claimants against the estate under a plan of reorganization, shall be
substituted for the existing single system.
It proposes that the sys¬
tem's
interest
in
operating properties not
included in these four
The
.■
'o
*
Report—
Thorp, trustees of the corporation,'
Driscoll and Willard L.
issued
the administration
1941.
17,
Utilities Co.,-Associated Utilities Corp.* and
(Mass.), whose income notes aggregating
$37,300,000 are held by system companies and which owns all' the
junior preferred and common stocks of New England Gas & Electric
Association, applied -to intervene.
The application for intervention
•.was denied-without (prejudice
to renewal of the application; appli¬
cants will be entitled to participate in the proceedings to the extent
pf. cross-examining witnesses, introducing evidence^ filing briefs and
ing
,
Nov.
on
17,744 shares and Associated Utilities Corp.
owns
proceeding
Act,
pany
present
may
and surrender these bonds for payment
V.
SEC
•.
in-New
England
Electric
&
as
1942, and are entitled vat any time prior to the expiration of, 30, days
from Nov. 26, 1941, to convert said bonds into preferred stock, pro¬
vided
the
"Utilities- Investing'Trust
successor
bonds may
said
New
current
busi-
trustee,. 11 Broad Street, New York City.
Holders of
present and surrender them for payment at any time
aforementioned bank and will receive full interest to May 1,
"York,
before
appropriately reviewd by the court. V. other things
the dissolution of The
among
1060.}
p. "
Utilities Co.
of
of May 1, 1942, at 107 Vi and interest.
Payment will be made at The Chase National Bank of the. City of New
redemption
be
6,000 shares of.the $5.50 preferred
first mortgage s. f.' 7%
convertible gold
and due'hy extension May 1, 1947, have
1922,
held
be
to
acquired
mortgage,
for
of
.
Generating Co.,
Investment
NJ
of trucks in the entire economy.
outstanding
dated
of the
orders
Towing Corp. and Middle Virginia Power Co., two whollysubsidiaries, and the merger of another subsidiary, Virginia
V.' 154,
see.
,,
To Redeem Bonds And DebenturesAil
bonds,
the
,
is
the importance
■
proposes
Public Service
expected to be maintained as heavy trucks have* a
priority rating and there is no move to curtail output- in
satisfactory
in
■■•>;' ;VV::V'VVy
refinancing
thereafter
plan
owned
r v.-*"'" '
of commercial business
Autocar works into its
commercial
provided
as
Hampton
v
of
The
.
•.
.
will
matter
free
will
in defense production.
the 10 months ended
are
expected to reach
dip somewhat as
defense business.;.: Volume
probably
backlog
however,
view of
rapidly
about
ratio
$30,000,000
.nessi
is
company
which
and give Autocar free cash in excess
-
hitting its stride
Total
deliveries, commercial plus defense, in
Oct.
31
amounted to about $23,000,000
and
•$30,000,000 for. the: full year.
,•
100%
court,
Service
connection
?
and
scheduled
were
liability with finance companies against which the latter hold a reserve
of Autocar cash of over $800,000.
Under the new arrangement the
New
the
''/vL.'L ;■ v :VV,V
.
$4,954,000
a
Public
in
talization
'
•
1941V-/;f/,■; VV *VV
Co,—Substantial progress has been made
with a plan for the solution of the recapi¬
problems of this subsidiary in the General
Gas & Electric Corp.
sub-holding group.
Applications were filed on
Nov. 6, 1941, by the company with the State Corporation Commission
of
Virginia and the SEC providing for a' complete revision of the
.company's capital, structure and, in effect, the sale to the public of
General Gas & Electric Corp'.'s interest in the [company.
The Virginia
Commission approved the • application on Nov. 10, 1941, and hearings
recently
annually in interest
but
w.ll materially
has outstanding
Autocar
>*
reserved by
questions
Aug. 25,
Virginia
bank loan ,from • a group of three banks—one New York • and two
Philadelphia institutions.
This is another • step < in the company'^
refinancing - program to replace high interest obligations with low
charges.
There is now being put into effect another major change
whereby the finance company advances are being replaced by a bank
v
distribution of the Hopson assets and the determination
to the
,
The
hi^h .interest .obligations will be replaced by a low interest $777,000
1259
to retire the issue will be
direct obligation of Sun Realty Co. (which sea
1194).—V. 154, p. 1100.
-The called bonds are a
in
V.
154,
p.
THE COMMERCIAL & FINANCIAL CHRONICLE
Saturday, November 29, 1941
i
RR.—Earnings—
Bangor & Aroostook
Ended
Period
Gross
operat.
Operating
&
$4,670,279
$4,101,394
308,490
285,219
3,196,470
deprec.)
expenses,
Net
$171,265
*68,856
from
rev.
opers..
19,960
accruals
Tax
'
•
income
$102,409
—
t$3,049
$889r748
retirement
25,943
237,992
116,709
$22,894
61,576
$1,127,740
—-
Int.
income
deductions
Other
,
61,218
1,190
Gross
$51,751
$496,819
600,000
600,000
309
309
3,707
$93,796
368
$1,431,367
6,344
$1,115,444
4,613
651
income
$140,725
*_**—./
mtge. bonds
on
and
$94,164
45,750
45,750
-
$1,437,711
549,000
de-
$1,120,057
'
549,000
....
4,516
5,191
55,038
,54,270
directors
The
declared
have
dividend of
a
payable Dec.
stock,
37l/2
cents per share
on
common
$90,459
$43,223
preferred stocks* for'
*——'
applicable
the period
to
$833,673
$516,787
'/
•>»,
429,174
429,174
amount was paid on;this issue on
; Balance
—V. 154, p.
last, as compared with 25 cents per share in each quarter during 1940,
—V. 154, p. 746.
share
$520,435
48,803
218,266
244,697
5,622
130,586
179,518
2,197,195
2,068,570
Deposits and prepaid expenses*—49,547
26,899
Marketable securities*
Property,
plant
Total'.
of
25
cents
quarterly dividend of $1
payable Jan. 2 to holders
regular
both
An
,
stock,
$404,499
,
,
Provision
Other
share
record
per
of
the
of
40
of
cents
payable
dividend
extra
cents
40
share
per
Dec.
paid
was
paid during the current year as follows:
1, and 25 cents each on Jan. 2, April 1 and July 1.
Oct.
50 cents on
See V. 154,
were
directors
The
15
on
share
per
have
for
Reserve
Earned
accumulations
of
record
Dec.
8.
A
similar
to
holders
Nov.
on
of
1,
record
last,
a
cum.
6'/c
10.
Dec.
dividend
2nd
like
A
of
$1
pref.
amount
share
per
stock,
228.984
tax
\
114,555
3,364
2,715
146,382
169,997
24,990
2,250,000
2,250,000
694,453
Dr75,000
Dr75,000
$3,512,656
$2,979,910
—
——;
-
stock
—
—
360,004
—
—
tRepresented by 750,000 shares par value $3.—V. 154,
'
•
•
company
for
360
announced
75
receipt of contract
howitzer carriages.
pack
mm.
orders
previous
these
for
from
This
the
War
contract
carriages,
making a total of
order for the War Department.—V. 154,
on
Department
follows two
carriages
554
p.
1145.
paid
was
on
this
with $1.50 on April 25, 1941,
July 1, 1940.—V, 153, p. 388.,
compared
as
on
20
issue
and
an
are
a
each
on
March
1, June 1 and Sept. 3,
the
on
Similar distributions
1940.
Border City Mfg.
capitalization
The
of the company
will be as follows:
'50,000 shares ,4% cumulative preferred stock
501,208 shares
stock
common
Nov.
(par $20)
$10)
(par
$1,000,000
5,012,080
—
_
50
were
1939.—V, 154, p. 538.
dividend of $1
a
6,
1941.
per
This
share,
14,
Minnesota.
Its
exclusively
to
porations,
under
saddlery goods.
or
warehouses,
branch
transacted
operations
manufacturing
harness and
offices,
its
own
from
name
are
in
and
153,
profit,
Total
profits of
corporation * for the
the
past years have
Div. Earned
3,761
__
Over 22 times
Over 29 times
235,490
Over 30 times
1939*-
851,961
compares
*—_■—
99,498
99,498
items
(amort,
of
discount
*
-
1,110,179
Over 27 times
<"'
*
1,119,655
6,891
6,806
Sheet
of set-vice
$152,274
receipts
over
$196,380
$5,357,446
j22V2% com.
t 5'/*pfd.
3,977,883
(17V5%
i 902,114
•
"4-:
April
'
30,
'
Net
com.
pfd.'<:
)17»/2% com.
I 5% pfd.
Joint
*—
439,728
rents—Dr
fac.
and
notes
receivable
287,165
235,908
2,742,056
ry.
Other
8,869
58,182
106,335
$643,799
$747,776
$8,556,215
$5,378,614
89,951
income-
oper.
79,933
1,055,210
966,246
income
Total
income
$733,750
$827,709
$9,611,425
$6,344,860
384,127
6,073,545
owned
Land
buildings
380,879
3,894,996
—V.
16,002
(net)
income
154,
Total
'.
—
—
$11,929,743
directors
The
:
$2,600,000
*
895,624
Accrued taxes and expenses—
Dividend
on
preferred
preferred stock
stock
stock
6,250
500,000
(501,208 shares)**——
5,012,080
;
508,715
new
1 645 572
' 37^31
catalog
-vTmT'im.
Benson &
,u,«9.743
-----
stock,
company on Nov. 28 paid a dividend of $4.50 per share on the
cumulative preferred
stock to holders of record Nov
21
This
clears up accruals on this issue to Nov.
1, 1941.
26, last year, the company paid
of
accumulations
pared with $3 per share
V, 152, p, 976.
on
the
on
Dec. 21,
$2
a
dividend of
preferred
1939, and $2.50
$6
stock
on
per
share
which
27
1938
on
Dec.
16,
1937.—V.
153,
Bessemer & Lake Erie RR.
from
oper.
"From
Jan.
June
1938
$1,983,510
$2,201,246
1,439,188
1,013,834
$1,927,681
1,247,042
1,009,252
$1,285,363
756,239
436,504
Net
from
ry oper.
from
17,551,448
15,286,101
9,277,295
8,294,925
10,982,740
4,950,744
6,733,351
income
last,'
30,
earnings and
dividend
a
directors
have
declared
6,241,688
3,977,558
6,872,163
2,107,258
1,666,328
the
class
B
$1.50
on
common
on
of
an
25
cents
Dec.
on
and
Dec.
directors
of
$1
from
a
non-recurring
Profit
from
was
22,
paid out of earnings,
and 25 cents on
1940,
the
class
stock
holders of record Dec.
1.
paid on Dec. 16, 1940.
have
Extra
A
common
on
and
initial
quarterly dividend
of
75
declared, both payable
distributions of like amount
•■/■■
and
v.
of
154,
-
Dividend of
15-Cents—
a
9,342
240,386
:V
1940
//.,
income
Previous
Total
29,502
60,431
40,226
.
2,892
1,279
—
$443,779
$342,157
$269,411
422,462
507,779
431,628
420,329
$866,241
$849,935
$701,039
$649,045
241,575
193,260
217,418
$507,778
$431,628
surplus
surplus
Dividends paid
265,733
formulae
goodwill, etc. —
Sept.
.
$228,716
and
Brands;
Surplus,
1939
$302,615
29,220
19,257
76,950
profits
1938
$378,318
$470,163
31,903
19,153
(net)
taxes
1939
1940
1941
$729,947
36,441
undis.
on
Net
$1.371/2
*185,898
—
30
$600,509
V $422,462
98,630
$4.66
96,630
96,630
$3.54
$2.79
:
Shares capital stock out¬
tl938
standing
(no
;Earnings per
$6,037,015
$5,449,178
2,543,294
2,797,777
2,568,758
$2,852,298
$3,239,238
1,481,458
1,354,853
$2,880,420
1,314,521
$1,370,840
$1,884,384
$1,565,900
(as above)
748,422
715,272
516,769
Assets—
gen.
par)
share**—
96,630
■
$2.37
and goodwill ($303,000 included in initial value
of
capital
stock at
formation
of
company.
$63,673
subsequently
acquired for stock and $5,000 for cash),
written down to $1,
as
authorized at a meeting of the Board of Directors, Nov. 20, 1939, $371,672 less,
balance in paid-in surplus, Oct. 1, 1939, $185,775 balance
formulae
•Brands,
$185,898.
Balance
v
741,655
etc.
of
bldgs.
Ca$h
and
See §
See X
253,372
240,713
Sheet, Sept. 30
1941
$264,245
Customers'
and
notes
accounts receivable—
from
$738,132
of
idle
property,
$622,417
$915,741
$808,418
Investments
Cr82,317
oper
Cr42,938
Cr62,692
Cr65,355
U.
•Plant
etc.
3,359
25,081
Prov. for Federal income
taxes
196,000
111,890
170,000
$553,465
$805,074
$703,757
290,000
435,000
435,000
543,750
$0.86
$0.76
$1.11
$0.97
bonds
and
notes
_
paid
_______
Earns, per share on cap.
stock outstanding
taxes.
1941,
and $85,426
^Charges
include
to
for
taxes,
costs
$228,868
for
48,663
60,325
550,435
49,035
34,127
$2,252,392
$269,223
equipment.
696,831
'1
$2,804,503
and
Brands, formulae and goodwill
Other assets, including deferred charges-———
$120,979
1
Liabilities—
Accounts
Cash
•Includes
$11,500 surtax on undistributed profits.
tConsolidated.
^Charges to costs and expenses for the year ended Sept. 30, 1940,
include $220,516 for
depreciation; $44,323 for maintenance and re¬
pairs;
680,398
41,943
1940
60,063
Total
profit
394,893
*144,934
$624,449
__*_____
Government
S.
$483,550
701,181
991,204
x
———
Inventories
Profit
Interest, discount, etc._
Int.,
discount,
maint.
been
-Regular quarterly dividends of $1 per share on the class A
.621/2 cents on the class B stock were paid on Oct. 31, 1941.
795.
of
declared
have
Federal
for
Prov.
$1,479,787
sales
and
profit
adv.
Dividends
stock
declared
operations
Miscellaneous
$3,199,713
——
and 25 cents
California Ink Co., Inc.—Earnings-
$5,395,592
sales
1940,
both
Years End. Sept. 30—
1,719,926
sales
Net
Cost
30,
51.
3,347,135
taxes—
per
an extra dividend of
$1 per share Ip
quarterly dividend of 50 cents per share on
payable Dec. 15 to holders of record Dec. 5.
of 50 cents per share was paid on March 27, 1941, one of $1
14, 1940, and one of 50 cents on March 27, 1940.—V. 154,
$6,546,848
State
cents
regular
stock,
common
Surtax
1941
etc.
ances,
Fed.
Sept. 30—
less allow¬
50
year-end dividend of 15 cents per
share on the common stock, payable Dec. 18 to holders of record Dec.
1.
A like amount was paid on March 3, Sept. 1 and Dec. 1, last, and
on March 1 and Dec. 1, 1939 and 1940.—V. 154, p. 795.
Brewing Corp. of America- -Earningssales,
of
Co.—Extra Dividend of $1—
have
the
to
Butler Brothers—Year-End
Of
share on the 5'/2% cumulative preferred stock, par $100, and the
regular quarterly dividend of 25 cents per share on the common
stock, no par value, both payable Dec. 31 to holders of record Dec. 16.
For offering of preferred shares, see V. 154, p. 1050.
Net
of
directors
An extra
the
154, p. 794.
Bon Ami Co.—Extra Distributions—
dividends
on June 28 and Sept.
1940.—V. 154, p. 1050/
29,
Bulova Watch
p.
dividend
extra
an
regular
cents each
50
addition
per
equip.
631,721
1—
railway
railway—.
March
Bridgeport Brass Co.—Initial Preferred Dividend—
The
Deprec.
1939
income
from
Net
—Earnings—
1940
railway
on
The
the
Dividend, etc.—
dividend of $1.75 per share on
1941, to holders of record Dec. 1.
a
compared with 75 cents paid
June 30, 1939.—V. 152, p. 3337.
Gross
747,872
railway
from
is
cents
expenses,
1941
ry.
$1,233,693
to
—
'
October—
of
declared
have
Depreciation
Selling,
Net
75
com¬
Dec
'
Net
declared
as
Gross
The
Dec.
dividend
have
payable Dec, 31,
Years Ended
Hedges—$4.50 Preferred Dividend—
$2
on
and
1939,
common
723,670
profits
account
this
On
Notes payable
Accounts' payable
for
$5,716,429
source.
Liabilities—
Surplus
$446,830
1189.
p.
common
15 to
15,
quarterly dividend of 50 cents per
stock, both payable Dec. 29 to holders of record
On March 31, June 30 and Sept. 30, last, quarterly distribu¬
50 cents each were made, as compared with 75 cents on Dec.
1940,
5,111,167
$349,623
_
Boston Wharf Co.—Larger
1,054,957
1
_
(net).
5.'
tions
int.
26,529
—
Equipment, machinery, etc.
cents
Dec.
on
addition
the
21,
The
Net
4,229,240
:
**——_
*—
Dec.
,2,134,053
8,871
rents—Dr
etc.)
(net)
expenses
Securities
Extra
each
directors
in
on
the
Net
•
Inventories
—V.
with 25 cents paid on July 1 and Oct. 1, 1941; 15 cents on
75 cents on Dec. 16, 1940; 25 cents 011 July 1, 1940,
Bullard Co.—Extra Dividend—
$1,290,952 $16,417,463 $10,642,766
5,061,010 a . 3,023,764
298,399
.
Deductions (rentals,
1941
1941—10 Mos.—1940
$4,247,862 $49,145,804 $39,084,051
2,956,910
32,728,341
28,441,285
$1,379,563
*
Equipment
com.
55^
revenues-..
oper.
Taxes
,
17% %
~
902,114
of
1941—Month—1940
revenues
expenses
920,864
-
Period End. Oct. 31—
$529,470
Gross
liquidating dividend of $2 per share in New York City 3r/o
was paid on Nov. 20, 1940.—V. 154, p. 1050.
cents
share
RR.—Earnings-
Operating
.5%
as
Assets—
Gross
dividend of $1.25
and 75 cents
1980
15 to holders of record Dec. 5.
1941;
1,
50
The
Operating
Cash
On
liquidating
corporate stock of
829.
p.
1050.
com.
Purpose—Proceeds are to be used to retire the presently outstanding
$500,000 5% preferred stock and to add to the general working capital.
Balance
cost
p.
com.
■
Over 27 times
<
of
154,
17V2%
I--".'"<•>
Reserve
April
and
on
221/a%
1,177,718
Over 21 times
1940—
Undivided
second
a
common
329.374
Boston & Maine
$877,114
1,127,718
1,231,000
Common
declared
have
year-end dividend of 35 cents per share has been declared on the
stock, payable Dec. 15 to holders of record Nov. 29.
This
234.534
rentals***—**.
debt, bank, charges, etc.)
Excess
been
Paid
$913,986
and
per
154,
Bucyrus-Erie Co.—35-Cent Year-End Dividend—
A
329,374
Miscellaneous
Dividends
1,183,000
Accounts
initial
share
On New Pref.
1936
Prepaid
directors
share in New York City 3%
141,896
4,432
$5.50
5.
$10
corporate stock of 1980 was paid.—V.
share in cash, both payable Dec.
1,642,216
146,733
of
corporate stock
-
Aft. Taxes
1941—
1,721,462
expenses
accruals
dividend
$2,262,661
roads*—
■Dividends-
—V.
Net Earns.
1938
York City 3'fv
in New
bonds***.*—*.4——'—****———.-
-on
funded
1940
liquidating
Brooklyn & Queens Transit Corp.—Liquidating Div.—
An
1941
Subway and rapid transit line
the
Times
1937—
operating
Interest
follows:
April 30
further
a
per
$2,390,649
for leased
transfer
appointed
without interruption.
/' The net
Yr. End.
declared
have
directors
The
receipts
Rent
been
905.
President, died in Boston,, Mass., on Nov. 24.
Federal, State and municipal tax
Its
has
Boston,
per share in cash, payable Dec. 17 to holders of record Dec.
On Nov. 25, 1940, a dividend of $2 per share in cash and
Co.—Obituary—
Boston Elevated Ry.—Earnings—
past 38 years, the company has shown a
and dividends have been paid on its outstanding capital stock
each year,
Co.,
Brooklyn-Manhattan Transit Corp.—Liquidating Div.
The
with
905.
p.
Month of October—
Total
plant, against which there is no mortgage or lien of any kind out¬
standing, consists of approximately 35 acres of office, showroom, and
warehouse floor space in the City of Louisville.
Earnings—During
154,
Trust
per
almost
Louisville, Ky.
Edison
Boston
Street
State
of the common and common voting trust of the company and
registrar for the same company on their preferred stock and preferred
voting trust.—V. 154, p. 954.
share
Frank Dowd Comerford,
—V.
holders.
Agent and Registrar—
agent
p.
It has no subsidiary cor¬
all of its business being
offices
its
confined
The
press
securities
to
Transfer
payable
compares
paid on Aug. 13, last, and 25 cents each on Feb. 11
1941.
The previous payment was made in 1937.—V.
time it took over the business and
and
mailed
the new securities will he available lor delivery
of the plan, when announcement will
and appropriate letters of transmittal will be
consummation
the
in
Co.—Larger Dividend—
declared
recently
to holders of record Nov.
982.
p.
was
1941,
cents
May
incorporated in Kentucky in 1880, at which
assets of the partnership of W. B.
Belknap & Co., which had been in existence since 1840.
Company is
one
of
the oldest
and
largest
wholesale hardware houses in the
United States, distributing a varied line of hardware, furniture, floor
coverings, household equipment, plumbing and electrical fixtures and
supplies, and other staple items of merchandise, throughout the South¬
ern, Southeastern and Southwestern States, and also in Illinois, Indiana,
Michigan, West Virginia, Pennsylvania, Ohio, New York, Kansas, Iowa
^ History—Company
directors
15,
Nov.
25 that
consummation of the plan of
re¬
is .expected to take place Nov. 29.
The filing of the
mortgages and other documents for record, which is now
constitutes one of the final steps in the reorganization of
company.
is expected that
made
be
stock,
also made during the year
new
proceeding,
payable Dec. 20 to holders of record Dec. 8.
This
with 30 cents per share paid on March 3, June 2 and Sept. 2,
final dividend of 50 cents paid on Dec. 20, 1940, and 30 cents
last,
announced
was
various
shortly after the
year-end dividend of 50 cents per share has been declared
common
is
Capitalization—Upon completion of this financing, the
It
organization
the
Kentucky
and
Brown Co. (Maine)—Plan in Effect Soon—
;>i
Dec.
compares
preferred as to assets and dividends free of State
personal property tax.
Dividends accrue Nov. 1, 1941,
payable quarterly on Jan. 31, etc.
Preferred stock
p.
income
stock
1189.
account
on
payable
Borden Co.—Year-End Dividend of 50-Cents—
A
ville, Ky., recently offeed 50,000 shares of 4% cumul.
preferred stock (par $20) at $21 per share.
Stock of¬
fered for sale only to investors who are bona fide resi¬
dents of the State of Kentucky.
were
Federal
•25,000 shares.
It
Co., Louisville,
Offered—Almstedt Bros. Louis¬
Stock
Ky.—Preferred
Dec.
51,952
contingencies
delivered and
Dec. 30, 1940.—V. 154, p. 1050.
declared
on
Initial dividend of $1
on
$80,696
82,883
(J. G.) Brill Co.—New War Dep't Contract-
regular quarterly
declared on the common
Belknap Hardware & Manufacturing
5%
1
$181,591
-
surplus
"Treasury
;$2,979,91Q'
"
est.
for
5,100
$3,512,656
payable and accrued expenses—
returnable containers—
on
and the
been
holders
to
the
have
of
J), 1050.
as
■
.
accounts
Deposits
$87,613
Booth Fisheries Corp.—Accumulated Dividend—
common
Extras
of
(net)
——
,
Liabilities— J
Accounts payable
Accrued
liabilities
p.
dividend
both
equipment
,
858.
extra
dividend
per
special dividend of $1 per share, recently declared, is payable on
stock on Dec. 15 to holders of record Nov. 21.
A
>
the
to
stock,
common
dividend
extra
an
;
and
10.
Dec.
i
addition
in
the
on
declared
have
directors
The
^
1940 V
$678,736
118,594
tax stamps
——*
receivable
(net)
*
*——*—.*.**:.—**
etc.,
accounts,
Inventories
Bond Stores, Inc.—Extra Dividend—
Beech-Nut Packing Co.—Extra Dividend—
■
1941
and State excise
Notes,
Total
to holders of record Nov. 30.
A
March 15, June 15 and Sept. 15,
15
the
like
income
.
Dividends
'
*—*——*—
Federal
tCapital
Net
Bayuk Cigars, Inc.—37 ^-Cent Dividend—
\
on
,
Assets—
3,710
$140,074
auctions
154, p. 746.
loss—V.
or
50,000
(net).
interest
Other
$224,667
$35,000
tax_
income
tDeficit
929,527
50,QOO
revenues..
Other Income
Interest
•Federal
917,331
investments
Net. oper.
616,540
19,865
17,833
t$40,653
78,246
re¬
Federal taxes
• Balance Sheet, Sept. 30
,
Cash
74,771
other than excise and
for taxes,
income.
v
$688,156
;
613,088
1,971
$74,008
income
Net
.
debt—
funded
on
5,108,003
288,204;
Amortization of limitedterm
Gross
5,436,212
16,000
appropriations-
serve
$571,447
34,007
$136,416
Operating income
•
438,172
37,949
(excl. excess
profits)
377,750
Property
Other
$7,831,455
for Fed. inc. taxes
Other taxes
$949,197
$1,473,809
•584,061
$8,676,821
ex¬
cluding direct taxes
Prov.
$16,911
$676,523
480,878
revenues
3,152,197
—
1941—12 Mos.—1940 ; :
$785,178
75,968
Operating
Operating
$302,130
(incl.
exps.
maint.
$479,755
revenues
1941—Month—1940
Period End. Oct. 31—
1940
1941—10 Mos,
1941—Month—1940
31-—
Oct.
repairs and $91,657
Birmingham Electric Co.—Earnings—
and
other
than
expenses
depreciation;
excise
for
the
$31,142
and
year
for
Federal
ended
income
Sept.
maintenance
30,
and
payable
advances
Federal
tCapital
Earned
income
stock
surplus
on
—
customers'
taxes
—
•Less allowance
orders—
62,758
240,013
for
*
76,950
1,632,000
600,509
1,632,000
$2,804,503
——
Total
1940.
unfilled
$2,252,392
422,462
depreciation of $762,619 in 1941 and $747,026 in
tRepresented by 96,630 shares of no par value.—V. 153, p. 1124.
THE COMMERCIAL & FINANCIAL CHRONICLE
Volume 154 -Number 4013
The
.
stock,
last;
35
and
Nov.
•
payable
dividend of 50 cents per share on
a
holders
to
29
Dec.
of
record
cents
Jan.
on
1941;
24,
25
End. Oct.
31—
Operating
Operating
22,721,781
—-
17,743,657 194,444,466 168,191,332
Nov.
21—
—v—
v
1940
1941
1940
1939
1938
$222,472
25,699
$153,612
33,194
12,785
$131,534
*6,223
$193,340
45,565
7,885
Net
3,035,263
2,441,307
1,871,323
926,004
750,407
1,849,934
307,088
544,618
427,492
37,714
*49,442
from
Net
ry.
railway.—'
•"
railway——
oper. income
From
Gross
from
Net
Net
ry.
railway—
railway
income—
oper,
*Loss.—V.
.
154,
6,867
October—
1941
from
Grots
railway
railway.—
oper. income—
$14
ry.
From Jan.
1—
,
•
•
-
•
from
Gross
railway
from
railway—
ry.
oper.
income—
Net
Net
•Deficit.—V. 154,
losses
2
Ry.
v
$1.
(
and
'•
The directors- on Nov;
share
record
9.
Dec.
*31,455
822,816
687,131
Net
from. railway——-
7,387,706
4,675,574
Net
ry.
income—
7,756,126
3,160,524
•95,730
*238,216
*367,792
*491,356
*632,026
oper.
From Jan.
Gross
f
from
Net
declared
'
on
20,
June
50 cents in each of
1941,
20,
50
and
1940
cents
first
payment
24
made
distributed—V. 152,
was
10 on the
12. This
holders of record Dec.
to
since
October,
1938,
of
sales,
,
Gross
profit
Depreciation
—
earned
Net
of
162,859
—_
198,960
118,109
1,040,484
bonds
ry.
$6,842,228
receivable, 'less
$6,909,390
8,327,168
r-.—
7,174,360
reserves—
1
taxes,
Total
17,765
24,175
etc.___—
—
stock
nection
941,120
941,120
company
7,885,792
not
2,831,951
:
9,411,200
Earned
surplus
Total
18,745,603
in
for depreciation of $16,162,110 in
reserve
1940;
Bonds Offered
—
of the market
by the
bankers from
Chesapeake
the
on
cents
made
further
a
1942, to
18,
the
on
share
per
share,
per
and
4,
stock
since
which
made,
was
152, p. 982.
Southern Ry.—Earnings1940
1939
1938
$769,896
$624,061
$659,608
$614,726
182,197
159,757
208,411
174,402
,
106,342
51,885
5,364,096
5,332,898
from railway
Ne(t ry. oper. income—
1,769,099
748,594
1,302,019
1,060,505
988,312
*130,493
364,219
90,747
income—,
Jan.
1—
•Loss.—V.
154, p.
1051.
Colorado & Wyoming Ry.—Earnings1941
October—
Gross
from
railway
71,561
',J From
Jan.
f
■
667,373
154,
1,120,661
499,417
353,626
;
railway operating income
—V.
38,083
?.«';■ v
:■r ■'
317,234
1,360,617
railway.
railway
from
Net
r
from
Gross
Net
1—•'
58,650
1,1.40,949
railway
Net railway operating income__i
,
1940
$122,344
$144,586
—
from
;
860.
p.
directors
1940
*
1938
1939
v
$4.50
share
per
Columbia
Gas
&
Electric
Corp.—To., Sell
Gasoline
Debentures—
Corporation
has
filed
with
the
SEC
declaration
a
(File
70-438)
a
sub¬
sidiary, of $300,000 of the subsidiary's 20-year debentures. It is pro¬
posed to sell the debentures for $312,000 in cash plus accrued interest.
—V.
154, p. 1189.
Columbia Pictures Corp.
Subs.)—Earnings—
(&
Sept. 27,'41 Sept. 28,'40
Quarter Ended'—
profit
Earns,
;
$261,705
-
share
per
of
$153,878
$0.20
$0.57
stock-—u—
common
$9,470,083
3,142,055
2,042,689
2,385,844
No provision has been made for the monies presently restricted in
England as the company at this time does not have any basis on which
determine how much of these monies may be permanently blocked, yv
1,054,698
1,937,374
77,008,670
72,725,178
The
12,262,137
15,696,749 7 7,617,955
*819,365
The directors
the
on
This
1941—9 Mos.—1940
$2,007,515 $1,121,102
$4.41
$1.76
Federal
income
exclusive-of
and excess profits taxes, etc.
operations of all foreign sub¬
thereof
is
.
not- at
present
determinable.—
amounted
recently declared
stock,
common
$11,619,219;
to
current
assets
were
payable
a
year-end dividend vbf $1.70 per chare
Dec.
holders
to
10
of
record
Nov.
21.
share paid on March 10, June 10 and
Sept. 10, last; a year-end dividend of $1.60 on Dec. 10, 1940, and $1
per share on March 11, June 10 and Sept. 10, 1940.—V, 154, p. 1146.
with
compares
$1
and the
The SEC
ment
with
tion
of
the
Davenport,
Corp.
*
-
la.—Pro-
1
Department of Justice Nov. 22 reported the indict¬
six persons on
of
Securities Act
per
Investment
Commercial
moters Indicted—
charges of violating the fraud provisions of the
1933 and Section
sale
of
trust
215 of the
notes
Criminal Code in
Commercial
of
connec¬
Investment
Corp.,
The indictment was returned by a Grand Jury in the
Davenport, la.
States
United
„
capital
Columbian Carbon Co.—$1.70 Year-End Div.—
7,752,658
4,410,742
working
$14,207,784 and current liabilities, $2,588,565.—V. 154, p. 795.
67,194,454
15,988,439
are
charges and provisions for Federal income, and other taxes.
to
$8,217,403
2,932,808
$9,620,272
91,523,967
amount
the
148,
dividend 'of
extra
an
a year-end dividend of $1.50 per share on the common stock, both
payable Dec. 20 to holders of record Dec. 1.
Distributions during the
year to date have been made as follows:
Quarterly dividends of 50
cents each on March 31, June 30 and Sept. 30, and an extra of $1 on
May 15.
Total payments for the year 1941 will be $8.50 per share as
compared with a total of $6 paid for the year 1940.—V. 152, p. 2693. ;
'After all
154, p. 1146.
results
declared
have
and
'
Chicago St. Paul Minneapolis & Omaha Ry.- 'Earnings
1941
October—
Net
ry.
694.
$1,832,777
$1,555,013
railway—.
453,910
214,148
544,392
District
Court
at
Davenport.
The
named
persons
as
290,206
16,597,230
14,981,285
14,686,523
from
13,886,976
railway—.
3.741,374
2,492,426
2,180,268
1,891,334
income—
1,387,512
212,728
*62,552
*308,847
Carpenter of Monticello, la.—V.
59,729
railway-
were:
Floyd E. Harvey of Hanover, 111.; Everett G. Horner
Stanley W. Hedberg of Davenport, la.; Charles A. Burr of South
Bend, Ind.;
Melvin B. Reed of Jackson, Mich.,
and Halstead M.
and
143, p, 916.
302,764
Jan.
ry.
CBS—
$1,751,068
415,425
140,105
from
Net
1938
$1,911,295
oper.
From
Gross
1939
1940
railway-
from
from
Net
America—Purchases Time
be
to
15 cents
1931.—V.
1,
25
after June
or
; 81,784
&
25,888,209
income
as
p.
Net
p.
payment of
a
paid on Feb.
as
oper.
•Net
No
154,
Gross
1941 and $14,939,292
tRepresented by 1,882,240 no par shares.—V. 154,
Celanese Corp. of
disbursements
when
of
record Dec.
defendants
$63,019,738 $53,213,236
—
•After
V.
13,733,577
22,879,474
—
dividend
a
share, payable on
4, 1942.
regarding the proposed sale to Columbia Oil & Gasoline Corp.,
38,576
13,733,577
surplus
sidiaries.
4,000,000
9,411,209
—
tCommon .stock':■
Capital
5,771
4,000,000
presented for redemption..
(bank)——^——
payable
and
5,292,807
on
provision has been made for possible liability in con¬
with patent litigation decided against the domestic subsidiary
865,658
-
and
223,913
bonds, con¬
fixed price of 27% net. Dealer's
$10,560,479
2,551,392
1,365,363
railway—
depreciation,
1,329,286
payroll and expenses—'
Dividends payable-*'
Reserve for Federal taxes
income
Note—Above
$2,645,550
Accrued
Preferred
share
per
payable Dec. 1 to
each quarter
with 75 cents on
close
End. Sept. 30— 1941—3 Mos.—1940
profit
$795,446
$438,158
per sh. com. stk.
$1.84
$0.78
$2,833,519
>—
This
6,657,423
860.
p.
railway.
oper.
♦After
V
.
Notes
—
period
•Net
$63,019,738 $53,213,236
———r_—*
Liabilities—
payable
cents
50
stock,
Chicago Pneumatic Tool Co. (& Subs.)—Earnings-
20.334,365
Earn,
Accounts
of
offered after the
purchased
154,
•Deficit.—V.
1
22,322,243
the
on
26.
railway-—
1—
Jan.
from
from
Net ry.
18,770,945
25,510,332
'
insurance,
dividend
preference
A like amount has been paid
Eastern Illinois RR,
railway——
oper.
From
1940
,,,
trademarks and goodwill
build.ngs. equipment, etc
Prepaid
from
Net
— 1941
Inventories"';.
*Land,
certificate
:October-r--:;;'1941
Gross
Oct. 31
''Assets—
Patents,
a
the
on
15.
Co.
were
Ry.—V.
Net
$2,903,678
$5,555,408
$7,718,128
$7,898,350
accounts
declared
Gross' from railway
$3,944,162
1,498,362
Nov.
15, 1940.—V. 154 ,p. 1146;^
to holders of
18
railway—:
from
The
Chicago & North Western Ry.—Earnings.
$7,053,771
3,137,119
declared
14
railway
419,673
$10,855,249
Balance Sheet,
and
a'
Sept.
1, 1940, which compares
1, 1940.—V. 153, p. 830.
&
Ohio
———— ,'v;-
profit
Notes
inch
&
9,851
25,406
8,611,350
—
have
Chicago
$3,534,339
$16,509,701
taxes
Cash
issued
13
accumulations
and
Net
1
Nov.
on
vertible, due 1997, at a
discount $7.50.
Prov. for Fed. taxes
Net
dividend of $1 per share on the
to holders of record Nov. 28.
paid each quarter since and including March
15
$5,905,123
2,370,784
profit before Fed-
eral
been
extra dividend of 50 cents per share
Dec.
$9,317,348
2,518,981
paid
■—
ry.
Nov. 24 $460,000 general mortgage income
69,734
Interest
an
quarterly
payable
40,703,640
$6,798,369
280.810
75
1940,
on March
per
Net
87,374,932
34,075,418
23,602,840
47,203,099
$16,416,575 $10,774,396
—
Interest
have
directors
The
Profit
33,963,638
$19,410,946 $13,308,304
2,994,371
2,533,909
—
16,
share
per
1941
from
from
4,460,982
55,541,334
78,887,515
record
March 15, June 16
cents each on June 17
153, p. 1271.
Wertheim
oper.
less m.sc. inc.—
exps.,
$1
of
on
,
5,897,873
March 1 and June
1940
1939
1938
$98,298,461 $68,849,638 $56,520,447 $46,608,763
i.
sales
Cost
ICO
The
since
Net
1938
96,978,245
40,392,460
28,972,622
49,955,310
38,888,392
usual
both
holders of record Nov.
.1941
of
paid
first
the
same
Net
Net
the
to
amounts
account
Co.—Earnings—
Caterpillar Tractor
cents
Dividend—
holders
June
record
1931.
From
Chicago Corp.—Accumulated Dividend—
24, 1940, which
when $5 per share
978.
p.
Dec.
Nov.
on
cents
Colorado &
Gross
permitting abandonment
by the company of a line of railroad extending from Prague north¬
westerly to the end of the line at Schuyler, approximately 18.76 miles,
In Saunders, Butler, and Colfax Counties, Neb.'—V. 154, p. 1051.
'
12 Mos, End. Oct. 31—
59,126,271
income—
stock,
1939.—V.
The
with $3 per share paid on this issue on Dec.
the
was
payable Dec.
stock,
25
Colt's Patent Fire Arms Mfg. Co.—Extra Dividend—
•
■■
year-end dividend of $7 per share was declared on Nov.
compares
against
as
dividend
to
share
per
on
1940,
4,
v
a
15
October—
Chicago, Burlington & Quincy RR.—Abandonment—
the three
on March
.
Dec.
on
3964
Dec.
cents
$1.25
25
are
the
Gross
1189.
addition
27,
and
declared
after Dec.
or
of
Net
7,343,523
5,717,762
124,829,915 112,079,062
railway.
railway
154, p.
Like
par
vV;/''.'
•
1—
oper.
common
,
interim dividend of 5ft cents
an
1941;
of
1,
was
$10,964,352 $13,801,817 $11,738,030
$15,497,808
"■■■ V-"',
by
Chesebrough Mfg. Co. Consolidated—Extra Dividend
(J. I.) Case Co.—Year-End Dividend of $7—
A
common
from
ry.
—V.
$5, payable Dec. 19 to holders of
distribution was made on
Sept. 20, last,
June
preceding quarters, $1.25
20, 1940.—V. .154, p, 859.
railway
75
directors
holders
preferred
.
from
last,
payable
with
payable on
bids
Earnings for the Month of October and Year to Date
Period End. Oct. 31—
1941
1940
1939
The directors have declared
25
on
common
^
Cockshutt Plow Co., Ltd.—Resumes Dividends—v
* 0^ —i
shares of second
stock.
*39,782
*375,528
.
4,
have
stock,
15,
The
Great West¬
;^
3,800
*24,518
in
similar
A
compared with $1
as
of
stock,
of the bonds had agreed to the extension
152, p
directors
Sept.
Chicago, Great Western
of deposit representing
of
certificates
*54,597
.
the common stock,
on
shares
211,100
shares
RR.
terminated,
now
1, 1940, executed
Trustee.
As of Dec.
Company,
-V
Sept. 16, 1940, and 25 cents
and estab¬
requested
has
V'-
984,178
50-Cent Dividend—
per
16,800
Erie
stock
$74,059
*
*
and
it
v
*4,132
Carpenter Steel Co.—Stock Offered—Estabrook & Co.,
offered after the close of business Nov. 26, 6,000 shares
of common stock (par $5) at 27V4 net.
Dealer's dis¬
•
stock;
announced
the Erie RR, and Chicago
:C"::'
shares of first preferred
Net
count
■
incllfde
securities
common
Gross
7
credits
tax
■/'—^
$105,189
•
The
common
These
*14,005
•
.
obtain
6,800
1938
1939
to
Trust
Clark Equipment Co.—Larger
kraft board and kraft specialties.:
securities it owns of
on
June
on
compares
The company in a further move to sell securities it owns
Ry. ,;-:v'
Commerce
of 30 cents per share has been declared on the common
payable Dec. 4 to holders of record Dec. 1.
A like amount was
May
lish
and
June 4,1940
on
based upon the SEC fi'ing
based on the maximum of
price,
offering,
the
$83,288
1,166,371
*65,352
*364,913
859;
p.
7"
1940
—
offering
that
so
respecting leasehold interest
Supplemental Indenture dated April
in
dividend
A
stock,
a
maximum
provisions
out
company
distributed
share,
a
maintenance
City & Suburban Homes Co.—30-Cent Dividend—
Chesapeake & Ohio Ry.—Requests Bids on Shares of
242,601
Vermont—Earnings—
$116,822
*14,721
*48,840
from
Net
Net
in
1145.
p.
The plan further provided
defaults, the elimination of the sinking fund
and depreciation reserve requirements
certain
plan.—V. 150, p. 2417.
Erie and Great Western Roads—
ern
Lines
—V.154,
of
the
1940, the holders of 97%
31,
states
in connection
company
set
dividend
Dec.
Pacific
bonds.
the
proposed
is
These
Canadian
of
The
purposes
$2,500 for services
Inc..
24,943
954.
p.
construction
and sale of sulphate pulp for
1—
Jan.
from
for
Coffin & Burr,
Aetna
to
135,000 shares, will involve approximately $1,890,000.
The company, whose name was changed to its present title on
Oct.
23 from
the Chesapeake
Corp., is engaged in the manufacture
Canadian Pacific Lines in Maine—Earnings—
from
the
1970,
Va., and Blyth & Co., Inc., New York City.
The
October—
as
by
due
L,
Chesapeake Corp, of Va„ West Point, Va.—Registers
fee,
Gross
used
be
pay
sale
the
mond,
$5,114,656
1145.
p.
to
all
series
registration statement with the Securities and
Exchange Commission for an undetermined number of shares of com¬
mon
stock of $5 par value.
The offering will comprise a maximum
of 135,000 such shares, which are already issued and outstanding, 'and
are
to be sold to the public for the account of certain selling stock¬
holders.
-The principal underwriters are Scott & Stringfellow, Rich¬
,
$6,207,616
revenues
154,
■
1941
and
amount
will
Company has filed
33,209,638
54,628,055
Earnings for the Week Ended Nov. 21
•
Gross
5,241,322
6,038,729
it
waiver
certain
and
Life Insurance
Mutual Life Insurance Co. at 111%
of the
accrued Interest from Oct. 1, 1941.
The pro¬
bonds,
England
1, 1945, had been made effective.
the
requirement,
With SEC—
22,984,979 249,072,521 201,400,970
revenue
Ended
•••
$
28,760,510
expenses
—V.
1941—1Q Mos.—1940
$
New
are
that
with
$
$
revenues
Week
ceeds
Ry.—Earnings—
1941—Month—1940
Period
and
principal
each on April 26, Aug. '23
1940.—V. 154, p. 795.
cents
mortgage
general
Co.
and 40 cents on Jan. 26,
20, 1940;
Canadian National
Net
the
This
9.
Dec.
with 25 cents per share paid on April 25, July 25 and Oct. 24,
April
for
Company has filed with the SEC a declaration or application (File
70-441) regarding the proposed sale of $1,000,000 of 3Va% first and
.
declared
have
directors
common
compares
to
Co.—To Sell Bonds Privately—
..Central Maine Power
Campbell, Wyant & Cannon Foundry Co.—Larger Div¬
V
' •.'■'
■•7'-:
idend Declared—
1261
income—
Commercial Solvents Corp.—Larger Dividend—
1—
oper.
•Deficit.—V. 154, p.
1051
A, dividend of 30 cents per share has been declared on the common
This compares with
25 cents per share paid on June 30, last, and on Dec. 23, 1940.
The
stock, payable Dec. 22 to holders of record Dec. 5.
previous dividend was 30 cents per share paid on Dec. 22, 1937.—V. 154,
906.
p.
This
corporation, manufacturers of yarn, fabrics and other products,
announced on Nov. 25 the inauguration of a radio program over the
Columbia
Broadcasting System, the first broadcast starting Jan. 7,
1942.—V.
154,
'
United Air Lines Transport Corp. below.—V.
See
Central Arizona Light & Power Co.- -Earnings—
Operating
Oper.
1941—Month—1940
$363,446
revenues—__
exps.,
taxes
—
•
$358,985
165,967 "
209,421
7
1941—9 Mos.—1940 •
$319,734
$175,548
$1.06
$0.58
$0.33
$0.25
*
provision for Federal income taxes,
300,000 shares of capital stock, no par.—V. 154, p. 148.
2,210,313
2,439,959
—
^Earnings per-share—
Federal
for
profit
(& Subs.) —Earnings—
1941—3 Mos.—1940
$99,820 , • $74,635
Period End. Sept. 30—
•Net
$4,683,304
$4,706,242
'-
r
—
Provision
v
1941—12 Mos.—1940
direct
exej.
* After
etc.
depreciation,
Gross
excess
r
22,178
33,101
-
,
319,052
:
248,863
Cr9,000
4,123
35,479
taxes__
42,609
*
."4,123-
'66,246
•
Other
taxes
Property
■'!
serve
*•
-
,
'
-
"
37,750
25,000
444,500
2,913
34,919
$85,272
$840,633
445,000
.
A
dividend, of $5
;;
•
•
•f
Net
Other
income
Interest
(net)——
income
on
2,909
■
v
!
share has been declared on the common stock,
per
payable Dec. 20 to holders of record Nov. 28.
This comv
with $3 per share paid on June 25, last; $5 on Dec. 20, 1940;
June 26, 1940, and $4 on Dec. 22, 1939.—V. 154, p. 860.<
pares
$3 on
'
.7?:
* 7 61
$1,118,040
^
15. ' 7-" 10,557
•
Other interest
charged to
si,ruction
Interest
.•
$85,287
$851,190
$1,135,311
18.959
bonds
mtge.
18,959
227,500
840
"
\v''7
721
;
10,092
W
i:
Lear-End Dividend—
The
v
$44,971
income
$65,607 J
.
Balance« .ir^—■
$899,431
108,054
-iv-
V.
for
5505,544
;
t—Y • 164,-;p.859.^jf;",v feyvi
stocks
$613,598
108,054
preferred
.
directors
v
►.
>$791,377,
)».'
on
the
record Dec. 5»>
15
Net
'
Gross
483,679
12,286,676
,
8,160,319.
7,535,327
^
1,722,300
Net
•
1,509,879 .19.976,180 ■
17,936,274
3,837.747
3,747,227
2,761,947
3,008,129
46,846,811
34,632,109
49,373,172
36,250,918
1,075,800
deduc.—
cents
each
*
declared
have
stock,
common
a
par
\
'
739,098
12.214,702
13.122,255
749,825
749,815
8,997,858
8,997,720
tlO,717
3,216,844
4,124,535
on
Dec.
20,
1940,
and
(compare also
and on
Dec.
1, -1939
r.
.
On
Nov.
extend
the
20. .1940,
it
was
maturity nf-the 6
company's plan to
bonds'for five* years'from April 1, 1940
announced
that
the
deduction
$6
rate
of
1,
1935,
Jan.
per
and
date. :,tDeficit.;
\V-v/ •'
year-end dividend of 30 cents per
$50, payable Dec.-15 to holders of
,;;vv
stk.
;t
325,974
•Reflects
the
for
full
share
per
at
the
preferred stock dividend requirement at
Dividends were paid in full to
annum.
rate
of
$3 per
share per
*'
'
directors
The
on
on
Nov.
25
since that
annum
.
Declares Preferred Dividend—
:
This compares with" 20 -cents paid on Aug. 'l. last;
153, p. 391).—-V. 154, p. 652. '
income
Balance
City Ice Co., Kansas City; Mo;*—Bonds Extended—tj
-
income
•Divs. on preferred
'
9,543
Vcrl,163
*v
„i941-rtMonth-7rtl94fl
1941—10 Mos.^-t1940
$68,014
$11,842
' $333,1)86
$99,987
Earnings per common share
.
$0.70
$0.21
•After depreciation, interest, Fed! Income taxes, etc.
.
share
7:—
1,094,436
997,011
taxes
for
depreciation
Int. and other
<>PeriodEnd..Ocit;31--H
227,500
con*•
1,467,918
profits
•Net' income—
17,271
$64,770
i
4 Cincinnati Street Ry.—Earnings—
34,960
.
$64,709 ':7
operating revs;7_
Gross
.
taxes •
taxes
excess'
$20.
par
,622,005
560,933
•
retirement re-'
appropriationsinvestments
term
Fed.
for
Prov;
Prov.
Amortization of limited'■
1941—12 Mos.—1940
12,947,295 169,538,250 150,200,880
5,353,108
67,495,164
60,179,276
1,242,646
15,398,091
14.551,834
Cincinnati, New Orleans & Texas Pacific: Ry.—$5 Div,
ior" Federal
profits
expenses
general
for Fed. inc.
and amortization
taXes
Provision
for
Prov.
fOn
15,126,246
6,615,591
revenue
Operating
Prov.
'
income
1941—Month—1940"
Period End. Oct, 31—
Period End. Oct. 31—
•
^
154, p. 1146.
1101.
p.
Chicago Yellow Cab Co., Inc.
■0:
Commonwealth & Southern Corp. (& Subs.)—Earn.—
Chicago & Southern Air Lines, Inc.—Director Resigns
declared
a
'
dividend of
75
cents
per
share
the
preferred stock, $6 series, payable Jan. 2 to holders of record
>
A .payment-of. Jike. amount .(which is one-half of the regular
was made on this issue in each of the 26 preceding quarters.—
Dec..12.
rate)
V.
/
•
of
154, p.
1190.:'V
e
Commonwealth Edison Co;—Weekly Output—
Last' week's
companies,
electricity
output,-of; th«; Commonwealth Edison
excluding sales- to- other
electric -utilties,
:
group
showed
an
THE COMMERCIAL & FINANCIAL
1262
8 8#
increase
corresponding period of
the
over
Following
1940.
The
comparisons with last year:
directors
cents
share
a
of
holders
-t
■
have
-declared
the
Saturday, November 29, 1941
the
on
of
record
This
1.
how
1940.—V.
states,
"Notwithstanding this
has
stock,
capital
Dec.
regular, quarterly dividend of 25
par
$5,''payable on Dec. 22 tof'
bring total repayments for the
Shares
are-
output totals of the past four weeks and percentage
hour
kilowatt
the
CHRONICLE
The
will
—Kilowatt Hour Output—
22
Nov'
Nov'
Nov'.
15™
8~
lZIII
—V.
•—
154,
™
1940
138,017,000
161,307,000 143,260,000
161,016,000 142,167,000
________
1146.
p.
4
V';.;/
1
i
*
8.8
8.4
12.6
160,361,000 147,933,000
_™™_—™__.
-
like
13.3'
amount
Congoleum-Nairn, Inc.—Extra Distribution—
addition
the
to
to
16,
last:
cents
50
Dec.
on
.V-.-.'
both
''
r
cents
of
record
153, p.
Dec.
Nov.
392; V.
15,
152,
Gross-
oper.
Other
Power
River
income
Total
Oyeiaung
$3,100,960
J
costs
$4,250,092
615,234
96,954
61,414
121,857
87,37#
"
258,750
258,750
$4,077,430
5,646
Other
709,208
of
Discount
expenses,
Other
600,008
Federal
income
$2,241,392
529,884
540,084
709,481
Net
profit
$5,182,260
______
231,106
income
and
485,886
profit
80,447
81,256
108,120
108,274
118,116-
117,612
157,270
157,646
For
v
10,024
13,858
$939,662-1: $1,005,180
$1,254,663
$1,364,050
54,000
54.OQ0
such
$1,182,663
$951,180
based
are
on
3Vz%
V.
$1,292,050
$378,617
'After
stk.
com.
net profit was
series, due
•};,
517,609
.
154,
equal
154,
$845,764
$0.51
Delaware
charges and Federal income
taxes.—V.
154,
Hudson
&
1
1
_
"
•
railway
income—
_
899,057
1—
1938
Net
from
from
railway
22,212,176
21,037,847
10.056.087
6,574,562
6.609,079
.934,078
7,356,807
4,719,394
4,573,964
427,825
A
.
have declared
directors
The
accumulations
on
with
compared
issue
20.
p.
record Dec.
April
on
Dec.
on
1940.—V.
1,
this
on
$2
1,
5. '> Distr:but:ons of
July and Sept. 30,
$1 each- on March
'Ia
1052.
154,
1940,
and
•
This
compares
$10,
with
Dec.
cents per
25
also
1
authorized
paid
March
on
the com-*
Nov. 201
record
1,
June
made during the year
were
the
of
holders
to
share
Similar distributions
directors
The
payable
issuance
of
bonus
a
1940.
interest
is
York.-
June
due
l:
;;Vy
1,
1941,
Month
October—
•
of
.
Earnings for the
at the plants at
Monroe,
River Rouge
and Aurora, 111.,
Gross
aggre¬
152, p.
from
Net
983.
Consolidated Electric & Gas Co,—Corporate Simplifi¬
J.
P.
-i
>
■
Gross
'F.le
announced
54-40)
approval
and
under
of
Section
plan
a
for
redistribution
the
11
the
of
that
19
Nov.
of
(e)
simplification
voting
power
of
its
of
its
ry.
island
the
1941,
the
assumed
and
value
par
date
of
and
the
Islands.
Canary
outstanding $42,818,600
$18,300,600
of
1940
1
v
outstanding).
stock ($1 par)
unpaid
were
each
$9,671,950.
share,
while
The
the
of
On
debt
The
,
and
$1,000,000
dividends
In
railway—_
of
be
•
common
Value."
It
knowledge
subsidiaries, is
stock
mon
further
of
the
also
"without
are
states
assets
of
the
that
and
the
value."
The
board
business
opinion
that
of
of
holders
will
common,
voting
for
the
..1938
A-
,
a
.
company
of
stock
common
of
the
.stock
without
the
par
value
The
total
be
convenient
for
numbers of
distribution
all
of
the
fair
assets
be
bear
reasonable
a
value
of
all
of
the
of
assets
according to the appraisal, is $55,874,819, which
indebtedness, indicates that the fair or intrinsic
the
after
ing
value
preference
See
liquidation
in
dividends.—V.
154,
of
*100
share
per
plus
unpaid
last
company
the
working
5%
week
Profit-
after
p.
dividend
preferred
that
at
in
stock,
view
time
this
$50.
par
of
No
'Interest
deduct¬
of
cash
6
Months
Ended
Of
31,
dividends
have
The
debentures
due
15.
V.
Dec.
40
Nov.
redemption
After
on
"
■
on
of
p.
3452.1
20
•'
15,
1948,
-
.
announced
minimum
these
days' notice.
147,
a
Dec.
on
next,
of
of
that
.
will
$519 212
$11,000,000
which
debentures
are
of
its
$21,071,600
callable
at
;,
<
a
call-
10-year
is
-
soon
23/4.%
outstanding.
102
and
interest
se£
.
A meeting of directors has been called for Dec.
17.. at which the
redemption date will be decided, the amount of the debentures to be
redeemed
No
new
and
other
financing,
particulars
however,
is
in
connection
expected
to
with
be
their
involved
debentures
to end
up
1943,
at
Morgan
convertible
including the
share,
a
are
Stanley
Line
oil
are
$33.33Vb
Negotiations
Pipe
the
trans¬
a;"':.'-:
pany
other
retirement.
in
action.
The
which
&
being
Co.,
Co., which
companies.
is
95
four
shares
cents
of
share,
per
Iaa,'
that
out
All
is
into
for
common
would
than
more
by that date.
shares of preferred
of
as
27,
$40
the
■
a
stock
of
the
com¬
but prior to Dec., 15,
thereafter, a-» -
banking
purchase
jointly
a.
share
a
by
on
for
owned
"
capital
'
of
group
the
by Continental
...
r
headed
Great
Oil
in
the
conserve
relative
its
cash
position
small
of
the
com^
This
work.ng capital.
-Earnirigs-
1940
1939
$269,145
$272,726
$188,607
125,842
86,407
82,223
41,563
99,799
63,896
62,924
23,024
2,825,794
2,236,744
1,984,315
1,573,799
I
1938
a
-
478,217
277,637
93,687
289,017
82,700
*82,541
154,
862.
p.
have
share
';
declared
dividend
a
on, the
made
were
Oct.
be
Oct.
31,
6%
of
75
cents
cumulative
1.
last.
the
on
The
6%
share
per
preferred
oil
stock
in
per share on the
holders of record
preferred
previous
payment,
1, 1938.—V. 154, p. 796.
stock
also
April
on
75
cents,
1,
was
-
and
by
taxable
as
*1941
—
The
sales
dividend
of
securities-
Dec.
capital
on
'
Investments
and
a\-:'.'a
'.
-
a
aa:
1,
1938,
declared
5.
same
'
time;
•
for
Receivable
receivable
securities
TotaL-
Payable
Payable
for
March,
p. 540.
formula
Power
&
during 1940
Provis'on
for
stock
Federal
capital
15:391*
2,908
30.235
ed
,
v--.,
59,668
stock,
and
State
.
-
of
will
•••a
.
•
37,665
m
a
Light
states
that
provis'ons
of
Investment
tax
also
laws
the
perta'ning ho
that, after
states
securit'es .of
reduced
reduction
the
51
1941,
to
78,691
a.
and
from
that
of
40,000
company
11.77%
%'A
cash
is
of
investment
and
market
35.210,594
1,385,443
1940
and
with
1,
1941.
dividend
Jan.
2
-•<•*-
of
to
$1.50
holders
a wage dividend to
employees^
by about $1.200,000.
Under the com¬
wage-dividend
stock.
common
to
rate
is
dependent
wage-dividend, to
This
approximately
$4,200,000.—
•
a
Services
Inc.,
inputs, of
which
client,
subsidiaries
are
Electric Power ,<St Light Corp,
with
the
and
corresponding
*
a;
'
1940
154,246
'75,845
104,675
do
not
Amount'
129,214
65,371'
25,032
10,474
90,943
include
the
13,732
system
periods.—V.
154,
inputs
of
any
com¬
1147.
p.
other
uninvested
of
on
total
assets
assets,
April 30,
a
1941.
had
been
material
^
the
to
of^ $2
of
total
of
an
years
Henry
oqt'on
a
paid-in
•
for
shares
Edson
of
value
of
nad
common
his
Edson
of
&
$5,000)
Co.,
for
and
stock
associates
Incl
2,500
at
have
(100
shared
■
granted
stock
common
5,000
Henry
capital- stock
stock.
is
exceeding three
granted
of
common
and
and
former
common
un'ts;
offering, Henry Edson, John Z. Kibl»r
purchased
share;
Lyons & Co.
shares
7,000
are
par
new
L.
above
have
per
the
no
the
W.
of,not
at
a
from
Edson,
option
an
price
the
John
of
to
purchase
$4
per
completion
Z.
Kbler
not
s'-'are
of
and
for
the
exceeding
a
sale
their
period
of
the
assignees-
per'od of three years (or terminating with
aforesaid option to Lyons & Co.. if said
a
the
expiration
is
letter-
.
Louisville, Ky., recently offered
unit. (Unit consists of one share
preferred stock (par $10) and one
(par $1) of common stock).
^ a-;;";: ■
;
per
cumulative
associates
a
Federal
companies.",, The
value
of assets uninvested
,A:V:
figures
addition
shares
stockholders, Calvin Bullock,
undertaking compl'ance with
Company Act
"mutual
the
quarterly
1941
Co.
appearing in both
exchanged
8.920 576'
giving effect to portfolio changes involving
corporations, stocks of 98 corporat'ons were held-, on
8.51%
including Oct.
Co., as compared
follows:
as
Lgt. Corp.
Lgt. Co._
&
price
-
$45,304,031 $45,710,387
—
than
more
—
■
$100, 'payable
amount
Ebasco
were
Lgt.
their
950
the
&
not
5%
In
55,126
,
1,374,634
to
&
above
share
$59,956
58,196
-
—
letter
Dividend
•
7,00.0 units at $11
,
*•'
$18,121
purchased__i__
expenses
surplus
his
>
A
;AI
Edison & Co., Inc., Louisville,
Ky.—Stock Units Offer¬
W. L. Lyons & Co.,
of
j:.'
taxes
Total
In
Pow.
a
37,486
Capital, stock (par 25 ce5nts)-__--__I._-___l_-l_-i. 8.836,504
Capital
surnlus
_'_
34,919.244
Earned
Pow.
The
panies
'
miscellaneous
Pow.
50,698
$45,304,031 $45,710,387
purchased
for accrued
and
the
the
on
next,
companies
Natl.
4,322,675
"
capital
own
payable
7.
,.
.64,929
—1.I
A-'*
-.-
,
the directors voted
in
Elec.
/' 29.475
.
securities
for
Accounts
1940
3,060,672
I
accrued
,
'
•
-Thousands of Kilowatt-Hours-
v
sold_.
Li
VAv
-;w
Common
usual
^American Power & Light Co.,
week
by
charges
Lab"Lties—
Old
_
-Increase-
1941
subscriptions to capital stock™.
on
J,A,!
.
-
Ebasco Services Inc.—Weekly Input—
the. week ended Nov. 20, 194|l the system
Amer.
:.
interest
the
'
•
2,179,872
.
of
and
to
the
was Increased
dividends declared
National
31
deposit, held
Guaranty Trust Co. of New York, Trustee
dividends
Extra
preferred stock, par
profit-sharing
154,
of
$42,115,812 $41,284,137
certificate
/
.
—
$2,500
of
For
$1,564,638
stock
Balance Sheet, Oct.
Oct.- 31,
>.
Dec.
operating
380,707
$1,839,358
—
at
12
April
also
the
consequently
paid
/
$1,945,345
353,440
2,318,015
^
made
Mass.
par
from
on
record
V.
19,484
a
$2,192,798
——
be
with interest accrued to
debentures to the trustee.
See
!"'%?
—
wiil
Boston,
price
usual
no
directors
share
be
55,848
429
-■
w_._
•
Street,
l-:r *•'■•'
74.904
-1—
Co.
Nov.
on
the
to
issue
The
per
Called
declared an extra dividend of $1 per
share,
quarterly dividend of $1.50 per share, on the
value, both payable Jan. 2 to holders of record
Regular quarterly distributions of $1.50 per share were made
this
on
c
$1,870,013
-
distributions..
Kodak
stock,
5.
upon
.
p.
addition
common
^
1940
Payment
Court
redemption
time upon surrender
1147.
directors
A*At.the
~
bond.
17
full
Larger Wage Dividend to Employees—
.
•' )
$2,117,465
from
•
-
seven
,<
154,
trustee,
receive
any
Eastman
.
in
"
V.
$1,000
per
Co.,
d
received
1003.
$6.11
may
A,i,»A :..A
stock,; approximately
and the company
dividends
income
Lakes
,
of
at
Association,. Inc.—Debentures
outstanding 10-year 5% debentures due May 1, 1945, have
redemption as of Dec 15, 1941, at par and accrued
for
Trust
15
which
>
Racing
the
Holders
1941,
p.
of
called
Colony
1213.
p.
*
President,
redemption date,
and
carried
Inc.,
the
of
proportionate
certificates
557,569
and
interest
1
stock
the
converted
converted
___—•
Deferred
issue
dividend
a
a
scrip
761,497
per
1
been
any.time to
of Nov.
J_
Receivable
.
it
shares,
holdings
issued
$372,464
•
Operating subsid. of—
.
Cash
(For offering of debentures in December, 1938,
.V ■',:,v:
:
of
points
Shares, Inc.—Earnings—
Assets—
(Del.)—Plans To Redeem $11,000,Debentures—Proposed Acquisition—Regular
company
the
the'
on
Chairman
income™
;
convertible
$105
at
-*
company
^Excluding security profits and losses.
.
Cash
—*
Dividend—
!
Tor
rate
redemption
1941.
the
Expenses
1941
392.
Its
for
15,
outstanding
entire
Fund Corp.—Registers With SEC—
Total'
for
.
Oct.
19,
preference stock, both payable Jan. 1 to
15, out of accumulated net profits or surplus.
Distributions of 75
July
the
Continental Oil Co.
000
the
proceeds
received
•
for
15,
railway™™
made on April
at present only about one-quarter of the original issue
outstanding: with holders of substant'al blocks of the remain¬
"Chronicle"
Net
<
warranted
-
-
Jan.
1941
Eastern
Co.—Calls Preferred—
the
that
called
22,494
been
Income—Cash
com¬
need
a
not
was
100
be
prior
cents
187,443
-114,366
-:
cumulative
giving effect to non-recurring profits and
but before Federal taxes-iu-i,™--™-™
charge-off,
153,
announced
a
date,
Earnings
—V.
721,841
79,7.27.
that
"Net
capital
cumulative
paid to
not
was
Dividend
Cosden Petroleum Corp.—Dividend Action Deferred.—
The
increased
of
to
1941.—
18
Nov.
Dec.
quarterly dividend of Sl.^'/a
4%
eligible to obtain the dividend: of 50 cents per share of
15 to holders of record Dec. 1; a total of $2.20
original
had
Dividends
on
701,570
^ 162,788
100,642
Years Ended Oct. 31—'
>
652.
p.
each
will
South Shore & Atlantic Ry.-
trustees
pany's
relation
pany,
been
688,850
Dec.
on
at
shares,
Diversified
holders
equity of the stocks of the company is $13,324,298. This is less than
the
present liquidating value of the
preferred stock, which has a
i
47,896
of
properly applicable to the capital stock.
intrinsic
or
will
states,
12%
profits
since
declared
record
for fractional
there
to
of accumulations
addition to the regular
its
company
of the
stockholders
•
dividend
for
and
intact
account
to
shares
the
to
the
remains
preferred stock.
It further proposes to
presently outstanding class A and common
any consideration to the holders of such shares.' The
value of the new common stock to be created by the
reclassification,
to
31,621
'
•
- 176,605
redemption,
outstanding
and retire
aggregate
will
as
presently
cancel
58,916
ing stock having stated that they plan to convert.—V. 154,
com¬
therefore,
proposes,
reclassify its outstanding preferred stock into such
and
A
the
to holders of
receive
stock
taken
was
oper.
The
$116,472
42,370
38,635
$104,866
payable Dec.
four
reports
and
company
Of-
•
from-
directors,
class
been
has
for
preferred, at
to one
the
the
of
current
'Eastern Gas & Fuel Associates—Accumulated Dividend
:
also
of
one-half
own
to
stock
29
purpose
thereby hold
'Deficit.—V.
and including Dec. 10, 1941, aftet
which date this right w.ll cease.
The company also points out that
by converting before the-close of business Dec. 1, 1941, preferred' stock¬
share
if the stock
its
6%
from
Net.ry.
Dec.
rights.
its
dividend
from
amount
follows:
will
that
action
from
each:
Based on an appraisal of all of its assets made toy an independent
engineer, the company states that the class A and common .stock are
"without
the
as
from
Net
Date
1939
-
A
>
49,144
Chemical
dividend,
converted,
entitled
is
salary
1941
like
a
»zy'
to
53 795
announces
stock
call
without
are
stock
with
payable Dec.
From Jan. 1—
Gross from railway, i.
'
670,576
130,921
Almy
&
company
its
may
preferred stock
and the
preferred
stock
common
participating
in
of
quarter from
fractional shares.
and
Dec.
railway
preferred
the
on
made each
were
and
wage
made
./
1—
plus accrued
June
securities
preferred stock, no
$1,480,000 of class A non-
(due to default in the payment of dividends)
for
vote
$99,585
•
31,468
oper.
Dewey
-
states'.,
Santo
cumulative
$6
shares
There
par).
that
at
Mallorca
had
participating
($1
stock
bonds,
(183 088
cumulative
stock
of
company
the*
23 to holders
paid,—V. 151, p. 1892.
railway
railway™™
Net ry. oper, income™-
;
company controls 50 utility subsidiaries operating in 18
in
the Philippine
Islands, Canada, Puerto Rico, Haiti,
Domingo,
was
Octobcr—
mortgage 4 % bonds, due
Morgan. & Co., Inc., New
42,432
income___
154, p. 862.
—V.
security
Tne
30,
a
Compensation
:
dividend of $2 per share on
structure
corporate
certain
among
from
Net
company filed an application
the Holding Company Act for
holders
and
from
Net
SEC
$96,993
,
income.
oper.
From Jan.
cation.
Tne
ry.
railway
railway
from
Net
gating from $75,000 to $100,000.—V.
record
consideied
Net
.
ployees
of
Gross
as
and
15
"
•it'""'".*>•'-*
October and Year
of
1941.
the
on
ofiice
at
paid
being
now
.
.
'em¬
its
to
The
1995,
and
1
declared
stated
For
„
'
Sept. 2, last.
stock,
Duluth
$1
last,
.
Detroit and Mackinac Ry.—Interest—
•
of 50 cents per share was recently declared on
of
]
dividend of $2 per share on account of
the $4 cumulative convertible preferred stock, no par
made
were
Aug.
par
also-
was
holders
Our
Consolidated Paper Co.—50-Cent Dividend—Bonus to
stock,
to
Counsel, Messrs. Beekman, Bogue, Stevens and Black advise Uf£
that the declared stock dividend will not
subject you to any Federal
income tax iinder existing Federal tax laws.—See also V
154, p. 1190.
A'-H
a
value, payable Dec. 20 to holders of
each
'
A dividend
share
per
2
'
'
Employees—
cents
Jan.
necessary in view of the uncertainties of the future
and in due consideration of the
enormous amount of taxes which are
a,
considerable drain oh our treasury.
'
.248,812
Derby Oil & Refining Corp.—Accumulated Dividend—
Inc.—Output—
1147.
p.
also
stockholder
This
pany
796.
p.
>
,
62 xk
payable
Nov. 24 declared a
shares of common
lieu
789,895
658,851
28,440,382
railway,.1™
income™
154,
of
stock,
distribution
Doehler
-
oper.
ry.
—V.
company
announced production of the electric plants of its
for the week ending Nov. 23, 1941, amounting to 149,100,000
compared w.th 147,100,000 kwh. for the corresponding week of
1940, an increase of 1.3154,
A
Distributions of $1 each
connection
H.
interest.
$2 ,114,981
884,613
-
15
cents
957.
p.
on
first
Each
1Q1Q
560,414
amount
May
25
directors recently declared a dividend of 25 cents
per share on
stock, payable Nov. 28 to holders of record Nov. 22.
This
the
In
Six
1Q4f>
1939,
Doehler Die Casting Co.—Re. Stock Dividend—
'
RR.—Earnings—
1Q41
From Jan.
Net
$0.62
system
tnon
154,
directors
common
...,
Consolidated Edison Co. of New York,
dividend
class
1936, when 35 cents
>
-
•
$3,477,464, $2,360,680' $2,790,171
1,277,884
764,249 -T 1,152,838
oper.
ry,
Gross
332.
p.
•
,
26,
'
1
quarterly
15.
Dec.
common
the. common
was
'$604,644
-
■
<~Wnhpr
-
$1.59
-
1147.
p.
Dec.
on
like
and on
Oct.
stock.
10.—V.
The
common,
a
1003.
p.
cents
the
A
last,
(The) Dobeckmun Co.—Resumes Dividend—
to
•
$1.11
or
50
15,
on
4.
Dec.
.
Oct.
20, 1939, and on July 1, 1938.
Previously,
payments of 37V2 cents per share were made On
the
on
declared
been
record
and
$3.29
$1,256,036,
amount sufficient to exhaust $46,596.25.—
an
Gross IrOrif railWay____
1941—9 Mos.—1S40
$277,201
$0.92
to
1966,
_
kwn.,
and
of
20
employees actively employed by the company on Dec. 31,
V.-152, p 2066.
>
H.
(■& Subs.)—Earnings—
1941—3 Mos.—1940
—
1941,
comparing with $700,992,
common,
..
$4.32
September quarter of previous year.—V:
Net from
Period End. Sept. 30—
as
has
holders
May
against
.
Net
Consolidated Cigar Corp.
profit
per sh.
on
517,625
-
' '
Cumberland County Power & Light Co.—-Tenders—
of
rate
a
to
on
quarterly
usual
Tne
The Old Colony Trust Co., 17 Court Street, Boston/Mass., offered to
receive bids until Nov. 28 for the sale to it of first mortgage bonds,
31%, plus one-quarter
deficiency in the accrual prior to Sept. 1, 1941.—V. 154,
p. 332.
accruals
17
common
was
72,000
*<
$885,662
surp.
73,000.
.
.
*
'
common
___i
'
those
16,537
declared
date
379,702
,
steels and chemicals.
Sept. 30, 1940, to and i including Sept. 30,! 1941, .and
On Sept. 22, 1939, and on Dec.
23, 1937.
'
$1,975,160 ' : $1,703,006;
share
share
a
share in-
13,858
stock™.,
common
per
quarter ended Sept. 30,
$2.18
Note—Accruals for Federal income tax applicable to the 1941 periods
were
based on a rate of 30%
up
to September, 1941.
Effective on
of the
Jan.
share
per
18
issue
1940,
The directors
,
258,808
_____
Earnings
and
and
379,702
.';
non-ferrous metals,
outstanding $5,000,000 of capital stock, payable Dec.
$2,082,708
__
dividends
Shares of
debt
(
dividends
$2,613,670
.
com¬
Dividend
primarily in selected common stocks.
during the year,, additional purchases
(Joseph) Dixon Crucible Co.—$2 Dividend—
.
423,980
v
19,
on
Dec.
424,160
^ 555,879
1,773,257
'
profits tax
excess
Surplus
against
for
$3,486,727
540,553
of
"
Dec.
this
on
declared
112,267
$5,413,366
.•
-sales:
on
$3,374,460
and
tne other,
on
management
,
their-fourth- quarter's
722,323
Balance before divs.._
divs.
the
$2,368,830
____—-—__
Balance
Dec.
regular
1:229,003
.
payable
each
22,898,279
234,701-
the
were
3495.
p,
paid
and
$26,501,742'
the
disparity
activity
invest
A dividend of 25 cents
record
747,419
926,609
$1,754,659
expense-
charges
!;
etc._^_^
investments
Was
1940
to
disparity,
wide
the
stock prices
common
31,
152,
stock,
n
continued
and
Dixie-?Vortex' Co.—25-Cent Dividend—^
;
'.'-.5fv*'
$35,259,567
I. 29,842,606
_
Interest and amortization
345,000
345,000
$1,681,462
(neti—__
interest
The
stantial
—V.
/
A
1941
income
Common
debt™1
exps.
p rem.urns
Other
1
15,
hand
one
~..
1941, the petroleum stocks constituted the largest 6ingle
group in the portfolio,, Other groups represented by sub¬
Oct.
Dec.-1ft,
:
-
On
on
Dec.
the
»
-
______™___.
d.scount,
Net
paid
and
and
letter, after calling, attention to
between the trends in industrial
on
have worked lower
been made." v,,/•
.industrial
Inc.—Earnings—
_______
Total income
capital
Amortization
*
were
15
10
Wholly-Owned Domestic Subsidiaries)
sales
Operating
$4,083,075
534.449
StateV
funded
on
Earn,
June
June
as
prices
have
The
3,834
,—,
before
charges
.
amounts
on
on
p. 3965, 3020.'
Preferred dividends
that
Like
1940;
and
Sept. 30—
and expense
Amortization of experiment
,
$3,104,794
429,963
2,626
mu11.c4.al
Bal.
.
As
'
a
1941— 12 Mos.—1940
$3,208,175
461,802
_
Taxes—f ederal,
Pfd.
29.
16,
1938,
Costs
'► \S
$4,245,745
4,347
Depreciation
and
Co.—Earnings—
$3,205,549
earnings
gross
(Including
9 Mos. End.
Net
V1
1941—9 Mos-JL940
revenue™
Maintenance
'
and
regular dividend of
the capital stock, both payable
on
15 and Dec.
and
10
Q*--
Distribution—
share
per
Crown Cork & Seal Co.,
,
.'A: /•/'-
*
Period End. Sept. 30—
Int.
956;'/,V-,v
p.
.
15, 1940, and one of
share was paid on Dec.
1939.—V.. 154, p. 956.
per
15,
Connecticut
a
1937.—V.
^
;
Corp.—Extra
25
June
on
June
on
of
holders
15
quarterly dividend of 25 cents per share on
payable Dec. 15 to holders of record Dec. 1.
usual
stock,
common
extra of 25 bents
An
154,
directors have declared an extra dividend of 50 cents per share
The
the
in
as
recently declared
were
Dec.
1939;
in
same
Petroleum
dividend
extra
June
i
>
Creole
An
'
'i
share, the
a
% Inc..
1941
150,186,000
Week Ended—
,
Nov
to $1
year
President's
existing
modity prices
■
commencing from the date of the f'rst public
offering of
present securities, to purchase not
exceeding 950 shares of com¬
mon
.
of
the
period""
longer)
the
stock
at
Company
June
24,
financing
$4
per
and
1938.
plan
....
a
was
incorporated
• s.
.
in
purchase
dealers,
;aI'A:VVA:V
•r,
share.
Busmess—Comnany
Company operates "the preferred
for gas and electric appliance
Kentucky
plan," a
through - the
,
Volume 154
'Number 4013
THE COMMERCIAL & FINANCIAL CHRONICLE
General Aniline & Film Corp.—Additional Dividend—
Of-The
directors
the
share-on
B
On
stock
the
'
addition
the
cents per
$1
per
share on the common
12,
1940.—V.
154
958.
p.
dividend
extra
an
of
$1.25
per
J
share
dividend of 25 cents per share on
stock, both payable Dec. 20 to holders of record Dec. 1.
of
extra
declared
have
the
to
common
An
additional dividend of
an
10
to
Cigar Co.—Extra Distribution of $1.25—
directors
The
15
distributed .on Dec,
stock
B
common
General
in
declared
21
stock and
A
holders of record Dec.
v;
.
Oct.
10, last., a dividend of $2 per share on the common A
and of 20 cents per share on the common B stock were paid,
compares with 75 cents on the common A. stock and 7V2
cents
which
on
Nov.
on
common
both payable Dec.
stock,
$1
usual
quarterly
share
per
paid on Dec.
was
1940.—V. 153,
20,
988.
p.
'
of Stocks For Util¬
General Finance Corp.—Exchange
$2,716,041
$2,380,284
$545,455
45
ity & Industrial Corp. Assets—
Dr2,091
11,387
'
'
/.-
■
,
$545,499
t.
•
■»
$2,391,671
m
;11..
$2,713,950;
Corp.
the
450,941
the
This amount represents
auditors, Lybrand, Ross Bros. & Montgomery.
183,882-
534,787
'45,960
close of
Industrial
with
112,437
.
business Sept. 17, 1941, the net capital ol Utility &
amounted to $1,768,537, as determined in accordance
agreement and act of merger, and as reported on by its
At the
.
:183,144
the
of
excess
.
of
assets
corporation
the
the*t
its liabilities on
over
day preceding the vote of approval of the merger with General Finance
Corp.
Accordingly, the following securities of General Finance Corp.
became issuable in exchange for the outstanding stocks of Utility Se
Industrial
Corp.:
evidencing
Balance, to
Amount
,
earn. surp.
Federal
,
of
shs.
income
above
shown
$1.74
$2.24
profits
tax
in the
existing laws and
stk.
com.
and
tax
excess
for
During
(2)
.
River
the
their
dissolved.
and
assets
and
Co.,
Harbor
Grays
1940,
year
Transportation
A
Light
&
Ry.
after preferred dividends" after eliminating these companies
periods is $213,010 and $167,407
for the three-month
1941 :and 1940 respectively, and $914,860 and $1,021,659 for
the 1;2-month periods 1941 aod<1940 respectively.—V. 154, p. 1053.
distribution
for
57c,
or
examples;
Utility & Industrial Corp,"
rata
pro
the
among
War'ts to purch.;
Series A
Common stock
Preferred stock
.30 sh„
1.52 shs.
1
,1.52 shs.
L_w—
3.04 shs.
3.04 shs.
'}
receive.—.,——
7.61 shs.
1
Share
5
.30 sh.
Shares -will 'receive
receive—
will
(.30447861)
'
New York-Stock
The
of
shares
for'
742,196 shares. '
The
directors;
of
shares
the
44,150^
applied
(no
making
par),
total
the
amount
such
meeting held
at-a
stock
for
5/1941,
Nov.
on
and
issue
sale
Shares will
50
reserved 31,150
officers and
such
to
Shares
Shares
will receive
7.61 shs.
15.22 shs.
100
•
common
of
account.-
Shares
will
30.45 shs.
mon
Common stock
between
and
the, company
Lumber
Sumter
Co.,
agreement,
wholly owned: inactive subsidiary.
a
Interim Statement of Earnings—
,
and
Company
."V:,;.■.,
reported
subsidiaries have
its
follows:
as
>
.
.>
the 10 periods of four weeks-each ended Oct. 4, 1941, net income
$1,390,035 after provision of $1,302,177 for Federal, State and
-;i For
was
foreign taxes including $645,142 for accrued Federal excess profits tax..
For
corresponding period of 1940, net income was $1,183,352 after
Federal, State,and foreign taxes of $408,010. After providing
on
the $4.50 cumulative preferred stock since issue, the.
the
estimated
*
.88 sh.
1.00 sh,
(This
Sept.
reflecting
basis,
Industrial
&
basis
assumed
statement.)
and for. the possible purchase by the com¬
pany from the same .vendor of approximately 56,000 additional acres
of land in Mississippi.
Such land will be sued for timber operations.
Company is constructing additional felt mill facilities at Vernon, Calif.
Company has completed, the organization of Hollywood Paper Box
Corp.,
—
receive—:—
the
paid one-half in cash and one-half in common stock of the com¬
taken at a price approximately equal to the market price forcommon' stock of the company at the time of the execution and
of the
receive—
receive
will
Utility
pany
delivery
will
will
V
Inc.
the issuance of such shares there will be credited to the com¬
capital stock account the amount at which such shares are taken
;
.44 sh.
Shares
50
1941,
17,
stockholders
Corp.
for
,22
.44
.88
1.00
.
sh.;
sh.
sh.
sh.
is favorable to
approximately 5.7% over
valuation,
by
which
1941,
30,
June
purch.
.01 sh.
.09 sh.
.22 sh.
113 Shares
to
Common stock
(.008834581)
.09 sh.
receive
100 Shares
has entered into an agreement with Sumter Lumber Co.,
Inc., which agreement provides in- substance for the sale by Sumter
Lumber Co., Inc., and the purchase by the company of approximately
72,000 acres of land in Mississippi and Alabama, the purchase price to
the
.01. sh.
receive—
will
shares: will
25
Company
be
War'ts
Preferred stock
,
receive
will
Shares
10
making up-the purchase price for the land covered by such contract.
in
Share
1
>
15.22 shs,
30.45 shs//;/'
Series A
determine;
shall
meeting, directors authorized the issue of not to exceed
of the common stock in accordance with the terms of
agreement
Upon
receive
its
may
offering
,
same
shares
13.000
the
board
the
such
h,
and
company
as
each
•
the
At
the
terms,
that
ever,
receive
10
subsidiaries, at such times, and
it being provided, how¬
be at a price not less than the
market price on the New York Stock Exchange for the common stock
at-the time of offer.ng,.
All amounts received by the company from
the sale of these-shares, will be credited to the common capital stock
employees
on
will
•
25
stock
common
'•
common
" General Finance Corp.
' '
Preferred stock
Flintkote Co.—Listing—Acquisition, &c.—
the preferred
,
exchange of Utility & Industrial Corp. stocks for the
securities of GCheral Finance Corp. is illustrated in. the following,
new
both
from
.
which
and warrants
basis of
i The
periods
merger
Industrial Corp. in the following proportions:
8,843 shares
stockholders.
Surplus
of
act
preferred stock
distribution to the stockholders
available for
will be
and
agreement
series A
shares, or 95%, for distribution pro rata among
stockholders;
North
Co.,
Willapa Electric Co., disposed of all
comparison of the "Balance to earned,
the
7, • such
Oct.
stock
common
168,011
regulations.
of
terms
the
to
.effective
Of Utility &
under
estimated
been
have
became
:
.,
.
Pursuant
$1,173,823.
$911,417
$163,614
$213,010
,
share on 524,903
per
Notes-^(l)
,
amounts
.
right to purchase
the
stock.
mon
*
' '
preferred stock (par $10) ; warrants
176,854 shares of $1 par value com¬
■
shares of Series A, 5%
176,854
,«
used
was
the
in
proxy
,
for the
Certificates
of General
Finance
series A preferred stock,
new
Corp.
being prepared and
are
scrip and warrants'
will be available for
General Finance Corp. will act as its own
making the exchange..
Dividends have been accruing at the rate of 50 cents per share per
annum on the Series A preferred stock from Oct. 7,
1941, the effective
due
delivery
in
transfer
agent
of
date
course.
in
These dividends, of course, will continue to accrue,
exchange of stock has actually been completed.
merger.
whether
the
not
or
Dividends
The first dividend to be received will be a partial
of each year.
Nov. 25
25 and
payable on the series A preferred stock on May
are
period from Oct. 7, 1941, to and includ¬
ing Nov. 25, 1941, representing only 50 days, and will amount »
approximately 6 8/10 cents per share.
Scrip certificates may be sold or may be combined with additional
scrip and then exchanged for whole shares at any time to and includ¬
ing Nov. 30, 1944; or may be retained and surrendered after that date
for their proportionate share of dividends due and the cash proceeds
semi-annual
realized
payment for the
preferred stock represented
the sale of the shares of series A
on
outstanding scrip.
Inquiries with respect to the sale or purchase
may be directed to: Jackson & Curtis, Chicago and New York;-„.
Charles
A.
Parcells
&
Co.,
Detroit;
Langill & Co.,
Chicago; and
by
of scrip
Georgeson & Co.,'New York.—V. 154, p. 541.
dividends
for
686,196 shares of. common
stock outstanding compared with $1.74 a share in
1940 on 078,546
shares then outstanding.
'%
*
For the three periods ended Oct. 4,' 1941, net income was $373,771
after provision of $765,598 for Federal, State and foreign taxes includ¬
ing $583,626 for Federal excess profits tax.
For the corresponding;
period of 1940, net-income was $561,881 after estimated Federal, State
and foreign taxes of- $225,306.
.
>
For the 13 periods ended .Oct. 4,
1941, net income was $1,643,234
after provision of $1,396,772 for Federal, State and foreign taxes in¬
net
in
income
1941
$1.94
was
share
a
on
.
-
cluding $645,142 for Federal excess profits tax. For the corresponding
period of 1940, net income was $1,472,629 after estimated Federal,of $492,193.
Net sales for the ten periods ended Oct. 4,
1941, were $20,273,478
State and foreign; taxes
$15,066,999 irf the corresponding periods of 1940.
the three periods ended Oct. 4, 1941, net sales were $7,127,047
against
For
compared- with $5,903,727 during corresponding periods of 1940, and for
the 13 periods ended.Get., 4, 1941, net sales were $25,104,227 against
$19,005,294 in the
corresponding periods ended in 1940.—V. 154, p. 1191.
Operating
expenses
Provision
for
Net
Ended. Sept. 30, 1941'
Gross
Int.
Prov.
"Net
profit o»*salesi-*_^l:A-,i-:_i—
profit,—
820,286
321,138
—
—__——
^Earnings per Sharej-i.^
interOSfv^idebrwiatiohV1Federal
income and excess
fOn 217,966 shares of common stock.—V. 154, p. 150.
taxes.
.
;
& collat.
——
tax
(est.)
$574,483
$517,844
income
accounts
.
stated exclusive of losses on sales of marketable;
earned surplus account.
for Federal income tax by the subs'daries does
not give
effect to increase in normal income tax or for the excess
profits tax provided in the Second Revenue Act of 1940.
(2)
Net
is
income
(3)
The
provision
;
profits*
Sheet
-Consolidated Balance
>
.
Assets—
Sept., 30
___.
Foresight faiindaUpu, Inc.—Smaller Dividend^—
directors
DCc.
15.'
on, Nov.
24 declared a semi-annual dividend of 5
the class A stock,
ot 6
Distributions
Special
cents
payable Dec. 30 to holders of record
cents
per
share
were
made on this issue
30, last, and Dec. 27, 1940, as compared
1940.—V. 151, p. 3559.%" '"
June
on
on
—
—
with
7
cents on
deposits
——
.—.
.___
—
i,——__w_—/■1J'
receivables
482,642.
" 96,720,,
;
232,689
264,944
29JB13
98,294
it——_
Inventories
——-
accounts
Preferred
243,295;
945,648
99,144
12,958
—152,015
less reserves—
Accounts and notes receiv.
Fort Worth ^CJDenver City JK,yv---Earnings-»-;
4,383,828
93,980
;—_
-
Cash in banks and on hand-;
Marketable- securities
Accrued
1940
$12,846,609 $14,601,503
4,307,704
Installment
June .28,
,
1941
.
capital
Investments
per share
$405,887:
of California Water Service Co., a sub¬
sidiary, are not consolidated herein,
income from the investments-;
therein being
included only to the extent that dividends have been
The
V Notes—(1);
Fixed
The
( $829,144
226,871
trust bonds
.
for-Federal income
Net
.
subsidiaries
of
interest
^$1,03
_
——
$802,848 % $925,760
341,606
359,084
revenue—,.—.,—
income
1st l'en
Other
—
—
charges
on
—
20,484
18,455
150,967%
718,235^
receivable
expenses and
deferred charges—i
'
October—.
Gross
Net
Net
ry.
From
Gross
—V.
.
1941
.
$579,013
.138,947
oper.-income—_
railway
Jan.
1—
* *
"«,r'
oper.
<$572,608
181,483
166,151
106,885
102,396
4,910,558
1,394,488
.1939
— v
-
5,004,593
..
1,378,260
686,288
814,632
income.—
1&4. p.'863.
•
!
t
'
■
Total
'
Liab'lities—
-
607,037
1
_—
—
'
'
-
:
$13,862,197 $20,937,738
'
■4U.<
.
.
V '
Notes
$9,025,700
payable-
Accounts
Accrued
for Federal
dividends
income
7,500
billed
Deferred
in
tax
Consumers
Preferred
5,1394,025
—
157
21,559
com.
of
/
deposits
•.
4.536
•
Total
"Includes
exoenses.
tRepresented
11,764
3,814,400'
217,622
3,237,739
' 634,919
Dr55,700
$18,862,197 $20,937,738
——
accrued
92,966
1,021
290,000
.
—12,459
;
——
tRepresented by
..
1,040,000
of subs.
preferred stock—La.
:
3,814,400
Common stock
(par $1)_*_—
217,622
Paid-in and capital surplus———————.
%
3,176,289
Earned
surplus
:
886,060
^-Preferred stock in treasury.,—Dr55,700
-
55.310.
111,410
subsidiaries-—
stock & surp.
25,191
55,979
extensions.
other
stocks
int. in
8,151
6.025
preferred stocks of subs-
on
:
for
and
t$3 cumulative
109,414'
advance
Miscellaneous .revenues
Min.
275,641
179,125
(est.)
96,763
236,907
.
credit
Contributions
249,304
'114,018
■—
Funded debt called, for redemption
Services
$11,872,218'
,
.
—,
i__i_.
payable
Accrued interest and taxes
Provision
1
.
,
Funded -debt'
-
railway-—5r ;-/ 5,320,116
-railwayl%ll_ -• 1,555.266-
from
ry.
1940
-$537,839
64,758
Net' from
Net
.
railway—_—
from
from
>
1939
$2,215,268
1,163,344
222,780
1940
$2,382,243
1,218,335
238,154
,
,
securities charged to
$10,771,646
Gross
income
Prior
1941
$2,124,126
1,131,291
189,988'
.
depreciation—:.—
operating
Other
;
Consolidated* "Ea-nirigs lor 9"Months'
30—'
revenues
Operating
received. '
(& Subs.)—Earnings—
Follansbee Steel. Corp.
Subs.)—Earnings
General Water Gas & Electric Co. (&
12 Mos. Ended Sept,
.
.
bv
76.288
1,114 shares of $3 preferred stock.—V.
no
par
shares.
153, p. 99.
■
1264
THE COMMERCIAL & FINANCIAL CHRONICLE
:
v'.v, ■<*,f.J:- 0
synthetic pine oil
properties as natural
pine oil.
It may be described chemically as a well-defined mixture
of terpenes and secondary and tertiary alcohols having a mild aromatic
pine aroma.—V. 154, p. 1191.
r;\-;v V>'*.r ;
paid on Nov. 30, 1940, and on Nov. 10,
The
paid on the common
special, dividend of 50 cents per share was
stock on Nov, 22 to holders of record Nov. 13.
A
A like amount was
1939.—V. 151, p. 2645.
:
Hinde & Dauch Paper Co.
a year-end
dividend of 50 cents per
payable Dec. 22 to holders of record
Dec.
10.
Distributions of 25 cents each were made on July 1 and
Oct. 1, last, as compared with 50 cents on Dec. 24, 1940, which was
the first payment since April 1, 1938, when 25 cents was distributed.
V.
have
declared
common
stock,
directors
the
on
1191.
154, p.
substantially the same Chemical and physical
of
Co.—Year-End Div.—
General Railway Signal
The
share
V
•
,
-
9 Mos. End.
•Net profit U
(Earnings. per share
•After
week Ended Nov. 1^
Operat*
154,
p.
$1,333,004
$1,006,841
•Net
share
per
Dividend—
153,
$0.96
selected
$841,755. $1,170,154
$705,151
sh.
$1,104,139
on
Sept.
450,442
of
50
cents
$25,
both
of
par
154.
152.
p.
v
by this company.
to resulting in
1937.—V.
Gross
990.
p.
End.
dividend
stock,
holders
to
v.
151,
This com¬
of
cents
5
to
addition
in
Sales
&
Cost
Other
2,498,658
22,254
expenses
income
_
usual
90 cents
taxes
Excess
profits
Net
share
per
386,585
—V.
261,000
195,000
,
_
$0.54
^ r
$0.63
interest
37,000
272,890
$1.26
$1.14
•4
Pay Interest—
coupon
End.
(& Subs.)- —Earnings—
4-■
Nil
$0.16
$1.59
$1.82
244.
p.
V.
• ,
.
-v.*-
;
■
•
<
Hudson & Manhattan
14, ,1940.—
End.
...
.Vi'
'*y
.4.
26,
1940,
25
and
cents on
Manufacturing
(Mich.)
Hastings
of
Nov.
27.
p.
Gross
income
Income
4,567,023
$1,767,186
End;
Operating
Operation
Oct.
Net
Co.—Registers With
Int.
28,489
Maintenance
$1,827,280
7,232
operat.
$6,998
revenues
'
32,344
;
adj.
647
$6,115
$96,817
2,917
35,000
35,000
income
$4,390
$3,198
$61,817
1,497,798
155,923
148,097
1,547,842
44
44
762
in
$381,632
■
$4,346
$3,155
$61,054
$57,176
accruals
reserve
.
:V
$92,737
37
Va
116,612
1,185,542
1,198 712
$65,532
$56,705
$809,762
share
per
26,
Net
income
Dividends
—V.
_
p.
This is
864.
1937,
directors
have
declared
this
issue,
last
the
one
at this
rate
being paid
15, 1939, the company had paid an extra of
the regular of like amount.—V. 150, p. 3977.
to
(George W.)
per
and
declared
an
extra
dividend
4
25
50
both
A
cents
share
per
regular quarterly dividend of $1.25 per share on the commonpar $25, both payable Jan. 2 to holders of record Dec. 6.
An
stock,
of
$2
stock,
share
paid
was
i
•
•{■Earnings
•
$73,024
Nov.
excess
—V.
(
153,
profits
p.
tax.
1276.
no
directors
,
'
the
on
Dec.
8.
June
25
This
and
1940, and
'
60
Nov.
26
declared
Sept.
25,
last,
a
a
yearrend dividend of
$1.05
New-Process For Synthetic
20,
on Dec.
-
Output- of Pine Oil—
"
The
company
announces
a
new
process
v
dividend of 50 cents per share
to
made
holders
of
Dec.
the stock since Aug.
on
record
with 25 cents
12.
31,
is
dividend
disbursing
agent
661,215
;4 16.598
discount and
hhve declared
a
dividend No." 2-~
$751,308
deducted
amounts
for
"'
share
Dec.
on
Sept.
2,
Dividends
have
also
declared
\
.
the
regular
quarterly
,
4: /''.'.v-.
dividend
of
on
Go,—$LExira^Dividend^;vf
? :•
-
1
Latter amount was also
1.
last.
paid
and
per share has been
paid on .March
June
1, *$1
the
1, June
2
...4-4
follows:
2/ '$24each} and
-;4,7
r
during
calendar
each;
yDec. 24, $1.—V. 152,;p. 3500.
year
194P
Dec.
Sept::3""and
..
„
Were
as
,T>7,^4'(
The directors have declared a year-end dividend of 25 cents per
V share on the common stockv payable Doc. 12 to holders of record Nov;
A. lake amount-was paid- onMay 16
and Oct; 17-,' last7 The
previous payment was 25 cents on Dec. 23;-1937:—V. 154, p. 751.
* •
"
in
$737,051
Federal
the
income
tax
1941, and Federal and State income taxes for the period
Sept. 30, 1940, which would have been payable on earnings of
during such periods if the company had not had the
30,
ended
the
company
for
income
tax purposes of deductions for discount, premium
incident to the refinancing of long-term debt during 1939.
expense
amounts
amortized
cost
been
have
the
of
that
indicate
pany
required.—V. 154, p.
.
Period End. Sept.
income
stock
credited
as
for
provision
1054.
offset
partial
a
Calculations
refinancing.
no
Federal
the
to
by
made
the
profits
excess
un¬
com¬
tax
ii
(& Subs.)—Earnings—
1941—3 Mos —1940
30—
$480,027
$1.04
depreciation, Federal taxes,
154,
1941—9 Mos.—1940
$656,973
$0.74
....
(par $1).—V.
p.
$1,517,554
$1,607,749
$2.36
$2.51
,
.
tOn 593,865 shares common
etc.
152.
(W. B.) Jarvis Co.—Earnings—
•
Mos.
3
•Net
Ended Sept.
After
—V.
30—
1941
profit
(Earnings
1940
$161,297
■
share^.^..^—_>_■
per
^ —
1939
$127,575 7:
$0.43-
$0.54
$143,688
:,7
$0.48
depreciation, Federal income'tax, and in 1941
for
153,
excess
1277.
p.
profits tax.
(On
and. 1940 after
300,000 shares of capital stock.
V--:
•;
"
Joy Manufacturing
Co., Franklin, Pa.—TcrxIssue $2,500,000 New Preferred to Raise New Capital—;
;
'.-For the first time in its- history the company, one
cipal manufacturers of; mining equipment used largely
minous
public
coal
industry,
with
which
revealed
to
of the prin¬
in the bitu¬
plans
to seek equity capital directly from the
finance its increased volume of-business.*-This
by J. D.;vA. Morrow, President, who announced the
special meeting of the stockholders to be held at Franklin,
Pa., on Jan. 19 to authorize the creation of 35,000 shares ($100 par)
preferred stock and to increase the authorized $1 par value common
was
calling of
stock
.
a
from
500.000
to
750,000
shares.
'
•
-
:
Subject to the stockholders' approval, it is proposed to offer publicly
$2,500,000
<25,000 shares)
of
5'/o
cumulative
convertible .preferred
stock, the proceeds to be applied toward the paym'ent of all bank
Joans
recent
"j"' Interlake • Iron Gorp;-~Year-End Div. of -^S-Cents-r-1
V> 28.
depreciation
filed
provision
dividend of 20-cents.per share on the
' 44-; j
directors
March
Cr2,438
of
■:v:^4-Y:4" "'4/v.
152, p. 4125.
72,082
Cr3,792
charged to construction
•After
compared with 25 cents per share on Jan. 2,
1940.—V.
27.614
60.687
expense
income
Sept.
Co*—30-Cent Common Dividend-7
value, and the regular semi-annual dividend
as
661,457
debt
bond
on
the com¬
of
145,754
$1,495,767
by the company are substantially larger than the pro¬
visions for
depreciation set forth above.
(These charges represent
amounts
equivalent to Federal income taxes for the period ended
the 6% : non-cumulative preference stock, par $10,
1941,
-Ingersoll-Rand
and
«
for the ^synthetic-production
of pine oil from gum turpentine which makes it possible for- the-naval
stores industry to meet current demands of the national defense pro¬
•
a
22
stock, par $10.50, payable Dec. 10 to holders of record
An initial distribution of Jike amount was made on Sept. 10,
per
payable
•
year-end
cents in each of .the three preceding quarters, iv
unfunded
These
declared on the common
stock, no par value, payable Dec. 24 to holders of record Dec. 8.
A
quarterly distribution of $1.50 per share, previously declared, will be
dividend of $1.20 a
common
stock, payable Dec. 19 to holders of record
compares, with
60 cents per share paid on March 25,'
on
Dec.
566,874
7,650
$1,486,014
long-term debt
of
640,209
-
150,224
& State income taxes.
on
•Net
44 An extra dividend of $1
par.
Hercules Powder Co., Inc.—$1.20 Year-End Div.—
The
on
preced¬
the i> %- cum. pref.''stock, series A, payable. Jan. 2
to holders of record Dec. 12.—V. 154, p. 797.
'.4 '-•* •
• -■•••-
..
j
share
income- taxes
on
Amortization
277,688
668,544
621.507
133,079"
-1
earnings
benefit
to be
.4 4
.
The
$1.25
i $0.94
|On 311,100 shares of common stock,
par
on
$5,261,226
' 2,127,285
common
20.
last.
$291,899-
After depreciation, development expenses, Federal income taxes; in¬
cluding reserve for increased income taxes, and in 1941 after provision-
for
cents
two
Dividend—
Indianapolis IVater Co^Common
:
*
$840,837
1,
The directors
1941—9 Mos.—1940
^
$1.07 .^$0.23 ^$2.70
share—-:;
per
/:'r
1941—3 Mos.-—1940
-
profit-,—$334 334
Net
4 .21.241
2,329.480
depreciation
tCharges in lieu of Fed.
•
in
Hercules Motors Corp.—Earnings—
Period End. Sept. 30—
•Net
July
on
class A
\*
no
share
1941, and on July 1,
the beginning of each year from
Jan. 2, 1929, to and including Jan. 2, 1941, and, in addition, a special
extra; of .$4/75 was.distributed on Jan. 2; 1935^V; 152/p.. 3344;^
per
62 V2
payable Jan. 2 to holders of record Dec. 15.
distribution of 30 cents per share was also paid on the common
stock
the
extra
1941,
The directors have declared a dividend of 30 cents per share on the
common
of
1,
each of the
In
694.
Indian Motocycle
Helme Co.—Extra Dividend—
directors have
Co.
Trust
p.
$5,658,237 4;$5,239,985
293,559
for
-
$5,682,409
Island Creek Coal Co.
153,
30 cents per
The
4^-————
V
*
V1940
(net).24.172
revenues
tEarns. per share
Sept. 15, 1941.
On
cents in addition
on
Dec.
cents
like amount was paid, as compared
York
New
pany.—V.
-
4
•Provision
1937.
25,
The
year-end dividend of 35 cents per
share on the capital stock, payable Dec. 15 to holders of record Dec. 5.
Previously, quarterly distributions of 25 cents per share were made on
a
distribution
first
the
when a
June
(G.) Heileman Brewing Co.—Larger Dividend—
The
.
and July
26 declared
payable
stock,
$0.61
1941
in
4; 1941
gross earnings
returns
1131.
p.
Nov.
on
capital
the
on
j
4
Operation
and
.39,312
41,769
declared_______
154,
1
37'/2
and
Illinois Zinc Co.—To Pay 50-Cent
4 r The directors
and
taxes,
income
excess
Non-operating
•The
Dividend—
dividend of 62 Vi cents
April
on
1940,
153,
$1.97
$3.89
Federal
Operating revenues
Net
and Dec.
$151,710
after provi¬
profits tax.
tExcludihg Canadian subsidiary. . JlncludCanad.an subsidiary.—V. 154, p. 959.
for
$817,080
a
„
11939
-v
$270,533
com.
1
depreciation,
Interest
118,554
...
cents
1
Oct.
shs.
91,198
on
$50)
11940
tl941
$442,440
30—
Interest
public—
--
ing quarters.—V.
Gross
first
Subs.)- -Earnings—
(&
'12 Mos. End. Sept. 30—
•
the
directors have declared
The
Silver Co.
Federal and State
$375,780
$59,907
Humble Oil & Refining Co.—62 V2 -Cent
562
Retire,
per share on
redeemable
cumulative
General, taxes
for
$57,737
Interest charges
:
1'A
Maintenance
income
outstdg.
5tt:
$1,929,474
share on
the common stock, no par value, payable Dec. 26 to holders of record
Nov. 26.
A like amount was paid on Oct.< 1, last, as compared with
•
7,475
H),459
309
income—net-
Balance
Ltd.—Accumulated Dividend
the
on
Iowa Public Service Co.—Earnings—
1
—V, 154, p. 751.
$85,262
r
$7,307
2,917
Non-oper.
•
$100, payable Dec. 29,
par
sh.
(par
Interest
.79,335
$86,358
$5,468
$215,830 ,$1,873,578
v
$53,023
Deficit
32,994
88,713
V
102,193
adj. income
on
on
at
358,419
342,762
3,846
6,921
:
____________
?
106,392
v
$556,010
$550,177
27,817
2,307
—
•
Taxes
> Net
$201,120
.
avail,
hands of the
1941—10 Mos .—1940
$44,053
$45,026
revenues
10,082
int.
bds.„
income
income
int.
1213.
1941—Month —1940
31—
$205,749
10,067
■■__
excl.
chgs.,
adj.
on
'
Haverhill Gas Light Co.—Earnings—
Period
907.
p.
17 declared a dividend of $1.25
Nov.
on
accumulations
End. Sept.
After
Total
bonds
•
$191,053 V
income..
bonds
"Chronicle"
See
*
ing
$6,236,923
4,409,643
$6,334,209
464,401 '
475,470
_
•
SEC—
i
154,
Secretary—
1941—10 Mos,—1940
$670,149
$666,522
income
Operating
Non-operating
15, 1940,
Oct, 15, 1940, and 20 oents each on July
Dec. 22, 1939.—V. 153, p. 396.
on
1941
Hanway has been elected Secretary, succeeding Coulter
who died last month.
Mr. Hanway has been with Inter¬
since 1929—V. 154, p. 1149.
per
stk.
i
,
RR.—Earnings—
1941—Month—1940
Oct. 31—
revenue..
Operat; exps. <fe taxes.
to holders of record Dec. 8.,'
22
Corp.—V.
profit
Earns,
sion
distributions of 25 cents per share were made on March 26,
and Sept. 26, last, as compared with 45 cents on Dec. 16,
Quarterly
June
Dec.
31,
A.
of
Mos.
3
•Net
4.
•
-
payable
both
3,306
1941, in addition to a divi¬
dend of $1.75 on the same issue for the quarter ending Dec. 31, 1941,
payable Jan. 2, 1942, both to holders of record Dec. 10. 1941.
This
will reduce accruals on the preferred stock to $30 per share.
: Distributions of. $1.75 per share on account of accumulations were
made each quarter from Oct. 1, 1940, to and including Oct. 1, 1941,
which compares with $1.50 per share on Jan. 2, April 1 and July 2,
1940.—V. 154, p.
152.
;7 4
Federal income and excess profits taxes, minority
etc.—V..'154,
interest,
an extra dividend of 50 cents per share
quarterly dividend of 25 cents per share on
usual
stock,
Agricultural
International
class
of
•After depreciation,
Period
the
to
Oct.
Sheet
International Power Co.,
$1,572,884
$1,757,694
$100,173
$240,603
sh.
per
stock
B
750.
common
$14,607
The directors
1941—9 Mos.—1940
1941—3 Mos.—1940
Sept. 30—
profit
Earns,
1940, and 20 cents each on March 13 .and. June
addition
•$17,413
24,017
;
$47,653
International
Young
,
.
The directors have declared
,
in
$17,914
.
Period
Harrisburg Steel Corp.—Extra Distribution—
the
•
$990,355
90,000
■
Gross operat.
;
2,688
17.413
International Paper Co.—New
William
302,363
stock-
Houdaille-Hershey Corp.
$0.91
year-end dividend of 65 cents per share has been declared on the
stock, payable Dec. 12 to holders of record Dec. 5.
This
compares
with 35 cents paid on Sept. 12, last, 25 cents each on
March 18 and June 12,
1941, 80 cents on Dec. 23, ,1940, 30 .cents on
p.
3.288
$71,670
International Minerals & Chemical Corp.—New Name
account
A
154,
Dr23,055
national Paper Co.
.
$501,473
$0.90
common
V.
(net)_
deductions
profit
See
D.
1940
will
company
the
•Net
Sept. 13,
$15,225
and
outstanding 391,800 shares),
$417,126; capital surplus,
$132,742; operating surplus, $154,137; total, $1,331,240.—V. 154, p. 432.
make a payment on and after Dec. 1, 1941,:
due June 1, 1936, on its first mortgage 6% *
bonds.
Payment will be made at the Old Colony Trust Co., 45 Milk
.St., Boston, Mass.—V. 149, p. 3410.
.
/
'
(M. A.) Hanna Co.-—Larger Dividend—
j
•$14,125
issued
$1,206,414
___
Hoosac Valley Lime Co., Inc.—To
151.
p.
capital
of
3089.
p.
_
charges and Federal taxes___
share
per
151,
The
of
$499,442-
$296,403
95,419
$94,726
_
before Federal taxes-
preferred stock,
100,000
—
stk.
—v.
230,500
on
shs. com.
154,
13,162
129,300
50,175
$260,706
profit
Earns,
___
$110,645
Liabilities—Accounts payable, $257,130; taxes accrued and payable,
$30,878; customers' deposits on order, $251,597; reserve for loss on
commitments, $961; deferred liabilities, $86,670; common'stock ($1 par,
,
1941
k
v
revenues
Earnings
-
5,073,624
147,700
taxes—
plan payment—
Pension
1941—9 Mos.—1940
Earnings—
Holyoke Water Power Co.-
Net income after
2,018,714
..
79.600
per
Years Ended Sept. 30—
$4,685,502
4,026,801
37,772
146,400
Income
share
per
the
10 cents on Sept. 3, 1940, and 15 cents on Dec. 1, 1939.—
2801.
p.
Gross
$6,114,391
1939
$65,474
100,141
Assets—Cash, $167,942; receivables (net), $284,541; inventories less
shrinkage, $565,337; other assets, $47,338; property, plant and equip¬
ment
(net), $226,719; patents, trademarks and goodwill, SI; deferred
charges, including dies, tools and molds, $39,362; total, $1,331,230. 4
1
share was recently declared on the $1.80
and participating class A stock, no par value, payable Dec. 1
of record Nov. 14.
This compares with 60 cents paid on
cumulative
June 20 and Sept. 20,
1941—3 Mos.—1940
$3,031,210
$2,431,255
1940
$194,867
_______
•Loss.
(Henry) Holt & Co., Inc.—90-Cent Class A Div.—
Co.—Earnings—
30—
Sept.
ready,
are
,
Federal income taxes-___*
Period
profit
Dec. 2, 1940;
holders of record Dec. 5.
1,'
the.
154, p. 907.
1941
>■
.'
sales
on
income and
Net
dividend of 50 cents per share on the
a
stock, payable Dec. 20 to
will be made.—V.
Provision for Federal taxes
share, both payable Dec. 2 to holders of record Nov.
A dividend of
Co.—Larger Dividend—
with 25 cents per share paid on March 20,
1941.—V. 153, p. 396.
,
,
r- -
Hamilton .Watch
profit
Net profits
has been declared on the
monthly dividend of 5 cents
18.
An extra
of like amount was paid during the current year on Feb. 25, April 22,
June 17, July 15, Aug. 12, Oct. 7 and Nov. 4.—V. 154, p. 694.
somewhat higher dividends for most of
declared
directors have
The
153,
extra
capital
per
policyholders because of a normal annual increment in the amount
of
dividend payable, the
company's action also embodies increased
dividends on certain classes, of policles-7-V. 152, p. 829.
common
indicating
legend
a
Dec.
after
corporation
bear
stock certificates bearing the new name
as
Balance
America—To continue
pares
will
..
Hollinger Consolidated Gold Mines, Ltd.—Extra Div.—
its
Hammermill Paper
the
by
but
Selling and general expenses
year-end dividend of 50 cents per share has been declared on the
stock, payable Dec. 15 to holders of record Dec. 5.
This com¬
with 25 cents per share paid on March 4, June 16 and Sept. 15,
last.
The previous payment was 25 cents per share, made on Nov. 15.
dividend scale used during 1941 has been
addition
In
Corp.
issued
name
pares
Distribution—
dividend rate—
Continuance in 1942 of the
be
old
t
corporation after Dec. 1, 1941 may be
formerly, but under the name of Inter¬
International Industries, Inc.—Earnings—
Other
per share and the regular quarterly
have been declared on the common
Dec. 1 to holders of record Nov. 19.
paid on Dec. 2, 1940.—V. 154, p. 1191.
was
been
(A.) Hollander & Son, Inc.—50-Cent Dividend—
An
announced
to
3 Mos. End. Oct. 31—
A
Guardian Life Insurance Co. of
the
as
Chemical
&
the
share
payable
has
name
new
name.
Operating
cents
50
per
like amount
of
extra
An
dividend
extra
An
dividend
in
At such time
$2.45
common
stock,
Minerals
be
of
manner
450,442
$2.60
$1.87.
$1.57
com.
1940.—V.
30,
stock
certificates
of
The
producers of chemicals "and other products.
in
same
announcement of such fact
450.442
interest, depreciation, Federal income tax, and in 1941 after
profits tax.
Net profit for 12 months ended Sept. 30, 1941, was $1,682,522, Or
$3.74 a share, against $1,783,820, or $3.96 a share in 12 months ended
989.
p.
the
will
change
(no
450,442
per
1941—9 Mos.—1940
excess
of
pref. stock, payable Dec. 24 to holders
Great Northern Paper Co.—-Extra
in
Stock
.
and
Transactions
made
Corp.
Chemical
&
as
fertilizers
of
1941
1941—3 Mos.—1940
Minerals
represent more accurately the varied activities of the
miners of phosphate rock and potash, manufacturers
to
corporation
•After
Nov.
12.—V.
secord Dec.
$480,397
$0.80
Co.—Earnings—
30—
Sept.
com.
Earns,
stock,
the $5 cum.
on
$422,305
,
,
profit
outstdg.
Sh.
,
on
common
International
depreciation, Federal Income taxes, and in 1941 after pro¬
profits tax,
(On 360,250 shares of common stock.—
152.
- '
'
1
.
<
•
' 1 •
End.
Period
25 declared a dividend of $1.25- per share
payable Dec. 20 to holders of record Dec. 8.
This
compares
with 50 cents paid on Aug-. 1, last, 25 cents on
March 14,
1941, and 50 cents on Dec. 20, 1940, the latter being the
first
payment on tne common stock since Dec. 18, 1939, when $1
was
paid.
:'V'
-S'.
,
The directors also declared the regular quarterly dividend of $1.25
directors
the
International Agricultural Corp.—Changes Name—
Dec. 1, 1941 the name of the company will be changed to
Effective
1938
;
DividOnd-;-
1
national
Goodrich Co.—$1.25 Common
<B. F.)
The
?
1939
$682,018*
$1.52
..
$2.36
pari
on
1940
$984,982
—
Holland Furnace
1940
1941
$26,250
$40,350
(est.)
1148.
p.
'
1941
Intercontinental Rubber Co,—40-Cent
: •
vision for excess
.
Jan. 1 to Nov. 14
.
1940
1941
revenues
154,
1
Sept. 30—
RR.—Earnings-
Georgia & Florida
Period—
—V.
Saturday, November 29, 1941
-
A dividend of 40 cents per share has been declared on the common
stock, payable Dec. 17 to holders of record Dec. 3.7 A like amount-was
paid on Dec. 16, 1940, as compared with 20 cents on Dec. 27, ;i939,
and 25 cents on March 31, 1938.—V. 153, p. 1277,
4 ,4/4.4^4^:44
(& Subs.)—Earnings—
'
V.
!
ffor this material. <• -v«. ->
,'t.yy •
process developed by the company produces
gram
Corjr.r-Special:Dividend-^-
.General Paint
.
•
.
and
to
$1,218,724-.'
■
C-*Mr; Morrow
with fimfth,
of
the
provide
the
years
supplemented
by
additional capital of a long term nature. - In
company
has financed its needs out of earnings^
bank, loans which'on Oct. 31, 1941, amounted to
..'/-v.v ;'
stated that the
Barney
Adams
&
Express
Co.
Co.)
'■
company
and
for
has entered
Adamex Securities
the
public
sale
of
into
Corp.
-r
negotiations
fa
subsidiary
$2,500,000
of
pre-
the
have
Lehigh Coal & Navigation Co, (& Subs.)—Earnings—
and would
'
>
This stock would be convertible into common
benefit ■•of :.a sinking fund.
C\ .•
'
ferred stock..
offering to stockholders ?is;< contemplated.
The company has no
present'plans for issuing the balance of the authorized preferred stock
or
for the additional common stock except to the extent that
the
latter may be issued in connection with conversions of the preferred
shares which it is planned to market presently.
The company produces about 75% • of the total mobile coal loaders
used in the bituminous industry and, with its other related products,
contributes
importantly to the increased efficiency and the lower
cost of mining bituminous coal.
In addition, uses of the company's
products are now extending into gypsum, potash, salt and other mining
operations.
It is expected that a registration statement will be filed around
the
end of December in order to facilitate an early public offering
V' No
■
following the stockholders' meeting
♦Consol.
the
on
stock,
common
Note—Federal
1941—V.
•Net
Net
from
Net
ry.
1,147,268
693,962
154, p. 1192.
■
Net
$487,232
754,434
'$0.34
$2.43
$2.38
ry.
railway_.
from
ry.
—V.
'
$4,091,033
37,403,124
10,155,613
5,669,969
1,566,234
912,655
613,157
income.
oper.
46,986,478
33,822,777
7,705,742"
39,082,130
15,577,378
11,212,416
9,098,682
—
5,821,792
__
1,313,773
744,153
2,863,486
154, p. 960.
declared
have
directors
The
of
dividend
a
$2
share
per
20.838,655
13,875,847
in
Max McGraw,
Interest on Notes—
—
Costs and development
expenses
—
Net
.
application (File 70-439)
rate from 3 v» % to 2%%,
banks.—V. 152, p. 4127;
Company has
filed with the SEC an
regarding a proposal to reduce the interest
on
$365,195 of unsecured notes owing to
V. .154, p. 246.
;
.
'"v-:
a
■'
:
24, 5,000
fixed price of
Dealer's discount $1.25.—V. 154, p. 866.
70 net.
Dividend—
on
Cup Corp.—Extra Dividend—
declared the Tegular quarterly dividend of 30 cents
share plus an additional year-end dividend of 30 cents per share
the common stock, no par value, both payable Dec. 15 to holders
of
record
per
revenues
—
Operating
expenses
and
2,337,892
1,838,585
8,170,562
.$850,805
$872,598
$3,184,956
$3,543,631
Other income diet)—
Df 1,332
Dr 14
Dr3,029
$871,266
405,520
$3,184,942
1,592,782
$3,540,602
1,758,679
Net income
Div.
'.
Balance
v
$1,592,161
$1,781,922
114,016
456,066
94,680
4
$465,746
114,016
—
94,681
378,722
456,066
378,723
$257^049
1757,372
$947,133
$455,972;;
Ky. Utilities Co.—
on 7% Jr. pref. stk.
;
—_•
.$247,275
..
>.=
Lone Star Gas Corp.—30-Cent
directors on
The
Nov.
10
declared
a
Mandei Building Corp.,
corporation
to
proposes
Chicago—Tenders—
approximately $160,000 of Its fund
use
dated April 28,
will be effected
acquisition. This applica¬
tion
approximately 2% of all
bonds outstanding and, accordingly, the corporation is offering to pur¬
chase approximately 2% of the bonds held by each bondholder.
Pur¬
chases will be in $1,000 lots only, as these bonds are issued only in
of series A and series B 7% bonds
1926, for retirement.
The price at which the purchase
the
in
purchase
plus accrued interest to the date of
of funds will permit the purchase of
par
denomination.
that
days from
30
have
Bondholders
cents per
29 to holders
was made on
15
■;
Year-End Dividend—
year-end dividend of 30 cents
directors have declared
an
Marion Steam Shovel
Co.—Earnings—
Ended Sept. 30, 1941
Earnings for the 9 Months
-
fEarnings per share
"
,
-
Earnings of Company Only
,
Operating
Oper.
Gross
income
on
$826,517
1,332
$796,115
354,257
—
8 % pref. Stk—-
Balance
V
Note—Federal income and
ings figures
to
increased
$918,454
$3
share was paid on the common
record Nov. 7. This compares with
per
of
holders
to
12
of
122,838
117,862
$133,361
88,561
83,108
$50,253
$551,303
442
1,140
$382,764
2,118
income
__
$48,633
$50,695
$552,443
$384,882
debt
65,334
66,347
364
655,802
666,460
1,272
3,800
$16,016
$104,631
$285,378
after
:
-Federal
.
deprec.,
.
.
Earns;.persh.°>on com"; stock—j,—
_
$0.16
•
•$35,880
Nil.
Years Ended Sept.
~
,
1'
^.
'♦After
.
ali
~
charges.-; and*.provision-rior -.Federal
capital* >stock>-V-.
shares of
taxes.*
154,- o.<657.
tOn -445,978
$13,164,941
$12,013,148
4,057,142
—
3,805,051
609,758
1,340,000
1,429
l,182,s:3
1,931,694
1,428
1,129,012
1,010,389
$3,963,536
$4,117^509
207,603
237,258
;
operating income—
Net
;
income.
other
—
income
Gross
rehabilitation expense
contractual cap. expenditures
♦The directors «n Nov.*; U
the common stock, par
on
This
Dec.
5.
Jan.
3, "1938,
bursed
on
declared
$5,
a»
payable
dividend of 50 cents
Dec.
15
to
holders
share
of record
per
Is the: first distribution to be made on'the:-stocks since
when-a like amount was paid, the same rate as dis¬
2 and July 1, 1937.—V. 152, p. 123.
;
Balance
&
•
?
Period End.-Sept.
30—
.-•Net-income
Earns, per share
1941—3 Mos.—1940 :
t$154,3O0.ih -$154,400
.
*
*"
1941—9 Mos.—1940
$397,200
*-$454,100'
.
.$0.43
charges
*
of cap.
stock
•After
-
ftnd^provisioh
for
Federal and
$1.10
.....
state, income
$1.26
taxes.
6%
5%
5%
^■
—
on
Cr70,060
23,809
$2,718,392
------—
——
Dividends
7%
'
charged to construction
Miscellaneous
Jan.
Lane-Wells Co;—Earnings—
of
Amortization
Interest
1,030,450
160,227
10,980
250,000
37,000
Crl7,712
24,118.
preferred
586,124
668,796
($100 par)
422,991($100 par)—473.960
cumulative preferred ($100 par).
—..
100,000 *
cumulative preferred ($25) par);.....•
332,468
J, Net
Income
.....
,
$1,388,972
year
Field, III, has stated that
any lack of confidence In the
his opinion the company now is in better
shape than it ever has been. Sale of his stock he explains as a need
to diversify his investments.
Company's business is operated as three divisions. The Retail Divi¬
sion operates the main retail store and the men's store in Chicago,:
with "branches in Evanston, Oak Park and Lake Forest, suburbs of
Chicago; stores at Chicago Heights, 111., and Watertown, S. Dak.;
and the Frederick & Nelson store
in Seattle. The Manufacturing
Division operates a group of mills in North Carolina and Virginia, and
one mill at Zion, 111.
The Real Estate Division operates the Merchan¬
dise Mart, believed to be the largest building in the world, and theMarshall Field & Co., Annex Building in Chicago.
The company's capital structure consists of $13,500,000 outstanding
3%
first mortgage serial bonds, $13,600,000 outstanding 3.6%
first
mortgage, 20-year, sinking fund bonds; 95,508 authorized and out¬
standing 6% cumulative preferred shares ($100 par); 54,492 author¬
ized and outstanding 6%
cumulative preferred shares, second series
($100 par); and 1,943,763 common shares (no par).
1940 included
an
connection with
In
,
but says that in
Summary
Earnings
-
.
the offering, Marshall
stock does not reflect
the
of
sale
company,
9 Mos.
Calendar Years
1940
gen.
Net
Net
-.
v
49,892,536
14,097,078
sales__
$6,807,194
on
$7,925,605
"63,041
,47,591.
income
$5,936,290
$4,013,355
109,962
64,909
$4,078,264
■
profit from mdse.
from
&
385,806
209,968
$7,276,763
$8,416,031
701,483
1,043,050
$6,432,058
845,500
$4,288,232
645,994
3,419,146
profit all oper._
special chgs
Fed.
for
1,680,000
950,000
,
estate
(net)
oper.
Net
$6,046,252
427,385
$6,854,785
_
real
$7,988,646
421,978
operations
Profit
*
&
profit
Miscell.
inc.
&
excess-profits taxes _
for
possible de¬
inventories^-
in
•
:
^
400,000
"
Bal.
$1,504,785
fEarn.
to
earned
per
com.
surpl.
$2,756,134
share ,r.
capitalization
and
$1.07
$5,692,981
«
$2.47
$4,636,558
$1.92.
$3,492,238
$1.33
of occupancy expenses. . tBased on
after provision for dividend on preferred
•Including buying and a. portion
present
150,000
...
Prov.
cline
1938
1939
$89,970,018 $84,029,380 $79,648,167
63,760,702
60,830,200 58,491,103
18,283,711
17,262,890 17,143,703
$70,796,808
adm. exp.
sales
of
•Cost
.
less returns,
Gross sales,
Sell.,
Periods
Stated
for
Enid.*
Sept. 30,'41
100,000
for the. calendar,
accrual of $154,000 "(by Louisville Gas & Elec-
Note—The,provision made for Federal income taxes
purchased from Marshall Field,
Barbara Field Bliss, Mr.
total of 1,943,763, common-
III, and 13,000 shares from
Field's eldest daughter.
A
shares are outstanding.
Prov.
cumulative preferred
cumulative
not
represents 122,000 shares
Int.
(Ky.):
does
offering
The
$2,859,705
preferred stock of Louisville Gas
Electric Co.
heavily oversubscribed.
constitute new financing, but
closed and that the offering was
$4,354,768"
1,030.450
160,227
21.321
250,000
* 97,000
interest
Other
,
$4,171,138
———
funded debt-..—
of debt discount and expense
on
Amortization
Amortization of flood and
.
1940
1941
30—
567,728
Interest
•
(BO Kuppcnheimer ^ Co., Inc.—Resumes Dividend—
•
Subs.)
?
$50,625
,
$0.11
.
(&
1,460,500
-
1940-
1941
$57,554 '
$0.13
profit'.
(Del.)
i1
--
tEarnings per share
Co.
Appropriation for retirement reserve
Amortization of limited-term investments-—
Taxes
(other than income taxes).
_______
Provision for Federal and State income taxes..
-Total
'•Net
Electric
Maintenance
'
:
&
Earnings—
.$111,755-"$0.09
-
'
Gas
Operating revenues
Operation
fhOS&r-rV, .154. p..1149.
.".£-3 Mosf^Endea^Sept.'SO—...
profit and
Louisville
-»
income
:v
funded
$16,700
1939
1940
1941
,
on
unfunded debt-
—v! 154," p~~86(h~~
Kingston Products Corp.. (& Subs.)—Earnings—
Ended Sept. 30—
on
Net loss to
to the
profit
806,974
852,935
Higginsoa
Corp. and Shields & Co.
Shortly after the offering, the
bankers announced that the subscription books had been
the
Gross
directors
9 Mos.
1,184,881
$1,189,738
55
Int.
have declared an extra dividend of $1.25 per share in
usual quarterly dividend of 25 cents per share on the
common stock, the extra payable Dec. 22 and -the quarterly on Jan. 2,
both to holders of record Dec. 12.
An extra of 50 cents was paid on
Dec. 20,
1940, while on July 1 and Oct. 1, 1940, extras of 25 cents
each were paid.—"V. 154, p. 657.
Net
1,206,366
$1,404,238.
$48,578
Kimberly-Clark Corp.—Extra Distribution—
The
$1,078,062 $10,888,117 $10,414,560
826,840
,8,277,512
8,039,942
897,564
——
72,945
70,358
8,249
8,809
$137,139
Interest
—V.
addition
65
&
Operating income
Non-operating income__
stock on
$1 paid
cents on June 10, 1941, and $1 on June 15, 1937.
Sept. 10. last, 75
153, p. 1133.
rail
other
operations
consisting of Glore, Forgan & Co., Lee
group
1941—10 Mos.—1940
Net operating revenue
Taxes
Sold—Public offering o£
Marshall FieldCo.—Stock
154,
$1,069,727 $10,816,805 $10,340,803
86
954
811
$1,157,541
,
Mill—$3 Dividend—
dividend
rev.
Federal Income taxes.—V. 154, p. 908.
the
1941—Month—1940
$1,148,666
Operating revenueOperating expenses
Depreciation
£■$£;
;
Kilburn
Nov.
$723,767
profits taxes have been accrued in
kc.- -V.
Corp.—Earnings-
revenue—
from transp.
from
coach
Act of 1941. '.Earn¬
published in 1940 have been adjusted herein to give effect
tax rates of the Second Revenue Act of 1940—V. 154,
907.
on
excess
Other
Rev.
378,723?
periods at rates provided in the Revenue
current
A
456,066
$251,679
$233,161
-
'
p.
$1,753,242
456,066
378,72 2
$319,289 after charges, but before
$1.04
•
$1.07
interest,
For
——
interest, and provision for Federal income and
profits taxes.
tOn 95,181 shares of common stock, no par.
nine months ended Sept. 30,
1940, company reported profit of
depreciation,
135,000 common shares was made after the close of
market Nov. 25 at $14.50 per share by an underwriting
period End. Oct. 31—
$1,558,555
depreciation,
taxes,
income
excess
"
$428,990
. $3,00
-
-
"
658/*^
Passenger
14,016
94,681
94,680
—
520.000
514,000
510,600
$1.74
Los Angeles Ry.
$460,376
114,018
pfd. stk.
Divs. on 7^sjr:
1,430,433
Federal
•After
p.
share
per
$694,206
$700,789
profit
•After
1939
outstand-
stock
common
ing ($25 par)
$3,347,842
1,594,600
$2,988,989
of
Earnings
$2,989,070. $3,350,649
81
2,807
$825,185
364,809
.
$441,858.
income
Net
Div.
6,440,288
1,708,626
$796,397
282
deductions-
Int. & other
7,627,995
2,185,864
& taxes
operating income.
income
(net) Dr.
Net
,
Other
$9,790,937
'
$900,420
profit
Shares
$2,535,143 $10,617,065
$2,982,262
reveiiues.
expenses
•Net
1041—12 Mos.—1940
'\t 1941---3 Mos;—1940
Period End-. Sept. 30
share,
.
figures
Loose-Wiles Biscuit Co. (& Subs.)~ -Earnings1940
*
9 Mos. End. Sept. 30—
*1941
Co.—Extra dividend-^
extra dividend of 50 cent3 per
regular quarterly
the
to
current
,'
Chicago, 111.
dividend of 37 Vi cents per share,
on
the
226,642 shares
of capital stock outstanding, both payable
Dec. 19, to holders of record Dec. 4.
An extra dividend of 37 '/a cents
per share was paid on Dec. -20, 1940.
Total distributions for the year 1941 will amount to $2 per share, as
compared with. $1.75 for 1940.-1—V. .154, p, 1149. : v
addition
*Net
.
1941, to accept the above
7,
Nov.
Marchant Calculating Machine
The
in
20 to holders of record Nov. 24, Distributions
made on April 22 and Aug. 22, last, which
compares with 30 cents- on Dec. 21, 1940, 20 cents each on April 22
and Aug. 22, 1940, 30 cents on Dec, 22, 1939 and 20 cents each on
"April 20 and Aug. 21, 1939.—V. 154, p. 866.
periods at rates provided in the Revenue Act of 1941. Earnings
published In 1040 have been adjusted herein to give effect to
Increased tax rates of'the Second Revenue- Act of 1940.
i , r '*. ,
amounted to $2,817,636 and cur¬
compared
with $1,120,676 and
at Sept., 30, 1940.—V. 154, p. 658.
$205,508, respectively,
The
tLoss.
taxes, &c.
as
35 cents per
per share, payable Dec.
Of 20 cents each were
taxes have been, accrued 1n
income and excess profits
Note—Federal
in
,
pref. stock
on
of
The
share
$1,737,925
were
Corporation's address is 1 North State Street,
Dr282
'
394,641
Div.
Dividend—
directors recently declared an extra dividend of
addition to the regular quarterly dividend of
share on the common stock, par $10, both payable Nov.
of record Nov. 14.
An extra distribution of like amount
Feb. 28, 1941.—V. 152, p. 3972.
r
•
■
Gross income
-
Lionel Corp.—Extra
liabilities
$111,829
$0.58
$12,380
$0.06
offer.
$850,613 *
income-
operating
Net
share were made
compared with
quarter. from Dec. 16, 1929, to and includ¬
ing Sept, 15, 1938.
An extra of 25 cents per share was also paid on
Dec. 23, 1936.—V. 154, p. 153.
6,955,233
taxes
cents per
of 30
1938, to and including Sept. 15, 1941, as
15,
Z7Vu cents per share each
1941—3 Mos.—1940
1941—12-Mos.—1940$3,188,787
$2,711,183 $11,355,518 $10,498,864
30—
Period End. Sept.
distributions
quarterly
Regular
from Dec.
(& Subs.)—Earnings—
Kentucky Utilities Co.
•After depreciation, Federal income
assets as of Sept. 30, 1941,
is
1.
Dec.
$0.9(T
1938
1939
1940
t$205,567
Nil
$184,840
—
share—
com.
Current
rent
Lily-Tulip
The directors have
per
1941
Sept. 30—
•Net profit —
shares of common B stock (par $25), at a
'Of 37 Va cents per share on
value, payable Dec. 15 to holders
of record Dec. 5.
This is the first distribution to be made on this
issue since Dec. 20, 1938, when a like amount was paid.
A similar
payment was made on Dec. 15, 1937.—V.-147, p. 3460.
$2.45
$1,811,275
$2.27
Dredging Co.—Earnings—
Mo Williams
Offered—Allen
Liggett '& Myers Tobacco Co.—Stock
no par
83,229
$1,955,725
share
common
340,452
100,382
752.
9 Mos. End.
& Co. offered after the close of the market Nov.
have declared a dividend
Operating
$2.28
1940 after
Earns,
" "r
*■'
class A common stock,
stock
common
.
Ken-Rad Tube & Lamp Co.—37 ^-Cent
The directors
the
$2.32
p.
154,
2,273,107
$1,629,256
—
per
—V.
$4,508,063
2,265,069
773,720
$2.04
profits
Earnings
1 Q-(Q
1940
$5,094,896
share on 350,140 shares
per
(par $5)
semi-annual dividend of 25 cents per
share on the common stock, payable Dec. 15 to holders of record
Nov. 29.
This compares with distributions of 12'/a cents per share
on March
15 and July 15, last, which,'with the current declaration,
makes a total of 50 cents per share for the year 1941, the same as
paid for 1940.—V. 149, p. 2370.
have declared
The directors
1939
$797,192
1940
$811,982
$2.14
profit
•After depreciation, Federal income tax, and in 1941 and
provision for excess profits taxes.—V. 154, p. 751.
Co.—Now On Semi-Annual Div. Basis—
Katz Drug
1941
$751,004
9 Mos. End. Sept. 30—
•Net
Earns,
Earnings—
Ltd.
1941
$4,853,697
2,337,972
809,059
77,410
Sept. 30—
income
Gross
(& Subs.)—Earnings—
Life Savers Corp.
"In
that capital additions this year will amount to a very
Depreciation
Kansas Power Co.—To Reduce
Dividend—•
the stockholders, stated:
letter to
a
Porcupine Mines,
Mclntyre
6 Mos. End.
Taxes
quarters.—V. 154, p. 751.
three preceding
of the
each
34,824,356
21,994,990
would be to conserve
cash rather than pay an extra dividend before the end of the year."
Regular quarterly dividends of 50 cents per share were paid on the
common stock, par $1, on May 1, Aug.
1 and Nov. 1, last, as compared
with 25 cents each quarter from Nov. 1, 1937, to and including Feb. 1,
1941.
Extras were also paid as follows: 75 cents on Dec. 27, 1939;
25 cents on Nov. 1,-1940, and $1 on Dec, 27, 1940.—V. 154, p. 960.
the
on
stock, no par value, payable Dec. 15 to holders of record Nov.
28.
This compares with 50 cents per share paid on March 15, June
16 and Sept. 15, last, $2 per share on Dec. 16, 1940, and 50 cents in
1,869,683
substantial sum, I think the wise dividend policy
common
.
64,717,730
14,499,334
9,008,498
railway
view of the fact
Libbey-Owens-Ford Glass Co.—$2 Dividend—
74,036
72,241,062
19,072,479
12,767,450
McGraw Electric Co.—No Extra
1,285,909
—
80,753,538
oper. income..,
154, p. 1192.
from
President
$4,590,669
1,572,447
v
1,126,479
$4,360,026
1—
railway-
from
railway-
ry.
1938
1939
$5,230,771
income.
ry, oper
From Jan.
98,399,353
income...
2,432,768
1—
Jan.
Net
>
$9,199,687
3,005,403
2,326,525
$7,827,895
4,175,611
2,866,335
$8,751,097
2,547,073
1,672,137
$11,717,281
railway
oper.
From
1938
1939
1940
1941
Gross from
—V.
120.487
1,267,154
826,202
Net
Net
after
1941
and in
1940
—
—
railway
from
Net
1,919,235
927,173
565,866
.
754,434
1941
Gross from railway—
Net
2,316,175
1,856,972
.1,001,900
607,800
2,072,549
income
oper.
ry.
—V.
61,010
.
$2,062,255
748,934
from
Lehigh Valley RR.—Earnings—
1—
railway
from
Net
income—
$2,011,556
$3.25
Net
1938
RR.—Earnings—
& Nashville
railway-
from
Gross
1939
for Federal income tax,
provision
October—
$228,092
131,765
83,318
(par $25)
charges,
Net
$252,919
152,229
94,379
$212,697
123,614
s__
railway—.
from
Gross
Net
railway
oper.
Jan.
From
$224,244
railway.—
from
Gross
stk.
com.
•After
1938
1939
of
Act
Revenue
provision for excess profits tax.—V. 154, p. 433.
Oklahoma & Gulf Ry.—Earnings—
1940
the
upon
1940
1941
$2,587,885
726,244
Earnings per share-
Co.—Extra Dividend—
1941
based
are
Louisville
profit
Shs.
Gross
October—
1941
1940.
153.
p.
12 Mos. find. Sept. 30—
10.
> Kansas
for
taxes
Nil
tLoss.
Interest, Federal taxes, &c.
of
October-
Regular quarterly dividends of 15 cents per share were paid
on Feb.
1, May 1, Aug. 1 and Nov. 1, last, as compared with 12'/a
cents ench quarter from May
1, 1938, to and including Nov. 1, 1940.
An extra of 50 cents was also paid on*Dec. 23, 1940.—V. 154, p. 959.
,
154,
' t$76,963
$0.06
(Ky,) for excess profits taxes under the Second Revenue Act,
In the returns, as finally filed for the year 1940, the com¬
reported no income subject to excess profits taxes. Provision'
is being made for Federal income taxes (including a provision for an.
estimated excess profits tax of $870,000 by Louisville Gas & Electric
Co.
(Ky.) for the year 1941 in accordance with the Revenue Act of
1941, as enacted in September, 1941.—V. 154, p. 1055.
trie Co.
panies
Lehigh Portland Cement Co.-—Earnings—
extra dividend of 15 cents per share
$10, payable Dec. 20 to holders of record
par
$141
•After depletion, depreciation,
■
The directors have declared an
Dec.
profitsh, on capital
——
1938
1939
$113,881
1940
$654,084 .
i
J $0.34 '
1941
$2,145,271
net
Earns per
stock
called for Jan. 19.—V. 154, p. 907.
Kalamazoo Stove & Furnace
End'. Sept. 30—
12 Mos.
.
1265
CHRONICLE
.,V"
THE COMMERCIAL & FINANCIAL
THE COMMERCIAL & FINANCIAL CHRONICLE
1266
shares
sion
the
at
of
annual
rate
of
$900,000,
in 1941 after above provi¬
and
$400,000 for possible future inventory decline.
names of the several underwriters and
ber
of
common
are
as
num¬
respectively,
follows:
shares
agreed
by
purchased
be
to
them,
No. of Shs.
filing
Lee
Porgan
Higginson
Shields
&
Co._:
&
:___
Corp
______
.
Co.—________
Assets—
Cash
——
33,750
•
—
Sheet—Sept.
Balance
50,625
50,625
___.
1941 -';J
30,
$5,884,6332,000,000
______________
____
Short-term
U.
S.
at
oblig.,
Treas.
Receivables
(net)
Merchandise
inventories
cost
—-J
v
(net)
_J.7»973,432
1,103,600
431,845
57,989,883
1
__
—
insurance, supply inventories, etc
securities,
receivables, etc
.——_——
assets (less deprec. & amort, res. $26,424,860)
Investment
$205,245,
Co.
etc,-
____——$96,122,377
Total'
Liabilities—
Accounts
-
-
(Minn.).
$4,894,598*.
1st
bonds
sinking
20-year
mtge.
Reserves
:
—
serial
mtge.
1st
debt
and serial
require,
fund
sinking
funded
on
7,512,654
—
Current
13,000,000
13,150,000
_____
3.6%
,_
will
Co.
Paid-in
surplus
Earned
16,818,815
10,167,279
11,689,315
—
surplus
-V.
—
$96,122,377
■,
154,
1149,
p.
paid
account
open
indebtedness
of
that
in
company
With
Md.
Registers
—
SEC—
The
Co.
Co., Baltimore,
arrangements for the purchase of which from Koppers
completed by Shields & Co. earlier this month, filed a regis¬
Securities
the
with
statement
tration
and
Commission
Exchange
in
covering the proposed offering of 112,740 shares
($1 par) common stock.' Ylv •'• ;'r- YY'j; '•;
All of these shares,
plus 3,786 shares of $100 par value preferred
stock, have been owned by Koppers Co.
Only the common stock is
to be marketed, the preferred shares being retained by Koppers Co.
26.
Washington Nov.
Y>,
Shields
ex¬
Midland Public Service
$134,322
$135,230
railway-i'iiii/;-V.(f;;,:i-89,023
54,491
-61,927
33,529
38,318
railway—
1,217,298
1,109,098
railway.——
581,482
Net
ry,
oper.
Jan.
Gross
from
from
Net
ry.
—V.
income
1—
1939
from
ry.
51,310
Tool
&
531,584
492,21L
amount
336,618
308,624
with
.
stock,
Manufacturing Co.—Registers With
Nov.
27,
1213.
p.
,' " t
♦
_______—
profits
tax.
Co.
&
named
are
company,
securities
than
possible.
been
heretofore
has
incorporation
of
certificate
company's
On
(no par)
depletion,
tOn
the
shares
3,786
constitutes
The
provision
535,000
shares
fcr
of
$0,21
Federal
Dec.
$0,C6
income
stock,
common
bonds,
$1
par.—
from
ry.
oper.
Jan.
intent from
facilities
costing
of
v.
in
vessels
naval
cost
and
these
154,
excess
other
program
of $5,000;000 for the repair and conversion
vessels essential to national defense.
The
will
facilities
new
1149.
p.
process
defense
paid
be
for
by
the
1,
the
after
of
shares
close
247/s net. Dealer's discount 75 cents.—V. 154, p. 1055.
The
4V2%
15-year
sinking
been
Curb
debentures,
fund
and
listing
from
removed
have
15,
March
due
registration
the
1952,.
York
New
The
Memphis Commercial Appeal Co.
of
name
Publishing
Co.
Net
ry.
dividend of 50 cents pier share
The
Oct.
the
same
The
•
the
the
!
Y
year.
Y
old
of
shares
7%
dividend
a
to
clear
the
up
stock outstanding
pref.
cum.
ijyY'YYYY?
^
YVYYY
declared
also
directors
few
$1,
par
arrears
declared
and
dividend of $1.25 per share on the 5%
regular semi-annual
on
cum.
stock, payable Dec. 31 to holders of record Dec. 15.
Y--,:VYY
company
has also set aside approximately $100,000 for dis¬
tribution
in
December
of one
defense bond of $25 maturity value
pref.
The
employee of the company except officers and directors.
All
are
included who are presently on the pay roll or who
temporarily absent In the military service.—V. 154, p. 798.
each
to
employees
are
Merck & Co., Inc.—Extra
The
in
to
stock,
declared
have
directors
addition
mon
an
-
dividend of
extra
cents per share
25
regular dividend of 25 cents per share on the com¬
payable Dec. 29 to holders of record Dec. 23.
A
a
both
regular dividend of 25 cents per share was paid on July 1 and Oct.
last.—V. 154, p. 1055.
1,
Earnings for the
sales
•Net
profit
•After
stock.—V.
capital
Micromatic Hone
profit
fEarnings
•After
excess
__J_____
p.
9
Months Ended Sept. 30,
1941
depreciation,
$189,124
'
share
per
$1.48
—___
interest,
and
reserve
for
Federal
income
profits taxes. ^tOn 127.335 shares of common stock, $1
and
par.
and
profits
excess
154.
rates
under
1005.
p.
the
Second
Revenue
Act
of
1940.—
'
,
\i•
1941
$898,749
...
$10
income
par.—V.
154,
p.
The
1940
V
was
'Y
'
have
5,180,316
to
1,161,321
4,579,745
John
misleading"
urging
Stedman
W.
letters
them
to
he
accept
a
led
in
to
Securities
and 750 investment
Chairman
is
21
of
of
rate
same
to
Distribution—
extra
an
dividend
regular quarterly
d str.but.on of 50
1941.
Oct.
on
extra
an
of
50
.
-Y
..
of
75
:
cents
payable Dec; 49 to holders of record
25,
of
75
cents
:
cents
Dec.
on
16,
cents
share
per
:Y
,
share
per
Dec.
18,
1940,
452. p. ,3191.
on
1939.—-V.
»
...
.
-
v
.
-
*,
»
Y * 1941 YY
'
interest,
profits
provision
taxes.
154,
tOn
336.
p.
1940
$200,696
shares.—.
excess
of
5,
$2 per
Dec.
cents
22
for
U.
390,254
S.
$$400,88$
$6,51
and
shares
of
NU
Canadian
in¬
stock,
common
.
.
share paid
per
Y
,
styare.has been declared payable, out of 1941
holders of, record Dec. 10.
This compares
to
1940, and
dividend
of
payable
paid
was
Feb. 26,
on
Feb. 21,
on
last,
1938.—V.
and
25
cents
per
share
153, p. 994.
on
12 Vi
Dec.
June
cents
29
27
and
cents per share
per
share has been declared
holders
to
Sept.
of
record
26,
last.
Nov.
The
29.
on
previous
>
the
like
A
paid .on Feb. 21, 1938.—V. 154,
Nashville Chattanooga & St. Louis
current
October-
.
1941
from
Gross
railway. J,;_
Net from railway_j_jl.
'Net ry. oper. incomeii_
Copifes-of
From
Interstate Commerce
the
declared
stock,
Y—
ori
also 12 Va
Gross
and Exchange Commission, directors arid
as indenture trustees for thevarious, Mis¬
presidents anddirectors of -alt major, life
issues,
bond
of
the
said
of the
respect
at
made
pa d
$L0S8.—V.
50
A
..
members
in
v.-
Sept. 30—
div'dend
stock,
Missouri
the
50,000 of its bondholders
also been sent to
1940,
t)
of
instalment
semi-annual
1,
s.
payment
Bank
Nash-Kelvinator Corp.—12V2-Cent Dividend—
.
Chairman of Alleghany Corp., announced
'1- ». *!
V'"
simultaneously made public in a 'letter sent;
some
20-year
make
Canadian
capital
amount
dividend
p.
was
247.
public retraction
ma
plan
has
the
6%
will
the
interest
Co.—Extra
&
1
per
March
on
or
from
the
overdue
3667.
p.
depreciation;
and"
with
711,565
Corp.
secure
oi
of
Munsingwear, Inc.^-Diyidend of $2—
war, excess profits taxes or no excess
is opposed to the pending reorganiza¬
Pacific, and will "take all steps possible
peace
Payment—
company
5,700
stock (par $50) was offered over-theby Allen & Co, after the close of trading on the
earnings,
Robert R. ,Young,
Stedman
152,
Of two
purchase notes aggregating $160,000.
The notes are to bo
acquired in payment .of the purchase price of certain electric public
utility properties located in and near Forsyth, Mont., which the com¬
pany proposes to sell to Montana-Dakota Utilities Co.—V. iYi, p. 543.
.1938
5,000,413i
1,392,927
Missouri
insurance companies,
Mr.
compared
as
1940.—V.
Mountain States Power Co.—To Purchase Notes—
23,321,482
3,722,717
said
Y
;
Alleghany
the
the
;
like
A
Company has filed, with the SEC an application
(File 70-437)
regarding the proposed acquisition from Montana-Dakota Utilities Co.
tOn
' 296,841?' Y5 235,632;
•
.23,669,442
7,970,348
;
"dangerously
Pacific
28,
:
common
15.
1940
$2,577,350
: '
.672,984
739,426
Canada,
-
payable on Feb.
profit J
par.
$0.69
$2,684,973
the
principal' office
on
extra
an
fEarnings
"
1939
•
$2,641,342
755,040
302,705
presidents of banks acting
souri
last,
1,
Dec.
that
common
last
issue
-
company
3 Mos. End.
•
* Net'
247.
RR.—Earnings—;
23,098,927
income—
Commission,
Oct.
and
1
the
Motor Products Corp.—Earnings—
$955,799
&c.
taxes,
Jan.
442,705
ry.
oper.
154,
'
1938
356,591
$1,381,677
v:
J 435,785
204,546
324,962
300.096
12,645,739
12,394,964
2,879,035
1,821,049
11,296,631*
•*
268,249
railway
railwayJ__JJ:
from
Net
1939
$1,488,175
.51,305,578
*-
406,97-7
-
from
Net
—V.
1—
Ry.—Earnings—
1940
$1,852,589
16,071,714*
4,630,529
2,546,503
2,773,806
incomei.,
p. '867. •;
1,481,734
Y2,429,482
1,435,640
•
counsellors;-Y"Y-'YYYYvY
Protective
a
Committeje. for- certain ■ Y
National Dairy Products
Corp.—Regular Dividend—
bondholders,. Alleghany is a. Party
The directors; have declared a'dividend of' 20 cents per share on the
by its ownership of $11,115!;000 face
common
stock,-'payable Dec. 15 to holders of record Dec. 1.
value of the road's oonvertible 5V2%, bonds.
A
like
.YYYvjY'^Y'YYYf YY'Y'YYY:
'(amount was paid on April 1, July 1 and Oct. 1, last.~-V. 154.
Noting that the proposed plan would unnecessarily subject • the1 road
p. 868.';
in
interest
at
to
and refunding
Pacific first
Missouri
the
reorganization
,
$3,000,000 in taxes even without the excess profit taxes which would
bill
the
raise
to
$10,050,000
in
1941,
saidYYY
the Alleghany; statement
v
there
Y .'National Gypsum Co.—40-Cent Cornmo^ Dividehd—;
doing.
This naturally raises the
inquiry: What does Mr. Stedman really have in mind?
Is it his purpose
to secure voting control of the Missouri Pacific at the expense of; the
A dividend of 40 cents
per share has been declared on the common
payable Dec.- 20 to holder's of record Dec.-10.
A similar distri¬
bution, was !?made. on Dec. 26, 1940. ;vvh:ch compares' ,w;th an- initial
Stedman desires to
"Mr.
vital
a
receive
disadvantage
tax
in
stock
rather
than bonds
when
so
stock,
dividend
*
Prudential
Life
bonds?
law
the
circumvent
Co. policyholders and all other holders of
Surely it cannot be that ; his; object is to*
which
prohibits life insurance companies - from
Insurance
Pacific
Missouri
be
concern not
of securities
of
holders
the
activities
Stedman's
involved:
The
as
only to
in
professional
a
railroad
Missouri. Pacific
other
Chicago Milwaukee
railroads
St.
reorganizer
Rock Island, Western Pacific,
Susquehanna, Denver & Rk£j"Grahde!,wNew'' Haven,
-.
1-. ■''l; !* ' 'r
YY
"If Mr. Stedman really wanted to cure this tax 'Situation the-simplest
Norfolk
and
&
his
at
Southern.
..
is
disposal
to
"reject"'with
vote
prepare
a
plan, if Mr. Stedman will not.
new
1
u
c-
preceding quarters.;—V.
Yvt National Steel Corp.—Extra Dividend of 25-Cents—
-
Y
The
addition
the
on
with
p.
t
directors have
declared an extra dividend of 25 centS'
per share
the-regular quarterly dividend of- 75 cents per share
stock, par $25, both payable Dec. 12 to holders of
record
Dec.
1.
Regular quarterly payments of 75 cents each were
made from Sept. 30, 1940, to and
including Sept. 12, 1941. as compared
in
the
large block of
bonds which his committee represents in this balloting. Y But" instead
he fills Washington with tax lawyers, at the bondholders' expense, inan
uncertain and probably futile attempt to persuade the Treasury to
revise its already indicated intentions with respect to the determina¬
tion of the capital base of reorganized railroads.
"When the present plan is defeated Alleghany will gladly undertake
to
stock, payable Dec.
r
dividend of 40" cents per share on-the'
to holders of record NoVi'20. i: This com¬
a
4/ith 25' cent's paid each quarter from March lf ? 1939. to'arid',
including Sept; Ij 1941;: 60 cents paid on Dec. 1, 1938, and 25 cents in
152, p. 1136.
Y Y
Y. YY '.Y ?vY'""Y'Y.:
,
Chicago & North
Frisco, New York
Western,
&
Ontario
J939.-rV,
pares
is ; similarly;
Paul & Pacific;
Wabash,
Western,
directors have declared
common
.
he'
22,
:,rt
The
holders; but; alsa to-•
which
in
Dec.
Qats, Co.—Larger Dividend— Y
*
.
\
.
.
of 25 cents paid on
•
.
to
common
50
cents
1150.
.
;•
share
per
;;
for-par.4
on
March
and
30
June
29,
1940.—V.
154.
•
National Supply
For the present fixed
interest bonds, contingent interest bonds can be substituted par
This compares with profit of $150,332 in the like period of 1940 after,
normal
tax reserve of 20.9%
but without consideration for normal
:
V.
2,509,155
Y
459,874
27.
means
_—________
2,908,245
•190,863
Y
;
28,716,002
Alleghany's action was
by the Missouri Pacific-to
tOn 664,000
544.
Corpi—Earnings-
Earnings for
•Net
154,
57.790
$0.09
—
_—_______________
depreciation, Federal income taxes,
interest,
of
shares
$1,055,247
____________—_
___
•(Earnings per share
1 "*vv
1941
30,
•
.
Federal
937,872
1101.
have
and
mortgage guaranteed
Nov.
on
2489. VY
p.
no
$3,481,349
bondholders
the letter
Dec.
280,824
A
law"
the
of -two
may
Months Ended Sept.
9
———
—
depletion,
income—
we
1
Oct.
1,
on
record
Exchange Nov. 21. The price was $27.25
share, less 87 V2 cents concession to dealers.—V. 141;
a
1—
for
July
declared
of
New York Stock
Y
595,310
V
$0.65
buying, stocks,
Corp.—Earnings—
Michigan Bumper
'
Net
1938
$2,398,419
—
"Mr.
i
•-
Y'
v.:>. v'-*w
,
railway-
taxes,"
1,
has been
holders
to
Morris & Essex RR.—Stock Offered—A block of
20.454,259:
.
share:_
railway
plan
,4l
shares of capital
Missouri Pacific RR.
Alleghany Corp. Opposed to
Pending Reorganization Plan—
Y?) Y " Y; YYyy;Y.
j
Y:
is
Dividend—
1939
became
Morrell
against
preferred
5,454,164
4,102,593
lioi.
1941
154, p,
,
and
23,660,294
7,077,501?'
Sept. 30—
Jan.
from
Nov.
the
on
payable Dec. 23 to holders of record Dec.; 4.
previous payment on this issue
was 50
cents per share on
1, 1930, which rate was also paid on March 1 and July 1, of
stock,
26,345,575
5,341,135
__
p,
railway
from
Pacific
Mengel Co.—Resumes Common Dividend, etc.— '
The directors have declared a
the
on
"763,271
8,944,809
-
raJway
balloting,
common
1940,
as
Corp.—Earnings—
cper.
From
Gross
within
has been changed to
19,
2.
The
come
"Whether
V
.
1'-
•
1
from
from
tion
Memphis Publishing Co.—New Name—
$45.75
684,350
30,344,025
__
depreciation,
Net
profits
Memphis
780,001
Missouri-Kansas-Texas
Publishing Co.—V. 154, p. 544.
Company is now known as Memphis
to
1940
1,208,738
1,375,154 shares of capital stock.
Net
Exchange.
on
154,
per
•After
-2.705,126
1,933,292 '.J. 1,625,651
924,883
•
676,730
notified
the
at
interest
directors
this
on
.
income.
Net ry. oper.
Y
Dec.
on
$3,113,264
$3,014,102
Y 1,038,211,Hii 1,088,425
profit
—V.
Memphis Commercial Appeal Co.—Delisted—
pa.d
was
amounted
$3,747,759
__
October—
(no par), at a fixed price of
stock
common
1941,
._
railway—
railway—_
9 Mos. End.
•Net
Gross
offered
Dec.
vY-YYYYih■ YYYYY-YY7-YY-/Yv-v;\%iY;.v-?YY
income..
Mission
1
Offered—Smith, Barney & Go.
of the market Nov. 24 10,000
amount
1941
from
fEarnings
133,543
3,269,475
(closed)
been
share on the
-per
1—
oper.
29
July
1,
1941.—V.- 150,
•After
Government.—
r,;.
Masonite Corp.—Stock
15,
3894.
p.
•Deficit.-—V.
Co.
of expanding its facilities in accord¬
and has received letters of
the U. S. Government authorizing it to construct additional
is in the
national
the
similar
A
railway——
from
Net ry.
whereas
Koppers
$6.50
railway-
From
h
share
per
Dec.
Montreal,
which
with
(John)
-
share, on account of accumulations, has
preferred stock, payable Dec. 8 to holders
,'
from
Net
Net
205,367
237,514
tax,
Minneapolis St. Paul & Sault Ste. Marie Ry—Earns.
Net
stock,
common
per
Nov.
on
October—
Gross
$364,783
41,942
1,233,784
.
.
April
on
1941,
in
counter
the
preferred stock being retained by
of the preferred stock outstanding.
of
25%
over
company
with
outstanding
total
the
26.
151,
the
In
common.
the
of
75%
over
of
par)
($1
constitute
ance
Arrearages
Gross
>
1938:
$503,172
324,283
2,512,549
1,633,842
cents
April
on
have
1,
interest
1938.
stock.—v.
stock into
company's capitalization consists of
$6.50
on
Nov.
27,
1941,
22,
common
addition to the common stock
$750,000 of 3% notes payable
to banks, and
14,831 shares of 7% cumulative preferred stock ($100
par), issued and outstanding. •
' • '.••/
1
1
"j.v---;
The
112,740 shares of common stock to be sold by Shields & Co.
shares
150,000
the
Oct.
changing
Nov.
amended,
was
and then outstanding 30,000 shares
issued
of
declared
record
on
the underwriters.
as
proposed offering does not represent new financing by the
it will provide a broader public ownership of the company's
dividend
10
of the first
bonds
Commerce
Minneapolis-Moline Power & Impiement: Col—To Pay
$6.50 on Account of Accrued Preferred Dividends—
of
3,031,598
-
payable
paid
was
Dec.
908.
p.
of
cents;
Holders
oir
-a
'' Y
per share.
depreciation,
t
1941* ^'* 1940^
$127,793-.YY $32,390
,
profit
been
cents
V "
Vf>.-1939
4,198.701
867. >n /
$10,
par
6
gold
Mid-West Refineries, Inc.—Earnings—
3 Mos. End. Sept. 30—
'
•' "•*.
A
25
Y.;'.-';'
4,866,783
income—
Y
162,566
Montreal Dry Docks, Ltd.—Interest
:
of
-
154,
with
was
;';j?Y;?7li,Y;YYYYYYYYYYYYYY'Y^
"Chronicle"
excess
amount
'
S
' 1940
Y
j
the .common
on
like
compared
as
$310,057
«
jYYYY'
'
railway—^.
p.
dividend
1,138,184-
SEC—
tEarnings
A
Montana-Dakota Utilities Co.—10-Cent Dividend—
A
266,991
,
'
798.
p.
Midwest
•Net
1941
railway.
oper.
—v, 154,
1,159,976
471,425
373,469
1938
-
,
income—-
oper.
154,
See
last,
1,
2.
72,899
58,485
Oct.
.
Janjl—
Net
1940
$120,298
and
1
Dec.
preceding quarters.—V. 152, p. 2075.
from
Net
1941
$158,156
/
railway—
from
the
While
July
railwayi.J-._
t $645,800
Net from railway--—J • •,
240,489
Net ry. oper. income
iY."?. 245,101
RR.—Earnings-
:
from
Net
company,
were
'
October—
Gross
Yt. From
Midland Valley
V.
Drydock
1,
has been declared
to holders of record
Monongahela Ry.—Earnings—
"
The
Maryland
April
on
cents per share
18
in each of the four
dissolved.
be
•After
Total
the
October—
Gross
9,550,800
5,449,200
pref. shares, of $100
.
6%
cumul. pref. shares, 2nd series—
_
Common shares
(1,943,763 shares, at stated value)
12 M>
payable Dec.
Gross -from
V 2,439,716
—
cumul.
6%
stock,
;v
change for all of its cash and other net assets.
1,450,000
__
fund bonds,
Molybdenum Corp. of America—12%-Cent Dividend
A dividend of
the
bond maturities
—-—
:
announced
■
cancel
to
Net
,
payable
Accruals
25
Upon consummation of the transaction the parent company .proposes
surrender all of the capital stock of Midland public Service Co,'?.i
"
'
Nov.
-on
(File 70-442) under the Holding Company Act
the proposed sale by Midland Public Service Co;' of all of
utility assets to Northern States Power Co.
(Wis.)
for
Both companies are subsidiaries of Northern States Power
From
trade-marks,
Goodwill,
Exchange Commission
10,738,983,
;
Prepaid
Fixed
and
t:YY, YYj'jY;' YyYyjY
electric
and
v.
,
and
Co.—To Transfer Assets
,
of an application
regarding
to
yty.:
Service
Y
1 ■
Securities
The
its
Glore,
Public
Midland
Dissolve—
the
Underwriters—The
Saturday, November 29, 1941
Co.—Accumulated" Dividends— YY-Yy-
The directors have declared a dividend of $3.43%
per .share on the
5% ;prior pref. ;Stock and a dividend of $3.75 per share-on the 6%
vantageous preferred and common stocks which deprive them pf.1 their j. prior- pref. ,stock, par $100 each per
share; both" 'payable* ■ Dec. 29
bond interest tax exemption, their capital base, and their: market value.
to holders of record Dec; 16. 'On
Sept. 30, last, the company paid
"We do not advocate that Missouri Pacific evade taxes or shirk its
$2.75-on-the 5V2% prior pref. stock and $3 on the 6%
prior pref.
obligations for defense.
Security holders wish to do their full share.
stock, as compared with $1.371/2 on the 5'/?% prior pref. and $1.50
They cannot fail to see, however, the inconsistency and injustice of the
on the
6% prior pref. in preceding quarters.-i-V. 154,
p. 1150.
insurance companies for whom Mr. Stedman speaks, taking the position
that a railroad should evade its just obligations to its security holders, <
Y*- Neisner Bros., Inc.—Extra Distribution— Y ki't' 'i f-''
who have purchased in good faith, and at the sariie time should dis¬
burse millions of dollars needlessly in income and excess profits taxes.
An extra dividend of 25 cents per share and the
regular quarterly
Nor can they understand why these insurance comoanies should "force
dividend of 25 cents per share have been declared on the common
stock,
Missouri Pacific to bear a continuing tax burden from which other un- '
both payable Dec. 15 to holders of record Nov; 30.
An extra of like
reorganized railroads, including many of its competitors, are excused.";
amount was? paid on Dec. 16, 1940, and on Dec.
15; 1939. %
*k -\ -1
Thus
will
bondholders
no
longer
be
forced
to
take
the
.
double "disad¬
,
-
Mid-Continent Airlines,
Month of
loss
Net
—V.
151,
Inc.—Earnings—
1941
September—
before
taxes—___—--
1940
$16,388
$5,512
2651.
p.
I
Middle West Corp.—20-Cent Dividend—
The
directors
payable Dec. 22
June
on
made
16.
last,
on-Dec.
Midland
A
dividend
accumulations
par
was
—V.
Nov.
on
a
dividend ci
20
'
cents
per
share,
to holders of record Dec. 5. A like amount was paid
as comoared with an initial distribution of 25 cents
1940—V.
2,
25
on
153,
p.
1280.
cents
t'-e
$2
per
share has
cumulative
been
declared
convertible
154,
p.
55.
1.
on
account
stock,
of
no
from
Net
preference
15 to holders of record Dec.
from
Net
A 1 ke amount
ra'd in each of the eight preceding quarters and on June 20, 1933.
value, payable Dec.
Earnings for
ry.
From
Gross
railway______.
Jan.
from
from
Net
ry.
—V.
railway
oper.
Net
income___
p.
of
1941
/
$11,100,692
October
and
Yesr
3,601,714
2,350,004
1,571,346
to Date
1939
1940
'
* *
1938*".
$8,601,795
$7,790,175
2,354,163'-;
1,853,656
$8,684,676
2,538,041
'
1,407,969874,339
1—
railway;
railway
oper.
154,
the Month
V
October—
Gross
.,
Corp.—Accumulated Dividend—
Oil
of
24 declared
income___
1192.
Y
V-
To Guarantee Debentures—
71,437,699
68.536,290 iv 67,009,410
15,624,165
14,192,413" 13.128.567
19,573,998
7,178,495
5,383:471V"
4,180,559 '
preferred
stock
YY,...
of-company
Y
voted
refund $2,000,000 of 6%
bonds of the
Inc.,
subsidiary.
will
voted
91,880,844
23,451,824
of
Holders
plan to
of
a
to
The
bonds
be
19
Nov.
Ne'sner
called
at
Y-
Brothers
$110.
.1
Y
approval
of
a
Realty,
Stockholders
guarantee payment of principal and interest on <a. new-issue
of debentures of the Realty company which will
be
by -State Mutual Life Insurance Co. of Worcester; Mass.'";*
$2,200,000
"-purchased
and
the
bear
interest
Massachusetts
Life-insurance
ranging from
1
to
Go,-,
The
new.
3.60% .—V.
154,
p.
debentures
961,
753.
will-
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4013
Volume 154
Neisner Bros. Realty, Inc.—Bonds
June
On
of
total
a
cates
Pro¬
retire
$2,000,000 6% convertible debentures called for payment
i)ec. 15, at 110 and int.—V; 154, p; 1192.
Merchandise
York
New
issued
were
The .5.10%
Inc.,
listing and
p.
held.
shares.—V.
of
shares
certifi¬
Scrip
154,
659.
p.
Corp.—Listing—
has been admitted
154,
(par $100)
cumulative preferred stock
to
five
909.
registration
the
on
New
Curb Exchange.—V.
York
dissolution
'
October—
from
Gross
'
;
28,369
17,077
From
Net
ry.
t—V.
;■
154,
For
$270,978
100,242
101,461
46,446
51,603
34,744
3,080,779
2,648,351
1,286,141
951,887
2,500,841
838,174
2,467,655
779,026
liable
628,354
372,031
200,749
66,104
third.
537,962
456"(601
Gross
336,983
255,929'
179,476
Net
from
218,548
167,651
117,325
Net
ry.
21,
Nov.
Association—-Output-r*
electric output of 10,898,378 kwh (Tnanksgiving in Massa¬
chusetts a week earlier this year than a year ago); This is an in¬
crease of
591,998 kwh, or 5.74 % above production of 10,306,380 kwh
lor the corresponding week a year ago. ,
,
Gas
output is reported at 106,838,000 cubic feet, an increase of
1,211,000 cubic feet, or 1.15%
above production of 105,637,000 cubic
income
dividend
of
tion
15
Nov.
on
cents
share
per
share on
per
President
sioned
by
Alfred
the
add.ng that
154, p. 1150.
thing
19
took
uncertainties
the
N.agara
to
necessary
made
was
on
the
of
Hudson
supply
future
'
The Securities and
t
.
to
as a subsidiary service
Association •holding company
Power
that
under the new
setup annual charges for
Dec.
$1.25 was
companies in the system were estimated at $2,with actual charges oi $3,796,342 last year.
Tne
that, while the estimate was still high, it included
March
operating
commented
of
50
spl.t-up common
record
130,077, -compared
SEC
dividend
A
old
$1,077,628 for actual construction work expense.
New England Power Association is a Massachusetts association with
63 subsidiaries, including 41 retail electric or gas companies operating
in Vermont, New Hampshire, Massachusetts, Rhode Island, and part of
stock,
This
4.
paid
the
to
American
loss
♦Net
recent
the service company and Bellows
——•
Cement
t$54,105
—
American
payable Dec. ,30
Ed.son Co.,
:
The
statement covering the issue of 22,243 shares ($100
stock was filed Nov. 26 with the. Securities . and Exchange:
1
* ..r
v
The stock will be offered by means of transferrable subscription war¬
rants at $100 a share to its stockholders of record on Dec.
19 at the
rate of one share for each six shares then held.
The warrants will
registration
.
.
Jan. 15, 1942. -The company says that it may sell, at not
$100 a share, such shares as are not taken through exercise
on
less than
Co.
25 declared
to the
V.
will
be
lieu
thereof,
of
of
154,
Idea, Inc.—Earnings—
♦
'
$2.65
provision
taxes, vtOn 272,000 shares of
152,'
$2.10
__.i; v.;
tEarnings per share
charges and
•After
$571,333
2654.
New York Central
1941—Month—1940
■,
^
,
'V
,
>"•
»
"
-
Railway
oper.
Railway
oper.
expenses
Net revenue
t;
ft
1 ' •"
V '
the
V.
• ' * '
No
31,
redeemed
the
Edison
certificates
$70,000,000
stock,
holdings
of
of
14.43%
or
American's
Detro.t
the
of
payment
the
since
of
total
of
total
the
1941
to
debentures
company
stock
capital
or
is
is
not
surplus
charged
distribution
a
and
is
not
out
partial
a
books
the
on
of
the
of
North
of
rate
75c.
share
a
the
on
6%
and
series
717/eC.
to
dividend.
earned
its
a
share
on
at
the
series were declared payable Jan. 2 to holders of record Dec. 10.—
154, p. 961.
r-'Lv
share
+*• J-
./
of
from ry.
directors
' \^
the
on
record
both
classes
share
April
on
quarters.—V.
declared
and
B
a
20.
1,
June
154,
stocks, payable Dec.
50
cents
per
50
share
last,
and
Oct.
1,
cents
30
and
1940,
of
of' 75
dividend
year-end
common
Distribut-'ons
10.
Dec.
on
have
class A
Dec.
in
each
as
the
of
cents
per-
19 to holders
made
were
$1
against
three
on
per
previous
■
rents
8.246,349
9,461,064
101,827,109
2,947,671
39,321,793
29,661,790
1,299,578
1,174,336
12,596,361
11.989,489
Net
ry.
oper.
income
3,762,013
5,339,057
49,908,955
32.975,889
1,575,851
income
———•
1,425,346
15,257,734
13,890,765
North Shore
income
deduc.
Misc.
from
'126,427,
inc.
65,166,689
46.866,654
1,324,096
6,764,403
142,343
5,337,864
—
Operation.
'
avail,
Inc.
,
for
•
63,842,593
45,410,146
Maintenance
4,079,645
40,863,498
40,131,810
Provision
1,154,752
from
ry.
839,917
'
$4,772,484
railway——-
2.510.770
1,768.915
2,148,784
1,271,760
income—
2.414,772
1,112,030
1,524,402
806,962
49.593 765
37,963.426
35,122.521
29.622,375
21.108.907
12.111,683
11.616.222
13 586.898
6,498,431
6.583,987
railway
1—
railway—
income—
RR.
short-term
second
mortgage
1941
3.589,269
bonds as collateral
of $2,400,000.
5%
Net .income
the
cumulative preferred, divs.
_
'
Upon presentation and surrender of said notes on or before Dec.
holders thereof will receive the full redemption price with interest
'
;
to.Dec.
New
See
11,298
19,
1941.
General
Pere
•
.
,
,
in
19
in
Ry. below—V.
Balance
92,120
in
•—I——
:
$130,789
Shore
Coke
on
Nov.
and
of
&
Chemical
to the
:
an
Co.,
order permitting to
filed
and
by
North
North
Shore
Gas
Continent Utilities
Co.,
Corp.
cipal
North
with
recapitalization of the North
The report of the
T':rv- o:41;5?';""
assets of
a
Commission
on a
plan
sale
of
Continent
North
is
taking
over at its face
Chemical company
its
common
stock
company.
committee,
and
as
and
bonds
as
the
to
trustee under the indenture securing
mismanagement claims of the Gas
the
to
Explanation of Proceeding
certain
Coke & Chemical Co.
mismanagement
claims
asserted on
behalf of
with
of
respect
the
-
to
Chemical
the
recapitalization of
company
assets,
and
the
the
Gas company,
compromise of
the
the
.
plan provides that the initial board of directors of the reor-ih
ganized Gas company shall consists of 9 directors, 5 of whom are to
be
approved by the committee and 4 by North Continent.
These
directors will be chosen for a term of office to contin"e until the first
;/v
part of the
to the Gas company, the
of
Tire
Plan of reorganiza¬
Shore Gas Co., the sale of the greater
North Shore
compromise
$3,500.
amount
claims.
renort of the SEC on a p'an which provides for the recaoi-
of North
be
of cash, a claim against one of the
Continent receives nothing for
Continent's
amount
tion follows:
This is
will
will refund the joint bonds by issuance of $3 700.000 prin¬
of 20-year first mortgage bonds and $700,000 principal
serial notes to mature $50,000 semi-annually.
The plan
states that if it becomes impossible or inadvisable to refund the joint
bonds, it is nevertheless intended to consummate the portion of the
become effective
assets of the North Shore
talization
the
of
company
issued
19
declarations
Shore Gas Co., the sale
Coke & Chemical Co. to the North Shore
Gas Co., the dissolution of the North Shore Coke & Chemical Co., and
the refunding by the North Shore Gas Co. of joint bonds of the North
Shore Gas Co. and North Shore Coke & Chemical Co.
respect
for each
company
the relative values of the Gas company and the
assets of the Chemical company proposed to be sold; and that upon
consummation of the plan, the said claims will be released and dis¬
charged.
As soon as possible after the recapitalization of the Gas company
and the sale of the Chemical company assets as aforesa'd. the Gas
Effective—
SEC
will receive
representing
North
the
panies,
company,
North Shore Gas Co., Chicago—Plan Permitted to Be¬
applications
$2.50 per share,
Gas company.
plan states that the aforesaid provisions reflect an overall settle¬
and compromise of the conflicting views of the applicant com¬
North
See North-Shore Gas Co.—V. 152, p. 838,;
.
or
of- the
company
stock
of
Chemical
the
ment
$76,203
North Shore Coke & Chemical Co.- -To Be Dissolved-
(■
'
subsidiaries.
—y. 153, p. 1137.
154, p. 1193.
Merchandise Co., Inc.—15-Cent Div.—
The d;rectors have declared a dividend of 15 cents per share on
the',common stock, payable Dec
15 to holders of record Nov. 29.
New York
to
lieu
in
43,207
.
Attorriev—.gj
Marquette
value,
$211,536
92,120
accrued
stock
plan provides for a cash payment, of $5 per share to the small
of common stock which is publicly held,
amounting in the
42.516
accrued
preferred
the
amount
The
The
of these notes outstanding at Feb.. 28,
divs.
not pledged with the trustee for the
cash payment of $67,430,
of
stock,
receive
will
shares
Chemical
$265,425
t
preferred
$7
•
10-year 4%
prior
of Gas
common
3.8
the
The
1,060
11,298
—
———.
cumulative
security for;
4% Collateral Trust Notes—
'
full
169,750
901
$7
note in the face -amount
There were $16,000,000
(see V; 154, p. 545). -
City.
96,547
189,750
discount and expense—
are
as
Continent).
share of Chemical company preferred
Gas company.
The "remaining assets
distributed pro rata among its pre¬
ferred stockholders,
including the unpledged holdings of North Con¬
tinent, except that arrangements are made to provide
a cash pay¬
ment of $7.45 per share to the public holders of the Chemical company's preferred stock in addition to their pro rata share, in the
stock of two subsidiaries of the Chemical company.
of
$413,644
unfunded debt
holders
share
new
aggregate
8 068.605"
collateral trust notes due Aug.i l, 1946. have
been called for redemption as of Dec. 19 at 101% and interest at the
Central Hanover Bank & Trust Co.. trustees, 70 Broadway, New York
of
119,404
$467 374
debt
long-term
on
on
Amortization of,bond
come
All
public
each
stock
(no Fed. excess
——
stock
North
giving effect to these transactions, the public holders
company,
;
——•
—
65,162
$3,520,273
To-Redeem 10-Year
.
taxes
109,270
drilling
_
payable)
tax
280,678
56 049
well
1,306.100
74,319
62,026
non-productive
———
earnings
Interest
1938
Assumption of Obligation and Liability—
The ICC on Nov. 14 modified it's order of June 7, 1941, so as to
permit'the pledge and replcdge from time to time to and including.
June 30, 1943, Of not exceeding $3,566,000 of extended Lake Erie &
a
profits
.
Interest
St. Louis RR. —Earnings—
$4,463,474
oper.
Western
of
18,447
98,998
and abandoned leaseholds
Genera! taxes
Net
$6 074.450
(^rross from railwayNet
8,878,132
1939
Jan.
Net
111,605
1940
ry.- oper.
From
5,278,336
1941
from
from
Net
Net
$2,345,722
254,556
—
—
depreciation and depletion
Federal and State income
October—.
6ross
22,979,095
'
111,300
New York Chicago &
.
2,542,415
income
profits tax.,
—V. 154, p. 1150. '
$2,226,333
—
1
for
expense
&.exc.
1940
$2,327,274
1,167,926
——_i———
_
6,622,060
fixed
1941
$2,211,696
14,638
<net)——
Plan
preferred stock, about 3.027 shares of
in the aggregate approximately
61% of the total stock.
The balance of approximately 39%
will be
held
temporarily by the Chemical company, but it is proposed to
liquidate the Chemical company in the event that it proves possible
to
refund
the
outstanding joint bonds.
In the liquidation of the
Chemical company
there will be distributed this new common stock
of the Gas company and certain miscellaneous assets of the Chemical
company which are not included in the sale of the Gas company.
The public holders of the preferred stock of the Chemical company
and the trustee for the bondholders of North Continent, as- pledgee of
most of North Continent's holdings of preferred stock of the Chemical
Subs.)—Earnings—
30—
earnings
Amortization
Fed.
•Incl,
the
the
2713.
—;
revenues
_
5,211,437,
4,056,685
•i
fixed
Net inc.
after
charges
,
fixed
charges
.
p.
1,456,508
Non-operating
'Total gross
Total
152,
North Penn Gas Co. {&
12 Months Ended Sept.
Operating revenues
Total
to
After
Gas Co.—V.
North
is also making a
for
-
'
Other
Shore Gas Co.
to Be Recapitalized—
See
•—
against
of
bondholders
Nortli Continent Utilities Corp.—North
:
74,627,168
3,184,758
:
operations
asserted
has
company
Baehr
•Railway tax accruals-,
Equip. & Joint facility
latter's
representing preferred stockholders of the Gas com¬
certain mismanagement claims on behalf of the
committee
company's preferred
660.
p.
the
for
I
Gas company will be recapitalized,
common stock having a par value
of $15 per share.
In the recapitalization of the Gas company. North
Continent will receive nothing for its 100%
interest in the common
stock and nothing
for its 637 shares of preferred stock, and the
entire initial issue will go to the public holders of the preferred stock
of the Gas company.
Immediately upon the recapitalization of the
Gas company, it will take over the principal assets of the Chemical
company
and issue additional shares of common stock in payment
for
these
assets.
As part of the compromise
of claims of the Gas
company against North Continent and
Baehr, the public holders of
the Gas company's preferred stock will receive the new common stock
in the
Gas
company,
which Eaehr would otherwise be entitled to
receive in respect of 247 out of 347 of his holdings of the preferred
stock of the Gas company and, also, part of the shares of Gas com¬
pany new common stock issued to the Chemical company for its assets
(representing
the
proportional interest in
the Chemical company
attributable to so much of North Continent's holdings of the Chemical
American's
liquidating
company
value preferred stock
the $50 par
on
,
The plan contemplates that the
Its stock will then consist only of
763,000 shares, or 12 %.
stockholders explains that the dividend in the form
Edison
■
Summary of
it is estimated
will be reduced
dividend,
30
holdings in the Detro.t
security
as
company.
The plan
The capital structure of the
dividend requirements of the
Edison stock now amount to
6,361,300 shares issued and
Dec.
pledged
are
Effecting a Reorganization
Chemical
l/50th
market pr.ee
beginning
amount
it owns
Continent, Willam A. Baehr, and the
includes a compromise of these claims.
Gas company is highly unrealistic. The
preferred stock have been far in excess
of the company's ability to earn, and there are large dividend arrear¬
ages of this stock.
Voting power is not equitably distributed among the
stockholders, voting control being vested in the common stock, which,
from the standpoint of both assets and earnings, is utterly worthless.
The plan is designed to eliminate these unsatisfactory conditions by
providing for the cancellation of the common stock and the substitu¬
tion of new common for the preferred.
in
but,
$50,000,000.
to
Continent
27,956
bonds.
Gas
redemption $2,500,000 principal
1941.
This w.ll bring the total
princ;pal
share
'-
Chemical
A
cents for each
the current
on
the
pany,
letter to the
The
j
1941—10 Mos.—1940
34,304,738 368,817,482 303,809,180
24,843,674 266,990,373 228,982,012
41,283,260
33,036,911
revenues
for
Dec.
on
reduces
After
dividend
5%%
RR,—Earnings—
"
Period End'. Oct. 31—
based
call
The
refunded, except
the
on
North American Rayon Corp.—Year-End Div.—
tfncluding -All Leased Lines!
•
stock,
Regular quarterly dividends
'
>
shares,
Detroit
'
_
stock held.
Detroit
stock
Edison
surplus.
for Federal income and excess profits
capital stock, no pari-rrV. 153i p. 697;
p.' 2712;-V. 151, p. 3404,
of
shares
to
debentures
to approximately
The
$721,356
profit
voted
Nortlr American's
outstand ng.
capital
1940
1941
4%
from
The
Mos. End, Sept *30—
also
debentures
4%
North
of
Edison
Detroit
outstanding
1102,
p.
Detroit
share.-
which
of
V.
of
per
of
fractions
for
$20,000,000,
that
of
cash w.ll be paid at the rate of 39
directors
918,146
of the Detroit
to
common
were unpaid dividends on this stock of
volutary liquidation preference of the preferred
there
1941,
that the joint bonds, which mature Jan. 1, 1942, cannot
possibly at excessive cost, if the Gas company and
company continue as separate enterprises.
The two com-r
panies are economically interdependent. The Gas company relies upon
the Chemical company for approximately 85%
of its gas supply arm
the Chemical company has no customers for its gas other than the
Gas
company.
It is accordingly proposed that the greater part of
the assets of the Chemical company be sold to the Gas company and
it is expected that the enlarged Gas company will be able to refund
Payable in Detroit
share
American
as
It appears
1.
the approval of the SEC
common
stockholders of
one
bonds, preferred and common stock. The pre¬
a
par value of $100
per share, has a 7%
to dividends over the common stock, and
has
share plus arrearages of dividends.
Each
preferred and common stock carries one vote.
of
the
payable
be
of
rate
of North
issued
share
a
The
w.ll
it
the
at
9
50 shares
each
amount
New
♦Net
approved,
so
Dec.
amount
proceeds from the
net
:
9
if
record
rights, in
subscription
The
,
and,
vote.
per
$882,334
dividend on the common stock,
a
the
is primarily engaged in the production of
related by-products.
It has outstanding,
Reasons for
jBefore profit on
the form of shares of capital stock
in
of
is solely a holding company.
Of the stock of the
all of the common and 637 shares of preferred
preferred shares outstanding.
Of the stock of the
Chemical company it owns 198,150 shares of cofhmon out of 199,350
shares outstanding and 3 3,721 shares of preferred out of 15,000 shares
outstanding.
All the common stock of the Gas company and 12,500
out of the 13,721 shares of preferred stock of the Chemical company
at the same rate as a dividends paid July 1 and Oct.
registration statement containing the
the
Dividend
31,
$100
company
be
—
preference
liquidating
stock carries one
common
and
the joint
share.
a
out
J
payment of this dividend is subject to
of $19.50
which event it will file an amendment
details of such offering.
•
sale of the stock will be used to reim¬
burse the company's treasury
for uncapitalized expenditures for the
acquisition of property and for improvements to its telephone plant.
Upon such reimbursement the company intends to use a part of its
treasury funds to repay American Telephone & Telegraph Co., parent,
for advances which are expected to approximate $13,500,00 by the time
the proceeds from the sale oi the stock being registered are received.-—
of
$439,875
t$415,664
voluntary
1938
753.
p.
Chemical company for one-
preferred stock and common stock of tho
owned
by North Continent
outstanding bonds.
1939
1940
both
and
company
which
Gas
the
on
and the
issue,
The
preference
May
is
North
1941, and 75 cents on
14,
to
stock,
of
of
new
which
on
the
coke,
gas,
addition
stock
Corp.—Earnings—
1941
purchased.—V. 154,
North
par)
expire
preferred
cumulative
Edison Co. Stock—Debentures to be Redeemed—
England Telephone & Telegraph Co.—-Registers
common
Commission,
the
on
and
split-up,
4-for-l
1041, $1 on June
Sept. 30—
The directors on Nov.
A
declared
been
•
Hydro-Electric Corp. and Green Mountain Power Corp.. New
England Power Association subsidiaries in Vermont.—V. 154, p. 659.
With SEC—
has
of
years.
Chemical
oven
ferred
as
>After taxes, depreciation, depletion and interest.
,
bonds
Falls
New
iin
New Stock—
on
1941.
Dividends totaling $2.75 per share were paid
stock during the year 1946,—V, 154, p. 959.
15,
North
The Commission's action was the outcome of a request by the Ver¬
mont Public Service Commissionin July, 1940, for an investigation of
arrangements between
are doing every¬
defense industries
Involved
operating company,
outstanding are
seven
the
coke
common
12 Mos. End.
Connecticut.
servicing
situation,
war
no
par value,
payable Dec. 12 to holders of
equivalent to $2 per share on the old common
is
Sept. 15,
on
share
per
•
the
over
both
occa¬
154, p. 1005,
Co.—50-Cents
cents
Stock outstanding prior
said
Commission
The
service
the reor¬
>
>
the
to
energy
was
Companies
distributing manufac¬
bonds upon
jointly and
As between the two companies, the Gas company is
two-thirds
Also
$11.41%
Nilcs-Bement-Pond
Power Service Co.
England
New
for the
$ystem.
the
to
,
preferred stock is $100 per sh. plus arrearages of dividends. The latter
amounted as of May 31, 1941, to $52.16% per share.
Each shqje of
SEC Approves
Exchange Commission approved Nov. 22
New England
of
ganization
company
due
securing North
the indenture
under
trustee
is an
company
liable.
for
The
decision
this
companies
System
electric
in the territories served by them.—V.
J New: England; Power Association —
Reorganization of Service Company^-
the
also necessary.
company.
for
regarding payment of a
19, 1940, a distribu¬
this issue, as compared with
On Dec.
Dec. 15, 1938.
Scnoellkopf stated that
H.
Continent
the
The preferred stock, which has a par value of $100
per share, has a 7%
cumulative preference as to dividends over the
common stock, and dividend arrearages on this stock have accumulated
action
no
the common stock for 1941.
on
cents
25
of
assent
bonds is
Gas
severally
Gas
'
feet in the -corresponding week a year ago,—V.
;
868.
p.
directors
The
tion reports
The
Niagara Hudson Power Corp.—No Common Dividend
;
England Gas & Electric Associa¬
New
railway-
railway—
oper.
—V.; 154,
ended
week
from
.
because
tured gas.
Among its outstanding securities is an issue of
which
the
Gas
company
and Chemical company are
1—
Jan.
612,613
the
railway
prepared
been
$262,177
101,535
39,114
148,052
New England Gas, & Electric
-
$287,894
110,937
583,209
868.
has
The
$308,186
261,386
p.
The
Continent's
railway—1„-
ry.
From
income—-.,
7
report
1938
1939
Oper; income—
from
Net
railway——'
oper.
RR.—Earnings
1940
1941
from
Net
railway"--:——"
from
Net
Gross
1—
Jan.
from
Gross
•;v-. 579
October—
$61,179
28,976
.19,735
$64,849
33,277
24,538
$58,994
16,414
Net
1938
1939
<
$57,646
railway
from railway—.-..hot ry. oper. Income
"
New York Susquehanna & Western
;;
1940
1941
'
of North
;%.■•■% :;;7
subsidiaries
are
company
Corp.
Public Utility Holding
Company Act requires that such a report be furnished to assist stock¬
holders in determining whether to vote for or against the plan.
Under
the plan the holders of two-thirds of the outstanding preferred stock
of the Gas company, of a majority ■■of; the publicly owned preferred
stock of the Chemical company (exclusive of the stock owned by North
Continent and
the
directors of the applicant companies), and of a
majority of the outstanding common stock and preferred stock of the
Chemical company must approve the plan before it can be consum¬
The
mated.
Ry.—Earnings-—
Nevada Northern
•
1
Chemical
the
Utilities
dividend of one share
for each
stock
common
fractional
of
stock
common
State Electric & Gas
New York
ceeds, together with other funds, will be used to
Co.
Co.,
lieu
in
Chemical
the
sequent
and
Fastener
the refunding of certain bonds of the Gas company
company by the Gas company alone, and the sub¬
of the Chemical company.
The Gas company
company,
and
1941, which together with the current divi¬
cents in casn for 1941, as compared with
of 85
the company also paid a
last,
10,
Slide
Universal
(parent).
guranteed by Neisner Brothers, Inc.
will make
75 cents paid in 1940,
$2,200,000 guaranteed serial debentures, dated Nov. 1,
1941 and due serially to Nov. 1, 1953.
The debentures
bear interest rates ranging from 1% to 3.60%.
The issue
is
compares
1, May 1 and Aug. 1,
dend
the Gas
with 25 cents paid on Nov. 1, last, and 15 cents each on
This
Feb.
Sold Privately—The
has sold privately to State Mutual Assurance
Co. of Worcester and Massachusetts Mutual Life Ins. Co.
company
:
annual meeting of stockholders to be held in April of 1943.
The charter
provides for cumulative voting for the election of directors. It should
however,
that North Continent, presently controlled by
Baehr, will have about 35.38% of the new common stock of the Gas
i be ' noted,
company
upon
consummation of the reorganization.
For all practical
THE COMMERCIAL & FINANCIAL CHRONICLE
.1268
It would appear that this will be sufficient to insure
company in April, 1943, by North Continent and
purposes.
the
of
Gas
Continent
North
ture.
control
Baehr.
its
cancellation
-VFairness of the Plan
•if,
The
in
allocations of
the
the
plan
the
stock of the Gas company made
common
new
Continent's bonds.
complete precision of what it consists.
The claims are in the main based upon the following:
with
'/
1927
as
the
Gas
that
a
company.
'
.
North
Chemical
It
(4)
contended
is
in
that
other financial
1931
to
1929
the
Gas
company
for
Defenses
others
was
by
all
to
the
should
In Addition,
r
,
claims,
the
of
under
trustee
by
some
officers
of
from
that
noted
be
has
contract
fairness
the
the
manage¬
of
unfairness
or
the
Benefit
tion
of 637
If
share
a
surrender
the
new
the
the plan
the
plan
himself
and
must
the
in
plan.
of
the
be
mortgage
Capital
of
as
pref. stock
Earned
stock
($25
by
for
light
the
May
31,
of
($100 par)
7
the
Note—The
for
company
$1,597,700
of
Gas
joint
is
company
$1,597,700
4%
of
liable
the
and
the
as
SEC
Owned
Debentures
7%
cum.
Common
Earned
<
stock
of
1942
($1
par)
collateral
debt
tExcludes
preferred
£$1,250,000 of
dividend
North
Continent
in
of
,'
•
of
31,
First
A
lien
Non-cum.
no
par
Common
V
.
coll.
due Jan.
Stock,
for
and
ref.
5'/2s.
conv.
43,828
stock
pref. stock
shares
and
166.752
$171,250.
equi¬
(no
par)
166,654
—
pany
stock,
and
the
is
by Baehr
Owned
by pubic
$40,000
$3,451,000
2,979 shs.
40,849 shs.
presently
the
77,098 shs.
surrender
12
dissolution
1941
in
1940
.r
$2,477,683
43,676
obligations—f 211,475
31,570
% 792,431'
/
■_•_—79,689
Metropolitan
Invest.
Co..
V,
'ff
$6,409,317
127,208
%
251,640
122,589
$3,064,163
'
r $7,483,115
154,355
taxes
231,644
14,327
.
taxes
/ 26^725
10,188
$2,868,755
$7,025,355
w-_-%
income
r:——
on
long-term debt (excluding convert¬
obligation held by parent company)—
Amortization
Taxes
of
assumed
debt
discount
and
interest
on
7
215,926
v
-
Interest
2,380,691
2,391,291
119 014
expense—
4
119,018
7/V7.
1,489
Otlier Interest
Balance
of
50.488
-
income———
Notes—(1)
Company
of
The
933
103,833
.
within
the
year of
a
Electric
&
will
shares
155,747
Corp.
carried
on
cash
Oklahoma
30,
1941,
of
1934
in
its books
10
and
shares of stock
with
for each
without
or
stock
common
are
$100
desired
does
Light
of
$4,410,279
include
not
Co.
income
and
its
the
12
for
parent company and interest thereon of
$111,690, both of which
have been charged to
surplus on the books of the parent
(3) No provisions has been considered necessary for excess
1940
which
indicated
no
tax
liability, and will similarly join in
for the year 1941.
It is estimated that the 1941
returns, and the individual return for the one
company
which reports on a
separate return basis, will show no tax liability.—
V. 154, p. 660.
consolidated
returns
at
cancellation
York—V.
New
the
common
they
then
154,
Co.—Earnings-
Years Ended Aug. 31Total operating revenues
General
1941
"Net
bond for $110 a
...
•
$8,217,086
3,308,496
2,986.112
256,652
232.643
"
7; 785,668 7; 7 762,092
operating
•;...
,
1939
$9,421,698
T
291,167
taxes
income
!*-'
taxes
revenues
Non-operating income
stock.
offered in
unit.
1940
$9,454,672
3,342,677,
Federal and State
are
;
.
583,220%
(net)
>
196,738
$4,772,721
16,455-
i_____.
<
-
710,984
; 321,738
$4,451,940
_
$4,090,610
-
596
■
4,318
•
..*.
Balance
$4,468,395-
Retirement
Gross
Okla.
The
this property is purchased by the Standard Oil Co. of Indiana.
attorneys, Nowata,
$4,773,317
1,159,571,
1,237,580
1,078,117
$3,308,824.
$3,535,737
$3,016,810
794,324'
865,925
1,283,498
accruals
Jack
director;
director;
Hart
and
L.
Besse,
income
Interest
Other
proceeds
net
wells, with a constant increase until peak production
$4,094,927
on
long-term debt
income
Electric
week
output
ended
Nov.
of
22,
9.7%.—V; 154,
Assistant
Vice-President,
.
.
„
.
week last
,
;
is reached,.
$5.50
convertible
prior
cents
com¬
company's outstanding common
under the North Continent inden-1
preferred-
and;
Harvey,
year,
C.
Bal.
Divs.
for
and
6%
Common
Earnings
and
surplus—
from
railways-
oper.
Jan.
from
income—
:
1940
.
$36,389
-
13,355
prior
pref.
3,970
stk.
$1,148,518
145,040
319.000
per share of
comtoon.^tock".,.
295,924'
7,057
182,100
U ; 687,493
$3,43 ; .%•. .$3,71
770,000
.
"".Before -retirement accruals,.--;..«
345,583
273,165 %
y
Stock
„
/.•:
:...'/V;/;,-..-
274,993
%
/
—
•<;
$32,195
; 1939
Organization expenses
_—'
____„_—
$44,773
Prepayments
$44,994
23,998
Def5,578
16,990
245,680
334,636
376,553.
47,502
113,410
118:452
1,832;
1941.
..
1940
-
,
.141,614
1.44,614
4,817,469
1,173,524
1,210,090
2.911
6.995
__415,200
: 390,484
7.48,882 ,> 466,181—„-it,^82,653< ^srJ&fcMay''
.
.
U. S. defense savings rbonds;^ .^.'37,800
Miscellaneous investments ■(cost)-, 29,757
16(774
8,109
*
■
—v
—
Materials and supplies
1938
"
,$45,610,867 $46,512,164
6,159,988 % 6,159.988 -/•
V
——
Acquired properties in process of reclassification
Accounts reeeivable
<
€,*::■
—
~29"740
-
Sees, redemption fund deposits
5.375
Special-deposits ——; 6:649 %
Unadjusted debits
" ' 12,374
5.375
—
264,414:,
91,900
•26,378
4A09r
%%/%
Balance Sheet, Aug. 31
Cash
1—
railway
Net from railway—i__
Net ry. oper. incomes?—V. 154, p. 799.
•
'
$2,039,715
-
:
Property, plant,, pipe lines and, equipment—i
paid on March 15, 1940.—
•
railways,.:.:
% : 273450
$1,887,679
stock-
stock
tFranchises
Oklahoma City - Ada-Atoka Ry.-Earningsfrom
273,160
%
previous payment was a quarterly of 25 cents
152, p. 1444.
Gross
288,029
accrued:-A
(or)
prior pref.
convertible
Preferred
increase of
an
stock
com.
declared
$5.50
V.
1941
133,200t
319,000
Treasurer
per
y.
$1,554,868
11,840
273,165'
>.%•
50
$2,612,744
requirements:
Preferred
share has been declared on the common
stock, payable Dec. 20 to holders of record Nov. 28.
This compares
with 25 cents per share paid on March 15 and Sept. 20, last.
The
of
110,592.
prior preference—
Ohio Match Co.—50-Cent Dividend—
dividend
67,851
Crl,776
$2,479,844
stock dividend
Convertible 6%
the Northern States Power Co. system for the
1941, totaled 34,970,000 kwh., as compared with
1150.
58,844
Cr9,669
Income
Net
Pref.
(Del.)—Weekly Output—
for the corresponding
p.
44,325
prem.
President, General Manager
Workman, Secretary and director; Ralph
director; Joseph A. Crowley, director.
States Power Co.
;
charges
Amort, of debt disc. & exp. less debt
Convertible
From
Gas
statement
&
under the Excess Profits Tax Act of 1940, for the
periods
covered by these statements.
The companies in this group, with one
exception, have joined with others in consolidated returns for the
year
Topeka, Kansas—
Co., Inc.,
income
includes $321,410, representing the provi¬
Federal income and excess profits taxes
Oklahoma Natural Gas
Oil
purchased
be
may
bonds
anticipated
Net ry.
the
consolidated
of
Power
profits tax,
of common
and
incorporated
is
Central
company.
con¬
the cash to pay remaining obligations and
company
The
statement
Jersey
amounts
The
$3,317,929.
use
(2)
of
consolidated
$90,000
receive
$317,072
consolidated
operations
months ended Sept.
sion
for settlement
777:';''7
trustees
the
to
Water
return
-%•"
Utilities.
Officers and Directors—John E. Sherrod,
.
Gross
to
' ■"
accounts——
open
profits
Gross
Anticipated Production—It is predicted that the 8 new oil wells will
completed before Dec. 31, 1941.
Within six months thereafter it Is
anticipated that production will exceed 200 barrels of oil per day, from
Net
Plan
shall
Gas
pledged
89,654 Shs.
761,505
of
trustee
for cancellation all of
which
100%
be
A
2,588,429
;
(since Aug. 1, *35)
Continent
on
Notes receivable
3,842,001
Summary
North
ordered the
21
/'October—
Surplus—Paid-in
—Earn,
$8,038,123
Cos., Inc.- -SEC Orders
Associated
in
31,885,000 kwh.
surplus:
shares
Other
20.19
1,622,798
100%
$8,228,275
subsidiaries—
expenses
excess
div.
_
103,833
$7,709,380."
——
convertible
on
income
results
The
1,200
363,606
$7
933
162,178
____
Assets—
$3,491,000
companies
income
investment
General
of $47,750 to the company will be
used as follows: (1) To drill additional oil wells, (2) To drill additional
water wells, (3) To equip oil and water wells, <4> To increase pumping
capacity of oil and water plants, (5) For working capital.
and
series
1, 1948—
sub.
$8,279,806
passed upon by Glass & Chappell,
The
$127,900
'
Owned
Advances
both
011 from
by public
1941:
Amounts
92,978
1,489
Provision for Federal income and declared value
8.71
25.07
.
May
1,293,097
92,975
;___
Operation
of
been
-
amount
1,288,226
expense-.:
—4__
charges——
From
Company was formed Aug. 6, 1941, to acquire -oil production in
County, Okla., consisting of 426.48 acres in one block, located
in
the
Childers
and
Alluwe
Oil
Pool.
Title
to
the
property has
by North Owned
198,150
1941..
and
Nowata
amount
as
surpl.
&
of
Advances
46.03
2,015,325
20.05
1,660,481
totaling
bonds
Where
^
pledged as security for North Continent
first lien collateral and refunding 5'/2s, due 1948.
The
following table shows the outstanding securities and surplus
of
24,34
$3,700,000
will transfer
and
Northern
of May 31,
discount
interest
___
Interest
.
and
1,372,693
arrears
as
debt
on
Dividends
Co., Kansas City,
Mo., recently offered $50,000 5-Year 6% debenture bonds
at par and 5,000 shares of common stock at par($l).
300.000
share,
per
this
interest
12 Mos. Ended Sept. 30—
Income from investments in
$635,986
436,707
of
assumed
V
19
of
Northern
of May 31, 1941:
Continent
199,350
$9,719,118
deductions—/ ?'?
■'
long-term debt (excluding conobligation- held by parent' co.)__-__
Total
700,000
Nov.
dissolve.
Treasurer
surplus.
valent to $11.41%
2,015,325
(par $15)
Northeastern
of
units
$1,597,700
tl,500,000 £$1,372,100
__
($100 par).—
114,268
Earnings of Parent Company Only
Securities Offered-*—Wahler, White &
$1,458,371,
surplus:
__
Donated
•
and
surplus———
surplus
Paid-in
:
due
pref. stock
stock
Common
29,868
166,980
:
Utilities Co.
Balance
962.
by public
debentures
Amounts
273,029
3,371,467
on
vertible
a
<
on
obligations
and Baehr
preferred.
as
269,124
pre¬
$9,254,249
deductions
Maintenance-
$3,006,300 and the^Cireihical
bonds.
The Gas company holds
Joint bonds) and surplus of the Chemical company
NJ
Amortization
55.61
of
will
for
joint
PA
•
debt, in exchange for which the trustees shall cancel a similar
stock
Joint
4%
$4,604,000
bonds
—
Northeastern
in¬
of the Chemical company due the same
bonds, but these debentures merely evidence the
obligation of the Chemical company to pay its portion of the interest
and
principal requirements of the joint bonds, and are not to be
regarded as a liability of the Chemical company over and above its
liability on the joint bonds.
The following table shows the
outstanding securities (other than the
date
on
%
amount
t3,000,000
$34,700
arrears
117,791
V 394,811
Cr53,520
3,463,067
preferred stks.
on
in
538,672
105,653
370,437
Crl40,782
•
7,965
income
After
Refunding
%
eastern
407,899
bonds
accrued
or
dividends
Taxes
plan provides that Associated Utilities Corp. shall turn over to
trustees of Associated Gas & Electric Corp. $1,128,336 of North¬
the
.
of
interest——
stock "______
Interest
-
The
for
1948.
$5,000
343,018
■
on
8,412,324
expense
Balance
NY
forming to the requirements of the Holding Company Act.
£$4,604,000
$63,700
£2,731,900
3,000,000
and
amortization——————..
Miscellaneous
and
company
discount
charges
charged to construction:...
Interest
bonds
4%
SEC Nov.
The
—
*2,795,600
par)
due
4%
capitalization
The
5y2s
the
Gas
aforesaid, the Gas com¬
issuance of $3,700,000 of
debt
interest
Interest
Amt. owned
Continent
$4,604,000
preferred
dividend
arrears
in
amount
equivalent to $52.16% per share, as of May 31, 1941.
tPledged as security for North Continent first lien
holds
by
the
/
company, a subholding company in the Associated Gas System.
SEC previously had approved a voluntary plan of liquidation, as
p.
Amounts
surplus
£Baehr
Other
subsidiaries.
1941:
1,1942
of
premium)
Taxes assumed
the
Registers With SEC- -See "Chronicle" Nov 27, p. 1213
against
or
stockholder
each
in
■"Excludes
refunding
(less
of the
by North
cum.
Amortizaztion
-V. 154 p. 838.
outstanding securities and surplus of
7
7%
public
8,224,436
tion.
Amt. owned
Common
the
to
Inc.
Dissolved—
vote
$22,918,331
I
on
—-
them in our
there point out, we
and conflicting claims
to
judgment
own
the
joint first mtge. 4s, due Jan.
of
as
3%%
Northeastern will
company
cash
income
terest
ible
order which will permit
an
720,015
deductions, subsidiary companies—Inlong-term debt———
•
permitted to become effective a declaration filed
by the preferred stockholders protective committee of the North Shore
Gas Co. with, respect to the solicitation of assents or dissents on the
part of the preferred stockholders to the proposed plan of reorganiza¬
Capitalization of Applicants
Gas
in
Gross
Income
Inc.,
Preferred Stockholders' Committee—
The
of
the
Organization,
on
Refunding
mortgage
surplus
Total
we
whether
determined
his
shows
bonds
debt—
Com. stk., 134,355 shs.
him.
following table
by him
assets
company
joint
Chemical Co.,
Notes
$22,198,315
645,412
(net)-—.
convenient after the consummation of the
as
$3,224,666,
The
share
a
recapitalization
the
Northeastern Water
However,
should
exercise
furnished
Baehr
A.
falls within permissible limits and that
Accordingly, the commission has entered
formation
soon
8,921,694
$21,418,738
_______
income
Other
First
.voluntarily brought into compliance with the Act, it would be the duty
of
the
commission
to
require such action.
In the opinion of the
commission the proposed plan would bring the stock structure of the
Gas company into conformity with the standards of the Act.
the
$2.50
received
be
Chemical
refund
4,459,861
9,120,648
income
other
ferred
first
present stock structure of the Gas company Is repugnant to
of the Public Utility Holding Company Act.
Unless
of
to
after
the
Joint
provisions
consummation
pay
(a)
company against the
of the Chemical company,
company,
Willam
Before
Requirement of Holding Company Act
The
sharaes
Long-term
plan is fair and equitable.
the
will
Gas
the
The following table sets forth the capitalization and surplus of the
enlarged Gas company as of May 31, 1941, giving effect to the pro¬
posed refunding:
publicly held preferred stock,
,; We have described these claims and the defenses to
in
of
•
Shattuck
shares of new common stock.
'7"7777
public preferred stockholders of the Gas company are to receive
for both their interest in the Gas company exclusive of the
claims and by way of compromise of the claims, about 61% of the new
common stock and
$67,430 in cash. This is equivalent to about 3.027
;shares of the new common' stock and $2.50 in cash per share of
is embodied
the
above steps,
the Chemical company shall be liquidated and dissolved, upon which
each of the public holders of the common stock shall receive $5 per
share, and each preferred stockholder including North Continent shall
receive per share $7.45 in cash, 3.8 shares of new common stock of the
Gas company and one share each of the two non-utility subsidiaries
of the Chemical company, North Continent Mines, Inc., and The S. W.
all
which
will
As
The
iinidings and opinion approving the plan.
As
believe that the compromise of these difficult
of
7,491,495
.5,102,204
:
settlement,
cash.
in
sale
claims.
1,783.6
in
Operating
Total
controlling
the
of
bonds and $700,000 of serial notes to mature
The plan states that if it becomes impossible
or
inadvisable to refund the joint bonds, it is nevertheless intended
to consummate steps, namely, the recapitalization of the Gas company,
the sale of the Chemical company assets, and the compromise of the
the present preferred stock of the Gas company.
preferred stock be considered as equivalent to 2.8
common
stock, this benefit would be equivalent to
such
and
company,
consideration
in
26,972 shares of preferred stock of the Gas company, or
$67,430, and (b) distribute pro rata to such holders 741
Immediately
6,260,804
5.174,341
7,594,199
capital———
L—;
for
pany
cancela¬
for
Chemical
20-year first mortgage
$50,000 semi-annually.
shares of
of
of
chares
North Continent's
Other
taxes
paid
Serial
from
profits
taxes
Provision
the
of fixed
$22,064,150
excess
Dividends
7.
arising
retirement
Provision for Federal income and declared value
approximately 3.027 new common shares of the Gas company and
$2.50
6,620,541
5,372,560
for
Miscellaneous
'
which the Gas company is to acquire from the Chemical com¬
pany will, from 1941 through
1943, account for about 57% of the
total earnings of the enlarged Gas company.
As we have seen, in
exchange for its properties the Chemical company will receive about
-42.46% of the new common stock, or about 14.5% less than the figure
of 57%.
This 14.5%
can be regarded as representatiing the composite
of
(a)
adjustment for additional factors bearing upon the relative
value of assets and (b) what the Chemical company is giving up by¬
way of compromise of the claims against it.
We roughly estimate that
the amount of value that the Chemical company is giving up by way
of compromise is somewhere between $250,000 and $350;000.
What the Chemical company
is giving up by way of compromise
inures to the benefit of the public preferred stockholders of the Gas
company.
In addition they receive from North Continent and Baehr
by way of compromise the following:;
.
.:%%•
7
7 7'(a) 5,384 shares of the new common stock of the par value of $15
(c)
Provision
the
common
$79,532,968
25,026,456
26,884,325
resale—
Maintenance
Therefore, upon consummation of the foregoing steps each publicly
held share of the preferred stock of the Gas company will be exchanged
erty
;
of
and
date
purchased for
gas
for
gas
by the committee to be equivalent to about half of its unpledged assets.
It has been estimated, and we think reasonably so, that the prop¬
share.
$67,430 in cash.
to
2,696,880
$82,113,218
Gross operating revenues——
Operating expenses
___:
(President and director of North Con¬
the
Continent)
account of 247 of
347 shares of preferred stock of the Gas company owned by him.
bearing
(b)
and
North
directors
of
sum
new
.
per
William A. Baehr
Continent,
1927
9,256,183
coach
and
water
1940
$67,579,904
2,855,774
______
„_
of the Gas company.
company
of
and
North
holders of
securing North
indenture
the
the
Gas
heating,
Electricity and
compromise and release of the claims of the Gas
not only on the question of possible
return of excessive profits, but also upon future earnings of the Gas
company and the Chemical company, and therefore upon the present
relative value of their properties.
■ ' •
'
It should also be borne in mind that the greater part of North
Continent's assets are pledged to secure its outstanding bonds.
These
are currently selling
at prices which seem to indicate that the equity,
if any, which North Continent has in such pledged assets is not sub¬
stantial.
North Continent is giving up under the plan value estimated
supply
1,221 shares are not pledged under the
Upon the liquidation of the Chemical
be entitled to receive 4,643 shares
would
stock
stock
1941
$70,054,933
9,202,510
revenues—Electric
____
Steam
;
the
of
Continent.
Continent
common
tinent,
in
or
new
stockholder
bonds.
Continent's
It
asserted
are
and
ment
damages
stock
660,
p.
(& Subs.)—Earnings—
12 Mos. Ended Sept. 30—
Gas
and
North Continent and
the
Chemical
company
have
agreed to deliver, or cause to be delivered, pro rata, to the public
holders of the preferred stock of the Gas company, these 4,643 shares
if established,
money
preferred
paid
qents each in previous quarters.—V. 154,
Operating
company,
earned surplus) and make
interest) and to perform
its damage.
transactions to
allegations,
which
of
declared a dividend of 20 cents per share on
payable Dec. 10 to holders of record Nov. 21. A
on Sept.
10, last, as compared with dividends
have
stock,
was
NY PA NJ Utilities Co.
1,221
.
amount
of -25
of the Gas company on account of its holdings
unpledged, shares.; North Continent will waive its
rights, to receive these 4,643 shares of new common stock of the Gas
might result in legal or equitable
the subordination of securities
owneci by North Continent in the Gas company and Chemical com¬
pany to the interest of the public preferred stockholders of the Gas
company.
^
These
liabilities
of
North
common
these
of
improperly required to pay dividends (out of
loans to North Continent (since repaid with
>
North
of
him.
V
of
of new
company,
common
like
7
.
shares
13,721
owns
company
company,
sold its gas to the Gas company was unfair to the
and was merely a device to siphon the earnings of the
Gas company for the benefit of North Continent, via its holdings of
the preferred stock of the Chemical company,
,
1 (3) It is contended that the Gas company was required to pay ex¬
cessive service charges to Baehr and to a corporation controlled
by
.
Continent
indenture
to which the Chemical
has
company
Gas
'
'
.,;
i
;
directors
the
following
,
It is contended that the contract pursuant
(2)
The
the recapitalization of the Gas company,
the Chemical company will sell to the Gas company all its assets
subject to its liabilities, with the exception of $45,000 in cash and its
investments in two non-utility subsidiaries, in exchange for 57,041 new
common
shares of the Gas company
(approximately 42.46% of the
shares to be outstanding).
>
•
*
separate
a
advantage of
to
.
in the formation of the Chemical company
corporation North Continent and Baehr took
so-called corporate opportunity which rightly belonged
It is contended
(1)
in
unpaid dividends thereon.
Immediately
question of just
impossible to say
The parties, however, are not agreed on the
compromise was arrived at, and, indeed, it is
length.
how the
the
a
the
and
Norwich Pharmacal Co.—20-Cent Dividend—-
of
The Gas company shall issue 77,314 new common shares in exchange
for the 27,319 publicly held shares of its preferred stock Including
.
compromise between the applicant companies,
trustee under the indenture securing North
We are satisfied that the bargaining was at arm's-
embody
committee,
also surrender to the Gas company for
the preferred stock of the Gas company
These are not pledged under its indenture.
shall
holdings
637 shares.
amounting to
Saturday,- November 29, 1941
D&fl7,'615'' V
47,369
31,346;
'»■*
•
'<
-Total
••
■■■
f,-.,
"
.
*
1233.
>•
2.030
<■
14——$S?;22T,'244'
$54,990,564 *
.
Liabilities
•
$5,800,000
preference stock
$5,800,000
4,552,750
8,250,000
4,552,750
8,250,000
26,700,000
23,200,000
186,280
1,038,700
185,051
918,936
12,138
1,288,666
reserve
Operating reserves
25,270
25,449
129,714
44.470
148,432
30—'•
•
stock
Common
—
Long-term debt
Accounts payable
-—-
—
Consumers' deposits
Dividend certificates (uncl'd)
...
—
accrued
Taxes
Interest accrued
Dividends accrued
accrued
Other liabilities
Retirement
———.——.
premiums on debt, less expenses—
Unamortized
Unadjusted credits
Earned surplus
;
16,811
6,693,443
94,958
3.049,978
4,165,030
—
Total
468,926
285,541
$59,227,244 $54,990,564
■—
♦Net
♦After
companies at
justments in
erties comprise
munities
distribution and transmission
Stillwater, Henryetta, Holdenville,
of
facilities in the com¬
Clinton, Okemah, Ho-
being approxi¬
mately 18,000.
largely in the
Qulnton area, amounting to approximately 37,00,000,000 cub. ft.
The
Central States properties acquired are indicated on the map included in
this report.
The purchase was financed principally through the issu¬
total new customers acquired
The properties also include gas reserves,
bart, Elk City and others;
of first mortgage bonds,
at par and
$4,500,000
of
ance
insurance companies
sold to four
series C, 3ft, which were
accrued interest. Operat¬
acquired: properties for the 12 months ended
June 30,
1941, were approximately $1,300,000, and estimates for the
fiscal year ending Aug. 31, 1942, indicate that the properties will con¬
tribute approximately $290,000 to the net income of Oklahoma Natural
ing
T
'
Co.'
Gas
the
of
revenues
'*
1006.
154, p.
$18,000.—V.
company also acquired the dis¬
Okla., at a cost of approximately
Pacific Gas &
Electric Co.
—
Bonds Offered
—
New
financing for the company was carried out Nov.
25 with the public offering of $25,000,000 first & refund¬
Series K, 3%, due June 1, 1971, by
an
underwriting group headed by Blyth & Co., Inc.
The bonds priced at 105 and accrued int. have been
oversubscribed.
Associated with Blyth & Co., Inc. in
the offering are: Harriman Ripley & Co., Inc.; Smith,
Barney & Co.; The First Boston Corp.; Lazard Freres &
ing mortgage bonds
Co.; Dean Witter & Co.; Bonbright & Co., Inc.; H. M.
Byllesby and Cof) Inc. and E. H. Rollins & Sons, Inc.
Bonds are to be dated June 1,
1941; due June 1, 1971. Bonds
are
redeemable
at
prices
ranging from 108 Vz
oq or before
June
1,
1943, to 100 one year before maturity, plus accrued int.
Semi-annual sinking fund payments are to be made during the life
of the bonds.
Int. payable J & D at office of company in San Fran¬
cisco or at agencies of company in New York and Chicago.
Company is an operating public utility engaged in the electric and
natural gas business in northern and central California.
At June
30, 1941, the company served 942,436 electric customers and 666,857
gas
customers;
It owns and operates 47 hydro-electric generating
plants having a total installed
rated capacity of 1,149,384 horse¬
operates under lease two hydro-electric generating plants
aggregate installed rated capacity of 33,512 horsepower.
It also owns 11 steam-electric generating plants of 709.953 horsepower
installed rated capacity.
As of Dec, 31, 1940, the company owned
and
power
having
an
approximately 810 miles of gas
operated
and
transmission lines and
approximately 7,774 miles of gas distribution lines.
Company
proposes, under its construction program,
construction
the
of
to commence
steam-electric generating units,
additional
two
installed rated capacity of approximately 100,000
horsepower,
one to be located at its Midway steam plant; in Kern
County and the other to be located in the San Francisco Bay area.
It is expected that the first will be placed in operation in 1943 and
the latter in the early part of 1944.
The estimated cost of the two
new units, with transmission connections, is approximately $15,000,000.
In addition, the company plans two new hydro-electric plants on the
Yuba
and Bear Rivers aggregating approximately 40,000 horsepower,
and
a
hydro-electric plant on the Pit River.
Other projected units
Include a steam-electric generating plant of 67,024 horsepower to be
completed this month, and an additional unit of the same capacity to
be completed in 1943.
have
to
each
an
Funded Debt and
Capitalization as of June 30,
Authorized
Joaquin Light & Power
ref. mtge,„_—
——
San
7-
&
.3
gold bonds,
6ft
30-year
(assumed)
Corp. unifying
1941
Outstanding
$150,000,000
1952
Series B,
$58,973,000
■
500,000,000
Co. 1st & ref. mtge
19,233,000
gold bonds, due Dec. 1, 1941
91,195,000
♦Series G 4% bonds, due Dec. 1, 1964
116,236,000
Series H 3%% bonds, due Dec. 1, 1961—
50,000,000
Series I Wh bonds, due June 1, 1966—
19,828,000
Series J 3% bonds, due Dec. 1, 1970—
5.600,000 shs. 4,197,662 shs.
6% 1st pfd. stock, cum. (par $25)
—
1,600,000 shs. 1,173,163 shs.
5Vift 1st pfd. stock, cum. (par $25) —
800,000 shs.
tNone
5ft. 1st pfd. stock, cum. (par $25)
••• .
Common stk. (par $25)
—-—
8,000,000 shs. 6,261,357 shs.
& Elec.
Pacific Gas
■♦Series B 6ft
the principal amount of first and refunding
mortgage bonds of Series B and G and of all bonds outstanding were
$18 742 500,
$91,135,000 and $304,914,500, respectively.
tDuring the
period July 7, 1941, to and including Nov. 7, 1941, company sold or
accepted subscriptions for 400,000 shares of its 5% first preferred stock,
cumulative (par value $25), of the aggregate par value of $10,000,000,
of which on Nov, 7, 1941, 11,917 shares were covered by installment
subscription agreements on account of which full payment had not
been made by the subscribers thereto.
Purpose—The net proceeds to be received from the sale of the bonds
will become a part of the treasury funds of the company.
Company
1941,
31,
Oct.
•On
to use an amount equal to such net proceeds (together with
equal to the net proceeds of approximately $10,500,000
sale during 1941 of 400,000 shares of the company's
5ft
first preferred stock, cumulative (par $25), to pay at or before
maturity its remaining outstanding first and refunding mortgage gold
bonds, Series B, 6ft, due Dec. 1, 1941, of which $18,742,500 were
outstanding on Oct. 31, 1941, and to use the balance of such amount
to finance,
in part, its proposed construction program for which the
company's executive committee has heretofore authorized expenditures
in excess of $60,000,000.
Underwriters—The names of the principal Underwriters and the
proposes
amount
an
derived from the
bonds underwritten by each are as follows:
Blyth & Co.. Inc
Harriman
Ripley
$5,500,000
&
3,050,000
Co., Inc.
Smith,
Co._
3,050,000
Corp.
3,050,000
2,250,000
2,250,000
Barney &
First Boston
rhe
Lazard Freres & Co.—
Dean
Witter &
M.
H.
-V.
Co—
and
Byllesby
Co., Inc.
154,
p.
1,500,000
-
—
Bonbright & Co., Inc.-
E. H. Rollins & Sons,
Inc.
Bankamerica
$1,500,000
1,500,000
225,000
Co.
Brush, Clocumb
225,000
225,000
225,000
Schwabacher & Co
225,000
Weeden & Co
225,000
Mitchum,
Elworthy
Tully & Co.
Co.——
& Co.
&
1102.
Pan American
Petroleum & Transport Co. (& Subs.)—
Earnings—
3 Mos. End.
t*Net
tEarnings
'♦After
after
1941
Sept. 30—
nrofit
per
1939
$1,045,174
$1,162,286
$0.58
share
depreciation,
1940
$2,746,944
_
$0.22
$0.25
and, in 1941,
tOn 4,702,945 shares of capital
depletion, Federal income taxes,
provision for excess
154, p. 248.
profits tax.
White,
Carl
M.
Weld & Co.—
Loeb, Rhoades & Co...
&
—
...
h:.-„.—■*
17,300 *
17,300
Torrey
Proposed Cash
9 Mos. Ended
Distribution—
In a notice Nov. 18, states:
21, regarding notice received of the
Referring to circular dated Oct.
distribution of one share of
holders
to
Co.
Film
Pathe
Sept. 30,'41
.
The New York Stock Exchange
of
common
Oper.
shares to
record
69,654
Express and freight—
stock of E. I. du Pont de Nemours
Other
10.3 shares of common stock
close of business on Oct. 27
be represented by participating receipts), subject
of
$2,724,218
502,817
rev.—Passenger—
Airmail
approximately each
Corp.
'
17,807
—
*——Years Ended Dec. 31-—1940
1939
1938
$2,203,638
$1,262,453
• $935,492
584,813
535,104
475,816
59,259
42,298
26,692
23,672
17,636
12,592
the
at
the
them are as follows:
by
—_L—
1..——8,000
Auchincloss, Parker <Sr Redpath
7,000
O'Brian, Mitchell & CO
*
.————..-.J
7,000
Kay, Richards &
.
6,500
Stern, Wampler & Co., Inc
———— —
4,300
Stroud & Co., Inc.
—
4,000
Mackubin, Legg &
——
3,600
Cohu
of an order of the SEC indicating compliance with the
Company Act of 1940, and a ruling and closing agreement
with the Bureau of Internal Revenue with respect to such distribption;
receipt
Total
Total
$3,314,496
3,323,386
operating
$95,247
$141,333
130,561
$7,789
145,567
$225,808
100,046
$1,450,593
$1,857,493
1,716,160
16,680
exps.__
$2,871,382
2,776,133
>$8,891
revenue
oper.
1,468,985
Investment
and
directing that said common stock be not quoted ex said ristribu-
tion
until
further
and
notice
all
that
delivered
certificates
after
Co.
at
Corp.;
of
of
shares
10.3
of
E.
du
I.
common
Pont
de
Nemours
stock
of
Pathe
a
holders of
The
stock of
common
be
must
bills
due
the
mentioned cash
Referring
directed
Nov.
on
shares
be
of
common
by
accompanied
redemption
that upon
and
26,
stock
of
due
a
E.
I.
bill
du
for
Deductions from income
I.
after
Net
Oct.
and
28
at
trustees
the
matter
behalf
the
of
filing
Nov.
above-
5.
wherein
Oct.
28,
the
in
Exchange
settlement
Corp.
26,
both
dates
inclusive.
The
names
and
address,
will be George J.
trustees
and that member firms
Sept. 30/41 Dec. 31,'40
Cash
receivable
Total
where
certificates
are
held
in- the
1,846,463
ticket offices, at
285
85,829
47,579
32,568
61,751
$3,767,024
$3,066,473
$491,026
405,778
$298,100
143,799
cost
on
Accounts
————
indebt., due within one year
trade
payable,
term
285
213,787
110,170
705,000
331,790
1,456,750
183,279
331,790
-1,456,750
45.501
$3,767,024
Deposit on air travel card accounts
indebtedness
Term
81,449
969,723
$3,066,473
liabilities
Accrued
Capital
stock
Paid-in
...
——
-
—
surplus
—
;
Operating deficit
Total
$1)-
(par
—
——
—
„——
Registers
& Redpath; O'Brian,
& Co.; Stern, Wampler &
Co., Inc.; Stroud &, Co., Inc. and Mackubin, Legg & Co.
Parker
Mitchell & Co.; Kay, Richards
sinking fund for the preferred stock provides for the setting
by the company on April 15 each year commencing in 1943 of
25ft, but not to exceed $120,000, of its net earnings before deprecia¬
tion, for the preceding fiscal year, to be applied on each succeeding
A
notice
SEC—A
With
its
SEC
Offered-—Company entered the market Nov. 25 with a
issue of 75,000 shares of $1.25 cumulative convertible
preferred stock (no par) which was publicly offered at
$25 per share by a banking syndicate, headed by White,
Weld & Co. and Carl M. Loeb, Rhoades & Co.
The is¬
sue was largely oversubscribed.
Changes in the com¬
pany's capitalization with respect to this financing were
favorably voted upon Nov. 25 at a meeting of stock¬
holders. Other members of the offering group are Cohu
Auchincloss,
:
66,365
on
new
Torrey;
2,424,018
„
Instalm'ts
of
20, p. 1117.—V.
Pennsylvania-Central Airlines Corp.—Preferred Stock
&
138,078
88,913
Liabilities—
names
1150.
p.
265,37?
-
245,326
(net)
_i
Nov.
154,
606,756*
.
consol.
of
stocks
$721,950
$268,319
—
Capital
should consider
with the trustees the special form of due bill
customers
firms.—V.
such
of
>$20,867
tDeficit,
Prepaid expenses
contingency
above
the
their
of
f
$53,318
Inventories, at average" cost
—„——
Funds substituted as collateral to term indebt.-
Bonwick and
Kenneth M. Young, c/o Phillips, Nizer, Benjamin & Krim, 1501 Broad¬
way, New York City.
The Exchange further directs that members take prompt action in
filing the special form of due bill, properly dated, with the contingency
of
addresses
12,150
$105,562
t$137,777
j
Comparative Balance Sheet
a
between
1
Accounts
not only by a due bill for the stock distribution, but
special form of due bill to enable purchasers to receive what¬
ever distribution may be made from the contingency fund.
Notice has been received that the special form "of due bill will be
accepted by the contingency trustees provided such due bills are dated
by
Income
•Loss.
be accompanied
also
.
•$15,055.
5,813
20,200
normal income tax
Property and equipment
Nov.
3,336
.
$147,744
82,276
Deterred charges
Film
.
Federal-
for
Provision
of
on
Pathe
in
and
'
Income
common stock to the date
du Pont de Nemours & Co. common stock must
deliveriies
distribution of E.
dated
circular
to
all
contracts
Total
de
Pont
the
•$18,39*
6,411.
.
of
dividend, payable Dec. 13.
also
that
full
must
Co.
&
redeemed
—
Assets—
all due bills for the above dis¬
Exchange further directs that
tribution
24.
record Nov.
Other income
&
Film
distribution will be mailed to stockholders on or
24; and of the declaration by E. I. du Pont de Nemours
year-end dividend of $1.75 per share, payable Dec. 13, to
Nov.
of
of
stock
common
each
of
that' the
before
& Co.
such
share
one
holders
to
Operating Income
Oct.
27, 1941, must be accompanied by due bills; and referring to the
proposed suspension from dealings of the common stock of Pathe Film
Corp, (accompanied by due bills) on Nov. 25, 1941.
Further notices having been received that the distribution has been
fixed
.
and
preferred
of
common
company's registration with the
stock was given in ,,Chroncile"
151, p. 2952.
Listing on New York Curb—
Curb Exchange has
additional listing of
stock (par $1),"upon official .notice of
issuance thereof upon the conversion of shares of the $1.25 cumulative
convertible preferred stock in the exercise of the conversion privilege
attaching to such 75,000 shares of preferred stock.—V. 152, p. 2952.
Committee
The
approved
150,000
Listing of the New York
of corporation for the
on
application
the
of
shares
common
Pennsylvania Gas & Electric Corp.—Hearing Dec. 2—
SEC
The
has
granted
Pennsylvania
the
Public Utility
Commission,
(File
Penn-
permission to intervene in a proceeding on the application
70-353) of Pennsylvania Gas, & Electric Corp. and its subsidiary,
& Electric Co., regarding the proposed surrender for
by the parent of all of the common stock of the sub¬
Gas
syvania
cancellation
At the request of the Pennsylvania Commission the hearing
the application has been further postponed from Nov. 27 to Dec. 2,
sidiary.
on
1941.—V.
151,
2807.
p.
aside
Aug.
15 to redemption of the stock at $26 per share.
shares
are
convertible
into
common
stock,
the
rate
to
Pennsylvania Glass Sand Corp.—Year-End Dividend—
determined
by dividing $25 by the then applicable conversion price of a share of
common.
The initial conversion price of the. common stock will be
sharq, this price to be protected against dilution, and 150,000
shares have' been registered to be reserved for this purpose.
Preferred stock is redeemable,
other than for the sinking fund, at
any time on 30 days' notice, in whole or in part, at the option of
the company, at $27 per share, plus accrued dividends.
'
Organization—Corporation has been engaged in the air transport
business since Nov. 1, 1936.
Corporation was organized for the pur¬
pose of acquiring as of that date the assets and businesses of Pennsyl¬
vania Airlines and Transport Co. and of Central Airlines, Jnc.
Penn¬
were
a
the date of its incorporation.
Corporation is engaged in the air transportation of passengers,
mail and express.
Passengers, mail and express are carried on each
route pursuant to authorization by the Civil Aeronautics Board, except
that mail is not carried on the unnumbered Pittsburgh-Baltimore route.
The following table shows the corporation's passenger, mail
and
approximately
express
-
business:
85,484
2,091
•$1.25 cumul. conv.
tCommon
stock
preferred stock (no par)
(par $1)
1
—
Authorized
Railway oper.
Railway
75,000 shs.
331,790 shs.
•Prior
to
the
sale of the
preferred stock now offered, the certifi¬
incorporation of the corporation was amended so as to (a)
75,000 shares, of $1.25 cumulative, convertible preferred
stock; (b) change the designation of the presently authorized shares
from capital stock to common stock; and (c)
authorize 75,000 addi¬
tional shares of common stock.
tThe 150,000 shares of common stock registered in connection with
cate
of
authorize
preferred stock are to be reserved against the exercise of the con¬
version privilege of the preferred stock now offered at the initial rate
of conversion.
Such rate may, however, vary in the event of certain
•the
contingencies provided in the amendment to the certificate of incor¬
poration.
In addition, at Sept. 30, 1941, 9,908 shares were reserved
for the exercise of
stock purchase warrants, and 8,627 shares were
reserved for the exercise of options.
Purpose—The net proceeds, after deducting expenses estimated at
$28,733, will be $1,677,517.
Of such funds, $1,429,571 will be used
to
pay
off the corporation's outstanding bank loans, aggregating
$1,416,111
principal amount, together with premium and interest
thereon, said bank loans being evidenced by the six outstanding instal¬
ment promissory notes.
The balance of such funds,, amounting to
$247,946, will be added to working capital and may be utilized for
such purposes as the board of directors may determine.
$
Net
from
revenue
facil.
Joint
Net
46,451,300
6,549,185
113,817,039
27,437,900
5,156,511
6,549,414
5,156,548
4,446,643
6,168,412
1,689,748
1,864,824
591,150
taxes.
877,476
591,255
1,035,753
374,173
(dr.)
188,366
109,339
income
7,560,983
8,476,423
rents
oper.
ry.
144,476,621
3,552,805
(dr.)__„
rents
Equip,
13,695,145
6,014,300
877,474
—
taxes—
ins.
retire,
Railroad
46,292,782 507,138,141 394,252,020
32,597,637 362,661,520 280,434,981
ry.
—
taxes
Unemploy.
RR.)
1941—10 Mos.—1940
■
5
; :V • g
16,554,352
expenses
operations
'
59,900,898
43,346,546
revenues.
oper.
Railway
78,790,331
68,032,844
Earnings of Company Only
1938
1941
1940
$59,805,386 $46,203,130 $47 ,438,431 $35,256,314
11,984,846
,191,324
from railway
16,594,457
13,726,613
15
7,327,269
ry. oper. income.—
7,619,983
8,525,026 10 ,286,657
1939
October—
from
Gross
railway
—
Net
ry.
railway...
from
Net
income
oper.
$1 Dividend—
To Pay
dividend
A
stock,
of
$1
per
share was declared on Nov.
$50, payable Dec. 16 to holders of record
was paid on June
30, last, and on Dec. 18,
par
amount
cents on June
50
506,114,467 393,392,681 347 ,951,655 294,906,240
83,734,921
144,550,991 113,929,229
99 ,090,619
79,005,627
68,276,167 59 ,011,052 44,190,875
railway
from
Gross
1—
Jan.
From
1940,
26,
and $1 on Dec. 18,
To Air-Condition More
Outstanding
75,000 shs.
575,000 shs.
1941—Month—1940
$
Capitalization Giving Effect to Present Financing
-•
cent?
System—Earnings—
(Excluding Long Island RR. and Baltimore & Eastern
197,375^640
362,507
68,236,002
cents
.
Pennsylvania RR. Regional
Net
921,630
as paid in 1940.
made on April 1, July 1 and Oct. 1, 1941.
directors also declared a regular quarterly dividend of 25
Period End. Oct. 31—
2,843,124
15,678,677
of 25
share on the common stock and the regular quarterly dividend of
$1.25 per share on the 5ft cumulative preferred stock, both payable
'Jan. 1 to holders of record Dec. 15.—V. 154, p. 963.
Net
1938
dividend
year-end
per
1939
1940
Sept. 30,'41
3,463,606
4,704,529
4,121,383
miles flown
122,303
252,209
210,433
Rev. passengers carried
21,192,745
47,878,919
37,578,753
Rev. pass, miles flown.
1,146,702
1,360,688
1,363,342
Mail pounds carried—
Mail pound miles flown 280,989,978 269,205,703 232,037,336
Express pounds carried1,059,107
857,245
586,927
Express lb. hiile flown 187,007,746 147,274,654 103,747,522
Route miles operated at
end of period
—
3,143
2,479
2,091
a
The
-Years Ended Dec. 31-
9 Mos. Ended
'
Rev.. airplane
declared
of record
the same
Quarterly distributions of 25 cents per share
amount
common
sylvania Airlines and Transport* Co. was incorporated April 13, 1934,
and was engaged in the air transport business from July 1, 1934, to
Oct. 31, 1936; Central Airlines, Inc., was incorporated April 16, 1934,
and was engaged in the air transport business from May 17, 1934, to
Oct. 31, 1936.
Pennsylvania Airlines, Inc.; and Kohler Aviation Corp.,
predecessor companies of
Pennsylvania Airlines and Transport Co.,
were
incorporated Oct. 30, 1928, and June 28, 1929, respectively.
Pennsylvania Airlines, Inc., was engaged in the air transport busi¬
ness from Nov.
1, 1930, at which time it succeeded to the businesses
of two air transport enterprises which had been operating since 1927;
Kohler Aviation Corp. was engaged in the air transport business from
24
Nov.
on
share on the common stock, payable Dec. 12 to holders
4, bringing total payments for the year to $1 per share,
per
Dec.
$12.50
directors
The
The preferred
be
furtherance
In
of its
12 on the capital
Nov. 22. A like
1940, as against
1939.
1
Coaches—
continuing
program
for the improvement of
equipment, the Pennsylvania RR., at a cost of approxi¬
$3,500,000, will air-condition, renovate and completely mod¬
ernize 100 additional passenger coaches.
The order will be carried
out at
the railroad's Altoona Works, in central Pennsylvania,
and
its
passenger
mately
will
be
completed
use
in
the
in time to make
of 1942.
The
summer
the modernized cars available for
first of the deliveries have been
scheduled for about the middle of April.
With these
cars
in service, the
Pennsylvania
a
of
total
643
conditioned,
air
Railroad
will
have
completely modern passenger-carrying cars, not only
but provided with the most recent types of seating
It also has 498 other passengerwhich have been improved with air conditioning. In
air conditioned Pullman cars operate over the Penn¬
Railroad's lines.
The total air-conditioned fleet available
summer's
service will approximate 2,162 units.—V.
154,
equipment and other appointments.
carrying
cars
addition,
1,021
sylvania
for
p.
next
1150.
.
Perkins
Machine
Wipes Out Accrued
..
The
authorizing the
and the
&
Gear
Co.,
Springfield,
Mass.—
Dividends—Pays Common Div.—
approved the several recommendations of the
issue of 2,500 additional shares of common
directors subsequently declared dividends to eliminate
stockholders have
directors,
stock,
stock.—V.
of this issue and
underwriters
underwritten
Comparative Statement of Income
Common Stock—Stock Distribution and
-
principal amount of the
of the
names
severally
——
Fjrst National Bank of Jersey City has been appointed dis¬
agent by the corporation to distribute shares of E. I. du
Pont de Nemours & Co. common stock to Its common shareholders.
Exchange
money
Corp.—Distribution Agent—
Pathe Film
Nemours
During the current fiscal year, the
tribution system of the town of Beggs,
$2.06
The
to
Oklahoma
associated
a cost of approximately $4,700,000, excluding certain ad¬
various accounts at the time of acquisition.
These prop¬
$518,946
$2.79
'
—
charges and
(fractional
July, 1941, the company purchased the gas. properties In
States Power & Light Corp. and affiliated and
In
of Central
$694,244
—
share
tribution
of
Acquisitions—Sells Bonds Privately
Property
;
"■
per
shares
of
No. of llhs.
provision for Federal income and excess profits
tOn 243,683 shares of common stock, $1 par.—V. 154, p. 248.
taxes.
&
assets.
tAnd other intangible
.profit
tEarnings
Underwriters—The
number
1940
1941
.
12,622
1,347,101
482,408
340,541
—16,816
6,136,026
'
9 Mos. Ended Sept.
■
(& Subs.)- -Earnings—
Park & Tilford, Inc.
>1940
1941-
<
$5.50 convertible prior
Preferred stock
1269
THE COMMERCIAL & FINANCIAL CHRONICLE
Volume 154 ^ Number 4013
I
1270
THE COMMERCIAL & FINANCIAL CHRONICLE
the
accumulations
the
common
Prererred
dend of
the
on
stock
and
initiated payments
on
like
stock.
record
of
Nov.
share on the preferred,
a
will
19
receive
Dec.
1
divi¬
a
of which $4.25 represents
Capitalization
arrear¬
Philadelphia
This leaves an accumulation of $15 a share on the preferred
stock, which will be eliminated Dec. 3 to stockholders of record Nov. 12.
ages.
Stockholders
entitled to the $15
this amount
in
$15
of
odd
on
accumulation.
one-half share of
Fractional
shares
for each
common
will "not
be
Rights to the new common must be exercised by Dec. 1.
Co., and Tifft Brothers, both of Hartford, Conn., will take
&
unsubscribed
ration,
less
The
stock at
their
fee
of
plus
$500
fee
a
for
including
holders
Net
of
additional
the
record
sales
for
dividend of 75
a
2,500
shares,
new
the
on
first
months
nine
of
the
payable
current
year
$1,021,850 for the same period a year ago.
$1,070,468 against $233,302.
Alter depreciation
and Federal and State income taxes of
compared
with
when
was
for
net
the
depreciation
$99,597.
in
1940
of 4196,614, or $16.02
the first nine months
leaving
against
share,
a
of
Assets—
Land
■
$73,347*
Inventories
■—
1941
300,917
487,298
226,922
511,274
,
4,962
311,923
;
55,881
282,847
—.
bonds
121,707
150,040
Investments—life
Deferred
'?•'
$167,048
-
receivable
tax
1940
..
insurance
policy
17,923
Total
16,656
10,490
...
charges
6,646
$2,169,286
$900,741
Liabilities—
Preferred
(5,000
shares)
(15,000
stock
Common
shares)
$500,000
.—
$500,000
Accounts
for
Reserve
State
and Federal
Total
for the
100,928
67,158
October—
Gross
Net
ry.
1939
$498,893
$389,536
"22,109
"175,047
60,760
"14,961
"224,219
"347,629
"97,122
"162,393
railway
oper. income—
From
Gross
''
Net
Net
ry.
railway
railway
from
5,133,435
"233,865
4,992,462
217,700
4,596,141
1,158,607
"922,930
"2,035,510
"1,501,513
"1,748,943
•
loss.—-V.
or
the
sale
Operating
Purch.
$3,501,621
$3,080,960
expenses-
2,699,703
2,142,495
23,266,112
revenue—
$801,918
$938,465
not
281,53a
$9,342,751
3,043,167
$6,429,651
254,476
paid
to
$547,442
$656,927
$6,299,584
oper.
for
850,519
and
448,749
State
$531,775
$5,248,797
428,628
447,944
$558,749
$491^939
$5,677,425
;
5,504
89,873
64,076
272,621
2,748,111
income
$280,624
$2,839,442
$810,880
V-V. 154, p. 799.
Net
directors
in
record
cash
Dec.
and 35
have
8.
cents
This
paid
each
five
shares
on
with
compares
share
one
May 16, last, and
year-end
a
stock,
capital
of
dividend
payable
20
June 28 and Dec.
on
Distributions of
for
declared
the
on
of
25
cents
Dec.
to
paid
cents
18
on
June
of
last,
28,
1940.
20,
Corp.
of Petroleum Corp.
stock held,
Dec. 20, 1940.—V. 154, p. 546.
common
stock
23,006,950
4,192,940
21,598,953
3,309,999
made
were
on
Electric
Co.—Bonds
group
2%% series due 1971, at 104.176. In addition to Mellon
Securities Corp. the underwriting group includes: Tbe^
First Boston Corp., Shields & Co., Stone & Webster and
Blodget Inc., Eastman, Dillon & Co., F. S. Moseley & Co.
E. H. Rollins & Sons, Inc. the Central
Republic Co., Inc.
and Moore, Leonard &
Lynch.
Five
investment banking groups competed Nov. 24 for the issue and
bidding featured the sale.
Mellon Securities Corp. and associates obtained the award on their
bid of 103.4544, an interest cost basis of about 2.58%.
close
Second
and
high bid
103.38
was
submitted
by Salomon Bros.
income
Hutzler
tender
a
of
were
&
Dated
Dec.
opinion
York,
of
Co,
and
1,
associates
1941;
counsel
States.
offered,
Securities
First
Shields
Stone
69,741
5,557,834
6,068,148
3,793,509
3,678,231
1,266~343
1,2~64~936
1,214634.
Utility
1,075,660
1,631,329
1,476,137
1,412,738
3,387,162
3,271,880
3,371,940
$14,972,508 $28,782,602 $29,385,628 $28,260,346
233,356
286,998
221,096
197,807
$15,205,865 $29,069,601 $29,606,724 $28,458,153
4,052,353
6,953,972
7,011,203
6,805,446
$11,153,512 $22,115,629 $22,595,521
—
stock
for
of
the
the
California,
several
several
S.
Moseley
H.
Rollins
certain
and
569,000
and
amounts
&
&
$3,750,000
3,750,000
2,500,000
2
Inc
2.100,000
■
of
$20,000,000
to
has
which
not
reimburse,
extensions,
The
mature
Dec.
to
3,
1941.
any
The
remainder
specific uses,
the
be
net
used
in
part, the treasury of the company for additions,
betterments and improvements to its plants and property.
proceeds
from
the
sale
of
the
and
1 Vz %
to
to
notes,
the
utility plant of the company.
Of
$15,000,000 were last issued on June 3,
—
—
these
$20,000,000
of
1941,
in
of
renewal
676,000
676,000
*
676,200
77,626
11,070
237,351
144,715
94,953
106,599
253,886
347,544
241,844
237,329
$618,145
$581,503
$616,011
$628,827
11,663
,
18,149
■■
15
Net
from
9,391,797
1941
:
1,352,584
9,299,230
——
10,167
—a
1——.
——
4,916,903
10,129,658
•
a—$452,244,616
—
shares $5
(10,529,230
stock
dividend,
shares,
(sub.
consol.)
co.
1—
Net ry. oper, income—.
From: Jan. 1—y-y
:
not
Net
''^''"Deficit.—V.
the
858,473
272,961
record
7'/a
;
Hydro-equalization
Replacement of facilities
•
,
16,
payment
of
p.
io57.
44,669,256
—
2,770,721
—1—
of
108,925
—
—
269,803
_
"
—
others
over
amt.
restrictions
679,244
255,000
:—„
3,474,728
of
invest,
in
cap.
—:
certain
.
206,857
—i.a'—18,647,761
$452,244,616
w■'
Phillips Electrical Works, Ltd.—Bonds Offered^—W. C.
Pitfield
&
Co., Ltd. and Wood Grundy & Co., Ltd. on
Nov. 22 offered in the Canadian market $1,800,000 1st
mtge. 15-Year sinking fund bonds 4V2% Series A at 101
and int., to yield about 4.40%.\
1
"r-T
Dated
9
cents
cents
paid
June
on
eents
Dec.
15
per
to
'
share
holders
June 16, last,
1940.—V. 147,
on
15,
■
-
Registered
registration statement
Act of
1933 covering
first mortgage bonds. Series D, due Dec. 1, 1971.
proceeds from the sale of the bonds will be applied as follows:
The sum of $4,000,000 will be deposited with the trustee under
indenture
securing
the Series D bonds
and
will
be
used
in
the
with
accordance
the
proeeeds
due
Sept.
The
the
will
Service
1,
provisions of
applied
be
Co.
of
D
the indenture,
the
toward
Indiana
1969.
Series
first
4%
ib)
The
redemption
mortgage
balance
of
of
$38,000,000
bonds,
Series
A,
^
bonds
redeemable* at the principal amount and
date of redemption plus a premium of
11%,
successively by V2 of 1%, effective on first day of December
in each of the years 1942 to and
including the year 1950, and by '/»
of 1%, effective on the first day of December in each of the
years
1951 to and including the year 1959, and by % of
1%, effective on
the first day of December in each of the years 1960 to and
including
accrued
interest
to
the
1969;
and
year
premium.
are
the
if redeemed
on
after
or
Dee.
1,
1970.
without;
■
The bonds
t
,
to be subject
are
to competitive bidding and the names
of the underwriters and the offering price will be filed by amendment.
Company was created through the consolidation of Public Service
Co.
of
Power
Indiana,
Co.,
Terre
Electric
Haute
Northern Indiana
Co.
Power
Co.,
Inc.,
Central
and Dresser Power
Indiana
Corp.
;
According to the prospectus, the company has commitments with
eight insurance companies for the sale to them of $13,200,000 3:,/8%.
first mortgage bonds, Series C, due Nov. 1, 1971.
The proceeds from
the
sale
of
the
bonds
will
be
applied toward the redemption of
$9,500,000 of Northern Indiana Power Co. 4%% first mortgage bonds.
Series
and
A,
Terre
Electric
Haute
gold
mortgage
Co., Inc. $3,764,000 5 %
first
which are now obligations of the
bonds,
also proposes to
insurance companies and
tures,
borrow $10,000,006 from six banks
apply the funds toward the redemp¬
company
Public
and
Service
toward
principal
amount
$400,000
Co.
of
Indiana
$8,800,000 3%% serial deben¬
of Central Indiana Power Co. $399,436
the payment
of serial
Pro
Forma
of collateral
notes,
and Northern Indiana
Power
Co.
notes.
Comparative
Statements
'
•
Operating
Power
Gas
revenues
.
of
-
Income,
1941
purchased
——
for
'5,786,063
.
1,235,155.
depreciation
Federal
892,503
6,256,434
I
income
taxes
1,175,023
2,363,821
—
for
30
1940
905,369
—
—
Provision
Other
Ended Sept.
$22,866,347- $21,064,425
1,823,256
1,795,726
„
purchased
Years
'
'
—
Operation
2,245,580
1,621,794
805,041
2,273,72 3
2,163,779
$6,386,793
$6,200,706
taxes
operating
income
income
:
Dr83,554
Drl81,253
$6,303,239
$6,019,453
2,571,389
——
2,695,112
604,114
494,213
—
income
long-term
on
Net
of
debt
debt—
discount
deductions
income
—
and
exp.—net—
36,177
62,069
$3,091,557
$2,768,056
—
.'.
——
Balance
Sheet,
Sept.
30,
1941
.Assets—
Utility
;
plant
—
Construction
Cash
pensions)
—:
—Jai—-a—
154,
and
payable
The
subs,
not
993,373
consolidated, miscellaneous invests.
950,739
(less
affiliated
from
Prepaid
5,708,303
receivable
Materials
reserve)—!—^
Total
3,822
debits
—
———
——^
series
stock
A
preferred
(outstdg.
(no par)
payable
deposits
Accrued
payroll
Accrued
interest
Accrued
$14,818,790
1,107,779 239/300 shares)
2?!694!495
65,510,923
-"v..
—_^_4—„—
taxes——
Deferred
$125,887,559
par)—.
^—i.—j.—
——
^-r
3^774,404
liabilities—264i736
——
:—
aid
of
126,178
50o',386
...^
——
credits
——:
916,425
66L302
'
————
—
current
Contributions in
($100
———4
Customers'
Reserves
stock
debt
Miscellaneous
122,958
'3.310,564
■v
cumulative
Accounts
;
—i——
Liabilities—
Common
2,396,153
r——
etc.
—
Long-term
2,695,772
companies
and supplies
insurance, -taxes,
Deferred
5%
$109,705,874
—
-4—
—
Accounts
Due
-—
fund
Investments in
3,515,131
construction
values
Total
both
with 8
compares
1940,
'
.
dividend of S'^
a
stocks,
(No. 2-4893,
$42,000,000 of 3%%
Miscellaneous
711,077
——
consol.
to
"
Nov. 24 filed with the SEC a
Form A-2) under the Securities
Amortization
240,695
———
a—
subject
381,661
"65,084
*75,749
on
Interest
12,897,500
1,946,241
;
————
_.
Employees' provident (for
Injuries and
damages
stated
22,407
Publle Service Co. of Indiana, Inc«—Bonds
Company
Gross
330,464
—
.——
sub.
"10,733
.
537,136
907,156
—
a—'aa
-
of
239,^33
1,085,122
24 declared
This
28.
Dec.
on
I
114,486
.——a—
Unfunded
of
-
"6,652
58,347
'
and cashable
Nov.
cents
3320.
p.
654,174
—
liabilities
Funded
excess
r' 358,241
185,514
Nov.
on
original
701,240
—
_—
——I
of
1938
$42^75
.
Public Investing Co., Phi la.—SVa-Cent Dividend—-
1,364,787
————
:
aid
*2,163.
.
'
$104,064
33,485
25,153
>
.154, p: 338.
The directors
on
Net
Reserves:
in
33,104
.
railway
Net ry. oper. income-—
Other
consolidated-;
—.
;
5,054
from
12,000,000
—
;
accrued
credits
1940,
17,500,000
—
—
——
&
16,
.
162,855,333
—-
-
——
affiliates
accrued
Deferred
$27,608,030
>
interest.:
accrued
compares
Dec.
137,816,005
....
deposits
current
par)
————a—a—„a————
declared
bond
no
part—
no
———
Matured
$89,295
41,456
33,402
—
—
——
to
capital stock,
This
on
' 1939
*
1940
$104,840
..
railway-——
Provision
payable
21.
$3.50
1,419,321
merchandise—
and
payable, banks
Accounts payable,
trade
Payrolls payable
Accounts
last;
15, 1940.—V. 154, p, 869.
Gross from railway
of
———
—
.—
pref.
16,
Pittsburgh & Shawmut RR.—Earnings-
two
370,634
i.
—
(280,058
debt
June
on
the
on
to holders of record Nov.
paid
share
per
October—
tion
—
cost—
at
—
Notes
Surplus,
notes, $20,000,000, were
reimburse, in part, the treasury of the company for moneys
expended for additions, extensions, betterments and improvements of
used
cumul,
Long-term
stocks
of
132,787
584,661
Gross from railway,;—_
and
400,000
but will
~
673,022
$1,666,905
divs
and $2 on June
The
—
—
stock,
stock,
Common
—v.
1938
$2,472,714
672,603
130,044
—
payable Dec.
$2.50
4,065,323
—6,627,932
investments,
Total
Net
„
H
1939
$2,443,118
695,599
dividend of $3.50 per share has been declared
$50,
with
$404,627,666
1—_
'Liabilities—
Preferred
1,500,000
__
1940
$2,484,482
,
$1,640,471
—-
Maintenance
2,000,000
—
'
company.
not currently receivable—:
deposits in banks
&
charges.
2,000,000
22
—2
been allocated
1941
—
—
supplies
Contributions
Purpose—$20,000,000 of the net proceeds (estimated at $20,575,880)
will be applied to pay
the company's presently outstanding iy2%
promissory notes payable to banks in the aggregate principal amount
proceeds
31,
July
intangibles
receivable
Materials,
2,000,000
Inc
Central Republic Co., Inc.
Moore, Leonard & Lynch
960,000
accounts,
Insurance
1
Co
Sons
Sheet,
receivable
Deferred
Other
<
128,051
910.
p.
consolidated
Balance
—
receivable
Interest
underwritten
.„
Blodget,
960,000
Depreciation, renewals and replacements—
principal
Co
960,000
$10,593,512 $21,155,629 $21,635,521 $20,692,707
co.
credit.
hand
Accounts
of
follows:
as
Corp
&
other
underwriters
.
Dillon
F.
and
principal
Co
Webster
E.
investment, in the
savings banks in New
$21,652,707
or
to
deposits
Temporary cash
8%
Canada
„
reduced
2,016,932
i.*/
-
plant—Incl.
on
Notes
tax
for
avail,
Public
inc.
accounts
Taxes
Legal
51,433
other
Consolidated
Interest
1971.
■,-..V';-' 'W-v:
names
are
1,
Island,
Corp
Boston
&
&
Eastman,
underwriters,
and
by them respectively,
The
the
v/
_
102.6969.
102.149.
Dec.
Rhode
Underwriters—The
Mellon
bid
due
for
Massachusetts,
bonds
bidders,
3,150,670A
5,922,277
660,375
applicable
Denotes
Notes
in
Pittsburgh & Lake Erie RR.—$3.50 Dividend—
A
(a)
20,779,402
f
75,043
consol.—
Customers'
Morgan Stanley & Co., Ine., and associates bid
Drexel
third high
103.37533.
215,812
1,638,356
net
pref.
Dividends
Halsey, Stuart & Co., Inc., and associates
With
the
&
associates,
922,599
Assets—
Cash
Offered—A
223,813
:
244,132
6,444,386
__
income
on
Fund
Canada
$1,660,832
deducts.
income
154,
par
a486,651
43,750
deductions
Investments
Oil
Consolidated
headed by the Mellon Securities Corp.
26 offered $20,000,000 1st & ref. mtge.
bonds,
Nov.
a87,471
4,583,186
revenue—
per
holders
of underwriters
on
a682,185
223,292
Special
Philadelphia
$75,795,179 $71,442,625 $68,354,807
969,606
i;
than
income,
Net
a
The
share
oil
133,008
—
other
&
Bal.
—V.
of
;
taxes:
local,
oper.
Income
Divs.
lor
$1,771,669
.
re¬
i
Income
subsid,
Petroleum Corp. of America—25-Cent Dividend—
•
■
1938
2,662,444
2,722,039
$211,246
Subs.)
4,496,903
depree.,
than
Net
Net
in
energy
1939
242,668
——
etc.
&
Gross
5,292
275,401
4
...
—
Fixed charges
or
Calendar Years
1,127,"575
252,214
accts.
$3,596,994
Miscellaneous deductions
from income
and
14,057,093
i.__
'
excess-profits
Other
„——'£
(Co.
$3,149,050
26,974
1941
752,222
———
Retirement expenses
excl.
exps.
other
553,564
497,222
$457,154
Royal Bank
146, p. 1413.
$2,656,898
—
:
income
Fed.,
66,636
58,516
34,785
income
electric
162,540
excess-profits
24,955
Other income
The
maint.)—_
Net earnings
Interest
charges
-
Fed.
■
Total
Pennsylvania,
1940
139,651
711,090
uncoil,
for
65,332
Net ry. operat. income
In
affil.
Federal income
$4,448,318
Canada,
'
purchased
State
(net)—Dr.
1932,
With SEC—
consol.
newals,
1,981,333
of
•
the
ser¬
purchased
Provision for
rts.
Income
154,657
vices,
20,687,584
Bailwa; tax accruals
from
& interch.
pow.
& metering
Frov.
revenues-
operat.
Operating income
Equip, rents (net)—Dr.
of
$47,375,151
revenues—
power
Trans.
$32,608,863 $27,117,235
operat.
facil.
Statement
July 31,. *41
Prov.
Total
"
and 1% from the sale
controls,
through
ownership
stock, various electric, steam
subsidiaries own
or
operate
7 Mos. End.
1941—10 Mos.—1940
Companies Act,
gas,
voting
principal
facilities located
The
derived
was
is
transmitted on the lines of other companies across all or part of
adjoining states to points in New Jersey, Pennsylvania, Delaware!
Maryland and elsewhere.
maintenance
Total
Jt.
90%
electricity in northern Maryland.
has various contracts under which
Maintenance
1941—Month—1940
(incl.
Taxes
rev*
of
Company
Other
Net operat.
company
the
(including operating
the
Steam
Ry*—Earnings—
Period End. Oct. 31—
1941
or New Jersey, states contiguous to Pennsylvania, for the
or transmission of electric power used largely
to supple¬
production of the company's own plants. Other subsidiaries
relatively small in size are engaged in the sale of electricity or steam
in limited areas in Pennsylvania, and one such subsidiary is engaged
Gas
branch
any
Territory excepted).—V.
12 Mos. End. Oct.31—
Oper.
&
production
ment
"1,469
154, p. 869, 436.
Pere Marquette
31,
.
6,588,821
income
oper.
"Deficit
Suburban-Counties*-. Gas
Maryland
...
1—
Jan.
from
all
transmission
or
1938
$505,093
from
Net
1940
$556,460
railway
the
of
subsidiaries.
Consolidated
1941
from
indirectly
or
other
Pennsylvania-Reading: Seashore Lines—Earnings-
-
ended July
addition
In
production
in
Insurance
companies registered under that Act.
Gross revenues——
been
12 months
steam.
27,214
1057,, 963.
Philadelphia
subsidiaries), approximately
of electricity, 9%
from the sale of
61,512
$900,741
British
companies, the properties and franchises of which
from
enues
and
$2,169,286
—
—
at;
bonds
Philadelphia Suburban Water Co.~Earnings—
had
each been incorp.
in Pennsylvania on May
10, 1927.
incorporation in 1929, company has purchased the properties
and franchises of eight small electric or gas companies,
Company is engaged primarily in the production and purchase arid
in the
transmission, distribution and sale of electricity 'and gas in
southeastern Pennsylvania.
Of its total operating revenues of $78,075,-
directly
"Repayable by U. S. Government over five-year period.
tPayable
five-year period from U. S. Government reimbursement for emer¬
gency plant facilities
(Hartford "Courant" of Nov. 17).—V. 154, p.
deliver
may
its
53,462
over
at
(Yukon
27,
Co.
Since
787,175
—
and
an
insurance
interest,
supplying, or had rights to supply, electric or gas service or both
in southeastern Pennsylvania outside of
Philadelphia.
Schwenksville
Gas Co., Perkiomen Township Gas Co. and Lower Frederick
Township
of
Company
first mortgage
were
Gas
issued.
Ser.es A
Company has called for payment on Dec, 23 all of the outstanding
15-year sinking fund bonds, W/c, series A, at 104and
:
Federal
78,468
-
Oct.
on
Canad
Amort.
295,206
taxes
Surplus
Pennsylvania
in
of
Bonds Called For Redemption Dec. 23—
incorp.
in
Pennsylvania
May 3,
1927,
by
of Counties Gas & Electric Co.^ Philadelphia Suburban Gas
EJectric Co. and 16 smaller gas and electric companies all of which
90,469
——
32,855,333
Pennsylvania
an annual sinking fund for the retire¬
commencing Mareh 1, 1943, of a sum equal
of Ser.es A,
or
in part satisfaction of
any
sinking fund payment!
opinion of counsel these bonds w.ll be legal investments under
funds of
s
merger
132,920
expense
incorp.
purchased.
had
Co.
90,469
payable
Accrued
suburban
285,048
t Notes payable
the
Outstanding
$12,000,0000
...
5%
of
wnole
the
&
sale
stock
been
had
subsequently
839
.I
In
1902, to
lease and operate ,the properties of certain companies supplying elec¬
tric service in Philadelphia, the oldest of which, The Brush Electric
Light Co. of Philadelphia, was formed in 1881.
In 1916, Philadelphia
Electric Co.
acquired the properties and local franchises -of these;
companies and acquired control of Delaware County Electric Co. and
it
244,973
—„
S.
for
$152,517
—.
"Emergency plant facilities additions
U.
share,
a
.—
bonds
in
par
130,000,000
Unlimited -20,000,000
value
L_;
Subsidiaries
Co.
Electric
equipment
Cash
Accounts
$4.89
or
$26,250
Electric
of Sept, 30
as
y":\.:•
buildings
and
$74,237
and
stock—par
of
2%%" of bonds
to
13,
Operating
stockholders
common
pref.
debt:
two small
\ V.^
v
and
Machinery
for
Unlimited
—
-
a$ to' principal.
Re¬
option of company at any time on 30
up to and including; Dec.
1, 1942,
1% each year thereafter until Dec.
at
part
The trust deed w.ll provide for
ment
Oct.
$2,-
1940.
Comparative Balance Sheet
,
$70,000
were
earnings
—
in
or
premium
a
premium decreasing V* of
1953, and thereafter at par to maturity; in each case with accrued
to date of redemption.
Trustee: Montreal Trust Co., Montreal.
|
.
History & Business—Company was
incorporated in
31, 1929, by agreement of merger and consolidation dated April
1929, between Philadelphia Electric Co., Philadelphia
SuburbanCounties Gas & Electric Co., Schwenksville Gas Co., Perkiomen Town¬
ship Gas Co., and Lower Frederick Township Gas Co.
Philadelphia
to
$733,347 net profit was $266,614,
of $43,233 and taxes of $99,155
Preferred, dividends
periods,
respective
20
were
of
1967—
1971—:
at
Interest
50,000 shs.
None
11,500,000 shs.; 137,816,005
.
$1,000 and $500, registerable
whole
the
$27,608,030
U,»
in
days" notice
~
,
com¬
Dec.
922,603 against
was
Subsidiary's
deemable
'
Outstanding
Subsidiaries—
services
.
I,
par)——
due
denominations "of
issued
1941.7,
950,000 shs.
—
bonds—
due
Series
were
Saturday, November 29, 1941
Financing
Authorized
—
(no
mtge.
Series
2%%
10,
Dec.
the
share
a
Present
par)
—
stock
Funded
cents
to
Co.—
(no
cum.
Effect
Dividend
ref.
&
3'/a %
which will be paid to the corpo¬
$30 a share,
underwriting
directors also voted
profit
$4.25
1st
Giving
Electric
stock,
Dividend
Common
issued
rendered.
mon,
$5
lots.
Putnam
all
Preferred
distribution will be permitted to receive
stock, viz:
common
preferred
principal amount of notes then maturing; $2,500,000
July 25, 1941; t and $2,500,000 were issued on Sept.. 24,
on
stockholders
$6
preferred
•
—-——4
,
construction—4—.
.—
296,998
ll,063.!l26
1,133
Dec.
1, 1941; to mature Dec. 1, 1956.
Principal and interest
(J-D)
payable in lawful money of Canada in Montreal,
Toronto,
Ottawa, Quebec, St. John, Halifax and Vancouver.
Coypon bonds in
Total
—V.
—_—_j———
„
154,
p.
1002.
—
.'._$125.887,55d
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4013
Volume 154
The: Third U. 8. .Circuit Court
1940,
which
Corp.
25.
Nov.
This
ization
A common
class
Co.
Trust
Over
has
the
for
"Period
End,
of
as
in
share
;
.
;
> dividend of .75 .cents, per
dividend of 25 cents per
holders of record
15, .last,-and one
Dec. 16, 1940.—V, 154, p. 1193.
addition
regular
the
to
.Nov. 28.
•of 50,cents
on
and excess
pares
& Co. dis¬
9,500 shares
•of 5% cumulative'convertible preferred stocjc (par $100)
.at a fixed price of $93.75 per share, with a discount of
$1.50 per share to members of the NSDA. Subscriptions
were received substantially in excess of the amount of¬
fered and the books were dosed within an hour.
1937,
October,
share
its
as
in
present sale reduces this total to about 36,500 shares
hands of five of the original underwriters.—V. 154, p. 1057.
109.
The: directors
the
on
The
Dec.
last
made
.
rwy.
oper.
Total
rwy.
oper.
exps._.
operations
way
Railway
: .:•;
tax
Railway
accruals-.."'
■
-
Equip, rents
Joint; facility. rents (net
Joint facility rents (net)
'
'
•
.
896.613
dividend
extra
an
have
botn
to
10
cents
22
per
per
1,
pa. able
hsr,.
1941.
cents
dividend of
2%
compared with 25 cents per
Common d v'dends pa.d during
V.
Cr2,045
,
Cr81
,
,
v
•
for
National
redemption
Bank
bonds, dated June 1,
of Dec.
as
Trust
&
1
100'/2
at
and
1931,
interest at
Minn.—
Minneapolis,
trustee,
Co.,
on
.the
—V., 154,
p.
declared
7%
record
of
holders
dividend of
pref.
cum.
Nov.
a
stock,
par
Like amount
29.
was
1%
account of accum¬
on
$100, payable Dec. 15 to
paid in previous quarters.
1152.
Gas Co. of Calif.
—
Bond Appli¬
cation—
Potomac ;RR.^—Earnings
&
Fredericksburg
Richmond
*
October—:
/
,
railway.--'—
'Net from "railway-
1941
$1,181,453
Net. ry. oper. income-—
From Jarr. 1—
120,332
,
from
Gross
Net
ry.
—V.
2,121,328
income—
869.
oper.
154,
p;
199,594 '
93,252 "
7,839,597
2,022,860
763,938
4,505,731
railway,
from
.
11,358,106
.GrosS, from, railway
Net
.
.
.
Railroad Commission* for
bonds of 1972 with
Lighting Corp., its
parent company, for additions, betterments and improvements.
The bonds would be secured by a mortgage on the properties of Santa
Maria Gas Co.,
which was recently merged with Southern Counties
Gas Co.—V. 153,- p. 1141.
Company
193$ •„
$602,490
168,319
A ,95.567
* : '
$666,518
147,498,
\ 156,36o;
$750,477
433,374
——
'
*1939
1940-
,
.
,
.
7,081,025
6,377,802
1,798,922 .r 1,328,638
:886,040
•;448.993
.
.
applied
to
the
California
$1,500,000 of first mortgage 3%
$1,315,000 advances from Pacific
repay
(Earnings of Transportation System)
(Calif.)—Stock Offered-—An of¬
Rohr.AircraftCorp.
1941—Month—1940
fering of 200,000 shares of capital stock (par $1) was
made Nov. 27 by a syndicate headed by Lester & Co. and
Railway
the sale
from
of
this
issue are
to be
used to increase
the
■
1,
Oct.
-Net
1940.
1939.—V. 152, p. 3987.
1,
,
Nov.
Employees-r
25
20
St. Joseph Lead
the
St. Louis
,
24.
.
,
.
is payable
154, p. 1151.
Interest
."York City.—V.
Savage Arms
j
at.office of Guaranty Trust Co.,
^
;
The
;on
the
directors
new
and Dec.
New
subordinate
from
and the dividend
stock"
Dec.
stock shall
use
"
31.
1941,
and
be eliminated
shall be
rate
sinking fund re¬
ah
after the
1941.
year
193867
The
dividend
to
the
to
rate or sinking fund, but it is proposed
$5 cumulative preferred stock which will
preference stock but will have priority as
the 7% preferred stock as reclassified and all
thereon.
issue
new
a
dividends
future
to
preferred
5%
to
as
be
of
prior
over
arrearages
preferred stockholders in
stock
will
for
receive
each
exchange for the
surrendered
share
surrender of the old
of
share
one
$5
new
preferred stock, together with two shares of common stock.
Such stockholders
will
thereby relinquish all claims to the future pay¬
ment of'the accumulated dividend arrearages;
All exchanges will be
made as of Jan. 1, 1942, and all exchanging stockholders who were
stockholders of record
on Dec.
15, 1941, will be entitled to receive the
$2 dividend declared on the 7 % preferred stock and payable on Dec. 31.
stockholders
such
have
may
presented
their
preferred
for
stock
ex-
1941, to preferred stockholders of record on Dec. 15, 1941, even though
such stockholders may have
presented their preferred stock for ex¬
the
shares
4,412
Aug.
on
of
31,
preferred
stock
held
shall
which
1941,
the
in
have
not
of
treasury
been
the
redeemed
com¬
through
of the preferred stock sinking fund win be cancelled.
operation
Effect of
the Plan
will accomplish three objec¬
tives which are of major importance from tne viewpoint of the comand its stockholders:
; pany -
A substantial reduction in fixed sinking fund requirements on
preferred stocks of the company, with a five-year moratorium on
fund requirements on the $5 cumulative preferred stock if
(1)
sinking
needed, thereby materially increasing the funds which should be avail¬
able for the reduction of the company's current and fixed indebted¬
ness
and
the
The
improvement of its financial position.
that
the
on
for
regular basis.
a
the
preferred
past
dividend requirements to a
and present prospects, it
earnings
might reasonably
company
additional
release
instance
annual
basis of
the
on
dividend
also
of
reduction
where,
funds,
reduction
will
indebtedness
of
be
expected to maintain
in dividend rate will
reduction
The
which
available
be
and
in
thereafter
first
the
f/or common
stock dividends.
improvement
The
(3)
of
general
the
credit
standing
of
the
com¬
and its outstanding securities through the elimination of accumu¬
preferred stock.
Preferred Stockholders—Assuming
the
on
the 7%
on
100%
acceptance of
the capitalization of the company would be as follows:
Book Equities
After Reorganization—-(As of Aug. 31, 1941,
Eliminating
Appreciation
Surplus)
152, p. 1932.
preference 6% stock, series A, 15,302 shares at $100
per share (exclusive of 1,498 shares held in the treasury)
$5 cumulative preferred stock. 82,588 shares at $100 per
Output—
of 14.8%.—V. 154, p. 1194.
(exclusive of 4,412 shares held
share
stock,
Common
shares
195,176
par.)—stated
ino
$1,530,200
in the treasury)
together with capital surplus
stock,
common
8,258,800
value
and
of
earned
5,873,500
surplus—total
Total
be $30.09
the
to
of each share of
value
book
The
$15,662,500
——
going would
issued
common
stock,
based
on
the
fore¬
The shares of common stock to be
stockholders will
aggregate
approximately
per share.
preferred
165,176 shares out of a total of 195,176 shares and will represent
approximately 84.6% of the entire common stock of the company to
outstanding following the recapitalization, so that the preferred
California—Listing of 2%% De-
stockholders
Stock
listing
of
Issued and
154,. p. 340.
equivalent
'
'
New
directors
on
Nov.
24
Strawbridge & Clothier,
Philadelphia, Pa.—Recapital¬
ization Plan—
Effect
the
The stockholders will vote Dec.
,
cents on March. 13, 1941, and $1.50-.each on No.v. .12
16, 1940 —V. 154, p. 1103.
•/• •;'••?•;
':• a—•*-*• .%:•£*. *
15 on approving a recapitulation plan
new issue of 5% preferred
•
• V •'••
.:V.
provides for the substitution of a
stock for the present 7% preferred stock.
Herbert J. Tily, President, in a letter to
which
iVVBoard
.of
substantial
directors,
including
in
majority of both the 7%
stockholders, states:
the holders of a
preferred stock and the common
its membership
•
A,
1
"I
the
on
common
common
stock
entitling
them
to
more
as
well as an
assets and
common
in
than
interest
duced
Common
Stockholders—Although the present holders
will have their Interest in the
stock of the company
of
the
15.4%,
approximately
by
company
reduced
will benefit
they
reason
of
the
from
the
present
substantially
improved
financial
as
to
100 %>
to
their
re¬
of
the
position
made possible not only by the elimination of dividend arrear¬
the preferred stock, but also by the prospective release of a
portion of future earnings for application to reduction of
the company's current and fixed indebtedness and ultimately to com-:
company
on
ages
substantial
stock
dividends.
Comparative Statement of Earnings
(000 omitted)
Dividends
Federal &
Years
.
'Profit
Jan. 31
Int.
State
on 6%
Income
—Deduct—
Ended
Net
Deprec.
Bal.
Taxes
Prof.
Prior
Pref.
$110
$1,604
1940
$460
$499
$70
$429
597
462
884
160
724
2,022
581
469
972
185
787
102
1.435
1939—
$645
1,943
544
433
458
90
368
100
868
$118
92
~
2,007
531
412
1,064
196
2,342
490
414
1,438
385-1,053
1,245
I
1941___„___
11941
246
244
755
255
500
103
46
Rnl.
$319
621
685
268
750
961
454
depreciation and provision for Federal and State
-as part of other
inc; discts. on mtge. bonds pur¬
also incl. as part of other deductions write-offs on
account of customers' accts. receivable; 1936, $202,000: 1937, $151,000;
1938, $127,000; 1939, $62,000; 1940, $31,000; 1941, $68,000"; 7 months
ended Aug. 31, 1941, $62,000.
t7 months ended Aug. 31, 1941.
fineludes dividend payable Feb. 29, 1940, declared prior to Jan. 31, 1940.
♦Before
"
stock
the election of directors,
in any enhancement of the company's
interest
earning power.
mon
Inc.—60-Cent Common Dividend
declared a dividend of $1 per share on
the 5%
non-cumulative second preferred stock, a dividend of 60 cents
per share on the common stock, and the usual quarterly dividend of 75
cents per share on the 6%
cumulative first preferred stocx, all pay¬
able Dec. 15 to holders of record Dec. 10.
.
On Dec.
14, 1940, the company paid $1 on tne second preferred
stock and 30 cents on- the common stock.
The corporation operates
35 furniture stores in seven southeastern
States—y, J54, p. 1103.
The
receive
will
the voting power
of
84.6%
York
Sterchi Bros. Stores,
declared
10 and June 9, 1939.—V.
output of the public utility operating companies in the
Electric Co. system for the week ended Nov. 22, 1941,
156,033.000 kwh., as compared with 135,969,000 kwh. for the
last,—V.
split-up common
May 19, :.1941,. 75
Sons, Inc.—Larger Dividend—
Standard Stoker Co., Inc.—Extra Dividend—
The directors on Nov. 19
declared, an extra dividend of 50 cents
per share in addition to a quarterly dividend of like amount on the
common
stock, both payable Dec.
1 to holders of record Nov. 25.
An
initial distribution of 50 cents per share was made on Sept. 2,
Corp.—$1 Year-End Dividends
have
either
authorize
of
;
on
a year-end dividend of $1 per share
stock now outstanding, payable Dec. 15
.to holders of record Dec.
5.
A similar amount was distributed on
•these shares on Nov. 21, last, as; against 75 cents on Aug. 18, 1941. . >
,!
Prior
to
the :4-for-l stock split-up,
the company paid $1.50 on
.•
$2,951,202 $158,521,360 $120,596,062
Exchange has authorized the
$25,000,000 2%% debentures, due Aug. 1, 1966, which are
outstanding.—V. 154, p. 1059.
•
directs that the bonds be quoted ex-interest 2'/2%
&
Standard Oil Co. of
beginning Nov. '24. <;
will be paid
1952,
Exchange
"The
Nov.
7%
to
the plan,
1940
1941
1151.
cents each on March
■The
The New York Stock Exchange has received notice that the interest
'due Jan.■' 1,. 1936, on the first, terminal and unifying -mortgage 5%
;
for
earnings
change will be made in the status of the present prior preference
stock,
pany
bentures-r-
'
.'bonds, due
$3,739,822
of
be
as
Railway—interest—
'
quarterly dividend of 50 cents per share has
totaled
Co.—50-Cent Dividend—
Southwestern
"5%
the
as
from
Effect
corresponding week last year, an increase
compared with $1 on Dec. 20. 1940; 50 cents on
Sept. 20, 1940; 25 cents quarterly and 25 cents extra on June 20, and
25 cents quarterly on March 20, 1940.—V. 153, p. 702.
10. last,
This
Electric
stock, par $10, payable Dec. 10 to holders, qf record
Distributions of like amount were made on March 10, June 10
28;
22.
Standard Gas &
common
Nov.
-and Sept.
(est.)
"
.
burdensome
the
to
known
reduced
.
recently declared a dividend of 50 cents per share on
directors
The
Nov.
-Jan. 1 to Nov. 14
Standard Gas and Electric Co.—Weekly
to one full month's pay.
This payment
476 salaried workers in Ruberoid plants
and offices throughout the country.
In the distribution of extra compensation all salaried employees who
'have been with the company continuously since Jan. 1, 1941, will
receive, at the same time as dividends are paid to stockholders, an
extra check in an amount equivalent to their regular December salary.
Salaried workers who have Joined the company since Jan. 1, 1941, or
•Who have been employed on a temporary basis, will receive an extra
compensation a proportionate amount of their December salary.
Wage earners on an hourly basis in Ruberoid's. 11 factories have
'already received during the past year wage increases aggregating ap¬
proximately $350,000. Herbert Abraham, President, said.—V. 154, p. 910.
;
be
the
been declared on the
capital stock, payable Dec. 10 to holders of record Nov. 22.
This com¬
pares with quarterly dividends of 40 cents per share paid from Dec. 11,
1939, to and including Sept. 10, 1941; 30 cents on Sept. 11, 1939, and
.ployees generally equivalent
wili apply to approximately
i
p.
Spencer Kellogg
declared a dividend of $1.25 per share on
the capital stock,
payable Dec. 19 to holders of record Dec. 4.
This
compares with 50 cents paid on June 27, last; $1 on Dec. 20.
1940;
30 cents on June 28, 1940; 80 cents on Dec. 20. 1939, and 30 cents on
June 30, 1939.
Dividends in 1938 aggregated 60 cents per share.
The directors also authorized
extra compensation for salaried emon
154,
:
.
of
therefor
Prior
A
directors
earnings
Gross
—V.
of the board the large
coupled with the heavy annual
though important ad¬
general trade relations and financial
intangible
an
of the annual dividend requirements on the pre¬
point where payment in full may be reasonably con¬
a
lated arrearages
1940
1941
company's
substitution
appears
■
declared on the
'
Week Ended Nov. 14
Period—
have
accomplish the foregoing objectives it is proposed to re¬
classify and change the preferences, limitations and special or relative
rights of the present 7% cumulative preferred stock.
Such stock shall
(2)
:•Southern Ry.—Earnings—
coolers, flaps, and many smaller items;
Ruberoid Co.—$1.25 Dividend—Bonus to
23,700,847
with 25 cents per share paid on March 3 and Sept. 2, 1941,
March 1 and .Sept. 3, 1940, and 15 cents each on March 1 and
and on
Sept.
considerable
The
52,463,527
outstanding debt, or other
compares
"
.
5,267,325
year-end dividend of 50 cents per share has been
common
stock, payable Dec. 10 to holders of record
plant assemblies—which involve manufacture by , the company
number of parts and the complete assembly by the
company of the engine, ergine
accessories, plumbing, electric wiring,
control
parts, inter-coolers, engine mounts,
cowling, and all other
parts forward of the fire-wall; bomb doors and bomb rack adapters—
which the company manufactures and assembles.—V. 154, p. 964.
;
665,242
A
the
assemblies, nose discs, oil
a
577,826
7,663,328
inc.—
oper.
the reduction of the com¬
improvement of its working
opinion
The granting to the preferred stockholders of a major interest
in the future earnings or enhancement
in value of the company's
assets.. "
r'.
' '"•
the
power
of
68,264
(net
Southern Pipe Line Co.—50-Cent Dividend—,
-
is engaged in the production of aircraft parts which
following four categories:
Cowling—which includes the
manufacture of diaphragms, preheaters, fire-walls, nacelle cowls,-air
duct
rwy.
in
consequent
considered
(4)
point
company
in
49,463,427
15,202,457
9,894,882
'. ^Before provision for interest charges on
non-operating income items.—V. 154, p. 910.
'
on
82,524,754
17.640,527
11,842,874
57,249
facility rents
Joint
year
The successful consummation of the plan
7,789,238
1,"1)3,611
1,057,038
v
„
The
22,672,115 244.539,365 189.276.416
14,882.877 162,014,611 139,812,989
.
tax
the
preferred stock,
elimination
The
pany
$
$
rail-
10,887,960
accruals.1,736,191
Equip, rents (net dr.1,431,192
working capital, to meet present and contemplated current
•liabilities, and to increase inventories.
The company's backlog on Nov. 12 amounted to approximately $18,500,000, against $9,500,000 as of July 31, 1941.
The report for the year ended July 31, 1941. showed a net profit of
$288,884, after all charges, including provisions for Federal income
taxes, or approximately $1.93
a share on 150,COO shares of capital
stock putstanding.
Sales ; for the 12t months Vended July 31,, 1941,,
totaled $1,493,448.
,1
,
.
;
.
r,.r
Sales for the two months ended Sept. 30, 1941. amounted to $423,812.
As of Oct. 1 the number of employees of the company was 978, against
20
29,847,393
18,959,433
exp
1941—10 Mos.—1940
$
operations
way
Railway
company's
•fall
oper.
rev.- from
Net
$■
revs.——
oper.
Railway
including Cavanaugh, Morgan & Co., Barrett Herrick
& Co., Inc., Cohu & Torrey, Hirsch, Lilienthal & Co,
O'Brian, Mitchell & Co., and Murdoch, Dearth & White.
The stock is priced at $4.40 per share.
Proceeds
..Period End. Oct, 31
.*
with
change oh or before Dec. 31, 1941.
Dividends on the new $5 cumu¬
lative preferred stock will accumulate from Jan. 1, 1942, the first quar¬
terly dividend thereon being payable on April 1, 1942.
Any portion of
Southern Pacific Co.—Earnings—
:s:
*•
to
which
has
to issue
authority
this
advantage
the
the
the 7%
to
cumulative
'
such
reduction
accumulated
Counties
Southern
".
have
of
commencing
»
the
No
Southern Colorado Power Co.—Accumulated Div.—
ulations
and
quirements on this
directors
better
to
In
on
In order
133, p. 2115.
The
Cr34,025
.
called
been
First
to
required the company
stock in each of
have
value
which,
(3) The release of a substantial portion of future
in reduction of both current and fixed indebtedness;
stock
share on
the year
as
the
regard
having
sinking fund requirements
reasonable
sinking fund provisions,
making the amount of the sinking fund contingent upon the company's
net earnings and the proper availability of funds for this purpose. •%
(2)
and
per
25
which
par
and
1941
requirements,
stock
ferred
made on the common
were
All of the outstanding first mortgage 5%
;
stock,
$200,000
to
debt
on
fund
The
(1)
was
Jan. ,2 to holders of record Dec. 12.
s..are
per
of
regular quarterly
stock a id the
cents
dividend
that
and
templated in the' future.
interim
an
stockholders
The plan as approved is designed to accomplish the following major
objectives:
' .
.
Sugar Co.—25-Cent Common Div.—
29,
applied
standing.
to holders
share,
than
1937
position.
effect
verse
cents
realized.
become increasingly apparent to
has
principal
preferred
less
current
capital
sinking
20
of
Dec.
payable
amounting
declared
15
o*
Apr 1
ana
value,
par
7%
not
from
been
pany's
1938.-r-V. 154, p. 1103.
and Sept.
1
2
the
$1,226,312 $13,902,474 $10,619,253
$1,480,456
oper."Income
i—V. 154,. p. 869. ■
declared
no
the
years
have
30,
153,
•
:
-
on
redeem
:
.
$1,820,910 $22,849,285 $15,728,550
.497,480 .' 8,098,441
4,561,055
Dr3,410>
,
Net rwy.
quarters.—V.
South Shore Dock Co.—To Redeem Bonds—
•
$1,650,712 ' $1,323,424 $14,750,844 $11,167,495
166,846
100,057
848,451
582,267
Income
(net dr.i__
open
cents on Sept.
50
1940;
preceding
.1940 totaled $2.30 per share.—V. 154, p. 438.
••'.
$2,547,325
rail-
from
rev.
-
the common
July
on
have
Net
two
several classes of
will approve the
be
31, 1941, after payment of a dividend in the amount of $2
payable on Dec. 31, 1941, to stockholders of record Dec. 15,
declared Oct. 9.
Furthermore, the sinking fund require¬
arrearages
preferred sto,k, boo.V
D.str.but.ons
1941—Month—1940
1941—10 Mos.—1940
$7,578,693 $5,911,850 $66,005,779 $51,981,626
5,031,371
4,090,940 43,156,494
36,253,076
revs.
the
>
distribution,
22,
directors
the
on
Jan.
Total
14,
Dec.
on
of
'
2.
extra
Dec,
on
The
Reading Co.—Earnings—
Period End. Oct. 31—
.
each
South Porto Rico
in the
755.
p.-1213; V. 154, p.
"Chronicle". Nov. 27.
have
stock,1
cap.tal
record
of
r>
share o:i
See
$1
1941;
in
■■■"" " V vy
the
may
would require the annual redemption of not less than $300,000
value of such stock, have required the use of substantial sums
which, in the interest of both the company and its stockholders, could
share, in add.tion to the usual quarterly dividend of 10 cents per share,
Corp.-^-Registers With SEC-—
Railroad Employees
•
31,
cents
25
'
.
the
to
stockholders
the
advantages
par
(Frank G.) Shattuck Co.—Extra Dividend—
a
the
•of
and
1940,
p.
total underwriting of 442,443
shares, Edward B. Smith & Co, purchased 58,832 shares of this stock
from the Pure Oil Co,
As of Nov. 15, last, about 46,000 shares of the
total remained in the hands of the original underwriters.
Completion
In
■
cents on March
25
tributed Nov. 25 after the close of business,
equitable
of
1942,
per share has been declared on the com¬
payable Dec. 15 to holders of record Nov. 28.
This com¬
with 50 cents per. share paid on June 30 and Sept. 30, 1941;
stock,
mon
Pure Oil Co.-r-Stock Sold—Smith, Barney
i
ments
the
A'year-end dividend of $1
•
Dec.
was
to
.
it
years
conditions
business
and
all
maximum
be
to its preferred and com¬
the board the plan of recapital¬
opinion of
fair
that
the
of
many
which
Scranton Lace Co.—$1 Year-End Dividend—
y
that
period of
a
per share,
Including provision for Federal income
profit -tax.—V, 154, p. 964.
quarterly
the common stock, both payable Dec. 15 to
An extra of l.ke amount was. paid on Sept.
ishare on
$107,615
$147,380
$73,656
$78,732
—-
; 'After deducting all charges,
19 declared an extra
The directors, on Nov.
•
;
the
is
hoped
is
of the
accomplished with
rearrangement
a
can
constantly increasing corporate taxes,
the annual dividend requirement on the 7%> preferred stock constitutes
a heavier
charge against earnings than the company can be expected
to meet regularly.
As a result of this fact, unpaid dividends will have
accumulated on the preferred stock in the amount of $43.50 per share
1941—6 Mos.—1940
1941—3 Mos—1940
31—
Oct.
profit 1__
fNet
Pullman, Inc.-—Extra Dividend—
it
and
modern
Schumacher' Wall Board Corp.—Earnings—
granted."-—V. 154, p. 1193.
In
recommended
in .order
same
that
concluded
have
company
capital structure at this time
advantages to the company and
and
stock,
board
been appointed registrar
and class B common stock.—V. 154, p. 339.
Manufacturers
this
stockholders.
mon
cents on Sept. 16, 1940, $1,50 each on June 20 and Sept.
1938, and $2 on Nov. 30, 1937.—V. 153, p. 563.
30
The
be subject to the provisions of the Public
Act of 1935 except for the stay herein
would
Company
record
of
company's
substantial
Savoy-Plaza, Ine.—Registrar?—
however, that Public Service shall give, due notice to the SEC
in -advance
of 'any action contemplated in the meantime by Public
Holding
of
the
1939, $1 on Sept. 1,
dition,
Utility
holders
to
29
Nov.
share on
per
$1.50 per share paid on July 25, last, $1.50 on Nov. 30,
1,
compares, with
granted the petition of the corporation for an order staying the SEC
from enforcing its
ruling denying Public Service exemption ,from ,the
Public Utility Holding Company Act of 1935 pending the outcome of
Public's appeal for a reversal.
In an order signed by Judge William
Clark the Circuit Court granted Public's petition for a stay "on con¬
Service
payable
stock,
common
20,
of Appeals at Philadelphia, on Nov.-
stock
^ Sanford Mills—$2 Dividend—
';-f$ The directors have declared a dividend of $2
J^SEC Ruling Held Up By
Court Action Fending. Appeal For Reversal of Order-^
Public Service Corp, of N.
1271
inc.
taxes.
chased
interest,
Includes
1936, $2,000;
THE COMMERCIAL & FINANCIAL CHRONICLE
1272
Saturday^ N6vember: 29} 1941
'
7
Balance
Assets—
Sheet
31,
Aug.
"7:
1941
'
*
.
receivable
Accounts
(net)
The SEC
3,990,100
(net)
inventories
Other assets
Property,
American
21,633,568
fixtures and equipment (net)
assets
:
—
-
$32,192,946
Liabilities—
payable
Accounts
-
.
for
Reserve
Dividends
income
193,456
tax
i
payable
First
First
mortgage
112,200
payable
mortgage on branch store (1942)
5%
stock
8,258,800
1,801,847
and appreciation surplus ___!
Earned
surplus
Total
I
dividends
Note—Accumulated
to
4,071,232
3,347,820
—
June
.July 1,
30,
1941,
the
on
date,
dividend
a
;
$32,192,946
7%
preferred
amounted
to
1941, a dividend of $2 will be paid.—V. 154, p. 965.
of
the
first
outstanding
•
5%
mortgage
f.
s,
gold
Old
Colony
Trust
offering, see V.
the
124, p.
Light
which
Co.
is
in
the
for
bonds
due
Co.,
Court Street,
17
first
1940.—V.
directors
The
dividend,; out
of
share
•
11
holders
to
record
of
mortgage
paid
for old
1941,
preferred
old
or
stock,
common
amount of
bond of
each
series
the
of
mortgage; gold bonds to distribute $5,now held by Chase National Bank
first
to the holders of the first mortgage bonds;
payable
22
Dec.
holders
to
of
Wayne Knitting Mills.—$1.50 Common Dividend—
The
the
record
directors
have
Just declared
usual
payable Dec.
22
of
$1.50
the
'
,
;
Wellman Engineering
for 9
directors have declared an interim" dividend -of 23. cents per
the common stock, payable - Dec. 5 to holders of record
25.
A like amount was paid on March 7, June 5 and Sept. 4,
last,
and
March
on
7,
with 50 cents on
since
dividend
first
Ended
Sept.
30,
1941
Sept. 5, Nov. 28 and Dec. 23, 1940, as com¬
Dec. 21, 1939, this latter payment being the
1936.—V. 154, p. 250.
$208,362
$0.85
•Earnings per share
•On
on
pared
Months
Net profit
Nov.
or
Co.^Earnings---
,
The
share
share on
to
dividend
semi-annual
Ore July 15, last, a distribution of 60. cents per; share, was made on
common stock, as compared with $1.25 per share paid on Dec.
24.
1940, and. on Dec. 23, 1939; $1 on Dec. 24, 1938, and an initial of $1
on Dec. 24,
1937.—V. 153, p. 708.
Co.—Weekly Output—
G. I. system companies fqr the week
United States Freight Co.—25-Cent Dividend—
,
dividend of $1.50 per
a
holders of record Dec. 10, and
per share on the preferred
stock, payable Jan. 1 to holders of record Dec. 16.
stock,
common
the
2246.
149, p.
Earnings
on
1,
shares,
B
1153.
p.
of cer¬
tificates of deposit
for old stock deposited under the readjustment
plan, dated May 15, 1933, are entitled, will be paid only upon the sur¬
render of such certificates to The Corporation Trust Co., 15 Exchange
Place, Jersey City, N. J.—V. 153, p. 564.
,
,
Dec.
the
securing
release fund,
a
50 cents per
Dec.
after
principal
$100
per
such pro¬
posed distribution amounting to 80% of the principal, and interest on
such 80% of principal accrued to Dec. 10,v1941.~V. 154, p. 967.
just closed and the figures for the same week last year are as follows;
Week ending Nov.
22, 1941, 113,663,498 kwh.; same week last year,
98.336.589 kwh., an increase of 15,326,909 kwh., or 15.6%,—V. 154,
Aug. 8, last, which was the first distribution made
23, 1937, when 80 cents was paid.
'
<
<
*.
Dividends on shares to which the holders of certificates, outstanding
share
since
class
United Gas Improvement
net
current
with
This compares
1.
Dec.
$82.44
accrue
and
by Nathan A. Smyth and Leo Loeb, as trustees in reorganization, re¬
garding a proposal by Nathan A. Smyth, as trustee/to enter into an
agreement with Chase National Bank," New York, as trustee under the
Corporations, Ltd.—Initial Class B Div.—
the
on
1.—V.
Dec.
profits, of $1.20 per share on the capital stock, no par value, payable
Dec.
of
District
Mass.
Boston,
The electric output for the U.
a
Southern
10 by Chase National Bank,
on Dec.
in
United
declared
21
Nov.
District Court .for the
S.
the distribution
534,343 out of the sum of $5,900,844,
154, p. 1104.
on
>
1955.
Transmittal forms are being mailed to all known bondholders
by Chase National Bank, New York, trustee, 11 Broad Street,; New York.
The SEC on Nov. 18 permitted to become effective declaration filed
./p.. 800.
Taylor-Wharton iron & Steel Co.—$1.20 Div.—
•
to
cease
principal
and
of 25 cents per share was recently declared on the com¬
stock, payable Dec. 1 to holders of record Nov. 22.
A like amount
paid on this issue on March 24, June 1 and Sept. 1, last, and
each quarter from June 1, 1938, to and including Dec. 1, 1940.—V. 154,
on Nov. 25, last, paid an extra dividend of 35 cents
regular quarterly dividend of 25 cents on the common stock to
17.
An extra of 25 cents per share was paid on
26,
1940,
and 50 cents
10, 1941.
Interest on the
after Dec. 10, 1941.
The remaining 20% of
accrued interest will continue to be secured under
the mortgage.
This distribution will amount to approximately $81.58
per
$100 of principal amount of each bond of the series of 1947,
$81.94 per $100 of principal amount of each bond of the series of 1953,
will
the
A dividend
holders of record Nov.
Nov.
U,
was
company
the
the com¬
on
18. - This com'Y Y ■'
YY' Y;'-
of the principal, and interest accrued to be due on the
mon
Sylvania Industrial Corp.-*-Extra Distribution—
and
share
per
mortgage bonds of company as of Dec.
80%
The directors on Nov. 17 declared an initial dividend of 25 cents per
The
the
trustee, of 80%
which debentures will be acquired by The United Light &
Co. upon the liquidation of United American Co.—V. "154,
.
25
Nov.
On
New York approved
cash
-
$1
tribution—
form
Co.,
1195,
dividend of
a
Washington Gas & Electric Co.- -Court Approves Di§-
indebtedness of the United
the
Railways
&
declared
have
pares with 75 cents per share paid, each quarter from March 25,
United Biscuit Co. of America—25-Cent Dividend—
1375.
at
all of
and
shares;
United
account
open
Railways
,
1 at 102 and
1, 1947, have been called for redemption as of Dec.
interest
For
an
p.
Stone & Webster Building (Stone & Webster Realty
Corp.), Boston—Bonds Called for Redemption—
All
to
directors
:;;
.
to and including Sept. 29, 1941; $1 paid on Dec. 26. 1939,
4n each of the four preceding quarters.-«-V. 154, p. 260.
.
$1 per share were paid, and on Dec. 31,
1941, and Oct. 1, 1941,
March
100
turing
cumulative stock
per share.
On
$44
The
advanced in the amount of $26,872,970
plus accrued interest which at Sept. 30, 1941, amounted to $557,165.
(3) Thereafter United American Co. will be dissolved in accordance
with the laws of the State of Delaware,;
-Y
(4) United Power Manufacturing Co. proposes to transfer to The
United Light & Railways Co. 77,596 shares of 6% preferred stock of
American
Light & Traction Co. in exchange for the surrender by
The United Light & Railways Co. to United Power Manufacturing Co.
for cancellation of $1,552,000 6% debentures of United Power Manufac¬
282,850
1,530,200
(30,000 shares, no par)
Capital
of
Co.
of
7,297,000
sinking fund bonds (1948)
Reserves for self-insurance and contingencies
6% prior preference stock, series A (par $100)
1% preferred stock
Common
consisting
American
850,000
400,000
.
154, p. 800.
Ltd., above.—-V.
Warren Co.—Larger Dividend— v,
mon
stock, payable Dec. 26 to holders of record Dec.
Y;YYYY './v ■■
\1 •: Y Y''
-v// ■•"/•/' Y Y
chiefly of 558,864 shares of common stock (par $25) of Amer¬
Light & Traction Co., and $1,552,000 of 6% debentures of United
Power Manufacturing Co., to United Light & Railways Co.
;YyY" ;
(2) The United Light & Railways Co. proposes to surrender to United
American Co.
for cancellation
all of the latter's outstanding stock
440,579
notes
Walker-Gooderham & Worts,
Hiram
(S. D.)
ican
1,606,961
,
accounts
See
application No. 4 relat¬
consist
$2,000,000
—
payable
Accrued
Serial
to banks
order granting
an
Manufacturing- Co., a subsidiary of The United Light & Railways Co.,
jointly and severally filed an application regarding the following pro¬
posed transactions:
(1) United American Co. proposes to transfer all of its assets, which
409,061
Total
Notes
issued
24
Light & Power Co., United Light & Railways Co., United
Co.
(all registered holding companies), and United Power
United
The
161,240
Deferred
Nov.
on
Light & Power Co. System—
ing to transactions incidental to dissolution of United American Co.
4,659,054
v—
_______———
of United
SEC—Member
$1,339,925
Merchandise
(Hiram Walker & Sons, inc.-r~Redemption of Deben
tures—Trustee, &c., of New Issue—
.
/ '
United 'American Co.—Liquidation Plan Approved by
•
;
.
assets—cash
Current
shares of common stock.- -V,
244,025
152,
440
p.
1-". Western Maryland Ry,—Earnings—1
Period End. Oct. 31—
Dec.,
Operating
1941—Month—1940
$2,238,597
1,451,994
revenues
Total
oper,
expenses..
Net
oper.
revenue
1941—10 Mos.—1940
s
$1,696,388 $18,788,347 $15,649,679
1,116,527
11,878,554
10,223,891
United States Gypsum Co.—Extra Distribution—
Tennessee Corp.—25-Cent Dividend—
;
directors
The
■
the
on
like
of
dividend
a
cents per
25
share
payable Dec. 15 to holders of record Nov. 26.
A
March 12. June 30 and Sept. 29, last, and
11, 1940, this latter being the first dividend paid since Dec. 23,
capital stock,
amount
Dec.
on
declared
13
Nov.
on
quarterly dividend
of 50 cents per share were declared on the common stock on Nov. 12,
the extra being payable on Dec, 24 and the regular on Dec. 31, both
.
directors
The
the
declared
14
Nov.
on
payable
stock,
common
dividend of 75
a
15
Dec.
holders
to
dividend of $1.25
quarterly
regular
share
cents per
of
record
Dec.
A
8,
The
which
Inc.,
the
on
This
March
on
and Sept.
10,
to
10
Dec.
holders
$2 per share paid on June
with
compares
$2.25
payable
stock,
common
1941;
12,
$2.25
on
10,
Dec.
share
Dec.
43%
made
of
on
the
and
Co.,
organization
of
record
each
a
addition
stock
on
was
In
accordance
with
these
Dec.
5.
of
I
'be
on
new
corporation
plan,
the
Co. was filed in Delaware
until
Oct,
30,
debentures
30.
1941,
on
March
due
1950
Dec.
four
16,
p.
60.
York
K
Ulen
of
&
will
Co.
Exchange.—V.
Curb
•
-
>
v
*
,
accumulations
of
Nov.
on
declared
a
dividend
dividend
of
$1.25
share each in preceding quarters.—V. 154,
Period End. Sept. 30—
carried
senger
Net
*
$3,551,086
per
p.
153,
p.
>
share on
,
$45,974
,
of
dividend
March
10,
$3.50
This Is the
when $1.50
stock amounted
effective
Jan,
1,
*$73,320 "
20,
Walker
due
of $2 per share was declared on Nov. 10 on the capital
$5, payable Dec. 15 to holders of record Dec. 1./, A like
was paid on June
16, last, and on Dec. 16, 1940, which com¬
par
with
on
$1.50
June
paid on June
15,
1939.—V.
15.
1940;
154,
p.
$1.25
966.
on
Dec.
15,
1939,
and
of
&
Dec.
amount
1940,
compared
as
154, p.
with 87 %
cents
Feb.
on
29
and
May
29,
1061.
extra
dividend of 40 cents per share has been declared in addi¬
regular quarterly dividend of 20 cents per share on the
stock, both payable Dec. 10 to holders of record Nov. 29.
the
to
common
extra
of 20 cents
paid
was
on
Sept. 10, last.—V. 154, p. 1195.
Wisconsin Power & Light Co.—Preferred Dividends—
The
directors
of
account
on
of
$100,
and
Nov.
on
in
share
the
per
dividend
a
declared
21
accumulations
$1.75
of
on
$1
dividend
a
of
$1.16%
per
share
addition
to a regular quarterly divi¬
7% cumulative preferred stock, par
share on account of accruals and a
per
quarterly dividend of $1.50 per share on the 6% cumulative
stock, par $100, all payable Dec. .15 to holders of record
29.
amounts
this
of
7%
preferred
$9.33 V3
and
made
were
year.
dividends
Total
for
stock
and
in
each
of the
year
the
1941
will
for
$10
respectively,
$8,
the
paid in
$6
quarters
three preceding
to
amount
preferred
the year
$11.66%
stock,
1940.—V.
as
154,
for
the
against
1061.
p.
£ommon Dividend—
at
Hiram
Sons
1,
the
-
The
Distillers,
1945,
which
principal office of
Inc.,
have
10-year
1956.
Worts,
Ltd.—Redemp¬
Ltd.,
share,
Jan.
on
2,
distribution
V.
154,
Nov.
extra
of
declared-
26
to
the
being
regular
payable
40
19,
to holders of record
cents per share was also
/yYR
dividend of
dividend of
special
quarterly
a
Dec.
both
1942,
872.
p.
on
addition
the
1941,
and
the
Dec.
8,
1941.
paid
on
Dec.
40 cents
15 cents
quarterly
A special
18,
1940.—-
Y/YYyY/
York Railways Co.—Interest Rate Reduced—
::h
Hiram
4 Vi % convertible debentures
for redemption on Dec. 9,
such debentures with all unmatured
payment of the full redemption price
Guaranty Trust
Co. of New York.
(See call
has been appointed trustee,
Walker-Gooderham & Worts,
indenture dated Nov. 1, 1941,
principal amount of serial debentures due 1942-
Trust
Co.
of New York
$15,000,000
See offering
in V.
154, p.
Hiram
Inc.,
1060.
Payment of one-half of the semi-annual installment of interest due
1, 1941, viz; $12.50 per $1,000 bond will be made on that date
on
the unextended first mortgage and collateral trust 5% gold bonds
Dec.
due
and
been called
registrar and paying agent under
Ltd., and Hiram Walker & Sons,
securing
&
251.)
Guaranty
in
share
per
20,
&c., of New Issue—
Walker-Gooderham
their
154, p.
20. 1940,
paid on
Dec.
directors
per
a
912.
p.
option surrender
coupons attached for immediate
may
in V.
dividend
cents
amount
Willson Products, Inc.—Extra Dividend of 40-Cents—
An
tion
Like
quarterly dividend of 25 cents
stock, payable Dec. 20 to holders of record
was
paid on July 1 and Oct. 1, last, as
24 declared
the common
like
154,
Holders
United Aircraft Corp.—$2 Dividend—
75
common
like
A
Yale & Towne Mfg. Co.—Special Dividend—
tion of Debentures—Trustee,
at
pares
the
on
both
1060.
(Hiram) Walker-Gooderham & Worts,
on Nov. 19 announced that John W. Newey
to the President in charge of stockholder
1942.
.
amount
A
1940.—V.
Mr.
Newey is resigning as Vice-President and director of Stern,
Wampler & Co., Chicago, and also as a director of Chicago & Southern
Lines, Inc.—V. 154, p. 1153.
•
//.v/Y
stock,
declared
21.
Nov.
stock,
par $50,
Nov.
Co.—$3.50 Dividend—
compared with 20 cents on April 1, 1941, 20 cents on Dec.
and
quarterly dividends of 15 cents per share previously
this issue.
An extra dividend of 20 cents was also paid on
6.74c
Air
A
10.
Dec.
has been appointed Assistant
relations,
recently
record
was
holders of
to
on Nov. 26 declared a dividend of $1 per share on the
par $50, and on the 7% participating preferred stock,
payable Dec. 23 to holders of record Dec. 9.
A like
amount, previously declared, is payable on Dec. 5, and was also paid
on
March 5, May 29 and Aug/29, last, and on Aug. 30. Nov. 30 |\nd
common
regular
per
1942.—V. 154, p.
share on
per
$8,137,443
1144.
president W. A. Patterson
share
per
15
Westinghouse Electric & Mfg. Co.—$1 Dividends—
June 30, 1941.—V. 154, p. 440.
directors on Nov.
The
United Air Lines Transport Corp.—New Officer-
-
$1
Dec.
663.
6.82c
*$19,974
$34,182
profit
Deficit.—V.
6.99c
'
the
on
The directors
share has been declared on the common
stock, payable Dec. 20 to holders of record Dec. 10.
This compares
with $1.50 per share paid on March 29, June 30 and SepY 20, last;
$2.50 on Dec. 20. 1940, and $1.50 previously each quarter.
The directors also declared a quarterly dividend of $1.50 per share
on
the common stock, payable March 20,
1942, to holders of record
1941—12 Mos.—1940
$2,652,247 $10,062,359
7.07c
share
per
June 30, last, and on Dec.' 16. 1940, the latter being the
first distribution to be made since July 15, 1937, when a regular quar¬
dividend of $1 per share on account
cumulative participating preferred stock,
Waldorf System, Inc.—25-Cent
1941—3 Mos.—1940
fare pass, carried.
fare per rev. pas¬
$4.50
on
dend
Vulcan Detinning
Union Street Ry.—Earnings—
Aver,
of
payable
paid
was
The
Rev.
of
preferred
stock, payable Dec. 15 to holders of record Dec. 1.; This
compares with $1 paid on Sept. 30, last, 75 cents on June 30,
1941,
50 cents March 31, 1941, 75 cents on Dec. 16, 1940, and distributions
cents per
dividend
represent
Western Union Telegraph Co.—$1 Dividend—
A
a
unpaid dividends on the preferred
and
dividends
and Sept.
paid.
Accumulated
'
common
of 50
6%
the
on
These
5.
payable
Chemical Corp.—Resumes Div.—
share was
Corp.—Organized—
13
a
both
1940.—V.
per
154,
Underwood Elliott Fisher Co.—Larger Dividend—
directors
and
r
A
The
stock
stock,
dividend. of.$I.l2Va per share on the
a
preferred
preferred
Dec. 15 to holders of record
full payment of; accumulated and
unpaid preferred dividends to Dec. I,. 1941.—rV. 134, p, 1061.
$1.50—
$100, payable Dec. 18 to holders of record Dec. 8.
payment to be made on this issue since June 24, 1937,
See Ulen & Co.
the
directors have declared
154, p. 549.
first
par
be
to $77.59 per share on
Ulen Realization
15
2,786.788
$1,592,058
1061.
p.
A
An
which the 6%
following
1941,
stamps)
suspended from dealings on the New
June
2,800,437
$2,334,827
276,656;
$177,928
terly payment of 75 cents per share was made.—V. 154, p. 1154.
declared
have
112,919
$4,378,846
share has been declared on the common stock,
Virginia-Carolina
directors
90,544
$5,135,264
B
Dec.
payable Dec. 15 to holders of record Dec. 1.
This compares with 75
cents per share paid on this issue on March 15, June 16 and Sept. 15,
$2 on Dec. 16. 1940; $1 each on June 15 and Sept. 16, 1940, and
50 cents on March 15, 1940.—V. 154, p. 871.
1941.
after
15,
154,
The
last;
a
13,375
$454,584
series
of
and
12,614
$589,388
income
280,645
Dec.
The
(bearing
time
some
$4,265,927
series
year-end dividend of $1.50 per share wis recently declared on the
common stock, payable Dec. 1 to holders of record Nov. 19.
This com¬
pares with 50 cents per share previously paid each quarter.
An extra
Of 25 cents was also paid on Dec. 1, 1940.—V. 154, p. 697.
be
to
certificate
a
Oct.
on
$5,044,720
$308,743
54 cents
quarterly
A
The distribution under the plan of reorganization is not expected to
made
usual
Veeder-Root, Inc.—$1.75 Dividend—
a
$441,209
income
1939, the company paid a year-end dividend of
1299.
15.
See General Finance Corp.—V.
certificate/ of incorporation of Ulen .Realization Corp; was also filed
in Delaware
the
Corp. Shares—
nance
last;
10,
$2 each on-June 10
"'*'*•
provisions
to
March 15, June 16 and Sept. 15,
paid on Dec. 16. 1940, and distri¬
made
were
A dividend of $1.75 per
of
125,012
$576,774
income
charges
1940.—V. 154, p. 60.
named Ulen Realization Corp.
dissolution of Ulen &
of
year-end dividend
declared
Utility & Industrial Corp.—Exchange of General Fi¬
Confirmed—
the
175,131
127,503
income
stock,
reorganization was confirmed by order of the court
1941.
The plan provides for the dissolution of the
Ulen &
362,430
13,396
Western Public Service Co.—Pays ' Div/ Accruals—
per
common
cents
32
On Dec.
1940.
16,
of $3. per share has been declared on the
value, payable Dec, 15 to holders of record
Dec.
1.
This compares with
$2 paid on Sept. 15, last, and $1.50
in eachof the two preceding
quarters, " See also V. 153, p. 1143',
debtor,
14,744
12,422
oper.
rwy.
-V.
stock in
common
cents
1941, a year-end dividend of $1
butions
year-end dividend
stock, no par
/■ The plan of
dated Oct, 29,
62,593
Net
share on the preferred stock, both payable
to holders of record Dec. 1.
Distributions of 32 cents per share
15
were
is
common
& Co.—Plan
rents—Cr...
Fixed
967.
Van Raalte Co.—Year-End Div. of
Ulen
$4,215,788
rj
Gross
,
,
19
Dec.
on
the
on
of
dividend
Todd Shipyards Corp.—$3 Year-End Dividend—
A
$4,809,793
facility rents—Net
Other
80 cents on the common shares.—V. 152, p.
10 and Sept.
1940;
and $1.75 on March 11,
1940;
$439,861
the
1059,
1153,
pp.
directors
The
per
dividend, of $3.73 per share
have declared a year-end
by
issued
States Tobacco Co.—Larger Dividend—
United
Time, Inc.—Year-End Dividend of $3.75—
The- directors
154.
hose.—V.
by Mason-Walsh-Atkinson-Kier Co. and received in June and October,
1940, on this corporation's minority interest in the company
(said
company
being an affiliate of Consolidated Builders,
completing Grand Coulee Dam).—V. 154, p. 250.
been
has
steam
dividends aggregating $217,350 declared
includes two
which
•Profit,
"Eight Plies of Useful Hose Informa¬
mechanical goods division of this com¬
form of an enlarged section of hose, with
ply.
following products are shown by cut-away sectional drawings;
hose, water hose, suction hose, air hose, and oil and gasoline
manual entitled
hose
new
tion"
pany.
The book is in the
each page representing one
Oct. 26/39 Oct. 27/38
$66,290
$103,895
♦$228,261
$52,956
loss
Joint
Net
per
Oct. 30/41 Oct. 31/40
6 Months Endedr-
1,210,000
$526,603
$5,425,788
United States Rubber Co.—Issues New Hose Manual—
Thompson-Starrett Co., Inc. (& Subs.) —Earnings—
Net
2,100.000
income..„
Equipment
,
share on the prior
pref. stock, payable Jan. 1 to holders of record Dec. 22.
On Sept, 15, last, a distribution, of 75 cents per share was made
on the
common stock, as compared with 50 cents per share in pre¬
ceding quarters.—V. 154, p. 1152. •
the
and
the common stock on Dec. 24, 1940, and
154, p. 1104.
1940.—V.
1,
$6,909,793
140,000
—Dr.
Thompson Products, Inc.—75-Cent Dividend—,
on
of 50 cents on Oct.
$579,861
—-
Operating
An extra of $1 was paid on
One
1937, when 10 cents was distributed.—V. 153, p. 1004.
$786,603 Y
260,000
Taxes
8.
record Dec.
holders of
to
paid on
was
dividend of $1.50 per share and the usual
An extra
1937, upon presentation of the bonds for endorsement of
indicating such payment..
/ v..
to receive the interest, the bonds> are required to be for¬
warded
to Brown Bros.
Harriman & Co.,
Philadelphia, Pa., or New
York City.
Y • •
The Committee on Security Rulings of the New York Curb Exchange
rules that bonds be quoted "ex-interest" $12.50
per $1,000 bond on
Dec, 1, 1941; that the bonds shall continue to be dealt in "flat," and
to be a delivery against transactions made on and after Dec. 1, 1941,
must
be
endorsed
with
legends indicating that interest to and in¬
cluding June 1, 1941, has been paid in full and that the interest' due
Dec. 1, 1941, has been paid to the extent of one-half of the amount
a
Dec.
1,
legend
In
order
-
then due.—V.
154, p. 967,
'Y'
%
Y Y' Y
,
Y
\
Y
*
:
•
Number 4013
Volume 154
>
THE COMMERCIAL & FINANCIAL CHRONICLE
-
Banksat Close of Business Nov, 26* 1941
feekly Statement of Resources and Liabilities of the 12 Federal Reserve
-V
.
'
> "
Three
(000) Omitted
Agent at—
Ciphers
Federal
Reserve
ti
\''KvvV.
■
Philadelphia
New York
Boston
Total
.
■ ■' V:
'vv"- ' ' ■ ■■ ■
Kansas
Cleveland Richmond Atlanta
Chicago
St. Louis Minneapolis City
•
ASSETS
certificates
Gold
hand and due
on
15,344
•' Total' reserves
-
!
—-
4,444
50,756
1,183,291
3,320
—-—-———
Uncollected
Bank
1,568
18,845
38,199
19,453
5,226
12,276
10,861
25,498
1,290,424
1,676,700
823,742
536,794
3,533,850
634,578
382,096
554,923
410,062
1,560,019
118
; v-
'•
T-iv1
'<
•
865
388
152
14
25
499
160
65
29
40
V-h
40
94
10
32
400
51
2,415
171
67
24
57
899
211
2,480
200
185
468
339
500
496
94
272
131
—
—
905
428
246
1,955
1,095
3,671
203
771
192,099
71,570
41,870
60,502
49,307
39,544
23,134
33,430
27,244
66,706
93,249
298,240
111,114
65,004
93,932
76,551
187,435
135,767
93,741
298,636
112,513
65,711
96,506
77,023
2
2
6-
1
1
1
364,773
110,798
139,060
86,951
60,063
60,270
201,548
61,219
76,833
48,045
33,186
169,348
566,321
172,017
215,893
134,996
171,577
568,321
176,116
216,342
'4
-
s;:
•
see
fti
120,729
187,751'
;
4
3
18
32,634
824
2,645
1,461
1,462
11,889
2,806
3,119
1,790
3,471
1,511
661
2,995
1,027,780
96,457
257,119
68,587
138,590
80,086
42,075
140,509
43,251
26,298
40,347
36,083
58,378
41,060
2,787
10,659
4,855
4,451
2,935
1,952
2,986
2,282
1,343
2,887
1,151
2,772
3,205
2,042
6,231
2,315
1,459
-2,017
1,726
4,491
3,985,337
796,730
478,378;
698,192
526,707
1,816,410
1,600,235
298,651
193,759
246,956
128,974
638,922
47
banks
Items
;
/ii-yy
.
.
48,862
assets
::V-
106,141
109,078
2,200,004
premises
Other
1,667
18,459
274
banks
of other
notes
1,308
2,184,100
securities——
and
foreign
Res.
1,483
1,533,038
16,900
777,300
——
and guaranteed——
Total U. S. Govt, securities; direct
Fed.
635
1,406,800
-------
Due from
398,566
>:^v/>857
i
———————
bills
541,790
486
direct and guaranteed:
.Bonds.
Total
376,384
330
*
5,909
————
■
Govt, securities,
'Notes
614,361
764
p,995
Total bills discounted
.Industrial advances
tJ. S.
3,494,083
1
274
2,589
obligations, direct and guaranteed—
bills discounted 4---'—
Other
$
517,277
■\TI:,1;T
Secured by U. S. Govt,
S
'
803,616
1,658,492
15,717
8,241,377
20,827,856
————————
Rills discounted;
V;
S
San .,
Francises#
Dallas
672
1,130
26,301
notes
Res.
Other ''Cash41' i
til
$
-tiv'
$
$
$
1,274,377
258,491
fund—Fed.
Redemption
$
1,152,546
20,554,021
from U. S. Treasury
8,189,491
'
9
:
1273
3,528
12,676
3,987
5,185
24,178,243
1,458,467
9,092,815
1,545,435
2,042,734
1,057,626
679,412
7,612,074
631,310
1,955,827
538,083
725,452
399,540
.
254,365
—
'.Total assets
—.———-
LIABILITIES
F.
notes
R.
Deposits:■ ■■
'
■
Member bank
-Foreign
r;
-'
5,778,293
750,066
990,743
480,663
2,028,213
368,086
188,446
343,543
293,542
964,743
28,169
95,426
45,414
38,021
28,641
20,030
39,153
34,842
33,792
22,548
25,744
28,547
122,189
30,547
22,401
29,529
29,529
77,412
306,913
403,080
42,842
1,029,399
—
—
632,589
440,327
account
———
■
13,125,840
account
reserve
Treasurer—General
S.
U.
circulation
actual
in
98,770
93,678
43,784
35,638
31,002
10,567
8,058
4,713
10,418
8,102
2,106
1,092
28,822
.
Total
•
6,803,058
904,555
1,153,444
563,655
370,639
2,194,268
443,893
252,741
397,726
349,907
1,099,524
90,476
203,606
67,806
128,751
77,869
40,548
142,395
42,143
22,063
41,971
36,122
49,958
5,525
579
1,496
533
596
448
183
623
178
152
201
206
330
23,805,175
1,432,823
8,963,987
1,510,977
2,008,243
1,041,512
665,735
3,937,521
784,865
468,715
686,854
515,209
1,788,734
,141,352
9,368
51,796
11,866
14,603
5,649
4,861
15.104
4,377
2,997
4,586
"4,357
11,788
157,065
10,906
56,447
15,144
14,323
5,247
5,725
22,824
4,925
3,152
3,613
3,974
10,785
26,785
liabilities
Total
710,458
2,874
7,070
4,393
1,007
3,244
713
1,429
533
1,000
1,138
1,263
2,121
2,496
13,515
3,055
4,558
1,974
2,378
8,459
2,030
2,514
2,001
1,904
2,982
24,178,243
1,458,467
9,092,815
1,545,435
2,042,734
1,057,626
679,412
3,985,337
796,730
478,378
698,192
526,707
.1,816,410
14,735
461
458
2,305
1,197
956
1,771
1,600
1,244
28
1,501
23
3,191
Atlanta
Chicago
accrued divs
incl.
liabilities,
526,259
943,708
deposits
availability items
Deferred
Other
——- ■
6,858
15,243,868
deposits ^——-—
649,302
47,866
1 Other
:
10,305
——-—.——————
V.'Vy .V:':r
i
'
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
(Section 13-b)
Surplus
*
J
•
-•
Total'liabilities
Commitments
•
"Other
Y
1
-v
industrial
does
cash"
r"
•
-
.
capital accounts
and
make
to
■
advances
.
t Less than $500.
Include. Federal Reserve notes,
not
Federal Reserve Note Statement
:
Issued to F.
-
Zn
Eligible paper
763,435
425,939
277,447
1,653,221
316,091
199,388
257,993
144,131
708,644
25,577
22,464
37,983
26,399
23,082
52,986
17,440
5,629
11,037
15,157
69,722
1,955,827
538,083
725,452
399,540
254,365
1,600,235
298,651
193,759
246,956
128,974
638,922
450,000
280,000
1,680,000
329,000
203,000
260,000
150,000
724,000
899
199
2,454
329,899
203,199
262,454
150,000
724,000
675,000
565,380
bank
arose
reserves
with
deposits
Treasury
from
-
£
accounts,
Reserve
stock and
000 in Reserve Bank
banks
on
credit.
Nov. 26 were estimated to
Changes in member
Nov. 30,
1938
Nov. 26, 1941
£
528,660,119 480,808,676 485,676,440
27,821,724 23,105,502 11,984,958
143,688,399 134,271,430 142,238,374
discounted
D.
136,429,415 110,829,295 103,502,844
97,081,550 105,672,871
S. Govt,
accounts
Govt
secur.
Other
secur.
advances
Securities-
53.079,969
50,310,815
170,683;000 137,347,838
40,185,555
25,553,596
30,834,415
109,816,164
26,840,491
3,973,391
21,580,205
6,942,322
23,892,093
4,530,173
22,310,318
Gold Stock
20,707,977
37,848,967
20,820,000
^bullion
52,688,654
62,020,686
46,844,803
1,195,437 - 1,348,773 327,653,479 327,697,126
Treasury
TO.4%20.1
2%
rate—'
•!B?meVoz.P!-
.
.
v "
"
168s
v
"168s
'
30.7%
* 2%
29.7%
'
2%
^;^-168s 84s--ll'/2d
^
Loans—Total
Money
40.2%v 2%_
to
Loans
84s liy2d
cash
dep.
Swerve
Nov. 27, 1940
Real
Other
2,000,000
+
20,000.000
—
———_jl-
Treasury
Treasury
Obligations
Other
—
2,284,000,000
—
-----
22,781,000,000
3,230,000,000
bal.- 13,126,000,000
-
—
with
Fed.
10,567,000,000
2,195,000,000
•
2,000,000
23,000.000
23,000,000
+
8,000,000
3,000,000 +1,026,000,000
2,000,000 + 161,000,000
+184,000,000. —1,166,000,000
+ 32,000,000 + 2,102,000,000
+ 11,000,000 +
13,000,000
...
—158,000,000
A
accounts—
24,000,000
+
+
+
+
■?.-'.
440,000.000
Banks
Non-member-deposits
*Stber IV R.
2,658
2,335
905
917
605
2,562
1,868
676
688
472
86
+
241,000,000
v
.V
1,966,000,000
—
88,OOO,0OQ. - v+.
. -,
..
^>000,000
Res.
Balances
guaran.
20
39
30
153
163
52
52
55
104
107
117
22
22
19
31
25
462
388
88
88
69
■
425
354
260
300
1,572'
1,598
3,324
960
152
157
137
2,774
841
844
762
1,597
1,606
1,530
112
114
284
by the
104
1,465
banks-.
vault
with
28
40
3,339
———
bonds
1,451
1,243
365
366
367
5,006
4.833
6,814
1,251
1,227
1,233
84
dom.
banks.
assets—net
Other
27
339
410,
securities
in
82
381
465
with Fed. Res.
Cash
84
384
;
Government—
S.
v
2,659
2,982
31
loans
bills
notes
States
$
9,843
3,780
011
loans
-United
19f»0
$
153
pur.
banks
to
1941
$
12,184
securities
estate
1941
$
and
loans
for
loans
1940
$
12,151
3,768
paper™—
brok. & dealers
Loans
$
U.
credit
In circulation
Treasury
-
—
Credit-
—
res.
indust.
agricultural
Chicago
Nov.27 Nov.26 Nov.19 Nov 27
2,545
—.
——
Commercial,
Other
Since
,
—
10,000,000
84,000,000
currency
Treasury
Bank
862,780
—
?
(—)
commit.—
Bank
Member bank
Res. notes &
coin
Res.
1941
$
.
invest.—total—
and
Loans
City
Nov.19
1941
Assets—
(not lnclud.
adv.
Other Res. Bank
38,191,469, 31,230,1
17,556,234
20,635,235
or Decrease
tiStiM
1,000,000
+
2,179,000,000
5,000,000
20)
36,565,503
37,189,880
90,166,164
oblig,-
guar,
$15,000,000
'
Other
6,000,000
-
direct. Oblig.-
u. S. Govt,
Indus.
accounts-
Nov. 19, 1941
%
Bills
710.043,000 593.346,470
9,790,000 23,111,244
Other deps._ 189,509,384 161,140,110
deps.
week.
bank reserve balances and related
1937
Circulation
New York
Nov.26
Open market
Dec. 1,
T 1939
&-
(In Millions of Dollars)
$23,000,-
carrying
Nov. 29,
&
BANKS IN CENTRAL RESERVE CITIES
be approximately
Increase (+ )
Chicago member bank*
banks, which will not be avail*
follows:
as
01
City
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
the week and the year ended Nov. 26, 1941,
items during
were
York
able until the coming Monday.
Excess reserves of member
$3,800,000,000, an increase of $110,000,000 for the
vjovernors
ui
for the New
issued in advance of full state¬
$32,000,000 in money in circulation and
$11,000,000 in Treasury cash, and a decrease of
jouaru
uie
System
ments of the member
and
$2,000,000 in Treasury currency, offset in part
by increases of
Reserve
for the current week,
other Federal
and increases of $3,000,000 in gold
COMPARATIVE STATEMENT
„
Banks
Reserve
Federal
ui
&unemem
uie
member banks and also for the
decreases of $158,000,000 in
Since
Nov: 27,
'
is
Federal
the
$88,000,000 in non-member deposits and
The reserve
.1940
26,
1941
bank reserve
Additions to member
increased $184,000,000.
"
NOV.
and Chicago—Brokers'Loans
During the week ended Nov. 26 member
balances
proportion dropped to 10.4% from 13.2% a week ago
and compares with 20.1% last year. Following we pre¬
sent a tabulation of rthe different items for several years:
BANK "OF ^ENGLAND'S
Returns of Member Banks in New York
jociuw
which increased £ 940,899
£1,490,227.
1,680,000
280,000
450,000
765,000
Reserve Banks
of
prise discounts and advances
and securities which fell off
:
• •.
i\ •*.
The Week with the Federal
England Statement
£3,346,000, raising the total outstanding to a
new peak of £710,043^000 which compares with £ 593,346,470 last year and £528,660,119 two years ago. Tnis
marks the thirteenth successive week in which a new
record has been established in the volume of notes
outstanding and normally the amount shows a consider¬
able increase between now and Christmas.
A decrease
of £ 229,621 in bullion holdings during the current week
further reduced reserves which underwent a total de¬
cline of £3,575,000.
Public deposits fell off £ 829,000
while other deposits rose £16,489,633.
Of the latter
amount, £ 16,381,070 represented an addition to bank¬
ers' accounts and £108,563 to other accounts.
Gov¬
ernment
securities
increased
£19,805,000 but other
securities decreased
£ 549,328.
Other securities com¬
.
,
380
2,055,905
i,
■
765,000
565,000
905
675,274
8,141,111
——-
2,055,000
274
M**
—v
1
:
England statement for the week ended
Nov. 26 showed a further expansion in currency circula¬
■
i •••$•
560,547
631,310
8,136,000
and: due from U. 8. Treasury.—-
—
Bank of
.
Franclee#
I
86,205
The Bank of
PubUc
-Dallas
4
2,042,032
.393,681
———
collateral
Total
tion
City
I
$
e
$,■
,
Gold certificates on hand
>
$
Minneapolis
St. Louis
656,887
8,005,755
actual circulation ————
7;612,074
Collateral held by agentas security -for Dotes |ssued,/ta,ibanlcj^..^^^^44w::.:
/
Richmond
$
V
••
R. Bank.by F. R. Agent—
Cleveland
Philadelphia
New York
Boston
...
,
Federal Reserve Bank
He id by
;
Total
Federal Reserve Bank of—
^Federal Reserve notes:
'
'-.'Kansas:ys'Ban;;:
Omitted
Three Ciphers (000)
tii'
89
81
92
93
41
379
41
45
277
275
278
41
82
312
/
317
40
45
2,264
2,046
.
LiabilitiesDemand
deposits—adjusted
Time
deposits
U.
Government
S.
Inter-bank
Domestic
Capital
10,320 10,225
2,290
770
709
497
357
340
35
119
3,611
3,687
3.826
1,058
497
509
"
-
119
94
1,057
1,001
deposits:
banks
Foreign banks
Borrowings
Other
10,511
761
deposits.
liabilities.
598
—
—
279
584 ;
'
271 "r
.
-
616
•I
'
8-
;7
~i6
294
6
1.7
•
accounts
1,530
1,531
1,505
281
280
263
-
jhii WiU, V. »L.T M
.t'w
M#»
THE COMMERCIAL & FINANCIAL CHRONICLE
1274
Saturday, November 29, 1941'
^• 41
Course of
The
Sterling Exchange
for
market
sterling exchange is firm in
with little variation from official rates.
trading,
Foreign Exchange Rates
'.t,
dull
The
Pursuant to the requirements of Section 522 of
the Tariff Act of 1930, the Federal Reserve Bank is now cer¬
tifying daily to the Secretary of the Treasury the buying rate for cable transfers in the different countries of the
We give below a record for the week iust passed:
week has been between $4.03%
and $4.03% for bankers' sight, compared with a range
of between $4.03 % and $4.03 % last week.
The range
for cable transfers has been between $4.03 % and $4.04,
compared with a range of between $4.03 % and $4.04 a
range for sterling this
world.
■■0
> FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RE8ERVE BANK TO TREASURY UNDER TARIFF ACT OF 1930
V
v'
•
;
;
/* NOV. 21, 1941, TO NOV.
•
week ago.
Noon
Official
dollar);
3.2280-3.2442.
Australia,
3.2150-3.2280;
"
der
of
the
represented
war
outlays,
war
v
,
,
raised by converting gold and
small
net
savings,
including
in
savings bank
the other nations fighting ag¬
gression totaled $919,000,000 on Oct. 31 and have since
passed the $1,000,000,000 mark.
October shipments of
$225,000,000 were more than 12 times the March figure
of $18,000,000.
Actual contracts have been awarded for
more than 75% of the original $7,000,000,000 fund and the
new $6,000,000,000 fund is being rapidly allocated.
Ship¬
ments to Britain during the war, including lend-lease,
amount to approximately $5,250,000,000, most of which
has been financed by the British.
At the same time the
OPM Bureau of Reseach and" Statistics disclosed that
to
Britain,
China,
.
t
X
t
4.035000
Spain,
"
t
4.035000
4.035000
4.035000
t
t
t
t
t
t
t
t
t
A
-
X
■;A-
.
t
——
t
£
t
.-1,
t
t
t
t
AA-: t
t
t ■
t
t
t
'
t
t
:t
:
,§
'
§
t
t:
§
A
.
t
A
§
_—
franc
Yugoslavia,
A.A;t
t
§
-
t .A 'l
;.A
§
krona
'
'
t
a
t
t
-V.S
aV.|;^a;A
§ ;:a
§
__.
i
dinar
"u
f
A
t«
A,
■
,»
'
§
T
:
t
f
t
-
A','
t
t-
t
t a'T.
v'
t aAv
t
/
.
A-Af
,
A
t-
A::
t
,
t
,
•
t
t
__L__—
4.035000
t
t
•I'
________
4.035000
peseta
Switzerland,
5
4.035000
t
a:
escudo
Sweden,
'
t
4.034375
t
,
t
——
—
A V:- t A:--','
A*
4.035000
4.034642
t
—
pengo
Portugal,
t
A'-
—_____
'-A"At
:
AA.
ASIA—
dollar
Chefoo
China,
t
(yuan)
dollar
Shanghai
dollar
Tientsin
China,
(yuan)
(yuan)
Straits
t
•
-
t
§ ,Av
t ax
t
.
ov
t
..
+
t
>
t AA
:
§
oA-
A.:1
A,'
t
A-'a
.250875
.250875
.250875
.250875
.301513
.301513
.301513
.301513
.301513
T
.471600
t
t
.471600
t
.471600
.471600
t
.471600
.471600
;
:
3.228000
__
___»
!*.
3.228000
3.228000
3.228000
3.214583
3.214616
3.215033
3.215033
3.215033
3.227416
3.227416
3.228000
3.228000
3.227833
3.980000 i*::
pound
3.228000
3.214583
3.227416
—
Zealand,
t
t..
§
.250875
3.228000
Free
t
f
.
.
Official
New
,A7
.301513
pound—
Australia,
:
§
.250875
____
dollar
AUSTRALASIA—
/
t
-a
t
Yen
Settlements,
Japan,
t
A;
§
;
•
Kong, dollar
(British), rupee
Hong
India
t
; t
China, Hankow dollar (yuan)
China,
3.98POOO
3.980000
3.980000
3.980000
AFRICA
Union
of
NORTH
South
Africa,
pound
AMERICA—
3.980000
'
'
v'•''A
Canada,
dollar—
•
,
AAAAa.V
-
v
Official
.909090
.903090
Free
.909090
.909090
.909090
.909030
.
.883515
.886785
.887053
.887421
.886484
.205475
.205425
.205400
.205425
.205425
Official
.909090
.909090
.909090
.909090
.909090
Free
•
.881041
.884375
.884583
.885000
.883750
.883125
Mexico,
peso
Newfoundland,
and
.885546
.205425
dollar
f
.909030
SOUTH AMERICA—
Argentina, peso—
Official
it,
Free
.V .237044*.
Brazil,
.297733*
.297733*
.297733*
.297733*
.297733*
.237044*
.297.733*
.237044*
.237044*
.237044*
.237044*
milreis—
Official
.060575?
.060575*
.060575*
,060575*
.060575*
.050875*
.060575*
Free
.050875*
.050875*
.050875*
.050875*
.050875*
Chile,
peso—
Official
§
Export
Colombia,
Uruguay,
.569850*
peso
5
,570333*
f "A'
§
§
.569868*
{ A> t ■
.570250*;
.570100*
.570100*
.658300*,
Nominal
.658300*
.658300*
.658300*
.658300*
.488860*
Controlled
•
§
/
pes/
.658300*
.488980*
.488980*
.490960*
.496125*
.496125*
___.
Non-contrelled
level, the industrial output attained during 1940-41 has
been at a consistently higher monthly level than during
A"
§
;
owing largely to improvements in technical processes,
machinery, and management, as well as to a lower price
1917-18.
3
•
t
t
t
4.035000
"—
Rumania, 'leu
accounts; £1,44-3,000,000 was raised by subscriptions from
non-official sources to long and medium term loans, and
£1,139,000,000 by Treasury bills and deposit receipts
taken by the banks and money market.
Figures released by Lend-Lease Administrator Edward
R. Stettinius on Nov. 23 show that lend-lease shipments
$
t
t
.
4.034375
markka
franc
Norway, krone
Poland, zloty
foreign exchange and
increase
'.'A-
A
r
<
Italy, lira
Netherlands, guilder
such as unem¬
insurance, etc.; £920,000,000 represented
war
Nov.
Nov. 26
:/.v trr
(
by borrowing from non-budgetary funds
ployment,
tA,;~
t«
—————————————
Hungary,
1
was
A
'
$
—.
—
Germany, reichsmark
Greece,
drachma
poses.
Current revenues provided £2,785,000,000 or 40%
of the total.
In addition £150,000,000 had to be obtained
Of the required £4,383,000,000 which
£745,000,000
v.
Nov. 25
a
,,
r t;XA.
—r—.
—_
Free
France,
and
not be met out of current revenues,
24,
t
;
_____—
Official
Finland,
pended a total of £7,018,000,000 between Sept 1, 1939 and
Aug. 31, 1941, of which £5,688,000,000 was for war pur¬
could
';r
—_
.—_
koruna
,"X Denmark, krone
England, pound sterling—
quoted Sir Kingsley Wood's statement that Britain ex¬
for debt repayment.
Belga
Belgium,
Bulgaria, lev
Czecho-Slovakia,
,v
In connection with House appropriations subcommittee
hearings on the pending $7,500,000,000 defense bill which
will-bring United States defense and lendf-lease funds
to $73,568,000,000, the Department of Commerce on Nov.
18 released an analysis of British statistics which showed
that 80% of Britian's total expenditures during the first
years
United States Money
in
Nov.
\
A V.:'XXv:/.
X
New York
for Cable Transfers in
Rate
Nov. 22
:A'AA;;X>
V- A;'
|
'
special Treasury license.
two
$
EUROPE—
Zealand,
New
Buying
INCLUSIVE
Value
Nov.21
American commercial bank rates for of¬
ficial sterling continue at 4.02 buying and 4.04 selling.
In London exchange is not quoted on Germany, Italy,
or any of the invaded European countries.
Since July
26, exchange on China and Japan has been suspended by
Government order. In New York exchange is not quoted
on any of the Continental European countries due to the
June 14 Executive freezing order.
Exchange on Japan
and China was similarly suspended on July 26, but
trading in the Shanghai yuan was resumed on Aug. 4 un¬
1941,
Unit
and Monetary
Country
rates
quoted by the Bank of England con¬
tinue unchanged: New York, $4.02%-$4.03%;
Canada,
4.43-4.47
(Canadian official, 90.09c-90.91c per United
States
27,
rate,
t No
$ Temporarily
available.
rates
omitted.
output of the average industrial worker
The
has increased about 135% per
man-hour in the interval,
according to computations of
economists, so that with
Weekly Return of the Member Banks of the Federal Reserve System
present-day equipment he is able to produce 2Vz times as
Following is the weekly statement issued by. the Board of Governors of the Federal Reserve System, giving the principal items of resources and liabilities of the reporting member banks in 101 leading cities from
The OPM comparison
shows that disbursements of $1,075,000,000 in Aug. 1941,
the 14th month of the defense effort, represented 15% of
rhuch
as
he could 23 years ago.
which
weekly
returns
themselves.
present national income, whereas similar
$1,019,000,000 in May, 1918 constituted
20% of the estimated 1918 national income of $59,700,-
the estimated
■
These figures
obtained.
are
'■■■?■
'a
':a-a^:a-a;-v-',aaaA:-'
a-:
always
*
.
•
week behind those for the Reserve banks
aa-aa-. •,..A-.A-vA-'AA,;,, Aas Aa.. .a:;aA,A.aA;, - a-aau, a-A:..: -',;aa-v
are
.
a
disbursements of
ASSETS
MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON NOVEMBER
WEEKLY REPORTING
Millions
New
Federal
Loans
States
and
Loans—total
Commercial
Open
to
and
Other
loans
agricul.
paper
brokers and dealers in
Real estate
Loans to
for
Administra¬
Obligations
Treasury
lanta
$
/
$
$
Hendrickson stated
tor
are
purchases of farm products.
that
most of
794
4,068
922
502
331
422
1,398
466
268
423
2,719
302
A:- 417
159
218
924
287
144
A 44
105
385 :-A'/' ! 29
26
97.
a a 15 A *
423
A.78
1,260 :
Aa 36: A
1,976A .
A
—
A
a 2,548
t- A'i
8,323
notes
198
.194
30
A 50
A
'
31
2
147
.
;•• >.> 898- '•
—
■>
15
;AA 16*
16
19
f
'■■■'
being distributed to British civilians through normal
rationing system and with strict
canteens
in
Other supplies
industrial
are
plants,
< soup
Cash
Demand
compared with a little more than oneto a recent survey by
before the war, according
Wartime conditions have
the character and volume of both
exports and imports to emphasize strategic materials and
purchases dictated by considerations of national defense.
Thus, exports to Latin America have increased by more
'than half, to China have doubled, and to Africa have
tripled, while exports to Japan have become negligible.
Europe is providing less than half its former volume of
our
imports, while imports from the British Empire,
Latin America, and the Netherlands have increased
the Guaranty Trust Company.
drastically
sharply.
now
altered
The extension of Government control, which
affects 95% of our exports, is attributed to short¬
of available shipping tonnage, as well as to the ex¬
igencies of defense and lend-lease programs.
Britain has been buying about $20,000,000 of fish and
fish oil from Iceland a year and paying with blocked
In
return
Britain has been selling
Iceland
vault____^
'
46
;': 6
,13
A-
—a
"
deposits—adjusted
113
,y.
;f
7
Foreign banks
-
1,"720
196
•
22
A::■?!
1,162
286.
2
246
501
2
27
29
'•
2 *
5
•A; II
A16
3
6
60
59
38
v
1
A
A 143;
vA
200
"
A'"A
-•"r
12
17
•
8
33
;
•
50
-
'
281?
-■
546
272,
130
';
76
,
269
"98
•
,AA
-
'
5
'-
264
:
53
"
:'v
113
24,192
1,480
5,450
229
^745
-9
.
9,374
385
11,222
1,260
A
1,143
-
248 (
:
362
1,825 /
>
697 '•
746 '•
21
29
•
41
115
128
A
A
198
*
43
21
A
'AA 70
A
T
14
104
288
22
A: 16
627
368
192
111
>
J
343
-
' •*.'
13
.'■v 29
'■;343
v-A- 32'
-
"30
3,398
195
1,003
"
42/A
146
-
21"
/
.655
273
614
'
.
*
IB
'
....
1,493
133
143
;
2
1,090
-27
38
•
—_—
1——
643
19
•aaa .-a 5
_
V
801
3,912
—
3,782.
2.
21
v..
A-v
:
^
6
'
1
A
.
444;.
402*
-AT A-;
1,421
2 A A '
9
472
aX___-:
190
491
,
215,;
>22 A
395
60
104 A
17
•.'...24
100
429
1
,».•
8
99.
64
A A
A
AAv-1
•V'
16
331
1
a
.,278
252. 1,657
-.559
1
585
1
-••
;474.
[;
423
19
2
.•A 3
A-i 11
v
•'
""6
'93
:
'
:
349
•„*: 393
wheat, coal, and machinery, but due to war stringencies^ v- of the Neutrality Act. It is expected that present rbutes
can no longer, supply Iceland with these products.
Ufnder :i will not be disturbed and that the necessary vessels will
an agreement signed on Nov. 22, the United States- has A' be available
elrly in Febrtiary and will- consist of Lib-i
undertaken to pay for Britain's purchases in Iceland, by aa erty ships now under construction.
As some of the new
making dollars available here with which Iceland- can ^; Liberty vessels ^have already been allotted, it is thought
buy the wheat, coal and machinery it requires;A- The f that the proposed schedule cannot get under way until
dollars will be charged against Britain's lend-rleasecac- X 40 ships have been delivered. - A November
progress
count.
..Aa
,
,-vA.,.rA:,.A-/'A" ja.PX.yV'- a report indicates that the monthly production rate in the
19 yards working on the 312 simple
cargo ships of the
Shipping officials state that at least 24 ships would be-required to maintain the schedule of 3 sailings
to
the
British
Isles, announced
United States Maritime
as
a
a
week
maximum by the
Commission, following revision-
Liberty, fleet has been virtually doubled, pising to 10 in
October from 5% in September. The emergency
ship pro¬
duction program is rapidly approaching the
period 'of
mass
deliveries.
1
580 •;••»"
•A- 308
20
■
:•*• 169
184
"A
15
198
•:
"•>
815
38
62
A
240
-
73
553
211
A
"
•
"
124
i
92
576
.
A,:..;..
•
45
-
•
262
83
v
A32
'112
17
v
'
38 A
387
•A
24
46
137
.•AA70"':
••562
>
A 256
44,;
223
-
A 1,636
113
m
•
295
-
'
11'
14
23
~94
:'A
7
17 A
43
-1,281
62
;
28
V
J 90 A
-
•;
312
53
;204 AA- 366
.A
116
68
762
',27
239
;A
173
268
-
'
A.772
417
82
■
i
A A;
l
"A: 80
;-A;
•
A
139
A
10
177
263
1
88-
-
15
A 99
r
,
450
irty
.
Other liabilities
Capital accounts
61"
3,342 ^
.
1
45
13
51 '
208
6
29
-1,649
428?rA A3,602
,/*!
—
Borrowings
2,580
359
....
Inter-bank
■
«
668
457
'
*'-2,675 A>
113 A 1,593
^1(^361,499 A 5,034
A 543
V. 151 : A 106
deposits—
deposits:
Domestic banks
50
'
.A A"
568
A
4'438':
A48
,
2,927/
a
with domestic banks—,A
Time deposits
United States Government
age
"sterling.
;
—
/
LIABILITIES—
kitchens,
Britain is receiving more than two-thirds of all United
third
in
Balances
schools, clinics, and hospitals.
States exports,
Govt
S.
Other- assets—net
being handled through
mobile
U.
Reserve with Federal Reserve Banks—;;
trade channels, under a
price controls.
by
S
860
.
"
-4
187
•'•
.
:
Fr'isco
'
A
—
bills
426
DalUs
$
888
874
purch. or carrying securs.
——
City
$
2.306
568
527
securities
Other
$
1.387
4.200
AAA
—
United States bonds
supplies
the food
$
apolis
13.202
secur
loans
guar,
Mne.- Kansas ■■.A'A'-. ;/; San
Louis
783
'
for lend-lease
St.
A;
Chicago
6^32
Other loans
Treasury
At¬
mond
1,479
loans
banks
keting Administration, and by the end of February $500,000,000 more will be similarly expended, thus accounting
for two-thirds of the $1,500,000,000 provided by Congress
.
Rich¬
land
11,285
market
Loans
Cleve¬
delphia
$
19, 1941
Dollars)
29,656
______
indus.
i
$
$
$
investments—total
of
Phila¬
York
Districts-
Reserve
ASSETS—
Department of Agriculture stated
on Nov. 20 that 1,650,000,000 pounds
of farm products
valued at $200,000,000 were exported to Britain under
the lend-lease program between April 29 and Oct 1.
Another $300,000,000 was spent for food shipments in
the last six weeks, it was disclosed by the Surplus Mar¬
United
LIABILITIES OF
(In
000,000. During the first 15 months of the current con¬
flict,
defense
expenditures
exceeded $10,500,000,000,
compared with $8,600,000,000 in the corresponding World
War period.
The
AND
A 35% increase in the production rate
»
THE COMMERCIAL; & FINANCIAL CHRONICLE
>Volunief:li4.^^Nliinber^013 H
I\during
October: lias brought the expected annual out-.,
tons. vD"urihg :1942 5
[ 435 ships, aggregating 3,100,000 tons, are scheduled for ,
Weekly Return of the Board of Governors of (he Federal Reserve System
put"to 180 ships of«about' I;500,000
I'deUverypof^wluch 385 kt&r pot ,the;Mantinfe Commission
j
and SO tor private companies *
*
' *
/ The magnitude of the airplane production required
:
.
of
the United States is indicated by a recent statemeht of 1,
British estimates that in order to maintain an effective ■
;
fighting force, five planes must be built for every planer
in action, since reserve requirements are placed at 100% /
27,-showing the condition of the 12 Reserve Banks at the close of business on Wednesday.
presents the results for the System as a whole in comparison
with those of the corresponding week last year.
The second
r
j
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon,
-The following was
Nov.
.
for each of the
and
000
able
planes are needed, as 5,000 planes shoiild be avail- t
as
a
reserve and
500 planes should be supplied
-
,
the
British Minister reaches Mexico early in De-/
British-Netherlands interests are about 50%
new
fcember.'
,
and
;'
by the British Treasury and
19,850,186
the status of shares, secur-
13 289
14,153
250,498
"'243,391
20,829,728
20,847,639
20,840,851
20,789,683
20,758,431
2.134
3,863
1,744
1,351
3,410
2,194
2,561
3,861
Government obligations,;:
$1,046,242,000, with $584,000,000 currently on deposit
with the 16 New York City member banks.
The subcommittee of the Bankers' Foreign Exchange
Committee formed last week under the chairmanship;,
Govt,
S.
The. New York' Board
/
\ pien*s Assbciahon- of/the Pojft/of New;ryprk/;this/Week//
joined foreign freight forwarders and exporters in urging/
the Lend-Lease
sec.,
2,184,100
2,184,100
2,200,587
2,200,130
2,199,026
2,197,215
2,184,100
2,201,135
47
4T
47
47
47
47
32,634
23,608
36,908
36,065
38,217
35,734
38,271
40,674
1,027,780
41,060
788,713
1,243,860
948,526
908.253
993,098
1,072,061
1,433,599
41,248
41,086
40,955
40,900
40,945
40,983
48,862
55,85t
47,733
47,102
46,110
45,605
44.417
40,840
44,118
24,178,243
22,981,304
24,398,026.
24,087,712
24,063,385
Guardian" bases a
'cautious optimism on the farsighted tariff, and trade
agreements concluded by Secretary Hull and on plans
junder, informal discussion to use the American gold to;
establish a large international loan fund for post-war/;
reconstruction and rehabilitation, which would set nor--,
mal trade processes- again in motion and would /redis?;/
tribute the gold hoard, provided the United States is
/ willing \o- accept larger/ imports.
"Reuters'": financial/
i editor interprets and indorses the article as an argument;
for revalidation of the international gold standard as an
alternative to international economic anarchy resulting;;
■/from demonetization of gold in a world beset by enor¬
mous post-war problems and burdens.
A measure designed
to bring trading banks under
government control in the jntetest of the war effort has;:
been introduced in the Australian House of Represent-/
atives. ; The proposed law authorizes the Government to
compel certain banks to deposit their investible sur¬
value.
The
on
'
.
"
24,233,845
/. 896,730
1,058,511
40,754
40,732
vf
24,550,096
44,406
44,944
23,983,781
24,118,649
7,579,039
7,520,360
7,475,059
7,385,166
7,352,047
7,350,851
7,299,505
7,255,733
12,706,697
12,594,430
12,631,591
12,748,587
13,321,390
13,290,448
13,240,448
598,465
/
914,827
977,178
1,153,293
1,046,242
806,749
1,129,262
933,220
1,029,399
1,147,151
1,189,409
1,140,505
532,137
718,133
660,297
674,213
720,534
659,405
258,814
1,188,259
731,908
1,165,164
'648,302
.711,401
1,184,983
733,445
16,175,990
15.349,014
/15,456,361
15,525,675
15,500,371
15,471,036
15,467,624
727,957
15,304,671
1,136,372
15,303,005
943,708
886,211
861,573
942,331
978,741
1,321,876
836,100
1,018,920
5,525
5,088
4,999
5,201
4,818
5,192
4,388
4,186
4,307
3,692
23,805,175
22,612,164
24,025,081
23,714,777
23,690,464
23,789,050
23,860,851
24,177,284
23,610,948
23,745,969
141,352
137,775
141,324
141,259
141,248
157,065
157.065
157,065
26,785
26,839
26,785
26,785
26.785
26,785
157,065
26,785
141,173
lari,0d5
141,155
151,720
141,302
157,065
141,284
157,065
26,785
47,866
52,806
47,771
47,783
47,787
47,935
47,896
47,789
26,785
47,828
24,178,243
22,981,304
24,398,026
24,087,712
24,063,385
24,162,094
24,233,845
24,550.096
23,983,781
24,118,649
/ 91.1%
90.8%
91.0%
91.2%
91.3%
91.3%
91.1%
91.0%
91.2%
91.2%
14,574
14,657
14,175
13,238
13,574
13,580
13,673
6,215
_____—
198,606
items
__
304,023
308,748
incl. accrued
;;
liabilities
i
-
141,043
157,065 /H 157,065
/
26,785
47,787
: *''// ifV ." •'
and
liabilities
—liu
to de¬
total res.
posits
Res.
Fed.
and
combined
liahil.
Commitments
_
make
to
advances
Industrial
12,709
14,735
7,100
3,166
1,690
2,989
2,826
866
240
354
293
137
156
669
8,923
761
8,339
225
438
__
705
608
653
572
572
522
536
997
1,214
259
379
472
343
378
360
139
143
250
815
2,138
1,954
1,963
1,643
754
203
147
155
6,422
5,997
5,154
3,545
7,762
10,971
11,069
2,788
2,816
2,569
2,575
392
390
332
321
415
421
187
167
'•Maturity Distribution of
;
Bills
and Short-Term
;
Securities--.
i
p p;
/'1-15 days bills; disc.//!.
16-30
31-60
Total
^
V'
-
"
*'
7ft \
3,056
659
ind. adv.^—
days ind.
595
108
621
5,254
5,593
S.
5,203
davs
days-
61-90
Total
U.
curities
_u_—_.——
Govt,
S.
;F/ R.
;
2,549
.
312
170
693
540
<423
649
569
438
5,630
5,229
5,637
5,520
5,536
5,455
5,433
9,772
9,570
9,273
9,087
8,902
10,033-
10,065
•
•
43,000
43,000
43,000
2,184,100
2,184,100
2,184,100
2,184,100
43,000
2,141,100
43,000
2,141,100
2,141,000
2,204,200
2,184,100
2,204,200
2,184,100
5,906,005
7,953,846
7t901,975
7,816,607
7.761,865
7,734,850
7,709,349
7,678,873
293,530
2,184,100
374.807
381,615
341.548
/ 376,699
382,803
358,498
379,368
349,997
7,385,166
7,352,047
7,350,851
7,299,505
7,255,733
7,988,000
7,901,000
7,796,000
7,739,000
4,175
7,886,000
2,563
7,836,000
5,177
6,946
9,940
9,999
7,905,175
7,888,563
7.842,946
7.805,940
7,748,999
se¬
2,184,100
j
2.184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
-
Bank
\
t
8,005,755
Agent?.
/. 393,681
by^ed, RCs.; Bank.
7,612,074
7,579,039
6.095,500
8,072,000
5,111
~,458
4.151
8,141,111
actual circulation-
5,703,129
8,136,000
r
In
-
403
■■•'
10,039
7,616
and
direct
issued, to Fed. Res.
by
671
.
/;/'■/ guaranteed
/ Federal Res. Nojea—
Held
398
'
days
Over 90 days----—-
/
3,042
'
adv._
/ 31-60 'days -
-
1,111
guaranteed_;_^__
"1-15
16-30
•■
.
.
■
550
'
1,753
2,424
-
securities,
Govt,
direct and
-
3,105
.
'?■ 31 377
692
9,995
O.
394
490
days Ind. adv.____
90
4,974
3,129
186
.
'
adv._/^_
ind.
3,835
.1,244
>r
5,909
bills'
days
-61-90
1,609 ;4>
?
days
31-60
:
1,902
days ind. adv.____
1-15
16-30
Over
178
days bills disc—
r
-
'
tills disc.—
days
Over 90
.
—
bills disc.___'
.days bills disc,*.ii.
days
61-90
"Manchester
0,097,958
8,076,151
7,475,059
7,520,360
7,605,730
Collateral Held by Agent
as
Security for Notes
issued to bank—
? due from °U. S?TreaL
eligible paper
By
■
U Total collateral
:
tThese
ence
»rA^^ftiG^^e^gi^h^by th^ignited
*re c"tific
itself
t
having
beeJ
f
59 00
8,047,000
-
5,558
7,993,177
8,052,558
States Treasury for the gold taken over; from
1934, these certificates being worth less to
cents on Jan. 31,
appropriated as profit
the Reserve banks when the dollar
was
the extent of the difference, the differ-
by'the Treasury under provisions of the Gold Reserve Act of 1934.
,
ranged during the week between a
"ll'%%■and a discount of 11%%.
The amounts of gold imports and exports which fol¬
low are taken from the weekly statement of the United
States Department of Commerce and cover the week
Montreal funds
Gold held under earmark at the Federal Reserve banks was
during
the week
ended Nov. 19
by
$35,354,817
to
increased
$2,099,069,231.
discount of
dollar advanced from 88.62 on Friday,
Tuesday/ receding to 88.56 in Wednes-:
ended Nov. 19,
war
--
1941.'
Gdld Imports
1
and Exports, Nov.
'
13 to Nov. 19, Inclusive
'and base bullibn
Refined bullion and com———————-
against
increased 36.3%
I
24,162,094
37,718
12,941,831
Imports
*$4 Jr6 090
'
Continental
A
special
tax
And Other Foreign Exchange
on
unmarried
persons
and
childless
couples, consisting of 3% % to 5% of earnings, has been
Exports
$1,810
1,131
4,066,090
$3,511,000,000 in the 1940 period. External trade
$2,941
in the period,, rising from $869,000,000 /
//Total./-I— /$5,803,972
to $1,185,000,000./. /Imports increased by an equal per- ,
Detail of Refined Bullion and Coin Imports
centage to $1,048,000,000/ / Exports were , $137,000,000;
$2,070,273
1,812,453
■greater in value than imports, as compared with an ex27 313
/cess of 3101,000,000 in the 1940 period. .The British'.: Venezuela
156,051
Food Ministry announced the purchase of 120,000.000;
Ne^Chiefly2~3l/106~ Canada, $338.85~5 "Wicaragua/~ $237,122 Mexico
bushels of Canadian wheat tb replace stocks shipped to
$146,898 Peru, $364,067 Philippine Islands.
Russia.
/
47
Z
38,717
15,243,868
avail,
Total
production. The Canadian national income in-/
"creased during the first 19 months of 1941' nearly 11%;
over.'/the/previous year, amounting to $3,891,000,000/ Or^
,
47
:•
5,703,129
440,327
'y
note
820,300
14,291,954
r
deposits
capital accounts
day's trading. - The Bank of Montreal states that both'
domestic business, and external trade is expanding, due,
V. to
8,902
,
7,612,074
account —1—
Treas.—General
Ratio of
.
last to 88.87
"c.'H
in
/ The Canadian
11,069
/
13,125,840
_
i
1,660
9,409
'
actual
Capital Accounts / •*
'Capital paid in _-_-—
3urpius . (section 7).
Surplus (section 13-b) _
Other capital accounts
Commonwealth Bank of Australia, under
accordance. with the Government's fi-,
nanciai policy/ Licenses are to be issued and will be re¬
vocable
only
on
recommendation by a high court y
judge on his finding of wilful and persistent infringe-;
ment of Government regulations.
/ : •;/. /./ ._/■';
fixed
S.
Total
pluses with the
terms
—
dividends
■,.;/■//////
A-recent-mrticle in the "Manchester Guardian''.oh the.
post-war future of gold presents the view that unless/
the United States continues and enlarges Secretary Hull's /
efforts to liberalize American tariff policy; or arranges /
to redistribute by loans a large paVt of the £5,000,000,000:
sterling now buried in its Kentucky vaults, the debtor/
nations will be unable to earn back , some of the gold*?
With their exports and gold might depreciate to its in- ,
dustriai
items
Total
.1
/
'
assets
Deferred
''
'
2,204,071
2,184,100
2,199,113
47
Other liab.,
-direction.'
*
2,184,100
2,204,158
777,300
2,215,651
Other
Administration to protect American ex-'/
in lendfor non-:g
military use through recognized trade channels,, instead
of through the British Ministry of Transport.
Variousfreight forwarding groups are seeking to preserve their;
business by legislative action.
A further threat to. the;
forwarders and exporters was seen in a newly disclosed /
memorandum by Major Gen. J. H. Burns, a deputy lendlease. ariministratbi*, proposing to set up local distribut-;
/ing 'offices ./and warehouse gfaciiitiesr/undey British?
2,184,100
1,406,800
777,300
2,204,200
reserve
port interests from loss of normal trade outlets
/lease operations by transmitting goods intended
2,184,100
1,406,800
777,300
47
U.
-
1,363,800
820,300
1,363,800
820,300
.1,406,800
904,500
2,200,004
account
Foreign
>,,
of Trade-and the Warehouse-
1,363,800
777,300
1,299,700
'777,300
Deposits—Member banks
/
;
1,406,800
777,300
9,772
2,184,100
.Liabilities/
National City Bank will, seek to/
by conflicting rulings on alien
of by individual banks.
u
1,406,800
5,154
10,033
1,406,800
---
-
.■■circulation
end the confusion caused
;
9,087
5,997
10,065
foreign banks.
from
Fed. Res. notes in
/property control issued by the various administrative
agencies under stress and without coordination.
Re-;
quests for interpretation of foreign property control
r
ordersowill be made: through^/lhe subcommitteeinstead -
10,971
9,273
6,422
10,039
direct and guaranteed.
bills and sec. —
'
of Wilbert Ward of the
7,762
9,570
4,974
7,616
•
Total
of
3,545
3,835
9,995
———- ---
Uncollected
■
9,380
?
direct
sec.,
Other assets
Reserve banks have
/ 1,591
1,355
3,619
banks
Foreign bank deposits with the 12 regional
declined to the year's low •
acquired.
Federal
1,487
1,209
2,626
5,909
Bank premteefr
short-term Treasury bills; and notes, us in¬
creasing. The United States securities are subject to the
; same, restrictions as the funds with which they, were
20,733,164
,6,275
2,589
3,320
Fed, Res. notes, of other
in
chiefly
14,729
252,404
■
t '• i'':rC '
•
*
mercial banks in United States
20,466,031
14,729
267,533
and
Total
f
S
13,424
275,188
14,555
/ 2,184,100
Due
1941
guaranteed"
Notes
> •
Oct. 1,
;
20,501,030
20,525,032
20,814,430
20,829,279
advances
Total U.
ities, and other valuables owned by ithem • is being in-J
vestigated
Investment of frozen funds of foreign central and com¬
1941
»
258,143
V-
Bonds---- --J- -
:■!
>
13,737
243,661
13,553
259,193
20,827,856
-
direct
Govt,
S.
U.
,
.
11,153
298,738
bills discounted-
Industrial
V-
$
20,560,029
20,559,027
['
15,344
guaranteed
bills discounted
position. •
Measures are under consideration to compel the re¬
turn of British subjects who left Britain when war be-'d
came imminent.
Their bank accounts have been frozen /
Oct; 8, >
1941
^
by U. S. Govt,
obligations,
Total
1941
$
$
$
26,
NOV.
Oct. 15,
1941
1941
20,557,030
20,557,032
20.556,533
19,546,295
258,491
Other
committing themselves until the outcome
1941
'
—
——
reserves
details regarding
BUSINESS
Oct. 22,
Oct. 29,
NoV. 5,
1941
////?/'/••:
discounted:
Secured
of /
these negotiations is known, though they are reported
to fear that the Washington pact will prejudice, their,;
will avoid
(Fed.
fund
cash*
Total
Bills
greater than the ' American properties which are to be
appraised under the recent agreement between the;;
United States and Mexico, and it is thought the British
20,554,021
U. S. Treas.T
notes)
Reserve
Other
$
gives
and
hand
on
Redemption
Mexico
|
ctfs.
Nov. 12,
1941
$
Assets
.
due from
week, according to the British formula.
,
;
'
The problem of expropriated British oil interests in
is expected to come, up for consideration after
every
!
/
■
Gold
following)
table
OF THE FEDERAL RESERVE BANKS AT THE CLOSE OP
Nov. 19,
1940
1941
Omitted
(third
Reserve agents and the Federal Reserve banks.
the
between
Nov. 27,
Nov. 26,
Three Ciphers (000)
notes
AND LIABILITIES
COMBINED RESOURCES
■i
replacements atv10% a week.
Thus, in order to
'maintainiSn active force-of 5,000 planes for a year26^r
table shows the resources and liabilities separately
The Federal Reserve note statement
12 banks.
Federal Reserve
in
transactions
The first table
with the figures for the eight preceding weeks and
imposed by the Soviet (Government, effective as of
Oct. 1* both to raise additional war revenue and to in¬
crease the birth rate.
The new levy will affect a rela*.
tively small part of the population as it is inapplicable'
to men serving with the armed forces and their wives,'
'or to students or pensioners.
The regular Soviet tax
structure
tax.
to
is
based
on
the income tax and the cultural
These taxes Were substantially increased on July 1
meet war
costs.
(Continued
on
page
1277)
.
Saturday,^November1 29, 1941
CHRONICLE
THE COMMERCIAL & FINANCIAL
1276
Week
■
THE COURSE OF BANK CLEARINGS
.
compared with a year ago.
Pre¬
by us, based upon telegraphic advices from the chief
for the week ended today, Saturday Nov. 29,
clearings this week show an increase
figures compiled
liminary
Clearings—Returns by Telegraph
Week Ending Nov. 29—
'
,
.
,
,1941
-
<
,
■
-
$
York
New
Chicago
—-—•
Philadelphia
+
27.5
+
Pittsburgh
+
46.5
f+
84,823,819
+
92,100,000
+
139,654,000
162,335,531
126,746,809
+
28.1
169,812,922
141,577,856
+
100,155,846
+
41.5
76,797,455
+
19.9
—
—
——
Baltimore
141,740,569
-—___
.
986,708
971,847
+ 25.2
63,393,347
52,601,237
27,935,117
+ 25.0
18,939,409
18,253,193
+24.1
+ 37.8
19,768,404
16,689,499
+ 39.0
■
55,900,000
47,900,000
91.5
'
2,652,787
y
1,670,520 y
31,335,000
1,267,592
+ 31.8
22,994,000
,+ 36.3
42,325,926
..
..
3,230,356
3,770,078
+ 24.3
5,325,528
24,020,677
73,500,000
-
111,886,635
>
102,200,000
r
134,894,133
,
1,385,467
+
923.012
1,183,441
1,001,587>
794,748
21,960,000
18,930,000
19.9
'—
Cleveland
+ 41.7
33,089,490
y
■
;
Augusta
34.5
2,334,000
37,425,325
6,621,182
Fla.—Jacksonville
28.2
187,800,000
+
—
Detroit
District- -Atlanta—.
__
Macon
2,474,000
48,644,461
163,739,592
203,274,429
Reserve
1.2
22.7
1,400,674 '
34,914,627
.——
cities)
Ga.—Atlanta
22.6
104,002,874
_
_
Federal
27.1
176,320,396
—————
—
_
Francisco
San
ik
■i
24.9
118,100,000
City
Kansas
Sixth
,
+
+
84,325,140
105,604,350
(6
3,660,000
45,780,484
>
1,985,077
ii.
Nashville
+
258,396,238
IL
C.—Charleston
Md.—Baltimore
301.028
;y 456,208
+ 42.9
638,177
911,780
56,155,595
Total
;v
■y" y■
3,703,000
i..
D,' C.—Washington
1933
; y
District—Richmond—
Tenn.—Knoxville
343,000,000
351,538,072
436,000,000
—
_
S.
"? ■ ;v
2,577,257,657
275,777,538
3.218,320,532
——
Reserve
Richmond
%
1940
.
Federal
Va.—Huntington
Va.—Norfolk
to obtain
last year.
the same
Friday of
United States from which it is possible
those for the corresponding week
Our preliminary total stands at $7,657,333,203 against $6,224,618,434 for
week in 1940.
At this center there is an increase for the week ended
24.9%.
Our comparative summary for the week follows:
from all cities of the
clearings
weekly clearings will be 23.0% above
i.
Fifth
W.
the country, indicate that
cities of
1939
'yyy$vVy
$
;
Bank
Ending Nov,- 22 : n
Inc. or Defc;^'7^"
1940
1941
—
_
92,105,400
—
.
19,414,613
26,164,143-;
+ 61.8
3,345,358
2,105,392
+ 58.9
,:
156,176
149,195
4.7
y
61,291,295
47,533,188
+ 28.9
41,138,947,
284,687,734
204,445,182
+ 39.2
171,551,484-
608,511
285, 744
+113.0
177,142,093
138,201, 107
Ala.—Birmingham
Mobile
Miss..—Vicksburg
La.—New
..
Orleans
Total-- (la Cities)
+
24,738,387
1,927,303
y
163,337
1,400.562
105.420
-
36,608,742
143,996,952
i
five
cities,
Eleven
Other
1,140,958,865
.
Total
cities,
All
<
all
-Total
five days___
cities,
cities
week
for
26.4
Federal
Grand
+26.7
+ 7.5
Rapids
+ 23.0
South
-
la.—Cedar Rapids
Des
Moines
detailed statement, however, which we
Peoria
Total
increase of 49.3%.
(18
cities)
Mo.—St.
Vy;;v
r"
.
Inc. or Dec,
1941
Federal Reserve Districts
Week Ended Nov. 22,
•
;
1st
Boston
2d
New
3d
Philadelphia
4th
10
__
203,274,429
6
41
10
.„
—_
.
7th
18
Chicago
St.
9th
Minneapolis
.
11th Dallas
...
7
663,583,151
236,246,371
u
y
150,500,236
186,203,340
112,820,486
351,612,445
10
.__
—i—
44:;\XU\-
;
6
.„
"if
10
.__
+ 48.1
-
1938
v
Federal
8,199,073,997
cities
__112
_
Reserve
4,109,686
-■
3,170,091
y.y-yyy y:;yyy
(7 cities);
■;-yvs-
Tenth
Federal
Lincoln
-
Omaha
,
1,519,285
119 891,763
27.5
106,587,575
5,468,198
127,309,197
66,102,921
Reserve
263,039 ,987
33.7
230,475,601
St.
38.2
5,004,864,130
2,454,842,798
1,118,047,204
+22.2
371,232,840
345,835,768
21,336,966-
2,220,221
848,811
1,958,214
8.1«,"
y
'688.927
1.090,838
824,416
'3,497,715
2,912,072
106,587,575
85,439,642
;
+ 45.1-
+27.5;!
88,968 >•
+ 16.4
30,532,772
42,441,644
101,394
i' 2,489,594
+ 39.0
2,296,509-
32,735,015
1,908,601
1,604,165-
+ 19.0
3,143,103 *
+ 25.7
2,130,082
129,757,899
100,354,084 :.t
2,883,073
+ 29.3
Joseph
3,503,655
'
Springs
585,983
25,999,616
"572,137
142,061,823
•
cities)
1,636,383
t
2,446,064
84,154,662?
-
75,058,456
: 2,711,728
+ 21.5
470,844
718,485
186,203,340
....
107.347
1,774,636
'
1,739,360
3,951,938
...
66.099
104,354
+ 11.9
+'35.1
116,168
*130,000
3,101,585
L.
(10
2,732,586
54,986,461'
2,260,438
;
+ 24.5
491,652
25.6
651,356
527,754
+31.1
127,309,197
110,386,704
+
;
.509.309
•
4,818,467,630
+ 26.6
3,309,484
69,952,261
• + 42.8
118,001,341-
103,550
y
Pueblo
119,891,763
City—
...
Colo.—Colorado
445,000
,
25,668,245
+ 31.8
888,084'
150,500,236
District—Kansas
Mo.—Kansas City
58, 180,958
215, 214,677
.
•-yyy i
Wichita
110 386,704
40.2
579,000
147,905,119 "
,
27.3
+
,
3,767,439
Kan.—Topeka
85 439,642
31.1
80,449 ,732
74,900,000
y 26,388,428
O 18,158,335
29,684,626
+ 27.8
>. +
1,064,172
L.
x.
385 .130,664
118,001 ,341
886,795
31,841,493
+15.7.v-
2,932,293
1,170,426
Neb.—Fremont
143 ,996,952
142,061 ,823
4,587,535
-
.85,800.000
i
+35.6
3,551,861
29,938,822
i,
Hastings
147,905,119
385,130,664
4.6
+
75,858,670
38,115.265
j,.
_•
;
243,,191,324
35.6
678,000
174,271,489
96,947,285
Helena
325,,714,140
174,271 ,489
1,025,480
435,409,502
+ 33.6
D.—Fargo
2,787,,794,712
171,551,484
1,071,057
912,378
+28.7
■
D.—Aberdeen
282,178,815
435,409,502
4,881,691
District—Minneapolis—
i
N.
Total
134,894,133
1,146,446
V
v
+47.5
36,479,711
236,246,371
-
24.3
98,000,000
39,113,778
46,960,799
-
—
Mont.—Billings
+ 39.2
+
5,933,671,218
2,906,282,717
+24.3
i
Paul
2,647,224,509
375,046,666
24.1
533,782,908
709,000
(4 cities)
at.
-
533,782 ,908
."+
663,583,151
282,167
245,586,259
v
46,3
57,676,572
Ninth
111 ,886,635
163,739 ,592
204,445 ,182
+36.0
130,900,000
Minneapolis
7. 231, 639,459
,
' +
1,342, 822
Minn.—Duluth
:
: v
.
' + 13.0 "; .y
1,358, 105
l.
Total
Total
York City
Outside New
ri\'r:.f.
4 4 ■■■
City
Francisco
X2ch San
248,687,734
v
U
4
Louis—
8th
10th Kansas
+ 32.8
7
Richmond
6th.'Atlanta
..+ 20.5
338,218 ,582
.
'
Cleveland
5th
3,146,938 ,712
460,984, 988
449,057,211
12
__
1939
1939
$
280,178,608
+ 12.4
4,143, 658
1,745,384
111.—Quincy
.
;
■
P>'
''
307,736, 882
4,659,786,712
555,368,644
"
York
1940
1941
345,933,238
12 cities
__
'
*
SUMMARY OF BANK CLEARINGS
-
V
y;.;;
1,183,950
1,986,790
Louis
S.
V
1,096,961
3,411.621
,
y 291,165
277,094,769
*
4,680,958
Ky.—Louisville
recorded an increase of 48.1%, the greatest in the country. . In ,the;
District there was an improvement of 40.2%^ and in the Atlanta
District 39.2%.
Fair gains were also attained by St. Louis with a 35.6% increase,
San Francisco with 33.7%, Cleveland with 32.8% and Kansas City with 31.1%.
Minneapolis showed an increase of 27.5%, Chicago of. 24.3%, Richmond .24,1%,
Philadelphia 20.5%, whil6 Boston showed the poorest results with a gain of
pidy 12,4%.
4
•
+22.5
-
-
Tenn.—Memphis
Reserve
' L"
V; 6,363,727
Eighth Federal Reserve District—St. Louis
in which they are
District (including
furnish a summary by Federal Reserve districts.
'
*
.
14,615,331
1,114,547
v 8,202,302
U 3,506,002
y
U
Rockford
1,074,440
•4,112,743
17,451,388
+219.6'
1,088, 506
14,454,000
4,912,062
351, 793'^^'31.31^ v
.
319,092, 886-
390,913,457
3,478,333
Springfield
city),
In the following we
,;y 462,005-
L."
—
:/i 788,277
if
1,528,162
3,788, 38T"1;"'-f 19,9;,;;:'
4,541,478
; < - 963,205
:1,550,550
16,034,000
'
8,855,
11,406,933
Decatur
.
1,572,312
-
.
111.—Bloomington
present further below,
671,218 in the same week of 1940.
Outside of this city there
26.6% r the bank clearings at this center having recorded an
We group the cities according to the Federal Reserve districts
located and from this it appears that the New York Reserve
)
:_U.:
...
-
Sioux City
having amounted to $8,199,073,997 against $5,933,was an increase of
clearings for the whole country
24,357,033
*
—
1,147,965
:
!
19,944, 473'-''+ 22.1'',"" J*
1,264, 813 > + 24,3 "
7,136,139
Chicago
able to
Dallas
Haute
; 2,333,828
2,131, 828 J +24.0
5,761, 047 - '+* 23.9'
2,642,997
—
Wis.—Milwaukee
y.
give final and complete results for the week previous—the week
ended Nov. 22.
For that week there was an increase of 38.2%, the aggregate of
this
Bend
274,709
.
82,126.640
2,682,376
1,720, 485y*^42.7;vyyy
22,338,000
—
.
91,578,724
1,733, 134 ';+34.6 r
+15.0 '
19,420, 000
2,332,349
>_i
266,414
+ 28.2^yr'
3,298, 183* : + iWr"
-
2,454,603
Wayne
Indianapolis
-
In the elaborate
are
we
3,783,776
—
LansingInd.—Ft.
Complete and exact details for the week covered by the foregoing will appear
in our issue of next week.
We cannot furnish them today, inasmuch as the week
ends today (Saturday) and the Saturday figures will not be available until noon
today.
Accordingly, in the above the last day of the week in all cases has to
be estimated.
District—Chicago—
Mich.—Ann Arbor
Terre
^——
Reserve
Detroit
6,224,618,434
,7,657,333,203
26.8
+
5,037,094,686
1,187,523,748
6,381411,003
1,276,222,200
__
day
one
all
___
+
*4,134,211,376
902,883,310
5,240,152,138
days
five days_____
cities,
'
Seventh
Eleventh
Federal
Reserve
District—Dallas-
Texas—Austin
32 cities
Canada
415,438,256
add
now
detailed statement showing last week's figures for
our
each city
1
"
■
/
?
Week Ending Nov. 22
yyy?
•
______
1,881,759
+ 33.5
2,042,800
1,723,358
+ 12.9
248,062,305
201,325,548
River
788,899
+ 10.0
670,018
398,416
+ 20.2
385,334
30.3
610,203
478,964
Lowell
'
;
999,579
Bedford
New
3,723,261
Springfield
Worcester
Oonn.—-Hartford
New Haven
■'
R.
I.—Providence
N.
H.—Manchester—
Total
,
Rochester
+
3.7
9,590,900
729,634
+
0.3
620,426
9,552,300
444,792
N.
J.
Newark
+ 14.1
1,173,850
+ 31.7
1,142,914
Total
+ 33.0
32,000,000
28,700,000
433,255
3,027,388,501
7,952,846
5,530,683
8,314,352
4,927,214
6,006,747
+
12.2
+ 38.4
4,701,012
-358,583
380,317
22,345,079
19,308,167
..
-.
Pa.—Altoona
Bethlehem
4„659,786,712
•*,
,
+
:
—-
Lancaster
-
Philadelphia- -—.—;
Reading
,
-—-——*—-
j
J.—Trenton
49.3
.
—
1,067,055
994, 465
27,443, 239
25,827,294
19,507,660
+ 32.4
30,707,152
16,785,949
Lake
City
•
y
Beach
5,081,411
Pasadena
San
Total
Fourth
Federal
Reserve
f
2,695,449
3,024, 322
133,898,000
127.231, 549
2,886,814
+ 28.2
Barbara
1,662,255
4,276,745
1,392,139
+ 19.4
1,281,361
3,264,713
+ 31.0
2,513,691
+33.7
*' 230,473,601
215,214,677
38.2
5,004,864,130
4,818,467,630
+ 26.6
2,454,842,798
1,118,047,204
,
(10
cities)
(112
New
2,943,295
—
87,670,813
Cincinnati
351,612,445
cities)
York
;
3,679,126,355
Week Eliding Nov.
—
5.7
■?V
—
5.5
3,146^38,712
$
+ 26.5
'+ 12.2
?
18,872,549:i
+ 14.3
>v
4,713,642
337,392
Ottawa r.-i
43,835,457
40,461,980
+
6,742,438
6,172,629
,+
y
y-:
291,373
Quebec
14,332,907
Halifax
20,658,142
Hamilton
2,787,794,712
+48.1., 2,647,224,508
7,678,204
448,000,000
+ 20.8
1,508,584
3,127,700
•
6.8
I.,
1,233,369
1,216,520
2,160,865
1,909,049
;+17.5
761,372
663,733
+ 36.0
-
■
+ 21.3
945,265
.
1,112,853
5,277,000
2,700,000
460,984,988
+20.5
375,046,666
y
325,714,140
+ 34.0
64,736,797
+ 35.4
1,979,151
55,281,144
1,640,175
46,892,795
Columbus
12,719,800
9,804,500
+ 29.7
8,909,600
10,487,500
(7
cities)
2,162,568
+ 31.3
3,402,973
2,741,229
+ 24.1
179,500,314
142,542,147
+ 25.9
1,749,900
1,223,293
2,159,665
115,224,810
1.695,761
100,546,959
.
.
2,037,473
1,958,718
+:
1,905,637
3,176,109
3,078,180
.+
i*.
6,856,252
5,723,244
338,218,582
+32.8
282,178,815
243,191,324
4.0
3.2;:
6,779.224
+ 31.4
5,708,089 ' +
447,600
y
Jaw
+
•
"
y
0.3
Medicine
Hat
.
9.0
+
2.5
993,276 v +13.4
863,642 'i , 4-59.5
966,769
721,872
429,991
386,358
881,111
666,191
+
'X 1,266,336
Sherbrooke
913,594
1,187,900 :
3,540,724
,
,
717,478
6,856,252
603,275
*
1,420,055
—
451,474-
1,058,076
>■
905,564
801,823?;'
:?
;
-
818,868:
'
1
'
634.220
251,703
571,777 ?
722,765
1,131,256
-
r-
+ 34.2
562,968
738,284
1,017,973
2,815,425
I
+ 33.6
675,693
581,851
309,908
>
J'
549,581
*
M •'
•
1,293.294 1
*
J'?
+ 93.6
*
Albert
Moncton
562,349'
r
1,783,515
,
+ 24.4
1,477,200
299,245-
598,230
+ 38.6
32.3
3,687,884
-347,810 "
+ 11.3
:
4,222,559
.
5,295,042
•
+ 33.9'
_
1,608.098
-
2,423,967
4,920.549
21.1
,+
826,114
•
v.
______
Westminster
846,972
1,823,274
.1,126,361
1,377,466
___.
Fort William
1,987,354
y
-
Brantford
+
718,123' + 27.8
1,759,300
V
I;2,611,177
*
+••'
917,638
8askatoon
Prince
5,216,671+
542,123
Lethbridge
New
7,172,075
-
*
Edmonton
Moose
8.4
2,496,969'
5,036,377
Victoria-
2,845,268
434,127
311.995
876,533
811,663
'
Kingston
_______________
Chatham
J
8udbury
842,318
708,895 ' + .18.8
864,061
782,781
524,991
...
aJ
Sarnia
Total
449,057,211
4,693,568
-
1,991,343 •'
Windsor
2,196,397
.'.+ 11-0.
+ 10.9
Regina
—12.3
—
2,869,843
18,020,357
•
2,165,020
Brandon
'
r
3,218,433
y 6,377,930
2,400,516
354,505
313,000,000
18,743,150
4,947,537. '■?
+
729,440
365,000,000
41,468,654
•
6,898,935.
1,083,086
*
U4;172,18S
106,620,720
''
23,112,250
7,478,614
"
+ 20.9
;
Total
6,916,649
63,243,02*
-17,912,835
.•
John
St.
240,834
629,210
V
„+19.3
404,771.
1,200,482
8.3
'
1,084,300
+ 13.5-
1,259,627
367,954
291,451
+ 17.6
439,891
+ 29.2
9.2 }
3,827,677+' + 31.7-
5,041,731
-
London
y y
1938
•
50.934.14L
80,724,841
2,840,010
.
1939 yyyv
117,399,902
•96,874,545
,
y;
y'<
57,170,190
21,578,490
+ 40.3
—-
20
Dec,
148,503,005
-20,945,320
;,
Canada—
or
1940
Vancouver
16,682,037
+ 15.7
Inc.
1941
•
Winnipeg
114,034,944
———
+
Montreal
159,980,006
—
5,933,671,218
2,906,282,717
1,349, 943
2,417, 760
y
2,882,566
Cleveland
Mansfield
263,039,987 '
8,199,073,997
2,381 780
2,505,040
v-
6,172,553
4,002,411
+
611,776
:
•
.
vv:;;yy- $ +,y?/;
U 109,334,314r1103,647,439 ■*
y
District—Cleveland—
Youngstown
Pa.—Pittsburgh
3,617, 569
3,386,762
'■+31.1
3,700,798
Total
Outside
32,2
+10.6
146,786,000
Stockton
Grand
+
3,083,592
192,457,000
i__
Jose
Santa
3,843,925
3,409,433
14,902, 005
128,189,501
6,549,899
1,176,533
555,368,644
——
Ohio—Canton
31,852, 045
+ 44.4
+ 40.9
Kitchener
«'
35,635,142
1,047,562
37,986,234
Peterborough
(10 cities)
+ 39.2
43,241,348
2,700,420,426
2,550,021,332
+ 14.6
997,557
'
Total
58,180,958
165,618,504
661,853
1,600,280
3,792,500
-y
__
66,102,921
Toronta
.365,207
1,172,400
York
N.
517,370
1,429,333
482,894
1,451,773
2,516,391
Wilkes-Barre
+ 50.9
+ 35.4
28,774,208
54L000,000
1,405,703
—++y v''
Scranton-
y
509,999
728,636
District—Philadelphia
Chester
.
+ 40.2
1,513,201
Calgary
Reserve
2,961,651
"
27,200,850
cities)
Federal
Third
—
N. J.
(12
795.653
2,921,823
y
53,506,986
900,809
36,400,000
9,110,788
,
7.8
Francisco—
7,631,244
9,861,151
13,388,227
1,546,184
—
Northern,
-
231,639,459
280,178,608
48,400,000
769,612
"
986,563
—
Montclalr
836,064
+ 48.8
+
v
York—
Syracuse-
,
.
12,663,700
,
—.
Conn.—Stamford
.
4,340,049
15,276,376
_?_
-New York-
■.
7,915,506
3,685,681
::
Jamestown
t
8,418,739
+ 19.6
__
Binghamton
+ 50.4
80,449,732
District—San
60,177,322
San Francisco
<
+12.4
Reserve
«
Calif.—Long
1,759,426
307,736,882
1.172.001
3,359,505
112,820,486
-
Federal
Utah—Salt
2,316,251
1,804,004
+ 11.3
345,933,238
BUffalO
'■
3,890,790
3.0
4,519,947,642
Y.—Albany
N.
3.2
+
1,263,930
(6 cities)
Yakima
971,446
11,124,948;
4,489,328
District— -New
Federal Reserve
Second
2,294,284
—
.2,074,000
2,986,000
5,000,575
;
Ore.—Portland
305,964
,
12,380,569
5,368,752
; 13,136,900
•
cities)
(12
3,847,654'
?•:
598,987
,,
731,465
.
_
V'
2,363,237
7.
*
v
+
-767,273
2,062,000
1.1...
Falls
Wash.—Seattle
385,832
268,184,923
•
Fall
\
6,913,665
Twelfth
397,408
+ 14.8
566,073
44,202,937
6,891,805
Total
$'•
■
2,511,969
Portland
Mass.—Boston
•;.?-?
302,720,600
867,979
-
$
649,963
Me.—Bangor
1,233,052
52,038,036
+ 59.8
1938
1939
</o
$
District—Boston—
Reserve
Federal
First
1940
1941
'
1,353,193
+ 36.8
8,979,259
1.985.000
Wichita
Inc. Or Deo.
Clearings*
+ 64.0
63,678,236
14,352,980
La.—Shreveport
i
separately for the four years.*»
1,275,731
87,124,876
Worth
Galveston
,
We
2,092,125
Dallas
Ft.
507,870,346
558,333
1,099,846
(52
♦Estimat'ed.
cities)
507,870.346
.
989,388
415,438,256
+
.
-
+ 10.4
—
•
6.0
'+11.2
+22.2
632,260
"•
1
567,102
778,538
•T
646,489
567,857
536.820
966,538
979.240
371,232,840
345,835.763
y
-•
Course of
Sterling Exchange
(Continued from page 1275)
war supplies are moving
!
British and American
i
by use of icebreakers, and to several ports on the Per¬
sian Gulf.
A newly opened overland route runs through
It is believed
that about $500,000,000 of lend-lease funds is being ex¬
pended on port facilities, air fields, and railroads in
Iran,;; on the basis of official testimony in connection
with the lend-lease bill.
Removal of Russian factory
equipment from the German-occupied zone to the Urals
area is reported to be now virtually complete.
Official
.German estimates place the total Soviet territory occu¬
pied by the German forces up to Oct. 31 at 615,000
square miies, three times the area of the Reich in 1937.
Aluminum production in the United States will reach
an annual rate of ,720,000,000 pounds by the end of the
year,; according to estimates by the. Office of Production
Management. 1 Adding Canadian production of 400,000,000. pounds, the combined aluminum output of 1,120,000,000 pounds a' year, will, by the end of the year, ex¬
.
ceed. that of the Axis
.
:
tries
Persian Gulf.
and conquered European coun-
In taking over the NetherDutch Guiana, the . United
one declared objective the protection of
which furnish 60% of the requirements
by 20,000,000 pounds,
lands colony of Surinam, or
States
had
as
bauxite mines
aluminum industry.
;
A fine of 1,000,000 francs was imposed on the - City of
Paris on Nov. 26 in reprisal for the bombing of a resof the United States
requisitioned by the Nazis.
Sabotage on a national scale is credited with having
but three-fourths of the, railroad lines running out of
taurant
which
had been
Paris for six weeks.
.
in¬
Four leading French chemical companies were
tegrated with the German dye trust with the forma¬
tion, announced this week, of a new French company,
Francolor-Paris, with a capital of 800,000,000 francs.
The I. G. Farbenindustrie of Berlin will direct four fac¬
tories in France and
ship.
will participate in
the share owner¬
A new building company called "French TransCo.," capitalized at 35,000,000 francs, consisting
following will be found the comments of the
System re¬
eight large French companies with interests
has been formed to acquire
African colonies,
specting
the
member
banks
the following principal
changes for the week ended Nov. 19: Increases of $66,000,000 in holdings of United States Treasury bills, $68,000,000 in United States Government deposits, $221,000,000 in reserve balances with Federal Reserve Banks,
$41,000,000 in demand deposits-adjusted, and $97,000,000
in .deposits credited to domestic banks.. ;
Commercial, industrial and agricultural loans declined
$1,000,000.
Loans to brokers and dealers in securities
declined $22,000,000 in New York City, $12,000,000 in
the Chicago district, and $27,000,000 at all reporting
member banks.
/
'
v
^
Holdings of Treasury bills increased $39,000,000 in the
Chicago district and $66,000,000 at all reporting member
banks.
Holdings of other United States Government
total of
2,366,000,000 francs.
Most of the aggregate
deposits-adjusted increased $72,000,000 in
New York City, $23,000,000 in the San Francisco district,
$21,000,000 in the New York district outside of New
York City, $19,000,000 in the Cleveland district, and $41,000,000 at all reporting member banks, and declined
$23,000,000 in the Philadelphia district, $19,000,000 in the'
Kansas City district, and $18,000,000 in the Richmond
district.
United States Government deposits increased
ing member banks.
A
week and the
year
ended Nov. 19, 1941, follows:
Commercial,
on
2,175,000,000
1,000,000
2,000,000
+
for
or
Total
Bills
;
Other
-
Loans
1,260,000,000
36,000,000
—
1,976.000,000
+
Treasury bills
898,000,000
66,000,000
2,548,000,000
Treasury notes
U.
S.
bonds
124,000,000
10,000,000
+
693,000,000
10,000,000
—
•+•
8,323,000,000
guaranteed
by U. S. Gov't
3,000,000
247,000,000
—
+
1,423,000,000
Obligations
•f
227,000,000
+
13,000,000
+
70,000,000
10,361,000,000
+
221,000,000
2,927.000,000
Reserve
banks
vault
in
—
rect and
agreement announced on Nov. 27 Argentina has
agreed to sell its entire output of tungsten to the United
States for a three-year period, up to a maximum of 3,000 tons a year of pure tungsten oxide at a price of
around 6,000 pesos a ton, approximately $1,500 a ton.
The Argentine unofficial or free market peso closed
at 23.90, against 23.92.
The Argentine official peso is
pegged at 29.77. The Brazilian milreis closed at 5.15,
against 5.15. Chilean exchange is quoted nominally at
5.17, against 5.17. The Chilean export peso is quoted
nominally at 4.00, against 4.00.
Peru is nominal at 15.75,
against 15.75. The Mexican peso is quoted nominally
at 20.65, against 20.65.
.
Exchange on the Far Eastern countries is quiet. The
Japanese Minister of Commerce and Industry told a
Diet Committee last week that Japan's export industries
will soon be operating at only 30% of their normal capa¬
city.
A recent Treasury order requiring a financial certicifate for Chinese merchandise shipped on and after
Nov. 12 has been interpreted to apply to stocks held
45,000,000
+
-I—J-
+
68.000,000
+
+
218,000,000
TeMooo
427,000,000
9,374,000,000
13,000,000
643,000,000
2,000,000
+
5,000,000
Borrowings
weekly statement issued by the New York City
on
Friday afternoon is given in full
Thursday, Nov. 27,
at close of business
Association
New York Clearing House
of members of the
1941.
F.
R.
Net Demand
Undivided
Deposits
Deposits
Profits
Average
Average
•Capital
Members
1,955,827,000
bank—res.
acct.
Treas.—Gen.
S.
27,343,600
655,618,000
83,767,300
c2,600,655,000
Other
58,607,400
880,750,000
Total
90,000,000
41,891,200
Co.
188,375,200
b2,155,283,000
40,986,600
779,095,000
75,947,300
Cl,149,815,000
79,871,000
15,000,000
Bank
10,000,000
20,288,200
109,278,000
358,171,000
797,005,000
27,722,000
15,676,000
Irving Trust Co.__
Continental Bank &
50,000,000
53,997,200
744,359,000
5,353,000
4,000,000
Chase Nat. Bank__ 100,270,000
Fifth Avenue Bank
500,000
Bankers Trust Co.
25,000,000
4,551,000
140,711,400
4,301,800
72,169,000
d3,164,883,000
57,629,000
el,209,205,000
' ■ •' '■>!■
16,580,000
1,391,000
47,377,000
4,680,000
75,313,000
Trust
Title
Co
Co.
Guaranty
&
Trust Co.
and
-.
1,268,700
S*
Nat.
Trust
Totals
•As
per
10,215,700
159,757,000
3,110,000
12,500,000
28,093,100
461,847,000
39,502,000
8,984,900
141,180,000
1,597,000
7,000,000
11,125,300
109,894,000
54,613,000
Bank
Co
-
:
official
$518.661,2005967,515,600
reports: National, Sept.
Sept. 30, 1941.
trust companies,
$15,747,164,000
$778,401,000
30, 1941; State, Sept. 30,
'
:
j
:v >,
.
.
Includes deposits in foreign branches;, a $294,467,000 (latest available
date); b $66,590,000 (latest available date); c (November 27) $2,741,000;
d
6,807,683,000
319,459,000
items
203,606,000
Capital Accounts—
in
(Section 7) ......
....
51,796,000
56,447,000
7,070,000
...
13,515,000
13,490,000
Surplus
capital accounts
and
liabilities
capital
accounts
total
of
to
note
R.
F.
94.1%
713,000
in¬
bank'a
Include Federal reserve notes or a
does not
bank
cash"
Federal
94.8%
458,000
....
make
advances
t "Other
94.1%
458,000
combined
to
.
9,206,047,000 10,514,633,000
9,092,815,000
...
reserves
and
dustrial
own
13b)
(Section
51,079,000
53,326,000
7,109,000
15,559,000
51,796,000
56,447,000
7,070,000
Capital paid
Surplus
1,445,000
9,077,244,000 10,387,560,000
8,963,987,000
liabilities
Total
8,713,787,000
156,204,000
>
1,411,000
1,496,000
dividends
accrued
notes.
Reserve
United States Treasury for tb»
gold taken over from the Reserve banks when the dollar was, on Jan.
31, 1934, devalued from 100 cents to 59.06 c^nts, these certificates be¬
ing worth less to the extent of the difference, the difference itself
navmg been appropriated as profit by the Treasury under the provit*.
•
certificates given by the
These are
sions
of the Gold Reserve Act of
1934.
Discount Rates of
There have been
of
rates
discount
at
Present rates
Foreign
changes during the week in the
of the foreign central banks.
shown in the
no
any
the leading centers are
table which follows:
Date
Effect
Argentina
Belgium
Bulgaria
_
__
Canada
vious
Effective
3V2 Mar
Country
1, 1936
Holland
1936 4
3
Dec
16,
Colombia
4
Jly
18, 1933 5
Danzig
Jan
Oct
England
1, 1936 ZVa
2, 1937 5
Morocco
„
Greece
Not
1940 4 Va
30,
1932 3>/a
officially
22,
28,
1940 4
1935 3]/4
3
Jly
15,
1939 7
1939 3
Rumania
May 28,
3
Portugal
26,
6, 1940 4
4, 1937 7
Oct
Nov
6Va
Poland
3'/2 Apr
6
Jan
1941
6
__
___
___
Oct
France
26,
May 13,
4j/2
Norway
16,
1, 1935 5
4V& Oct
3, 1934 IV2
4
Dec
1% Mar 17, 1941 2
Jun
4V2 May 18, 1936 5
3.29 Apr
7, 1936 3.63
3
Jan 14, 1937 4
Italy
Japan
Jun
Estonia
Rate
3
—
Lithuania
Jan
vakia
viom
Effective
3
Hungary
India
Java
Czechoslo¬
Germany
2Va
—
2
Jan
5, 1940 2Va
5
Dec
1, 1940 6
2Va Mar 11, 1935 —
Pre-'
Date
Effect
Nov. 28
Rate
Chile
•
Rate in
Pre-
Rate In
Dec
17,
Mar 31,
1937 5
1941 4Vi
Sep 12,
May 15,
1940 2*/a
1933
4
3
__
South Africa
Spain
ZVa
1935 43/i
1940 43/i
*4
Switzerland
Mar 29, 1939 5
3
May 29, 1941 3J/i
IV2 Nov 26, 1936 2
Yugoslavia
5
Sweden
Feb
1,
1935 63/i
confirmed.
Discount Rates of the Federal
Reserve Banks
$94,639,000
(latest available date);
e
(Oct. 31) $24,885,000.
changes this week in the redis¬
of the Federal Reserve banks; recent ad¬
vances on
Government obligations are shown in the
footnote to the table.
The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
count rates
Discount Rates of Federal Reserve Banks
Rate in Effect
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Louis
St.
Kansas
City
Nov. 28
1
1
—
Minneapolis
1941;
656,995,000
409,730,000
including
Federal Reserve Banks
2,321,000
Bank &
Trust Co
Public
■
7,000,000
Y. Trust Co
Com. Nat.
interpretive ruling is speedily
be withheld too long for; the
;'
6,000,000
5,000,000
Trust Co.
N.
+
85,319,200
Midland
Marine
46,830,000
410,382,000
594,014,000
There have been no
21,000,000
Co
Exch.
Trust
170,876,000
6,803,058,000
deposits
availability
liabilities
Other
8,798,000
92,626,000
106,820,000
First Nat. Bank___
&
95,426,000
403,080,000
526,259,000
deposits
160,258,000
20,000,000
Trust
Trust
7,600,232,000
Acct.
Foreign
36,302,000
77,500,000
Cent. Hanover Bank
&
1,51.6,124,00©
5,632,411,000
&
Guaranty Trust Co.
Corn
1,948,691,000
5,778,293,000
■
Member
$15,071,000
$233,269,000
$14,353,100
20,000,000
Bank
Co.
Manuf.
9,206,047,000 10,514,633,000
Man¬
Co.
Trust
Time
$6,000,000
Y
National City Bank
Chemical
0,731,000
'
clr-
actual
in
notes
culation
Deposits:
Finland
♦Surplus and
the
16,067,000
9,092,815,000
Erie
House
below:
of
2,858,000
180,820,000
10,659,000
12,325,000
12,676,000
Total assets
Denmark
hattan
2,905,000
373,006,000
10,659,000
-
Liabilities—
5,000,000
+
Weekly Return of the New York City
Clearing House
Bank
2,645,000
257,119,000
Nov. 28
N.
;
...........,
Country
Bank of
18,000
2,231,000.000
'
Foreign banks
Statement
.655,510,900
18,000
Cenlral Banks
deposits
Clearing
567,716,000
18,000
items
assets
652,859,000
banks..
other banks
of
notes
566,321,000
10,000,000
+
+
24,192,000,000
5,450.000,000
745,000,000
Interbank deposits:
Domestic
banks
The
-Vv
566,321,000
deposits—ad-
Justed
deposits..
Gov't
-
,
,
premises
26,000,000
+
41,000,000
—
3,342,000,000
Time
S.
267,903,00©
securi-
Liabilities-
U.
384,95^)00
.
...-
and
foreign
Uncollected
Other
364,774,000
201,547,000
»
568,321,000
from
R.
1,784,000
and
direct
guranteed
Bank
876,000
300,000
1,095,000
—1,612,000,000
19,000,000
543,000,000
—
banks
By an
result that unless the
modified, the stocks may
Christmas trade.
The Shanghai yuan closed on Friday at 5.50, against
5.50 on Friday of last week.
The Hong Kong dollar
closed at 25 5/16, against 25 5/16; Manila at 49.83, against
49.83; Singapore at 47 V2, against 47^; Bombay at 30.35,
against 30.35; and Calcutta at 30.35, against 30.35.
Govt.- se-
S.
ties
F.
'
905,000
201,547,000
-Total .bills
Due
492,000
1,095,000
364,774,000
curlties,
•
;
,
884,000
45,000
.guaranteed:
Total TJ.
>
V'V
>
255,000
•
di¬
Bonds
Balances with domestic
Demand
• *
40,000
Federal
with
Reserve
Cash
2,000,000
3,675,000,000
securities
Other
9,649,020,000
Notes
liabilities
34,000,000
+
6,000,000
+
8,239,418,000
'865,000
securities,
Commitments
—
.5,000,000
loans
Other
8,241,377,000
advances
26,000,000
+
1,716,000
68,268,000
discounted.
bills
72,000,000
+
1,260,000
52,530,000
discounted...
bills
Govt,
127,000,000
—
1*000,000
—
banks
to
2,000,000
—
$
0,579,636,000
Govt.
and
by
Total
S.
;
Nov. 27, 1040
$
1,130,000
reserves
Industrial
U.
Nov. 19, 1941
8,185,628,000
R.
P.
—
U. S.
obligations,
direct
; ■
guaranteed
Ratio
27,000,000
+
428,000,000
business
discounted:
Secured
deposit
527,000,000
Federal
of
5u,,Uu,000
Total
pur¬
carry¬
securities
ing
the
8,189,491,000
...........
+ 1,724,000,000
426,000,000
of
close
$
cashf
Other
6,632,000,000
Clearing House
Notes
agricul¬
loans
chasing
Nov. 26, by
warehouses, with the
+
dealers in securities
Other
for public
Dec. 1 to 4.
in bonded
Redemption fund
of the
was an¬
which 1,320,000,000 pesos of 5%
and 41/2% national mortgage bonds will be exchanged
for new taxable 4% bonds.
The 5% mortgage bonds will
be obtainable at the rate of 106.80 pesos until Nov. 30
and at 106.30 pesos up to Dec. 4.
The 4J/2% bonds will
be convertible at 106.30 until Nov. 30 and at 106.05 from
nounced
4,712,000,000
the
year.
hand
on
due from U. S. Treasury*
Other
at
Nov. 26, 1941
certificates
Open market paper
$40,000,000 stabilization fund provided in the Washing¬
ton agreement signed on Nov. 19.
President Batista of
Cuba signed a bill on Nov. 21 authorizing the $25,000,000
ExporMmport Bank loan, which will be used
works.
A new
Argentine conversion loan
+
indus¬
and
tural loans
petroleum products to Spain and its possessions have
been revoked by the Economic Defense Board, it was
announced on Nov. 25.
At the same time the New York
be maintained by means
45,000,000
+
11,285,000,000
Real estate loans
Wednesday. The rate will
Assets—
$
32,000,000
29,656,000,000
Loans—total
■
on the
including
Tahiti, New Caledonia,- and the Sdciety Islands.
Exchange on the Latin American countries is with¬
out special feature. / The Mexican peso wil be stabilized
at the present exchange rate of 4,85 to the dollar, about
20.6c,
Finance Minister Eduardo Suarez stated on
/
Gold
20,1940
$
investments
—total
trial
Nov.
12, 1941
$
Loans to brokers and
Africa, Syria, five French settlements in India
Bay of Bengal, and several Pacific islands,
Since
Since
Nov.
Nov. 19, 1941
condition
1941, in comparison with the previous week and
Deferred
(+) or Decrease (—)
Increase
York
corresponding date last
U.
of the principal assets and liabilities of
summary
the
New
of
Nov. 26,
the
reporting member banks together with changes for the
of
Weygand as Delegate-General in: North Africa at the
insistence of Germany.
The Free French areas to which
lend-lease aid is authorized include French Equatorial
$51,report¬
credited to domestic banks increased
Deposits
000,000 in New York City and $97,000,000 at all
shows
Bank
Demand
$48,000,000 in the Chicago district and $68,000„000 at all
reporting member banks.
following
Reserve
obligations and of "Other secur¬
ities" showed relatively little change for the week.
6,431,000,000 francs thus raised, largely by utilities and
war industries, was financed abroad.
All outstanding general and individual export licenses
for French North Africa and licenses for the export of
headquarters, of the French Volunteer Forces made
public a letter from President Roosevelt, to. Lend-Lease
Administrator Stettinius, dated Nov. 11, authorizing the
extension of lend-lease aid to General de Gaulle's Free
French armies. The action followed removal of General
of New York
•••
The
-
direct and guaranteed
in French
shares in
the franc
19.
reporting member
The condition statement of weekly
Loans and
of
for the
of the Federal Reserve System
banks in 101 leading cities shows
was
Depreciation
of reporting
week ended with the close of business Nov.
largely responsible for capital increases of 4,065,000,000
francs by 126 companies since the beginning of the year,
amounting to 52% of their capital stock.
In addition
bonds have been issued by 40 French companies to a
enterprises.
body
of the entire
returns
Assets—
colonial
'W'
Board of Governors of the Federal Reserve
African
of
Condition of the Federal Reserve Bank
Member Bank Condition Statement
In the
stead¬
ily to Russia by both the far-northern port of Archangel,
to which the Russians say they will keep an open lane
Iran from Bushire on the
1277
THE COMMERCIAL & FINANCIAL CHRONICLE
.Volume 154 " Number -4013 ?
-
Dallas
iVa
1V2
lVa
*lVa
*lVa
•IV2
lVa
*1 Va
•l'/a
•tVa
Previous
Date
y.
Established
Sep
Aug
Sep
May
Aug
Aug
1,
27,
4,
11,
27,
21,
Rate
IV*
1939
1937
1937
1935
1937
2
1937
2
Aug 21, 1937
Sep 2, 1937
Aug 24, 1937
Sep 3, 1937
Aug 31, 1937
l'/s
2
\
2
2
2
2
2
2
2
Sen 3, 1937
•Advances on Government, obligations bear a rate of 1%, effective
8ept. 1. 1939. Chicago; Sept. 16, 1939, Atlanta, Kansas City and Dallas;
Sept. 21, 1939, St. Louis.
:7: o'
San
Francisco
——
THE COMMERCIAL & FINANCIAL CHRONICLE
1278
yThe
-
Bank of Germany Statement
The
circulation
note
of
Reichsbank
the
Gold Bullion in
C
The
following table indicates the amounts of gold:/;
(converted into pounds sterling at the British
statutory rate, 84s. 11 %d. per fine ounce) in the princi¬
pal European banks as of respective dates of most recent
off
fell
bullion
Rm.
269,239,000 during the third quarter of November
and on November 22 stood at Rm. 15,645,160,000 in com¬
parison with Rm. 12,198,263,000 as of the corresponding
date of last year.
Other daily maturing obligations de¬
2,894,000 during the quarter. Offsetting these
bills of exchange and checks decreased Rm.
dates in the
items,
167,865,000 and other assets Rm. 107,866,000; invest¬
ments, however, rose Rm. 35,847,000.
The Bank's small
holdings of gold and foreign exchange increased by
Banks Qj—
previous four years?
1941
England-
.
1940
■
*436,305
-
1939
*604,532
x
*682,075
327,653,479
,
Italy-
'
16,602,000
16,602,000
23,400,000,
Switzerl'd
84,758,000
84,758,000
Sweden—
41,994,000
34,828,000
6,505,000
41,994,000
6,505,000
6,667,000
6,667,000
Nat.
only 0.47%, a trifle more than a week earlier, but less
Following
ago.
occurred in the third
present
we
a
Bel.
tabulation
Norway—
Tot.
wk.
Note—The
REICHSBANK'S
(In
COMPARATIVE
thousands—000
'for Week
Assets—
and
Gold
Bills
foreign
exch.
of
Silver
Advances
exch.
Other
35,847
55,324
49,058
20,629
1,037,666
—107,866
1,919,926
1,994,827
1,333,762
-
>
+
assets
77,468
—
.
.
,
^
■
to
of
note
15,645,160
12,198,263
14,
1941,
"Pursuant
in
6,536,000
8,205,000;
6,602,000
6,666,000/V
aurope nas niuae
2,398,899
1,729,030
and France
to
tne
it impossible to obtain
*518,939
598,993
The market Tor prime coni*
% %—%%■ for all maturities.
are
f
&
and
of Aug. 22,
as
1941.
as
have been in small volume. % Dealers'
reported by the Federal Reserve Bank of New
York for bills up to and
including 90 days are *2% bid
7/16% asked;', for bills running for four months^
9/16% bid and
V$% asked; for five and six months, %%
%
.
transactions
bid and 9/16%
asked.
The bill buying rate of the New
Vz % for bills running from, 1. to
York Reserve Bank is
90 days.
•
,
value.
to
circul'n
+
0.76%
0.63%
0.47%
0.01%
-
xGold
V
of the week.
Use of
being
"Adequacy" Of Lead Price Questioned
of Nov.
27
reported
use of lead and tin in foil, and an order
distribution of titanium dioxide, were last week's
contributions to the growing list of controls imposed by the authori¬
restricted
should
were 11/32%, as against-11/32% on Friday
week, and 1 1/32—11/16% for. three months'bills,
against 11/32—11/16% on Friday ofv last week.
Money on call at London on Friday was 1%.
of last
the
Washington.
The fact that the question of the "'adequacy"
price has been opened up again was viewed as an inter¬
of the lead
;
Jtin in -foil is. $ J 99/pei^flR£flk;. and even > higher,
whibh some
opera tors are Tel easing mi etal
in a
result
saving
month.
a
Straits tin for future arrival
was
follows:
sharp curb on the
Nov.
Nov.
21
Nov.
22_,
Dec.
20
Noy.
as
Jan.
52.00
52.00
to their regular; customers at
With little metal
around
tations
52.00
52.00
52.00
52.00
52.00
52.00
Nov.
24
52.00
52.00
52.00
52.00
Nov.
25____
52.00
52.00
52.00
are
more
or
and/or
under
projects;1 to be retired
from
quo¬
iri
embraced
of
revenues
-
the
City
Water Works.
•
Denominations $1,000 and $500:
Dated Jan. 1,1942/ Rate of inter*
-
.;
'
-
On the Pacific
Coast, prices vary
per flask, de¬
52.00
io;$195
from $191
streets
paving
de¬
less nominal.
Issuedvfor the - purpose
funding the cost of laying
relaying water mains
of
$i97.
for
livery this side of January,
Feb.
HOLIDAY
,
1948.
sharply,
of about 250 tons of tin
as
Friday
on
holdings of the Bank of Germany as reported'in 1939 arid
"deposits held abroad" and "reserves in foreign curren¬
include
Use Of Lead And Tin Foil
issue
In London open market discount fates for short• bills
pounds.
available.
-
Foreign Money Rales
calculations.
In order to make the current figure
comparable
former periods as well as with the figures for other countries in
tabulations, we show English holdings in the above in statutory
our
with
the
"Metal and Mineral Markets" in its
in
up-to-aate
Currency
action
ties
'
7The market for, prime bankers' acceptances continued
very quiet this week. % Few prime bills are coming out
instead of the statutory price which was formerly the basis'
On the market price basis (168s. per fine
ounce), the Bank
holdings of
£862,780, equivalent, however,
to only about
£436,305 at the statutory rate t84s. liy2d. per fine ounce); according
1,529,193
"537,099
Non-Ferrous Metals
a
f
Bankers'Acceptances
1,099,847,563 1,084,325,514
1,098,353,807 1,084,202,486
cies."
that
equivalent to the statutory pounds.
For de¬
to this table In issue of July 20,' 1940. >;
months maturities.
Ruling rates
ment date,
since
regulating
were
see footnote
6.547,000
ana Bank Notes Act? 1939, the Bank
England statements for March 1, 1939, and since have carried the
gold holdings of the Bank at the market value current as of the state¬
10,151,347
2,894
—
30—latest
Sept.
Curbed
francs
changes,
26,065,000
of
Propor'n of gold & for'n
'As
6,500,000
several
revalued
been
have
and
of
—269,239
oblig.
daily matur.
liabilities
curr.
,•
reported
circulation
in
Oth.
Other
war
95,827,000
77,645,000
32,844,000
rates
Nov.
Liabilities—
Notes
holdings
gold
mercial paper has been very active this week - The de?'
mand has been brisk and paper has been in good supply*.
118,711,000
March
77,047
9,601,342
393,084
"25,167
.
17,668,650
*122,411
_
/■
i7
125
as
of
respectively.
The last report from Switzerland was received Oct. 25;
Belgium, May 24; Netherlands, May 17; Sweden, May 24; Denmark,
29; Norway, March 1
(all as of. 1940), and Germany as-of
1939
1940 %
v;
23,
77,427
12,312,146
"167,518
"15,765
327
—167,865
coin-
Investments
Nov.
Nov. 23,
Reichsmarks
+
checks
&
other
and
1941
//.
:v
•
Nov. 22,
Changes
tails
reports from many of the countries shown in this tabulation. Even be¬
fore the present war, regular reports were not obtainable from
Spain and
Italy, figures for which are as of April 30, 1938, and March 20. 1940,
STATEMENT
omitted)
few
as
to six
25,232,000
115,219,000
%'/
1
695,761,375 697,691,828 751,135,153
695,861,140 697,589,830 751,677,477
Prev. wk.
quarter of November:
2,507,850
87,323,000
97,714,000
Denmark-
together with the changes which
310,168,538
87,477,000,% 123,418,000
132,857,000 132,857,000 103,068,000%
98,255,000/,
97,714,000
•
327,697,126
25,232,000
92,392,000
to
year
France
Dealing in - detail5 with cklt loan rates; on the Stock
Exchange from day to day, 1% was the ruling quotation
all through the week for both new loans and renewals.
The market for time money continues quiet. Rates con-:
tinufed nominal at 1%% up to 90-days and-l/j*% for four,
,
>1937"
'•
.
The proportion of gold and ex¬
different items
of
m. recent
years? on-basisiol latest '...Valuation <23.34
gold 0.9
equals one franc)',' instituted' Mar6h 7, 1940, there are per Brit¬
ish statutory pound about 349 francs; prior to March 7, 1940, there
were about 296 francs per pound, and as
recently as September, 1936,
fine
y
T»
.
r'\ /
240,687,670 242,451,946 328,602,728',,H 295,811,334
3,873,400
3,871,350 i 3,852,350
3,006,950
Spain_63,667,000
63,667,000
63,667,000
63,667,000
Germany
change to circulation at the statement date amounted
a
1938
..
Netherl'ds
of the
,.
,
f
France y
Rm. 327,000; to Rm. 77,468,000* in comparison with almost
(the same amount as of the corresponding dates in the
than
Bank
times
statements,-reported to us by special cable yesterday
(Friday); comparisons are shown for the corresponding
clined Rm.
two preceding years.
European Banks l|||
Saturday,i November 29/ 1941
7%
Nov. 26
52.00
pending on deliver^.
52.00
52.00
52.00
esting and perhaps important de-<*>
velopment.
Even
a
moderate ser, Secretary of the Lead Indus¬
Chinese
tin, 99%
spot, was
Silver
tries
Association, told a House
advance in the price, it was said
nominally as follows: Nov. 20th,
in lead circles here, would bring committee headed by Represen¬
-During the past week the silver
Holiday;
21st,
51.125c.;'
22d,
tative
White
(Idaho).
"Mine
out additional metal. Quicksilver
51.125c.;
24th,
51.125c.;
25th, market in London has been quiet
operators," he said, "are expe¬
was firmer, with some sellers de¬
51.125c.; 26th, 51.125c.
and steady with the price un¬
difficulties in keeping
manding higher prices. This pub¬ riencing
workers at present rates of pay
changed. The New York Official
Quicksilver
lication further reported:
and may have to increase wages,
Though most local sellers of and the IL S. Government prices
Copper
and therefore ore prices must be
quicksilver are holding out for are also unchanged.
raised
to maintain ? the 5 present
Foreign copper has been moving
V .DAILY PRICES,OF METALS <"E. & M.- J."'
QUOTATIONS)
into the United States at a good output rate."
The committee was
Straits Tin,
-Electrolytic Copper-—Lead—'
Zinc
/
rate during November, and the named last week to look into the
Nov.
Dom„ Refy.
New York
Exp. Refy.
New York
St. Louis
St. Louis
supplies
available next month price situation in lead. Sentiment
20
11.200
Holiday
Holiday
Holiday
Holiday
Holiday
21
from Latin American sources also in the Rocky Mountain States is
11.775
11.200
52.000
5.85 :
8.25'
# 15.70: r
22
11.775
11.200
52.000
5.85
5.70'
will
come
7 ' 8.25
up
to the average. strong for raising the price to
24
11.775
11.200
52.000
5.85 '
5.70
8.25 :
There were no new developments stimulate production of lead.
25
11.775
11.200
52.000/
5.85
5.70
8.25
26
in connection with renewing the
11.775
11.200
52.000
5.85
The OPM order limiting the use
5.70;. V
8.25
deal for obtaining foreign metal of lead
foil after March 15, 1942,
Average—.___ 11.775
>
11.200- .'/■* ?5l000 .v
: 8.25
next year.
The domestic market caused many in the industry to
Average prices for calendar? week ended Nov; 22'are: Domestic
copper. f.o.b. refinwas uninteresting, with the quo¬
wonder just why this single item ery, 11.775c; export copper, f.o.b. refinery 11.200c., Straits
tin, 52.000c;; New York
tation
holding at 12c., Valley. was hit so hard, instead of check¬ lead, 5.850c.; St. Louis lead, 5.700c.;. St. Louis zinc, 8.250c.; and silver; 34-.750c. ' ^ •
The above quotations are .'?M. & M.* M.'s%
appraisal of the major. United-States
Bonded copper sold at 11 %c., f.a.s.
ing consumption in various non¬
est to. be^ in a
multiple-of %, or
l/10th
and
of
1%
be- the
must
for all of the
same
bonds.
PriA
Chase';
u
and
int.
payable
National
the
at
New York.
Bank,
The
bonds will be awarded to the bid¬
der
offering the
lowest net in¬
terest cost to the city.
No bid
for
less than
par *and
accrued
interest will
purchaser
considered.
be
must
terest to the date of
of
the-bonds
of
The
accrued
pay
in¬
delivery. All
each-issue
will
>
be .valid and
legally; binding ob*
ligations of the city and the city
is authorized and required by law
to levy on. all taxable properties
iri the city such ad valorem taxes
.
*
a$ % may,
-•
markets, based
basis.
1
essential applications.
R. S. Rey¬
Sales of copper during the last
nolds,
President
of
Reynolds
week amounted to
12,564 tons, Metals Co., publicly criticized the
making the total for the month so order, pointing but that his com¬
far 66,626 tons.
had halved its requirements
by rolling the metal thinner and
pany
The
'
Defense Plant
Corp., RFC
subsidiary; has arranged a $9,000,000 financing program to provide
facilities for producinng
23,000
tons of copper annually, under a
lease agreement, at the property
of the Castle Dome Copper Co.,
Miami, Ariz. Mining will be by
open-pit method and a concen¬
trator,
having
a
capacity for
10,000 tons of ore daily, will be
ready about March, 1943.
Castle
Dome
is
subsidiary of Miami
a
Copper.
now
accounted
the available
for
only 3/2%
of
supply of lead in the
United States.
Zinc
Sales
of
zinc
by the Prime
during the last
In
the
delivered
during
division
9,522
tons.
The price situation remains
unchanged, Prime Western hold¬
ing at 8/4c. St. Louis.
trade,
at
domestic
consumers'
figures shown
Export
seaboard.
above
copper
plants.
are
net
As
production
when
it
was
domestic
revived last week
became
known
that
Domestic
The
mines
produced
the
October
indicate
an
a
output
of
increase of 1.5%
House committee is studying the
over September .The higher
price
price-supply problem in lead.
of zinc did not become effective
common
brands of lead
in
tons,
an
prices
at refineries
.
.
at 5.85c.,
New York,
5.70c., St. Louis.
"Present ore production is about
the maximum possible at the cur¬
continued
the
Atlantic
seaboard.
Delivered
for- copper are reduced to net at refineries om the Atlantic
foreign business, owing to the European War* most sellers are restricting
On
Due to the European war the usual table
and
without
pay the
interest
thereon
the
limitation
to
as
rate
or
ahiount.. The : legar opinion ; of
Thomson, Wood & Hoffman .of
New York, to this effect will be
furnished to the successful .bid7
.
,
der.
The
bonds
to, principal
as
delivered
to
are
.
-
registerable
alone and • will be
v
the
purchaser or
purchasers on Jan.^15, or as soon
thereafter as delivery may be ef¬
fected.
If delivery is demanded
outside .the
citysuch delivery
shall be at the expense of the
successful bidder.
tified check for
o£t daily London prices is
Enclose
a
cer¬
$2,370, payable to
not available. Prices
are as follows: Nov.
£256%, three months, £260/z.-
A
here
issue
-
,
1943; $4,000 in 1944 to
1948, and $10,000 in 1949 to
1952.
Issued for the purpose
of funding the city's portion
City
%
?y
'••v•;•
(Continued from page 1251)
able
at
the
Union
tional
Bank
phis.
Legality
Charles
&
Planters
Na¬
Trust
Co., Mem¬
approved by
Trauernicht
&
Dec.
water/, works
bonds,
to
be
im*
offered
2*
500 in
Stale and
of?; St.
of.; the
cost % of
completed
NEBRASKA
Brainard,- Neb.
v
:
Bond
Issuance
ContemplatedM-
The village is said to be
planning
projects; to be to issue $10,000 semi-ann. refund¬
retired.;-from ad- valorem tax ing bonds. -' ~:''~• i..i;?.» -' i
collections./
Vr,;,
Grand Island, Neb.
48,500 street improvement bonds.
Bonds
Sold—The
City Clerk
% Due Jan. 1, as follows: $3,500
states
that
$91,000 /1 % % semik;
in 71943,7 and $5,000 in 1944
ann.
refunding bonds have been
to 1952. - Issued for the purpurchased byr the First .National
pose of funding the property
.street. paving
.
-
t
,
Louis.
-
;
-
•
Jackson, Miss.
Bond Offering—Mrs.
red,
"
$20,000
provement
on
City
will
receive
Clerk,
states
sealed
v
.
bids
owners'
of
F. B. All-
portion
of
the
cost
until"10
fair
v
"
Bank' of Grand "Island.
>"
North Platte, Neb.
paving
Bond Offering—It is stated by
to: be retired from
collections of special assess¬ S. W. Throckmorton, City
Clerk,
ments against abutting prop- that he will receive bids until 8
s jerty
owners. ^. ■
•
: •
p.m. on Dec. 2, for the purchase
completed;: street
projects;
that she
tonnage was purchased a.m. on Dec. 9, for the purchase
bonds
during the last week, involv¬ of
aggregating
$118,500
ing tin now afloat.
The price and divided as follows:
situation has not changed, with $63,500 street intersection .bonds.
rent lead price," Felix E. Worm- Singapore at close to parity most
Due Jan. 1, as follows:. $3,-
on
quotations
time to influence mine output
during the last week involved
greatly during October.
1,656 tons, against 8,946 tons in
Tin
the
week previous.
Quotations
and
the
emer¬
1% from August, according to the
Bureau of Mines.
Estimates for
63,300
Sales of
to
prices are quoted oni a delivered basis; .that -Is;
delivery charges vary with the destination, the
according to
equivalent of 62,339 tons of zinc Denoml $1,000.
trade estimates.
Dated Oct. ■ I;
Hope that the
during September, a decline of 1941. :Prin. and int. (A-O) .pay¬
price may yet be permitted to
stimulate
reduced
offerings to f.a.s. transactions, dollar basis.
Quotations for the present reflect this
change in method of doing business. A "total of .05c. is deducted from f.a.s. basis
(lighterage, etc.) to arrive at'the i.O.b. refinery quotation.
% •
pool
pected
to
by Metals'Reserve Co.
to
are
„
be /necessary to:
the city.' ' *
•"/'
on standard tin,, the only
prices given, however,
20, spot, £ 237/4, three months, £ 260%; Nov/21,
Pascagoula, Miss.'
Bond Offering—The City Coun¬
tons, with shipments of 4,680 tons. spot, £257%, three months, £260%; Nov. 24, spot, £257, three months,
The backlog increased to 68,711
£261; Nov. 25, spot, £256/2, three months, £260%; and Nov. 26, spot, cil has announced its intention to
Western
calendar week amounted to
December,
advance
agencies.VThey
prices in New England average-0.225c.rper poutid^abdve the-refinery-basis;
for December is ex¬
show
little
if
any
About 25,000 tons of foreign
change from the November take
lead will be released to domestic of
31%. ?
consumers
sales reported by producers,and
as noted. »A11 prices are in cents per
pound. "C.
Copper, lead and zinc quotations are. based 01V sales for both
prompt and future
deliveries; tin quotations are for prompt-rfjelivgry only.-, .t. -
gency
Lead
on
basis of cash, New York or St. Louis,
bonds
x
-
.
6,500- water works bonds. Due of/ $25,000 /not
exceeding
6%
; •/ Jan. • 1, as follows:, $1,500 in semi-ann. airport bonds.
Denom.
.vx?.?1943,>and $1,000 - in '1944 ' to $1,000. Due- in 20 years from- date
7
154
Volume
1
\
<
of
par. •.
for
•'
•' 1
■
jft:;
bids
1
.
.
Neb.
-
^
Village Clerk
that
$7,000 3%. semi-ann.
water, system bonds approved by
the voters on Oct. 21, have been
as
Co., Fair Lawn, or
Manufacturers ••■'Trust-'Co;,
the
New
York
must
state
the
amount
Vegas Grammar School Dis- the bonds, which shall be not- less
tMhft $259,000: > ;pbrftmbr^^aihtrictNo, 12 (P. O'. Las
' {
A certified1 .check Jfor
Vegas), Neft/ftftftftftft $25i;000.
Bond Sale—The $85,000 semi- $5,000, payable to' order of tht'
Board■ of Education, is required
ann. school construction and inr
provement bonds offered for sale Legal opinion of Hawkins;. Dela-;
oh Nov. 24~iv; 154, p. 852—were field &: Longfellow: of New'York:
awarded to Boettcher & \ Co. of City will be furnished the suc¬
Denver, as 2s, paying a premium cessful bidder, v In the event. that
H.
B.
Boland
H.
L.
Allen
:
Int. Rate
•
&
.
$22.22
1.75
1.75
Co
Co
Weigold,
'
E.
Vti.
Bright, N. J.
Refunding Issue Authorized
lV2r/o
;
Bond
—
ceive sealed
to
not be
can
of
prepared and de¬
time to suit the
a
"■
this
pur¬
deavor to have these Interim Cer¬
ready for delivery
about Dec.
The
re¬
bids at his office, 15
3, 1941.
the
or
on
ftftft
debt, of
net
New/ York/
Borough Council recently
Ave.,
Larchmont,
passed on first reading an ordi-' Vanderburgh
until 3:15 p.m. on Dec. 3 for the
nance to issue $80,000 not to exceed
6%-.
interest 1 refunding • bonds. purchase of $150,000 not to exceed
Measure
will be
considered on 6% interest coupon or registered
finalreading on Dec, 4. The bonds construction and equipment
The.
bonds
Bonds
the State reserves the
right to deliver Interim Certifi¬
cates pending preparation of the
Definitive
Bonds, and will en¬
Van
G.
will
the
chaser,
100.08
K.
issue will
ftft:'".'ft".:ft ft..:/
Definitive
tificates
Clerk,
of
v;
■
the
livered at
Mamaroneck),
Offering
District
Sciver,
If
issue
100.10
1.7Q
Inc..
District No. 1 (P. O.
N. Y.
Sea
i
Sons,
delivery
upon
him.
&
..............
&
regularity of their
be furnished the successful bidder
Mamaroneck Union Free School
Par
.
Inc.
Rollins
i
67.89
4.40
Bank
Co.......
H.
Roosevelt
and
Inc.,
Premium
1%%
&' Co.,..*
&
the
a
Dec.
.
ft:
National
Phillipsburg
,&
Trust
"■■Las
•
100.10,
Dated
p.
Mi'M.- Fieeman
proposal
bid; for
Each
City,
26—
-
1098—were awarded to
H. Rollins & Sons Incorporated
154,
v.
1 %".ft Prin.:' and
Radburn Trust
at
Nov.
offered
bonds
ment
int. Other bids: '•
Bidder^
V-\"-■
(J-D) payable at the Fair -Lawn
of
1/ 10th
purchased by ;a.local,bank. :
NEVApAp|;0;|||S-'
Denom. $1,-
follows:
from 1943 to 1953 incl.il
in 1954, and $7,000 from
j.ft ftft^■ ft/ft
Sold—The
Bonds
states
1279
CHRONICLE
basis of about ■ .1.38%]
15, 1941 and due se¬
E:
rially on Dec. 15 from 1942 to
$5,000
1955 incl. Optional at par and ac¬
of Philadelphia, as IV2S, at a price
$6,000
crued interest on 30 days' pub¬
1955 to 1981 incl:- Bidder to name of 100.381, a basis of about 1.43%.
lished notice.
Other bids:
a'single rate
of- interest;
ex¬ Dated Oct. 1, 1941 and due serially
Bidder—
Int. Rate Rate Bid
pressed in a multiple of % i or: on Oct. 1 from 1942 to 1950 incl.' George B. Gibbons & Co.,
:
than Dated June 1, 1941.
000.
Due June
1,
less
for
Springfield,
..
.
,
HE COMMERCIAL & FINANCIAL
,
Enclose a/certified check
$500, payable • toft the City
Treasurer.:
ft
l
Number 4013
*
No
issue.
*
y> *
v
m-•
amounted to
,
of
State
Nov.
1,
1941,
$602,380,425.43 which
on
is about 2.4% of the total assessed
valuation of the real and personal
.
property of the State sub j ect to
taxation for State purposes.
bonds. Dated Nov. 1. 1941. Denom.
(The last previous long-term
1941 and
mature
Due $15,000 annually on borrowing by the State was accom¬
on Nov. 1 $1,000..
of $493, equal to 100.58,V a basis prior to the delivery of the bonds
Nov. 1 from 1942 to 1951 incl. plished on June 24 of the present
Bidder
the income received
by private from, 1954 to 1963 incl.
of about
1.94%.
Dated Dec. 1
will: be required to express the Bidder to name a single rate of year, when an issue of $15,000,1941.
Due $5,000 on July 1 in holders from bonds of-the same
000
25-year
serial
institutions
rate of interest in a multiple of interest for all of the bonds, ex¬
1944 to 1960 incl.
type and character shall be tax¬
y
1/4 or l/10th of 1%. Interest M-N. pressed in a multiple of % or buildings bonds was awarded to
able by the terms of any Federa
1 / 10th of 1%, Principal and inter¬ a syndicate headed by the Chase
income
tax
law,, the successful
ft
new jersey
ftftftft" South River, N. J.
est (M-N) payable at the Chase National Bank of New York, on a
bidder may, at his election, be
; Bond Sale—The $15,000 coupon National Bank, New York City. bid of 100.7199 for l^s, a net in¬
■-ft/ftft. Allenhurst, N. J.
relieved of his obligations under or.
registered pocr relief bonds of¬ The bonds are unlimited tax ob¬ terest cost of about 1.19%.
ft Bonds Sold—The issue of $8,500
The
will
dated
be
Nov.
1,
$8,000 annually
.
the
bonds
construction
jetty
- men¬
' contract
v.
be' returned.
Margaret P;iKkstromer; Borough
■
Clerk.
t'o
•
purchase; ftthft- fered Noy^ 24—v« 154,
bondsftahd iri; such case
posit Accompanying his "
154, p. 997, was sold
•to the sinking fund, according to
tioned in
-ft
■■'
"
■
:
p, 1098—
the de¬ were, awarded to J. B. Hanauer & ligations of the district and the
bid will Co., Newark, as lV'-is, at a price of approving legal opinion of Haw¬
kins, Delafield & Longfellow of
" '''ft'> 100.03,
Irvington, N, --J..^ . ... -.. :
W. H. Jamou-
Bond Offering
(P. O. Mount
.Burlington County
Town
neau,
Holly), N. Lftftftft/
Offering
—
Frank
Clerk,
receive
wil
9
Bond
A.
for the purchase of $124,000 not to
Snover, County Treasurer, will re¬ exceed 6% interest series C cou¬
.
sealed bids until 8 p.m. ori Dec.
ceive sealed bids until 2 p.m. on
pon or
]Dec, 5 for the. purchase ;of $260,000
,not to exceed 6%
•follows:
•
interest coupon
divided
bonds,
registered
or
bonds.
-
1■'■1950 and 1951. - 1 '* ; ftj
120,000 road bonds. Due Dec.- 1
;ftftftft as follows: $20,000 in 1942;
$10,000, 1943 to 1949 incl. and
$15,000' in" 1950 and 1951.
All of the bonds will be dated
■
r
1, 1941, Denom. $1,000. Said
"bonds will be sold as though con-1
stituting
a
•combined
"ments due
single issue and the
maturities, with payannually on Dec. 1, are
i
1942
to
1946 incl.
M.
Int. Rate
,
Preemah & Co
M.
First
National
H.
B.
V/2
V.
O'Leary ;
&
100.058
CO
2.20
sold by allotment to various
tutions and bond houses
$3,000, payable to order
the Board of Education, must
I
each proposal.
accompany
insti¬
through¬
t
State
out the
Nov. 24
on
an
issue
$100,000,000
notes,
bearing
South Glens Falls),[ 0.30%
interest, at par.
They are
N. Y.
dated Nov. 25, 1941 and mature
Bond Sale—The $10,000 coupon
May 25, 1942. Proceeds of the bor¬
or registered town hall bonds of¬
rowing will be used to meet cur¬
fered Nov. 21—v. 154, p. 1098—
rent State expenses pending col¬
were awarded to E. H. Rollins &
Par
1.80
100.02
Co
check for
Moreau (P. O.
Par
1.70
&
H.; Li' Allen
Sold—State
Notes
Joseph
of
South
Co
Trust
River
Boland
Rate Bid
lOOilOl
lJ/2%
Bank,
River
South
$100,000,000
Comptroller
of
Other bids:
Bidder—
bonds
to a price
.
$35,000 in 1942 and
from 1943 to 1951 inch
Bidder to name a single rate of
/as
from
1
the
$1,000.
Due Dec. 1, as follows:
Trenton, N. J.
$108,000 .in 1952 and $16,000 in
.Bonds
Sold—Butcher & Sher1953.
Bidder "to name a .single rerd of
lection of taxes..
Philadelphia purchased on Sons
Incorporated, New York, as
rate
of interest for
all of. the Nov. 21 an issue of
Sinking Fund H o l d I n g s
$384,000 2Vz%
iy2s, at 100.29, a basis of about Awarded—State
bonds, expressed in a multiple 61 general refunding bonds.
Comptroller Jo¬
Dated 1.45%. Dated Dec. 1, 1941 and due
J/4 or 1/ 10th of 1%.
Prin. & int. Oct. 1, 1941. Due $16,000 annually
seph
V.
O'Leary
awarded on
(J-D) payable at the Merchants on Oct. 1 from 1944 to 1967 incl. $1,000 on Dec. 1 from 1942 to 1951 Nov. 25 an aggregate of $1,818,000
incl.
&
of various local and New York
Newark Trust Co., Newark. Interest A-O. Legality approved
Each
proposal must; state ,the by Hawkins, Delafield & Long¬
Mount Vernon, IV. Y*
City obligations held as invest¬
amount bid for the bonds, which fellow of New York
ments
in
Canal
Debt
Sinking
City.
Certificate
Sale—The $500,000
shall be not less than $124,000 nor
Fund No. 6.
All of the 33 indi¬
tax anticipation certificates of in¬
more
than $125,000.
A certified
vidual blocks comprising the of¬
NEW YORK
debtedness
offered
Nov.
24—
check for $2,480, payable to order
fering were described: in detail in
v. 154, p. 1139—were awarded to
Buffalo, N Y.
of
the
these columns on Nov. 22, page
town, must
accompany
the Manufacturers Trust Co., New
Certificate Offering—Frank M.
each proposal.
1139.
Legal opinion of
York, at 0.27% interest.
Dated .
The
Chase National Bank
of
Hawkins; Delafield & Longfellow Davis, City Comptroller, will re¬ Dec.
1,1941 and due Feb. 15, 1942.1
ceive sealed bids until 11 a.m. on
of New York City will be "furn¬
New York was awarded the fol¬
Other bids: Chase National Bank
Dec, 5, for the purchase of $2,ished the successful bidder.
In
of New York, 0.33%; Bank of The lowing New York City bonds:
Price Paid
the event that prior to the deliv¬ 900,000 not to exceed 6% interest
Int. Rate
Amount
:
Manhattan
Co., 0.33%; Kidder,
tax anticipation certificates of in¬
112.07
$533,000
Wo
ery of the bonds the income re¬
Peabody & Co., 0.375%; First Na¬
112.79
116,000 v
3\<t
debtedness, as follows:
$710,000
ceived
by private holders from
113.353
31/2
50,000
tional
Bank
of Boston,
0.45%;
313.353
1937-1938, $715,000 of
2,000
3/3
bonds of the same type and char¬ series of
Leavitt & Co., 0.46%.
119.905
:
20,000
acter
shall
be
taxable by the 1938-1939, $600,000 of 1939-1940
4
119.905
250,000
107.667
and $875,000 of 1940-1941.
4>/4
2,000
The
New York (State of)
terms of any Federal income tax
as
"-t
$140,000 bridge bonds. Due Dec. 1
as follows:
$15,000 from 1942
to: 1949 incl. and $10,000 ip
-Dec.
registered school refunding
Dated Dec. 1, 1939! Denom.
Feb.
re-offered
yield of 0.15%
a
of 99.—v. 152, p. 4161.)
rf about 1.24%. New York City will be furnished
1, 1941 and due $3,000 the successful bidder. A certified
basis
a
Dated Feb.
on
bankers
from
follows:
$25,000
.
interest
the bonds, ex-
for all of
/pressed in a multiple of Va or
ftl/lOth of 1 %. The bonds will be
general obligations of the county
(and bids are desired on forms
,
•
■
'•
7,000
certificates will be dated Dec. 15.
4l/4
••
.
.
•
.
110.388
' a':-.'-.;--
,
Bond Offering —. Joseph V.
112.37
15.000
4>/4
law, the successful bidder may,
109.466
& at his election, be relieved of his 1941, and mature June 15, 1942. O'Leary, State Comptroller, will
10,000 y
\ int. (J-D) payable at the Union
Interest payable at maturity. Bid¬ receive sealed bids until noon on
Barr Bros. & Co.,
Inc., New
obligations under the contract to
-National Bank & Trust Co., Mount
der to name a single rate of in¬ Dec. 2 for the
purchase of $15,- York, took the remaining New
purchase the bonds and in such
Holly. Delivery of bonds will be case the deposit accompanying his terest, expressed in multiples ol 000,000 not to exceed 4% interest York City bonds as follows;
made on or about Dec. 15. A cer¬ bid will be returned.
Int. Rate
Rate Bid
any fraction of
1%.
Prjn. and grade crossing elimination bonds. Amount
,
.
furnished by the county. Prin.
.
tified check for 2% of the bonds
Ltnden, N* J. '
offered, payable to order of the
Bond Offering
Sealed bids
Treasurer, must accomwil be received until Dec. 11 for
pany each proposal. The approv¬
ing legal opinion of Caldwell & the purchase of $448,000 general
and
improvement
Raymond of New York 'City will improvement
in
.be furnished the successful bid- assessment bonds mentioned
der. In the event that prior to the v. 154, 1044.
delivery of the bonds the income Monroe Township (P. O, Williamsreceived by private holders from
town), N. J.
bonds of the same type and char¬
Bond Call — The township will
acter shall- be
taxable by the redeem on Dec. 1 at par and ac¬
terms of any Federal income tax crued interest
$99,100 4%, 4Vz %
/ County
—
•
•
int.
payable
York
City,
Bidder
holder.
ples of $5,000.
Caldwell
York
enacted,
may, at
the
suc-
&
City
successful
Legal opinion of
Raymond of New
will be furnished the
bidder.
A
certified
$58,000,
payable
to
order of the City Comptroller, is
for
check
•
hereafter
denoms.
desired which must be in multi¬
required.
"
law
state
to
Delivery will be made
15, 1941, at the Comp-
Exempt
State
income
ing
taxes.
upon
bidder
and 5%
his elecr dated
Dec.
.
.
,
,
»
will
Bidder-^-.
-
V.
-
\
,
"
Int. Rate Rate Bid
Co...2.10%'
Cov2l/4
100.161
H.
2/2
2',2
j*vAHen'-&JO0,.;«
100.341
100.282
&
M.
*
H.
M.
,
,
,
1
p.m.':
on
-100.213
bonds, dated Jan. 1, 1942 and due
serially on July 1 from 1942 to
1961 incl.
Legal opinion of Cald¬
well & Raymond of New: York
,
-! the
•
until
the purchase of $1,-
School District, N>. J.
Bond Offering—Harry Barr, Jr., City. Address of the Authority is
District Clerk, will receive sealed 57 Sussex Ave.,: Newark;f •
> :> '• f:
bids
until1 8 p.m., Dec.
9, for
Phillipsburg, ;N.. J.
:
ft: Fair Lawn
•»•
receievd
10 for
920,000 series A housing authority
100.091
Boland &
I.
du Pont &
Co.
ChishQlm & Chapman..
Freeman & Co.;-:.;'.*
B.
Francis
be
Dec.
,
purchase^:off$250,000 not to
exceed
6%•;■ Interest
registered
-
Bond
coupon :or^
construction'*'bonds*
or
,
Sale—The $22,000 coupon
registered
,
general
as
i.70s, at 100.41. Dated Dec. 1,
194Lft
bonds bid for. No interest will be
allowed upon
the good faith check
of the successful bidder;
.
v
i
,
Gloversville, N. Y.
-Bond Sale—^The
•
The
water
County
Fulton
Trust.
National
Co.,. both
improve¬ jointly,
as
1.40s,
to reject
$247,000 regisr- right
refunding bonds of¬
fered Nov. 26—v. 154, p. 1198—
were
awarded to the City Na¬
tional Bank & Trust Co. and the
tered
of
at
Bank
&
Comptroller
which
are
vantageous
all
purchaser,
Struthers &r Co., New
$26,000 Albany County,
414 %,116.889; $25,000 Washing¬
ton
—
County, 4% %, 111.096; $21,000
Valley,
Middlefield and
D. No. 1, 414%,
Clay and Cicero
Union Free S. D. No. 12, 4V2%,
116.016;; $140,000 Geddes
Union
Free S. D. No. 2, 4*4%, 108.244;
$30,000 North Hempstead Union
Free S. D. No. 6, 4*4%, 109.533;
$52,000 Smithtown Union Free
S. D. No. 1, 414%, 112.004.
Sage, Rutty & Co. of Rochester
—$57,000 Schuyler County, 4*4 %,
130.155; $34,000 Hannibal Union
Free S. D. No. 4, 5%, 123.524: $45,Cherry
Roseboom
C. S.
109.247; $42,000
000 Irondequoit Common S. D.
No.
5, 5%, 116.90; $60,000 North Dans-
ville* West Sparta and Dansville
Central S. D. No. 1. 4*/2%. 116.867.
C.
E.
Weinig,
.
White &
Co. of.
the Buffalo—$36,000 Schodack Union
Free S. D. No. 10, 5%, 120.01; $50,bids
his opinion ad¬
to the
•
Approving
John
or
• -
the
of
suc¬
other
sale, giv¬
000 Bolivat, 4*4%, 114.98; $23,000
interest of the Spring Valley, 6%, 122.74.
Gude, Winmill & Co. of New
$34,000 Amherst Central
opinion of Honor¬ York
H. S. D. No. 1, 5%, 123.051; $32,000
Bennett, Jr., Attor¬
not in
State.
able
any
••
reserves
the
the
Wood,
York
the award to them of
•
Joseph' G. Kress &
for
in
taxing unit, rate of interest and
'
•
list the
price paid:
all but no part of the entire $ 15
refunding bonds of 1935, on Dec.
1, 1935 and due from troller'-s office or at the afore¬ 000,000 bonds and the highest
I tion, be relieved of his obligamentioned bank.
Bidder to state bidder on the basis of "all or
1942 to 1950 incl.
An issue of
tions under the contract to pur$50,000 lV2% callable refunding preferred place of delivery. Since none" will be the one whose bid
chase the bonds and in such case bonds was awarded recently to certificates
for any fiscal year
figures the lowest interest cost to
: the deposit accompanying his bid
State
after
deducting the
Van Deventer Bros., Inc., of Newf may not be issued in excess of the
: will be returned.
•
iftftft://// ark—v. 154, p. 1198.
The bonds the amount of taxes for such fis¬ amount of premium bid if any.
(Previous report of this offer¬ now called for payment will be cal'year remaining uhcollected at
No bids will be accepted for
ing was made in V, 154, p. 1138.) redeemed at the Township Treas¬ the time of delivery, the right is separate maturities or for less
reserved to reduce the amount than par value of the bonds nor
ft Deal, N. J.
; ■;
; urer's office, and any} of said
bonds which shall at the time be of certificates awarded for such unless accompanied by a deposit
Bond Sale—The $19,500 coupon
fiscal year accordingly.'
of money or by a certified check
registered should be accompanied
or registered improvement bonds
or bank draft upon a solvent bank
X offered Nov. 26—v. 154, p. 1138— by duly executed assignments or East Greenbush Sewer District No.
trarisfer powers in blank.
„Vf.ft I; (P.~ 0/ East Greenbush), N* Y. or trust company of the cities of
i were awarded to the Allenhurst
Bond Sale—C. F. Childs & Co. Albany or New York, payable to
^NatioiiaL Bank &
AJ^ Newark Housing A uthority (Pz Q;
the order of the "Comptroller of
lenhurst, as 1.90s, at par.
Dated
ft
Newark), N. J* : '■ " "ftft and Sherwood & Co., both Of New
'•
the State of New York" for at
Dec. 1, 1941 and due on Dec., 1
Bond
Offering — Sealed
bids York, jointly, purchased on Nov.
least 2% of the par value of the
from 1942 to 1951 incl. Other bids:
24 an issue of $29,000 sewer bonds
cessful
!
name
we
amount of securities and name of
a
pressed in multiples of
of 1%.
Bidders
may
condition
their
bids
bidders
113
107.552
following
included
bonds
single rate of
interest for all of the bonds/ ex¬
name
107.562
cessful
Co., New York City.
from all Federal and
York
113.625
4'/4
4>/4
In the
Manhattan
Bidder to
3L
10,000
United States at the Bank of The
New
3Va%
3/2
6,000
6,000
$4,000
or
Bank & Trust Co., New
Hanover
113
6,000
the City Comp¬ Dated Dec. 3, 1941 and due $375,at the- Central 000 annually on Dec. 3 from 1942
to 1981 incl. Prin. & int.
(J-D)
at the option of the payable in lawful money of the
at
office
troller's
J.
Gloversville, ney-General of the State, as. to
a price of the legality of these bonds and
—
Mount
No.
Morris
Union
1, 4V2%, 117.913.
D.
Free
S.
t
ftv ft
.
THE COMMERCIAL & FINANCIAL CHRONICLE
1280
0.99%.
Dated Dec. 1, 1941, and
premium bid due on Dec. 1, from 1944 to 1954
Scarsdale Union Free S. D. No. 1, from the aggregate amount of in¬ incl. ; Second high bid of 101.548
terest upon all of the bonds until for 'iy4s was made by Phillips,
5%, 114.29.
■
No Schmertz & Co., Pittsburgh.
Smith, Barney & Co., New York their respective maturities.
$34,000
Niskayuna,
4.80%, bid of less than par and accrued
Erie County (P. O. Erie), Pa.
Scarsdale
Co.,
&
Bank
National
Scarsdale
Trust
$40,000
—
determined
be
deducting the
by
total amount of the
.
—
.
interest will be entertained.
116.036.
Bids must be
Y.
$8,000
Olean, N.
Sale—The
Bond
certified
coupon
rated
check
bank
accompanied by a
upon
or
incorpo¬
an
trust
company,
registered public improvement payable unconditionally to the or¬
or
1139
p.
Nov.
offered
bonds
v.
—
154,
awarded to the
were
—
26
der of the State Treasurer for $2,-
right to rejqct all bids
The approving opin¬
Reed, Hoyt, Washburn &
basis
Clay, New York City, will be
.Nov. 1, 1941 and due $1,000 on
furnished the purchaser.
Nov. 1 from 1942 to 1949 incl.
In the event that prior to the
; Other
bids included the follow¬ delivery of the bonds the income
ing:.
-:;'T
,;;i received by private holders from
Bidder—
Int. Rate Premium bonds of the same
type and char¬
Gordon Graves & Co
1.20%
.$*<&. 13
acter
shall
be
taxable by
the
Manufacturers
&
Traders
Cattaraugus, of Cattarau¬
Bank of
gus,
•
as
Trust
Is, at a price of 100.012, a
of
about
0.997%.
Dated
1.20
6.00
3.50
1-25
Deerfield,
Remsen,
Trenton,
6.32
1.20
Co.
Stevens, Dann & Co.......
D. White & Co.........
R.
J- Marcy, Flody, Steuben, Western
and Russia Central School District
No.
(P. O. Holland Patent),
1
Y.
N.
Offering—Elmer R. Jones,
Bond
The
700.
is reserved.
of
ion
Bond
Offering
Harvey
County
sealed
for
interest
Prin.
—
all
v
until
of
11
the
(J-D)
without deduction for
County (P. O. Lillington),
any
tax
National Bank
Bond
Sale
The
$30,588.89
second best bidder,
street improvement bonds offered
named a rate of 0.42% and $26
Nov.
21—v.
154,
p.
975—were
premium.
Chase
The
1942.
—
awarded to the BancOhio Securi¬
Yonkers, N. Y.
Certificates
Awarded
$800,000
temporary
Nov.
25,
Bank
The
offered
to
of
Other
1942.
First
bids:
as iy4s, at
premium of $98.25
a basis of about
a
1.20%.
the
Dated Dec. 1, 1941.
Sec¬
high bid of 100.21 for iy4s
made by Prescott, Jones &
ond
New
was
at 0.52% interest.
Dated
26, 1941, and due Mar. 27,
York,
Nov.
plus
par,
certifi¬ equal to 100.32,
awarded
were
National
Chase
—
loan
indebtedness
of
cates
Co. of Columbus,
ties
Co., Inc., of Cleveland.
or
itance
hereafter
taxes,
now
assessed
or
or
Bond
Bank of
Boston, 0.59%; Leavitt &
Co., 0.62%.
Offering
—
Rudy
Klein
City Auditor, will receive sealed
until noon on Dec. 16, for
the purchase of $22,000 3% cou¬
pon
public improvement bonds
bids
NORTH
Guilford
CAROLINA
(P* O.
N. C.
County
boroj,
Bond
will
Offering
—
Dated
Sealed
until
received
be
Greens*
thereon
under
The bonds will be sold to
the
11
bids
a.m.
(EST), on Dec. ?, by W. E. Easterling, Secretary of the Local Gov¬
ernment Commission, at his of¬
fice
in Raleigh, for the purchase
$135,000 road and bridge re¬
funding bonds. Dated Dec. 1, 1941.
Due on Dec. 1 as follows: $30,000
of
1953
000
out
and
1954, $20,000 1955, $30,1956, and $25,000 1957, with¬
option
of
prior
payment.
wil
There
be
no
auction.
$1,000; prin. and int.
in
able
lawful
Denom.
(J-D)
money
in
may
New
a
different rate of in¬
bidder at Toledo, and
be exchanged for bonds reg¬
istered
A
at
as
to
the
principal and inter¬
of the owner.
request
certified
check
for
1%
of
the
to
1956
1942
incl.
64,000 refunding bonds. Due $6,\
000 on Dec. 1, from 1942 tc
tx
1951 incl., and $4,000 in 1952.
All of the bonds will be dated
Dec.
1, 1941.
Milton
;
Bond
.
v
School
City;
(having the earliest matur¬
ities) and another rate for the
balance, but no bid may name
more
than two rates, and each
Offering
—
Lura
A.
Denom.
$500.
Philadelphia Housing Authority
(P. O. Philadelphia), Pa.
Bond
will
be
Offering
received
—
Sealed
until
1
bids
p.m.
on
expense.
RHODE ISLAND
PENNSYLVANIA
Pawtucket, R. /.
Duquesne, Po,.
Bond Sale—The $75,000 series
specify in his bid the
amount of bonds of each rate. A coupon improvement bonds of¬
The bonds will be awarded to fered Nov. 25—v.
154, p. 975—
the bidder offering to purchase were awarded to Elmer E. Powell
the bonds at the lowest interest & Co. of Pittsburgh, as Is, at e
bidder must
cost
to
the
county, such
cost to
price of 100.102, a basis of about
held
Bank.
All
•
authorized
,
Christi Na¬
the bonds
Of
the
at
election
Nov.
22, 1941.
The City
is operating under a special char¬
on
Sale—The $34„000 semirefunding bonds offered for
sale
Nov.
on
were
20—v.
purchased
Williams
2%s, at
Co.
par.
of
Due
154, p. 648—
the Allison-
by
bridges; and $1.00 for general mu¬
nicipal
purposes.
Each
bidder
must provide total interest costs
for
each
issue.
The
City will
furnish the final approving opin¬
ion
of
Dillon/ Vandewater
&
Moore, Esqs., of New York. The
Minneapolis, as bonds will be delivered
Dec. 1 in 1942 successful bidder as soon
on
to 1948.
may
the
to
they
as
be properly issued and
proved at
ap¬
National Bank in
Austin. The City re¬
ceived until Dec. 3, by S. P. Wil¬ serves the right to reject any or
liamson, City Treasurer, for the all bids, and no conditional bid
purchase of $20,000 3% airport or bids that do not comply with
improvement bonds. Denom, $1,- notice of sale will be considered.
000. Dated Dec. 1, 1941. Due on Enclose a certified check for 2%
Dec. 1 as follows: $1,000 in 1943, of the bid, payable to A. C. McThe city re¬
$2,000 in 1944 to 1946. $3,000 in Caughan, Mayor.
to
hold
the
1947, $2,000 in 1948 and 1948 and serves > the right
checks of the three highest bid¬
$3,000 in 1950 and 1951. Prin. and
int. payable in legal tender at the ders as shown by interest costs
Watertown, S. D.
Bond Offering—Bids will be re¬
the
City,
any
or
City Treasurer's office. Issued for submitted
the purpose of improving the city period1 of
with
30
the
bids
hours,
for
pending
a
an
owned airport. Any
or
Bond
100,000 park system bonds. Due
150,000 storm
sewer
improve¬
ment, series No. 170 bonds.
$4,000 Dec. 1, 1942 to 1966.
75,000 city improvement bonds.
Due
.
$5,000
Dec.
1,
1942
Due
to 250,000 street
1956.
100,000
171
garbage
bonds.
Due
Sale—Phelps, Fenn & Co.,
Inc., and F. S. Moseley & Co.,
both of New York, recently pur¬
chased $500,000 2% public works
sewer
Dec.
1,
1942
disposal plant
$4,000 Dec. 1,
bonds.
in
1962
No.
June 1
in
Marshfield, Wis.
Bonds
2%
Not Sold
semi-ann.
building
and
site bonds
Nov. 21—v. 154, p. 976
on
not sold
Clerk.
$50,000
armory
library
offered
rejected,
The
—
coupon
—were
as
all
according
Dated
bids
were
the
City
to
Dec.
1, 1941. i Due
$5,000 from Dec. 1, 1942 to 1951;
optional on or after Dec. 1, 1944.
WYOMING
Due
follows: $10,000 in
1942 to 1946, $15,000 in 1947
to 1951, $18,000 in 1952, $19,000 in 1953, $20,000 in 1954
and
1955, $22,000
in
1956.
$23,000 in 1957, $24,000 in
1958, $25,000 in 1959, $27,000
in 1960 and 1961, and $30,000
as
to
1966.
improvement
bonds.
Due Dec. 1, as fol¬
lows: $12,000 in 1942 to 1946,
$7,000 in 1947 to 1951, $30,000 in 1952 to 1954, $35,000
in 1955 and 1956, $40,000 in
500,000
series
on
1966.
hospital
1,
Due
1942 to 1961.
as
.
Dec.
to
1942
WISCONSIN
follows: $5;000 in
1951, $16,000 in 1952
to
1954, $11,000 in 1955 to
1957, $7,000 in 1958 to 1961,
$33,000 in 1962 to 1965, and
$34,000 in 1966.
125,000 fire station bonds.
Due
/
Dec. 1, as follows:
$5,000 in
1942 to 1961, and $10,000 in
1962 to
in
1
paving,
bonds.
system bonds. Due
to
500,000
June
on
1961.
1942 to 1966.
coupon
bonds
Bond
ann.
,325,000
District, Pa.
bonds, payable to order of the Dec. 10, for the purchase of $3,bonds registerCommissioner of the City Treas¬
able as to principal only; general
742,000 series A housing author¬
ury, is required.
All proceedings ity bonds, dated Jan. 1, 1942, and
obligations; unlimited tax; deliv¬
incident to the proper authoriza¬ due
serially on July 1, from 1942
ery at place of purchaser's choice.
tion of this issue will be taken
to
1971
incl.
Bidders are requested to name
Legal opinion of
under the direction of a bond at¬
the interest rate or rates, not ex¬
Barnes, Myers & Price of Phila¬
torney whose opinion as to the delphia. Address of the Authority
ceeding 6% per annum in mul¬
legality of the bonds may be pro¬ is Administration Bldg., 21st St.
tiples of y4 of 1%. Each bid may
cured by the purchaser at
his and Parkway, Philadelphia.
name
one
rate for part of the
York
DAKOTA
Lake Andes, 5» D.
and 1966.
Due
fractional Mundy, District Secretary, will
receive sealed bids until 7 p.m.
rates
a multiple
on
Dec. 8, for the purchase of
of y4 of 1%.
Prin. and int. (J-D)
payable at the Chemical Bank & $20,000 2l/z% coupon recreation
field and equipment bonds, part
Trust Co., New York City.
The
bonds will be delivered to the of an authorized issue of $33,000.
may
the: Corpus
at
were:
r
$75,000 incinerator bonds.
$5,000 on Dec. 1, from
provided that
are expressed in
successful
or
■
terest,
est
pay¬
name
with
bid
may
quantity, part audit of the bids and agrees to
portion of said issue will be accept the bid deemed to be the
sold at not less than par value best interest of the City within
this time or to reject all bids and
and accrued interest.
return bid checks at the regular
TEXAS
meeting
of
the
City
Council
Dec. 2. (Bid checks other than
Corpus Christi, Texas
above
will
be
returned
imme¬
Bond Offering—-It is stated by
Joseph Mireur, Finance Commis¬ diately.)
sioner, that he will receive sealed
Dallas, Texas
bids until 4 p.m. on Dec. 1, for
Bond Sale—The following semithe
purchase of the following ann. bonds aggregating $893,000,
bonds aggregating $2,000,000:
offered for sale on Nov. 26—v. 154,
$200,000 water work system p. 1199—were awarded to a syn¬
bonds.
Due Dec. 1, as fol¬ dicate composed of the Northern
lows: $5,000 in 1942 to 1946, Trust
Co.,
the
First
National
$10,000
in
1947,
$5,000
in Bank, both of Chicago, and CalliBond Sale—The issue of $25,1948, $10,000 in 1949, $5,000 han & Jackson of Dallas, as lV4s,
000 school bonds offered Nov. 25
in 1950, $10,000 in 1951, $5,- at a
price of 99.666, »a net interest
—v.
000 in 1952, $10,000 in 1953
154, p. 975—was awarded to
cost of about 1.28%:
the Farmers
National
Bank
of
$5,000
in
1954,
$10,000
in $18,000 library improvement, seBloomsburg. Dated Nov. 1, 1941,
1955, $5,000 in 1956, $10,000
>Xries No. 166 bonds. Due on
and due serially on Nov. 1, from
in 1957, $5,000 in 1958, $10,June 1, in 1942 to 1944.
,
1943 to 1965 incl.
000 in 1959, $5,000 in 1960,
50,000 school improvement, se¬
$10,000
in
1961
and
1962,
ries No. 167 bonds. Due on
Meadville, Pa.
$15,000 in 1963, $10,000 in
June 1 in 1942 to 1951.x
Bond Sale—The $139,000 cou¬
1964, $15,000
in 1965, and
75,000 park improvement, series
pon
bonds^ offered Nov. 25—v.
$10,000 in 1966.
'■
Vy:
No. 168 bonds. Due on June
154, p. 1099—were awarded to
:
50,000 airport improvement and
1 in 1942 to 1956.
the
Union
Trust
Co.
of
Pitts¬
drainage bonds.
Due $5,000 150,000 vocational defense school,
burgh, as Is, at a price of 100.354,
Dec. 1, 1948, 1950, 1952, 1954
series No. 169 bonds. Due on
a basis of about 0.95%.
Sale con¬
1956, 1958, 1960, 1962, 1964,
June 1 in 1942 to 1961.
Dec.
1, 1941.
Denom. $1,000.. Due Dec. 1, as follows: $4,000 from 1946 to 1948 incl., and
$5,000 in 1949 and 1950.
Bidder
SOUTH
inher¬
sisted of:
Toledo, Ohio
National
•
payment privil¬
eges. Principal and. interest pay¬
tional
Housing Authority
(P. O. Pawtucket), R. J.
Bond
Offering — Sealed
bids
or
,
of New York,
Bidders
sue.
without optional
able
Pawtucket
bonds.
highest responsible bidder,
provided such bid is not less than
bids until
Bond Sale—The $41,000 coupon
par
and accrued interest.
The
the purchase of $21,000 not to ex¬ semi-ann. school building bonds
enactment at any time prior to
ceed 6% interest coupon or regis¬ offered
for
sale
on
Nov.
25—
the delivery of the bonds, of Fed¬
tered building bonds.
Dated Dec. v. 154, p. 1098—were awarded
eral legislation which in terms,
1, 1941. Denom. $1,000. Due Dec. jointly to Crouse & Co. of De¬
by the repeal or omission of ex¬
1 as follows: $2,000 from 1942 to
troit, and Vance, Young & Hardin emptions or
otherwise, subjects
1950 incl. and $3,000 in 1951. Bid¬ of
Winston-Salem,
paying
a to a Federal income tax the in¬
der to name a single rate of inter¬ premium of $28.50, equal to 100.terest on bonds of a class or char¬
est for all of the bonds, expressed 069, a net interest cost of about
acter which includes these bonds,
in a multiple of % or l/10th of
2.12%, on the bonds divided as
will, at the election of the pur¬
/1%. Prin. & int. (J-D) payable at follows: $26,000 as 2y4s, due on
chaser
relieve
the
purchaser
the First National Bank, Holland Dec. 1, $2,000 in 1944 to 1954, $4,from
his
obligations
under the
Patent.
The bonds are unlimited 000 in 1955; $15,000 as
2s, due $5,- terms of the contract of sale
tax obligations of the district and 000 on Dec. 1 in 1956 to 1958.
and entitle the purchaser to the
the
approving legal opinion of
return of the amount
deposited
OHIO
Reed, Hoyt, Washburn & Clay of
with the bid.
These bonds are
New York City will be furnished
issued subject to the favorable
Cuyahoga Falls, Ohio
the successful bidder. A certified
Bond Sale—The $175,000 cou¬ opinion of
Townsend, Elliott &
check for $420, payable to order
pon series B-69 refunding bonds Munson of Philadelphia, and to
of the Board of Education, must
offered Nov. 24—v. 154, p. 1070— the approval of the Department
accompany each .proposal.
were awarded to Stranahan, Har¬
of
Internal Affairs.
Enclose
a
ris & Co., Inc., Toledo, as 2y4s. certified check for 2% of the par
Utica, N. Y.
Certificate
Sale—The $350,000 at a price of 10L15, a basis oi value of the bonds bid for, pay¬
Dated Dec. 1, 1941, able to the County Treasurer.
tax anticiption certificates of in¬ about 2.11%.
debtedness
offered
Nov.
26— and due on June 1 and Dec. 1
Greenwbod Township School Dis¬
Second
—v.
154, p. 1139—were awarded from 1946 to 1955 incl.
to the Chemical Bank
& Trust high bid of 100.81 for 2y4s was trict(P. O. R. D. 3, Benton), v Pa,
&
Thorndike,
Storey,
Palmer & Dodge of Boston.
payable
N' C.
Co., New York, at 0.40% interest, made by McDonald-Coolidge
plus a premium of $11.
Dated Co., Cleveland.
Nov. 27.
1941 and due Oct. 27,
North College Hill, Ohio
by
First Na¬
Legality
a.m.
taxes, except succession
taxes.
Harnett
will receive sealed
2 p.m. on Dec. 1 for
approved
the
at
of Boston.
Controller,
bids
int.
and
levied
District Clerk,
payable
Bank
M.
will will be received until 1 p.m. on ter and has a tax rate limitation
Dec. 10, for the purchase of $193,of $2.50 on the $100 assessed val¬
Dec. 23, for the purchase of 000. series A housing authority
on
uation divided according to pur¬
$400,000
y4%, ;•!%%,
%%,
1%, bonds, dated Jan. 1, 1942, and due
pose as follows: $1.25 to pay in¬
iy4%, or ly2% coupon refunding serially on July 1, from 1942 to terest and crdate a
sinking fund
bonds.
Dated
Dec;
Legal opinion of Reed.
15,
1941. 1961 incl.
of not less than 2% to pay off the
Denom. $1,000.
Due $100,000 on Hoyt, Washburn & Clay of New
outstanding indebtedness of the
Dec. 15, from 1945 to 1948 incl. York City.
Address of the Au¬
C'ity: $0.25 for general street im¬
Bidder to name a single rate of thority is City Hall, Pawtucket.
provement
and
building
of
Willis,
receive
of any Federal income tax
any present or future law of the
law, the succesful bidder may, at
all
of
which
his election, be relieved of his Commonwealth,
taxes
the
county assumes
and
his obligations under the contract
to
purchase the bonds and, in agrees to pay. Registerable as to
These obligations
such case, the deposit accompany¬ principal only.
will be payable from ad valorem
ing his bid will be returned.
terms
(J-D)
tional
Saturday, November 29, 1941
Rock
Bonds
election
Springs,
Voted—At
the
Wyo.
the
Nov.
4
voters
approved the
issuance
of
$35,000
municipal
swimming pool and playground
bonds, to be dated July 1, 1942,
and mature $3,500 annually for
10
years.,
street
CANADA
NOVA
Nova
Scotia
SCOTIA
(Province of)
Bonds Publicly Offered—A
syn¬
dicate headed by
1957, $45,000 in 1958 to 1961,
Wood, Gundy &
$5,000 in 1962 to 1966.
Co., Toronto, and the Bank of
1, 1941. Denom. $1,- Montreal, recently made public
bonds.
Dated Dec. 1, 1941.
Due 000. Rate or rates of interest to be offering of $2,110,000 3V4% bonds
$25,000 annually on Dec. 1, from in multiples of V4 of 1%, not to at a price of
89.95, a basis of
1942 to 1961 incl.
Prin. and int. exceed two rates for any one is¬ about 3.35%. Due Nov.
15, 1954.
and
Dated Dec.
@FedFRASER