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TV
ammcirici
COPYRIOHTED
IN
1940 Br WILLIAM 9. DANA
COMPANY, NEW YORK.
VOL. 151.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1979, AT THE POST
OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OP MARCH
3, 1S79.
NEWYORK, NOVEMBER 30,1940
VS^'»&SSM!71
BROOKLYN TRUST
THE
BANK
COMPANY
NO. 3936.
CHASE
NATIONAL
BANK
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
NEW YORK
BROOKLYN
NEW
Member Federal
Deposit Insurance
Corporation
respondent bank service
is
a
traditional
•
policy of
the Chase National Bank.
YO R K
Broaden your customer
service
with
Chase
cor¬
respondent facilities.
Hallgarten & Co,
Member Federal
Deposit Insurance
<
Corporation
Established 18 SO
United States
NEW YORK
Government
Chicago:,
London
Securities
City of
Philadelphia
PUBLIC UTILITY
Bonds
INDUSTRIAL
The
RAILROAD
first boston
CORPORATION
MUNICIPAL
NEWYORK
BONDS
Moncure Biddle & Co-
BOSTON
CHICAGO
PHILADELPHIA
AND OTHER
a.c.ALLYNakd company
Philadelphia
SAN FRANCISCr
PRINCIPAL CITIES
INCORPORATED
CHICAGO
New York
Boston
Philadelphia
Milwaukee
Detroit
Omaha
The
PACIFIC NORTHWEST
>
;v
SECURITIES
-
New York Trust
Company
Capital Funds
.
$37,500,000
<DrumWlcr, Ehrlichman
Company
Exchange Bldg.
Seattle
OTIS & CO.
(Incorporated)
Established 1899
NewYork
cleveland
IOO
BROADWAY
R. H. Johnson & Co.
& "C" 4^s, '54
Penna. RR. Serial
4s, 1954-1964
West Penn Power Common Stock
madison avenue
and 40th street
Members
Neva York Stock
Continental Gas & Elec. 5s, 1958
Lehigh C. & N. "A"
Chicago
Exchange
Philadelphia Elec. Common Stock
Phila. Co. $5 & $6 Preferred Stocks
United Gas Impt. $5 Pref. Stock
Cleve. & Pittsburgh
7% Guar. Stk.
New York Curb Exchange
64 Wall
St.
BOSTON
Yarnall
NewYork
PHILADELPHIA
one east
1528 Walnut
Street,
st
Co.
Philadelphia
57th street
Canadian Securities
Carl m. Loeb, Rhoades & Co.
61
BROADWAY
NEW YORK
London
Pari*
Amsterdam
Member
Geneva
of the
Federal Deposit
Insurance Corporation
HART SMITH & CO.
52
Montreal
William St.
NEW YORK
Toronto
The Commercial
H
As
securities have been
all
of these
Nov. 30, 1940
& Financial Chronicle
sold, this appears
merely as a matter of record.
$1,329,000
The Fort Street Union Depot
First Mortgage
Dated
at
of December 1,
Company
33A% Bonds
Due December 1, 196S
1940
Price 100%
and accrued interest
MORGAN
STANLEY & CO.
Incorporated
Dated November
27, 19^0.
Dividends
(OMMERCIAL fjVESIMEOTpJST
CORPORATION
Convertible Preference Stock,
f 4.25 Series of 1935,
Dividend
quarterly dividend of $1.06 M on the
$4.25 Series of
A
vertible Preference Stock,
Stock
Directory of
Bond Houses
and
^Security Dealers
Published
of North
Con¬
1935,
INVESTMENT TRUST
of COMMERCIAL
CORPORATION has
been declared
payable
January 1,1941, to stockholders of record at the
close of business December
10, 1940. The
transfer books will not close. Checks will be
mailed. V
America"
Common Stock,
Dividend
quarterly dividend of $1.00 per share in cash
has been declared on the Common Stock of
semi-annually
A
A 1,202 Page Book containing oyer 11,000 listings
alphabetically by States and Cities with full details
arranged
such as:
Street address
COMMERCIAL
INVESTMENT
TRUST
CORPORATION, payable January 1, 1941, to
stockholders of record at the close of business
December 10, 1940. The transfer books will not
close. Checks will be mailed.
JOHN I. SNYDER, Treasurer.
Officers or Partners
Department Heads
Branches maintained with street
November 28, 1940.
address and name
of resident manager
Character of
securities handled
business and class of
Stock Exchange
memberships held
Correspondents
Private wire connections
Local & Long Distance Telephone
Numbers
UNION
AND
CARBIDE
CARBON
CORPORATION
HERBERT D. SEIBERT
& CO.
Incorporated
•6 Sprues
Hew York City
Street
Telephone—BEekman
y'E53
A cash dividend
Publishers
8-1767
of Seventy-five
share on the
capital stock of
this Corporation has been de¬
clared, payable January 1, 1941,
to stockholders of record at the
cents
(75c.)
per
outstanding
close
of
business
December 6,
1940.
ROBERT W. WHITE,
For other
Treasurer
dividends see pps. iv, vt
vi and viii.
Vol.151
NOVEMBER 30,
No. 3936
1940
CONTENTS
Editorials
The Financial Situation
3123
Labor and Our Armament Program
.'
__
The South China Sea and Our Raw Materials
.3136
3138
Comment and Review
Week
on
the
European Stock Exchanges
3127
Foreign Political and Economic Situation
.
Foreign Exchange Rates and Comment
3128
3133 & 3177
Course of the Bond Market
3141
Indications of Business Activity
3142
Week
on
the New York Stock
Exchange
3126
Week
on
the New York Curb
Exchange
3174
News
Current Events and Discussions
....3153
Bank and Trust
....3173
Company Items
General Corporation and Investment News
....3224
3270
Dry Goods Trade
State and Municipal Department
....3271
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
3177 & 3179
Sinking Fund Notices
3177
Dividends Declared
3182
Auction Sales
3181
,
New York Stock
Exchange—Stock Quotations-..
*New York Stock
New York Curb Exchange—Stock
♦New York Curb
3192
Exchange—Bond Quotations. 3192 <fe 3202
Qwtotions
3208
Exchange—Bond Quotations.
3212
Other Exchanges—Stock and Bond Quotations
3214
Canadian Markets—Stock and Bond
3218
Quotations.
Over-the-Counter Securities—Stock & Bond Quotations .3220
Reports
Foreign Bank Statements
3132
Course of Bank
3175
Clearings
..3153 & 3189
Federal Reserve Bank Statements
General
Corporation and Investment News
3224
Commodities
The Commercial Markets and the
Crops
Bread stuffs
...3261
3264
Cotton
3267
«...
*
on
Attention is directed to the new column incorporated in our tables
New York Stock Exchange and New York CurbJExchange bond quota¬
tions pertaining to bank eligibility and rating.
Published Every Saturday
Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
SmithTl Drapers* Gardens. London, E.G.
President and Treasurer; William D. Biggs, Business Manager.
208 South La Salle Street (Telephone State 0613).
London-
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions in United States and Possessions. $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21 50 per year, $11.75 for 6 months, Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request.
NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Edwards &
Nov.
Chronicle
Commercial & Financial
The
1940
30,
vm
Interest exempt
Federal Income Taxation
from all present
$6,000,000
Connecticut
State of
dna%UX
l*/2% Bonds
1
serially April 1,
Due
Bonds maturing in
and accrued interest on
at par
1944 to 1971, inclusive
redeemable in inverse order of their maturities
interest payment date thereafter.
1968 to 1971, inclusive, are
the years
October 1, 1965 or any
opinion, for Savings
Legal Investment, in our
Massachusetts and
Banks in New York,
Connecticut
of constructing a toll bridge across the Thames
and the City of New London, in the opinion of
counsel will constitute valid general obligations of the State of Connecticut. The
revenues of said bridge, over and above the cost of maintenance, repair and opera¬
These Bonds, to
be issued to pay the cost
River between the
tion,
are
Town of Groton
bonds and,
pledged for the payment of the principal and interest of said
thereto, the full faith and credit of said State ore pledged for
the pay¬
in addition
principal and interest.
ment of such
$1,160,000
yield 0.50% to 1.00%
llA% Bonds due 1962 to
$2,200,000
Price to
These bunds are
yield 1.40% to Price of
and if issued and received by us and subject to approval of
Masslich & Mitchell, whose opinion icill be furnished upon delivery.
DICK & MERLE-SMITH
GRAHAM, PARSONS & CO.
/
PHELPS, FENN &. CO.
BLAIR &, CO., INC.
HALSEY, STUART &, CO. Inc.
GOLDMAN, SACHS & CO.
1971
99Y2
offered when, as
legality by Messrs.
OTIS &, CO.
(incorporated)
incorporated
ADAMS, McENTEE&,CO.
SPENCER TRASK&,CO.
incorporated
ARTHUR PERRY &, CO.
JACKSON &, CURTIS
vincorporated
BURR & COMPANY, INC.
THE R. F. GRIGGS COMPANY
WATERBURY, CONN.
-
ELDREDGE &. CO.
H. C.
$2,640,000 l)i% Bonds due 1950 to 1961
Prices to yield 1.00% to 1.35%
1944 to 1949
1 y2% Bonds due
Prices to
WAINWRIGHT &, CO.
BOND, JUDGE & CO.,
"
.7BOSTON /;"■/
v-
INC.
7:'^ 7 7.7:77 7r:.
.
V;, ■<;
7.,
BALLOU, ADAMS & COMPANY, INC.
:
77:7777 BOSTON
77
payable in Hartford, Connecticut. Coupon bonds in the
The information contained herein has been carefully
accuracy, we believe it to be correct as of this date.
Principal and semi-annual interest, April 1 and October 1,
denomination of $1,000, reglsterable as to principal only or as to principal and interest.
compiled from sources considered reliable, and while not guaranteed as to completeness or
Dated October 1, 1940.
Dividends
T3onhn/j
American Cyanamid
Special Dividend on Common
Company
of American Cyanamid Company, on November 27,
1940, declared a special dividend of one dollar and fifty cents ($1.50) per
share upon the Class "A" Common Stock and Class "B" Common Stock,
payable on December 20, 1940, to stockholders of record at the close of
business on December 6, 1940.
The dividend is payable in shares of the
Company's 5% Cumulative Convertible Preferred Stock, Third Series, at
the par value thereof, to wit: ten dollars ($10) per share, in the ratio of
one share of such Preferred Stock to each six and two-thirds shares of
the Class "A" Common Stock and/or Class "B" Common Stock, with the
proviso that no scrip or fractional shares representing the 5% Cumulative
Convertible Preferred Stock, Third Series, will be issued by the Company,
but in lieu and to the extent thereof the said dividend will be paid in cash.
Cash Dividend on 5% Cumulative Convertible Preferred
First Series and Second Series
The Board of Directors
Common Dividend
No. 123
The final dividend for the year
Stock
The Board of Directors
;1
Jfc
fifty cents ( 50^) per share has
been declared on the outstanding com¬
mon
20, 1940, to stockholders
of record at the close of business Dc
cember 7, 1940.
E. L.
THE
ELECTRIC
Common Stock
from the
Secretary.
have
CO.
declared
Accumulated Sur¬
plus of the Company a final
dividend for the year 1940
of Fifty
Cents ($.50) per
share
of American Cyanamid Company, on November 27,
1940, declared a quarterly dividend of fifteen cents (15<0 per share on the
outstanding shares of the Class "A" and Class "B" Common Stock of the
Company, payable January 2, 1941, to the holders of such stock of record
at the close of business December 12, 1940.
The Board of Directors
STORAGE BATTERY
The Directors
5% Cumulative Convertible Preferred Stock, First
Series and Second Series, of the Company, payable January 2, 1941, to the
holders of such stock of record at the close of business December 12, 1940.
p. STURTEVANT,
NOETZEL. Treasurer
Stock,
of American Cyanamid Company, on November 27,
dividend of
($.125) per share on the out¬
W.
Checks will be mailed.
The Borden Company
standing shares of the
on
payable
stock of this Company,
December
1940, declared a quarterly
Cash Dividend
1940
of
on
the
Common
Stock and the
Pre¬
payable December 23, 1*940, to
of
record of both of these
stock at the close of business on
ferred Stock,
stockholders
classes
of
December
3,
1940.
H. C. Allan,
Checks will be
Secretary and
Philadelphia, November
mailed.
Treasurer.
22,1940.
For other dividend* *ee page*
ii. i v, v and vi
The Financial Situation
obtained
the deadlocked situation which has
that
on
NEARLY four weeks of events at Washington has
have elapsed since Election
Day.
The
Board for
naturally been the subject of the closest and most con¬
resignations of several of the more troublesome individ¬
course
good
velt
ceived
table
Nov. 5,
"mandate"
a
and they,
fact,
are
occupied with defense mat¬
in mind
as a
on
Law Enforcement
mat¬
on
this
some
particulars had not been
wholly lost
of
the mind
upon
President who has al¬
a
Further
ment says:
obvi¬
by Mr. Willkie in several
announcing
At
»
one
shown himself sensi¬
tive
to
feeling,
popular
have been heartened in
C
'v/V-vY,
seems
have entered
to be that we
bankruptcy.
forty-five
than
limited to diets
so
poor
of those
periods not
known in recent years
and not
wrhen
be
to
pointing in several
directions at the
same
probably
indicating
some
and
there,
that
feels
Administration
the
under the necessity
ing
time,
of mak¬
concessions here
or
of giving the
making
of
appearance
them, meanwhile being en¬
gaged in coming to
more or
less conclusions
to wrhat
as
it will do at various
points
perhaps it is merely
—or
playing the role of the su¬
preme
has
opportunist that it
At any rate,
Not all of them feel hunger
all have clinical symptoms of defi¬
are
hopeful by nature
find
reason
for
some
can
en¬
couragement while others
are
about
not
equally able to
situations which
sense
at all to
are
their liking.
as
pellegra, beri-beri
or
But those who must live on
The
disease.
.
Commission.
Commission
The
re¬
belief that the survival
independent farming by farmers who own
of
their
own
farms and maintain
standard of
American
an
living is in jeopardy.
...
directly re¬
and 1920
the American farmer received from 52 to 60
These evidences of distress are
lated to the fact that between 1913
cents out of every
consumer,
ceived from 40 to
dollar.
dollar spent on food by the
1938 and 1939 he re¬
41 cents out of each such,
whereas in
underprivileged-third
from some political orator
during the campaign, it probably would not
have been found strange by anyone.
Had it formed a part of some "Jackson Day
Dinner" menu, it would not have been par¬
ticularly out of place.
But from the Department of Justice!
And
it is of a piece with much that has emanated
from that quarter during the past year or
demagoguery
come
two!
mony
Attorney-General is supposed to en¬
For that purpose
such testi¬
in¬
is irrelevant and from this source
Have there been violations of
laws?
If
so,
there is
no
existing Fed¬
need for this
type of arraignment.
If not, the Department
of Justice would be well advised to turn to
greener
pastures
and
leave
the
economic
disquisitions to others.
Sticking to one's own knitting may
fashioned, but it is still good
ing
con¬
One of them has to do with the labor situa¬
and the other with fiscal prudence.
a
The
ap¬
been interpreted by most employers as assur¬
much better administration of the National
given by former Chair¬
Labor Relations Act than that
man
Madden.
At least it will almost certainly end
At
such steps
immediately
most
are
leaning
be
to
appears
toward taking
to him to ensure
work
rupted
on
as
open
uninter¬
defense
at ;least., Pre¬
projects,
cisely how far he is ready to
go,
and precisely what he is
likely to do, is quite un¬
He does not ap¬
certain.
pear
to be proving much
more
successful than in the
trying to
in
past
bring
about
"peace" within the
ranks
of
unions
seem
labor,
and the
to be more or
less unanimous in demand¬
ing that defense contracts
be
employed
as a means
of
enforcing labor laws, even
if
are
in agreement
little
else. Mean¬
President is
they
upon
the
while,
keeping his
own
counsel in
large part, except to let it
be known that he intends
to
the
have
defense pro¬
be old-
proceed without
stant
interruption by labor
It
strife.
that the
ment
as
a
conceivable
is
defense entrepre¬
to
speak,
structive
problems
that it would learn anything of a con¬
At any rate, it appears easily
possibility, not to say proba¬
bility, that the defense program may
istration with some real labor
he
first
at
indeed who
nature.
within the boundaries of
The
may
good deal about
hand, although he would be an optimist
felt very sure
con¬
Federal Govern¬
so
learn
policy.
neur,
labor
pointment of Professor Harry A. Millis to the Chair¬
manship of the National Labor Relations Board seems
to have
any
all of this will lead.
gram
competent.
eral
obviously be
...
Had this choice bit of
In at least two important
tion
or
would
predict where
corded with dismay its
particulars the President is
at least going through the motions of making
cessions.
It
.
plight of the American farmer was sum¬
recently in a study by the Federal
force the law!
those who
below
marized
The
always been.
are
such a
diet for prolonged periods suffer from chronic
fatigue, lethargy, various digestive disorders
and divers aches and pains, and have a low¬
un¬
political straws appear
:,,v
.
safety line.
Trade
the
.
.
million people are
that they lack essen¬
These families
tial food elements.
ered resistance to
one
What Next?
lies whole-
them with
the past
two. The
by
the moment the President
scurvy.
or
years
ington and elsewhere.
consumers
among
ciency diseases such
week
placed in recent
the troublemakers in Wash¬
/v-f'
end of the food industries
malnutrition
degree by certain events of
truth of the matter
position in which
employers have been
many
rash to
the
a
amplifying its stand, the Depart¬
about the
due to
their inability to afford an adequate diet.
At the other end lies a population of produc¬
ing farmers who must sell an abundance of
food at distress prices so low as to threaten
sale
More
ways
by finding himself in
a
function
badly for both
consumers
and
farmers/' adding that "next to rent, food is
the largest item of consumer expenditure."
paign, believing, or at the
ously effective appeal made
irked
general investigation of
Department of Jus¬
tice asserts that its inquiry is prompted by
"recent evidence
that the food industries
cam¬
least hoping, that the
strongly suggests that
the President has become
the food industries, the
score.
the
of
course
Economic
or
Planning?
In
encouragement in the gen¬
:;
in store on the labor front. Mean¬
ters
still far from
Others who had found
eral
are
anything interpreas
ter of
things
while, the attitude of the Administration toward at
least one of the recent interruptions of work in plants
feared the worst if President Roosevelt re¬
course,
easy
that better
guide to the general trend of the third Roose¬
Administration as may be had.
Many had, of
a
hasty
employed by the Board lends support to the view
uals
by all those whose affairs demand as
stant attention
long time past, and, of course, the
a
face the Admin¬
problems.
;
/
President's statement during the week that
planned to keep all expenditures not essential to
absolute minimum is, if taken at face
defense to an
The Commercial & Financial Chronicle
3124
value, to be considered one of the most encouraging
utterances he has made for a good while past.
We
Nov. 30, 1940
sion"—precisely the old spending philosophy apit ever was
parently as strong with the President as
precisely what he says and that he is
despite the experience of the past few years and
notwithstanding that the end of this preparedness
fully determined to insist that he have his way in
He could without question command
program will inevitably find the Federal Government indebeted on a scale never even imagined be-
spirited citizen must hope,
hope, as every public
that he means
this matter.
strong following within and outside of Congress,
must be said, however, that there are
a
In all candor it
them a number of the remarks with
accompanied his budget warn-
reasons, among
which the President
What the President really seems to have in
spending proposals, but
fore.
mind is not a rejection of
merely their postponement to a latter season when
lie expects them to be as much in order as they ever
observers to await
were—that is, spending projects not conceived and
Not only the President, not only
developed the habit of supporting a wide
proposed by himself or those about him who enjoy
his confidence. This of course is a thing quite different from real fiscal sanity. About all that the
variety of pet projects by asserting that they are
essential to national defense.
The President him-
rest of us can do is, apparently, to hope for the best
and be prepared to do what is within our power to
ing, which will lead thoughtful
developments.
Congress, but a good many others have
members of
of late
reopening the St. Lawrence waterway-electric
self in
project at this time was, of course, deplorably guilty
of this sort of tactics.
His equivocal reply to ques-
truth
what his words about curtailing non-essential expenditures would appear upon the surface to mean.
Projects Administration was
tions about the Work
still
nature to reassure the skeptical. The
that there is scarcely a member of Congress,
Imrdly of
is
a
scarcely a lobbyist, scarcely a political hanger-on r
0n
Personalized Government
a
int the evidence is clear aM quite con-
one
The President is still as strong a
ag
£
■
anywhere who is not at this time nursing some
nis recent
,
really quite essential to our
■'
..-i
i-
ment
,
*v
President in his recent stete-
.
this motley crowd that he in-
i
•
sole arbiter
remain
.
...
•
i
•
j
deciding what
m
&
n
i
.-i
j
i
1
•
to
-j
and
1
.
is no
,
is
be considered essential to the defense program
a
.
Why WPA?
•
rate it may be in order at this point to
to why it is thought essential to employ
as
Work
the
Projects Administration
alleged defense
upon
much
better
have
the
men
To be
sure
preparations
or
it is
employed by this
doing really desirable work either
agency
fense
practice indefinitely.
to
extensively
projects and apparently to
^
continue the
so
anywhere else than
absorbing about
now
the agency,
precisely
bejng done, and thus
lsh thm
those
an
so
ai
as
usmess
agency
wise
thing if the defense
possi
o
e
on
de-
upon
the
which
^
which lias been created to perform it.
men
oiganiza ions
years remain, a
nghts
coming
arge
into
other
being in
hicli such
At
He is
of
boondoggling prepared and placed
deed he in terms says
used
at
that
time
to
program
on
is
file to be
over.
In-
White
the
House,
the restraints
would place upon executive
The President evidently finds in nothing
day
campaign
anything which lays upon
by
or upon
him the
men.
ye£ become clear.
We refer to what is
as "aid to Great Britain."
have not failed, of course, to take
men
the
0£
change that has occurred in
«pr0paganda."
no^
British
Nor have those whose memory is
exceptionally short failed to observe the strik-
ing simiiarity between what is now being said and
what
we
191G and
recent
entirely too willing to have plans for all sorts
of
palate for
no
known
110^e
Other-
point the President's spending
It is clear
pressed with the "mandate"
measure
Thoughtful
govern-
to present ground for foreboding,
ready when the armament
;
blessings
has
popularly
were
told repeatedly and
early 1917>
announcement
#
of
a
dolefully late in
Beyond his early p0st-election
"fifty-fifty"
sharing
of
our
productive capacitv with Great Britain, the Presi-
pears
another
a
tjon bag ag
dent
still
The DenartX lit! XfclJai I
..
^
Concerning what appears to be on the way to becoming the most ominous movement of the day, the
attitude of neither Congress nor of the Administra-
used
governmental body with vested
the
]aw ratiier than
relief giving.
statement appears
fit and with.
obligation to give the Government back to the people
or ^ reveid: f0 our older practice
of governing by
Preparing for Future Spending
m
U1.
.
greatly
plainly
election
made work," but of the
it itself will remain, as so many
...
.
occurred during the recent
It would be
program were
hem
action.
to ridAhe country not only of this
unessential,
^
enforcement of law as such.
without
j)Pl
agencies actually performing the neces-
excellent
he
of Nov. 5—has passed the so-called Logan-Walter
longer needed by it
t at it now is performing.
saiy wor
gg
Congress—which, incidentally does not appear
t0 have
other similar work is
no
.;
jjian £or
would appear, normally find employment
V
wit
men
.
,
,.
,.
fhat
make^ it possible to disestab-
The
the mattej<
,.
.x
with Presidential sup,
..
„
, .
port continues its established policy of making use
p0wers of investigation and prosecution to
designed but to provide work otherwise
obtainable.
f0r doubt that the President wishes to
T
.
,
fifth of the energies of
as
Tr_
gabot
ment of Justice, obviously
costly and inefficient organization which
at best is
no
room
^
is really essential to defense, why should
it not be done
the
and
interference from Congress
OUT <11 CI Ol llllclltl gIiC" IX U1X1
But if this work, which is
one^
w)latever
+-
*
man
type of project they have in the past been so fre-
quently used to effect.
telegram to Reprenstative Dies
effect what it considers to be economic reform rather
^
At any
inquire
*
.,
I
merits of the controversy at particular points, leaves
smaB
warning
j
tended to
w
,
«■ # *
than
*«
,
.
expenditures may have been doing nothing
on
more
.-.i.,.
~
mi
believer
centralized and personalized gov-
^
project or other and ready to prove to his own
satisfaction that it is
precisely
persuade or to oblige the President to do
^ ^ ^
on
^ subject
Congregg ap.
not to have come to any definite conclusions,
either.
Perhaps both are waiting for public opinion
to crystallize.
If so, it becomes all the more im-
portant that the public remain cool and realistic
in this vital matter, and in considering it let it not
for
a
moment be supposed that in all the discussion
that they will be useful and
of repeal of the Johnson Act and certain provisions
"prevent
of other laws, particularly the so-called Neutrality
a
business
depres-
Volume 151
The Commercial & Financial Chronicle
Act, the central
action is
from
row
of the proponents of such
purpose
merely that of permitting England to borprivate American citizens in the
If the plight of Great Britain is
way.
mately what it is often
than that will be
pictured, much
now
expected of
huge blocks of the obligations of
position.
a
Nor
willing to buy
The time has definitelv
and for all whether
once
to extend huge
eager
to govern our
actions here.
elusions in this matter,
much
more
to determine
us
hearts
or our
Whatever
final
our
are
con-
they should be reached after
of
the
alternatives
we
than
not go very
for
heads
intelligent, dispassionate, and realistic
consideration
sequences
come
our
have
as
vet
and
the
given them.
much further than
con-
We
can-
have already gone
we
without virtual certainlv of ultimate involvement.
j
improved to 90.8% from 90.6%. Discounts by;
the regional banks decreased $271,000 to $3,835,000.
Industrial advances declined $296,000 to $7,616,000,
while commitments to make such advances
developments,
r
off
i-
•
j
*
•
Fore,gn Trade ,n October
.
/\
R t e temporary set-back delivered in
^ September, the Nation's foreign commerce
recovered in October to approximately the 1940
monthly averaSe level- Exports of $343,485,000 in
the month were a little above averaSe and imports
of $207,141,000, slightly below. Compared with
SePtember's shipments of $295,245,000 and receipts
of $194,928,000, substantial improvement is evident;
However, October's exports in each of the five preceding years were above a11 Preceding mo,nths of th,ose
years and imports ?ame close to duplicating that
Last
month, however, exports exceeded
only four of the preceding months and
of
those
reflected
as
were
$8,000 to $7,106,000.
record.
-
Federal Reserve Bank Statement
REDIT and
currency
in the official
ratio
banks and other
credits under such conditions.
imports
higher than only two of the* earlier
were
banking statistics for the weekly
period ended Nov. 27, again are much in accordance
months of the
with
exports amounted to $331,978,000 and imports, to
the
Excess
long-dominant
trend
toward
of member banks
reserves
expansion,
last
month's
year.
4
Consequently, comparison of
figures
with
October,
when
1939,
legal require-
$215,289,000, shows the smallest year-to-year gain
$130,000,000 for the week to $6,930,000,000, which is just under the all-time high. This
in exports since July, 1939, excepting last September;
was
imports since February, 1939.
over
ments increased
partly due to another gain of $39,000,000 in
our
monetary gold stocks, which raised the total to $21,755,000,000. Sharp declines in the Treasury general
account
and
Federal
Reserve
The
in
non-member
banks
deposits with the 12
contributed
the
to
only offsetting items of importance
advance
of currency
$8,465,000,000,
and
of the
Federal
side of the credit
a
liquidation
assures some
that
of
an
$27,100,000
market port-
open
Reserve banks.
The demand
picture indicates further effective
demand for accommodation.
maintained
were
circulation by $29,000,000 to
Treasury obligations from the
folio
result,
the
Indeed, it is generally
defense
virtually
program
expansion in the future, notwithstand-
ing the expressed readiness of the Reconstruction
Finance
ments
Corporation to make loans against
contracts
at low rates.
dition statement of New York
arma-
The combined
con-
City weekly report-
ing member banks for the period ended Nov. 27
shows
increase of business loans
an
$1,868,000,000.
and
dealers
Loans by the
on
same
The
decline
ments there has been
cultural
products,
farm products, however,
$227,319,000
ucts
were
a year
$904,500,000.
All kinds of farm prod-
cotton, fruits and nuts, tobacco and packing-house
products,
but
decline than
accounted
cotton
any
other.
$
for
more
of the
Exports of the staple
ag¬
gregated only 197,112 bales valued at $10,541,000
in comparison with 916,177 bales worth $47,192,000
in
October, 1939; shipments, pursuing the seasonal
trend,
were
higher than in September when only
92,932 bales worth $5,138,000 were shipped but in
20% of_the amount
open
market
to
Treasury
$1,299,700,000,
off $12,100,000 to
non-agricultural
increase,
steel
same
period
were
and
items
a
more
rose
net
than
The items showing the bulk of the
the familiar ones, aircraft, iron and
other
metals,
and
metal-working
ma-
chinery.
The Treasury deposited $54,496,000
gold certificates with the Federal Reserve banks,
exported in the
19397" To offset these declines and leave
$75,000,000.
were
rose
earlier.
shipped in smaller volume, particularly
increase
$15,000,000
ex-
Nonto $302,749,000 from
ports and were valued at only $33,415,000.
the first three months of the current cotton season
$27,100,000 in the
fell
value of $95,758,-
shipments totaled only 358,997 bales, or less than
Treasury obligations to $2,204,200,000.
holdings
a
000, last month constituted less than 10% of all
of
Treasury note holdings
Shipments of agri-
which represented 30% of the
total in October, 1939, and had
of
bond
substantial change in their
a
character since October, 1939.
portfolio lowered the Federal Reserve Bank holdings
while
|
But in spite of the relatively small rise in ship-
by $3,000,000 to
security collateral increased $15,-
of
also, there is shown the first year-to-year decrease in
banks to brokers
000,000 to $339,000,000.
Among
month's
the
imports,
rubber
and
tin
continued substantially higher than a year ago but
raising their holdings of such instruments to $19,-
both
546,295,000.
As the Department of Commerce observes, however,
reserves
Other cash dropped slightly, and total
of the
regional institutions
027,000 to $19,856,186,000.
in actual circulation
129,000.
fell
were
were
up
$49,-
Federal Reserve notes
up
$33,387,000 to $5,703,-
Total deposits with the 12 regional banks
$9,056,090 to $16,175,990,000, with the account
variations
consisting of
a
gain of member bank de-
posits by $165,235,000 to $14,291,954,000;
of the
a
decline
Treasury general account by $110,971,000 to
$198,606,000;
an
increase
of foreign
deposits
by
<
1714,000 to ?1,153,293,000, and a drop of other deposits by $64,034,000 to $532,137,000. The reserve
country which
a
are our
lending institutions likely to be
more
It is hardly likely
us.
that the American investor will be
is in such
usual
approxi-
even
3125
were
under the September level, tin by 30%.
in view of existing commitments under the stock-
piling
program,
"the decline in imports of these
leading strategic materials should not be construed
as
of
more
than temporary significance."
Silk imports while under last year were nearly
double September and copper receipts were above
both periods.
Other items that
were
higher than in
September included wool and mohair, coffee, fruits
and nuts, and vegetable oils.
,
The Commercial &
3126
Nov.
Financial Chronicle
Last month's
export balance amounted to $136,344,000 compared with $100,317,000 in September,
and $116,689,000 in October, 1939.
The balance
for the 10 months amounts to $1,225,380,000 or
1940
inci¬
By far the most significant
equities division.
dent
30,
"private sale" by American Telephone &
was a
$140,000,000 30-year
of 14 insurance
companies. The decision of the parent company of
nearly double the same period of 1939, when the
the Bell System to adopt that method of financing
balance was $680,862,000.
Gold receipts in October of $325,981,000 were J naturally cast a spell of gloom over the underwrit¬
ing community. United States Treasury obligations
roughly at the same level as the two previous months
were firm early in the week, but recessions devel¬
but compare with only $69,740,000 in October,
oped thereafter, partly in expectation of a large
1939.
In the year through October imports of gold
new-money borrowing operation by the Treasury in
have aggregated $4,282,176,000, by far the largest
December.
Best rated corporate bonds were quiet
for such a period in history, and they have been
and little changed.
Speculative railroad, utility and
offset by exports of only $4,986,000.
Silver imports
amounting to $4,857,000
about average again,
were
Telegraph Co., Wednesday, of
2%% debentures, at 98%, to a group
other bonds were easy,
with some of the New Jersey
weak as a consequence of a
Court decision requiring full payment by
bringing the total for the 10 months up to
$49,023,000.
Exports of this metal have aggregated
$3,484,000 in the first ten months.
:
railroad issues quite
The New York Stock Market
dollar bonds drifted
and
Federal
such carriers of New Jersey
the
STOCK dealings in the New Yorksignificance this
price changes of any market resulted
in few
week.
The
general trend
less6 because
unfortunate than
The
interest.
was
slightly downward,
developments were regarded as
because of simple lack of public
news
situation
begins to
resemble, once
again, that which prevailed before the election flurry
stimulated
activity to
the New York
a
Trading on
modest degree.
the
Stock Exchange held just over
500,000-share level in the first two sessions of the
week
now
After
ending.
modest increase of trad¬
a
the
500,000-share level in the latter half of
ing, Wednesday, dealings declined even below
diminutive
This means, of course, that
the week.
overhead costs
It
hardly surprising, in the circumstances, to find
is
being covered by the financial district.
not
are
that demand for seats on the
Sale of
lessening.
at
Big Board is steadily
seat was noted last Monday
a
$34,000, off $6,000 from the last previous transas-
tion, which took place just before the national elec¬
further
Two
tion.
seat
sales
were
reported this
week, both at $33,000, which is the lowest
record since 1899,
when
transfer
a
was
price on
effected at
Although business activity in the United States
to be on the increase, owing in large part
to British and
for
equities
the
American armaments orders, demand
was
light
on
all occasions, and at times
selling orders predominated.
motor
Steel, airplane,
stocks slowly receded.
other industrial
and
Copper stocks were mixed, and some of the mer¬
chandising
utility
groups were
the downward
railroad
under modest pressure.
and
Euro¬
possibly contributed somewhat to
drift, for
censors no
to conceal the fact that a
being done by
The
improved.
issues
pean war news
German
longer were able
good deal of damage is
airplane bombing to the
British industrial establishment.
Encouraging
re¬
ports of British and Greek victories against Italy
largely offset that influence.
Talk of additional
Washington, and
taxation remained prominent at
the
impression
added
leading grains managed
Base metals were
steady. Foreign exchange trading produced nothing
new, and the steady inflow of gold remained the best
dull, but wheat and other
to
improve slightly in the pits.
index to the
touched
new
touched
position.
New
the
On
Stock Exchange 33
York
high levels for the year while 27
spread rapidly that profits from
business activity will be modest,
Federal levies
are
deducted.
after the
Indeed, it appears that
corporations already are setting up as tax reserves
almost all
the profits made over and above those
reported in recent years.
The lot of the equity
holder is not likely to improve greatly, in such cir¬
cumstances.
Listed
bond
trading
was
quiet throughout the
week, and price trends were must like those
of the
stocks
stocks
On the New York Curb
low levels.
new
Exchange 39 stocks touched new
high levels and 24
stocks touched new low levels.
Call loans
mained
the New York Stock Exchange re¬
unchanged at 1%.
the
On
on
New York Stock Exchange
Monday, 521,260
Saturday were 241,060 shares; on
shares; on Tuesday,
the sales on
592,670 shares; on Wednesday,
846,200 shares; on Thursday, 472,440 shares,
and on
Friday, 527,735 shares.
On
the
New York
Curb Exchange the sales on
126,215
shares; on Tuesday, 169,795 shares; on Wednesday,
190,420 shares; on Thursday, 119,865 shares, and on
Saturday
were
77,189 shares; on Monday,
Friday; 127,395 shares.
Trading in the stock market on Saturday
$29,500.
appears
Foreign
Commodity markets were
week.
rule for the
State levies.
aimlessly, and net losses were
week failed to
of last
prices
bring forth any clear trend, and
and mixed. At times somewhat pro¬
variations in the price range developed, but
were minimized in a great degree by the small vol¬
ume of shares involved in these transactions.
The
closed steady
nounced
financial
plight of Great Britain as
picture
on
complicated
rather
Ambassador
her
expressed by
the financial
His statement induced
large-scale liquidation
Monday.
thoughts of possible future
of American securities
in
the
of British holders at present
hands of the Chancellor
The market was
dependent upon the nature of the
favorable
or
of the Exchequer.
selective, and progress was
largely
day's news and its
unfavorable relation to the
securities
interest was evinced in
initial transactions, and some gains followed early
in steel issues.
Partial losses subsequently resulted
in
as
question.
market weakness
as a
of the vague picture
The market
situation presents.
times showed some
necessary
Irregularity prevailed
as a consequence
international
the
developed, leaving the market
whole mixed at closing.
Tuesday
on
at
Moderate
strength, but it lacked the
force to hold its advantage. Secretary of
warning against too great
War Stimson's statement
expansion of air transport companies at the expense
of defense needs tended to depress these issues.
As
the
day ended irregularly lower
price levels were
Volume
the rule.
on
//The Commercial & Financial Chronicle
151
Heaviness
Wednesday
direct
viewed.
were
The dubious state of Great Britain's
disadvantage.
to three
little
a
operations
our
a
rewar
domestic industrial
own
political problems, worked to the market's dis-
tinct
one
market
upon
effort,{ coupled with
and
trading
the various factors that have
as
bearing
characteristic of
was
the market, on technical
on
the day.
sue-
On Thursday
grounds alone, managed to
previous fall of prices.
Market
participation
be ascertained
may
the day ranged from
than one-tenth of their number
showing gains
check the
on
points, and of the total issues dealt in,
more
ceeded in
Losses
472,440 shares
day before.
as
Of
from
the
be accounted for
day's
turnover
as
of
compared with 846,200 shares the
course some
letdown in volume
can
by the observance of the original
Thanksgiving Day holiday in about one-quarter of
the States.
and
final
trend.
Moderate
Narrowness
and mixed
prices
proportions
were
ferred stock
declines.
the
improvement
prices reflected
an
obtained
were
was
the order
irregularly higher
in
Friday's market,
the result.
Advances of any
registered principally
among pre-
issues, this being likewise true for the
The many
uncertainties with regard to
future, both at home and abroad, continue to
operate against better markets, and
were
responsible for yesterday's irregular closing.
of fractions to
from
a
more
than
one
point
may
in part
Losses
be gleaned
comparison of closing quotations yesterday
prices on Friday of last week.
with final
General
33%
on
Electric closed
Electric at
at
yesterday at 33 against
Friday of last week; Consolidated Edison
Co. of N. Y. at
21% against 23%
;
Columbia Gas &
4% against 5; Public Service of N. J.
28% against 30% ; International Harvester at
54% against 54%;
against
76%;
Sears, Roebuck & Co. at 75
Montgomery Ward & Co.
at
37%
against 36%: Woolworth at 32% against 33%, and
American Tel. & Tel. at
Western Union closed
21
at
against 4214; Bethlehem Steel at 85% against 86,
and Youngstown Sheet & Tube at 40 against 41%.
In the motor
group,
General Motors closed yester-
day at 49% against 49%
Chrysler
at
on
75% against
Friday of last week;
78%;
Packard
at
3%
against 3%; Studebaker at 8 against 8%, and Hupp
Motors at 9/16 against %.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 34% against 35
on
Friday of last week;
Shell Union Oil at 10% against 9%, and Atlantic
Refining at 23% against 23%.
Among the copper stocks, Anaconda Copper closed
indeed restricted,
was
3127
165% against 167.
yesterday at 20% against
Friday of last week; Allied Chemical & Dye
167% against 167; E. I. du Pont de Nemours at
on
yesterday at 27 against 26% on Friday of last week:
American Smelting & Refining at 44% against 44%,
and Phelps Dodge at 34% against 36%.
In the aviation
group,
Curtiss-Wright closed
yes-
terday, at 8% against 9% on Friday of last week;
Boeing Aircraft at 18 against 18%, and Douglas Aircraft at 78 against 81.
Trade and industrial reports indicate that busiactivity is moving along in the United States
on a high level. Steel output for the week ending
today was estimated by American Iron and Steel
Institute at 96.6% of capacity, unchanged from the
previous week. The estimated production rate one
ness
month ago was 95.7%, and
one year ago
it
was
94.4%. Production of electric power for the week
ended Nov. 23, when part of the country celebrated
Thanksgiving Day, was reported by Edison Electric
Institute at 2,695,431,000 kwh., against 2,751,528,000
kwh. in the previous week, which contained the Armistice Day suspension in part of the country. The
electric rate in the similar week of last
year was
Car loadings of revenue freight
in the week ended Nov. 23 were reported by the
Association of American Railroads at 733,488 cars,
a decrease of 11,807 cars from the preceding week,
2,481,882,000 kwh.
but a gain of 60,375 cars over the figure for the
similar week of 1939.
As indicating the course of the commodity
mar-
bets, the December option for wheat in Chicago
closed yesterday at 88%c. against 87%c. the close
on Friday of last week.
December corn closed yes-
terday at 63%c. against 63%c. the close on Friday
of last week. December oats at Chicago closed yesagainst 13%; National Biscuit at 17% against 18;
terday at 39%c. against 38%c. the close on Friday
Texas Gulf Sulphur at 36% ex-div. against 37;
Loft,
of last week.
Inc., at 20% against 20%; Continental Can at 37%
The spot price for cotton here in New York closed
against 38; Eastman Kodak at 143% against 141;
yesterday at 10.06c. against 10.15c. the close on
Standard Brands at 6% against 6%; Westinghouse
Friday of last week. The spot price for rubber
Elec. & Mfg. at 103% against 10434 ; Canada Dry at
closed yesterday at 20.87c. against 21.00c. the close
13% against 13%; Schenlev Distillers at 10%
on Friday of last week.
Domestic copper closed
against 11%,
and National
Distillers
at
23 ' yesterday at 12c., the close on Friday of last week,
against 22%.
"
In London the price of bar silver closed yesterday
In the rubber group, Goodyear Tire & Rubber
at 22% pence per ounce against 23% pence per
closed yesterday at 17% against 18% on Friday of
ounce the close on Friday of last week, and spot
last week; B. F. Goodrich at 14% against 15%, and
silver in New York closed yesterday at 3434c., the
United States Rubber at 23% against 24%.
close on Friday of last week.
Railroad stocks sustained further losses the presIn the matter of foreign exchanges, cable transent week.
Pennsylvania RR. closed yesterday at 22
fei's on London closed yesterday at $4.04, the close
against 23% on Friday of last week; Atchison To°n Friday of last week.
154% against 156%; National Cash Register at 12%
against 12%; National Dairy Products at 13%
.
peka & Santa Fe at 17% ex-div. against 1834; New
York Central at
at
78% against 81; Southern Pacific at 8% against
8%;
Railway at 12% against 13. and
Pacific at 6% against 6%.
Southern
Northern
Steel stocks
again turned downward this week,
United States Steel closed
6834
on
,
European Stock Markets
13% against 14%; Union Pacific
yesterday at 66% against
Friday of last week; Crucible Steel at 4934
TV/[ODEST dealings were reported this week on
1V1 stock exchanges in the foremost European
financial centers, with a firm tone prevalent in most
markets.
War developments apparently were in-
terpreted in every center much in accordance with
the hopes and wishes of the market concerned. Lon-
77ze Commercial & Financial Chronicle
3128
don
gained
controversy as to the actual dollar resources of
Great Britain. At the start of the war, British holdings of gold1; American securities and direct invest-
resounding
from the
comfort
great
thrashing administered to Italy, and from the Ameraid to Great Britain. Berlin
ican efforts to increase
saw
bombings of British ports and industrial
indications
ments here were estimated at something like ?4,000,000,000. Only a relatively small part of that great
sum actually has been disbursed to date, of course,
but it is suggested that orders already placed here
for war materials may have occasioned the "earmarking" of most of the resources, making it ad-
from its own viewpoint in the heavy
progress
available
were
No
cities.
to French market re-
as
actions to these and other developments, as news
lacking of the dealings on the Paris Bourse,
still is
The London Stock
Exchange was extremely quiet in
visable for British authorities to consider further
steps. Agitation in the United States for repeal of
the Johnson Act, which prohibits the flotation of
loans in this country by war debt defaulters, was
heightened by the discussion. The Senate Foreign
Relations Committee reviewed the matter, but decided on Wednesday to defer until next year any
study and action which might be regarded as ad vis-
early sessions of the week, but activity increased
the
period and advances then were the
in the mid-week
The market was aided
rule.
by
considerable out-
a
pouring of British Treasury money, in payment for
Both
showed small
industrial
and
gilt-edged
Stock Exchange
movements
again
wide in some
fairly
were
principal changes at Amsterdam oc-
The
sessions.
Wednesday, when gains of 6 to 16 points were
curred
After
recorded in leading stocks.
week start at
a
Monday, price improvement was resumed
Berlin,
German
the
on
able.
Many rumors were in circulation with respect to
the means for increasing American aid, but they
are probably of little immediate importance.
One
possibility of the future, according to London reports, is that one or another of the British West
Indian possessions might be turend over to the
United States in payment for war supplies. A Wash-
jumpy than in previous weeks and months,
less
but
se-
issues
gains, in consequence of the reinvest-
ment of the funds/ The Amsterdam
was
Canadian
of
holdings
Britisli
requisitioned
curities.
gains were
small
and
market,
recorded for the week.
American Aid
ington dispatch of last Monday, to the
Great Britain
to
Nov. 30, 1940
New York
OWING to a variety of circumstances, week atthe United States this public
"Herald-Tribune," indicated that Great Britain was
anxious to obtain from the United States, without
sharply than ever before upon the
delay, three battleships, six cruisers and 100
destroyers. There has been no denial of this inferential report. British spokesmen, in fact, have
taken pains to emphasize the need of the London
Government for added American support. Ronald
in
tention
centered
more
was
Britain,
great problem of aid for embattled Great
The
answer
furnished
anxieties
to the debate on the matter
on
Roosevelt
President
by
the
score
possibly
was
before
even
of British resistance to Nazi
airplane assaults reached their current phase of inlast
week, Mr. Roosevelt stated that American aid is
at its
peak, for the moment. The problem, he pointed
out, is the physical one of production, and not a
mere
of
matter
passing
law
a
two.
or
Until air-
/
planes and other war materials roll off the produc-
assembly lines more rapidly than now is
tion and
the country will
possible, the President added,
scar celv
be able to increase the rule-of-thumb allot-
ment to
Great Britain
The
50% of
our war
output,
questions thus answered by Mr. Roosevelt were
prompted by the
to
of
wipe
Coventry, by
means
of the current
deal of
Nazi method of endeavoring
new
industrial
entire
out
of
mass
towns,
air raids.
such
as
In the course
week, it was made plain that a good
damage to the British industrial equipment
actually has been caused by the German raiders,
and it is
come an
possible that aid to Great Britain will be-
increasingly
more
pertinent matter for the
Financial
Great
help will be required before long by
Britain,
as
well
as
material aid of every im-
portant kind, according to British spokesmen.
Lord
Lothian, British Ambassador to the United States,
returned to his
Washington post last Saturday, and
promptly stated that Britain will approach the end
of her dollar
exchange
need financial
and
help,
as
resources
well
ships for the tough
ferring
in
Washington,
Roosevelt and
Lothian
in the
was
course
as
year
in 1941, and will
"planes, munitions
ahead."
Monday,
with
After con-
President
Secretary of State Cordell Hull, Lord
reported to have denied that he took up
of the discussions the matter of loans,
The comments
return from
FLIGHTING in the air and on the high seas remained, this week, on the most intensive scale
so far reached in the long-drawn battle between
Great Britain and the German-Italian combination,
Aerial attacks, in particular, were intensified on all
*
occasions when weather.conditions were at
United Sttaes.
•
Cross, British Minister of Shipping, declared in
radio address on Tuesday that shipping losses of
^ie war
made it necessary for England to look
"primarily to the shipyards of the United States,
since by themselves the resources of the Empire are
11
enough." Arthur Greenwood, Minister without
Portfolio, reviewed the position frankly before the
House Of Commons^ Wednesday. > Mr. Greenwood
admitted that the shipping position could not be regarded with equanimity, and he expressed the hope
that more tonnage will be available from the United
States. He compared the situation to that of April,
1917, which was a dark period for Great Britain
in the f^st World War.
Aerial and Sea Warfare
a
In the course of a press conference, late
tensity.
made by the Ambassador upon
his
England, however, occasioned a lively
all pro-
pitious for such activity. Great fleets of German
airplanes battered British cities one after another,
and reports finally began to seep through the censorship of the damage really being done in such bombing raids. Similarly, British airplane bombings of
German ports and cities were on an ever greater
scale, and there can be no question of the hurt being
inflicted upon the Reich, even though the German
censorship permited few details to go through. To
all appearances the struggle finally has reached
that stage of actually "all-out" attack which long
has been threatened. The German bomb attacks
against Great Britain are reported from London to
similar struccorrespondents
have destroyed churches, hospitals and
tures, and it seems that some press
The Commercial & Financial Chronicle
Volume 151
found
the British
censorship restrictions too con¬
fining, with the result that news was permited to
come
through of military damage, as well.
The
shipping losses suffered by Great Britain gained
equal
prominence.
As
Prime
position begins to be
■.
Britain
will be
in
by the
months.
asperation of
in
Great
they
as
June.
ex¬
Raymond Daniell, London correspondent of
"Times," remarked in
dispatch of
a
Sunday that the British censorship
the full bloom
newspapers,
of the
readers
printing German
are
com¬
pretense of informing their
a
to what is
as
is "in
silly season.'" Even British
he remarked,
muniques to make
now
going
on at
home. "The
censor¬
Australian
zone.
Wednesday that
on
operating in the Pacific.
ships at
the
Bahamas, only
around
now
Isles
are
accounting for
admitted in London to be
In his address before the House of Com¬
Wednesday, Mr. Greenwood remarked that
shipping position is "much like that of April,
1917."
The best minds in the
Admiralty and other
services do not
their power
"If
do
we
not,
serious one,
speech
believe, he said, that it is beyond
to find means to counter such menaces.
our
plight is going to become
ing British shipyards, and that losses
of
A London dispatch
Tuesday to the Assoc. Press
lines.
same
The
marching
unexpectedly
enemy
Triomphe."
was
quite along the
report said that "complacency, dis¬
tortion and reluctance to admit the
vately to correspondents who have
truth,
some news
through rigorous censorship, which
times
delays official communiques, perhaps are
as
even
dangerous to the British
ings."
The way the
some¬
nightly bomb¬
work, the Assoc. Press
cause as
censors
ping, acknowledged that naval construction and
of
replacements.
While
these
admissions
British air force
pounded
being aired, the
the
correspondents emphasized
press
splendid morale of the
The
men
populace generally, it
of the
censors
were
away
Open debate
ports.
is not
on
the destruction thus caused
permited in the Reich, of course, but it is
hardly to be supposed that the British airmen in¬
of
this
on
number of
good deal
damage to British industrial plants has been
and
against Coventry and Birming¬
ham, in the heart of the Industrial
Germans
British
smashed
censors
Southeast
this
week
described
England
as
cities.
Midlands, the
against
West
what
England and
German
The
the
official
statements revealed the cities of intensified attack
Liverpool, Bristol, Southampton and
successively
as
Plymouth.
All of these cities
British industrial and trade
are
important in the
scheme, and it
appears
mons,
then
on
the position in the House of Com¬
Wednesday, and
was
rendered
an
ment
our
can
own
obtain
he
a
expressed the
second
on
expansion.
deficiencies."
Coventry and Birmingham,
our
was
attacked again
were
daylight
the English Channel, when
flights
were
attempted and airplanes
the attackers.
sides,
and
The aerial losses
plainly much
were
under
to meet
rose
modest
the
re¬
on
both
replacement
levels, but British authorities claimed losses of Ger¬
ships somewhat in
man
With
excess
of their
losses.
own
particular satisfaction, London reported last
Sunday
that
seven
Italian
airplanes
had
been
downed, out of a squadron that endeavored to attack
The invasion
mind, but there
man
were no
peril
was
kept actively
indications of
any
Ger¬
attempts to invade the United Kingdom.
The Mediterranean
NAVAL things much their the Anglo-Greek week,
and land forces of
this allies
had
own
in the immense
ranean
which
Berlin Axis is
way,
struggle for conrtol of the Mediter¬
the
Italian
contesting.
partner of the Rome-
The battle reports told
of British
only of defeats for the Italian forces, and there is no
longer much immediate danger of an epochal upset
pace
emphasis that the attacks have not "eaten to
serious extent into
a
He remarked with studied
said, have merely slowed down the
armaments
con¬
arsenal, from
increasing supplies to supple¬
and to make good our
The German attacks
on
obviously candid account
without Portfolio. Mr. Greenwood
we
located,
over
by Arthur Greenwood, Minister
viction that America "will be
which
are
ported
British cities.
precipitated
bombed
Occasional aerial dog-fights
again.
in
was
was
Hamburg, where great German naval
shipyards
to
A debate
Berlin
occasions, and particular attention again
quite evident that the Reich air force is endeavoring
paralyze British economic life.
on
nu¬
employed in the grand-scale
British cities.
Reich.
the
hospitals and fine old monuments.
their all-out attacks
more
paid to various great German plants in the
was
and other
up
Eng¬
Ruhr and in the other industrial concentrations of
occasioned, along with the ceaseless destruction of
Following
suffered in
Any difference
plainly would be due to the
score
German planes
a
was
land at the hands of the Nazis.
attacks
is evident that
now
damage to the German military and
merous
In the air the Germans retained their numerical
superiority, and it
less
stated, is far ahead
in realization of the situation.
the
steadily and at in¬
creasing rates against German industrial cities and
in the British streets.
was
being made,
were
flicted
objections to the British censorship
excess
needed from the
were
industrial establishment than
while these
in
are
United States.
French
Even
re¬
All spokesmen agreed that greater
dispatch added, "is reminiscent of the conduct of
censorship before the fall of France."
a
virtually monopoliz¬
are
shipping and other supplies
pri¬
even
hope of getting
no
In
Tuesday, R. H. Cross, Minister of Ship¬
on
denly
the
a very
indeed," Mr. Greenwood added.
pairs to all classes of vessels
found
an¬
Submarine and aerial at¬
British
rate that is
a
alarming.
mons,
the
the
authorities
German raider is
a
ship," he commented, "is becoming ominously as op¬
pressive as that of France was before the people sud¬
under the Arc de
A German
reported last Sunday to be attacking a
neutrality
to
press correspondents that references
the New York
can
nounced
tacks
made to the situation which France faced last
were
rate which exceeeds
a
short distance out from the limits of the Ameri¬
minimized
were
is doubtless due
It
was
mat¬
a
German submarine and aerial bomb
destroying ships at
British merchant vessel east of the
a
the danger is that such losses
war,
are
plainly
raider
being made avail¬
losses occasioned
exaggerated, much
recent
last
information is
more
the actual
to
as
indicated the
attacks
was
in England, for reports
concern
shipping
threatening to the
more
shipping position
increasing
British Empire replacement capacity.
Kingdom than the airplane bombings.
Now that
able
even
of
Winston
Minister
Churchill indicated several weeks
ago, the
United
The British
ter
3129
productive capacity."
any
in
that
Balkans
area.
Diplomatic
developments
in
the
suggest that Germany is not likely to come
The Commercial & Financial Chronicle
3130
Italy by attacking Greece from the
the aid of
to
Great Britain, on
hand, is sending vitally needed forces to
East, at least for the time being.
the other
authorities, and the
assistance of the Athens
the
of the
No Italian troops
struggle no longer has the unequal appearance
early days of Italian
left
are
now
on
aggression.
Greek soil, for the battle is being
waged entirely in Albania.
into Italian
lines, this week, and finally began to
threaten even such
bases
Port
at
solinfs
The courageous Evzones
Army carried the fight ever deeper
of the Grecian
vitally important Italian supjply
named after Premier Mus-
Edda,
The fall of Koritza, late last
daughter.
which carmiles into Albania.
week, was followed by Greek advances
ried the kilt-clad Evzones many
Crack Italian divisions were rushed to
reports yesterday indicated that
these "battalions
being routed by the Greeks. The
of death" were also
Government, mindful of the vast forces at
Greek
the
Albania, and
disposal of Premier Mussolini, sent an urgent ap-
peal to the United States, Thursday,
materials and
for "necessary
supplies."
question of naval con-
There has never been any
Mediterranean, as the British Fleet con-
trol of the
Even the
tinually has patrolled the Middle Sea.
threat of an Italian attack now seems
however, and it is
possible that important British
naval units soon will be
led
to
active
transferred to the important
Aerial observations
sphere of operations.
Atlantic
to be passing,
from London, last Monday, that
units of the Italian Fleet had left Taranto,
reports
largest Italian ships were seri-
where three of the
ously damaged earlier this month.
The damaged
still at Taranto, it was indicated. British
warships apparently began to search for the Italian
ships
were
ships without delay, for a long-range
reported from London, Wednesday, and
from
Rome, Thursday.
naval
this
in
Each side claimed victory
engagement, with the circumstances
British Admiralty
favoring the
clearly
battle was
confirmed
London stated that the
been hit in the
account,
Britsih cruiser Berwick had
engagement, with nine of her men
killed, but it was added that the ship was already
back in service.
Damage was claimed by London
to
battleship, three cruisers and two
Italian
one
destroyers.
The Italian warships headed for home
ports and only escaped greater loss by
according to the British spokesman.
the
British
fled from the scene
after two British cruisers
British
of the encounter,
damaged and two
were
airplanes shot down.
such action,
Rome claimed
The action, it was
revealed, took place off Sardinia, and Italy admitted
that
an
failed
Italian cruiser had been hit by a shell which
to
explode, while an Italian destroyer was
temporarily put out of service.
The Balkans
APPREHENSIONS of the immediate involvement
of the Balkan countries in the
war
are
great European
tending to diminish, notwithstanding the
alignment, over the last week-end, of Rumania and
Slovakia in
the Rome-Berlin-Tokio pact.
Nazi
authorities
recent
plainly were taking the initiative in the
arrangements, probably with a view to open-
But the German
spokesmen," deMonday that the signatures of Hungary,
ing a path toward eastern
Government,
clared last
through
Greece.
"informed
Rumania and Slovakia to the
series of additions.
German
press
Only
a
Axis closed the present
few days previously the
rather strenuously urged Bulgaria
Nov. 30, 1940
and Turkey to fall in line, which suggests
that the
halt in the Axis diplomatic offensive was due to a
major clash of interests. Nor are indications lacking of the nature of that clash. Bulgarian dispatches stated, early this week, that the small country would not join the Axis unless specifically advised to do so by the Soviet Russian Government,
Turkey, of course, relies partly upon Great Britain
and partly upon Russia for diplomatic guidance,
and Ankara left no doubt as to the determination
of that country to fight if the tip of the Balkin
peninsula were invaded by Axis forces. The entire
incident thus suggests a halt in the Aaxis program,
in good part because of Russian influence,
The ultimate significance of this move is not easy
to fathom, for the time being, but it remains clear
that Russian policy is not so completely dominated
by Berlin and Rome as some spokesmen in those
capitals have suggested, in the past. Some agreement between Berlin and Moscow probably was
made, since the German diplomatic advance in the
Balkans was offset by reported withdrawals of German forces from Finland. Definite limits presumably were set by Moscow to the area of Reich domination, and it now remains to be seen whether Germany will start a military offensive at some suitable
time, in an area where diplomacy could make no
progress.
The Yugoslavian Government found the
Bulgarian stand comforting, and it needs no emphasis that Greek leaders were bolstered in their determi nation to fight the Italian invader by the realization that the northern Greek border is not likely
to be violated by German might. It is hardly to be
denied, however, that the situation remains precarious, since the Hungarian and Rumanian signatures
to the Axis pact apparently open the way for German arms clear to the Black Sea. Italian spokesmen intimated on Tuesday that Rome will push the
Greek campaign without aid from the Nazis. These
comments are especially interesting in the light of
dispatches from several neutral European countries,
to the effect that Germans are "disgusted" with the
"senseless Italian attack on Greece."
After the Hungarions signed the Axis agreement
on Nov. 20, great diplomatic activity continued in
Berlin, where the representatives of the Rumanian
Government were received. General Ion Antonescu,
the Rumanian Premier, led the delegation of his
country, and when the conversations were completed
he signed on the dotted line in behalf of the Bucharest regime. This ceremony, last Saturday, was not
attended by Chancellor Adolf Hitler, and Foreign
Minister Joachim von Ribbentrop signed for Germany.
Representatives of Italy, Japan and Hungary were present. General Antonescu made a declaration to the effect that Rumania henceforth will
fight beside her Axis partners for the "New Order"
of affairs, while Herr von Ribbentrop
brief
comments welcoming the
made some
Rumanians.
sooner was the Rumanian incident over than
vakian authorities appeared, also to sign on
No
Slothe
dotted line. Premier and Foreign Minister Vojfetch Tuka arrived in Berlin early last Sunday, and
formally made Slovakia a member of the Axis group
later the same day. No particular importance was
attached anywhere to the Slovakian move, since that
small country has had only nominal freedom of
action since German military forces marched
Czechoslovakia.
into
The Commercial & Financial Chronicle
Volume 151
One curious aftermath of the Rumanian adherence
.
to
the Axis
was
reported Wednesday, when it be¬
known that 64
came
had been
political prisoners in Bucharest
secretly executed
in the assassination of Iron
Carol still held the throne.
Argeseanu
other
mer
charges of complicity
on
Guardists, while King
Former Premier
George
said to be among those executed, and
was
prominent Rumanians who functioned in for¬
Bucharest
governments at
The disorders
continued
on
also
fascist extremists.
A
good deal of
occasioned in various Balkan
velopment,
especially
when
killed.
subsequent days, and
attributed by the Antonescu
were
were
regime to
nervousness was
countries
it
young
was
by the de¬
rumored
on
Thursday that Premier Antonescu had called to the
Rumanian
capital
allegedly for the
Press
reported
regime
the
imminent.
a
was
Wednesday by forces from Thailand (Siam).
possibility that German Nazis will launch
sion
force
ports is
of
the
as
said to disapprove.
There
on a
lighter
military forces holding half the country,
and the other half
plainly subject in large part to
Reich commands.
British
denied
was
It
bombing airplanes.
Four French citizens
response.
injured in this raid...
were
can
now
be assumed
with
a
ever more
of the Far
with respect to eastern Asia.
occur
war
remains in stalemate.
and intimations of
against the Nazis.
Government
illustrated
by
an
have
been
more or
increasing
less open revolt
But the power of the German
wreak
to
Lorraine.
from
there
the feelings of
vengeance
is perhaps best
enforced exodus of French citizens
The
Vichy regime has
no
way
of
and
observers
some
are
under the
impression that
rest
their
on
arms
in the vast
of
French
had
of the
been
of
control
appears
made
a
so
far have been transferred.
The food
supply problem is reported to be getting more and
more
the
difficult, and weather conditions are adding to
misery of the French.
with the Germans
Armistice conversations
continue, meanwhile, and so do
Some
of the
bases
also
the endless French trials of persons
accused of
com¬
strategic importance to the Japanese in any
aroused
Singapore,
British
and
sufficiently to
In its relations with
more
own
All the
important, therefore, is an indication that our
diplomatic representation at Vichy is not to be
interrupted because of the resignation of Ambassa¬
dor William C. Bullitt.
President Roosevelt last
Saturday announced that he had selected Rear Ad¬
D. Leahy, now Governor
miral William
of Puerto
Rico, as the new Airierican Ambassador to France.
The
in
a
of French
sumed
acting in concert with Japan, fresh
aspects of the situation thus were presented.
in
of attacks from Thailand have been
recent
Ru¬
frequent
months, but the latest step is officially
by the Vichy regime in France.
Although
it is obvious that
(
f
relations between
Japan and the United States are hardly likely to
improve, if
any
further aggressive steps
are
at¬
tempted by Tokio, better relations still appear to be
an
aim
ment
of the
Japanese Government.
made in
was
Announce¬
Tokio, Tuesday, that Admiral
Kichisaburo Nomura had been selected to be the next
Japanese
Ambassador
Nomura is
regarded
as
to
Washington.
Admiral
sincerely desirous of lessened
The selection of Admiral Leahy was univer¬
by those Japanese who deplore the alignment of
That an able retired officer of the
Navy is a good selection for the post
by the many military problems facing
Japan with the Rome-Berlin Axis and the steady
sally approved.
his
appointment
United States
deterioration
is indicated
London.
Vichy
commander of the Free
operating from British soil, General
regime.
French forces
As
Charles de GauHe now controls
French
troops had
within the border
Indo-China, and since Thailand is pre¬
be
to
It appeared
friction between Japan and the United States, and
ing, who found it necessary
the
(Siam)
Cambodian village well
authorities
some reported
John J. Persh¬
to decline for reasons of
post first was offered to General
health.
attacked
other countries, the Vichy
regime naturally finds its position delicate.
engage
Wednesday that Thailand
confirmed
plicity in starting the war.
demanded.
were
places concerned would be of consid¬
toward
move
mors
the
Saigon, the administrative capital,
exchanges of views with Washington.
Lorrainers
on
Among the reported demands
additional naval
on
one
fresh series of urgent
by the Japanese
their homes in
occupied territory, but the im¬
to be
London reports
aggressors.
while
erable
already
directions else¬
Indo-China, where the Japanese
French authorities.
is
new
large foothold,
a
Tuesday indicated that
demands
of China
area
were
the
were
Japanese military authorities would be content to
checking the precise number of French evicted from
pression prevailed this week that close to 100,000
There
reports of military movements in that conflict,
immediate aim
doubtless expresses
The unde¬
being waged by the Japanese against
China apparently
few
than likely
more
period of intefhse international strain
tions for
The independence exhibited by
aggressive action
East, this week, and it is
already have
aiding in the construction of an Axis "new
7
by the Japanese militarists began to filter out
where.
rumors
killed and five
.;
|MINOUS reports of
by General Henri Philippe Petain has managed to
for
a
no
Japanese Aggression
avoid, at least for the time being, German sugges¬
Frenchmen,
The
diplomatic protest by Vichy apparently elicited
occupied, while striking out in
all
also such
"fantistic" in London, and
as
degree of confidence that the Vichy regime headed
Marshal Petain
are
bombing, last Sunday, of the port
been due to
charge
clared
aspect as weeks and months go by with the
Europe.
inva¬
Marseilles, which the Vichy authorities alleged
had
that another
jH'RENCH difficulties do not take
order" in
The
an
against England from French Channel
most disquieting one.
a
incidents
will
German
authorities
French
highly complex problem, owing to the Japanese
as a conse¬
France in Travail
r
Free
and
French Indo-China represents
occupation of part of the territory and an attack on
of restoring and maintain¬
virtual reign of terror
a
British
German troop contingents,
some
purpose
of the executions, of which the Antonescu
quence
between
appears
A Bucharest dispatch to the Associated
ing order.
3131
important points in
Equatorial Africa, and further collaboration
of
was
viewed with great
relations
with
satisfaction
Washington
and
Some recent accounts have made it plain,
indeed, that there is still a good deal of friction
within
Japanese ranks as to the international policy
followed in recent years.
of
some
interest that
In this connection it is
Prince
Saionji, last of the
i
The Commercial & Financial Chronicle
3132
principal adviser of Emperor Hiro-
Genro and the
Whether
hito, died at the age of 92, last Sunday.
will affect Japa¬
the demise of the Elder Statesman
decrease also
checks
of
'HERE have been
Foreign Central Banks
marks, while investments,
1,735,000 marks, 103,836,000 marks, and 69,-
Gold and foreign
Present
banks.
rates
the
at
central
leading centers
are
Date
viout
Effective
Effect
Rate
Country
Date
viout
Not 29
Effect
and
compared with 80,405,000 marks Sept. 23,
The
77,027,000 marks Nov. 23 a year ago.
proportion of gold to note circulation is now 0.63%,
0.76%
Pre-
Rate in
Pre
Not. 29
Country
marks
compared with the record low, 0.59%, Aug. 31 and
shown in the table which follows:
Rait in
ex¬
change dropped 39,000 marks to a total of 77,427,000
changes during the week in
no
the discount rates of any of the foreign
1940
and other daily maturing obligations
175,000 marks, respectively.
Discount Rates of
30,
appeared in bills of exchange and
340,695,000
other assets,
rose
policy remains to be seen.
nese
A
Nov.
Effective
Rate
year
a
items with
Below
ago.
furnish the various
we
comparisons for previous years:
REICHtfBANK'S COMPARATIVE STATEMENT
Argent! na__
3H
Mar.
1
Belgium...
2
Jan.
Bulgaria...
6
Aug.
15 1935
Canada....
2H
Mar
11
Holland
6 1940
1936
3
India......
2
29 1935
4
Nov
28 1935
H
3H
4 H
7
29 1939
Aug
3
Hungary...
Aug
4
...
2H
May
3.65
Changes
Apr.
...
3
Jan.
14 1937
4
6
July
7
Gold and foreign exch.
4H
Bills of exch. & checks.
3H
Silver and other coin..
Italy....
-mmm
Chile
3
Dec.
16 1936
4
Japan.....
Colombia..
4
July
18 1933
5
Java
3 29
3
Jan.
1 1936
3H
Morocco...
6 H
Danxlg
4
Jan.
2 1937
6
Norway
4H
16 1939
May 28 1935
Sent 22 1939
Denmark..
4H
May 22 1940
6H
Poland
4H
Dec
Eire
...
3
June 30
3H
Portugal
4
Aug
England...
2
Oct.
3
Rumania
Estonia....
4H
Oct.
1
5
South Africa
Finland....
4
Deo.
3 1934
4H
Spain
Czechoelovakla
1932
26 1939
1935
...
3 H
..
3H
Other assets
Liabilities—
4 H
29 1939
Mar
•4
.....
5
Germany
Greece
4 1939
2 H
Sweden
3H
May 17 1940
Apr.
6 1940
4
Switzerland
IH
Nov. 26 1936
2
Oth. dally matur. oblig
Other liabilities
6
....
Jan.
3
3 H
..
Jan.
4 1937
7
Yugoslavia.
5
Feb.
6H
Propor. of gold & for'n
1 1936
curr. to note
•Not
—278,381.000 12,198,263,000 10151 347,000 6,992,887,000
+69,175,000 1,729,030,000 1,529,193,000 1,042,434,000
416,995,000
598,993,000
a518,939,000
Notes In circulation...
2
France
Reichsmarks
Reichsmarks
77,005,000
77,047,000
77,427,000
—340,695,000 12,312,146,000 9,601.342,000 6,611.353.000
206,851.000
393,084,000
al67,518,000
26.292,000
20,629,000
al5,765,000
846,000.000
49,058,000 1,037,666,000
+ 1,735.060
1,994,827,000 1,333,762,000 1,348,867,000
+ 103,836,000
Investments
4H
Nov. 23, 1939 Nov. 23, 1938
—39,000
Advances
4 H
11 1937
May
5 1938
May 15 1933
23, 1940
Reichsmarks
Reichsmarks
Assets—
5
17 1937
Nov.
for Week
5
18 1936
7 1936
Lithuania..
1935
clrcul'n
1.10%
0.76%
0.63%
+0.01%
officially confirmed.
a
Figures as of Sept. 30. 1940.
Foreign Money Rates
New York Money
Market
IN bills Friday market discountagainst for1-32% IITTLE business was done in the New York money
LONDON open 1 1-32%,
rates 1 short
week, and rates were merely con¬
on
as
were
market this
Friday of last week, and 1 1-32%@1 1-16% for
on
three months' bills
against 1 1-32%@1 1-16%
as
Friday of last week.
Friday
on
call at London
on
Money
on
1%.
was
England Statement
Nov. 27 showed notes in circulation at
346,000,
an
in volume
ket
fT1HE statement of the Bank for the week ended
£593,-
increase of £694,000 in the week,
com¬
previous weeks and months.
bills and commercial paper are
hold
Bank of
1
tinued from
on
outstanding, but banks usually prefer to
to such paper,
The Treasury in Wash¬
sold last Monday
ington
another issue of $100,-
a
000,000 "defense" discount bills, due in 91 days, and
awards
were
at
an
pared with the record high, £613,906,516 Aug. 14
New York Stock
A further advance in
gold holdings, the sixth in
as many
weeks, of £205,553,
on a
and
of
datings.
Public deposits
reserves.
rose
£724,-
90
The proportion of
respectively.
is
20.1%;
now
ago
a
week
ago
it
reserves
to liabilities
20.5% and
was
a year
Government securities decreased £3,-
30.7%.
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
which
the 2% discount rate.
items with
£3,002,234
gained
No change
Below
we
was
and
made in
show the various
comparisons for previous
BANK OF ENGLAND'S COMPARATIVE
years:
market for time money
Rates continued nominal at 1 \i%
to 90 days and 1J^% for four to six
The
turities.
has shown
in fair
rates
STATEMENT
The
and renewals.
loans
up
"securities,"
for four to six months'
ruling quotation all through the week for both new
Other securities
£3,072,352, respectively.
the
New York Money Rates
500,000 while other securities expanded £6,074,586.
comprise "discounts and advances"
on
:
continues quiet.
and
Call loans
Exchange held at 1% for all trans¬
days, and 1%%
000, while other deposits declined £2,666,329.
The
latter includes
"bankers' accounts"
and "other
accounts," which fell off £1,577,270 and £1,089,059,
discount of 0.004%, com¬
actions, while time loans again were 1%% for 60
together with the gain in notes, resulted in a decline
£488,000 in
average
bank discount basis.
and
a year ago.
and it circulates in the mar¬
small extent.
only to
puted
£528,660,119
Bankers'
slowly increasing
no
market for
months'
change this week.
Paper continues
supply and the demand has been good.
are
ma¬
prime commercial paper
Ruling
J^@l% for all maturities.
■
Bankers' Acceptances
Nov. 27,
1940
Nov. 29,
1939
Dec.
Nov. 30,
1938
Dec. 2.
1936
1,
1937
£
Circulation
Public deposits
Other deposits
Bankers' accounts
.
Other accounts
Govt, securities
Other securities
Dlsc't & advances
593,346,000
23,111,000
161,140,110
110,829,295
50,310,815
137,347,838
30,834,415
6,942,322
528,660, 119 480,808,676 485,676,440 451,587,113
10,560,998
11,984,958
27,821, 724
23,105,502
143,688, 399 134,271,430 142,238,374 140,228.061
103,502, 844
40.185, 555
109,816, 164
26,840, 491
23,892,093
.
Securities
Reserve notes & coin
Coin and bullion..
.
4,530, 173
22,310 318
37,848,000
62,688 654
1,195,437
97,081,550 105,672,871
36,565,503
37,189,880
90,166,164
38,191,469
17.556.234
78,823,165
31,230,179
99,119,619
41,108,442
82,432,564
28,638,108
10,522.202
8,462,333
20.635.235
20,707,977
20,175.775
46,844,803
62,020,686
57,584,173
1,348, 773 327,653,479 327,697,126 249.171,286
THERE has been no further improvement in the
market this week.
Trading has been in about
the
same
volume
of the
excess
as
last week with the demand in
supply.
Dealers' rates
as
reported by
the Federal Reserve Bank of New York for bills up
to
and
including 90 days
are
y2% bid and 7-16%
asked; for bills running for four months, 9-16% bid
Proportion of reserve
to liabilities
20.1%
2%
Bank rate
Gold val. per fine oz.
168s.
29.7%
30.7%
2%
2%
168s.
84s
ll^d. 84s.
38.10%
40.2%
2%
2%
llHd. 84s. 11 Hd.
and
%% asked; for five and six months, %% bid
and
9-16% asked.
The bill-buying rate of the New
York Reserve Bank is
Bank of Germany Statement
to 90
THE quarter-month statement of the Bank dated
Nov.
showed
loss in
circulation
23
a
278,381,000 marks,
which reduces the total out¬
standing to 12,198,263,000 marks,
the
and
record
high,
13,026,452,000
10,151,347,000
of
note
marks
Nov.
compared with
marks,
23
a
Aug.
year
31
ago.
l/2% for bills running from 1
days.
Discount Rates of the Federal Reserve
Banks
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount
rates
recent advances
on
Government obligations are
in the footnote to the table.
shown
The following is the
The Commercial & Financial Chronicle
Volume 151
schedule of rates
of paper at
in effect for the various classes
now
"3.
the different Reserve banks:
3133
Legacies and similar payments.
OF FEDERAL
Date
Previous
Nop. 29
Established
Rate
Boston
1
New York
Philadelphia
Proceeds of sale of real estate, furniture, pic¬
RESERVE BANKS
Rale in Effect
Federal Reserve Bank
Capital payments arising out of settlements.
"5.
DISCOUNT RATES
"4.
1
Sept
1. 1939
Aug. 27. 1937
Sept.
the United Kingdom other than goods imported for
IX
IX
tures, jewelry and other movable assets situated in
2
IX
IX
IX
4, 1937
May 11, 1936
Aug. 27. 1937
*\x
*1X
Aug. 21. 1937
Aug. 21. 1937
2
St. Louis
*1X
Sept. 2. 1937
Aug 24. 1937
2
Sept.
3. 1937
2
ordinary
2
Aug. 31, 1937
8ept. 3. 1937
sale in the
of trade."
course
2
Chicago
Cleveland
Richmond
__
Atlanta
Minneapolis--.
IX
Kansas City
Dallas
*1X
*\x
San Francisco
IX
2
Money
2
London
will be
Exchange
in
important
official
in
any
time since the beginning of the
September, 1939.
or
and
Price variations
dealings
extremely
are
registered sterling there
are
un¬
light.
In
fluctuations
are no
without
cable
for
and
between $4.03% and
Official rates
tinue
4.43-4.47
$4.04%
New
(Canadian
United States
been
a
week
of
range
ago.
con¬
dollar); Australia, 3.2150-3.2280; New
American commercial bank
registered sterling continue at 4.02 buying
London
Italy,
of the invaded European nations.
or any
New York exchange is not
countries of
tion
quoted
Europe, but there is
the
for
official
mark
at
In
the invaded
a
pledges any security
The regulation does not
Nov. 27 the receipt of a new
on
regulation by the British Treasury relating to pay¬
ments for goods re-exported from the United
Kingdom.
that payment
sterling, from Canadian
in Canadian
Newfoundland dollars.
or
of the regulation, it
poses
was
of Canadian banks have been
England
said, sterling accounts
recognized by the Bank
tightening of the already complicated
machinery for controlling sterling
as
exemplified in
the latest
the
are
England takes advantage of
and
to increase its assets of
Foreign Exchange Com¬
England
ruling to the effect that individuals
of
possible
A great many have
previous authorization by the Bank of England, to
taken
whom
such
A
Order in Council became effective
new
which
tightens restrictions
from Great Britain.
make
go
such accounts should be
open
payments to
into
a
an
on
on
Nov. 23
transferring
money
The Treasury is empowered to
outside
blocked account.
area
if such payments
The New York Bankers
Foreign Exchange Committee announced the
regulations
"The
follows:
regulation effective Nov. 23
new
empowers
to the State.
of
statement
Bank's
weeks.
Nov.
At
the
same
reduced circulation in
one
record high on Aug. 14 of
such
an
account.
"Payment in respect to the following items will
"1.
"2.
panies
repay¬
maturing after Nov. 23 and surrendered after
that date for
or
or
winding
dissolutions of partnerships.
as
attempt to
on
compared with the
£613,906,516.
The London market averages are
holding remark¬
trading has been greatly reduced through official
The London "Financial Times" index of
measures.
up
82.4
on
prices
of
com¬
Oct.
was
Nov. 1.
redemption before maturity.
Distributions from sale
£593,346,000,
industrials stood at 86.4
only:
Sterling proceeds of securities drawn for
ment or
as an
British notes outstanding
ably steady in view of the fact that the volume of
normally be permitted to be made to blocked sterling
accounts
the
many
holiday should not be prolonged
day is also noteworthy
conditional
a
in
the Bank has steadily
period when it would nor¬
Nov. 27 totaled
bank authorized to hold
as
time
a
payment to a non-resident to make this payment
such payment being made to.
increase
an
The fact that it has been decreed
mally increase.
beyond
showed
27
gold holdings for the sixth time in
keep down circulation.
upon
have
offering
of
the Treasury when granting permission to make any
blocked account with the
many
escape
these declared aims it is especially
worthy of note that the Bank of England in its
view
that the Christmas
as
new
advantage of technicalities to
resources
In
>J."X'i
:
and
to prevent the acquisition of either sterling
sterling allied currencies.
voluntarily surrendered such assets, but
applications to
measure
currency
United States and other securities, and tries in
ayery way
or
every
gold and foreign
resident in Hungary may open sterling accounts after
made.
or
For the pur¬
"Canadian authorized accounts."
as
The further
be received either
may
authorized accounts,
for
nominal quota¬
mittee received advices from the Bank of
Nov. 25 of
be breaking the law
or
Italian lire
a
nominally quoted at 5.05.
The New York Bankers
may
sells
Treasury order relating to the blocking of
certain sterling balances is part of the fixed policy of
London to keep funds in England.
The Bank of
on
40.05
registered mark at around 12.52.
on
The
Germany,
on
they
company
mittee announced
of
exchange is not quoted
Non¬
sterling
or loan capital quoted
recognized United Kingdom stock exchange.
New York Bankers Foreign Exchange Com¬
The rule says
and 4.04 selling.
In
any
in
per
defense bonds.
still transfer the
can
Treasury consent.
official,
90.09c.-90.91c.
change
can
apply to companies with share
on
between
a
sterling
on
any
by which the Government
warned that
are
subsidiary
York, 4.02%-4.03%; Canada,
Zealand, 3.2280-3.2442.
rates for
has
quoted by the Bank of England
follows:
as
transfers
$4.04%, compared with
is there
Companies in
foreign countries under the control of British resi¬
England.
range
list of which
they represent into foreign exchange.
dents
$4.03%
nor
savings certificates and 3%
if the
The
a
placed
are
residents,
resident holders of these
quotations, while quoted rates for free sterling
$4.03% and $4.04 for bankers' sight, compared with
a
range of between $4.03% and $4.04 last week.
in
give
permission to non-residents to deal in foreign ex¬
change. An exception is made in the case of national
closely follow the official rates set by the Bank of
Free sterling ranged this week between
investments
blocked account and
foreign securities,
held by foreign
in the procedure
THE foreign exchangetomarket, having reference
almost exclusively
sterling, is, if possible,
from
a
No further restrictions
ury.
now
war
be paid into
immediately published by the British Treas¬
2
•
quieter than at
may
non-residents
invested in certain
2
Advances on Government obligations bear a rate of
1%, effective Sept. 1, 1939,
Chicago; Sept. 16,1939, Atlanta, Kansas City and Dallas. Sept. 21, 1939, St. Louis.
Course of Sterling
due
30.
81.1
on
on
Nov. 25,
compared with
Reuters index of London
stock
Nov. 25, compared with 79.0
on
Undoubtedly the relative firmness in indus¬
trial shares is due in
no
small degree to the extreme
curtailment of trading, the limited number of issues
The Commercial & Financial Chronicle
3134
loans, for as
when the volume offered to the
decreased by any measure, prices have a
offered, and the flow of funds into war
other
in
things,
market is
tendency to tighten.
-
the
Since the outbreak of
war
'
the volume of stock
Nov. 30, 1940
ing all persons holding dollar balances to offer them
for sale within a month to the Indian Reserve Bank
in return for an equivalent amount of rupees.
.a.British war expenditures and the financial position
are a source
of grave concern in London.
The war
expenditures will undoubtedly increase, especially in
the light of the greater need for cargo ships, but the
financial position, straitened though it may be, is not
as urgent as press reports would seem to indicate
from comments made this week as the result of the
since September has declined steadily.
On Oct. 27 remarks of the Marquis of Lothian, the British
the low record of only 864 transactions was regisAmbassador to the United States,
tered.
Since then there has been an improvement,
In some quarters there is a disposition to hold
with deals totaling about 2,000 daily.
It goes withLord Lothian personally responsible for his remarks
out saying that the stock exchange is handling less
on Britain's credit needs, but it must not be overbusiness than at any previous time in its history,
looked that they were made immediately following
Hence London brokers have welcomed the announcehis return from a month's visit to London where he
ment that the Treasury after a lapse of five months
was in consultation with the highest Government
has permitted dealings to be resumed by residents of
authorities. Great Britain will doutbless seek large
England in about 140 Canadian, South American,;:?; credit facilities here at the earliest moment availand foreign securities.
able, anticipating the possibility of extreme demands
The interest of the market at this time undoubtedly
on its financial resources.
The suspension of the
centers on Great Britain's efforts to increase its gold
Johnson Act alone could offer no material relief if
holdings and liquid assets and on the probable need
credits should become necessary. Credits if required
for financial assistance and the measures that may
must originate in the Treasury Department at
declined steadily. The air
raids present physical difficulties to trading. Between
Aug. 31, 1939 and March 31, 1940 the volume
remained fairly stable around 5,000 deals daily, and
was well maintained during most of the summer, but
exchange business has
be taken in this country to
provide such aid.
,
the United
States, now in excess of $21,750,000,000, it would
seem that the only demand for gold is that existing
Considering the large gold holdings of
States, but this is a deceptive appear-
in the United
Gold
ance.
here because so far as the world
comes
this country offers the only safe
can
see
the
metal.
There is
a
haven for
powerful demand for gold
this means
The demand
everywhere is for dollar credits. The world is shifting its gold here whenever practicable or safe because
throughout the world and in British eyes
that
gold and dollars are synonymous.
dollars
readily and more safely available.
as
are
Hence for all
practical purposes the dollar is the only
in demand in the foreign exchange
unit of currency
market,
that
so
cerned there is
so
no
far as New York traders are con-
foreign exchange market.
of Princeton Uni-
Professor Edwin W. Kemmerer,
versity, told the University of Illinois
banking
such
a
conference
on
Nov. 26, "the fact that gold maintains
on
high value in terms of goods in face of an
increase in its rate of production and in
enormous
the
gold standard throughout the world outside the
spite of the almost complete discontinuance of
United States is evidence of a
powerful demand for
gold; for the value of gold like the value of every other
commodity is the resultant of the interaction of the
forces of demand and
supply.
.
con-
dollar
resources,
but all the Empire
making equally determined efforts in
are
this direction.
wasteful
use
of
our
resources."
ning of 1940 total investments in this country of
$2,800,000,000. This was made up of holdings of
$1,180,000,000 in American securities, $1,168,000,000 in direct and other investments, and $455,000,000 in short-term investments.
According to
some authorities England has so far placed orders
public has the most confidence in times
its
wages, or
Commerce, the United Kingdom had at the begin-
only is England making every endeavor to
countries
further—provided always the increase means
output and not merely a senseless increase in prices,
increase
highly exchangeable commod-
desired of all
great danger like the present."
increase
The Chancellor predicted a greater outlay in the
future and said that "it would indeed cause dismay
if this expenditure had not increased and did not
Of all economic goods it is the one
ity in the world.
Not
the first 77 days of the second year,
According to the United States Department of
modifies and the most
in which the
Britain is making every effort to increase exports,
and rather successfully, and to tighten foreign exchange control, as shown by week to week reports,
Only two weeks ago it was shown that for three or
four weeks previous British war spending amounted
to £14,000,000 a day, whereas for a long period prior
to that time the spending amounted to £9,000,000 a
day, itself a staggering sum. London dispatches of
Nov. 25 attributed to Sir Kingsley Wood, Chancellor
of the Exchequer, stated that the war had drained
£5,300,000 daily from the British Exchequer during
the first year and had averaged £9,100,000 daily for
com-
tinues to be the most universally
of
Gold
.
.
Washington.
There is no accurate way to estimate Great
Britain's expenditures here or at home or the im~
mensity of its resources. British exports of rubber
and tin, South African gold production, or the use
of reserves of gold and dollar securities cannot for long
bridge the gap if the struggle continues with the intensity of the past year.
However, the need for credit is not immediate,
This is
seen
in the plans under
con-
sideration in Canada to increase the tariff duties on
for
war
materials approximating $2,500,000,000, to
be delivered through April, 1942.
Another factor
other
in favor of London is its probable amount of gold
equipment coming from the United States, as well as
suspend the development of
held under earmark at the Federal Reserve Bank,
What this amount may be is never disclosed, but of
factories,
the total earmarked gold of approximately $1,750,-
new
in
model
automobiles,
Canadian plans to
all sorts of
The
same
new
trend
models in Canada's
was
issued by the Indian
refrigerators,
and
own
reflected in the recent orders
and Burma Governments requir-
000,000 Great Britain is believed to be responsible
for the largest proportion.
In some quarters it is
Volume
believed
The Commercial & Financial Chronicle
151
that
th^ British Purchasing Commission
here has spent
contracted
or
14,000,000,000 for aircraft,
commodities.
for
to
than
more
pay
munitions, ships, and
Part of these have been
be
or can
paid
by British exports, not only to the United States
but to other countries.
The
London
market
money
some
in overnight
appears
that
is
in
tax
on a
recent German official declaration to the
effect that
Germany has the greatest interest in
is laid
leaving
the
Dutch
creditor
against
position
the
a
essential
all
in
A slight firm-
Even
the
so-called
free
currency
countries
of
Europe, Sweden and Switzerland, find themselves
so
encompassed by German monetary
reportedly paying
were
advance,
against bills, which has for
ruled this week at
eventually take over part
Stress
may
of the Dutch holdings of American securities.
owing to the fact
money
large institutions
their income
the Dutch authorities
Netherlands Indies and America intact.
respects unchanged from many weeks.
ness
3135
present the Swedish krona and the Swiss franc are
that call
money
long time been at %%,
%% to 1%.
Bill rates
are un-
steady at the
manoeuvers.
At
quotations of the past few
average
weeks.
Exchange
on
the countries invaded by Germany is
changed, with two-months bills at 1 1-32%, three-
not quoted in New York.
months bills at
is nominally quoted in New York around 40.05,
11-16%, four-months bills at 1 3-32%,
and six-months bills at
Canadian
the
variation
any
month
the
in
of
are
funds
Montreal
discount of 13% and
a
a
12%%.
The amounts of
follow
has been
as
with hardly
or more,
discount.
ranged this week between
discount
while registered marks
1%%.
exchange continues steady,
for the past
case
are
firmer in the neighborhood
of 12.52.
are
nominally quoted in New
weekly statement of the
Department of Commerce and
cover
Italian lire
York at 5.05. The Swedish krona in limited trading
is around 23.86, against 23.86.
Swiss francs are
steady at 23.21@23.21%, against 23.21%. Exchange
on
gold imports and exports which
taken from the
United States
Finland closed at 2.05 (nominal), against 2.05
(nominal).
Greek exchange is no longer quotedj
Spanish pesetas are nominally quoted at 9.25,
against 9.25.
the week ended Nov. 20, 1940.
gold
exports
and
imports,
—♦—
nov.
14
to
inclusive
2o,
Exports
imports
v
.
Ore and base bullion
*$1,914,692
Refined bullion and coin
$1,787
$1,787
$92,009,715
united Kingdom
854,866
Canada
—..
New Zealand
III"!
16,054
Union of South Africa
Gold held under earmark at the Federal Reserve banks
was
increased
Referring to day-to-day rates sterling exchange
on
$4.03%@$4.03% for bankers'sight
and $4.03%@$4.04 for cable transfers.
On Monday
$4.03%@$4.04 for bankers' sight and
$4.03%@$4.04% for cable transfers.
On Tuesday
bankers'
sight was $4.03%@$4.03%; cable transfers
$4.03%@$4.04. On Wednesday the range was
$4.03%@$4.03% for bankers' sight and $4.03%@
cable
transfers.
On
Thursday bankers'
$4.03%@$4.03% and cable transfers
$4.03%@$4.04.
On Friday the
range
was
were
$4.03%
@$4.04 for bankers' sight and $4.03%@$4.04% for
cable transfers.
Closing quotations
Friday
on
were
$4.03% for demand and $4.04 for cable transfers,
Commercial sight bills finished at $4.00; 60- and 90-
day bills
are no
longer quoted.
Continental and Other
officials in Washington.
j
'
•
n
t.
conferences between
The gradual elimination of
.*
ii
i
r
trade with Latin America will be
of this country's sales to
an
our
export
outstanding
those nations for
47
some time.
It is believed that during the next year
the Latin American countries will favor productive
.
.
,
..
.
machinery,
during the weekended Nov. 20 by $10,393,112 to $1,744,098,683.
was
-m
The foreign exchange
H following closely the
,.
chiefly $211,668Canada, $265,037Nicaragua, $222,605chile, $132,869
Pem, $925,652 Phmppine Mands.
$4.04 for
market
feature
2,059,035
*
sight
\
.
,
luxury items and all non-essentials from
18,694
6,087,746
were
,,
1 U
80,748,507
Venezuela
the range was
.
the Argentine financial mission and the Treasury
Detail of Refined Bullion and Coin Shipments—-
was
F^XCHANGE on the Latin American countries
Hi shows no new developments of importance from
those of the past few weeks.
90,095,023
total
Saturday last
The German official mark
,,
,
,
,
.
construction
,
equipment, road
building
machinery, airplanes and trucks to the neglect of
all other classes of merchandise from the United
States.
Almost all the Latin American countries
will find themselves for a long time in a difficult
position to meet dollar exchange requirements. The
assistance of the Export-Import Bank may be helpful in this respect, but no measures that it may take
can fully offset the loss by Latin America of European
and other markets.
/
The Argentine unofficial or free market peso closed
at 23.60, against 23.60@23.65.
The Argentine official peso has been held for a long time at 29.78.
Brazilian milreis closed at 5.15, against 5.15. Chilean
exchange is nominally quoted at 5.17, against 5.17.
Peru is nominally quoted at 16.00, against 16.00.
peso is quoted at 20.80, against 20.80.
The Mexican
Foreign Exchange
FJ'XCHANGE
on
the Far Eastern countries shows
NOTHING'new of importance can be saidfinancial whichno new developments, but past the lines
regard- Hi have been in evidence for the follows
ing the Continental exchange and
year or more,
It is all too obvious that the invaded
situation.
nations
more
are,
at
least
temporarily falling
and
under the domination of Germany.
For
some
this interest
seems
United States stocks,
to be rather
investment in character.
believe
that the
more
although
speculative than
Financial circles in Amster-
Dutch interest
in
American
or
affected
China and Japan.
on
Manila
are
conflict
yen
are
pegged to the pound, which
equivalent to being linked to the dollar,
Closing quotations for yen checks yesterday were
23.45, against 23.45 on Friday of last week.
and that because of the official German monetary
kong closed at 23%@23.65, against
principles each speculation is highly insecure.
same
At
time the idea is not rejected that possibly
between
and exchange
pegged to the dollar, while all other
Far Eastern currencies
is also
by the
The Japanese
stocks is virtually tantamount to dollar speculation,
the
the
only Far Eastern currencies in any way showing
fluctuations
weeks Dutch traders have been showing
unusual interest in
dam
more
The Hongkong dollar and the Shanghai yuan are
Hong23.80@23 13-16;
Shanghai at 6.00, against 6.00@6%; Manila at 49.80,
against 49.80; Singapore at 47%, against 47%;
and Calcutta at
Bombay at 30.31, against 30.31;
skilled labor
30.31, against 30.31.
Banks
at round
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
84s. ll^d. per fine ounce)
British statutory rate,
principal European banks as of respective
of most recent statements, reported to us by
the
in
dates
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
In some quar-
throughout the country.
shortage of skilled men has been estimated
tetrs the
Gold Bullion in European
30, 1940
denials, there is a serious shortage of
and
ments
Nov.
Chronicle
The Commercial & Financial
3136
Regardless of the figures, how¬
600,000.
ever,
the pinch is already being felt, and some cases
have
already come to light of employers bidding men
from each other-—an unfortunate
away
all too rife
Situation
The increase in
during the World War.
Navy Yard jobs, for instance, has already started
to
draw men
out of privately-operated defense
The National Defense Advisory Commis¬
labor advisory
plants.
sion has found it advisable to set up
1940
Banks of—
committees to centralize the distribution of
£
£
£
£
1936
1937
1938
1939
327,697,126
310,168,538
249,171,286
England—
*004,532
*682,075
327,653,479
France y—
242.451,946
3,871,350
328,602,728
3,852,350
295,811,334
3,006,950
63,007.000
16,602,000
97,714,000
132,857,000
84,758.000
41,994.000
0,505,000
6,667,000
63,667,000
63,667.000
2,507,850
87,323,000
23,400,000
25.232,000
25.23 *,000
42,575,000
87,477,000
47,491,000
105.843,000
Germany x.
Spain
Italy
Netherlands
Nat. Belg..
Switzerland
Sweden
Denmark
_
.
Norway
Prev. week.
Note—'The
123,418,000
118,711,000
98,255,000
95,827,000
92,392,000
115,219,000
32,844,000
77,645,000
81,882,000
20,065.000
24,278,000
6,547,000
7,553,000
6,602,000
6,536,000
8,205,000
6,500,000
0,666.000
made It Impossible to obtain up-to-date reports
Even before the present
Spain and Italy, figures for which
are as of April 30, 1938, and Mar. 20, 1940, respectively.
The last report from
France was received June 7; Switzerland, Oct. 25; Belgium, May 24; Nether¬
lands, May 17; Sweden, May 24; Denmark, March 29; Norway, March 1; Ger¬
from
Nov. 29
many,
•
Pursuant
Currency and Bank Notes Act,
to the
for
statements
1,
March
1939, the Bank of England
the gold holdings of the
date, Instead of the statutory
1939, and since have carried
Bank at the market value current as of the statement
price which was formerly the basis of value.
On the market price basis (108s.
per fine ounce) the Bank reported holdings of £1,195,437, equivalent, however,
£604,532 at the statutory rate (84s. 11 Hd. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with
to only about
periods as well as with the figures for other countries In the tabulation,
above In statutory pounds.
Gold holdings of the Bank of Germany as reported In 1939 and 1940 Include
former
we
show English holdings In the
x
"deposits held abroad" and "reserves In foreign
currencies."
The Bank of France gold holdings have been revalued
y
or a
with
If
present stage of the defense pro¬
will be much worse in six
situation
the
gram,
months
when the defense program really
year,
We start on our defense program
considerably larger slack of semi-skilled and
a
and of plant than
25 years ago, and
unskilled
men
the
of strikes that spread over
of the countries shown In this tabulation.
many
regular reports were not obtainable from
war,
at the
so
gets under way.
751,135,153 1,099,847,563 1,084,325,514 1,045,487,000
751,677,477 1,098,353,807 1,084,202,486 1,045,504,817
labor
keep down the
pirating of labor from one employer by another.
this is
6,603,000
34,828,000
ia Europe baa
war
87,323,000
103,068,000
697,691,828
697,589,830
Total week.
391,871,164
1,896,550
defense industries and
various
in
wave
American in¬
dustry at that time is likely to be repeated as soon
American industry gets as near
as
tions
it
as
capacity opera¬
then.
was
Moreover, in recent years labor organization has
been
Under
greatly extended.
Administration
the last
in
National Labor Relations
a
benign and partial
years, with the
four
Board running interfer¬
several times In recent
valuation (23.34 mg. gold 0.9 fine equals one franc), insti¬
there are per British statutory pound about 349 francs;
prior to March 7, 1940, there were about 296 francs per pound, and as recently
as September, 1936, as few as 125 francs were equivalent to the statutory pound.
For details of changes, see footnote to this table in Issue of July 20, 1940.
years; on basis of latest
tuted March 7, 1940,
for the
ence
have
largely expanded their
very
The hitherto open-shop
membership.
and
power
organizers of national unions, these
unions
national
steel and automobile industries have been largely
Labor and Our Armament
One of the
pay
Program
unionized, together with many
prices the country may soon have to
for the recent election may be a sharp increase
in labor trouble in connection with the defense pro¬
The Administration's obvious partiality to
gram.
labor and
hostility to business has already since last
strong as to interfere with the
May proved to be
so
defense
and
ahead
program,
defense
over
been the successful
tions strike at
serious battle now seems
a
labor, the opening gun having
Congress of Industrial Organiza¬
the Vultee
airplane plant in Cali¬
Labor
obviously intends to capitalize the defense
far
program as
wage
demands.
as
further wage
can
The recent convention of the Amer¬
be used
over
tion which
it will go
a
list of arguments which
present wages.
won
The C. I. O. organiza¬
the Vultee strike has
now
indicated
men
striking
airplane defense
plant
as one
program
is just
They apparently chose the Vul¬
of the most vulnerable, and perhaps
it
planes.
manufactures
trainer
instead
of
combat
the defense
spoke out against strikes in
industry, and for the utmost labor
co¬
operation in the defense program, but these words
far overweighed
eration to
capitalize
by the obvious intent of the Fed¬
on
of Industrial
That labor is in a first-class
obvious.
position to do
so
is
Despite confusing Administration state¬
be used to
newspaper
large part, and the first
Organizations removes
between the two
As
a
Lastly,
of the great
high commands of American labor.
of this
result
a
one
organization, the bitter hostility
vastly increased power, the
American national labor
organizations would be in
position virtually to name their own prices for
labor
during the next
year,
if it were not for public
The power of American railway labor dur¬
opinion.
ing the World War to impose an eigh-hour railroad
day
a
or
on
the country by force will be recalled.
half dozen
labor
unions
are
in the
Today
position of
then occupied solely by the railroad brother¬
It is
probable that the airplane, automobile,
steel industries could be tied hand and foot over¬
night if labor leaders were willing to defy public
opinion,
so
powerful is their hold, while the Amer¬
ican Merchant Marine is
control.
deplorably subject to union
.
Already this
strikes have
power
come
to
is beginning to be used.
Three
public attention—at the Vultee
plant, at Crucible Steel's plant at Midlands, Pa.,
ana
at the Aluminum
standing out for
in
the present emergency.
Even
resignation of John L. Lewis from the Congress
the
It is true that President Green of the
American Federation
one group may
another.
have been unionized in
power
since
of
steps thus taken toward a controlled press.
hoods.
our
used to proselyte in an¬
are
of
power
unionization
force
ahead with the organization of the rest of
likely to arouse the least initial public discontent,
are
actual
airplane industry in California, where a large
getting under way.
as
record in favor of
by labor leaders in fostering labor dis¬
proportion of
tee
on
advances, and the Federation's official
has just published
content
the
industry
other, and in some cases, as with the teamsters, the
possible in the form of higher
ican Federation of Labor went
organ
strategy of labor organization the dues and collec¬
tions from one
hindrances to labor
fornia.
other smaller indus¬
tend to accumulate, for in the
These powers
tries.
order
to
a
force
the
dues-paying member.
pages
Corp.'s plant where workers
week lost
some
company
$250,000 of wages
to remove a non-
There have been some 70 stop¬
of work in the defense program, ranging from
Volume
a
Building trades
keep prices down has been in order to avoid any
recently threatened to
justification for public unrest or labor dissatisfac-
couple of hours to several days.
workers
tie
on
the Pacific Coast
naval construction at San Diego until the
up
Navy Department crossed out
a
stopped contractors from hiring
recent ruling that
from
men away
em-
Washington defense officials
ably good record
before
the
And
storm.
through strikes is sharply
the* unsuccessful "Little
a
remark-
be only the
certainly
on
time lost
the increase.
After
j3teel" strikes of 1937, there
Then the tide turned,
disputes until last January.
and the
725,000 man-hours lost in September
three times the total of
are
this is
may
steady decline in man-hours lost through labor
was a
not
say
But this
far.
so
January.
were
The figures
are
yet back to the level of recent years, but they
And to judge
moving rapidly in that direction.
by the tenor of recent public statements of labor
leaders, such
that of Philip Murray in the current
as
tion.
wage
However, the country appears likely to get its
demands just the same.
appears
likely to be reversed.
In fact, the old order
Higher living costs
used to bring higher wages; now higher wages may
ployers who did not want to lose them.
lull
3137
The Commercial & Financial Chronicle
151
"Survey Graphic," the renewal date for most of the
bring higher living costs,
The third fact is that corporation earnings out
of which to
pay
higher wages are no longer the justi-
fication they used to be.
Due to the change in po-
litical atmosphere, labor appears in a position to
have its cake and eat it too.
During the 1937-38
depression labor leaders insisted, with success, that
wage
levels must be divorced from considerations of
corporate earnings or ability to pay.
Corporate
earnings dropped down into the red ink, but labor
insisted its wages be maintained.
Now that corpo-
rate earnings are recovering, labor is trying to use
that argument as a step to higher wages.
However,
Congress is one step ahead of labor in this respect :
outstanding large-scale labor agreements will be the
with the recent excess profits tax and the double
occasion
increase in normal corporation income taxes this
for further wage
actual strikes.
ment
demands, and possibly
Among others, the Chrysler agree-
expires Dec. 10; the United States Steel
ment with the Steel Workers'
Organizing Committee
and the United Mine Workers' agreement
soft-coal operators
tors
in
agree-
with the
in March; and the General Mo-
agreement with the United Automobile Workers
April.
The
have
labor-capital disputes of coming months will
quite
different subject-matter from those of
a
recent years.
Board
been
on,
was
Since the National Labor Relations
set
however, they
organization.
are
From here
That
likely to be about
wages,
not
that the National Labor
means
Board will have
Relations
role to
the largest labor troubles have
up
organization, not over wages.
over
a
considerably smaller
play in labor disputes in the near future—a
prospect that will not particularly depress most
The effort to get higher wages out of
employers.
the national emergency
the most
will have to ignore three of
conspicuous facts in the whole labor situa-
tion.
First,
are
wages
American
NBA days
at the
now
They
history.
were
of 1933, in many
highest level in
raised sharply in the
cases back to levels
approaching 1929, though the cost of living was sub-
Since then actual wages have been
stantially lower.
aimost
lifted
levels
is
throughout
American
industry
to
higher than 1929, and since the cost of living
substantially lower than
wages,"
or
further in
10 years ago, "real
the purchasing power of wages, are even
excess of American wages in the 'twenties,
After wages
had been jacked up in 1936 and 1937,
they were not reduced again in the
193*7-38,
except in rare instances.
being put
worked
up
like
again.
a
depression of
Now they
are
In effect, wage levels are being
ratchet,
always
moving
in
one
direction.
Second, there has been no appreciable increase in
the
cost
creases.
of living to
justify prospective wage in-
During the World War a large proportion
of the strikes and of the wrage
sioned
of
increases
by the higher cost of living.
were occa-
While the cost
living this fall has advanced slightly, it is nq
higher than when the war broke out 14 months ago,
and indications are that it will not advance appreciablv from here.
In fact, one reason
ministration and big business
why the Ad-
have been trying to
year,
there will be few corporations to show a larger
net after taxes in 1910 than in 1939.
In the defense program, however, is where labor
will be on the weakest ethical grounds, though on
Here its demands are in many cases likely to be passed right
on to the Government in a substantial increase in
the cost of defense. Those corporations which have
taken flat contracts will, of course, have to stand
the cost of wage increases. But a large proportion
of today's defense contracts are on the basis of costplus-a-fixed-fee. The fixed fee instead of the old percentage arrangement is intended to discourage the
contractor from padding his costs ; but if labor
chooses to pad those costs by higher wages, that will
be added to the Government's bill. And many other
contracts now contain escalator clauses, which permit upward adjustments in the bill to the Government in case the unions make upward adjustments
in the wage bill to the employer.
•
There is an ironic contrast in the attitude of the
the strongest bargaining grounds.
Administration and labor toward wages, and their
attitude toward profits. During the summer there
was tacked on to the Selective Training and Service
Act, in part as a stumbling block to Candidate Willi
kie, a proviso that if a manufacturer refuses to accept a contract deemed fair by one of the armed
services, his plant may be taken over and run by the
Government for the duration, without court action,
The philosophy back of this was that "if men are to
be drafted, then property should be drafted." The
idea was that "nobody shall be allowed to make a
large private gain out of the national emergency."
But no such philosophy is applied to labor, and it is
preparing to make a very large gain out of defense,
which can be justified on no other grounds than
plain self-seeking. In fact, the contrast was sharp
and clear in the Vultee strike, where the issue was
the raising of wages for the learners being taken
rapidly into the industry to expand its output,
Some of these learners are said to have taken these
jobs in order to escape the draft. They had been
getting $25 a week while draftees are getting $30 a
month, but the union has obtained more for them
by a strike. And it obtained the increase from,a
company which has been running at a loss.
What
comes, then, in this case, of the philosophy that "if
3138
men
The Commercial d
being
are
drafted,
then
capital
should
be
drafted also"?
However, recent polls indicate that the public is
,
becoming very dissatisfied with labor leadership,
and that moves
to regulate labor
organizations
would find
in
public favor.
striving for all it
It is possible that labor,
? inancial Chronicle
mainly founded
Nov.
their relations with
on
United States.
have built
will
a
Based
collapse if
we
fees
required of
who want to go to work for the
men
defense
program, may combine to produce a
very
unpleasant political reaction from the public.
covers
"Our
coastal
in
a
South China
Being
the time
given the facts
quite objectively.
on
Yet,
is
of the book
that
are
Mr.
Smith's point that a reconsideration of
plan in favor of
mainly
they
principally through
chapters
concerned in that
endangered
are
by
plans, and that it behooves
Japan's
to
us
adopt
policy to thwart those plans in that
Such
con¬
much of
both sides of the question
are
region,
expansion
a
dynamic
area.
a
our
our
form of sovereignty
some
in
us
the islands will,
over
with Japan.
war
The real base of the need for the
is,
elsewhere in
the South
lieves that this
alities
with
dynamic policy
take it, in Mr. Smith's view, the situation
we
as
area
China
not
market for
a
Sea
region.
our
author himself does not
least
to fruition
as
emphatically, that
in
exports—a proposition
seem
the
access
wholly confident, at
near
to its
matter of vital interest to
us,
Japan gains control
prive
of such
us
doing
so, we
we
future—but,
more
materials
are a
raw
and, implicitly, that
the region she will de¬
over
It
access.
Smith's thesis that
is
this
part of Mr.
propose to examine.
to China and
supply¬
for
For he endorses the
lative and suggested
view that
Chiang Kai-shek has been fighting Amer¬
battle precisely as he also believes that
the
ica's
British navy
has been fighting it
of the world.
States
That
the other side
Mr. Smith would then have the
United
impose its embargo
materials to
on
on
the exportation of
Japan.
some
in
readily involve
the
us
turb Mr, Smith.
in
"China
a war
He
with
tantamount to
are
affair"
and
might
Japan does not dis¬
rather to expect
seems
appears confident as to the outcome~of
interests and those of other
our
our
it, and
"defense"
countries, prin¬
cipally because Japan is dependent
war
upon us for the
materials she would need in order to
prosecute
a war
in the South China Sea
area,
Great
Britain,
France,
as
The
well
Netherlands,
the
as
but also because
and
a
revived
Annamese, Chinese, Cam¬
bodians, Malaysians and Javanese would, he holds,
all constitute themselves
extent
our
of
providing
operations.
credentials
peoples in
for
a
Mr.
our
allies—at least to the
with facilities
us
Smith
proffering
does
the
provoked by
war
not
us
embarking in
side of the
the
of
us
his
these
uses so
spirit¬
think, adequately justify
we
war
on
the other
globe.
For
40
only cumulatively as
embarking in the proposed adventure.
If
Mr.
Smith's
policy have
the
any
are
on
against
certainly
what
years
we
their
our
getting out
forceful.
The
have done to those
economy
has
been
adoption of his
materials.
raw
Malaysia, the
Indies, and French Indo China are,
East
wealth.
the
a reason
substance it is in connection with
supply of essential
Dutch
for
reasons
raw
materials and in mineral
Further explorations are
expected to add
considerably to the known extent of the latter.
entire
region produces about 90%
rubber
and
over
dition, such tropical produce is
most favorable conditions.
The
of the world's
60% of the world's tin.
grown
In
ad¬
under the
The Netherlands Indies
alone have shared in the world's
export to the extent
of
40% of the rubber, 21% of the tin, 32% of the
cocoanut, 22% of the cordage fibers, 17% of the
palm oil products, 77% of the kapok, 92% of the
pepper,
18% of the tea, and 6% of the coffee exports.
They have also provided 90% of the cinchona bark
from which the world's
supply of quinine is made.
Sugar is widely produced, especially in the Philip¬
pines.
Manila fiber, oil, tungsten, rice, chromite,
gold,
actual
Mr.
and
or
antimony
are
all
important
products,
potential, of the region.
Smith
points out that of the 18 materials
originally listed by the Army and Navy Munitions
Board
as
of
strategical importance because they
our national defense and we
highly essential to
dependent for them
Philippines
weightiest is based
islands.
give
Moreover, the
us.
an adventurous
The author's arguments
of
bases for
to develop what he calls the "em¬
pire mind" does not,
our
or
support
material he marshals in his book and
edly in urging
exports with the observation that it is specu¬
indeed, rich in tropical
of these measures
participation
of
war
for
our
Before
dismiss the subject of potential markets
enalrging the credits advanced
materials.
He be¬
only has immense potenti¬
respect to which many will disagree and the
ing her with
war
our
formula which will give the
dynamic policy pro¬
However', though he considers the Philip¬
by itself, involve
if
policy should, he believes, include increas¬
naval and air strength in the Far
East, to
make it plain that we mean
business, considerably
ing
a new
islands the utmost
autonomy and protection seems
well taken.
This is part of his
and
his arguments to
support his claims
vital interests
our
its
subject of
the first six and last two of the fourteen
that
econ¬
ing
Sea, its islands
woven
gradual dislocation of that
even a
will cruelly affect the Filipinos.
omy
interesting
journalist, Mr. Smith has
a
Davis
Filipino standard of living
Far Eastern frontier and obviously be¬
Japanese expansion plans inimical to our
interests, he does not really suggest that our retain¬
the
on
regions, with which the book
cerned.
Governor
Within
very
Asia."
be found much data
may
stake in the
our
Future
present plan to
our
1946.
in
lieves the
Kobert Aura Smith has written
entitled
the Filipinos
300% higher than in the rest of nearby Asia.
pines
Materials
book
completely
Obviously,
gram.
The South China Sea and Our Rau)
out
carry
was
pious gesture toward get¬
ting rid of racketeering leaders among its affiliates.
This, combined with news stories of high initiation
a
withdraw
this economy
on
tion of the American Federation of Labor
failed to
anything except make
The two
us.
of life, the foundations of which
way
found in 1931 that the
do
1940
major crops—sugar and cocoaniits, which support
five-eighths of the Filipinos—are mainly sold in the
get out of the defense pro¬
gram, may be riding for a fall.
The recent conven¬
can
30,
of the United
on
sources
States, only six
in the South China Sea
area,
imports
over
a
area.
are
outside the limits
are not to
and of
be found
our seven
10-year period, five
port products of that
are
are
major
major
Stress is placed
on
ex¬
the
Volume
of
importance
of
some
materials
these
national defense, but with
quite
as
for
our
much insistency,
We
produce
Russia
the author emphasizes the depressing
diversity of
effect
standards of
Yet
on our
he believes will result if
to this
such
to
and cannot purchase
area
that
us
a
between
made
careful distinction should
more
long-term
peace
and
con¬
war
of the region
materials to anyone with
It would have to be assumed, in the first
price.
place, that the Japanese would take over, at least,
The Netherlands
Indies, Indo-China, and Malaysia.
It would then have to be
would involve a
business undertakings, or
Japanese would order the owners not to
that the
sell their
raw
produc¬
The Japanese have long proved
only if they can be sold for a price or used
tively by the owner.
themselves shrewd
and able traders.
would continue to realize that
lopg absorb for products finished
raw
materials they would
by them all the
control on these assump¬
An attempt to do so
tions.
They surely
they could not wisely
would be self-defeating.
commercial past
suggests that they would seriously make the
attempt. Silk is a raw material for our industries,
and it is Japan's leading export.
Surely the fear
of driving a profitable
trade from her newly-
Nothing in their industrial and
conquered territories to other parts of the
world,
substitutes, could be relied upon to deter
to
from
Sea
wild
so
a
or
Japan
region, though endowed with rich soils and in
low-priced labor,
only place in the world where tropical
produce can be cultivated. It seems unlikely, there¬
fore, that should Japan conquer the entire region
many
places with industrious and
is not the
we
would be denied the
our
lines:
privilege of purchasing there
tion it should not be
situa¬
forgotten that the industrial
system is not very old, and extensive development
of the industrial technique of applied science is still
What may be an essential material for
younger.
period may lose its rank in the next. Engaging
war in order to secure an adequate supply of
materials in time of peace
sands of miles
run, a
away
serious
that a
war
supplies for use in war-time
defense is, on the other hand, a more
for national
pressing question.
and
It is conceivable
powerful nation such as ours might engage
to
essential
so
thus prove, in the long
futile and a costly performance.
Assuring adequate
in
from a source many thou¬
may
provide adequate war-time supplies of an
material, even though the source were
raw
far away
tial enemy
and so situated with respect to a poten¬
that it would require a sizable navy to
of access open in war-time. Such
hardly applicable except in
the case of an extremely critical need for the ma¬
terial concerned and the total absence of any other
recourse.
This does not seem to be, or likely in the
keep the channels
a
heroic remedy seems
future to be,
the situation of the United
States.
a
comparatively few
over
export trade; (2) accumula¬
piles of certain materials, and (3) ex¬
tion of home
production.
The law of July 2, 1940,
curtail the
material or
for the manufacture of military
empowered the President to permit or
exportation, among other articles, of
supplies necessary
or
munitions.
Strategic Minerals Act of June 7, 1939, au¬
The
thorized the
appropriation of $100,000,000 over four
purchase reserve stocks. During the first
year only $10,000,000 was allocated.
But for this
fiscal year the appropriations have been increased
years to
$60,000,000.
to
Small stocks of the more critically
important materials have already been acquired.
In 1939 our Government exchanged 600,000 bales of
American cotton for
More
tion
of
85,000 tons of British rubber.
recently the Reconstruction Finance
was
acquiring
for
that
reserves
raw
materials through corporations
purpose.
Bureau
of
by loans
It is to be hoped that these
will be greatly
United
The
Corpora¬
authorized to initiate a broader program
specially organized, acquired, or assisted
States
developed.
Geological
Mines, with added
Survey and
the
stimulus from the
their investi¬
Strategic Minerals Act, are conducting
gations of the occurrence of mineral deposits in the
United States and the treatment of lower grade de¬
posits by new methods, as well as the development
and minerals.
of substitutes for essential ores
Army and Navy Munitions
Board now lists
strategically essential materials for which strict
conservation and distribution control measures are
14
necessary:
manganese
antimony, chromium, cocoanut shell
j
v
greatest need,
descending degree, is for: (1) manganese, (2)
Of
in
char,
ferrograde, manila fiber, mercury, rub¬
ber, silk, tin, and tungsten.
one
in
until
made
(1) control
The
Moreover, in dealing with a long-term peace
extraordinarily
ploration of domestic sources of supply and stimula¬
material needs.
raw
materials required
The policy is developing along three
tion of stock
After all, the South China
scheme.
not
was
months ago.
equipment
material products to outsiders,
raw
problem for some years, though an actual vigor¬
start towards a solution of the difficulties in¬
volved
materials, such as rubber and tin, are wealth
Raw
v
assumed that the conquest
change of ownership of the existing
private properties and
Our deficiencies of
few, but in some cases might create a very critical
situation.
Our Government has been considering
bold assumptions in order to visualize a peace¬
would refuse to sell raw
is, of course, a peace-time
economy
to face the demands of warfare are
ous
one
States in
materials and quantity available.
lacking in normal times large-scale pro¬
for the demands of war—especially mu¬
visions
the
Certainly
raw
own
nitions.
time situation where the new masters
the
materials
our
food than we consume, and only
compared to the United
economy
would have to make some
ditions.
very
deprived of trade
considering the question of raw materials it
seems
be
are
we
rubber, vegetable oil and tin.
as
In
living and comfort, which
more
be
can
if not more,
access
3139
The Commercial & Financial Chronicle
151
these, among the minerals, our
and among the
(2) quinine, (3) manila
riber, (4) cocoanut shell char. Our imports of tin
and tungsten come mainly from the South China
Sea region, as do our imports of the four plant
tin, (3) chrome ore, (4) tungsten;
plant products: (1) rubber,
products mentioned.
consumed some
world production of
158,000 tons. We have been getting some nine-tenths
of our needs from Malaysia and the Dutch East
Indies. There is no tin ore production in the United
States worth considering.
We use the largest part
of our tin requirements for the cans which preserve
so much of our food supply.
Tin is, however, indis¬
In
peak peace times we have
90,000 tons of tin out of a total
pensable as an alloy and solder in many modern
industrial processes, and especially in making the
machines which will be needed in fabricating mu-
The Commercial & Financial Chronicle
3140
nitions.
Tin
of glass,
fiber, synthetic resins or blacksteel plate
covered
used
might be replaced by containers
cans
Aluminum and silver could he
by lacquer.
substitutes
as
in
lining
containers.
There
Nov. 30, 1940
We have been getting about four-fifths of
yearly.
requirements from Russia, over a quarter from
the African Gold Coast, about 13% from Cuba, 8%
our
from British India, approximately the same quan-
to be some difference of opinion among the
tity from Brazil, and the rest from domestic sources,
experts how far the Bolivian mines could supply our
The United States has numerous low-grade manganese deposits. The Bureau of Mines has developed
appears
essential war-time needs of this metal.
in
article published in the
an
S. H. Ball,
"Engineering and Min-
ing Journal," last September, writes that it is optimistic to count
third of
a
or
on
Latin American
ore
total consumption
our
for
a
quarter
which, inciden-
tally we may add, would not be enough to meet
essential
tion
military needs. ;He regards the tin situacritical.
as
our
Scrap heaps and garbage piles
might produce considerable supplies of tin.
Evi-
stimulus of high prices our domestic production
supply
This
mainly to harden steel for the high-
speed cutting tools used in
small
our
production
mass
industries.
A
light bulbs.
Our yearly consumption is about 9,000
aggregate of 25,000 tons yearly.
British
supply
sion have satisfied
The
tion.
of
50% of
over
consensus
Our
considerable, and
are
Higher
that produc-
up
to be that with the aid
seems
molybdenum, of which
own
on occa-
needs.
our
prices would undoubtedly step
war
encouraged here, in Cuba, in Brazil, and perhaps in
other Latin American countries such as Chile, if we
are
not to incur the risk of being found short of this
vitally important metal in war-time,
Chromium's importance as an alloy is increasing.
deposits
ore
However, production must be
to stock up in 1938.
The making of stainless steel, and chrome bearing
southern
with considerable quantities.
us
Reserve stocks
The Navy began
China and
from
comes
Malaysia.
tungsten
into electric
goes
said to be large and growing.
South America could, however.
Most of it
tons.
proportion
with from 600,000 to 700,000 tons yearly,
us
Other Latin American countries might contribute
an
tungsten situation is much less critical.
Brazil and Cuba alone might between them
two
are
The
However,
under such stimulus they think that in a year or
dently, the importance of our acquiring by Govern-
metal is used
Some experts appear to believe that even with
would not exceed one-third of our needs.
inent action
large stock piles is manifest.
method of extracting the metal from such
a new
ores.
we
have plenty, our
war
steel and iron takes over 73% of our yearly con-
The product is required for armor plates,
sumption.
guns,
crankshafts, tools, &c.
We have imported
over
550,000 long tons in some years. About 80% has
been coming from southern Rhodesia, Russia, Tur-
key, and South Africa.
There are large low-grade
industry requirements will be met, especially if the
deposits of chrome ore in the United States and
considerable
Alaska.
mented
Rubber is
certainly
We
problems.
i
privately-owned stock piles
by Government
bulk of which
major
raw
material
get from the South China Sea
we
at
area.
stock
use
from
production
of wild rubber.
However,
200,000 to 300,000 tons of
supplement the
piles, which
scale, until in two
three
or
can
fill
on
great
a
the synthetic rub-
years
our
of the
resources
should organize
we
essential military
bark
Indies is the
derived
source
of
from
The
quinine,
our
so
in the treatment of malaria and
for
tonic.
a
re-
There are,
Netherlands
important to
colds,
are
however, good substitutes,
being accumulated.
Manila fiber which
makes
the
or
answer
we
best cordage
made from
also
for ships, but substitutes
hemp from the Caribbean
from
the
new
grown
from the
in
Also, there
tough synthetic fibers,
Florida
are
and
in
the
our
gas
But cocoanuts
Caribbean
are
Islands,
we
have been deriving
steel
Our
some
acute
problems
one.
satisfactory substitutes.
some
14
pounds of
consumption
lias
This metal
There
For each ton of
manganese
been
our
area.
the other
among
primary essential in the making of steel.
no
be made of the low-grade United States deposits,
constitute such critical problems—for various rea-
Antimony is used as a hardening alloy in
sons.
We have consumed in peace-time
shells, &c.
Mexico.
as
us
Other Latin American countries have de-
posits, and substitutes are quite satisfactory.
cury
high
mainly
getting much of it from
It used to come to
18,000 tons yearly.
as
Mer-
is required for use as a detonator of high
explosives,
instruments
in
United States
consumes
and
drugs,
&c.
The
from 25,000 to 35,000 flasks
About one-half of
produced here, and
we
our
needs is
have imported much of the
balance from Spain and Italy, but could obtain our
import needs from Latin America.
tutes have been developed.
about
It is used
Useful substi-
Mica is unique among
are
required,
1,000,000
tons
insulator in cars, aircraft, and in
as an
the radio industry.
we
Because they produce it cheaply
have been getting it principally from India and
Madagascar.
strategic materials
Manganese is the principal
eight.
are
satisfactory substitutes.
respect to which
There
can
masks
supplies mainly from the South China Sea
a
two- or
the minerals for the number of its useful properties.
Philippines.
So much for the six of the 14
with
from cot-
area,
that and other purposes.
come
are
a
The remaining six strategical materials do not
(76 pounds each).
get from the Philippines
The cocoanuts used in the char for
is
well
as
Navy has large supplies of this drug, and other*
reserves
can
from China; wre are now
Cinchona
ton
Evidently the building of
Latin America.
re-
quirements.
Our
we
ments of the near future indicate that greater use
claimed rubber to
as
Some figure that
three-year stock pile would be wise, unless develop-
could
us
worid's supply.
6% of the
could get about a quarter of our annual needs from
present supply us only with
can
stimulate the collection
ber
our
000,000 tons annually, the
The Philippines have very extensive re-
of medium-grade chromite ore, which produce
serves
20,000 tons yearly, though rising prices would
some
we
of
one
use some
South America
supple-
are
reserves.
There is, however, plenty of it avail-
able in the United States, Canada and Latin Amer-
ica; high prices should encourage its production,
Substitutes
numerous.
are
Canada has close to
a
monopoly of the production
of nickel, which is essential as an alloy in making
armor
plate, &c.
in the United
counted
on
There are no nickel ore deposits
States.
Canada
to supply our needs.
stocks should be set
up.
can
certainly
be
Nevertheless some
Quartz crystal required for
Volume
The Commercial & Financial Chronicle
151
optical and radio instruments lias been derived from
deposits in Brazil and Madagascar.
source
The former
should continue to be available in war-time.
Finally, silk, which
have been getting almost
we
3141
Defaulted rail issues, in sympathy
with lower stock prices,
have been weak.
affected low-grade bonds,
Weakness in utility equities has
and during the greater
part of the week a downward trend
has been in
Losses of from fractions to several
evidence.
entirely from Japan and which is employed in the
manufacture
1957;
Gas & Electric 6s,
points have been suffered by Standard
of
parachutes
powder bags for
and
Associated
Gas &
large guns, has
many
substitutes, including cotton.
(Continued
on page
3142)
issues
ican
Prospects of
States Treasury in December,
largely for refunding but to include some new money also,
served
to
arrest
bond prices.
each
recent
the
upward trend
in Government
While Governments were recording new highs
day up to Thursday, high-grade corporates were also
pushing
up
A moderate decline has been seen
fractionally.
High-grade railroad bonds have had a mixed trend.
folk & Western 4s,
Terminal
1960.
4s,
1996,
lost
speculative rail issues
were
%
Nor¬
off Vs at 125%; Kansas City
at
107%.
Medium-grade and
in active trading registered losses.
Various bonds of New Jersey railroads broke badly during
the week upon
announcement that the United States Circuit
Court ordered eight roads operating in
State
the
about $11,250,000
Lackawanna
York
The
New Jersey to pay
in back property taxes.
Lehigh Valley Harbor Terminal 5s, 1954, at
MOODY'S BOND
New
1973, fell 2 points to 51;
& Western 4s,
PRICES
44% lost 1%.
All
Govt.
grades,
Daily
Corp.*
1%
Paramount Pictures con v.
points;
2%
121210935694
203
Wilson
The
Co.
&
3%s, 1947, up 2%
list
have
continued
the
There
irregular.
spots such as Argentine loans, which
point and more, and Sao Paulo
touched 40;
the year,
market
firm
some
moved up a
6s, 1948, which
at 91%.
bond
foreign
have been
primarily the
Among medium grades,
4s, 1955, gained % at 106%.
points
Coffee 7s, which
Mexican bonds, after reaching a new high for
Changes in the European
Japanese issues have
sold off fractionally.
unimportant,
been
while
been mixed.
Moody's computed
bond prices and bond yield averages
given in the following tables :
are
MOODY'S BOND
YIELD AVERAGES
(Based on lnd.ivid.ua Closing Prices)
All
120
1940
Corp.
120 Domestic
by Ratings
Corporate by Groups
tic
Averages
120 Domestic Corporate
Domes¬
Daily
Aa
generally
The latter group
Oil 41/4s, 1954, at 102% for a gain of
points at 96%, and Warner Brothers Pictures
Corporate by Groups *
Aaa
debentures
gained a point or more.
includes the Houston
tic
Averages
been
has
although a limited number of issues,
120 Domestic
by Ratings
Domes¬
list
the
lower
t
120 Domestic Corporate *
120
U. S.
Bonds
of
tions,
(Based on Average Yields)
1940
section
industrial
which sold 2%%
companies.
higher this week, with changes primarily confined to frac¬
gained
in lower grades.
The largest financing in
steady.
Telephone & Telegraph,
due 1970 to insurance
financing of one and one-half to two
new
been
have
time, involving $140,000,000, was undertaken by Amer¬
some
billion dollars by the United
Continental
1948;
others of comparable quality.
5s, 1958, and
Higher grades have been relatively quiet, while prime invest¬
ment
The Course of the Bond Market
Electric
4%s,
Electric
&
Gas
Aaa
Baa
A
Aa
RR.
P.
U.
Indus
A
Baa
RR.
U.
\Indu*,
92.28
99.14
116.86
120.82
Nov. 29
3.38
2.72
2.94
3.37
4.47
4.05
3.13
2.95
P.
111.64
126.13
121.04
111.84
92.12
99.14
117.07
120.59
28
3.38
2.72
2.94
3.37
2.96
121.04
111.84
3.12
126.13
4.05
111.64
4.48
28— 118.85
111.84
92.28
99.14
117.07
120.59
27
3.38
2.73
2.93
4.47
3.12
2.96
125.90
121.27
4.05
111.64
3.37
27— 118.96
3.37
2.73
2.93
3.37
4.45
4.04
3.12
2.95
2.96
Nov.29— 118.80
26- 118.86
111.84
125.90
121.27
111.84
92.59
99.31
117.07
120.82
26
111.64
92.43
99.14
117.07
120.59
25
3.38
2.73
2.94
3.12
121.04
4.05
125.90
4.46
111.64
3.38
25— 118.74
92.28
98.97
116.86
120.59
23
3.38
2.73
2.94
3.38
4.47
4.06
3.13
2.96
22
3.38
2.73
2.95
3.38
4.47
4.06
3.13
2.96
21
Stock
2.96
23- 118.67
.>22— 118.67
21-
Stock
111.64
111.64
125.90
125.90
Exchan ge
121.04
120.82
111.64
111.64
92.28'
98.97
110.86
120.59
Clos ed
Exchan ge
Clos ed
120.82
111.64
92.28
99.14
116.64
120.59
20
3.39
2.74
2.95
4*47
4.05
3.14
111.43
125.66
3.38
20- 118.67
92.43
99.14
116.64
120.59
19
3.38
2.73
2.95
2.96
111.43
3.14
120.82
4.05
125.90
4.46
111.64
3.39
19- 118.65
110.64
120.37
18
3.39
2.74
2.95
3.39
4.46
4.05
3.14
2.97
92.43
99.14
2.74
2.95
3.39
4.47
4.05
3.14
2.98
18— 118.57
111.43
125.66
16- 118.49
120.82
111.43
111.43
125.66
120.82
111.43
92.28
99.14
116.64
111.43
125.42
120.82
111.43
92.28
99.14
116.64
120.14
111.43
125.42
120.82
111.23
92.28
98.97
116.43
120.14
13- 118.55
111.23
125.19
120.82
111.03
92.28
98.80
116.43
120.14
111.23
125.19
12- 118.67
15
111.03
92.12
98.80
116.43
92.12
98.62
116.21
111.03
111.03
124.95
120.37
110.83
91.97
98.45
116.21
110.63
124.72
119.92
110.63
91.81
98.28
116.21
110.43
124.72
119.69
110.24
91.20
97.95
115.78
118.81
Exchan ge
Exchan ge
4- 117.06
110.24
124.48
119.47
110.04
91.20
110.43
124.48
119.69
110.24
91.35
97.95
115.78
110.43
119.69
110.24
91.35
98.11
115.78
118.81
Oct. 26- 116.92
110.24
124.72
119.69
110.04
91.20
97.78
115.78
118.81
19— 116.85
110.24
124.72
119.69
109.84
91.20
97.61
116.00
118.81
116.64
109.84
124.48
119.03
109.44
90.75
97.28
115.78
117.94
109.84
124.48
119.25
109.44
90.75
97.28
116.00
117.94
5- 116.83
Sept.27- 116.67
109.44
124.02
119.25
108.85
89.99
96.61
115.78
117.50
20- 116.54
13- 116.17
109.24
123.79
119.47
108.66
89.55
96.11
115.57
108.85
123.56
119.25
108.66
88.80
6„ 116.17
109.05
123.56
119.69
108.85
89.10
95.78
115.57
115.14
117.29
Oct.
115.57
108.46
123.33
119.03
108.46
23„ 115.56
10827
123.33
118.81
108.40
87.93
94.8)
114.93
108.08
122.86
118.81
108.08
87.49
94.65
114.72
114.93
115.45
108.46
122.80
119.25
108.46
88.07
95.29
2
115 68
10827
123.10
119.25
J 08.27
87.93
95.29
114.72
107.88
95.13
114.51
110.43
119.47
July 26— 115.56
108.08
122.63
115.63
108.27
122.63
119.47
107.88
87.93
95.13
114.72
12- 115.66
107.88
119.47
107.69
87.49
94.65
114.93
3.00
3.41
2.77
2.97
3.42
4.49
4.09
3.10
3.00
3.43
2.78
2.99
3.43
4.50
4.10
?.16
3.01
2.78
3.00
3.45
4.54
4.12
3.18
3.04
3.46
4.54
4.12
3.19
3.44
Stock
3.45
2.79
3 01
Exchan ge
Clos ed
5— 115.58
107.69
122.03
119.25
107.09
86.50
93.69
114.72
2.79
3.00
3.45
4.53
4.12
3.18
3.04
2.79
3.00
3.45
4.53
4.11
3.18
3.04
3.45
106.92
122.17
118.81
106.73
85.52
92.75
114.09
115.78
91.81
113.48
118.38
106.36
84.28
106.17
122.17
114.73
105.04
121.27
117.50
105.41
82.66
90.44
112.45
103.93
110.43
104.48
81.87
89.40
111.43
May 31- 113.14
103.56
118.60
24- 113.06
116.21
103.93
81.61
89.25
111.03
112.66
103.56
118.81
115.57
104.11
81.87
89.69
111.03
105.79
120.37
117.72
105 79
84.96
92.28
112.66
108.46
123.33
119.25
107.88
88.30
94.97
114.72
123.79
108.60
88.95
95.29
115.57
109.24
Apr. 26.. 110.18
108.85
123.79
120.14
108.08
88.51
94.81
114.93
118.81
19-
115.94
108.46
123.50
119.92
107.30
88.07
94.33
114.51
116.38
108.27
123.56
119.69
107.11
87.93
94.33
114.30
Sept. 27
3.10
3.50
2.82
3.01
3.53
4.65
4.23
3.19
3.09
3.52
2.83
3.02
3.53
4.70
4.26
3.19
3.51
2.83
3.00
3.52
4.68
4.25
3.19
3.09
3.54
2.84
3.03
3.54
4.73
4.29
3.21
3.11
108.60
124.25
119.92
107.30
88.51
94.81
114.51
0
110.87
107.88
119.25
106.92
87.49
93.85
113 89
118.38
21- 116.30
107.69
123.56
119.03
106.36
87.49
93.85
113.68
107.49
123.33
118.81
107.17
87.35
93.69
113.68
93.69
113.07
123.10
118.38
106.17
87.21
1— 115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
105.79
93.85
112.66
117.07
107.30
123.10
118.00
Feb. 23..
115.32
16-
115.48
107.49
105.98
87.07
94 01
112.86
115.44
107 30
122.80
118.81
105.98
86.92
94 01
112.06
115.43
100.92
122.63
118.60
105.41
86.78
93.69
112.45
Jan. 27- 115.54
106.92
122.63
118.38
105.41
86 64
93.69
112.25
116.86
93.21
112.25
115.66
106.54
122.40
117.94
105.41
86 21
115.96
106.73
122.40
118.16
105 60
86 50
93.53
112.25
106.92
122.86
117 72
105 60
87 07
93 85
112.45
120.82
4.28
3.23
3.13
3.65
2 85
3.02
26
3.56
2.87
3.01
3.57
4.78
4.29
3.24
3.15
3.55
2.87
3.01
3.57
4.70
4.29
3.23
8.15
3.57
2.88
3 01
3.58
4.79
4.32
3.22
3.15
3.58
2.87
3.02
3.58
4.86
4.38
3 23
3.15
4.44
3.20
3.18
3.62
2.89
3.04
3.63
4.93
3.60
2.89
3.06
3.65
5.02
4.50
3.29
3.19
3.10
3.70
5.14
4.59
3.34
3.23
3.01
3.15
3.75
5.20
4.66
3.39
3.30
May 31
3.80
3.05
3.16
3.78
5.22
4.07
3.41
3.33
3.41
3.35
3.23
3.80
3.04
3.19
3.77
6.20
4.64
17
3.68
2.97
3.09
3.68
4.97
4.47
3.33
10——
3.54
2.84
3.02
3.57
4.73
4.30
3.23
3
3.50
2.82
2.97
3.53
4.69
4.28
3.19
3.04
Apr. 26
3.52
2.82
2.98
3.50
4.72
4.31
3.22
3.04
3.24
3.06
3.09
3.54
2.83
2.99
3.60
4.75
4.34
3.55
2.83
3.00
3.01
4.76
4.34
3.25
3.06
4.72
4.31
3.24
3.04
5
3.53
2.80
2.99
3.60
Mar. 29
3.57
2.83
3.02
3.62
4.79
4.37
3.27
3.08
21
3.58
2.83
3.03
3.05
4.79
4.37
3 28
3.08
3.28
3.10
3 59
2.84
3.04
3.66
4.80
4.38
3.59
8
2.85
3.00
3.66
4.81
4.38
3.31
4.82
4.39
3.32
3.12
3.09
1
3.01
2.87
3.06
3.68
Feb. 23
3.60
2.85
3.05
3.68
4.83
4.37
3.33
3.12
3.59
2.84
3.04
3.07
4.82
4.36
3.32
3.10
...
4.36
3.33
3.11
9
Jan.
3 60
2.80
3 04
3.67
4.83
2
116 64
117.07
3.12
4.70
3.55
3.78
110.64
116 03
3.14
3.22
3.72
110.43
118.81
3.11
3.23
4.28
7
110.80
123.33
3.22
4.32
4.75
2.93
117 29
2..
4.31
4.79
3 54
June 28
117 50
9-
4.76
3.50
3 02
5
117.07
80.92
3.54
3 04
2.80
3.65
19
117.72
107.49
3.04
2.86
3.54
2
July
117 50
8- 116.03
2.84
3.50
9
117.94
15- 116.74
3.11
10
118.81
123.56
....
Aug. 30—
118.38
5— 117.10
3.08
3.08
3.18
118.38
12„
3.04
3.18
4.20
118.81
116.30
3.04
3.17
4.10
4.62
117.72
120.37
3.18
4.14
4.57
3.52
114.72
10- 115.51
4.13
4.54
3.49
3.02
112.25
17- 113.73
4.54
3.47
3.03
2.81
113.27
113.15
3.40
3.00
3.49
114.72
119.47
3.00
2.78
3.17
115.57
115.37
2.78
3.45
20—
4.10
116.43
June28_. 115.21
3.04
3.44
3.44
4.57
110.43
6
3.16
3.49
116.43
122.40
13-.
4.08
3.02
116 86
87.64
20-
3.15
4.48
2.79
117.07
9
Mar. 29..
4.07
3.42
Clos ed
3.47
116.64
3—
4.48
2.97
3.47
117.29
16— 115.14
7„
2.99
3.41
2.77
Exchan ge
5
117.29
Aug. 30— 115.70
14..
2.96
3.41
2.79
117.72
95.13
95.62
88.36
—
2.76
3.40
Stock
2
117.72
21
2.98
Weekly—
Weekly—
19„
2.98
3.15
4
118.81
124.48
—
2.98
3.15
4.07
5
2— 117.02
11
3.14
4.06
4.47
6
Clos ed
97.95
1— 117.00
4.05
4.47
3.41
8
118.81
115.57
Stock
4.47
3.40
2.95
7
119.47
118.08
3.39
2.95
2.76
9
119.69
7
5—
2.95
2.75
3.40
12
119.69
8— 118.29
6— 117.19
2.75
3.39
13
119.92
110.83
9— 118.35
Stock
3.39
14
11
120.59
Clos ed
120.37
124.95
11—
3.39
16
120.14
15- 118.53
14„ 118.61
3 62
2.87
3.05
3.70
4.84
4.38
8.34
3.13
4.38
3.35
3.13
3.35
3.16
3.62
3.70
3.08
3.70
4.88
4.41
2.88
3.07
3.69
4.80
4.39
3.35
3.14
3 62
High 1940
3.06
2.88
3.63
6
2.87
3.64
27
4.85
2.86
3.09
3.69
4.82
4.37
3.34
3.14
3.81
3 05
3.19
3.78
5.24
4.68
3 42
4.45
4.04
3.12
2.95
3.36
High 1940 118.96
111.84
126.13
121.27
111.84
92.59
99.31
103.38
118.60
115.57
81.35
89.10
110.83
112.05
Low
3.37
2.72
2.93
1940 113.02
103.93
3.37
4.00
3.34
3.55
4.10
5.26
4.70
3.04
110 43
High 1939
3.76
112.05
3.62
2.88
3.05
3.71
4.77
4.34
3.15
100.54
Low 1939
3.36
104.30
2.97
3.15
3.75
4.88
4.45
3.39
3.23
3.69
3.11
3.43
4.05
5.25
4.84
3.64
3.40
3.96
Low
High 1939 117.72
106-92
122.40
118.60
105.22
87.78
94.33
1939 108.77
100 00
112.45
108.27
98.28
81.09
87.93
Low
1 Yr
1
Ago
Nov29'39 114.65
105.60
120.37
110.43
104.48
29'38> 112.05
117.29
110.63
99.14
Ago—
86.21
92.59
111.43
114.72
81.22
86.78
106.54
111.23
Nov. 29. 1938-
2
100.70
Year
Nov. 29. 1939—
2 Yrs.Aoo
Nov
1940
Ijgjojj "JJJauvemovemoot'o*
and the relative movement o
computed from average yields on the basis of one "typical" bond (4% coupon, maturing In 30 years), iind1 do notj
level or the average movement of actual price quotations.
They merely serve to Ulustrate In a more comprehensive way the relative levels
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used In computing these Indexes was published In the Issue of July 13. 1940, page 160.
•
These prices are
The Commercial &
3142
The South China Sea
Experts seem to differ as to whether any
and Our Raw
(Concluded from page 3141)
Among materials not
listed as strategical which
might present some difficulty in
securing adequate
supplies are cork and optical glass.
The former
comes from Spain, and in the case of the latter we
depending largely on Germany to supple¬
have been
efficient
It is said that in both cases a suf¬
plants.
emergencies could be
by salvage operations in our homes.
ficiency of the product for
secured
described
been
have
diamonds
Industrial
as
a
Figuring quartz's hardness as 7,
is anywhere from
They are essential in manufacturing
super-abrasive.
corundum's at 9, that of diamonds
36
42.
to
aircraft, munitions, auto¬
hard
rapidly and efficiently
parts, and in drawing fine wire from
mobile
needs
annual
Our
metals.
substantial
could be met from the
Arkansas deposits. One view is that in a short time
over 10% of
our demand could be satisfied from
domestic mines.
High-grade industrial diamonds
to be about
said
are
1,900,000 carats. We have been filling them chiefly
through London and Amstrdam; though
Brazil and British Guiana produce some varieties.
from Africa
not easy
are
to obtain, and it
establish stocks which could be
atlantic plane
During
output of our own comparatively small but
ment the
1940
30,
part of our requirements
Materials
■;>r
Nov.
Financial Chronicle
would be prudent to
replenished by trans¬
shipments.
peace
times
a
searches the world for the
does business for them
great nation like ours
materials it needs, and
with those who will sell most
When war interrupts
had to other
of supply, to substitutes, or to reserve
This is largely a question of paying an
cheaply
the best terms.
on
dealings, recourse can usually be
such
sources
stocks.
added
price,
or
exercising the inventive faculty, or
The above outline shows that we have at
made a start in those directions.
Surely a
foresight.
least
nation
so
extraordinarily self-sufficient as is ours
its motives for entering a
not include among
will
distant
war
the need of getting at a
materials.
'
,
supply of war
<
.
•
Indications of Business Activity
STATE
THE
EPITOME
TRADE—COMMERCIAL
OF
National Defense Advisory
Friday Night, Nov. 29, 1940.
Business activity showed a
rather sharp drop for the week
been
The "Journal
business index declined to 111.5 as
23, reflecting the holiday contraction.
of Nov.
Commerce" weekly
of
weeks ago to
and 103.2 a year
Nearly all components of the weekly index registered
compared with 114.8 for the previous week
ago.
from
shipments."
Great
on
has
Britain
attack
an
intensification
surface and air raids at sea have
exceed
by
a
of
assuming increasingly
by undersea,
attacks
considerable margin the peak losses of 1917.
operations
Britain is affecting
in various centers to an increasing
This accounts in no small measure for the
extent.
himself admitted
velt has
about
now
of productive
Great Britain
that our help to
large as it can be, with the existing
as
steel indus¬
Wages will be one of the problems wrhich the
"Iron Age" warned in its mid¬
While the question has not
week survey of the industry.
been given prominence,
"quiet activities behind the scenes"
and may result in a demand
in progress
Workers Organizing Committeee for
check-off
as
as
"The
rise
up
with that of
publicly
occasion for price advances so long as
no
unduly.
With
costs
exerting constant
Washington
essential commodities,
pressure
against higher
the steel
companies will find themselves in a dilemma if a
prices for
demand for wage increases
been
announced
changed level.
are
for
the
should
first
come
quarter
after prices have
at
a
probably un¬
With this situation in mind, steel companies
inserting "escalator" clauses more frequently in steel
contracts as
a
protection against possible rising costs next
The magazine
important
points out that next to labor scrap is the
element in
steelmaking costs.
Since the
.
•
all-time high in the preceding week,
production by the electric light and power industry of the
United States during the week ended Nov. 23 fell to 2,695,-
56,097,000 kwh. from the record
431,000 kwh., a decrease of
2,751,528,000 kwh., according to figures re¬
week's total of
leased by
the Edison Electric Institute.
like week of
Compared with the
1939, however, production for the latest
ing week gained
report¬
21.3, 549,000 hours, or 8.6% over the 2,481,-
882,000 kwh. produced last year.
.
week ended Nov. 23
totaled 733,488 cars, according to reports filed by the rail¬
roads with the Association of American Railroads and made
Loading of revenue freight for the
public today.
This was a decrease of 11,807 cars
below
60,375 more than the corre¬
sponding week in 1939, and 171,830 above the same period
two years ago.
This total was 120.21% of average load¬
ings for the corresponding week of the 10 preceding years.
V
The Association of American Railroads reported today
that Class I railroads had net operating income of $527,the
preceding week this year,
compared with $457,1939 and $759,038,636 in the
In October, the Association said,
railway operating income of $86,-
102,152 in the first 10 months this year
433,164 in the same period of
first 10 months
of 1930.
Class I railroads had net
988,444 compared with $101,716,356 in
October, 1939, and
110,923,349 in October, 1930.
week total $89,corresponding 1939
Engineering construction awards for the
303,000,
an
increase of 55% over the
awards have
week in which current
topped their respective 1939 values,
according
Private construction tops
result of the increased volume
"Engineering News-Record."
to
the 1939 week by
56%
as a
of industrial and commercial
higher, due to
55%
Constructions
the
48-week
for the year to date,
1939 total by
period are 28%
higher.
over
as a
a
building.
year ago
Public awards are
the high volume of public
28%.
buildings.
$3,588,539,000, exceeds
Private awards for the
Public construction gained 27%
result of the 272% increase in
Fed¬
eral work.
Effects of defense spending
June and July of next year,
year."
most
•
After touching a new
week and the thirteenth consecutive
borne out
Steel company managements have stated
that there is
not
have
practical capacity of about
emphasized dues
question of steel prices is bound
wages.
do
Organization work
various disturbances in the Pittsburgh district
elsewhere
and
by the Steel
higher wages and the
well, the survey asserts.
S. W. O. C.. it is pointed out, has
of the
collecting
volume
facilities devoted to armament.
try must face next year, the
are
present
President Roose¬
depressed state of the securities markets.
is
Shipping
mounted until they may
Furthermore, aerial bombing of Great
industrial
German
The
disturbing.
most
been
brighten the out¬
later news from
proportions, authoritative sources state.
to
past
While the
but a cheerful feeling.
Great Britain is once again
due
losses
the
during
concerning the Italian fiasco and Bul¬
abroad
during the early part of the week,
serious
against a
tion and
markets
securities
garia's refusal to join the Axis served to
look
approximately 78,000,000 net tons of ingots,
of
capacity
week reflected anything
news
steel
companies some concern, it adds. ,.
"With the steel industry now operating at an annual rate
dentedly
the
of
action
The
market, there has
of prices which is giving
production for the
1910.
year
creeping upward
83,000,000 tons and a potential
of about 87,000,000 tons, orders continue in unprecehigh volume, in many instances exceeding produc¬
peak being reached in steel ingot
new
Commission exerted efforts some
a runaway scrap
contraction excepting the steel industry,
the usual holiday
a
a
forestall
will not reach their peak until
and will then amount to about
$500,000,000 monthly, according to estimates of the division
of economics of the National Industrial Conference Board.
Volume
The
estimate^ are based upon defense contracts
awarded to
Oct. 1 and scheduled rates of progress on such contracts.
Automobile
production
week
this
predictions
upset
a new
high for any week since May, 1937,
production of 102,340 units, and 93,638 units last year at
over
cement
dustry completed more than 1,000,000 vehicles during the ;
October-November period, a figure reached only three times
since 1929.
shopping
noted today in a trade survey of the
was
season
Nation.
retail buying, a decline in
A strong expansion in
wholesale
steadiness
and
trading,
industrial
in
gratified with the spread of demand and with the
interest
better
in
merchandise,
grade
activity
stores were particularly
Retail
week.
the latest
featured
September, and 8.7% over October of last year.
Revenue
Dun
continued
Purchasing was very general, including not
Inc., reported.
more
sales
averaging 8%
With dollar volume of
expensive home furnishings.
above the like period a year
to 10%
merchants reported that enlarged average unit
some
was
of
more
increased
factor in the gain than the
a
number of transactions.
A
9.0% above the corresponding week in 1939 and an in¬
of 171,830 cars or 30.6% above the same week in 1938.
Loading of revenue freight for the week of Nov. 23 was a
decrease of 11,807 cars or 1.6% below the preceding week.
The Association further
week's weather
of the
was
the
and sleet storm that occurred in the southern
Rocky Mountain districts
and southwestern Great Plains,
with unusually heavy and
damaging glaze over considerable
especially the northern half of the Texas Panhandle.
There
much
was
damage
wires,
overhead
to
some
reported:
Miscellaneous freight loading
totaled 310,765 cars, a decrease of 2,329
below the preceding week, but an
cars
increase of 29,726 cars above the
>
'■
corresponding week in 1939.
carload lot freight totaled 140,219 cars,
below the preceding week, and a decrease of 2,353
Loading of merchandise less than
decrease of 10,054 cars
cars
below the corresponding week in 1939.
141,958
Coal loading amounted to
cars,
a
decrease of 6,495 cam below
preceding week, but an increase of 10,681 cars above the
the
corresponding
week in 1939.
and
Grain
3,324
grain products
loading totaled 33,323 cars, an increase of
2,674 cars below the
above the preceding week, but a decrease of
cars
In the Wstern Districts alone, grain and grain
corresponding week in 1939.
20,016 cars, an increase
of 918 cars above
4
Live stock loading amounted to 15,819 cars, a decrease of 2,154 cars
below the preceding week, but an increase of 2,040 cars above the cor¬
responding week in 1939.
In the Western Districts alone, loading of live
stock for the week of Nov. 23 totaled 12,321 cars, a decrease of 1,522 cars
below the preceding week, but an increase of 1,552 cars above the cor¬
products loading for the week of Nov. 23 totaled
of 3,149 cars
feature
noteworthy
severe snow
areas,
rj'./
crease
& Bradstreet,
only gift items, but also all types of seasonal goods and the
sale
23
Freight Car Loadings In Week Ended Nov.
Up 9%
Loading of revenue freight for the week ended Nov. 23
totaled 733,488 cars, the Association of American Railroads
announced on Nov. 28.
This was an increase of 60,375 cars
a
ago,
goods.
or
"exceptionally encouraging" opening of the Christmas
An
household
and
Ward's pointed out that the in¬
corresponding time.
28% over September
miscellaneous commodi¬
textile products, bottles, building materials, coal,
Tonnage in this class increased 4.7% over
including tobacco,
ties,
of the total reported
6%
about
represented
October, 1939.
cent of the total tonnage reported was
per
■
the
products
The volume of these commodities increased
40.3%
Six
by
Ward's
Reports, Inc., reported today.
The estimated output was
128,783 cars and trucks, compared with last week's holiday
surging to
steel
and
Iron
tonnage.
and
3143
Chronicle
The Commercial & Financial
151
the
above the preceding week, and an increase
corresponding week in 1939.
r
<
responding week in 1939.
Forest
harm
products loading totaled 39,083 cars, an increase of 3,269 cars
preceding week, and an increase of 5,914 cars above the cor¬
above the
to winter crops,
and considerable loss of livestock in locali¬
responding week in 1939.
In addition, where the precipitation was in the form
ties.
of excessive
"rains, outstanding
In general,
suffered.
crops
Ore loading
and especially the
Coke loading
There
Southwest.
was a
good
at
standstill
a
large areas.
over
deposit in many of the
snow
Seasonal farm work was largely
1939All districts reported
in
■'
^
In the Eastern half of
in the Southern States,
moderate
where the abnormally high tempera¬
precipitation
favored
the
revival
of
4 weeks of February
5 weeks of March
that were set back, but not killed, by
crops
the freeze of last week.
or no
In Florida, where there was still
rain, recovery of winter crops is being retarded
The domestic water supply situa¬
by the continued dryness.
is
tion
improved in interior districts.
much
York City area the weather has been
In the New
cold and cloudy most
of the week.
cold, but more moderate than
previous days.
Temperatures ranged from 28 degrees
to 40 degrees.
Light snow and slightly warmer weather is
looked for tonight, changing to mostly cloudy weather and
somewhat colder temperatures on Saturday.
In the city
suburbs
about 30
2,712,628
5 weeks of June
3,534,564
2,825,752
3,718.350
4 weeks of July
5 weeks of
August
thermometer
readings
are
expected
to
touch
Week of Nov. 2
Week of Nov. 9
Week of Nov. 16
———
—
Week of Nov. 23
Chicago, 24 to 37 ; Cin¬
Cleveland, 22 to 30; Detroit, 19 to 33;
Milwaukee, 14 to 32; Charleston, 43 to 54; Savannah, 37
to 57; Kansas City, Mo., 32 to 48; Springfield, 111., 32 to 39;
Oklahoma City, 35 to 56; Salt Lake City, 36 to 45, and
Seattle, 48 to 56
to
3,102,236
3,355,701
801,108
781.588
766,987
673,113
636,446
657,066
30,664,441
27,509.924
ceding week and 316,059 cars in
25, 1939.
A comparative table
The volume of
in October
reveniie freight transported by motor truck
increased substantially over, that moved in Sep¬
tember and reached a new
nage
reports
compiled
peak for 1940, according to ton¬
and released
on
Nov.
24 by
the
The October tonnage was
15% above the previous month and 16.4% above the Octo¬
American Trucking
ber, 1939, figure.
Associations.
The Associations further reported:
Comparable reports were received from 157 motor carriers in 38 States.
The reporting carriers transported an aggregate of 984,313 tons in October,
as
against 855,712 tons in September and 845,277 tons in October of
last
Nov. 23 Nov. 16 Nov. 25 Nov. 23 Nov.
19,301
32,780
Chicago A North Western Ry—
Gulf Coast Lines
International Great Northern RR,
Missouri-Kansas-Texas RR——
Missouri Pacific RR
New York Central Lines
N. Y. Chicago A
St. Louis Ry_ —
—-
Pittsburgh A Lake Erie RR
Southern Pacific Lines—-—Wabash
142.59
Ry———
index figure, computed
T. A.
on
the basis of the 1936 monthly
14,098
TOTAL LOADINGS AND
for
9,966
8,510
12,080
1,418
2,768
1,509
3,045
1,877
4,216
15,167
43,641
5,780
20,379
2,218
36,602
4,932
3,011
10,449
43,348
11,574
18,590
5,069
67,199
47,258
3,762
13,655
16 Nov. 25
1939
1940
7,037
18,401
11,635
8,787
7,660
10,225
1,393
2,142
2,824
10,199
43,298
10,772
5,664
6,398
7,590
32,461
5,475
5,689
7,002
6,943
9,819
7,771
10,519
1,395
2,016
2,584
9,192
38,659
9,871
4,880
6,699
28,341
5,073
69,226
4,991
45,553
5,241
5,487
16.399
10,151
7,630
9,564
9,764
RECEIPTS FROM
43,583
9,591
5,343
6,019
8,520
8,377
216,012 198,396
CONNECTIONS
(Number of Cars)
of the reporting carriers as representing 100, stood at
October.
In September the index figure was 141.77; in Octo¬
Weeks Ended
1939,
during the month was
The volume of general
by carriers of "general merchandise."
merchandise carried increased 14% over September, and 13.7% over October
accounting for slightly more than
14% of the total tonnage reported, showed a decrease of 1.1% in October
as
compared with September, but their volume represented an increase
Transporters
11.7%
over
of petroleum products,
October of last year.
automobiles and trucks, constituting about 6% of the
Movement of new
total tonnage,
increase
Nov.
Chicago Rock Island A
increased 119% over September, and 59% over October,
over September was attributed to heavy movement of
models.
1939.
1941
St. Louio-San Francisco
Ry
Total
In the following we
23, 1940
Nov. 16,
1940
Nov. 25,
1939
33,287
14,440
23,834
34,648
14,232
22,639
30,005
12,769
71,375
Pacific Ry.
Illinois Central 8ystem
of last year.
The
15,586
18,486
16,733
18,426
10,274
338,687 348,604 316,059 223,026
Total
tonnage
reported
of
17,955
30,061
5,109
it was 151.26.
Approximately 67% of all the freight transported
ber,
21,738
20,519
7,210
19,580
31,474
24,281
19,796
68.108
5,941
7,688
Norfolk A Western Ry—
Pennsylvania RR
Pere Marquette Ry
19,826
34,575
22,364
16,775
20.107
18,115
3,419
1,814
4,201
15,075
42,472
5,561
Atchison Topeka A Santa Fe Ry.
Baltimore & Ohio RR
1940
1939
1940
1940
Connections
Weeks Ended—
Weeks Ended—
year.
The A.
average
Nov.
CONNECTIONS
Received from
Loaded on Own Lines
Chicago Burl. A Quincy RR
Chic. Milw. St. Paul A Pac. Ry—
1940 Peak
the seven days ended
follows:
(Number of Cars)
Chesapeake A Ohio Ry
Truck Loadings at
561,658
LOADED AND RECEIVED FROM
30; Portland, Me., 5 to 32;
October
672,967
major railroads to report for the week ended
Nov. 23,1940 loaded a total of 338,687 cars of revenue freight
on their own lines, compared with 348,604 cars in the pre¬
cinnati, 33 to 40;
+.
2,272,941
3,040,100
2,595,482
2,842.632
The first 18
Overnight at Boston it was 17 to 34 degrees; Pittsburgh,
23
2,126,471
2,185,822
2,769.658
32,907,177
4 weeks of October
REVENUE FREIGHT
degrees.
2,746,428
3,135,330
3,269,452
794,797
778,318
745,295
733,488
4 weeks of September
Total
On Friday the weather was
on
and
2,494,369
—
4 weeks of May
2,256,717
2,155,536
2,288,730
2,282,866
2,976.655
2,225,188
2,363,099
3,127,262
2,532,236
3,387,672
2,555,415
2,486,863
3,122,556
4 weeks of January
4 weeks of April
those winter
little
1938
1939
1940
and
corresponding weeks
increases compared with the
1939 and 1938.
the weather was generally favorable, especially
the country
tures
above the
the corresponding week
amounted to 12,199 cars, an increase of 352 cars
preceding week, and an increase of 842 cars above
in
higher Western mountains.
above the
above the corresponding
week in 1939.
however, the increased moisture will be of benefit through¬
out much of the interior of the country,
amounted to 40,122 cars, an increase of 2,280 cars
preceding week, and an increase of 16,199 cars
72,714
65,413
23,648
loadings
week ended Nov. 16,
increases when
undertake to show also the
for separate roads and systems for the
1940.
During this period 52 roads showed
compared with the same week last year.
The Commercial & Financial Chronicle
3144
REVENUE FREIGHT LOADED AND
Freight Loaded
from Connections
A
1,398
615
637
610
1,163
1,121
6,508
1,478
—
Maine
Chicago Indianapolis A Loulsv.
1,328
8,285
1,292
7,513
1,681
171
194
10,818
2,067
10,959
2,168
1,613
25
13
52
51
1,226
5,064
8,650
1,527
5.245
9,735
1,239
4,311
9,373
2,064
8,128
2,298
8,286
,7,546
7,899
528
581
531
110
126
1,205
2,992
13,172
7,509
1,502
3,323
13,049
7,465
2,071
1,547
11
Central Indiana—.......—.
Central
Vermont.............
Delaware A Hudson
Delaware Lackawanna A WestDetroit A Mackinac..
St. L.
3,396
Norfolk Southern............
1,012
2,764
1,283
1,751
2,616
1,109
432
373
370
Mobile A Ohio
Nashville Chattanooga A
Piedmont Northern
J
2,120
311
13,407
6,157
13,235
4,924
11,922
197
177
205
1,367
9,184
2,201
4,745
1,832
44,405
1,620
1,539
8,257
2,548
3,889
43,655
10,074
10,697
New York Ontario A Western.
1,068
N. Y
5,780
1,122
6,064
395
514
7,612
6,398
8,119
5*727
6,373
5,938
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
460
746
294
495
443
377
241
240
Pittsburgh A West Virginia
754
1,206
883
1,868
1,812
Rutland.........
583
678
562
930
932
5,475
3,680
5,738
4,671
5,202
9,591
3,257
3,414
9,173
3,747
154,617
161,695
138,628
168,624
171,977
655
439
404
966
786
34,575
35,613
6,376
27,033
18,401
2,293
18,676
2,558
Chicago Burlington A QtHncy—
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
.....
Lehigh A Hudson River.....
Lehigh A New England.......
Lehigh Valley
............
Maine Central
........
Monongabela.
......
Montour
...
Central Lines......
N. Y. N. H
A Hartford
Chicago A Sf
Louli
N. Y. Susquehanna A Western.
Pittsburgh A Lake Erie
Pere Marquette
........
Wabash..
...
Wheeling A Lake Erie.
Total
.
4,975
9,018
2,790
5,660
2.246
2,184
1,295
7,699
2,188
7,627
2,452
Total
42,534
13,299
43,183
13,181
1,766
10,930
Bessemer A
Ohio
......
5,091
Lake Erie.......
5,974
Minneapolis A St
32
52
318
300
6
7
1,604
6,739
1,671
13
29
7,055
1,440
5,736
12,374
.....
...
Central RR. of New Jersey...
Cornwall
14,850
2,483
10,225
2,810
7,660
10,911
2,939
8,596
4,133
3,987
3,371
3,612
13,531
687
140
919
362
419
408
9,018
6,485
7,166
7,384
293
44.9
414
110
178
15,092
12,452
3,045
2,798
577
632
639
576
635
2,586
12,492
1,502
70
64
1,908
5,676
10,974
10,571
1,717
5,355
10,161
1,780
2,345
3,607
1,715
2,496
4,000
I/OUls
St. Paul A S. 8
Northern
4,387
1,438
5,837
Lake Superior A Ishpemlng
Minn
350
13,330
5,241
263
Buffalo Creek A Gauley
Cambria A Indiana
73,012
20,492
Dodge Des Moines A South.
Ft
Great Northern
6,677
2,288
75,043
17,149
2,504
Green Bay A Western.
M
Pacific
263
117
216
100
251
2,017
1,947
1,586
1,664
98,429
108,427
83,272
45,239
21,826
2,978
22,768
3,106
21,555
2,790
7,037
5,651
2,152
2,341
468
433
438
90
91
17,955
17,321
17,500
8,787
8,546
2,615
11,122
2,101
1,771
11,852
683
703
8,869
8,151
2,582
1,536
4,639
2,644
1,546
2,943
2,627
1,488
2,933
1,008
1,148
1,767
14
12
1,134
1,457
1,061
1,415
694
398
International
Spokane
Spokane Portland A Seattle...
Total
1,518,
47,867
Central Western District—
Atch. Top. A 8anta Fe System.
Baltimore A
822
96,499
496
Duluth Mlssabe A I. R
1,512
6,789
1,569
691
790
20,302
16,733
Elgin Jollet A Eastern
1,806
10,772
16,141
748
180
2,256
20,012
3,416
Duiuth South Shore A Atlantic.
4,794
16,358
403
V
8,642
33
Alton
Alleghany District—
Akron Canton A YoungBtown.
105,619
2,462
1,173
1,308
5,581
5,563
972
9,705
238
65
9,481
1,428
167
1,154
4,874
5,293
3,042
Northwestern DIatrlct—
Chicago A North Western
...
Chicago Great Western
Chicago Milw, St P 4 Pacific.
Chicago St. P. Minn A Omaha.
222
2,236
36,120
417
193
Southbound—
Winston-Salem
349
Grand Trunk Western
328
8,658
19,794
420
.....
...
2,784
Erie
389
9,488
21,820
4 Potomac
472
Detroit A Toledo Shore Line...
350
9,440
22,633
108,302
Richmond Fred
Seaboard Air Line..
Southern System
Tennessee Central
2,775
Detroit Toledo A I ronton
New York
1939
1940
Southern District—(Concl.)
Bangor A Aroostook.......—
Boston
1938
1939
1940
Eastern District—
Ann Arbor
from Connections
Freight Loaded
Railroads
1939
1940
1938
1939
1940
Total Loads Received
Total Revenue
Total Loads Received
1940
30,
ENDED NOV. 16
RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK
Total Revenue
Railroads
Nov.
........
Bingham A Garfield
Colorado A
—
12,019*
2,680
2,814
1,240
Southern
1,209
4,173
4,709
622
592
629
48
53
Denver A Rio Grande Western.
Cumberland A Pennsylvania..
246
319
204
34
40
Denver A Salt Lake..
996
611
Llgonlcr
142
142
134
30
33
Fort Worth A Denver City....
1,160
949
726
744
2,783
Illinois
1,724
1,044
55,727
12,473
2,587
1,476
45,553
1,825
1,163
1,976
1,029
1,167
975
108
123
726
766
574
369
493
17
23
25
0
0
26,664
25,710
23,476
6,638
5,123
325
311
282
1,202
18,083
18,468
19,479
10,299
1,251
9,612
Valley........
Long Island
1,386
1,497
Pennsylvania System
Reading Co
69,226
74,918
14,825
13,910
Union
18,895
18,978
3,631
4,100
Penn-Readlng Beashore Lines.
.........
(Pittsburgh)....,.....
Western
Maryland.
...
1,589
Terminal
Missouri-Illinois
Nevada
19,107
4,774
North
6,382
Peoria A Pekln Union
7,076
9,122
3,202
7,557
Southern
Northern
...
Western Pacific........
Pacific (Pacific)
Toledo Peoria A Western
158,849
Total
166,654
114,738
120,511
887
....
48,351
20,304
121,640
....
Union Pacific System—
Utah
572
561
535
7
7
2,017
1,954
1,927
2,564
2,349
120,723
119,549
116,553
58,941
54,348
Western Pacific
Pocahontas District—
24,281
26,884
20,379
21,658
4,631
Chesapeake A Ohio..........
Norfolk A Western...........
4,361
Virginian..................
11,635
4,991
1,193
22,138
21,940
4,768
371
12,112
4,991
Total.
639
Southwestern District—
49,291
Total.
52,903
17,742
17,819
48,846-
182
International-Great Northern.
3,045
1,877
1,769
A Gulf....
217
2,445
2,001
1,932
Island
A Western
266
259
182
153
226
746
748
675
1,550
1,508
Atlanta Birmingham A Coast..
Atlantic Coast Line........
633
584
595
986
939
10,002
3,653
9,890
3,955
432
Kansas Oklahoma
Kansas
City Southern...
5,927
406
5,410
Louisiana A Arkansas
3,276
1,264
2,128
9,113
3,614
396
Central of Georgia....
Charleston A Western Carolina
2,764
Litchfield A Madison...—..
1,220
2,300
Midland
1,157
362
407
266
347
Missouri-Kansas-Texas Lines.
Durham A Southern.........
143
165
156
408
310
Missouri Pacific
Florida
832
799
978
1,066
935
31
34
33
101
99
East Coast
...
913
Georgia
874
1,034
1,610
1,876
389
381
349
568
473
3,574
23,649
3,486
yl,495
20,981
2,839
3,373
12,108
11,080
5,742
Georgia A Florida..........
Gulf Mobile A Ohio
Illinois Central System....'..
Louisville A Nashville
23,109
22,270
22,687
19,985
6,238
Macon Dublin A Savannah..
130
183
151
624
167
163
139
434
315
2,159
1,944
956
1,659
362
371
902
859
591
700
198
263
261
166
342
278
4,109
14,477
4,375
14,139
2,824
10,199
2,701
4,216
15,196
9,122
Quanah Acme A Pacific
170
121
138
128
160
St
Louis-Pan Francisco
7,991
7,056
4,587
St
Louts
8,662
2,932
2,651
2,502
2,697
Texas A New Orleans
7,458
3,151
5,251
6,964
5,225
7,989
Texas A Pacific
5,508
3,821
4,680
2,497
3,253
3,627
149
184
227
43
54
13
22
17
29
35
55,084
52,140
52,757
37,354
36,149
Southwestern..
Wichita Falls A Southern
620
Mississippi Central
1,993
1,594
340
Missouri A Arkansas
1,486
314
Gainesville Midland.......
2,142
1,023
2,131
163
1,791
1,879
719
1,479
—
1,887
211
Valley
Columbus A Greenville...
Clinch field
3,520
191
%
Gulf Coast Lines
Southern District—
Alabama Tennessee A Northern
291
1*639
245
Fort Smith
Atl. A W. P.—W. RR. of Ala-
288
1*393
138
152
2*925
Burlington Rock
Note—Previous
figures
year's
revised.
* Previous
figures.
*
Daily
week at 167.1.
Commodity
Index lost
Hides and hogs were
0.7
Total
Discontinued Jan. 24, 1939.
this
point
y
Gulf Mobile A Northern only.
off while wheat and
of each country, follow:
currency
(August 1939=100)
The movement of the index
was as
follows:
Argen¬
Nov. 22
.167.8
Two weeks ago,
Nov. 23_.
.167.6
Month ago, Oct. 29
Year ago, Nov. 29-..
Nov. 25...
.168.2
Nov. 26
.167.2
.167.6
.167.5
.167.1
Nov. 27
Nov. 28---.
Nov. 29-.--...
—
.
Included In Gulf Mobile A Dhio.
foods, 9; textiles, 12; fuel, 11; metals, 11; miscellaneous, 18.
The indexes, which are based on prices as expressed in the
steel scrap advanced.
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
*
livestock and livestock products, 19; vegetable fats and other
Moody's Commodity Index Declines Fractionally
Moody's
Wetherford M. W. A N. W—.
Nov. 15.
1939 High—Sept. 22
Low—Aug. 15-.-..
1940 High—Jan. 2
Low—Aug. 16..
.
—
—
Aus¬
Can¬
tina
....168.4
tralia
ada
163.7
158.5
1940—
Mex¬
Eng¬
land
r
•"
Java
yNew
Swe¬
Switz¬ United
ico
zeal'd
den
erland States
:
.—172.8
May
120
118
120
143
116
113
112
131
132
112
138.4
June
118
118
120
144
116
113
114
131
136
109
July
August
September
118
118
120
145
115
112
114
132
140
109
118
119
120
150
115
111
120
132
144
109
116
120
121
145
116
110
122
135
153
111
121
138
154
112
157
112
—
—
.169.4
—
149.3
_
Weeks
Oct.
Commodity Price Indexes of Ten Countries Compiled
by General Motors and Cornell University
General
Motors
Corp. and Cornell University, which,
prior to the European war, had collaborated in the publica¬
tion of a world commodity price index, resumed issuance of in¬
end:
5—
114
122
121
144
116
110
12—
114
121
122
144
117
110
121
139
Oct.
19—
112
122
122
144
117
110
120
139
158
114
Oct.
26—
113
124
123
144
117
110
119
140
160
115
Nov.
2—
113
124
123
144
117
110
118
141
162
115
Nov.
9
110
123
124
143
117
110
118
141
162*
115
114
123
124
143
117*
110*
117
141
Oct.
Nov. 16—
*
116
Preliminary.
ternational price statistics on Nov. 18 last, but on a different
war.
Instead of a composite index of
basis than before the
world
prices,
these
organizations
now
are
publishing the
information only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country, in so far as possible.
Each
commodity is weighted uniformly for each country, according
to its relative importance in world production. / The actual
price data are collected weekly by General Motors Overseas
Operations from sources described as "the most responsible
agencies available in each country, usually a government
department."
The commodities involved include "a com¬
prehensive list of several groups, including grains, livestock
and livestock products, miscellaneous foods (coffee, cocoa,
tea, sugar, &c.), textiles, fuels, metals, and a list of other
miscellaneous materials (rubber, hides, lumber, newsprint,
linseed oil, &c.).
Weights assigned in the index to the
different commodity groups are as follows;
Grains, 20;
Bureau
of
Labor
Statistic's
Index of
Wholesale Com¬
modity Prices Advanced 0.3% During Week Ended
Nov. 23—Changes in Previous Week Also Reported
fairly broad advance in wholesale markets the
Statistics' index of wholesale commodity
prices rose 0.3% during the week ended Nov. 23 to equal the
high point of September of last year when prices were at their
peak following the outbreak of war, Commissioner Lubin
reported on Nov. 28.
"Continued advances in prices for
grains, dairy products and certain other farm products and
for leather, and lumber contributed largely to this increase,"
Mr. Lubin said.
"The rise brought the all-commodity index
of nearly 900 price series to 79.5% of the 1926 level.
The
general index is 1% higher than a month ago and is 0.6%
above the level for the corresponding week of last year."
The Bureau's announcement also had the following to say:
Reflecting
Bureau
a
of Labor
Volume
The Commercial & Financial
151
Although price changes were less marked than last week, the rise was
and
quite general,
vanced.
Farm
average
products
and textile products,
prices for
0.1%.
corn,
wheat,
citrus fruits,
oats,
cotton,
marked advances were reported for
onions, potatoes,
and cereal products declined sharply and
fresh
were
70.2
43.6
55.4
50.7
64.7
64.6
63.6
Cotton
53.1
52.7
51.4
52.3
Grains
65.6
66.8
66.2
62.5
Livestock
■
65.2
64.9
63.9
64.3
Fuels
80.6
80.6
80.4
Miscellaneous commodities.
+ /
86.9
86.7
85.9
17.3
and crude
10.8
During the previous week (ended Nov. 16) the Bureau's
index rose 0.6% to 79.3% of the 1926 average, Mr. Lubin
reported on Nov. 20, adding that this was the peak since
Jan. 20, 1940.
The Commissioner explained this was gener¬
ally due to continued advances in market prices of farm
products and foods and in markets for industrial materials,
which have been strong for several months.
The Labor
Bureau's announcement of Nov. 20 reported the following
week and
in¬
creases were reported for cattle feed
(over 9%), grains (more than 4%),
livestock (nearly 2%), and cotton, fresh milk, seeds, tobacco, lemons, and
potatoes.
Quotations were also higher for dairy products (about 2H%),
meats and cereal products (1%), and lard, coffee, raw sugar, and most
vegetable oils.
Y■'
;+
Among the important industrial commodities for which higher prices
were reported were hides, scrap steel, and crude rubber.
There were also
advances in Pennsylvania crude oil, pig lead, shellac, linseed oil, cotton
textiles, and burlap.
Y"YYY
;.7vY+:.
Few commodity prices declined during the week.
Prices were lower for
raw silk, and jute.
Although prices of building materials in general were
firm, there was some reduction in prices of shingles, hardwood flooring and
yellow pine dimension lumber and sand and gravel.
Eight of the 10 commodity group indexes advanced during the
In agricultural commodity markets, sharp
The following tables show
(1) index numbers for the
principal groups of commodities for the past 3 weeks, for
Oct. 26, 1940, and Nov. 25, 1939, and percentage changes
from a week ago, a month ago, and a year ago (2) percentage
changes in subgroup indexes from Nov. 16 to Nov. 23, 1940.
+:Y (1920—100).v
■==':
73.5
72.7
Metals
93.6
93.8
93.7
93.7
6.1
Building materials
98.6
98.6
96.5
87.5
97.6
YvY/VY+Y;YVY
Y;v:
1.3
Chemicals and drugs..
97.6
72.4
72.3
72.0
73.2
Fertilizers
78.6
V78.6
78.6
77.3
0.3
Farm machinery
94.1
94.1
94.0 ■
94.9
77.1
77.0
76.3
23,
1940
1940
Commodity Groups
Nov.
Oct.
77.1
All groups
100.0
October
9,
1940
1939
combined......
8.4%
Sales
Federal
The
Bank
Reserve
16,
>
26,
higher than last year, and after allowing for one
shopping day this year than last, sales on an average
daily basis increased approximately 4%%, a somewhat more
favorable comparison than in September.
Sales of the
SV2%
more
substantially higher than in
candy chains were
following reductions in the
previous month.
The 10-eent and variety chain store sys^
terns reported sales above those of a year ago, although on a
daily basis the year-to-year comparison was somewhat less
favorable than in September.
The Bank goes on to report:
Reflecting the trend toward "supermarkets," grocery chains reported
15% fewer units in operation than a year previous, but an increase in
sales per store of 33%. - Candy chains also had fewer stores than last
year (11%), but larger sales per unit (14%).
On the other hand, the
number of stores operated by 10-cent and variety chains and shoe chains
was slightly larger than a year previous,
and sales per unit showed more
moderate gains.
'; 1 " •••••,
YYYY
^'Y'Y 'Y'^YY+YY- :-;Y'' Y'Y
chain
grocery
stores
were
October, 1939, and sales of the shoe and
somewhat larger than last year
change
+
october,
1939
No. of
Type of Chain
+0.3
+0.6
+ 1.1
68.4
67.2
67.0
67.6
+0.6
+ 2.7
72.8
72.6
71.7
70.8
72.0
+ 0.3
+2.8
+ 1.1
103.1 103.0 102.4 101.9 104.2
+0.1
+ 1.2
Grocery
............
.
74.0
73.9
+0.3
72.4
72.6
72.5
72.2
74.8
—0.3
+0.3
—3.2
97.4
97.5
97.4
97.4
96.1
—0.1
0
+ 1.4
98.8
98.3 x98.3 X97.6 X92.9
+0.5
+ 1.2
+ 6.4
77.5
77.4
77.2
77.0
+0.1
+ 0.6
90.2
90.1
90.1
90.0
90.0
+0.1
+ 0.2
+0.2
77.6
77.1
77.0
78.2
—0.1
+0.6
—0.9
72.7
72.5
71.6
71.5
72.3
+ 0.3
+ 1.7
+0.6
80.5
80.4
80.2
79.7
81.9
+0.1
+ 1.0
—1.7
and power
82.9
82.8
82.4
82.1
82.3
+ 0.1
+ 1.0
+0.7
Nov.
81.8
81.8
81.4
81.1
81.6
+0.9
+0.2
output is 8.6% above the
84.3
_
+ 0.8
84.1
83.9
83.7
84.4
+0.7
—0.1
_
Chemicals and allied products.
.
Housefurnishing goods
Miscellaneous commodities
Raw materials
_
Semimanufactured articles....
Manufactured commodities
.
75.8
z
products.
All commodities other than farm
Revised,
0
PERCENTAGE CHANGES
Electric Output
+ 14.0
+0.2
IN
The
-
TO
4.5
\■■
in its current weekly report
electric light
the week ended
The current week's
production of electricity by the
industry of the United States for
23, 1940, was 2,695,431,000 kwh.
corresponding week
output of the
When the production totaled 2,481,882,000 kwh.
output for the week ended Nov. 16, 1940, was estimated
2,751,528,000 kwh., an increase of
be
week
percentage increase from
+ +'CY
over the
like
previous year
0.8
Other foods
9.4%
ago.
a year
1940
Increases
Fruits and vegetables-
1940, Totals
1939,
to
SUBGROUP INDEXES FROM NOV. 16
NOV. 23,
for Week Ended Nov. 23,
2,696,431,000 Kwh.
The Edison Electric Institute
estimated that
of
-
...
No comparable data.
z
+8.4
,
z
All commodities other than farm
products and foods
+ 14.2
All types
73.6
_
Building materials
+3.0
+ 1.4
—4.9
...
77.5
material}...
+6.3
+3.4
-11.1
74.2
Fuel and lighting
x
+0.4
—2.1
Textile products
Metals and metal products
+ 33.4
+7.4
+ 1.0
Shoe....
—1.1
,.
Hldes and leather products
Sales per Store
+ 13.1
+ 1.8
68.8
Farm products
Foods
79.0
Total Sales
Stores
-15.3
Candy...
79.5
All commodities.
78.6
with
1940, compared
-W -
1939
October,
Ten-cent and variety..-
78.8
announced
25,
1940
'
1940
79.3
York
New
of
Nov. 28 that in October total sales of the reporting chain
store system in the Second (New York) District were about
Nov.
Oct.
Nov.
Year,
Last
Above
Reports New York Reserve Bank
25,
1940
.....
Store
Chain
97.6
,
1940, from-
Nov. Nov. 23,
26,
.
93.6
Fertilizer materials
0.3
percentage
16.
,
0.3
Percentage Changes to
Nov.
88.5
75.1
7.1
V
Nov.
81.8
77.1
Textiles
concerning changes in the week ended Nov. 16:
unchanged.
_
50.7
60.7
63.8
.
8.2
•
two remained
.
■-V-'
; ^'\Y
;v
■
73.3
70.9
46.1
Farm products
23.0
lower for raw silk, aluminum, pig tin,
\
1939
55.4
Cottonseed oil
••
Hide prices dropped fraction¬
26,
1940
70.6
Fats and oils
■'
rubber.
Ago
Nov.
40.6
Foods.
25.3
Among the important changes in industrial commodity markets were
ally and prices also
Year
i
Ago
Oct. 26.
16.
1940
1940
Total Index
Month
Week
23. Nov.
milk
gains in prices for leather, textiles—such as duck, tire fabrics, cotton yearns,
and lumber.
the
(1926-1928=100)
Preced'g
Nov.
Group
Bears to the
1
and burlap—and for scrap steel
in
declines;
declines.
PRICE INDEX
Week
Each Group
prices were also lower for meats,
wool, barley, and cattle feed.
10
Latest
Percent
(Chicago),
lard, and most vegetable oils.
Livestock
cheese,
butter,
eggs,
WHOLESALE COMMODITY
WEEKLY
Compiled by the National Fertilizer Association.
0.3%.
and miscellaneous commodities decreased 0.1%.
In agricultural commodity markets
only
and
advances
49
were
Weakening prices for
gasoline caused the fuel and lighting materials group index to decline
Metals and metal products
there
preceding week there were 36 advances and seven
'
0.3%; and hides and leather products, chemicals and
allied products, and housefurnishing goods,
week
preceding
second
0.5%; foods
0.6%; building materials,
up
were
7 major groups of commoditiesad-
3145
Chronicle
Week Ended
Week Ended
Week Ended
Week Ended
9, 1940
j Nov. 2, 1940
Other farm products-,.
2.4
Cotton goods—m
0.6
Major Geographic
Lumber
1.5
Other textile products,,
0.4
Regions
1.4
Cement
0.2
1.3
Clothing. ;
Woolen and worsted goods.
0.1
New England
0.1
Middle Atlamic
7.8
9.6
6.5
7.3
Central Industrial
9.7
13.2
10.0
10.3
6.3
5.4
6.5
Oils and fats
Grains
.
1.1
Leather
Dairy products
—
1.0
+ —
Housef urnishlngs
0.1
3.5
Cattle feed
0.0
Livestock and poultry.
2.8
Nonferrous metals
0.5
Petroleum products—
0.8
Meats
Silk
0.7
Crude rubber
Paper and pulp
Nov. 16,1940
0.1
5.5
3.6
4.9
....
Nov.
Central
6.2
9.0
9.6
9.2
10.1
Rocky Mountain.....
Pacific Coast
3.8
4.3
2.2
x0.8
7.1
3.8
4.6
2.7
Total United States.
8.6
9.4
8.2
7.8
0.2
0.7
23, 1940
Southern States...
West
Decreases
Cereal products
Nov.
0.1
-
Hides and skins
...
.....
,
.
0.3
,
x
/
Decrease,
FOR
DATA
RECENT
WEEKS
Percent
Change
Association
wholesale
1939
during the week were comparatively
slight.
The greatest
its ninth
February.
woolen goods, burlap, and certain cotton goods were
responsible for last week's rise.
The farm product price index was slightly
higher, due largely to rising prices for livestock.
Mark-ups in quotations
for cattle feed resulted in a small increase in the index representing the
prices of miscellaneous commodities.
A small drop took place in the food
price index, and the metal index was also slightly lower.
Price changes were about evenly balanced during the week, with 20,
price series included in the index advancing and 20 declining; in the■
1937
1932
1929
1939
Sept.
2,462,622
7
Sept. 14
m m
Sept. 21..
•
Sept. 28
mm
-
Oct.
5
mm
Oct.
12
mm
Oct.
19
Oct.
20
mm
Nov.
2
mm
Nov.
change took place in the textile price average, which registered
ccnscutive advance, rising to the highest point reached since
1940
from
commodity price index compiled
Nov. 25, went on to say:
Price changes
1940
Week Ended
by The
National Fertilizer Association rose slightly last week, ad¬
vancing to 77.1 from 77.0 in the preceding week.
The index
was 76.3 a month ago, and 77.1 a
year ago, based on the
1926-1928 average as 100.
The highest point reached by
the index this year was 78.5, in the first week of January,
and the year's low point was 74.1, recorded in the week
of Aug. 3.
The Association's announcement, under date of
The
//"-YY'
(THOUSANDS OF KILOWATT-HOURS)
Wholesale Commodity Prices Advanced Slightly During
Week Ended Nov. 23, According to National Fer¬
tilizer
.y;
9
m
Nov. 16
mm
Nov. 23
mm
Nov. 30
mm
Dec.
7
2.289.960
+7.5
2,038.634
2,028.667
2.444.371
+7.9
2,448,888
+ 7.3
2.669.661
2,469,689
2.465.230
2,494,630
2.493.993
2,538.779
2,536.705
2,640,949
2,605,064
2.680.799
2.711,282
2,734,402
2,719.501
2,751,528
2,695,431
2.613.699
2,514.350
2,481,882
+8.1
+7.1
+0.8
+7.7
+6.8
+ 7.8
+ 8J2
+ 9.4
+8.0
2,538,777
2,585,560
2,154,270
2,280.792
1,423.977
2.265,748
2.275.724
2,280.005
2,270,123
2.281.638
2,254,947
2.202.451
2.170.557
1,490.803
1,499.459
2,224.213
2,065,378
2,152,643
2,190,105
1.470.442
1.606.219
1,507.503
1.528.146
1.533.028
1.525.410
1.520,730
1,531,684
1,475,268
1,610,337
1,618,922
1,674.588
1.806.259
1,792,131
1.777,854
1,819.270
1.806.403
1,798.633
1.824,160
1,815,749
1,798.104
1,793.684
1.818.169
1.718.002
1,800,225
Higher quotations for
October in 12 Years
continuing at a very high
rate through the fall season, according to F. W. Dodge
Corp.
The total dollar value of contracts awarded in the
37 Eastern States during the month of October for one- and
Largest Home-Building
-
Home-building operations are
The Commercial & Financial Chronicle
3146
two-family
houses
$117,141,000,
was
compared
$86,
with
769,000 in October, 1939, an increase of 85%.
In fact, last
month liad the largest small-house total for any October
There was also last month an 8%
in small-house contract volume over the preceding
" -.v--'""
the
since
increase
month.
1928.
year
big home-building operations of 1940 small-house
construction has far outstripped apartment building, which
In
with parts and
exports of automobiles, parts
700,000
moderate decline.
While the number of
new
dwelling units contracted for in one- and twohouses during the past 10 months increased 13%
the corresponding period of last year, new family
in multiple dwellings decreased nearly 20%.
In view
September
in
from
in
houses
percentages reported for single-family
majority of areas all through the year, and
occupancy
a
considerably lower occupancy figures for multiple dwellings,
year's relative performance in these two classes of resi¬
situa¬
the
dential building would appear to reflect the demand
tion with
Commenting on the October record for residential build¬
Holden,
S.
Thomas
ing,
Vice-President
of
F.
W.
Corp., in charge of statistics and research, stated:
Dodge
"Cur¬
rently rising volume of industrial production and employ¬
ment should create a sustained demand for private resi¬
dential
However,
building.
a
factor of a highly com¬
new
petitive character has entered the market in .the past two
months, the rush program of army cantonment building,
for which a number of contracts have already been let on
the
cost-plus-fixed-fee basis.
tracts in advance of
in the interest of speed, makes for some uncertainty
market, since the actual magnitude of the projects
sary
in
This method of letting con¬
completed detailed plans, while neces¬
and other motor fuel, and lubricating oil; auto¬
rubber manufactures; electrical machinery; and
definitely known at the time they are started.
These
large rush projects will make at times during the next few
months unusual demands upon supplies of materials and
building labor, presenting a possibility of deferment of some
Week
Debits for
a
Ended
Year
Nov.
20, 21.4%
imports
of 1937.
months
during October,
resulted in a rise of approxi¬
foreign goods actually
entering consumption channels in the United States.
At $213,030,000,
imports for consumption were above the average for the preceding months
Relatively heavy withdrawals from customs warehouses
affecting practically all commodity groups,
mately 9% from the preceding month in the value of
of 1940 and also above
the amount reported in October, 1939.
An increase in imports of textile
of the
unmanufactured wool, raw cotton, and
well above those of recent months.
to levels
larger value in October than in September included
In
lagging as compared with 1939.
of crude rubber,
Arrivals
program,
should not be construed as of more than temporary
Month
1937
1938
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Exports Including
Re-exports—
Dollars
Dollars
Dollars
Dollars
Dollars
176,223
163,007
May..........
June-....
170,244
July
October
173.230
172,126
198,803
221,296
November-..
269.838
220,539
264,949
226,364
December...,
223,469
229,800
....
August
September—
10
ended Oct.
mos.
12 mos. ended Dec
4,147
3,329
676
460
Cleveland---
702
614
Richmond...
400
337
Atlanta
316
269
1,644
1,229
New York
Philadelphia..---
Chicago—...
Nov.
22,
1939
166,832
152,491
177,356
170,600
156,754
July—
176,631
August
169.030
170,533
October
189,367
45,163
5,353
5,650
7,892
4,281
3,436
16,311
161,647
$6,096
$6,414
45,300
November
169,385
December...
186,968
232,726
227,535
230,790
246,335
277,668
252,381
288,956
331,978
292,453
268,943
347,039
351,424
323,980
325,402
350,552
316,919
349,912
295,245
343,485
368,046
187,482
192,774
198,701
202,779
191,697
191,077
195.056
193,073
240,444
277,709
307,474
286,837
284,735
286,224
265,214
245,668
170,689
162,951
173,372
159.827
148,248
145,869
140,809
178,246
158,072
190,481
186.300
202,493
165.516
176,623
181,536
215,289
235,458
233,142
196,400
208,833
168,910
178,024
245,161
178,866
167,592
224,299
223,090
216,701
212,692
176,187
171,347
12
3,403
3,292
166
2,171
3,462
mos.
ended Dec... 2,047,485 2,422,592
282
232
2,750
241,992
199,926
216,755
212,352
211,345
211,388
232,291
220,512
194,928
207,141
246,807
1,835,816 2,148,630>
3,083,668 1,960,428 2,318,081
714
'9,077
8,564
$10,282
3,773
5,617
$8,467
$110,146
3,012
4,700
893
755
41,389
59,286
9,471
$106,306
41,397
55,922
8,987
Including Re-Exports, and General Imports of Merchandise
Comparative Summary,
2,681
840
Exports,
2,201
3,513
——-
249,466
236,164
229,631
250,102
257,276
370,054
10 mos. ended Oct... 1,691,132 1,981,031 2,651,745 1,612,895
293
Dallas
San Francisco
274,472
3,211
294
338
—
212,911
218,716
267,781
230,974
289,071
261,935
276,308
15,121
331
—
Minneapolis
Kansas City
185,693
180,390
178,975
233,125
256.666
268,945
289,922
265,341
268,184
277,031
296,579
332,710
314,697
323,403
7,106
4,004
193
St. Louis
200,772
222.665
1,789,567 1,999,813 2,711,067 2,573,115 2,516,678 3,374,010
2,282,874 2,455,978 3,349,167 3,094,440 3,177,176
September
$530
198,664
182,024
196,113
192,795
185,026
164,151
165,459
March...........
April.
1940
1936
1935
Period
or
PERIODS
1939
May.....
June...............
13 Weeks Ended
$614
-—
significance.
MERCHANDISE TRADE BY MONTHS AND BY CUMULATIVE
January.....
Federal Reserve District
Boston
lower than
stock-piling
however, the decline in imports of these leading strategic materials
April......—......
Nov. 20,
1940
nickel, and manganese during October
In view of existing commitments under the
in September.
March............
Nov. 22,
1939
tin,
continued to show increases over receipts a year ago but were
February-...
Week Ended
coffee, Whiskey,
had been
manufactures, and wool manufactures, some of which
General Imports—
FEDERAL RESERVE DISTRICTS
(In Millions of Dollars)
Nov. 20,
1940
1939.
Imports of
unmanufactured jute also advanced
Other commodities entered
entries during any month since October,
the largest
cotton
September.
pounds valued at $15,700,000 represented
Raw silk imports of 6,152,000
Board of Governors of the Federal Reserve System.
SUMMARY BY
fibers accounted for a substantial part
higher value of imports in October in comparison with
February-....
deposits accounts (except interbank accounts),
as reported by banks in leading cities for the week ended
Nov. 20, aggregated $10,282,000,000.
Total debits during the
13 weeks ended Nov. 20 amounted to $110,146,000,000, or
4% above the total reported for the corresponding period a
year ago.
At banks in New York City the total was about
the same as for the corresponding period a year ago, and
at the other reporting centers there was an increase of 6%.
These figures are as reported on Nov. 25, 1940, by the
comparatively low figure of $195,-
the average value of receipts during
the first three quarters of the year.
Total imports during the period from
January through October showed an increase of 17% as compared with the
corresponding period of 1939 and of 33% as compared with the same period
of 1938.
They were considerably smaller, however, than in the first 10
January---.
Debits to
States in October,
000,000 in September, remained below
Above
Ago
into the United
of merchandise
although up to $207,000,000 from the
private work and even of some defense housing projects
until the peak load of cantonment building has passed."
Bank
semi-manufactures
Shipments of iron and steel
slightly lower in value than during September.
General
the
is not
v
commodities, including
mobile casings and other
■V
comparative accuracy.
; :
crude petroleum, gasoline
were
high
/
exports of industrial
which increased from
and brass, which rose
October as compared with the preceding
distributed among a wide variety of
were
firearms and ammunition.
of
9
$7,400,000 to $13,600,000.
Other increases in exports in
month
family
units
machinery,
$36,90t,000 to $43,600,000; and exports of copper
family
over
and accessories, which increased from $15,-
$22,500,000 in October;
to
and
and accessories at $31,400,000 in October;
metal-working
especially
machinery,
1940
SO,
accessories at $22,900,000 in September to 335 planes
648 engines valued with parts
the
has suffered a
Nov.
October,
September,
October,
1939
1940
1,000
1,000
10 Mos. End. October
1940
1,000
Exports and Imports
1939
Total, 274 reporting centers
New York City *
140 other leading centers *.
133 other centers
♦
Centers for
bank debit figures are available back to
which
1919.
Foreign
Trade
in
October—Imports
and
1,000
DoUars
Dollars
Dollars
Dollars
DoUars
331,978
295,215
3,374,010-
194,928
343,485
207,141
2,516,678
215,289
1,835,816
2,148,630
116,689
Exports, including reexports
General imports
Balance of exports
Country's
1940
1,000
100,317
130,344
680,862
1,225.380
MERCHANDISE TRADE BY MONTHS AND BY CUMULATIVE PERIODS
Exports
Month
or
Period
1935
1936
1937
1938
1939
1940
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
DoUars
Dollars
DoUars
Dollars
The Bureau of Statistics of the
at
Washington
on
Department of Commerce
Nov. 2b issued its statement on the foreign
trade of the United States for October and the ten months
ended with
1935.
October, with comparisons by months back to
The report follows:
16% rise during October restored export trade to the average level
A
of the first three quarters of the year
after a sharp drop in September.
total value of exports during the month was
The
$343,000,000, as compared
with $295,000,000 in September and with $332,000,000 in October,
1939.
General imports into the United States increased during October to $207,-
000,000 from $195,000,000 in September, or by 6%.
in October of last year were
Receipts of goods
Exports—U. S.
Merchandise—
195,689
179,381
July
173,560
160,312
181,667
160,511
159,791
167,278
167,865
August-...
169,683
175.825
217,925
262,173
223,920
226,666
January.....
February...
March.......
April.....
—
May......——...
June...—
SeptemDer
196,040
October...
218,184
November
267,258
220,931
December..
than,
as
by larger shipments
10
mos.
ended Oct.
12
primarUy
mos.
ended Dec.
of manufactured commodities rather
is usually the case during the fall season, of agricultural products.
Although exports of agricultural products increased in value from $22,-
The increase resulted chiefly
in shipments of raw~cotton and from
larger
Exports of cotton in October consisting of 210,000 bales
valued at $10,500,000, were less than a fourth of the 975,000 bales valued
$47,200,000 which were shipped abroad in October, 1939.
Exports during October of manufactured articles, including semi-manu¬
factures, reached $289,000,000, a gain of $38,000,000 over the comparable
total for September and of $23,000,000 over the average for
months of the
year.
233.465
226,740
228.312
243,595
247.412
329,373
311.212
274,059
319,431
266.358
249,844
284,392
323,077
360,556
338,900343,711
316.491
318,109
344,536
312,241
341,864
288,270
336,165-
286,761
357,307
1,754,892 1,968.383 2.668,287 2,540,966 2,479,275 3,300,843
2,243,081 2,418,969 3,298,929 3,057,169 3,123,343
163,312
155,923
173,196
155,118
147,123
147,779
186,377
228,680
260.047
295.705
173,096
180,381
194,296
199,776
189,008
194,311
197,458
200,783
168,683
218,425
280,899
278,118
278,300
262,919
248,730
233,959
October..
189,806
213,419
226,470
172,909
178,447
November
162,828
200,304
240,230
212,382
203,644
171,668
165,359
—
May...
June.
July...
August
December
166,070
166,756
155,313
179,760
147,767
171,023
169,353
152,577
191,269
185,916
194,185
178,373
170,430
180.225
234,620'
189,934
206,461
203,077
203,668
205,130
217,799
214,397
199,404
196.316
207,131
214,602
232,736
213,133
the first nine
Figuring prominently in this rise were exports of
aircraft and parts, which increased
293,374
263.995
227,624
246,119
224,866
189,590
April..—.
at
253,713
229.554
162,246
176.485
exports as contrasted with 30% a year ago.
seasonal expansion
285,081
256,481
264,613
273,661
168,482
March.
a
177,006
210,260
216,191
Imports for
Consumption—
January.,
February
agricultural exports in October, 1939, and represented only 10% of total
shipments of corn.
197,020
181,386
270,429
271,508
September
000,000 to $33,000,000, this amount was about a third of the value of
from
189,574
285,772
259,160
valued at $215,000,000.
The rise in exports in October from the preceding month was accounted
for
192,405
219,063
229,671
252,443
264,627
from 284 planes and 441 engines valued
10 mos. ended Oct.
12 mos. ended Dec.
1,696,318 1,983,443 2,593,827 1,612,597 1,828,862 2,084,541
2,038,905 2,423,977 3,009,852 1,949,624 2,276,099
Volume
3147
The Commercial & Financial Chronicle
151
of manufacturers'
value
Comparative Summary
September,
October,
1939
1940
1.000
1,000
together with percentage changes.
These indexes, all based on
monthly average as 100, are adjusted for seasonal variation:
10 Mos. End. October
1940
1,000
1939
1940
1,000
1,000
Percentage Change from
October,
Dollars
Dollars
Dollars
323,077
288,270
Imports for consumption
207,131
196,316
336,135
213,133
2,479,275
1,828,862
Sept., 1940
Oct., 1939
1940
Dollars
Dollars
Exports of U. 8. mdse
(Revised)
(Revised)
3,300,843
to
Oct., 1940
122.4
147.0
r
+0.2
+ 18.6
141.0
125.0
+ 12.0
+8.0
+40.0
136.0
122.6
197.0
Shipments
103.4
176.0
Inventories
h)
Increase
10 Mos. End. October
to
Oct., 1940
New orders
+ 18.0
Decrease(—)
Exvorts and Imports
1940
1939
1940
1939
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
15
17
487
4,986
+4,499
69,740
325,981
2,955,485
4,282,176
+ 1,326,691
69,726
Gold—
325,964
2,954,998
4,277,190
Exports..
Imports
Import balance
—9,773
87
13,256
4,857
77,329
3,484
49,023
5,495
Import balance
General
4,770
64,073
45,539
SILVER TRADE BY MONTHS AND
—28,306
Far
Western
employment, payrolls, industrial activity, non¬
Increased
home
and
retail
and
building,
trade
fornia and the Far West were reported during
national
to
Cali¬
These general gains are principally
(California).
attributed
in
October in
published by the Bank of
"Business Review"
current
the
America
BY CUMULATIVE
Reported by Bank of America (Calif.)
Business During October
Gains
in
residential
1,773
7,268
Exports..
Imports
GOLD AND
Oct., 1939,
Sept., 1940,
2,084,541
Exports and Imports of Gold and Silver
October
of 1939,
the 1936-89
and for the corresponding month
for the preceding month,
1940,
October,
Exvorts and Imports
following table gives the Conference Board's revised indexes of the
inventories, new orders and shipments for October,
The
Imports for Consumption
Export* of United States Merchandise and
preparations,
defense
the
review
notes.
PERIODS
■ i
gain of about 18% over
a
year ago.
Payrolls, like employment, are at a new peak, amounting to
about 15% over the beet months of 1937 and about 17% above the 1929
high.
Aircraft and shipbuilding, the tfto major defense industries on the
Employment in Pacific Coast industry shows a
Silver
Gold
Month or
1937
1938
1939
1940
1937
1938
1939
1940
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
365
1,671
452
233
2.064
298
191
667
260
1,923
2,064
594
up
317
611
177
slaughtering and
884
Period
*
'
Exports—
81
22
174
16
53
20
63
18
81
131
1,249
2,112
1,811
1,646
1,668
1,841
1,144
264
303
July
206
66
9
8
214
193
640
15
August
169
17
13
10
278
401
937
180
11
January
6.067
February...
39
March.....
13
146
231
33
4
April
212
36
3,663
May.......
June
19
129
11
15
13
285
1,463
1,292
139
232
16
16
17
380
1,259
1,773
87
30,084
16,052
14
10
527
823
487
16
11
236
1,344
887
11,279
4,915
13,256
12,042
7,082
14,630
2,846
14,080
5,689
2,821
3,166
6,025
28,708
10,328
16,488
9,927
7,207
4,476
September..
October
November..
December..
10 mos. end.
884
5,859
487
46,020
5,889
508
January
121,336
7,166
February—
120,326
8,211
166,427
223,296
365,436
606,027
October..
12 mos. end
Dec
4,986
3,484
-
..
West
increased
459,845
249.885
164,371
62.947
April
216.826
May.......
71,236
62,987
56,438
63,880
August
166,366
262,103
176,624
106,013
165.990
429,440 438.695
240,460 1164.224
278,645 519,983
259,934 361,533
September..
146,623
620,907
326.089
334,113
90.709
662,382
69,740
325,981
...
June...
July
October
Deoember..
167,991
4,964
8,427
5,701
10,633
461,183
177,782
240.642
62.194
33,033
November..
23,161
14,440
15,767
4,589
18,326
4,985
24,098
4.639
4,666
25,072
4,867
24,987
7,268
4,183
21,633
8.796
19,186
Orders
Conference
Says
58,093 184,012
77,329
4,107
'
received
New orders
October to
dexes
a
new
released
high
49,023
12%
Nov. 28 by the Division of
Board.
in
October,
Industrial Eco¬
The value of manufactur¬
substantially, but the advance in
inventories was held within narrow ranges.
The regularly
published indexes covering these items have been revised
and appear this month for the first time on a 1935-39 base
period. The Board's report continues:
Reflecting a rise of 12% over the figure for September, the Conference
Board's seasonally adjusted index of new orders, based on reports received
directly from manufacturing companies, reached 197.
This compares with
ers'
shipments also rose
in
the
corresponding month of 1939.
an
index of
141
of
the
The greater part
continues to be confined to the producers'
increases from September to October were
The
gain
largest
automotive equipment,
goods industries.
reported in the
electrical equipment, iron and steel, railroad equip¬
office equipment and paper industries.
Demand for
ment, metal products,
chemicals also advanced
rather
sharply.
As compared with a year ago,
the electrical equipment, railroad equipment,
machinery, metal products and textile industries.
On the other hand,
orders for certain consumers' goods items sucsh as boots and shoes, clothing
and housefurni&hings show no appreciable rise from the level prevailing a
the largest
rises have been in
of
leading
Western
Dumber production
was
constantly
shipments
in
October averaged
4%
Week Ended Nov. 6, 1940
0.4% less than in the previous week; shipments were
the
11% greater, according to reports
Manufacturers Association from
Lumber
National
operations of representa¬
regional associations covering the
tive hardwood and softwood mills.
Shipments were 2% and
Compared with the cor¬
4% less, shipments
8% greater, and new business 44% greater.
The industry
stood at 75% of the seasonal weekly average of 1929 pro¬
duction and 83% of average 1929 shipments.
The Associa¬
above production.
orders 14%
reported:
tion further
Year-to-Date
Comparisons
for the 46 weeks
corresponding weeks of 1939; shipments
and new orders were 8% above the orders
weeks of 1940 to date, new business was
ments were 6% above production.
Reported production
of 1940 to date was 6% above
were 6% above the shipments,
of the 1939 period.
For the 46
9% above production and ship¬
Supply and Demand Comparisons
31% on Nov. 16, 1940,
Unfilled orders were 40% greater than
unfilled orders to gross stocks was
The ratio of
compared with 21% a year ago.
a
year ago;
gross
stocks were 5% less.
Softwoods and Hardwoods
1940, 475 mills produced 230,5609,000
combined; shipped 235,030,000 fete;
During the week ended Nov. 16,
feet of softwoods and
hardwoods
booked orders of
Mills,
were:
263,433,000 feet.
production,
485;
Revised figures for the preceding week
231,386,000 feet; shipments, 262,434,000
feet; orders, 237,431,000 feet.
Lumber orders reported for the week
wood mills totaled
same
feet, or
from 90
ended Nov. 16, 1940, by 401 soft¬
254,204,000 feet, or 16% above the
production of the
for the same week were 224,452,000
2% above production.
Production was 219,973,000 feet. Reports
hardwood mills give new business as 9,229,000 feet, or 12% below
Shipments as reported
mills.
production.
Shipments as reported for th esame week were 10,578,000
or
0.4% above production.
Production was 10,536,000 feet.
Production
during the week
wood mills was
Mill
feet,
Reports
ended Nov. 16, 1940, of 392 identical soft¬
218,746,000 feet, and a year ago it was
228,720,000 feet;
respectively, 222,953,000 feet and 204,324,000 feet, and
feet and 173,338,000 feet.
In the case of
hardwoods, 90 identical mills reported production this year and a year ago
10,536,000 feet and 10,188,000 feet; shipments, 10,578,000 feet and
11,066,000 feet, and orders, 9,229,000 feet and 8,549,000 feet.
shipments were,
orders received,
Stable
September, did not
progress much farther during October.
A slight increase of 0.2% during
the month brought manufacturers' stocks to a level 18.6% higher than in
October, 1939.
The preliminary index of 122.6 (1935-39 equals 100) com¬
pares with a 1937 peak of 126.7, and with an average of 101.5 during
the first nine months of 1939, before the recent period of accumulation
began.
When compared with a year ago, inventory increases in the rail¬
road equipment industry, which is receiving heavy defense orders, arc
greater than in other industries, although gains are the rule throughout
all of the heavy industries.
Compared with the preceding month, the most
substantial rises during October were in the building equipment, railway
equipment, non-ferrous metal and paper industries. - •.:
stores
during the week ended Nov. 16, 1940,
Identical
in Septem¬
ber, 1940, and 125 in October, 1939.
This brought the index to a new
high level for recent years, exceeded only in July and August, 1929.
The
gain in the value of shipments during the month was general; the only
important groups which did not show a rise after adjustment for seasonal
influences were clothing, paper products and building equipment.
Inventories Relatively
department
10% less; new business,
Shipments Increase Again
continue to advance rapidly as a result of the
rising volume of orders.
On a seasonally adjusted basis the
index reached 147 (1935-39 equals 100) in October, against 136
Shipments
accumulation,
a
October, 1939, and 58% over September.
year ago.
Inventory
16 had
July I to the huge sum of
responding week of 1939 production was
Board—Inventories Steady
by manufacturers advanced during
level, according to preliminary in¬
nomics of the Conference
ended Nov.
$210,000,000, raising the total of all West Coast defense
about
Report of Lumber Movement
to
85,307
Advanced
the four weeks
50%;
higher than in the same month a year ago.
new
Manufacturers'
39%; automobiles,
$1,741,687,390.
Building was at a new peak, the Far West total of projects begun in
October leaching $78,300,000, or about $10,000,000 over July, 1940, the
previous record month.
California's total was $58,900,000, 130% greater
than the same month last year.
Far West home building begun in October
totaled $35,600,000, far in excess of the previous April peak of $27,150,000, and California's share of this was $31,800,000, more than double
4,673
5,378
12 mos. end.
1631,623 1979,458 3574,659
metal,
5,170
6,162
14,770
5,631
4,365
91,877 230,531
October.. 1646,296 1561.133 2955,486 4282,176
These industries, the review states,
as facilities become available for
5,724
7,143
17,962
10 mos. end.
Dec
of
during
awarded
contracts
Total
that of
5,799
4,070
employment
structural and ornamental
meat packing, 17%.
contracts since
Sales
236,413
201,476
expand
to
production.
reporting large gains are machinery and machine tools,
53%;
value
chiefly responsible.
are
industries
Other
Imports—
March
Coast,
continue
will
252,129,000
Paperboard Industry
from the
Paperboard Association, Chicago, 111., in relation
Weekly Statistics of
which was accelerated in
We give
National
herewith latest figures received by us
industry.
represent 93% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
to
activity in the paperboard
The
members
of this Association
ACTIVITY
MILL
PRODUCTION,
REPORTS—ORDERS,
STATISTICAL
Unfilled
Received
Production
Tons
Tons
1
72
January
528,155
579,739
167,240.
February....-
420,639
453,618
137,631
70
March
429,334
449,221
129,466
193.411
69
April
456,942
520,907
...
peak in Canadian history, it being estimated that 95% of
the available capacity of industrial plants was then being
utilized while many were being enlarged and new plants
'
'
.
624,184
247,644
76
608,005
509.781
236,693
79
July..
544,221
587,339
196,037
72
August———
September...
452,613
487,127
162,653
74
468,870
470,228
163.769
72
October
670,473
648,611
184,002
79
682,490
...
...—
Week Ended—
'■'mm
'
«■*
W
;/'•
:
•
.
This
■>;
97,766
157,043
73 ;:'r
123,418
154,311
76
73
—
120,662
the
Sept. 21..
128,087
123,281
159,161
74
73
128,055
163,769
78
73
Oct.
131,737
125,763
128,203
167,953
78
73
130,483
170,669
79
73
127,271
174,906
78
73
136,464
130,405
180,439
135,801
132,249
184,002
80
73
78
73
5
Oct.
19..
Oct.
134,149
132,322
12....——
Oct.
26
2...
—
9
120.470
130,203
172,460
Nov. 16
120,155
130,222
152,355
77
123,639
123,819
162,228
77
records.
73
received, less production, do
not necessarily equal the unfilled orders at the close
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made necessary adjust¬
■j-p-■
expenditure of public money
huge
than in
any recent year.
♦
.
Taking
Government
Canadian
Wheat
Factory sales of automobiles
in
assembled
United
countries
foreign
vehicles reported
or
from
parts
in
made
as
the
493,223
and 72,009
of
consisted
1940,
October,
for
States,
manufactured in the United
vehicles, of which 421,214 were passenger cars
commercial cars, trucks, or road tractors, as compared with
2G9,108 vehicles in September, 1940 ; 313,392 vehicles in
Octo¬
and 209,512 vehicles in October, 1938.
These
statistics, comprising data for the entire industry, were
released Nov. 20 by Director William L. Austin, Bureau of
1939,
ber,
Census, Department of Commerce.
1940 are based on data
the
received from 72
Statistics for
in
manufacturers
the
United
States, 22 making passenger
trucks,
and 61 making commercial cars,
cars
road tractors
or
(11 of the 22 passenger car manufacturers also making com¬
road tractors).
It should be noted
that those making both passenger cars and commercial cars,
mercial cars, trucks, or
trucks,
shown
road tractors have been included in the number
or
as
making passenger cars and in the number
shown
making commercial cars, trucks, or road tractors, respec¬
The figures for passenger cars include those for
taxicabs.
The figures for commercial cars, trucks, and road
tractors include those for ambulances, funeral cars, fire
1940
the
wheat
1940
Entire
Over
Crop
The Canadian Government intends to take
in October
units
complete
including
States,
now
throughout the country and means a
orders.
Automobile Output
v'.
taking place is well dis¬
widespread increase of pur¬
chasing power in all industrial communities.
Consequently, retail trade
lias been very satisfactory.
Sales of Canadian department stores in October
showed a gain of 24% over the figure for September and 7% over the
figure for October, 1939.
Merchants are now making preparations for the
special Christmas trade which they anticipate will reach larger dimensions
The
Note—Unfilled orders of the prior week plus orders
ments of unfilled
largest advance for any corresponding date
tributed
73
Nov. 23
45,175 over the September total,
in the 20 years covered in
industrially employed, a gain of
official
74
80
-
naturally reflected in employment
of Oct. 1 showed 1,335,705
is
activity
12,000 firms reporting as
More than
persons
Sept. 28
industrial
great
figures.
92,066
60
-
Sept. 7...
Sept. 14.'—
Nov.
to say:
on
mm
The Bank's review went
of construction."
in process
were
; ;
mm
,
highest
"In October industrial activity reached its
mary."
*
70
June.-——-
Nov.
activity of swiftly increasing momentum,"
its Nov. 22 "Business Sum¬
orders—an
the Bank of Montreal stated in
Month of—
Y
the
from
comes
war
May..
Montreal
Canadian trade and commerce still
abnormal industrial activity generated by
Cumulative
Current
October at Highest
History, Says Bank of
in
30, 1940
"The chief impetus to
Activity
Remaining
Tons
Period
'
Percent of
Orders
Orders
in
Activity
Industrial
Canadian
Peak
'
Nov.
The Commercial & Financial Chronicle
3148
delivery of all
which
during the present crop year,
crop
31, 1941, James MacKinnon, Trade and Commerce
Minister, announced in the House of Commons at Ottawa
on Nov. 22.
The following bearing on his remarks is taken
ends July
from
a
The
dispatch:
Canadian Press Ottawa
Minister
said
but
circumstances,
plans
from
for
the
1941
standpoint
the
wheat crop would depend upon
of the Trade Department that
decided upon with a knowledge that apart
between possibly 140,000,000 and 175,000,000 bushels can be exported in the crop year ending July 31, 1941."
Meanwhile the Government is making arrangements, the Minister said,
"so that all the wheat deliverable from the 1940 crop will be accepted by
the Wheat Board prior to the end of the present crop year."
At the approach of the 1940 fall harvesting season, Mr. MacKinnon said,
would
policy
the
wheat
will
now
on
hand
was
only
273.080,845
acreage
The
new
apparently
crop
Canada is 27,750,000 with the average yield in the
18.7 bushels.
Allowing 68,500,000 bushels for feed,
in
Provinces
bushels.
bushels.
amount to 520,000,000
Wheat
Prairie
to be
consumption
"have
domestic
from
of
Mr. MacKinnon said, this left a
seed and other farm purposes,
of 451,500,000 bushels.
Total possible deliveries so far fixed amount to 298,603,000
deliveries on Nov. 15 amounted to only 223,819,660 bushels.
surplus from the fall
marketable
crop
bushels, but
as
tively.
apparatus, street sweepers, station wagons, and
buses, but
vehicles is very small
and hence a negligible factor in any analysis for which the
figures may be used.
Canadian production figures are sup¬
plied by the Dominion Bureau of Statistics.
Figures for the previous month appeared in the Oct. 26,
1940, issue of the "Chronicle," page 2412.
the
such special
number of
NUMBER
purpose
CHASSIS)
OF VEHICLES (INCLUDING
Expected to Be 1.7%
According to B. W. Dyer & Co.
Java's 1940 Sugar Crop
The latest estimate of Java's 1940 sugar crop
The firm's announcement further
of 1,550,462 tons.
crop
said:
and compares with the original figure of 1,451,-
issued in April.
(All
Passenger
Vehicles)
Cars
&c.
Total
Comm'l
Cars <k
Cars
Trucks,
upward every month since April.
Current
indicate that
Java's 1941 crop will be between
269,108
224,470
44,638
15,475
3,410
12,065
October
493,223
421,214
72,009
21,151
7,056
14,095
3,498,435
2,888,706
609,729
175,999
87,659
88,340
188,757
313,392
161,625
27,132
61,573
3,922
3,494
428
251,819
11,297
7,791
3,506
2,773,365
2,207,740
565,625
121,694
87.433
34,261
1.799
end Oct.
October
'•
J;
•
|.Tot. 10
r
.
mos.
end. Oct.
1938—•
83,534
65,159
18,376
6,089
4,290
209,512
187,494
22,018
5,774
5,412
362
1,728,326
1,354,635
373,691
129,480
94,140
35,340
September......
October...
Tot. 10
mos.
end. Oct.
Car-Makers
Group Estimates October Sales at 519,700
increase of 83% in motor vehicle shipments
was an
October
as
compared with September, according to the
preliminary estimate of the industry's operations contained
in
the
November, 1940, issue of "Automobile Facts," pub¬
lication of the Automobile Manufacturers Association.
Association
estimated
519,700 units,
last year.
the
gain of 60%
a
This showing sets
industry's
over
October
months
of
volume
at
all-time record for Octo¬
ber and gives the industry its best month
Totals for previous months
The
the corresponding month
a new
of this
year
since June, 1937.
and corresponding
last
year were:
October, 1939, 324,689 units;
September, 1940, 284,583 units; September, 1939,' 192,679
units; August, 1940, 89,866 units; August, 1939, 103,343
^
units.
In the first 10 months of this year factory
sales of
3,679,760 units, a gain of 27% over
the corresponding period last year.
Figures for the previous months on motor vehicle ship¬
cars
and tracks totaled
ments
appeared in
our
;
•
conditions,
States
Coffee
Sign
marketing agreement
was
signed
Latin
Nov. 28 in Washington by represenatives of 14
American producing countries and the United States.
on
The
agreement, which was drafted by the Inter-American Fi¬
nancial and Economic Advisory Commission, provides a
system of export quotas among
the various coffee producing
equitably allocate the market of the
United States and the rest of the world.
The producing
countries which become parties to the pact are: Brazil,
Colombia, Costa Rica, Cuba, the Dominican Republic,
Ecuador, El Salvador, Guatemala, Haiti, Honduras, Mexico,
Nicaragua, Peru and Venezuela.
After affixing his signa¬
ture on behalf of the United States, Under Secretary of State
Sumner Welles described the agreement as "another con¬
crete manifestation of the broad principles of hemispheric
co-operation laid down in recent conferences of the American
countries in order to
Units
There
in
United
An inter-American coffee
1939—
September.......
^
under favorable weather
1,722,000 tons and 1,870,000 tons.
Producing Countries and
Marketing Agreement-—Pro¬
vides System of Export Quotas in Order to Equit¬
ably Allocate World Market
Latin-American
14
September
mos.
prospects
Trucks
1940—
Tot. 10
Due to favorable weather conditions
variety of cane, production estimates have
been revised
Pas¬
senger
Total
Month
increase of 22,170 tons from the previous
The most recent estimate is an
estimate of 1,554,342 tons,
384 tons, which was
Year and
is placed at
1,576,512 long tons, according to advices received by B. W.
Dyer & Co., New York, sugar economists and brokers. This
could be an increase of 26,050 tons or 1.7% from the 1939
and the higher yield of a new
Canada (Production)
Untied States (Factory Sales)
Above 1939,
issue of Oct. 19, 1940,
page
2269.
Republics."
It is
explained in the agreement that "in view of the un¬
in coffee affect¬
balanced situation in the international trade
of the Western Hemisphere" the countries
and desirable to take steps to pro¬
mote orderly marketing of coffee with a view of assuring
terms of trade equitable for both producers and consumers by
adjusting the supply to demand."
United Press Washington advices of Nov. 28 had the
following to report on the pact:
ing the
economy
had found it "necessary
The pact, which is
ments
subject to ratification by each of
according to individual
of discussion and debate.
The agreement is
the signatory govern¬
constitutional processes, climaxed six months
...
effective for three years, from Oct. 1, 1940. to Oct. 1,
1943, and provides for the establishment
of an inter-American coffee board,
Volume
The Commercial & Financial Chronicle
151
which is charged with administration of the
pact.
This board will have
headquarters in Washington.
^ The United States
to the
agrees to
limit its imports of coffee annually according
following quotas, expressed in bags of 60 kilograms (132.27 pounds)
each:
k Brazil,
80,000;
9.300,000;
Colombia,
Dominican
Republic,
3,150,000;
120,000;
Costa
Rica,
Ecuador,
200,000;
150.000;
El
Cuba,
Salvador,
600,000; Guatemala, 535,000; Haiti, 275,000; Honduras, 20,000;
Mexico,
475.000; Nicaragua, 195,000; Peru, 25,000; and Venezuela, 420,000.
These
nations
likewise
agree
to
limit
their
exports
according to these
quotas, and to limit their shipments to markets outside the United States
to
annual total of 11,612,000 bags, divided as follows:
an
Brazil,
7,813,000;
Colombia,
1,079,000;
Costa
Rica,
242,000;
Cuba,
62,000; Dominican Republic, 138,000; Ecuador, 89,000; El Salvador, 527,000; Guatemala, 312,000: Haiti, 327.000; Honduras, 21,000; Mexico, 239,000: Nicaragua, 114,000; Peru, 43,000; Venezuela, 606,000.
The United States further agrees to limit to 355,000
bags annually the
into
entry
the country
of coffee
produced in
countries
other
than
Department of Agriculture to Assist Puerto
Surplus Coffee in United States
Rico in Sale of
The
following Associated Press advices from Washington
Nov. 27
are
from the New York "Times":
The Department of Agriculture announced today a program designed to
help Puerto Rico sell
up to
5,000,000 pounds of surplus coffee in the United
States.
The Department would pay 2 cents a pound to the Puerto Rico Price-
Puerto Rico to markets in this country.
The coffee
must be
bought before
April 30, shipped before May 31 and sold before June 30.
Under
similar
pounds of coffee
programs
were
in
1936
and
According to
a
the Colombian
1939
approximately
Industry with System of
Export Licenses
United Press dispatch from Bogota, Nov. 24
Government has issued
reorganizing the
9,200,000
sold in United States markets.
Colombia Reorganizes Coffee
Price Controls and
a
series
of
decrees
coffee industry with a system of price
The advices further explained:
controls and export licenses.
The first decree creates
Coffee
taxes
Fund,
placed
which
on
will
an
official organization, to be called the National
with
operate
the coffee industry.
revenues
conclude
a contract
obtained
from
two
new
This decree provides also for the
fixing of prices at ports of embarkation and
empowers
the Government to
with the Federation of Coffee Growers for the acquisi¬
tion of the domestic coffee bean markets.
Coffee exports hereafter will be subjected to a system of licensing con¬
ducted under the responsibility of the Coffee Federation.
The Bank of the
Republic will facilitate the export trade with bills of exchange issued through
its own offices or agents designated by it.
f
week, Mr. Boyd had announced the appoint¬
vice-chairman of regional committees
and the naming of three additional members to the national
committee on safeguarding oil storage.
The national com¬
mittee was organized last week at the
request of the NDAC.
A representative group of the
industry's leaders have been
named to the national committee
including such noted oil
men
as
Frank Buttram, C. L. Henderson, C. L. Suhr
H. D. Collier, Henry M. Dawes, J. Frank Drake, George A.
Hill Jr., J. C. Hunter, J. Howard Pew, W. S.
Rodgers,
W. G. Skelly under the chairmanship of W. S. Farish.
The
The second decree authorizes
a
loan of 10,000,000 pesos to underwrite
the operations.
The third decree imposes a tax of 5 pesos on each sack of coffee known
in the trade as "pasilla" and "consumo."
of brands known as "Ribos" and
Sale, transport and consumption
"granos negros"
are
prohibited.
and Its Products—Petroleum Industry at
War-Time Efficiency Soon, Declares W. R. Boyd Jr.
—Oil Men Organize Defense Committees—Texas
Petroleum
Daily
Allowable
Raised—Daily Average
Crude
Output
Rises—Crude
Inventories
Decline—In¬
dustry Awaits Camacho's Oil Policy—Michigan
Proration Law Attacked
The forecast that the petroleum
industry will be function¬
ing at war-time efficiency "long before the Nation's new
defense program is fully organized" was made by William R.
Boyd Jr., Executive Vice-President of the American Pe¬
troleum Institute on a broadcast symposium on "Industry
and National Defense" on Wednesday night from New York
City.
Representatives of the National Defense Advisory
Commission and of many of America's leading industries
made brief reports to a Nation-wide radio audience of each
industry's present state of industrial preparedness.
"Mechanized warfare has made gasoline and lubricants as
important as guns, and the present conflict may be won by
those powers which possess the preponderance of petroleum,"
Mr. Boyd told
the radio audience of WJZ and the
National
Broadcasting
network.
"If
participation
in
mechanized warfare must be our fate, the United States will
enter the conflict equipped with the world's only adequate
national supply of petroleum and all its products and services.
"By expanding its facilities to keep ahead of peacetime
demand, the American petroleum industry automatically has
prepared to serve the Nation in war.
The industry's muchcriticized 'genius for overbuilding' now may prove to be one
of our greatest defense assets, for we possess not only the
world's largest petroleum reserves, but an industry with a
demonstrated ability to produce, refine, transport, store,
distribute and service more fuels, lubricants and other
essentials of modern warfare than all other nations combined.
This industry
already is prepared not only to meet military
demands, but civilian requirements to the end that no
blackout of -motor transportation need ever happen here.
"Bottlenecks, the bane of many industries, are conspicuous
by their absence.
Limited expansion of refinery capacity
to augment the production of super fuels, already greater
than planes can consume; adaption of marine transportation
facilities; extension of pipeline mileage in some strategic
areas,
and construction and relocation of some storage
facilities to increase capacity and security constitute about
all the military experts find necessary for the full preparedness
of this industry.
The petroluem industry will be functionng at wartime efficiency long before the Nation's new
Texas
Railroad
Statewide
Commission
on
Nov.
issued
26
•
a
oil
proration
order
which
becomes
effective Dec. 1 and sets the daily allowable
production at
I,316,657 barrels, an increase of 1,432 barrels over current
production.
The new orders set production figures nearly
40,000 barrels above the U. S. Bureau of Mines market
demand estimate for Texas for December but the Commission
pointed out that actual production normally is about 2%
Total shutdown during nine days for
under total allowable.
each
Stabilizing Corporation for coffee diverted from normal market channels in
next
Earlier in the
ment of chairman and
60-day
♦
Plans of
defense program is fully organized.
Freedom to operate the
petroleum industry under the traditional competitive system
of enterprise constitutes in itself an assurance of an
adequate
supply of petroleum and its products."
the
convention signatories.
3149
month
ordered
were
but
the
Commission
extended
exemption from the shutdown to numerous fields.
Okla¬
homa also issued a 60-day proration schedule,
setting the
quota at 390,000 barrels, the figure that has ruled for the past
three months.
This is 32JXK) barrels under the
figure
recommended by the Federal agency.
A sharp spurt in daily average production of crude oil in
Texas established a net increase for the Nation of approxi¬
mately
190,000 barrels, lifting the daily
average
flow of
crude oil for the Nov. 23 week to 3,765,000 barrels which
potential overflow of crude oil of nearly 200,000
compared to the 3,570,000-barrel level recommended
November by the Bureau of Mines.
Texas was up
means
a
barrels
for
212,300 barrels to
in
time.
a
daily level of 1,512,850 barrels, highest
California output
was off 15,500 barrels;
13,500 barrels and Kansas off 1,350 barrels.
Moderate gains were shown in Louisiana, up 2,500 barrels,
and Oklahoma, up 200 barrels.
some
Illinois
off
Crude
oil
inventories
showed
a
decline
of
better
than
310,000 barrels during the week ended Nov. 16, dropping
to 261,619,000 barrels, according to figures made public by
the Bureau of Mines on Nov. 27.
A decline of 550,000
barrels was established in holdings of domestic crude oil but
this was partially offset by a rise of 238,000 barrels in stocks
of foreign crude oil. Heavy crude oil stocks in California, not
included in the "refinable" crude stocks, totaled 12,148,000
barrels, which was a drop of 112,000 barrels from the Nov. 9
report.
A temporary lull in the Mexican oil situation is explained
by well informed sources as due to the awaiting by the
industry of any announcement from President-elect General
Camacho
Manuel
Avila
future.
Reports from Mexico to date have indicated that
who
assumes
office
in
the
near
head of the Government there intends to adopt a
friendly attitude toward the American oil companies
involved in 1938's expropriation decrees which took more
than a half-billion dollars worth of oil property in Mexico
from American and British companies and handed them to
the
new
more
the Cardenas Administration.
A bitter attack upon the
were enacted in early
Michigan oil conservation laws,
1938, has been launched by the
newly organized Oil Institute of Michigan, which has on its
board of directors the Presidents of four of the leading
independent refineries in the State.
In a pamphlet, which
demands the repeal of the laws by the 1941 Legislature, the
group said: "three years ago a pressure group brought about
which
enactment
of
legislation that made possible
the enforced
restriction of crude oil production in Mighigan, and as a
result an acute, artificially-created shortage of crude supply
has
developed that will work a severe hardship on the re¬
Michigan crude oil and cause losses running into
hundreds of thousands of dollars before new drilling can
bring production back to normal again."
■■
There were no price changes.
finers of
Prices of
Typical Crude
per
Barrel at Wella
(All gravities where A. P. I. degrees
Bradford, Pa.—
82.00
are not
shown)
Corning, Pa
1.0$
Eldorado, Ark., 40
Rusk, Texas, 40 and
Illinois
1.05
Darst Creek.
Western Kentucky
.90
.76-1.03
1.03
Sunburst, Mont
Rodessa, Ark., 40 and above
.125
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
REFINED
.73
PRODUCTS—FUEL
WEATHER,
TANKER
HIGHER
ADVANCE
OIL
TANKER
SEEN
PRICES
RATES
NEAR
1.10
.73
Michigan crude
Mid-Cont't, Okla., 40 and above—
Smackover, Ark., 24 and over.....
$1.03
...
over......—
.90
1.16
1.38
ADVANCED—COLD
SPUR
MARKET-
PEAK—MOTOR
FUEL
STOCKS SHOW SMALL GAIN—HEATING OIL INVENTORIES
OFF
Further seasonal
strength in fuel oil prices developed in
week
as Socony-Vacuum Oil Co., Inc., announced that its market¬
ing subsidiary, Standard Oil Co. of New York, would
advance prices of Mobilheat and kerosene 2-10 cents a gallon
in New York harbor, and 4-10 cents a gallon by all methods
of delivery throughout the New York-New England markets
with the exception of western New York.
The advances
were posted Nov. 27, and become effective Nov. 29.
the New York-New England marketing area during the
>
The Commercial &
3150
the trade in view
of the rising consumption normal at this time of the year,
spurred by the cold weather which followed a temporary
"Indian summer" spell last week.
Another factor is the
sustained expansion in tanker rates from the Gulf Coast to
North Atlantic ports which during the past few weeks have
moved to levels comparable with those ruling at the outset
of 1940.
Further cold weather will prove an added stimu¬
lant to the market and movements into higher price levels
prices came as no surprise to
The rise in
unexpected.
would not be
than in 1939, Imperial Oil, Ltd.'s
share in 1940 as compared with $1.00 per
International Petroleum, Ltd., $1.25 compared with $1.75,
and Standard of California. $1.00 compared with $1.10.
South Penn Oil
Co.'s fourth quarter extra dividend of $1.00 per share in addition to the
regular quarterly dividend of 37^ cents per share, brings its payments
this year to $2.50 per share as compared with $3.00 per share in 1939.
Payments equal to those of last year were made by Atlantic Refining
Co., Ohesebrough Manufacturing Co., Creole Petroleum, Humble Oil and
Refining, Socony-Vacuum Oil Co. and Standard Oil Co. of Kentucky. >
The record of quarterly and total cash disbursements in recent years
share last year;
follows:
gains which ran
during the past week, as
'
:
"standstill"
as high as 200%
1940
1937
m
»
barrel to as high as 65 cents a barrel, the market
eased off somewhat during the past week and rates broke
from 5 to 10 cents a barrel in some instances.
Modest curtailment of refinery operations combined with
1936
m
m
m
m
cents per
sharply lower output of gasoline during the week ended
gain in stocks of finished and unfinished
motor fuel down to only 37,000 barrels, an unimportant
increase and far below normal for this time of year.
The
American Petroleum Institute report disclosed that stocks as
of Nov. 23 stood at 80,100,000 barrels.
A decline of 0.7 points in refinery operations pared the
rate to 81.2% of capacity, with daily average runs of crude
oil to stills declining 30,000 barrels to 3,510,000 barrels.
A
decline of 351,000 barrels in gasoline production, including
estimated unreported, pared the total to 11,315,000 barrels.
Normal seasonal demand for heating and fuel oils plus con¬
$22,036,800
22,294,925
23,550,943
1939
1938
rm
.
25,437,708
-
$67,565,108
62,985,882
80,623,933
94,996,530
19,872,088
1934
1933
32,406,332
46,801,053
-
1932,....
»
m
63,821,486
58,908,391
34,527,547
46,278,873
57,843,467
24,312,981
m i»-
-
63,101,797
1931
$28,746,236
23,896,799
74,817,051
18,122,737
—
1935
Totals
uarter
uarter
uarter
-
Fourth
Third
Second
uarter
prices somewhat was the release to private service of four
tankers held by the Government.
After a sustained rise
had lifted tanker rates in some instances from a low of 20
-■+''
+';/
++
First
Another factor tending to pare
consolidated.
1940
30,
paying less this year
Of the companies
payments totaled 02 % cents per
tanker charters came to a
The bull market in
in rates were
Nov.
Financial Chronicle
25,427,903
31,984,248
29,911,506
17,653,161
562,718.768
67,874.953
71,315,026
121,317,075
$181,066,912
114,399,982
70,516,298
239.000,627
67,289,092
42,457,920
44,112,501
48,530,230
169,092,529
128,938,375
181,050,895
220,739,182
18,582,065
19,546,576
43,858,468
51,263,688
177,052.559
200,917,805
273,735,561
170,113,682
Nov. 23 held the
from defense-spurred
stantly rising demand for lubricants
industry pared stocks of residual fuel oils and gas
distillate oil nearly 900,000 barrels during the
and fuel
Nov. 23
period.
Representative price changes follow:
Nov.
Mobiiheat and kerosene 2-10 cents a
27—Socony-Vaccum lifted
harbor, and 4~10th cents a gallon by all methods
delivery throughout New York and New England with the exception
gallon In New York
of
of
York,
western New
New York—
New York—
Other Cities—
v
Chicago
$.07#-.08
.08 #-.08 #
Texas
-.06#
Gulf
Socony-Vac. .06
-.06#
T.Wat, oil- .08 #-.08#
Shell East'n
New
Orleans.
Gulf
.07#-.08
ports...
Tulsa
RichOll(Cal) .08 #-.08 #
|.04 #-.05 #
.06 #-.07
.05#
04#-.05#
Warner-Qu. .07#-.08
Kerosene, 41-43 Water White,
$.041 New Orleans.$.05#-.05#
.03#-.05|Tulsa
Fuel Oil, F.O.B. Refinery or
$1.50
Bunker C
Gas Oil, F.O.B.
(Bayonne)—
7 plus.
N. Y.
i
$.041
-.04#
$1.00
1.50
|
2.10-2.201
Diesel
04
Terminal
| California 24 plus D
| New Orleans C
$1.00-1.25 Phil a., Bunker C
(Harbor)—
N. Y.
Tank Car, F.O.B. Refinery
I North Texas
$.0511 Los Angeles
■
reported by the Institute
Imports of petroleum for domestic use and
United States ports for the week ended Nov.
■r1/*.':!
separation in weekly statistics.
Receipts of California oil at Atlantic Coast ports during the
Nov. 23 amounted to 71,000 barrels, a daily average of 10,143
Refinery
or
Terminal
$.02#-.03
I Tulsa
Chicago—
28.30 D
$.0531
week ended
barrels, all
products received at the port of Providence.
Reports received from refining companies owning 86.2% of the 4,535,000barrel estimated
daily potential refining capacity of the United States
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,510,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 80,100,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,315,000 barrels during the week.
other petroleum
of which was
New York—
(Bayonne)-.
follows:
receipts in bond at principal
23 totaled 1,693,000 barrels,
daily average of 241,857 barrels, compared with a daily average of
128,000 barrels for the week ended Nov. 16, and 197,536 barrels daily for
the four weeks ended Nov.
23.
These figures include all oil imported,
whether bonded or for domestic use, but it is impossible to make the
details as
a
Tank Car Lot®, F.O.B. Refinery
U. S. Gasoline (Above 65 Octane),
St. Oil N. J_$.06
for Week Ended
Barrels
B*
The American Petroleum Institute estimates
that the
daily average gross crude oil production for the week ended
Nov. 23, 1940, was 3,765,900 barrels.
This was a gain of
189,350 barrels from the output of the previous week. The
current week's figures were above the 3,570,000 barrels
calculated by the United States Department of the interior
to be the total of the restrictions imposed by the various
oil-producing States during November. Daily average pro¬
duction for the four weeks ended Nov. 23, 1940, is estimated
at 3,601,650 barrels.
The daily average output for the week
ended Nov. 25, 1939, totaled 3,818,100 barrels.
Further
Daily Average Crude Oil Production
Nov. 23, 1940, Rises 189,350
DAILY AVERAGE
iT:-:.-} '■
CRUDE OIL
PRODUCTION
(Figures In Barrels)
Gasoline, Service Station, Tax Included
z
$.1661 Buffalo
$.171 Newark
New York
z
Brooklyn
__
1851 Chicago
171 Boston
$ 17
A dual Production
17
Four
B.ofM
Week
Calcu¬
zNot including 2% city sales tax.
Week
Change
Weeks
Ended
lated
Below
ments
Cash dividend
1939—Fourth
Year
Quarter
Disburse¬
compared with
payments by the companies of the Standard
$177,052,559 in 1939, according to figures
compiled by the New York Stock Exchange firm of Carl H.
Pforzheimer
Co.
&
However, in addition to the cash dis¬
bursements
last year,
distributed
a
Standard Oil Co. of New Jersey had
total of 667,854 shares in the form of stock
dividends, the value of which is not reflected in the above
The large increase
in
members of the
due to the fact that Standard of New
Ohio, Union Tank Car Co. and each of the pipe line
These
group.
increases and that
Jersey's^ 1940 dividends were wholly in cash, whereas last year they were
of Imperial Oil,
Oil Co.
Standard Oil of New Jersey's December dividend of 25 cents per share
extra, in addition to the regular semi-annual payment of 50 cents per share,
in stock,
partly
more
than
offset
the lower payments
International Petroleum, Standard Oil of California and South Penn
This compares with pay¬
share in cash and the equivalent of 2^% in stock during
brings the total for the year to $175 per share.
ments of
$1.25
per
Standard Oil
1939.
25 cents per
Co.
of
Indiana's
declaration of
an
extra dividend of
share for the current quarter, brings
share
Oil Co.,
which made
no
payments
on
cents
a
against 30 cents.
1940
Week
1940
1939
b400,100
190,000 bl90,850
b2,900
390,000
73,800
119,000
32,650
251,250
84,200
447,000
230,800
North Texas
West
Central,Texas.
West Texas
East
Central/Texas
East Texas
—
.
-
Southwest Texas
...
274,150
Coastal/Texas
Total Texas
+200
397,350
425,850
—1,350
183,700
184,850
+700
2,250
100
+ 11,800
+ 8,450
74,100
82,000
109,400
+ 1,950
+36,100
30,400
34,350
228,350
+ 9,300
77,300
+72,250
374,500
+32,750
+ 39,700
212,400
262,150
95,250
495,600
240,700
246,450
244,000
96,150
+212,300 1,350,450 1,552,650
1,291,000 C1324000 1,512,850
.
66,600
Coastal Louisiana
—100
66,900
68,800
218,300
North Louisiana
+2,600
215,450
202,700
271,500
274,000
279,973
284,900
+2,500
282,350
71,000
69,508
+450
69,400
67,300
—450
385,000
69,750
bl5,650
329,650
1,350
334,600
14,200
b21,450
15,750
341,150
20,300
86,400
88,100
47,150
74,650
17,800
3,350
Arkansas
13,800
Mississippi
Illinois
Indiana
Eastern (not
Michigan
51,000
Wyoming.
75,000
Montana
18,900
Colorado
3,700
104,000
New Mexico
Total east of Calif
583,000
d571,000
3,570,000
+450
88,900
—200
47,300
+2,050
73,150
18,000
—250
100,850
104,000
2,987,000
California
—13,500
+2,000
101,800
Incl. Illi¬
nois and Indiana)
—50
3,400
101,160
64,650
73,150
16,100
3,750
109,850
3,160,000 +204,850 2,994,600 3,207,500
610,600
607,500
605,900 —15,500
3,765,900 + 189,350 3,601,650 3,818,100
of the requirements of domestic crude
outlined in its detailed forecast fot the month of
be supplied either from stocks, or from new
production, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
a
These are Bureau
oil based upon
November.
b
its common stock in 1939,
total of 45 cents per share this year, while Union Tank Car
Co.'s
dividends of $175 per share this year compare with $1.30 per
share in 1939.
Among the pipe line companies, Buckeye Pipe Line's divi¬
dends of $4.00 per share in 1940 compare with $2.50 per share in 1939;
Eureka Pipe Line, $2.25 per share against $2.00; National Transit, $1.00
compared with 85 cents; New York Transit, 60 cents against 40 cents;
Northern Pipe Line, 80 cents against 30 cents and Southern Pipe Line, 50
paying
ables
Panhandle Texas
to be
last year.
Ohio
is
Nov. 25,
186,000
-
share, in addition to the regular qaurterly dividend of 25 cents
its total for the year to $1.60
per share as compared with $1.25 per share in 1939.
Standard Oil Co. of
Ohio's final quarter extra dividend of $1.00 per share, in addition to the
regular quarterly dividend of 25 cents per share, makes a total of $2.00
per share to be distributed by this company in 1940 as against $1.50 per
per
Kansas
Total Louisiana
the total of cash payments this year reflects larger
distributions by Ohio Oil Co., Standard Oil Co. of Indiana, Standard Oil Co.
of
Nov. 23,
413,000
Oklahoma
The film's announcement continued:
totals.
Previous
Nebraska
Ago
the year 1940 are estimated at $181,066,912,
Oil group for
Nov. 23,
ments
in
from
Allow¬
{Nov.)
Cash
$177,062,669
Ended
Require¬
Dividend Payments by Standard Oil Companies
for 1940 Estimated at $181,066,912, Compared with
State
Ended
7
of Mines calculations
certain premises
As requirements may
produced.
Oklahoma, Kansas,
a. m.
Nebraska, Mississippi,
Indiana figures are for week
ended
Nov. 20.
calculations of the Texas Railroad Commission, this is the approxi¬
mate net 30-day allowable as of Nov. 1.
Past experience indicates it will increase
as new wells are completed and If any upward revisions are made.
All fields In
the State were ordered shut down for nine days, namely Nov. 2, 3, 9, 10, 16, 17,
24, 28, and 30.
d Recommendation of Conservation Committee of California Oil Producers.
c
According to
indicated above do not Include any
surreptitiously produced.
Note—The figures
may
have been
estimate of any oil which
Volume
The Commercial & Financial Chronicle
151
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS
OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
WEEK ENDED
NOV. 23,
1940
included with "other Western States."
(Figures in Thousands of Barrels ol 42 Gallons Each)
ESTIMATED
Daily
Crude Runs
Gasoline
Stocks of Fin¬
to Stills
Refin¬
Produc'n
ished & Unfin¬
ished Gasoline
ing Capacity
at Re¬
District
Po¬
P
ten¬
C
C.
P.
Stocks at
a
Total
Oper¬
Natural
Fin¬
Aver.
ated
Blended
ing
Total
Fin.
Gas
Oil
&
& Dis¬
tillates
Unfin.
17,587
17,235
410
2,641
351
13,136
3,130
13,856
569
2,184
5,543
3,442
Nov. 9
Nov. 18
1940
ished
16,737
1940
1939
Oil
156
91.0
111
78.2
743
90.2
562
83.9
420
76.9
241
74.6
z913
6,044
6,308
410
1,551
12,634
8,812
8,847
2,765
1,371
1,870
434
334
529
1,288
12,249
Bituminous Coal
1940
1939
c
1929
a—
Total, including mine fuel
Daily average
9,900
9,050
d 1,800
dl,645
...
10,151 392,627 338,836 468,319
1,692
1,451
1,249
1,720
Includes for purposes of historical comparison and statistical convenience the
production of lignite,
b Sum of 46 full weeks ended Nov. 16, 1940, and corre¬
a
1,469
2,175
Inland Texas.
280
59.6
117
70.1
494
Texas Guif...
1,071
89.2
686
90.9
2,641
Louisiana Gulf
164
97.6
126
78.8
355
1,285
11,240
2,460
No. La. & Ark
101
51.5
48
92.3
125
406
Rocky Mtn._
California
121
56.0
45
66.2
196
849
932
132
435
836
87.3
528
72.3
1,436
13,725
15,410
10,591
73.587
'
1,614
sponding 46 weeks of 1939 and 1929.
based
age
Day) and
c Subject to current adjustment,
d Aver¬
5.5 working days.
Time worked at mines on Nov. 11 (Armistice
Nov. 5 (Election Day) each weighted as 0.5 of a normal day.
on
on
ESTIMATED
PRODUCTION
OF
PENNSYLVANIA
BEEHIVE
ANTHRACITE
AND
COKE
'
Reported
86.2
3,173
81.2
10,042
1,273
68,523
74,670
5,330
5,430
3,510
3,540
11,315
73,853
80,100
11,666
74,112
80,063
47,511 106.871
48,108 107,151
x3,497
yl2,209
70,802
75,980
38,402 111,207
Est. unreptd.
337
46,466 105,036
1,045
(In Net Tons)
1,835
Week Ended
♦Est.tot.U.S.
Nov. 23,'40
Nov. 16, *40
*
Calendar Year to Date b
Nov. 16
Fuel
Appalachian..
Ina.,111., Ky.
Okla.,
Kan.,
82.0
COAL
Resid.
643 100.0
527
1,000 tons.
PRODUCTION OF SOFT
(In Thousands of Net Tons)
Refineries, &c.
East Coast...
Missouri
* Less than
STATES
Week Ended
Incl.
Daily
port¬
Rate
UNITED
fineries
Re¬
V
tial
3151
eludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average
weekly
rate for entire month,
f Alaska, Georgia, North Carolina, and South Dakota
4,535
4,535
Calendar Year to Dale
Nov. 16
Nov. 9
1940
1940
1939
c
Nov. 18
1940
1939
1929J
U.S.B.of M.
Nov. 23, *39
*
Estimated Bureau of Mines basis,
and pipe lines,
based
on
x
the
U.
S.
Bureau
of
At refineries, bulk terminals, in transit
a
November, 1939, daily
average,
This is
y
Mines
November, 1939,
reporting capacity did not report gasoline production.
week's production
a
daily
average,
z
12%
Pa. Anthracite—
Total, including colliery
fuel
899,000 1039,000 911,000 43,587,000 46,054,000 63,961,000
987,000 865,000 41,411,000 43,751,000 59,356,000
.a
Comm'l
productions. 854,000
Beehive Coke—
United States total
Daily
85,100
91,800
91,600
14,183
average
15,300
15,267
2,239,400
8,143
5,939*000
948,700
3,450
21,596
Includes washery and dredge coal, and coal shipped by truck from authorized
operations,
b Excludes colliery fuel,
c Sum of 46 full weeks ended Nov. 16, 1940,
and corresponding 46 weeks of 1939 and 1929.
a
Gas
Utility Revenues Gain in September
Revenues
amounted
of
manufactured
and
natural
utilities
gas
to
$58,713,400 in September, 1940, as compared
witli $55,122,000 for the
corresponding month of 1939, an
increase of 0.5%, it was announced on Nov. 20
by Paul
October Portland Cement Statistics
The U.
Ryan, Chief Statistician of the American Gas Association.
Revenues from
$20,207,300
and
commercial
Revenues from domestic
heating
and
rose
from
such
as cooking,
$36,978,900 for
compared with $34,914,700 a year ago,
refrigeration,
September, 1940, as
increase of 5.9%.
users
to $21,734,500 in September, 1940, a
a year ago
gain of 7.6%.
water
industrial
uses
&c.,
were
an
The manufactured gas
609,000 for the month,
of $29,-
revenues
increase of 4.0% from the same
of the preceding year.
Revenues from commercial
month
sales
industry reported
of
an
manufactured
from industrial
gained
gas
4.8%,
while
revenues
9.2% higher than for September,
uses were 2.2% more than
for the corresponding period of 1939.
1939.
uses
Revenues
the
month,
domestic
9.2%
or
reported
more
revenues
than
for
September,
1939.
+
Weekly Coal Production Statistics
The Bituminous Coal Division, United States Department
of the Interior, reported that production of soft coal in the
week ended Nov. 16 increased
sharply to a total of 9,900,000
gain of 850,000 tons, or 9.4%, over the
output in the preceding week.
This is
estimated to be 899,000 tons, a
decrease of 140,000 tons, or
13.5%, from that in the week of Nov. 9. Compared with the
production in the corresponding week in 1939 (Nov. 18),
a
decrease of
ESTIMATED
and are subject
are
to revision
district and State sources
October,
1940,
that thejportland
produced
18,073,000 barrels.
Pro¬
duction and
shipments of portland cement in October, 1940,
showed increases, respectively, of 11.5% and
23.3%, as
compared with October, 1939.
mills
were
9.0% lower than
Portland cement stocks
at
a year ago.
The statistics given below are compiled
from reports for
October, received by the Bureau of Mines, from all
manu¬
facturing plants except two, for which estimates have been
included in lieu of actual returns.
The mill value of the
or
shipments—95,975,003 barrels—in
the first nine months of 1940, is estimated as
$141,255,000.
According to the reports of producers the shipments totals
for
the
first
2,924,000
nine
months
barrels
of
1940
include
approximately
of
high-early-strength portland cement
with an estimated mill value of $5,386,000.
In the following statement of relation of
production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
October, 1940, and of 161 plants at the close of October, 1939.
RATIO
OF PRODUCTION TO
Oct., 1939
Oct., 1940
57.3%
46.4%
63.9%
49.3%
The month
The
12 months ended
PRODUCTION,
SHIPMENTS
AND
CAPACITY
Sept., 1940 Aug., 1940
61.9%
48.6%
STOCKS
OF
57.9%
48.0%
FINISHED
CEMENT, BY DISTRICTS, IN OCTOBER.
1.3%.
5fc|fl940
56.0%
*47.9%
'A
PORTLAND
1939 AND 1940
(In Thousands of Barrels)
WEEKLY PRODUCTION OF COAL,
(The current weekly estimates
ments,
in
in stock at the end of the month
a
The United States Bureau of Mines reported that the out¬
put of Pennsylvania anthracite for the week of Nov. 16 is
there was
Bureau of Mines reported
13,984,000
barrels, shipped 15,824,000 barrels from thejmills, and had
of $29,104,400
Revenues from sales of natural gas for industrial purposes
increased 7.5%, while the increase in revenue from sales for
domestic purposes was 10.5%.
net tons.
S.
industry
were
from
The natural gas utilities
for
cement
BY STATES
based on railroad carloadlngs and river ship¬
on receipt of monthly tonnage reports from
of final annual returns from the
Stocks at End
Production
District
operators.)
1940
1939
(In Thousands of Net Tons)
Eastern Pa.,
2,670
2,431
N. J. and Md
Shipments
1939
of Month
1940
2,343
1939
1940
Alaska
Alabama
Nov. 11 Nov. 12
1939
1938
Nov. 9
1929
—
e
2
3
3
292
310
293
252
280
409
49
78
82
139
100
131
160
1,092
879
1,151
1,462
1,269
1,678
1,250
1,211
1,399
1,370
1,165
1,778
1,431
1,755
1,428
Eastern Mo., Ia.,
Avge.
1923
76
—
Arkansas and Oklahoma
Colorado-
1940
2
-
—--—
Nov. 2
Wis., 111., Ind., and Ky
Va., Tenn., Ala., Ga., La., & Fla.
Nov.
1940
3,421
1,732
1,905
1,378
1,355
1,268
2,125
2,143
1,608
826
913
879
1,357
1,545
1,291
New York and Maine
Week Ended
Stale
Nov. 9
3,073
1,033
1,706
1,202
166
169
*
f
1
265
236
Ohio, western Pa. and W. Va
796
Miehlgan
Minn. & S. Dak
W. Mo., Neb., Kan., Okla. & Ark
837
1
890
1,079
971
1,289
1,571
394
345
336
323
375
536
61
55
70
67
132
134
100
149
135
155
175
Kentucky—Eastern
692
705
877
708
824
790
816
987
1,835
704
743
568
784
958
Colo., Mont., Utah, Wyo. & Ida-
311
302
364
356
396
429
1,023
1,492
1,070
1,491
1,108
584
257
1,451
685
264
385
575
19,870
18,073
140
185
169
244
218
30
30
36
24
66
35
7
8
13
13
16
26
807
724
154
1,691
128
Kansas and Missouri
1,544
2,673
1,618
TcxftS
California
1
977
4,145
Georgia and North Carolina
Illinois.
-
Indiana.
Iowa
Western.
Maryland
Michigan
1
f
f
Montana
74
71
70
73
86
25
20
26
32
63
29
Puerto Rico
12,539
Total
PRODUCTION,
SHIPMENTS,
13,984
28
12,829
15,824
1
AND STOCKS OF FINISHED PORTLAND
CEMENT. BY MONTHS.
IN 1939 AND 1940
(In Thousands of Barrels)
83
New Mexico—:
Oregon and Washington
62
North and South Dakota
Ohio
Pennsylvania bituminous
Tennessee
59
103
73
81
f59
Stocks at End
f35
387
388
520
431
558
764
2,520
2,430
2,604
1,881
3,052
2,993
92
106
129
97
106
117
Texas
13
12
15
16
16
98
88
89
85
126
112
Production
1939
1940
Shipments
1939
■
1940
of Month
1939
1940
23,611
25,759
25,894
26,118
29
Utah
Month
Virginia.
Washington
West Virginia—Southern.a
Northern.b
Wyoming
Other Western States _c
Total bituminous coal
Pennsylvania anthracite.d
287
260
309
268
252
217
February
5,301
5,505
March
8,171
January....
46
51
41
39
55
72
1,720
1,700
2,209
1,657
2,152
1,271
590
559
771
571
803
776
May.
140
129
135
149
167
184
June
f5
f5
8,666
10,276
8,297
11,285
10,878
2
9,050
*
*
♦
1,039
920
930
818
1,524
1,896
10,089
9,586
11,206
9,115
12,809
12,774
April-
July
August
September
October
November
Total, all coal
a Includes operations on the N. & W., C. & O., Virginia, K. & M., B. C. &
Q.,
on the B. <fc O. In Kanawha,
Mason, and Clay counties,
b Rest of State,
Including the Panhandle District and Grant, Mineral, and Tucker counties,
c In-
and
December
Total
a
Revised.
9,674
11,185
11,953
12,644
12,369
11,937
12,539
11,053
9.488
121,819
6,205
5,604
5,044
3,893
5,041
7,918
4,907
24,092
8,467
7,716
10.043
9.654
10,829
23,786
23,837
al2,633
al2,490
12,748
al3,206
22,251
12,715
al3,223
al3,442
al4,018
al4,741
21,489
al2,290
al2,712
al3,105
13,984
11,757
13,401
13,104
12,829
10,147
6,785
122,291
15,824
22,361
21,326
20,160
19,870
20,779
a23,453
25.348
24,758
24,010
22,855
a21,549
al9,913
18,073
MetaU—Copper Consumers Less Con¬
Price
Situation—Lead
Buying
Non-Ferrous
About
cerned
Moderates
issue of Nov. 28 re¬
"Metal & Mineral Markets" in its
ports the Government is now placing new business against
defense needs in a way calculated to disturb the price situa¬
tion as little as possible.
On contracts extending well into
the future, fabricators are no longer compelled to cover
their estimated requirements immediately.
This change
market, and more orderly buying is
expected to extend into other commodities. The premium
on nearby copper has virtually vanished.
Zinc remains in
a strong position, with lead steady.
Tin was barelv steady.
Refined platinum was unchanged, but iridium advanced.
has calmed the copper
"Metal & Mineral Markets" further
64,764 tons.
bringing the total for the month so far to
foreign
nearby metal
opinion of producers. Washing¬
it is understood, has been discouraging forward buying on defense
might have disappeared altogether, in the
ton,
needed.
orders except as copper is
Valley, on domestic business.
Most of
the week's export business was placed on the basis of 10c., f.a.s. New York.
Exports of refined copper from the United States (chiefly foreign copper
refined in bond) amounted to 31,887 tons during October, against 13,136
Large mine operators held to 12c.,
tons
Exports during Deptember and October compare as
in September.
follows;
To—
(lighterage, &c.) to arrive at the f.o.b.
basis
Months'
Brazil
207
326
179
6
--
-
Argentina
1,511
1,344
Great Britain
Russia
«•«.».»
Sweden
Africa
"Statistical
Tin
Research
and
to
193,500 tons, compared with 136,800 tons in the corre¬
sponding period of 1939.
1,229
62
31,887
..—13,136
Totals
858
Lead
October statistics disclosed that 56,500 tons of
refined lead were
Though shipments to domestic consumers during October
62,496 tons, a new high for the year, the trade believes that actual
with 445,828 tons in the same period last year.
The
industrial classification of domestic lead shipments for the January-October
;
periods of 1939 and 1940, in tons, follows:
Jan.-Oct.
17,860
60,830
22,497
-----
Brass-making.--.-—
3,493
3,539
249,373
Foil
41,511
7,698
242,954
445,828
79,958 Sundries
29,796 Jobbers
Ammunition.--
1Q4.fl
1QOQ
1940
51,686
20,091
-
488,878
34,759
7,736
—
Unclassified
60,926
Totals
Zinc
Outside parcels of zinc
for prompt shipment have been commanding a
premium, but producers continued to hold the quotation for
Prime Western
During the last week, Canada prohibited the export of
7}£c., St. Louis.
week
Ship¬
Undelivered contracts increased
Sales of zinc by the Prime Western division for the last
amounted to 6,648 tons, against 3,669 tons
5,645 tons.
ments for the last week totaled
in the preceding week.
slightly to 124,990 tons.
'.v-V
■=.' V,
,
Tin
,
5,604
4,486
1,687
1,112
+2,036
1,288
1.583
—3,490
+ 196
The announcement in the matter went on to state:
was
Nothing official has
a
as
totaled
deliveries
States
yet come out of
in
tons
the
Some
Washington in reference to the
Tinplate operations at present are scheduled
50% of capacity.
Stocks at the end of
The
77%
1940,
October, 1939, amounted to 46,561.
December
The
in
price for Straits tin in New York was
average
October,
51.51c. per pound
against 50.32c. in September and 55.25c. a year ago.
as
Confronted With New Problems,
Steel Industry to Be
Notably Wages
The "Iron Age" in its issue of Nov. 28 reported that fresh
problems may confront the steel industry as it enters 1941,
notably the one of wages.. This has not yet reared its head
openly, but behind the scenes are quiet activities which may
result in a demand by the Steel Workers Organizing Com¬
mittee for higher wages and the check-off as well.
Organiza¬
tion work of the SWOC has stressed dues collecting, as
various disturbances in the Pittsburgh district and elsewhere
have borne out.
The "Iron Age" further reports:
A voluntary wage
increase of 5c. per hour has been granted by a small
New England.
wage
10% has
into effect at a large machine
gone
In other sections of the metal-working industry
controversies have come to the forefront, resulting in strikes in some
instances.
The question
of steel prices is bound up with that of wages.
have
managements
stated publicly that
against higher prices for essential commodities, the steel
Nov. 22
50.375
Nov. 23
Nov. 25
Nov. 26
have been announced for the first quarter at a
February
60.250
50.200
50.150
clauses more frequently in steel contracts as a
50.375
50.200
50.150
50.100
rising costs next year.
50.250
50.150
50.100
50.100
50.300
60.200
50.150
50.125
50.300
50.260
60.200
60.150
probably unchanged level.
this situation in mind,
With
nnT TTl
Next to labor, scrap is one
costs.
some
nominally as follows: Nov. 21,
Holiday!
Since the National
weeks
steel companies are inserting "escalator"
protection against possible
•.
;
i
of the most important elements in steel-making
Defense Advisory Commission exerted efforts
been a
steel companies
After four weeks in which the "Iron Age" scrap composite
ago
to forestall a runaway scrap market, there has
creeping upward movement of prices which is giving the
Nov. 22, 49,500c.; Nov. 23, 49.375c.; Nov. 25, 49.375c.; Nov. 26. 49.500c.;
some concern.
Nov. 27, 49.500c.
price remained unchanged at $20.67, it has moved up 33c.
Average prices for calendar weejc ended Nov. 23 are: Domestic copper
This week's advance was 8c.
scrap
composite there have
50.335c.; New York lead, 5.800c.; St. Louis lead, 5.650c.; St. Louis zinc,
St. Louis and Cincinnati the rise since Oct.
7.250c.; and silver, 34.750c.
past few
50c.
("E. & M. J." QUOTATIONS)
a
Electrolytic Copper
Straits
Tin
Lead
Zinc
in three weeks to
In some districts not included in the
$21.
f.o.b. refinery, 11,800c.; export copper, f.o.b. refinery, 9.958c.; Straits tin,
PRICES OF METALS
Steel company
there is no occasion for price
With Washington exerting
advances so long as costs do not rise unduly.
January
was
£258.1 in
£230.0 in
1939.
companies will find themselves in a dilemma if a demand for wage increases
November
99%, spot,
10 months of
as
should come after prices
Nov. 27
first
as
cash price for standard tin in London was
against £251.3 in the previous month and
average
October,
constant pressure
Straits tin for future arrival was as follows:
Nov. 21
the
compared with deliveries
of 52,660 tons in the first 10 months of 1939.
This year's deliveries include
tin acquired for the Emergency Reserve stock.
World stocks of tin, including smelters' stocks and carryover, increased
by 1,066 tons during October. 1940, to 53,890 tons at the end of the month.
offered here at the usual discount under Straits.
tin smelter,
93,634
1940, showing an increase of more than
tool plant in
Large consumers and the Government purchased futures.
DAILY
—5,797
9,056
4,058
396
Ohio steel company and one of
The market for Straits tin held close to the 50c. level throughout
English-refined tin
tin,
y
!
:
-Jan.-Oct.1939
Chinese
*
*
-
1.460
United
domestic shipments totaled 488,878
During the first nine months of 1940,
tons, which compares
at about
yyy;-
-
7,222
-
October,
consumption was probably no higher than 55,000 tons.
construction of
'.yyy"y
■
♦Not yet available.
ondary metal.
week.
*
3,149
End October
October
In some directions more nearby metal was offered,
5.65c., St. Louis.
zinc scrap.
:
3,571
Malaya.----Nigeria
produced in the United States during that month, of which total 39,228 tons
was from domestic ore and
17,372 tons from foreign ore plus some sec¬
at
y
#
'*::y*
Netherlands East Indies.
hoUday week, and producers wel¬
but a
shortage of certain brands continued.
Sales of common lead for the last
week totaled 3,273 tons, against 15,161 tons in the previous week.
The
undertone was steady, with quotations at 5.80c., New York, which was also
the contract settling basis of the American Smelting & Refining Co., and
Batteries
W';
2,815
Bolivia
Buying of lead slackened during the
comed the let-up.
Cable
September
August
'r .y.':.V; *
Belgian Congo
Thailand
totaled
the Inter¬
and under-exports at
given below in long tons of tin:
exports from the countries signatory to
The
national Tin Agreement, and the over-
French Indo-China
•v
The
first 10 month of the current year
•
421
This brings the
Council.
Development
total production in the
2
Elsewhere
23,200 tons
previous month, according to the November issue of
Bulletin," published by the International
in the
the
141
—
280
China and Hongkong..
British India
in October, 1940, is estimated at
19,900 tons, compared with the revised figure of
27,815
10,381
;-i—
66
Japan
206
Previous
Far Above
Output
Oct.
Sept.
To—
Oct.
Sept.
: V.
Total
Period
1939
World production of tin
the end of October are
!.
.
Mexico————
refinery quotation--
European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: Nov. 21, spot, £257%,
three months, £259%; Nov. 22, spot, £258%, three months,
£260; Nov. 25, spot, £258%, three months, £260%; Nov.
26, spot, £258, three months, £259%; and Nov. 27, spot,
£257%, three months, £259%.
Due to the
The demand was
Except for the fact
orders, the premium on
export
on
copper
plants.
Month—Ten
willing, or in a position to sub¬
that a few fabricators have not yet been
consumers'
at
World Tin Production in October Was Below
-V;
satisfied with less commotion than in some time past.
stitute
quoted on a delivered basis; that to*
As delivery charges vary with the destination,
prices at refineries on the Atlantic seaboard.
De¬
livered prices In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to the European war, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present, reflect this
change in method of doing business.
A total of 0.05 cents Is deducted from f.a.8.
trade, domestic copper prices are
the
In
delivered
the figures shown above are net
week amounted to 19,795 tons,
of domestic copper for the last
1940
30,
stated:
Copper
Sales
Nov.
The Commercial & Financial Chronicle
3152
been much
greater
advances.
weeks, while Cleveland and Youngstown prices
No. 1 cast scrap during the same period has gone up
ton in various districts and other
At Buffalo,
1 has been $1.50 mostly in the
have advanced
from 50c. to $2
advanced.
secondary grades have also
With the steel industry now operating at an
annual rate of approximately
about 83,000,000
continue in an unexceeding production
and shipments.
Some companies will have booked 20 to 30% more tonnage
in November than in October, while others will barely equal their October
78,000,000 net tons of ingots against a practical capacity of
Dom.,Refy> Exp., Refy.
Nov. 21
Holiday
10.000
New York
New York
St. Louis
St. Louis
Holiday
Holiday
Holiday
Holiday
Nov. 22
11.800
9.950
60.375
5.80
5.65
7.25
Nov. 23
11.775
9.950
60.375
5.80
5.65
7.25
Nov. 25
11.775
9.976
50.250
5.80
5.65
7.25
Nov. 26
11.775
9.950
50.300
6.80
5.65
7.25
Nov. 27
11.825
9.950
60.300
5.80
5.65
7.25
tons and a
potential capacity of 87,000,000 tons, orders
precedentedly high volume, in many instances still
total
or
may
fall slightly below.
of inventory building has
by Government
will be ample
for all essential purposes, including the 500,000 tons or so a month that
Britain may require.
Nevertheless, steel companies are moving toward
elimination of possible bottlenecks.
The Youngstown Sheet & Tube Co.
by improvements will increase its capacity 200,000 tons a year and the
Republic Steel Corp. will rebuild a blast furnace and install another 50-ton
Considering the probability that a good deal
been going on among
Average
The above
11.790
9.963
50.320
5.80
5.65
7.25
quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
to the basis of cash,
New York or St. Louis, as noted.
They are reduced
All prices are in cents per
pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only,
priorities
on
those who might be adversely affected
steel, it is believed likely that present capacity
The Commercial & Financial Chronicle
Volume 151
electric furnace,
items, deliveries
the fourth this
now
Alloy steel is
year.
of the scarcest
one
quoted ranging from 20 to 24 weeks in
Current steel operations
some
for putting out open hearth furnaces for
repairs,
some districts.
With automobile production still
very high, that industry is using a large
steel, while orders for the railroads and for construction
creasing.
be
Three roads have placed
total of 4,850 cars.
a
fully engaged at least through the first quarter.
ordered
total
a
of about 650,000
300,000 tons is likely to be placed
for defense construction, about
This week's
in¬
are
Car builders will
Railroads have also
tons of rails this fall and
an
additional
Of the $2,000,000,000 appropriated
soon.
$1,000,000,000 worth of work
is
new
amount
to
Household appliances are largely steel
be enlarged by the considerable amount of defense
housing to be constructed.
The British
are
the Atlantic Coast and 30
the Pacific Coast.
on
No
existing shipways will be used and much of the work will be fabricated
at
interior structural steel plants.
COMPOSITE PRICES
Finished
Nov. 20, 1940, 2.261c.
One week ago
a
Lb.
Great
Britain and
hour
zero
of
M. Girdler,
Some
Germany still
a
pig
and
industry is
iron,
the
ingots
anticipated
fairly well
dates of
demand and
last
beginning of second quarter, by which
semi-finished steel may have been
and
bottlenecks
have
lines,
some
failed
materialize.
to
balanced from standpoint of supplies,
The
character of
delivery.
Occasionally exceptions to the general
reports that
such
trend
encountered.
are
flat-rolled products,
as
show
Chicago
decreases
some
demand, with the suggestion that generally this may be the top of steel
activity
desire
for
the
hold
to
Wire
ago.
48
small
year,
down
in
inventories
rare
'''
■
•
.
Consumers have become
during the
ton
per
World
2
Apr. 16
then
1939
2.286c.
Jan.
3
2.236c.
1938
May 16
2.512c.
2.512c.
capacity is
May 17
2.211c.
Oct.
18
Mar.
tons when
2.249c.
Jan.
is
today.
little
are
more
to promote greatest good
better
in
Then pig iron ranged in
$23
against
as
High
2.261c.
Jan.
deliveries and
to late
measures
The situation
War.
as
%'■
reconciled
more
number.
largest
henceforth. * The
bearing.
In other
as less than a
deliveries from mills have been made in
rope
hours.
the
possible
have a
may
reported sales volume
cases
willing to submit to rationing and other
for
being
recessions
year-end
warehouses have
centers
as
States output.
Corp.,
Many foresee as the
actively hostile.
85% of the United
2.261c.
typical observation
a
Chairman of Republic Steel
are
bars, beams, tank plates,
wire, rails, black pipe, sheets, and hot
rolled strips.
These products represent
2.261c
is clearly
of 1940
for the rest
consumption supplied solely by current production.
the
of
situation
tense
of
stocks
time
exhausted
Steel
Based on steel
2.261c
__
One month ago
One year ago
'
the steel industry
attention is given to prospects for 1941,
more
having been that of T.
month
THE "IRON AGE"
pattern of
week, that full operations will be maintained throughout the year provided
in
negotiating for the construction of 60 ships, 30 of which
on
Nov. 25 stated:
on
the
defined,
25,700 tons.
users, a market that may
will be assembled
Since
underway.
fabricated structural steel projects of 36,225 tons include
18,000 tons fer Air Corps hangars in various parts of the
country. Structural
awards
markets,
but the rate for the in¬
dustry remains at last week's level of 97% despite losses in
amount of
"Steel" of Cleveland, in its summary of the iron and steel
instances.
bing hampered somewhat by the necessity
are
3153
than
respects
many
$55
$33 to
price from
fabricated structural steel
against 60 to 90 days now.
Ingot
Deliveries
on
4
1940..
1937
1936
2.249c.
1935
,2.062c.
1934
2.118c.
1933
Low
2.211c.
9
Dec. 28
2.016c.
Mar. 10
Oct.
1
2.056c.
Jan.
8
Apr. 24
1.945c.
Jan.
2
Oct.
1.915c.
Sept.
1.981c.
Jan.
2.192c.
Jan.
7
1.962c.
Dec.
2.236c.
May 28
2.192c.
Oct.
1930..
3
1.792c.
May
6
1.870c.
Mar. 15
13
1.883c.
Dec. 29
Nov. 26, 1940, $22.61 a Gross Ton
on
for basic iron at Valley
foundry iron at Chicago,
average
furnace
and
One month ago
22.61
Philadelphia,
One year ago
22.61
Southern iron at Cincinnati.
High
$22.61
Jan.
1940
Buffalo,
Valley,
Rail
Iron
$22.61
20.61
1938
23.25
June 21
19.61
July
6
1937
23.25
Mar.
9
20.25
Feb.
16
1936
2
18.73
Aug. 11
17.83
May 14
and
May
16.90
Jan.
27
16.90
Dec.
13.56
Jan.
3
14.81
Jan.
13.56
Dec.
steel
Canada
for
on
Jan,
14.79
Dec. 15
exports
Jan.
15.90
Dec. 16
exceeded,
18.71
MayI14
18.21
Dec. 17
------
20.67!
18.58(
One year ago..
1940
Nov.
$16.04
3
14.08
May 16
Oct.
Apr.
9
1938
15.00
Nov. 22
11.00
June
21.92
Mar. 30
12.92
Nov. 10
17.7.5
Dec.
21
12.67
June
1935
13.42
Dec.
10
10.33
Apr. 29
follows:
ham 3
1934
13.00
Mar. 13
9.50
Sept. 25
1933
12.25
Aug.
8
6.75
Jan.
8.50
12
6.43
July
5
1931
11.33
Detroit
1930.___
Jan.
6
Dec, 29
8.50
15.00
The
American
nounced that
cated
that
the
96.6%
year
week.
rate
capacity
of
of
Dec.
9
14.08
Dec.
3
Institute
on
Nov.
25
an¬
beginning Nov. 25,
week ago, 95.7%
Weekly
companies havinar 97%
industry will be 96.0% of
steel
the
This represents
ago.
11.25
29
Steel
and
for the week
one
18
Jan.
telegraphic reports which it had received indi¬
operating
steel
capacity
Iron
Feb.
17.58
—
1929
of
Jan.
indicated
no
compared
with
month aero, and 94.4%
one
change from
rates
of
steel
one
the preceding
operations
3
Britain
as
100,000
of
1940
to
1939—
6
date
23,
....92.5% Feb.
Nov. 13
...
Nov. 27
12
68.8*7
May 27
19
67.1%
Tune
4...—92.8% Mar.
26
65.9%
4
64.6%
64.7%
62.4%
60.7%
11...—91.2% Mar. 11
Dec. 18—.—90.0% Mar. 18
Dec. 25...—73.7% Mar. 25
Apr.
1940—
Apr.
1...—85.7% Apr.
Jan.
S.¬
86.1% Apr.
15—.—84.8% Apr.
22...—82.2% May
Jan.
29...
Jan.
Jan.
May 20
93.9% Feb.
94.4% Feb.
Dec.
Jan.
71.7%
93.5% Feb.
Nov. 20
Dec.
5
-
-77.3% May
The
61.7%
8—--_61.3%
15
60.9%
22—-_60.0%
29
61.8%
6
65.8%
13
70.0%
1
Week with
3
73.0% Sept.
76.9% Sept.
80.3%
Sept. 16
92.9%
92.5%
92.6%
84.6% Sept. 23
June
17
1
8
87.7%
86.5%
74.2%
80.4%
15
86.8%
Oct.
22
88.2%
Nov.
July
July
July
July
July
Aug.
29
5
94.2%
Oct.
14
94.4%
Oct.
21
94.9%
28——95.7%
4
90.4% Nov. 11
90.5%
91.9%
Sept. 30
Oct.
7
Nov. 18
Aug. 19
89.5% Nov. 25
89.7%
Aug. 26
96.0%
96.1%
96.6%
the Federal
96.6%
ances
increased
arose
$165,000,000.
Additions
to
bal¬
member bank
from decreases of $111,000,000 in Treasury
deposits with Federal Reserve Banks, $62,000,000 in nondeposits and other Federal Reserve accounts and
member
$6,000,000 in Treasury cash, and increases of $39,000,000 in
gold stock and $3,000,000 in Treasury currency, offset in
part by a decrease of $26,000,000 in Reserve Bank credit
and an increase of $29,000,000 in money in circulation.
Ex¬
cess reserves of member banks on Nov. 27 were estimated to
be
approximately $6,930,000,000, an increase of $130,000,000
for the week.
The
was a
principal change in holdings of bills and securities
Government
reduction of $27,000,000 in United States
iron
Shipments
the
over
have
near
closely
future.
to
Steel
approached,
or
$56.60, and steelworks
iron and steel at $38.07,
$20.71.
scrap at
six districts as follows:
Pitts¬
Youngstown and eastern Pennsylvania were un¬
93% and 94%, respectively.
Output fell in four districts as
Cleveland 2 points to 86; Birming¬
Wheeling 5 points to 93%;
points to 97, and New England 3 points to
82%.
week ended Nov. 25, is
placed at 97 % % of capacity, according to the "Wall Street
Journal" of Nov. 28. This compares with 97% in the two
Steel
ingot production for the
preceding weeks.
The "Journal" further reported:
TJ. S. Steel is estimated at 99%, against
99% two weeks ago.
99%% in the week before"and
Leading independents are credited with 96%, un¬
changed from the two previous weeks.
The following
with the nearest
pp
table gives a comparison of the percentage of production
corresponding week of previous years, together with the
roximate changes, in points, from
the week immediately preceding:
1940
-
97%
U. S. Steel
+
+
99
%
Independents
96
%
+
%
93
61%
-1%
58
—2%
95%
63%
1937
32
-3
31
—4
32%
1936
75
+
+ 1%
94 %
1939..*
1938....
—
67
%
1935
56%
1934.-
28
1932
17
+
1931
28
—1
/v
1930
39
67
83%
61
%
—
%
28
%
+
+ 1
—1%
35
—5
63
—2
83%
+1 %
—2
66
—2
83%
—5
—
17%
68
%
+
+ 1
32%
29
%
45
—2
1928
+2
28%
—1
1929
+
16
%
+ 1
07
+2
25%
26
+ 1
%
-2%
81%
45
29
1933
+ 1
—
—
%
—4
60
direct and guaranteed: holdings of bonds de¬
$15,000,000 and of notes $12,000,000.
statement in full for the week ended Nov. 27 will be
securities,
Reserve Banks
During the week ended Nov. 27 member bank reserve
reserves
monthly
estimated to
of 1917.
are
1927
91.3%
Aug. 12
tons
Industry
82.5%
10
400.000 tons of
negotiation.
since
2
9
June
June 24
active
Coventry and
steel in this
as
of
production is down 9,603 units at 102,340 for the week
the first drop in several weeks, comparing with 72.520 a
1040
1940—
1940—
,
and
300.000
in
now
are
purchases
British
increase
100.000 tons monthly, with South America counted
Nov. 6, 1939, follow:
Nov.
so
season
points to 96.
changed at
3
1932
was
burgh by 3 points to 97%; Chicago 1 point to 95; Buffalo 2% points to
93; Cincinnati 9% points to 97% ; St. Louis 2% points to 87%, and
1936
7
to
operations last week increased in
1937
9
year
"Steel's" three composite prices are unchanged,
Steel
Nov. 26
22.50
the second
having been
to Nov, 1 has been
tons,
the 6,300.000 tons in all
finished steel at
$21.00
—
1939-..
parity with billet
year ago.
Low
High
-V
,n,rt
1
heavy melting stee
quotations at Pittsburgh, Philadelphia,
and Chicago.
$20.92^
One month ago
No.
on
a
General first quarter price
6,051,347
at
estimate that between
Great
Automobile
ended
(Based
expected
reported
for
15.90
18.21
Scrap
October,
in
to
ton
per
rails.
moment.
bombing of British industrial centers, such
purchase
1929
Steel
$2
scrap
any
50% higher than the same period of 1939.
has ordered 75,000 tons of rails, the largest
or
is
for
are
1930
Nov. 26, 1940, $21.00 a Gross Ton
advanced
at
railroad
Some
country.
Nov.
One week ago
rate
demand has been rather slow, especially compared with other
Birmingham,
Nov. 24
6
97%, the best
to
Considering that this is usually the main rail buying
severe
18.84
'
point
one
items.
The
17.90
1931
tons,
the year
steel
19.73
------
against under 50,000,000
as
Cumulative consumption for the
tons.
fall.
1934--
5
been
scarcity of
consumption
ore
1935
1933
week gained
expected
are
Pennsylvania
Sept. 12
Jan.
of
because
50,280,269
of
Low
2
years
largest since records were kept from 191.8, that of May, 1923,
far this
Sept. 19
1932---
last
bars, have
steel
bars
steel
announcements
and
22.61
1939
as
1929.
May,
6,119,000
Based
$22.61
off
around 80,000,000 tons
production
Ingot
since
9
29
Pig Iron
One week ago
months
ten
to
now
the World War clospd.
2
1.953c.
1932
1931
1929
nine
were
creased
The
found
on
pages
3190 and 3191.
/
in member bank reserve balances and related
during the week and year ended Nov. 27, 1940, follow:
Changes
items
Increase
(+)
or
Decrease
(—)
Since
Nov. 27, 1940
U. S. Government
-
Nov. 20, 1940
$
Bills discounted--------------
$
securities, direct 2,204,000,000
and guaranteed
8,000,000
61,000,000
+ 2,000,000
credit.------ 2,276,000,000
—26,000,000
-
Total Reserve bank
—27,000,p00
-
advances (not Including
$7,000,000 commitments, Nov. 27)
Other Reserve bank credit
Industrial
Nov. 29, 1939
$
—4,000,000
4,000,000
-
-
—348,00(^000
s«s|
—3,000,000
+ 27,000,000
P*V m
—329,000,000
(+)
Increase
Nov. 20,
+39,000,000 + 4,408,000,000
..-*-..-21,755,000,000
+ 3,000,000
+122,000,000
Treasury currency..-----.---3,069,000,000
Member bank reserve balances
14,292,000,000 + 165,000,000 + 2,672,000,000
+29,000,000 +1,003,000,000
Money In circulation
——
8,466,000,000
—6,000,000
—177,000,000
Treasury cash
2,182,000,000
—242,000,000
Treasury deposits with F. R. banks.
199,000,000 —111,000,000
Non-member deposits
and other Fed-
era! Reserve accounts....
+ 946,000.000
—62,000.000
1,963,000,000
...
Nov.
1940
3,605,000,000
Reserve with Fed. Reserve banks. .11,973,000,000
517,000,000
Cash In vault
3,332,000,000
Balances with domestic banks...
Other securities
.....
...
+2,183,000,000
—28,000.000
+ 34,000,000
—40,000,000
+253,000,000
+ 95,000,000
.
.
Liabilities—
deposits-adjusted
Demand
Time
deposits
...
deposits
U. S. Government
Domestic
in
and
City
York
Chicago—Brokers' Loans
Banks
Member
of
New
...
.21,961,000,000
5,382,000,000
527,000,000
.
for the New York City member
banks and also for the Chicago member banks for the cur¬
Reserve
member banks,
Monday:
System
<
of
advance
in
issued
week,
rent*
of the
statements
full
which will not be available until the coming
-r-V'
WEEKLY REPORTING MEMBER BANKS
A8SETS AND LIABILITIES OF
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
Chicago
New York City
1940
1940
1939
1940
1940
%%%%%%
9,843
9,853
8,998
2,335
2,331
2,038
2,982
2,959
3,022
665
667
571
Assets—
Investments—total..
Loans and
29
1939
Nov. 20 Nov. 29 Nov. 27 Nov. 20 Nov.
Nov. 27
Loans—total
Commercial, Industrial and
1,865
80
324
1,704
472
112
20
21
393
18
619
30
32
27
163
158
169
55
55
67
117
25
19
14
Other loans
388
390
114
26
378
19
Loans to banks
117
25
69
68
52
Treasury bills
354
960
355
958
565
840
300
137
287
137
48
241
2,774
2,747
2,145
762
766
+ 1,000,000
8,947,000,000
656,000,000
—16,000,000
—11,000.000
—1,000,000
1,521
1,313
6,710
90
84
336
1,214
1,212
5,514
87
80
367
104
367
1,233
45
278
45
104
370
1,228
42
276
44
173
338
1,151
44
243
49
10,225
709
35
10.058
718
35
8,459
653
49
2,046
509
94
2,027
508
94
1,826
501
63
82
339
purchasing or
Other loans for
carrying securities
Treasury notes
......
United States bonds
guaranteed
Obligations
V
the
by
United States Government—
Other securities
Reserve with Fed. Res.
472
1
.....
Real estate loans
banks..
Cash In vault
Balances with domestlo banks..
Other assets—net.............
Liabilities—
Demand deposits—adjusted
Time deposits
U. S. Government deposits—...
TntovUKft.vi1r dAn/iafffl''
>.
■
banks.'.
Domestic
3,826
616
Foreign banks..............
Borrowings
..............
'.l.
.■
.
3,861
600
•
1,001
6
3,445
662
<
....
-
.
r \
867
8
1,007
6
Foreign banks
301
17
16
15
1,504
1,477
263
263
245
Slovakia Join
—7,000,000
+1,017,000,000
—55,000,000
—1,000,000
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
statements of the New York and
out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
"
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
German-Italian^Japanese
German-Italian-Japanese pact by Ru¬
011 Nov.
23 and by Slovakia on
Nov. 24.
It was also expected that Bulgaria would join the
Axis Powers, but authorized German quarters announced
in Berlin on Nov. 25 that the signatures of Hungary, Ru¬
mania and Slovakia to the pact ended for the time being the
Adherence
mania
the
to
announced
was
present series of Additions.
Reference to Hungary's action
in joining the three-Power pact was made in these columns
Nov. 23, page 3013.
The protocol to the Rumanian military, economic and
Axis Powers was signed by
political alliance with the
Gen¬
Rumanian Premier, and by Foreign
Minister Joachim von Ribbentrop for Germany, Ambassador
Gino Buti for Italy, and Ambassador Saburo Karusu for
Antoriescu,
Ion
eral
Japan. The agreement with Slovakia, German protectorate,
was
signed by Premier Tuka for Slovakia and the same
three which signed the Rumanian alliance.
the Rumanian pact as
advices of Nov. 23 from
following is the protocol to
The
Associated
in
reported
Press
Berlin:
Governments of Germany, Italy
The
Government of Rumania on
and Japan on the one hand and
the other determine the
the
following through their
undersigned plenipotentiaries:
;■
:
.Article 1—Rumania joins the three Powers pact between
Germany, Italy
27, 1940.
Japan, signed at Berlin, Sept.
Article 2—In so far as joint
and
technical commissions provided for in
pact deal with questions affecting Rumania's
Rumania will also be called in for commission
' ■' ''l/r:
Vv'"
-•
of the three Powers pact is added to this protocol
4 of the three Powers
Article
interests, representatives of
conferences.
as
3—The text
The protocol at hand ia drawn up in the German, Italian,
Rumanian languages of which each text counts as the
is effective on the day of signing.
supplement.
a
Japanese
and
original.
Complete
'
Alliance
Articlc
297
1,505
Capital accounts...
.
Rumania and
....
294
Other liabilities
.
Borrowings
667
1,530
1,243
6,814
92
82
379
1,868
agricultural loans
Open market paper
.....
Loans to brokers and dealers..
banks
+ 3,043,000,000
+130,000,000
+ 143,000,000
—1,000,000
.
Board of Governors of the
Below is the statement of the
Federal
I
+257,000,000
.
Inter-bank deposits:
Returns
Nov. 22, 1939
13, 1940
8
S
Assets—
Gold stock,
1940
30,
(+) or Decrease (—)
Since
1
,
Nov. 29, 1939
f
I
s
.
Increase
Decrease (—)
or
Since
Nov. 20, 1940
T:''-Nov. 27,1940
Nov.
Chronicle
The Commercial & Financial
3154
The protocol
The signing
of the Rome-Berlin-Tokio Axis was
Sept. 28, 1940, page 1812.
reported
in our issue of
As explained above, the
Chicago member banks are given
returns of the entire body of
reporting member banks of the
ended with the close
Federal Reserve System for the week
of business Nov.
condition
The
weekly
of
member
reporting
banks
in
101
the following principal changes for the week ended
Increases of $13,000,000 in commercial, industrial and agricul¬
cities shows
leading
Nov.
20:
statement
20:
holdings of United States Government bonds,
balances with Federal Reserve banks, and $143,deposits—adjusted.
Commercial, industrial and agricultural loans increased $5,000,000 each
the Atlanta and St. Louis districts and $13,000,000 at all reporting
tural
$42,000,000 in
loans,
$95,000,000
in
000,000
demand
in
in
reserve
Gets Larger Amount of Goods from
October but Exports Drop Sharply
Britain
Abroad
in
export trade
British
level since the start of
in October dropped to the
lowest
the war, aggregating no more than
£32,369,032 in September, £26,£48,005,979 in October, 1938.
Imports, on the other hand, recovered somewhat from the
depressed level of September, but the total of £85,095,565
received in the month was, except for September, the small¬
est of any month this year.
The import balance in the first
10 months of 1940 has aggregated £570,251,825 compared
with £312,148,369 in the same period of 1939.
Following we present a tabulation of the monthly figures
£24,357,657, compared with
620,896 in October, 1939, and
1938:
since January,
TABLE SHOWING THE VALUE OF IMPORTS AND TOTAL
EXPORTS FOR EACH MONTH IN THE YEARS 1939 AND 1938. AND
THE COMPLETED MONTHS OF THE CURRENT YEAR, EXCLUSIVE
SUMMARY
OF BULLION
AND SPECIE
member banks.
increased $11,000,000 each in
and at all reporting member
and decreased $10,000,000 in the Chicago district.
Holdings of
States Government bonds increased $60,000,000 in New York City
Holdings of United
New
York
banks,
United
City, in
States Treasury bills
the Cleveland
member banks, and decreased $13,000,000
and $42,000,000 at all reporting
in the
$107,000,000 in New York City,
$20,000,000 in the San Francisco district, and $143,000,000 at all reporting
deposits—adjusted
increased
member banks.
'
Chicago
and
$16,000,000
$46,000,000
in
New
all
reporting
City.
Deposits
at
York
banks, and increased
credited to foreign banks de¬
member
A summary
May
July
Aug
8ept
Oct
of the principal assets and liabilities of report¬
Total y.
increase
-
(+) or Decrease (—)
Since
Nov. 20, 1940
,
|
Assets—
Loans and Investments—total
24,944,000,000
9.110,000,000
Commercial, Industrial and agri¬
cultural loans
4,908,000,000
Loans—total
Nov. 13, 1940
$
Other
loans
carrying
for
purchasing
+13,000,000
Loans to banks
Other
Treasury
.......
loans
bills
Treasury notes
United States bonds
...
—43,000,000
+ 37,000,000
+ 3,000,000
+157,000,000
+ 43,000,000
—311,000,000
+ 42,000,000 +1,071,000,000
—2,000,000
2,000,000
+ 4,000,000
+ 9,000,000
+11,000,000
Obligations guaranteed by United
States
Government
2,700,000,000
70,049,098 *109985 390
78,509,294 105,552,962
82,172,862 90,779,141
42,276,828
45,341,989
41,880,695
42,025,182
41,375,526
43,846,909
48,005,979
48,037,135
43,877,133
78,251,309
81,073,119
49,894,916
61,841,464
83,988,000
86,582,440
87,007,530
95,019,856
80,632,023
85,095,565
47,623.642
£
44,730,987
39,835,044
45,053,511
52,734,113
48,713,558
38,215,027
44,075,551
42,824,539
46,557,865
39,728,564
47,285,713
44,203,023
44,080,278
41,565.345
25,457,923
33.008,508
33,946,697
32,369,032
24,357,657
26,620,986
40,105,404
42,670,205
Z392964134
919,508,933 885,512,502 z963215 959 532,279,966 485,569,302
and manufactures and imported
Budget for Fiscal Year Ending June 30,
Calls for Expenditure of £150,000,000—War
Expenses to Divert 20% of Resources from Peace
to
War Time Economy—Additional Taxation to
Australian
1941,
—165,000,000
6,900,000,000
45,984,546
43,086,428
available, and corrections are
the "Annual Statement of Trade."
—16,000,000
+3,000,000
774,000,000
1,855.000,000
75,571,817 104,961,147
65,438,402 95,638,991
78,021,721 108,543,354
merchandise,
figure.
dutiable Imports Is
made In the total for each year on the completion of
+ 520,000,000
—1,000.000
454,000,000
1,226,000,000
39,000,000
1,729,000,000
1940
£
Includes United Kingdom produce
Meet
or
securities
Real estate loans—
£
$
+ 73,000,000 +1,852,000,000
+ 24,000,000
+ 493,000,000
455,000,000
-
£
Corrected total for year,
z Ten months' total.
* Corrected
The monthly totals are revised when full information as to
Loans to brokers and dealers In
securities
£
z
1939
Nov. 22, 1939
299,000,000
Open market paper
x
y
ended Nov. 20, 1940, follows:
1938
77,973,618
74,132.368
Nov
ing member banks, together with changes for the week and
the year
_
April
Dec
creased, $11,000,000.
1940
84.879,549
75,793,898
84,853,649
73,707,229
75,398,794
76,540,222
73,897,551
74,112,624
74,991,477
79,078,903
Jan
March.
1939
£
June.
Deposits creditetd to domestic banks decreased $21,000,000 in the
district, $15,000,000 in the Richmond district, $11,000,000 in the Cleveland
district,
1938
Feb
Louis district.
St.
Demand
Exports
Imports
district,
—4,000,000
+299,000,000
A.
W.
Shortage in
Revenues
Fadden. Treasurer
tralia, delivered the budget speech
Parliament, at Canberra, on Nov.
the
for
°
of the Commonwealth of Aus¬
in the Australian Federal
21.
The speech covered
operations of the Australian Commonwealth
the current fiscal year ending June 30, 1941.
The fol¬
financial
lowing is a summary of
the main points in the speech as
Volume
issued
by the Australian
Government Trade Commissioner
Dec.
The
budget calk
for
£150,000,000
expenditure of
an
from
revenue
impact of the rapidly increasing war expenditure will require the diversion
20% of Australian resources from a peace-time to a war-time economy.
against
estimated total expenditure for the current fiscal year of
an
£150,073,000, the estimated
be
£119,000,000.
additional
It
the present rates of taxation would
revenue on
taxation
additional
the current year
will be raised mainly
£17,700,000; income tax
individuals,
tax,
be met by
£31,100,000 for
Nov. 28 that the Dec. 1 coupons
on
of
the
Young
£3,400,000; customs and excise,
to
produce
follows, namely: income tax on
on
companies,
£5,800,000; salea
as
£4,200,000.
(German
Loan
national Loan of 1930) will be
those of June 1
as
that this shortage will
announced
was
This
taxation.
Be Purchased in Same Manner
'.'v..■ Income Tax
The
statutory
exemption
The unmarried basic
for
the
in
the
pound
account
of
figure.
last—the purchase
of
annum.
per
will contribute one shilling in the pound
fiscal year, equivalent to sixpence
year's
current
dependent
been
has
children
income.
maintained
are
The
taxation
is
The
pushed to the limit.
Commonwealth
pound.
and
State
rebate
present
tax
Deductions on
the former
at
of
tax
special war-time levy
which
dividends
on
:-i
Tax
limit of the effective
upper
combined will be 14 shillings in
abolished,
Income
A
£150
£250 to
from
bear
the
company
5H% International Loan of 1930
■
the Young Loan (German Government 5H%
International Loan of 1930),
the American tranche of the Young
1940 of
Loan stamped "USA Domicile Oct. 1, 1935" will be
those coupons of the same tranche which
manner as
1940.
tranche of
Dec. 2, 1940, the following is communicated herewith:
on
Coupons maturing Dec. 2,
purchased in the same
became due on June 1,
Holders of such bonds and coupons will therefore have
the oppor¬
tunity to sell their coupons falling due on Dec. 2, 1940 against dollars at
Messrs. J.
P. Morgan &
American offices
per
of the
Inc., New York, N. Y., or at any of the
Co.,
German steamship company
after the date of maturity.
on or
$27.50 face amount of the
Young marks
profits of companies graduates according to
on
following is the
{Young Loan)
falling due
Line,
.
Companies
on
price to be $20 per
With reference to the purchase of coupons of the American
current
the
over
and
lowered
the
534% Inter¬
Government
purchased in the same manner
Purchase of Coupons of Qerman Government
7
y
The rate of tax will rise steeply and taxation on the higher income
brackets
rate
spread
wife
is
earner
wage
half of
remaining
Individual*
on
of the American tranche
$27.50 face amount of the coupon.
The
announcement of the Consulate General:
;■
!T'-;
announced
The German Consulate General in New York
as
Mr. Fadden stated that the
£109,000,000 last fiscal year.
of
As
Coupons of American Tranche of Young Loan
as Those of June 1
1
to
to the United States:
compared with
3155
The Commercial & Financial Chronicle
151
may
Hamburg-American
The purchase price will be $20.00
coupon.
be acquired according to the regulations in effect.
percentage of profits in relation to capital employed, and this is estimated
to
£4,250,000 during the remainder of the present fiscal year and a
yield
of
total
£5,300,000
for
full
a
profits will be increased from
the
exemption
25%
of
will
The rate
year.
withdrawn
be
to six
amount
taxation
overseas
rebate
in
£43,000,000 and
general
goods
5% is imposed
of
of
rate
estimated
an
Tax
value
on
^
from
£21,000,000,
of
The
Securities and
Customs
announced
Treasurer
round-lot stock sales
value of £400,000.
1/3% to 10%.
On
which come within the
of these exchanges
a
a
8
series
posed estimated to produce
These
will
duties
be
would
be
£4,200,000
imposed
im¬
A list of
items.
these duties
published shortly.
General
The
be
during the current financial year.
luxury
on
would
estimated
y'V/y'-;1,
Expenditure
£150,073,000
is an increase of
£41,087,000 over last year's expenditure.
Last year's
total defense expenditure from all sources was
£55,000,000.
The total
defense costs this year are estimated at
£186,000,000.
The rate of defense
expenditure each month is expected to reach
£15,000,000 before June,
1941.
The expenditure overseas will
be
£43,000,000 (Australian) and
will be financed partly by loans ( £15,000,000 Australian) already arranged
through the British Government and partly by loans from the Common¬
wealth Bank of Australia as
a
consequence of
an
improvement of the
London fund position.
The amount of the latter loans witt depend on the
Australian trade balance.
V/.'/
'
Expenditure in Australia will be met from loans and trust fund cash
balances in hand, £28,000,000 ; from further borrowing,
£50,000,000, and
from
expenditure
for the current
fiscal
year
of
bers
on
for
children
dependent
under
16
years
Public Works
civil character
a
telegraph facilities and
work
sources
will
for
be
the
the Stock Exchange for the account of mem¬
during the week ended Nov. 16 (in round-lot transac¬
tions) totaled 1,246,595 shares, which amount
of total transactions
This
regards
include
public works
and
on
per
bushel
farmers'
will be
£30,000,000.
19.12% of total
trading of 8,123,740 shares.
On the New York Ctirb Ex¬
change member trading during the week ended Nov. 16
amounted to 177,200 shares, or 18.18% to the total volume
on that
Exchange of 857,430 shares; during the preceding
week trading for the account of Curb members of 231,810
shares was 17.48% of total trading of 1,205,535 shares.
The Commission made available the following data for
the week ended Nov.
The data
published
are
York Stock Exchange and the New York Curb
tive members.
and
(f.O;b.
a
Total number of reports received
Year
j
wheat).
£500,000
will
be
announced
an
excess
of
(ended June 30, 1940),
£10,424,000 over the estimate on a
and
excise revenue.
Expenditure in the last fiscal year of £108,986,000 in¬
cluded supplementary estimates of
£9,000,000 for defense.
The total
defense expenditure
from revenue and from loan and trust funds was
£55,114,000.
Excess receipts of £2,928,000 will be used for war expendi¬
ture this year.
Last year's loan expenditure included £28,814,000 for
defense,
£1,883,000 for postal, telephone and telegraph facilities, and
revenue
£750,000
of
£111,914,000,
due principally to increased
transactions Initiated on the
-
4. Reports showing no transactions.
The
Treasurer
announced
that
resulting from such odd-lot transactions are not segregated from the
trades.
On the New York Stock Exchange, on the
other round-lot
other hand,
customs
effected by dealers
As a result, the round-lot transactions of
directly comparable on the
all but a fraction of the odd-lot transactions are
engaged solely In the odd-lot business.
specialists In stocks in which they are registered are not
two exchanges.
number
of
reports
in the various classifications
the
last
£13,000,000
entries in more than one classification.
TOTAL ROUND-LOT STOCK
SALES ON THE NEW'YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF
MEMBERS ♦ (SHARES)
Week Ended Nov. 16,1940
r'V"
\
;
;l
Total for
;•":Week
Per "K
Cent
a
'-'Kl'-
A. Total round-lot sales:
Short sales
....
189,550
/V':5,752,840
Other sales.b.._.
-
year
£11,041,000
was
B. Round-lot transactions for account of members, except for
1.
Transactions of specialists In stocks In which
registered—Total purchases
they are
585,870
-
Short sales
£6,800,000).
99,080
514,900
-
Other sales.b..
...
613,980
Total sales
Time Extended for Holders of Republic of Panama
Bonds of 1963 to Assent to Readjustment
6%
2
Other transactions Initiated on tno floor—Total
purchases
Plan
Short sales
Jorge E, Boyd, Ambassador of the Republic of Panama
to the United States, announced Nov. 25 that the period of
Panama's debt readjustment plan and deposit agreement
had been extended through Dec. 24, 1940. This plan, which
was given in detail in these columns of April 6, 1940, page
2182, provides that before the new 334% bonds, due 1994,
can be exchanged for the 5% bonds of 1963, at least 80% of
the bondholders must assent.
It was reported by a bond¬
holders committee in New York on Sept. 4 that almost 50%
had assented to the plan up to that time; this was referred
to in our issue of Sept. 7, page 1364.
The 5% bonds are
outstanding in amount of $11,313,500.
============
the odd-lot accounts of odd-lot dealers and specialists:
financial year sinking fund receipts will amount to a total
(from the Commonwealth, £6,200,000; from the States,
total more
5,942,390
fiscal
applied from sinking fund in redemption of Commonwealth and State debts.
For the present
of
may
of reports received because a single report may carry
Redemption
in
567
transactions are handled solely
Note—On the New York Curb Exchange, odd-lot
Total sales
Debt
58
115
475
floor
farmers' debt adjustments.
'•
292
258
——
......
3. Reports showing other transactions initiated off the
The
1939-40
of the last fiscal year
Curb
Exchange
823
107
1,066
201
.
.
New York
Stock
Exchange
/■/;.V-
1. Reports showing transactions as specialists
of specialists
guaranteed price of three shillings
bagged
?
.v.'.;
than the number
total
Exchange by their respec¬
These reports are classified as follows:
/.■
specialists'
the Treasurer announced plans for the
Financial
the Treasurer
16:
based upon weekly reports filed with the New
by specialists in the stocks In which they are registered and the round-lot transactions
debt adjustment.
Reviewing the finances
20.46%
with member trading during the previous
compares
2. Reports shewing other
floor
Primary Production
primary production,
tenpence
was
of 5,942,390 shares.
week ended Nov. 9 of 1,607,147 shares, or
•
.
£2,000,000 for postal, telephone and
program
stabilization of the wheat industry
expended
the Exchange
on
of
£763,000 for civil aviation.
War expenditure for
£21,000,000; the total being made available from
;;V;:
As
from other
figures.
...
defense
published weekly by the
shown separately
are
New York
members of the
military and air forces on special force rate of pay and naval ratings will
be increased from one shilling to one shilling and sixpence per day.
Allowances
all
for the account of all members
in the week ended Nov. 16, continuing
£65,000,000.
revenue,
Works of
the New York Stock Exchange and
Short sales
sales in these
Trading
duties
customs
on
of current figures being
Commission.
and Excise
additional
that
Exchange Commission made public
(Nov. 29) figures showing the volume of total
yesterday
category of less urgent needs, the sales tax is increased to 15%.
The
New York Stock and New York
Week Ended Nov. 16
on
the New York Curb Exchange
■''V
goods of
increased
is
tax
■'
Trading
Curb Exchanges During
companies.
The
£2,000,000.
good3 at present exempt of an estimated
on
10% tax
a
sales
Member
£450,000 to
Australian companies will
on
shareholders.
income of
^ales
A sales tax of
The
undistributed
on
shillings and eightpence in the pound, while dividends will
be taxed without
value of
tax
public
from
yield from this taxation will be increased from
Commonwealth, State and
of
shilling to two shillings in the pound;
one
39,650
.
413,900
Other sales.b
Total sales
453,550
....
3. Other transactions initiated off the floor-Total
.........
Total sales
Total
....
7.75
129,825
....—...
9,930
169,135
—
4. Total—Total purchases
Short sales
purchases
...
Short sales
Other sales.b
Short sales.b
10.10
468,260
179,065
2.60
1,183,955
148,660
1,097,935
sales1,246,595
20.46
The Commercial & Financial Chronicle
3156
ROUND-LOT STOCK SALES ON THE NEW YORK CURB EX¬
AND STOCK TRANSACTIONS FOR ACCOUNT OF MEM¬
TOTAL
ties which are also traded on the New York
CHANGE
BERS *
underlie
Total for
'
A.
Per
,
,
Week
Cent
Total round-lot sales:
16,435
..............
Other sales.b__...............
4
841,995
"
•
(1)
Total tales.........
857,430
......
;
those
....... .........
regional
securities
of
Members
exchanges.
New York
the
preponderant importance in the markets now afforded by
securities exchanges for so-called "dually-traded" securities,
of
83,385
10,710
99,825
....
Other sales.b..
trading
Stock
time been
such regional
Exchange and others who are financed by them have for some
are
registered—Total purchases....
Short sales...
to
substantial
a
,
should be rescinded are summarized
securities listed on the New York Stock Exchange and also
upon the various regional securities exchanges furnish
and an essential portion of business transacted on certain of
Many
admitted
Bj Round-lot transactions for the account of members:
1. Transactions of specialists In stocks in which they
the
follows by the Commission:
as
.......
Short salea
Stock Exchange.
set forth in the report and which
Commission's conclusion that the New York
Stock Exchange's action
a
1940
30,
The principal findings
(SHARES)
Week Ended Nov. 16,1040
Nov.
.......
exchanges of the capital and services con¬
by these members of the New York Stock
Exchange which would result from the enforcement of its ruling would
jeopardize the continued existence of at least two of the six affected
regional exchanges and would materially impair the functioning of the
remaining exchanges. ^v-'.v:Vv
(3) There is no basis for a finding that members of the New York
Stock Exchange as a body have suffered any financial loss as a result of
(2)
'
The
loss
the
to
local
tributed directly and indirectly
Total sales...
2. Other transactions Initiated on the floor—Total purchases
28,750
:
Short sales
2,625
29,850
Other sales.b....
Total sales
3.57
32,475
3. Other transactions Initiated off the floor-Total purchases
'Short
11.31
110,535
the
from
22,490
1,550
is
There
32,640
the
of
dealers
sales...
Other sales.b......
Such diversion of income as may result
primarily to the three principal odd-lot
Stock Exchange and their associate brokers.
practice of dual trading.
dual
trading is limited
York
New
why these three New York Stock Exchange
this income than have out-of-town
dealers and specialists on the regional exchanges
apparent
no
reason
odd-lot dealers have a greater right to
Total sales
3.30
34,190
members
134,625
...........
Short sales
in
14,885
162,315
Other sales.b
Total sales
'Y-v7)
18,18
V
Customers'short sales
?
1::
60
Customers' other sales.c.
52,242
.........
Total purchases
(4) The continuance of healthy regional securities exchanges is important
the national public interest, since they and their members are integral
financial communities, facilitating local
parts not only of their own local
177,200
C. Odd-lot transactions for the account of specialists:
odd-lot
and
by New York Stock Exchange members.
financed
4. Total—Total purchases...
52,302
local industry and serving the investing
public within their regions, but also of the nation-wide network of broker¬
age facilities.
-V- ■.-v.-'
\vv.V'- >
(5) The ruling of the New York Stock Exchange, by preventing the
normal participation of its members in the regional exchanges of which
they are also members, is therefore inimical to the public interest and
financing
of national as well as
should be rescinded.
Total sales
•
The
44,788
"members"
term
Includes all Exchange members,
their firms and their
partners, Including special partners.
Shares
as
transactions
per cent of twice total round-lot
on
with twice the total round-lot volume
of members*
the Exchange for the reason that the total
includes both
purchases and sales,
while the Exchange
volume Includes only sales.
b Round-lot short sales which are exempted from restriction by the
Commission
rules are Included with "other sales."
c
Sales marked "short exempt" are included with "other sales.
Odd-Lot Trading on New York Stock Exchange During
Week Ended Nov. 23
.
,
The
Securities
and
Exchange Commission made public
yesterday (Nov. 29) a summary for the week ended Nov. 23
of complete figures showing the volume of stock transactions
for the odd-lot account of all odd-lot dealers and specialists
who handled
odd lots
continuing
series of current figures being published by
Figures for the week ended Nov. 16 were
a
the New
on
York Stock
Exchange,
the Commission.
issue of Nov. 23, page 3015.
The figures
are based upon reports filed with the
Commission by the
odd-lot dealers and specialists.
/
reported in
STOCK
our
TRANSACTIONS
Copies of the report may be obtained from the
Unit of the SEC, Washington,
members' transactions
In
volume.
In calculating these percentages, the total of members' transactions Is compared
a
Publication
D. C.
"mul¬
noted in these columns
Oct. 26, page 2418.
At that time Commissioner Sumner T.
Pike sent a letter to William McC. Martin Jr., President
of the Exchange, saying that the Commission was of the
opinion that the Exchange's solution of the problem "has
results which in practical effect will endanger the future
of affected regional exchanges and, as a consequence, will
impinge upon the welfare of the investing public within the
regions served by these exchanges."
Mr. Martin, in a reply
to Mr. Pike on Oct. 31, said that the Exchange was awaiting
the full report of the SEC's investigation before reaching
The SEC asked
the Stock Exchange to rescind its
tiple trading" rule on Oct. 24, as was
final
its
decision
the
on
Commission's request; this.was
reported in our issue of Nov. 2, page 2572.
It was announced Nov. 27 that Mr. Martin has
advised
the SEC tfyat, following the meeting of the Board of
nors on Dec. 11, the Exchange will give its reply.
while, existing exemptions, granted to 14 member
have been extended until Jan. 1, 1941.
Gover¬
Mean¬
firms,
TH# ODD-LOT ACCOUNT OF ODD-LOT
FOR
DEALERS AND SPECIALT8TS ON THE NEW YORK STOCK EXCHANGE
v-'X,'
Members
%
Total
-
for Week
Odd-lot sales by dealers (customers
Number of orders......
purchases):
;
16,482
and
In
a
438,711
Dollar value
17,491,016
Odd-lot purchases by dealers
Number of orders:
'X'X
(customers'sales):
v.-
.
Customers' short sales
.........
Customers' other sales.a.
....
Regulations
circular issued
'-.
217
....
15,777
........
Customers' total sales
15,994
''v.;: [■>".,'■
Customers' short sales..
/'.•
,
7 315
.........
409^093
Customers' other sales.a
Customers' total sales
416,408
.....................
Dollar value
15,197,368
Number of shares:
Short sales
110
Other sales.b
...2
....
tion."
In
90,300
90,410
endeavor
with
cases
"other sales."
b Sales to offset customers* odd-lot orders, and sales to liquidate a long
Report
round lot
are
position
reported with "other sales."
Multiple Trading on Securities Exchanges
by SEC—Explain's Commission's Reasons
for
Requesting New York Stock Exchange to
Rescind Its Recent Ruling—Exchange Will Answer
SEC on Dec. 11
I|mwNMftita*
on
Issued
The Securities and
Exchange Commission made public
on
The
Commission points
out
that
which is the result of several months of field
this
report,
investigation
(3) The
has
decided,
as
time
Committee
within
which
on
payment
or
margin
should be obtained
purchases, and
to do with cases
Regulation T from customers in connection with
under
(4)/An
where
interpretation
securities
sold
are
the interest rule having
not a "good delivery."
of
Firms Doing Business with
Advised to Have Public
Audit Made of Their Affairs in 1941
New York Stock Exchange
Others
Than
Members
The attention of the New York Stock
on
Exchange was called
Acting Secretary, to the ruling
Member Firms with respect to audits
Nov. 26 by John G. Korn,
of the Committee on
designed to prevent its members from participating as odd-
firm
ber
Exchange
in this circular, which come within
Member Firms, are:
(1) The applicability of Rules 505 and 506, having to do with the
investigation and approval of accounts;
•
(2) The prohibition in Regulation T against arranging for extensions
of credit by non-members to customers on a better basis than that upon
which member firms can extend such credit;
lot dealers and
regional exchanges in securi¬
the
fubjects chosen for discussion
which
on
problem,
of particular rules and regulations, and the latest interpreta¬
upon other subjects which are of particular interest to
the jurisdiction of the
vant to the recent
specialists
this
to
well as
as
under the
ruling by the New York Stock Exchange
solve
require
circulars
member firms.
by the Commission's staff, discusses in detail those aspects
"multiple trading" problem which are rele¬
of the so-called
to
issue
the application
Nov. 22 the text of the report by its Trading and Exchange
Division on the problem of Multiple Trading on Securities
Exchanges.
to
because of matters coming before its com¬
members along educational lines dealing
involving violations of rules, questions which arise concerning
appears
to
The
122,590
.....
Sales marked "short exempt" are reported with
and
Continuing, it said:
an
tions,
Total sales..
Round-lot purchases by dealers:
Number of shares
noted that "during recent years
"As a result," said the circu¬
lar, issued by John C. Korn, Acting Secretary of the Ex¬
change, "it is most difficult for general partners of mem¬
ber firms and their key employees to keep constantly in
mind all of the rules affecting the conduct of the business
and to keep abreast of the interpretations placed upon
them, and therefore the applicability of the rules and regu¬
lations to particular situations frequently comes into ques¬
mittees,
Round-lot sales by dealers:
a
Nov. 28 to members of the New
industry have been promulgated by the Exchange
age
occasion
a
on
by the Federal authorities."
V;:
■
.....
.....
Number of shares:
•
to
additional rules and regulations governing the broker¬
many
which is less than
Relating
York Stock Exchange it was
Number of shares
to
Issue Circulars to
Interpretations of Rules
Exchange
Stock
York
New
Week Ended Nov. 23, 1940
provisions of Rule 532 of the Board of Governors
among other things, that each member
"requires,
doing any business with others than members or mem¬
select an independent public accountant to con-
firms
Volume
The Commercial & Financial Chronicle
151
duct
an
audit of its affairs during each calendar year."
Mr. Korn, in his circular to members, went on to
say that
"the Committee on Member Firms now rules that each firm
subject to such
ruling shall
accountant to make such
select
independent
an
public
audit during the year 1941 and
shall notify the committee of the selection before Jan.
20,
1941,
an
submitting at the
time
same
accountants*
Firms."
signed copy
a
Committee
agreement
to
the
Mr. Korn also said:
of the
Member
on
Under this ruling the first indication a member firm is to receive that
audit is to he made of its affairs will be the
appearance of the!
accountants
at
the office of the member firm.
The accountants will
an
sale
by issuers, refunding operations predominated during the month and
designated for refunding purposes totaled $234,833,000, or
93.9% of aggregate net proceeds. All but about $1,200,000 of this amount
was
to be used for the repayment of bonds and notes.
The total to be
used for new money purposes was $14,899,000, or 6%.
This included
indicated expenditures for plant and equipment of $10,086,000, or 4.1%,
and expenditures for working capital of $4,818,000, or 1.9%.
All other
uses combined accounted for only one-tenth of
1% of net proceeds.
Bond issues were most prominent with $241,911,000, or 94.5% of the
total amount proposed for sale by issuers.
Included in this amount were
$230,482,000 of secured bonds and $11,429,000 of unsecured bonds.
Pre¬
net
work
in
connection
therewith, instructions with respect to the preparation
and
submission of the answer to the financial questionnaire and the com¬
plete regulations to be followed in conducting the audit will be forwarded
promptly to such firm.
V
proceeds
ferred stock amounted to
with
$4,158,000,
$10,056,000,
and
+.
Columbus
utility
Southern
&
ranked
group
Electric Co., the
Ohio
with
first
$186,658,000,
port only) showed a total of $6,867,000, or
Underwritten
issues
Exchange,"
monthly publication of the New York Stock Exchange, an
increase in the trading hours is advocated by John L. Clark,
a
partner in Abbott, Proctor & Paine.
Mr. Clark says that
he does not desire to claim the virtues of
a panacea for an
the New York Stock Exchange but,
he says, "it does seem as though, just as shorter hours
brought less trading in 1929, so would longer hours bring a
extra hour of
certain
trading
increase
in
on
the
daily turnover now."
After citing
the results of the extra
trading hour on the Chicago Stock
Exchange, inaugurated on Sept. 30, Mr. Clark points out
that "there
in the
are
certain factors which contributed to activity
past but which
are now gone
from
of the most important of these factors,
the international
arbitrage business."
It is estimated that international
in
turnover
a
Stock
of
50,000,000
Exchange
in
stocks
of
Securities
the Writer says, "is
as
annually
a
It
must
is
a
be
admitted
big factor in
intensive
answer.
that
the
loss
market and
our
campaign
of
this
foreign business,
must be
public
general
accounted
gated
$1,233,000,
tion of
A
or
0.5%.
This
gave
indicated total cost of flota¬
an
2.4%.
of
October
registrations shows that 26 statements covering
.85 issues became effectively registered during the month.
Included in the
total dollar amount of $287,456,000 were $5,743,000 of substitute securities,
such as voting trust certificates and certificates of deposit, and $3,869,000
of securities registered for the account of others.
All of the latter amount
was proposed for sale.
Moreover, securities totaling $22,219,000 were not
proposed for sale by issuers, including $13,291,000 of securities to be
issued in exchange for other securities, $8,400,000 of securities reserved
for conversion, and
$522,000 of securities to be issued against claims.
After these various deductions there remained $256,125,000 of securities
resume
proposed
sale by
for
issuers,
of which represented issues
all
SECURITIES ACT OF 1933
SECURITIES, OCTOBER, 1940
EFFECTIVE REGISTRATIONS UNDER THE
BY TYPES OF
Total Securities
Effectively Registered
Type of Security
.
.
made up in
nevertheless,
some
to
seems
An
way.
the
be
only
No. of
Issues
Secured bonds
Unsecured bonds..
Common stock
Certificates of
Warrants or
2
11,428.733
.........
10
-—
13
23,868,823
15.803.388
.....
Preferred stock.......
estimated that
85% of the public business done on the New
outside the limits of New York City.
Estimates of the amount of business done in New York by Pacific Coast
sources
vary, but some of the Pacific Coast houses have estimated the
total at 21% of the total done in New York.
York
If
Stock
we
........
....
0
participation, beneficial interest, &c_.
1
Exchange
it
not
as
operated
a
on
it,
and if
we
hours that would be
on
Our national defense program
sion
the
in
interior
of
Will this not
area.
are
to maintain the New
national exchange, would it not be
the Midwest and
customers in
5,742,990
35
originates
only to continue this percentage of our business but,
increase
to
130,000
3
$287,456,434
rights
Substitute securities (v. t. ctfs. and ctfs.
of deposit).
over
Exchange
are
addition,
Amount
$230,482,500
6
..........
......
...
is
that
plant expan¬
greater than in the Atlantic coastal
a
great increase
a
in the
for Sale by Issuers
Percent
in
convenient to its member firms'
will be
Securities Proposed
Substitution
Percent
Amount
per¬
Amount
Oct.,
$230,482,500
Unsecured bonds.........
11,428,733
Preferred stock...........
23,868,823
Common stock
7,397,023
Certificates of participation,
beneficial interest, &o
Secured bonds
1939
84.3
47.2
4.2
1.8
8,7
7.7
2.7
39.8
130",000
Warrants or rights
The
11
a.
continue
to
2
m.
m.
to
p.
objections to such action
The
first
will
be
is
that,
due
be
closed
at
a
time
equivalent to
in these areas?
are
usually based
on
one
of two grounds.
the operation of the minimum-hour
to
any¬
daily turnover by 20%, there would have been no increase in operating
costs.
As a matter of fact, in this hpuse most of the clerks were through
the
day at 4 o'clock in the afternoon.
that is,
if volume had
brought
no
A sizable increase in activity,
in excess of 1,000,000 shares daily, would have
run
increase in costs commensurate with the increased business.
hour, and probably
The second and mo6t important objection to the extra
the objection
for
which figured most prominently in the decision of the Gover¬
the New York Stock Exchange to turn down the recent petition
of
an
extra
cities and
hour,
towns
was
over
the objection of the newspapers
the country to
such action.
in many different
In all
cases
the
news¬
indicated that a later closing would make it difficult or impossible
to include closing prices in the afternoon papers.
There is no question of
the value of free advertising the Exchange receives from the publication
papers
of
3.7
16.3]
1.6
67.3
j
7.4
o"i
■
3273,307,079 100.0
Grand total
100.0
$256,125,495 100.0
100.0
greatly increased.
the
nors
15.3
4.5
3.9
law, costs
The study of the operation of one large wire
house would indicate that in the markets of September and October, if an
extra hour had been in effect, and if such an extra hour had increased
for
1939
90.0
$230,482,500
11,428,733
10,065,996
4,158,266
substitute securities (v. t. c.
ctts. and ctfs. of deposit)
markets
our
Oct.,
3.5
"
Should
Oct.,
1940
Oct.,
1940
Stock
the Coast?
there
or
Type of Security
effective to have
more
will undoubtedly result in
country,
our
mean
more
York
Total, Less Securities
Reserved for Conversion
centage of good incomes seeking investment in the interior and the West?
where from
of going
concerns.
Grand total.
It
for
Compensation to be paid underwriters and agents equaled $4,874,000,
1.9% of the total amount proposed for sale by issuers.
Expenses aggre¬
whole resulted
have had in the past two years.
domestic business
develop
to
the
to
the New York
on
.
we
0.8%.
99.4% of
directly by issuers amounted to $842,000, or
offered
the total.
an
the next several years than
in
be
to
2.6%.
One
ordinary year.
Considering the fact that the
execution of these orders encouraged a great many more, one can have
some idea of what we have lost in activity in our markets by the ending
of international arbitrage operations with the outbreak of the war.
Let us assume that we are going to have more
activity in the stock
market
total
He adds:
arbitrage business
shares
markets."
our
the
of
$253,073,000, or 98.8% of the total.
amounted to $2,210,000, or 0.9%, while
aggregated
Issues to be offered through agents
or
article in the November issue of "The
an
72.9%
transportation and communication group the aviation industry (air trans¬
Customers in Mid-West and Pacific Coast
In
electric, gas and water
or
for sale by issuers.
Virtually all of the remainder was con¬
tributed by manufacturing companies with $60,484,000, or 23.6%.
In the
securities to be offered
Exchange to Increase
Trading Hours for Benefit of Its Member Firms'
3.9%, followed by common stock
proposed
..
J. L. Clark Urges New York Stock
or
1.6%.
or
Reflecting the two large issues of Southern California Edison Co., Ltd.,
not be
precluded from starting their inspection a few days prior to the audit
date for the purpobe of
accomplishing preliminary work.
Upon receipt
by the committee of advice from the independent public accountants that
they have commenced such an audit of a member firm or the preliminary
3157
quotations.
It must be remembered, hoewver, that
such quotations is a matter
of circulation.
the publishing of
If there is not enough interest
in
closing quotations the newspapers are going to give them up
If
there
is
an
anyway.
increasing interest in quotations, newspapers cannot afford
to leave them out.
Registration of 35 New Issues Aggregating $287,456,000
Became Effective
Under Securities Act During
October
Board of Governors of Federal Reserve
on
Balances
Brokers'
New York Stock Exchange
$18,000,000 and Money Borrowed
by Firms Increased $11,000,000
Debit
Balances
Firms
Increased
for
The Board of Governors of the
announced
on
Federal Reserve System
Nov. 22 that member firms of the New York
Stock Exchange carrying margin accounts for customers
reported for October an increase of $18,000,000 in their
customers' debit balances and an increase of $11,000,000 in
money borrowed by the reporting firms.
These firms also
reported a decrease of $15,000,000 in their cash on hand
and in banks and an increase of $13,000,000 in the debit
balances in their firm and partners' investment and trading
accounts.
During the year ending Oct. 31, 1940, says the
Board, customers' debit balances decreased by $241,000,000
and money borrowed by $196,000,000.
The Board makes
public the following summary of the customers' debit bal¬
ances and principal related items of the member firms of
Exchange that carry margin accounts,
together with changes for the month and year ended Oct. 31,
the New York Stock
Securities registered under the Securities Act of 1933 for
j
$287,456,000, as compared with $130,581,000 in September and $30,817,000 in October, 1939, the
Securities and Exchange Commission announced on Nov, 28.
October
aggregated
The amount of securities
proposed for sale by issuers was
$256,125,000 in October, 1940, compared with $95,162,000 in
September, 1940, and 13,509000 in October, 1939. The Com¬
mission's announcement further said:
Registration
statistics
for
October
were
Southern
Ohio
Electric
Co.
totaling
influenced
$31,030,000.
mainly
by
three
As
these
three issues
for almost three-fourths of the total amount proposed for
•
Increase
or
Decrease Since
Oct. 31,1940
Sept. 30,1940
+18,000,000
—241,000,000
82,000,000
203,000,000
+ 13,000,000
—15,000,000
—11,000,000
+3,000,000
381,000,000
+ 11,000,000
—196,000,000
269,000,000
68,000.000
+ 1,000,000
—20,000,000
+2,000,000
—18,000,000
—2~.obb.666
—31,000,000
partners'
Investment and trading accounts
on
$
$
653,000,000
Customers' debit balances
Debit balances in firm 6c
Cash
Oct. 31,1939
$
Debit balances:
band and in banks
Credit balances:
large refunding bond issues; the 3% bonds of Southern California Edison
Co., Ltd., totaling $112,320,000; the 3%% bonds of The Youngstown
Sheet & Tube Co. totaling $46,350,000, and the 3%% bonds of Columbus &
alone accounted
System Reports
October—Customers'
for
Money borrowed—..............
Customers' credit balances:
Free
Other
.........
Credit balances In firm 6c partners'
Investment and trading accounts
25,000,000
Credit balances in capital accounts
253,000,000
—5,000,000
A
bearing
ruling
delivery" transactions
the Board of
The Board's
other questions, with "special
"cash
on
and
Oct. 29:
on
:
a
sizable
The Board has recently
cash account under section
But
0.
"C.
:
(c)
may
effect for or with any
ties
in
which
(5)
be
was
disorganized.
or
and deliver the
(c) (5)
raised whether section 4
unissued.
are
broker should
as soon as he can in
the case, it seems that
which section 4 (c) (5) would,
few instances in
very
in
time for delivering such a security and
would section 4 (c) (3) which, in the
following terms, specifically provides for most situations involving unissued
authorize
practice,
more
any
payment therefor than
obtaining
:,;r••
securities:
.v..',:
-•••■;
■
the;
section
made
"(3) If the security when so purchased is an unissued security,
period applicable to the transaction under subdivision (2) of this
4 (c) shall be seven days after the date on which the security is
available by the issuer for delivery to purchasers."
In a special cash account, a creditor
customer bona fide cash transactions in securi¬
creditor may—
the
tbe
would
there
set out below:
are
sudden purchase
reasonable dispatch.
all
security and complete the transaction
mechanics of the trade.
This being
the
of
view
cash account,—(1)
"(c) Special
other
with
Unissued securities—The question
considered certain questions involving the special
4 (c) of Regulation T, and especially the pro¬
(c), particularly of 4
4
section
of
securities
giving
evasion
have a
account
to force through
applies to securities which at the time of the transaction
The answer is that it does but that, as in other cases, the
(c)
4
purchase
the
on
securities
(5) relating to so-called "cash on delivery" or
D." transactions.
For convenient reference, the relevant portions
section
of
visions
effect of forcing a
He would not have
in a market that is temporarily thin
hand he should proceed to acquire
/
Delivery" Transactions Under Regulation T
on
delay acquiring the
such
if
hand
on
of the securities, and
deliver
"Cash
have
not
general state of the market, the
similar factors.
the
interpretations deal, among
cash account," "unissued securities" and "securities pur¬
chased with proceeds of securities called for redemption."
The following is the ruling in full, made public by the
Board
the dealer could not
above,
1940
30,
delay was for the purpose of
additional time to the customer.
Assuming, however, that no such
is involved and that there is complete good faith, the dealer would
reasonable time for acquiring the securities and could take into
did
he
Regulation T was recently issued by
Governors of the Federal Reserve System.
under
indicated
As
Ruling on "Cash and Delivery" Transactions Under
Regulation T Issued by Board of Governors of
Federal Reserve System
Nov.
Chronicle
The Commercial & Financial
3158
"(A) Purchase any security for, or sell any security to, any customer,
provided funds sufficient for the purpose are already held in the account
or the purchase
or sale is in reliance upon an agreement accepted by the
creditor in good faith that the customer will promptly make full cash
payment for the security and that the customer does not contemplate
selling the security prior to making such payment; .
.
.
"(2) In case a customer purchases a security (other than an exempted
udth proceeds of securities
Securities purchased
proceeds of another security
issuer has called for redemption.
the
will not be available for some time, perhaps 30
would like to delay payment for that time.
circumstance would not justify delay in obtaining
security
customer
make full cash payment
which the security is so
purchased, the creditor shall, except as provided in the succeeding sub¬
divisions of this section 4 (c), promptly cancel or otherwise liquidate the
security) in the special cash account and does not
for the security within seven days after the date on
Such
called for redemption—
and to pay for it with
which the customer holds and which the
Occasionally the proceeds of the called
wishes to purchase a security
Sometimes a customer
a
days, and the
payment under
period applicable under subdivision
would not arise from the mechanics of
broker* or dealer, but merely from the customer's
delay in making payment.
'•-K,:.7''-vACVv
In the particular case presented to the Board, however, the customer
deposited the called security with the dealer with definite instructions
td deliver it for redemption and apply the proceeds to payment for the
purchased security.
This made the situation similar to that considered
in the ruling at page 1043 of the December, 1938, Federal Reserve "Bul¬
letin," which was to the effect that in certain circumstances the sale of a
security held in the special cash account may serve as payment for a
security which has been purchased in tbe account even though the proceeds
seven
of
transaction
thereof.
the unsettled portion
or
*
.
section
.
creditor, acting in good faith in accordance with sub¬
division (1) of this section 4 (c), purchases a security for a customer,
or
sells a security to a customer, with the understanding that he is to
deliver the security promptly to the customer, and the full cash payment
the
If
"(6)
promptly by the customer is to
to be made
be made against such delivery,
to which the
(2) of this section 4 (c) is not the
days therein specified but 35 days after the date of such purchase
or
sale: Provided, however, That the creditor shall not so treat any pur¬
chase by a given customer if any security has been purchased by such
customer at any time during the
preceding 00 days in a special cash
account with the creditor, and then, for any reason whatever, without
having been previously paid for in full by the customer, the security has
been sold in the account or delivered out to any broker or dealer: Pro¬
vided, That an appropriate committee of a national securities exchange, on
application of the creditor, may authorize the creditor to disregard for
the purposes of the preceding proviso any given instance of the type
therein described if the committee is satisfied that both creditor and
customer are acting in good faith and that circumstances warrant such
his option treat the transaction as one
creditor may at
the
authorization.
"(6) If
faith
general—The problems were ones relating, under section 4
to the time of delivering a security to a customer and obtaining
particularly
and
(c)
The
is
be noted
should
It
4
(5)
;
•;
D. transactions
./■ •
is not the purpose of section
"prompt delivery"
to be made
soon
as
as
the mechanics of
view of
of
the outset that it
at
■
additional time to customers for making payment.described in section 4 (c) (5) is delivery which
allow
to
the 0. 0.
to
■
or
dealer can reasonably make
the securities business and the
it in
bona fide usages
provision merely recognizes the fact that in certain
established bona fide practice in the trade to obtain
The
trade.
the
the broker
circumstances it is an
payment against delivery of the security to the customer, and the further
fact that the mechanics of the trade, unrelated to the customer's readiness
sometimes delay such delivery to the customer,
customer should have the necessary means
of payment
to pay,
;
may
The
readily
the special cash account.
He
should expect to pay for it
immediately or in any event within the
period (of not more than a veiy few days) that is as long as is usually
required to carry through the ordinary securities transaction.
Such an undertaking is a necessary part of the customer's agreement,
under section 4 (c) (1) (A), that he "will promptly make full cash pay¬
ment."
Furthermore, any delay by the customer may cast doubt on the
criginal status of the transaction and should be explainable by exceptional
circumstances that justify the delay.
Repetition of delays by the customer
would be especially hard to justify.
Such repetition would almost con¬
clusively label hiB transactions as unable to qualify as bona fide cash
transactions and would almost conclusively disqualify them for inclusion
available
in
the
he
when
special
These
purchases
cash
account.
general principles
are
illustrated by the specific cases to
which
the Board has given consideration.
Broker "failed to
receive" security—A typical example of a case in
the delivery to the customer is
is
the broker has
which
in
one
which
delayed because of conditions in the trade
"failed to receive" the security which the
evasion of the regulation is
ordinary incident
operation of the securities business, section 4 (c) (5) would
time, not exceeding the 35-day maximum specified in the pro¬
has
customer
purchased.
Assuming that
no
involved and that the failure to receive the security is an
to
usual
the
cover
the
vision,
reasonably
deliver
it
the
to
required
for
the
broker
to
obtain
that
does
dealer
purchase
A
as
of
it
dealer
a
not
in
the
security and
customer.
Purchasing for delivery security already sold to
happens
have
the
will sell
the
a
security
security
on
hand
customer—It sometimes
to a customer although the
for delivery and expects to
market in order to make
delivery to the customer.
special case of this type is one in which an institutional investor such
an
insurance company, trust fund, or the like, will purchase a block
a
particular
issue
of securities—usually bonds—as
a
unit,
and will
request that the entire block of securities be delivered at one time in order
to avoid unreasonable duplication of clerical or administrative operations.
Questions
in
the
as
market
to
the time
allowed the dealer to acquire the securtiies
the customer under section 4 (c. (5) are
for delivery to
essentially questions of reasonableness, and must necessarily
circumstances of the particular case.
Incident to
participate
and
their resources
de¬
mands that are likely to be made upon them, says the
Guaranty Trust Co. of New York in discussing American
banking and the present world crisis in the Nov. 25 issue
of "The Guaranty Survey," its monthly review of business
and financial conditions.
"As far as can now be foreseen,
rearmament will face no serious obstacles on the financial
side," says "The Survey,' which, in part, continues:
United States are eager to
of national defense on a sound basis,
are more than sufficient to meet any
the financing
The
depend on the
of
effect
broad
the
war
on
banking in the United States
thus far
of the banks in certain respects and, at the same time, to aggravate some of their problems.
The financial disloca¬
tions created by the conflict have involved many administrative difficul¬
ties but have in no way impaired the fundamental strength of the American
been
has
to
fortify the position
As a result the banks are
banking situation.
position to meet the credit
in an exceptionally favorable
requirements of tbe national defense program.
Perhaps the least reassuring aspect of present conditions
that exists concerning the possible inflationary effects
gold stock, reserves and
The enormous
security in
a
Resources More
The banks of the
in
against the delivery.
The rulings on the particular cases may be
more readily
in the light of certain general principles which
section 4 (c)
4 (c) (5).
the indicated purpose.
Than Sufficient toTMeet any
Financing of National De¬
fense, According to Guaranty Trust Co.
understood
to
of
Banks'
that
cash pay-
for redemption, the
therefore, payment
considered to have been made for the
section 4 (c) at the time when the called security is deposited
with the dealer for
(c) (5).
In
be paid according to the call
apply.
In such circumstances,
would
purchased security may be
purposes
limited periods
(2), (3), (4) or (5) of this section 4 (c) for one or more
with the circumstances, . .
under section
principle
the
for
commensurate
apply
were
Demands
bona fide cash transaction, and
actually been sold in the present case,
the view that, if the necessary requirements of good
met and there was every reasonable probability that the called
security actually would
exceptional circumstances warrant such action, such committee, on applica¬
tion of the creditor, may
(A) extend any period specified in subdivision
rnent
security had not
the
Board expressed
same
appropriate committee of a national securities exchange is
creditor is acting in good faith in making the applica¬
an
been collected.
sale have not yet
the
that the
satisfied
tion, that the application relates to a
they affect the
Although
V.
•
(5), since the delay
(c)
4
the trade as
desire for
a
excess
serious threat of
sent
a
sooner
The
deposits.
reserves,
which are still increasing
eventual overexpansion of
financial problem for which a
or
'77
later.
disparity between
wide
is the uncertainty
of our excessive
rapidly, contain
credit, and consequently repre¬
practicable solution must be found
7> ?";7"7
the increases in
i.
total and excess reserves
which bank deposits have risen as a result of gold
imports and other influences.
Deposits of all banks in the United States
increased by more than four and one-half billion dollars during the 12
months ended June 29.
Less than two-fifths of this gain was attributable
to the expansion in loans and investments, indicating that nearly $3,000,-
suggests the extent to
000,000 came from
other sources, of
which the most important
undoubt¬
Except for the increase in the amount of money in .
circulation, 1he rise in deposits would have been even greater.
At the
middle of this year deposits of all banks amounted to $60,585,000,000,
which is more than $5,000,000,000 above the total at the end of 1929.
While bank deposits have risen their velocity of circulation has con¬
tinued to decline.
Not even the advance in business activity and the
attendant credit expansion of the last few months have yet sufficed to
edly was foreign gold.
long-continued recession in the velocity of
arising from the expansion
and that the low average
velocity of circulation reflects inactivity of the great mass of deposits
created by gold imports and by Government borrowing and spending.
From the standpoint of liquidity (assuming their ability to rediscount
their large holdings of Government securities) and of capacity to meet any
Conceivable need for additional credit, the banks are in an even stronger
position than they were when the war began.
The credit expansion that
has taken, place since that time has been far exceeded by the rise in
reserves.
A survey, made by Federal Reserve
authorities in September
indicated that the commercial banks stood ready to lend approximately
$3,000,000,000 for emergency plant expansion in connection with the
national defense program—a sum greatly in excess of estimated require¬
ments for that purpose, but equal to only a small fraction of the total
bring about a
deposits.
in
loans
reversal of the
It may be assumed that the deposits
being used in a normal manner
are
basis of present reserves. . . .
financial requirements of the defense program wiU
aggravate the difficulties against which the banks have had to
in recent years.
The banks' holdings of Government securities
credit expansion
In
tend
some
to
contend
that would be possible on the
respects the
The Commercial & Financial Chronicle
Volume 151
will be
in
further increased; and the
the market
decline in
time
when
for those
the
large
a
securities
dependence of the banks
conditions
on
will
increase accordingly, since a sharp
seriously reduces the value of bank resources at a
market
proportion
such
of
consists
resources
of
Government
obligations.
The tax burden on the banks, already heavy and rapidly
growing, will become even greater, along with that of business in general.
Ihe ratio of capital to deposits, which, for the
banking system as a whole,
is
now
not far above the traditional
and, for
10% minimum, will be further reduced
banks, may represent
same
These possibilities,
however,
a positive check to expansion.
less important, for the time being, than
are
the prospect of new outlets for
without interest.
of Treasury bills
The Federal Home Loan Bank of
yes¬
terday (Nov. 29) $21,000,000 of the $67,000,000 consolidated
debentures sold by the 12 banks in the system last week,
according to A. R. Gardner, President. The debenture sale
was reported in these columns Nov.
23, page 3017.
This is
the largest amount of any debenture
offering which the
regional bank serving Illinois and Wisconsin has taken at
.any one time, it is said, and puts the bank in a strong cash
position to meet the demands by its member savings, building
and loan associations for additional lending funds.
In the
past the Chicago bank has used 21% of all the money
furnished to the 12 regional banks through the sale of
debentures.
;
,-v,.
penditures made, after June 30, 1940, for the national defense, or to reim¬
burse the general fund of the Treasury therefor.
Morgenthau, in his announcement of the offering,
further explained:
denominations
of
$1,000,
Conference
Present
on
Day Banking Problems
The third of
series of five "Present
a
Day Banking Con¬
ferences" under the auspices of the New York State Bankers
Association was held on Nov. 25 in the cities of Albany,
Binghamton, Buffalo, Syracuse and New York.
The topic
of
the
conference was
"Improved Operations Through
Mechanization and Use of Proper Forms."
The first of
these conferences on the banking problems presented by
national defense financing, conscription, and wage and hour
readjustments, was held simultaneously in the five cities on
Nov. 12 and the second
one was
held
Nov. 18.
on
The two
remaining conferences of the series will be conducted
on
$10,000.
$600,000,
$100,000,
and $1,000,000
(maturity value).
No tender for
tender must be
pressed
than
$1,000 will be considered.
in multiples of $1,000.
the basis of 100, with not
on
99.125.
■
amount less
an
Each
The price offered must be ex¬
more
than three decimal places, e. g.,
Fractions must not be used.
"
.
Tenders will be accepted without cash deposit from incorporated banks
and trust
companies and from responsible and recognized dealers in in¬
securities.
vestment
Tenders
from
others
be
must
accompanied by
a
deposit of 10% of the face amount of Treasury bills applied for, unless the
tenders
accompanied by
are
corporated bank
or
an
guaranty of payment by an in¬
express
trust company.
Immediately after the closing hour for receipt oftendersonDec.2, 1940,
all tenders received at the Federal Reserve Banks
to
the closing
or
branches thereof up
hour will be opened and public announcement of the ac¬
ceptable prices will follow
as soon as
possible thereafter, probably on the
The Secretary of the Treasury expressly reserves the
right to reject any
Conducted by New York State Bankers Association
Held in Five Cities
;
They (the bills) will be issued in bearer form only, and in amounts or
following morning.
Third
on
Under that authority of that section "National Defense Series" obliga¬
tions may be issued to provide the Treasury with funds to meet any ex"
Mr.
Chicago received
There is
a maturity of a previous issue
Dec. 4 in amount of $100,100,000.
This new issue of bills Will be issued pursuant to the
provisions of Section 302 of the Revenue Act of 1940, ap¬
proved June 25,1940.
The Treasury's announcement ados:
accumulating surplus funds.
Chicago Home Loan Bank Receives $21,000,000 of Money
Furnished Through Sale of Debentures
3159
all tenders
or
parts of tenders, and to allot less than
or
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be
thereof.
advised of the acceptance
funds
Dec. 4, 1940.
on
The
rejection
or
Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve Banks in cash
gain from the sale
except
or
other immediately available
>vry./,
r
Treasury bills will be exempt,
taxation,
or
as
''
to principal and interest, and any
other disposition thereof will also be exempt, from all
estate
and
(Attention is invited to
inheritance taxes.
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
No loss from the sale or other disposition of the Treasury bills
gift tax.)
shall be allowed
of any
as
a
deduction,
otherwise recognized, for the purposes
or
tax now or hereafter imposed by the United States or any of its
.:;
possessions.
Treasury Department Circular No. 418,
as
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
Issue..
■
"■/.''."'W
\
Dec. 2 and Dec.. 9.
Previous reference to the meetings
columns of Oct. 26, page 2435.
V;
.v
made in these
Robert S. Darbee, Chairman of Group V of the Savings
Banks Association of the State of New York, announced this
week that the majority of the savings banks in Brooklyn
and Queens will return to their former method of computing
interest semi-annually, crediting it to accounts on Jan. 1 and
(
This resumption of the old plan of computing interest will become effective
months,
or
On July 1 of next year, money that has been on deposit six
three months, prior to that date, will be credited with interest
for the period it has remained on deposit.
Most of the
banks
are
expected to allow three days of
quarter period—January, April,
July and October.
grace
at each
\
Because of the general decrease in earnings in IT. 8. Government bonds
and other prime investments, it is probable that some Brooklyn and Queens
banks wil 1 decrease their interest rate to depositors from 2 to 1H %.
indicative of the trend
on
number
banks,
of
Manhattan
all
This is
investments, including bank accounts.
and
have.already taken such action.
at
Meeting Next
funding of Bonds and Notes
Plans for the Treasury's December financing will be dis¬
cussed next week with the executive committee of the Federal
Reserve Open Market Committee, Secretary Morgenthau
on Nov. 28 at his first press conference since re¬
announced
turning to Washington from a combined vacation and in¬
spection of defense bases in the Caribbean. Mr. Morgenthau
said the
financing program might involve any of three oper¬
for new money; refunding the 1H% notes
maturing on March 15 in amount of $677,000,000; and re¬
funding the 3jH% bonds of 1941-43 which were called for
redemption March 15, and are outstanding in amount of
$545,000,000. The Secretary was reported by the Associated
Press as saying that the Treasury was running low on cash.
ations—a request
Mr. Darbee stated:
Jan. 1, 1941.
December
cussed
Savings Banks In Brooklyn and Queens to Compute
Interest
Semi-Annually Effective Jan. 1—Some
Banks Expected to Reduce Rate, Says R. S. Darbee
July 1.
Financing Program to be Dis¬
Week, Reports Secretary
Morgenthau—May Include New Money and Re¬
Treasury's
'
♦
■■-Pv
was
many
.
.
others
„V(
throughout the
A
State,
/,
These
advices further
said:
A drop in the Treasury's cash
said at
a
press
working balance below $1,000,000,000, he
conference, was responsible for the Treasury call yesterday
for $107,000,000 of Treasury deposits
in Federal Reserve banks.
He explained that he had not decided
the form of the December financing
yet, but it might include the sale of a large issue of national defense notes,
which Congress authorized in the amount
of $4,000,000,000 in excess of the
$45,000,000,000 debt limit for general purpose borrowing.
Tenders of $298,636,000 Received to Offering of $100,-
000,000
of
91-Day
Treasury
Bills—$101,266,000
Accepted at Average Price of 0.004%
Treasury Morgenthau announced on
Nov. 25 that the tenders of the offering last week of $100,000,000, or thereabouts, of 91-day Treasury bills totaled
$298,636,000, of which $101,256,000 was accepted at an aver¬
age price of 0.004%.
The Treasury bills are dated Nov. 27
and will mature on Feb. 26,1941.
Reference to the offering
appeared in our issue of Nov. 23, page 3017.
The following regarding the accepted bids to the offering
is from Mr, Morgenthau's announcement of Nov. 25:
Secretary
Tdtal
of
the
applied for, $298,636,000
Total accepted, $101,256,000
Range of accepted bids:
ioo.
High...-
99.999 equivalent rate approximately 0.004%,
Low
99.999 equivalent; rate approximately 0.004%.
Average price--.-
(57% of the amount bid for at the low price was accepted).
New
Offering of $106,000,000 of 91-Day Treasury Bills
of National
Defense Series—Will Be Dated Dec. 4
A.
1940
Tenders
v"
■
offering of 91-day Treasury bills to
the amount of $100,000,000, or thereabouts, to be sold
on a discount basis of the highest bidders were invited on
Nov. 29 bv Secretary of the Treasury Morgenthau.
Tenders
will be received at the Federal Keserve Banks, and the
branches thereof up to 2 p. m., (EST) Dec. 2, but will not be
received at the Treasury Department, Washington.
The
Treasury bills, designated National Defense Series, will be
dated Dec. 4 and will mature on March 5, 1941, and on the
maturity date the face amount of the bills will be payable
to
a
new
Mr.
Morgenthau's tour of Puerto Rico, the Virgin Islands
and Jamaica
was
mentioned in these columns of Nov.
16,
2885. In the same issue (page 2872) we referred to the
Treasury's call for redemption of outstanding 3%% bonds
page
of 1941-43.
.
J;:v;v:.\V;
♦—;—
:
'
;
•;
Foreign Banking Funds in U. S. Reach Record Peak
Net Capital Movement of $198,230,000 to U. S. in
August
a net capital inflow of $806,831,000 in the first
of the current war, the United States became haven for
refugee funds unsurpassed in world history, statistics in the
November Bulletin of the Treasury Department revealed
on Nov. 29.
Foreign banking funds in thi ? country reached
the record-breaking total of $3,601,419,000.
While mos.t other countries were increasing their balances
here in the period, Aug. 30,1939 to Sept. 4,1940, the United
Kingdom withdrew $320,924,000.
British withdrawals,
consisting primarily of a reduction of $157,321,000 in de¬
posits ana liquidation of $158,428,000 in American securities,
in addition to heavy gold sales were used to finance pur¬
With
year
chases of
war
Sales of securities
material.
are
those reported
by banks, brokers and dealers, and do not include sales made
through other channels.
The Treausry Department an¬
nouncement further said:
Principal movement of capital during the 12
deposits here for foreign account.
months was the increase in
Deposits rose $742,177,000, to $3,435,-
278,000 on Sept. 4, 1940 from $2,693,101,000 on
French short-term funds in the period
part of which was deposited
"Other
Aug. 30, 1939.
increased $200,805,000, the greater
here last June.
Countries Included in the item
Scandinavian and Balkan, increased their
Europe", principally
reported deposits here $226,521,000.
Other large increases in deposits in
American banks
for Asiatic
$144,181,000
$196,323,000 for Swiss account; and
were;
Smaller increases were recorded for
account.
Canada, Netherlands and Italy,
Latin America,
amounting to $54,701,000, $42,711,000,
and $14,938,000 respectively.
$27,151,000
States.
y
sales of American securities
and Canadian net
America,
Latin
$60,988,000,
Dutch
$11,567,000 for Italian account, $10,038,000 for
and repurchases of foreign securities
account,
totaling $193,-
purchases of $59,470,000
326,000 were more than counterbalanced by net
for Swiss account,
by Canada amounting to
$14,693,000, "Other
France,
$17,955,000,
;
in American
funds abroad with decreases appearing in all sections except Latin America
and Asia,
Claims on Europe declined $103,632,000 led by the United
Kingdom where our funds decreased $44,274,000 and Germany $26,988,000.
Europe", $13,622,000, and Asia, $10,331,000.
The first year of
Claims
Asia
on
meetings Associated Press Washington
In
rose
$53,121,000 and on Latin America $8,280,000.
/
y
;
chosen to
current issues since he was
on
had this to say of a
King of Utah, which would clear
the way for granting credits to Great Britain:
"I believe it is impractical to secure action now, and somewhat pre¬
committee, Senator George
pending resolution sponsored by Senator
mature.".
and the
latter place
with President Roosevelt and Secretary
expressed this view after visits to
He
House, which he
White
was
Hull
the State Department
concluded by telling reporters at the
in general agreement
that he
foreign policy.
on
Making his first caU at each place
succeed the late Senator Key
man to
he had
general discussion of the
a
At bis press
since he was chosen committee Chair¬
Pittman of Nevada, Mr, George said
international situation with the President
financial aid to Great Britain.
but had not touched upon
the war showed a decrease of $57,630,000
conference on Nov. 26, Secretary
of Commerce
Administrator, said that no
possible financial aid could be extended until Congress acts
Jones, who is also Federal Loan
the matter.
on
following tabulation has been prepared from figures
appearing in the November issue of the Treasury "Bulletin":
advices of Nov. 26
V
his first public comment
1940
30,
'
said:
head the strategic Senate
active in American security
markets, trading a reported total of $1,436,818,000 domestic stocks and
bonds.
Gross purchases aggregated $670,862,000 and gross sales $765,956,000, showing a net liquidation of $95,094,000.
In addition, foreign
countries repatriated $132,745,000 of their securities held in the United
During the period, foreign investors were
British
Nov.
The Commercial & Financial Chronicle
3160
The
NEW
FOREIGN COUNTRIES, JAN. 2,
+ Indicates Inflow.
—
Budget
budget
non-defense
public works projects.
Saying that all expenditures for
non-essential activities of the Federal Government would
be held to a minimum, the President expressed that the
defense program will employ many workers now unem¬
ployed.
He went on to say that the programs for public
works would be planned with a view to resuming them
disclosed on Nov. 26 that the
President Roosevelt
to
Of Which from
Aug. 1, to
Sept. 4, 1940
Sept. 4, 1940
1935,
$
$
Movement in Short-Term Banking Fundi—
+ 48,317,000
+583,094,000
+557,645,000
+360,863,000
CiOftdA.....................................
+ 166,058,000
Germany
............
+2,040,807,000
All other
+ 101,477,000
+3,708,467,000
+207,648,000
+ 16,322,000
—344,000
France
+ 18,555,000
+ 77,000
Canada
+ 10,941,000
—114,000
—185.000
Germany.................................
All
+54.804,000
+ 1,023,000
United
Kingdom
+ 18,216,000
France
+42,123,000
—2,485,000
.
Total.....
United
Kingdom
other
—4,000
+ 100,508,000
Total
+567,000
+275,034,000
+74,677,000
—21,863,000
—4,479,000
—168,000
Movement in Transactions in Domestic Securities—
United
Kingdom
.......
...........
...
Franco......................................
Canada
.
+2,381,000
—28,830,000
—11,662,000
+ 130,970,000
Total
—9,296,000
+ 1,070,570,000
All other
—100,000
+ 771,652,000
Germany.
—464,000
Movement in Transactions in Foreign Securities—
United
Kingdom
Canada...
Germany
other
—192,000
+ 1,710,000
+790,591,000
+43,030,000
+ 18,137,000
+44,930,000
—2,781,000
+ 94,&14,000
+ 693,829,000
+369,468,000
+ 173,128,000
+ 3,428,291,000
Franco
Canada..
+ 1,677,000
+ 1,005,420,000
Total
Net Capital Movement—
United Kingdom
.
Germany.
All
+ 12,000
+611,000
+42,952,000
+ 19,527,000
+36.014,000
+561,128,000
France..
AH
for the next fiscal year
other
+ 5,670,136,000
Total
-
+ 198,230,000
to work.
who want
President Roosevelt disclosed at his press
conference on
has approxi¬
that American aid to Great Britain
mately reached its maximum proportion, based on present
production capacity, and discounted as glittering gener¬
alities talk of furnishing further aid.
Reportmg the matter,
United Press advices of Nov. 22 from Hyde Park, N. Y.,
said:
-
is passed, and in this way
follow.
'
-
Re¬
,
Government is spending
an awful lot of money and we should be concentrating on national defense
and not on other things less essential to the country at the present time.
Mr.
Roosevelt did not entirely preclude appropriations for roads and
similar construction activities stich as rivers and harbor improvements, but
thought that only enough funds should be allowed to bring projects up to
perfection—that is, to the provide for engineering surveys and the like.
In other words, he pointed out, the projects should be put into such
shape that they can be placed upon the shelf and when the present
defense program comes to an end as fast as workers are thrown out of
jobs they will be given employment oh useful public works projects and
in that way make it possible to avert another serious depression.
He indicated that sponsors of various projects are all trying to get them
in under the national defense umbrella, but that he was laying down a
rule that such projects must be strictly for national
defense.
Unless
they can be so classified they will be placed upon the shelf, not to be
taken down and dusted off for use unless they are needed to provide jobs
of view, he added, the
the financial point
From
defense program
the
was
no
is over, he said.
Preisdent, however, that the economy
appropriations which last year amounted
indication from the
would extend to relief
movement
Nov. 22
emergency
porting on his remarks, a Washington dispatch of Nov. 26
io the New York "Journal of Commerce" said:
The President said that the general policy in the coming budget is going
to be to cut down to the bone on all non-military public works expendi¬
tures because it is believed that by next spring or next summer the defense
program is going to make use of a great number of people out of work
There
Says United States Aid to Great
Britain
Nears Peak—Declares All Possible Help
Under Present Production Basis Is Being Done
would cut sharply into
unemployment which is expected to
the
when
President Roosevelt
defense
the
when
ease
Movement to Brokerage Balance—
in New
Expenditures to Be Cut to Bone
Public
Indicates Outflow.
Jan. 2,
Government's Non-Defense
Says
Roosevelt
President
THE UNITED STATES AND
1935. TO SEPT. 4, 1940
BETWEEN
MOVEMENT
CAPITAL
$975,000,000 to run the WPA for a period of eight months.
He said
critics of WPA who feel that because of the defense program there
be a reduction in the relief tolls overlook the fact that there is a
to
that
should
waiting list of three-quarters of a million people to go on the rolls.
He said that about one-fifth of the WPA workers are now employed
thought
and
work
defense
that
likely
percentage
this
The
on
increase
would
jobs become available.
thought left by the President was that while economy
steadily
as more
in non-defens»
expenditures is the present rule of the Administration, there is no indica¬
tion that the President is backing away from the theory that government
must continue spending to create jobs.
By inference, he indicated that the 50-50 rule under which Britain will
get one-half of the war machines rolling off
sents
capacities
is
no
more
on
the basis of this country's present
than
a way
talk of
production
extensive aid might have some
point.
an
order
likelihood of such developments at the present
on
one
day and procure completed planes on
the next, Mr. Roosevelt said.
He said that there has been nothing in the
possibility of extending credits to Britain or a system under
which American warships
a
Government's plans at present
portion of the
way over
would provide a convoy for British shipments
the Atlantic.
\
occasion
the
On
President Roosevelt
The
Foreign Relations Committee decided, at a
Nov. 27, to put off until the next session of Con¬
Senate
on
consideration of proposals for financial aid to Britain.
the Committee's action, Senator George of
Georgia, the new Chairman, said that this controversial
question could not be acted on In the closing days of this
session.
Two proposals were before the Senate group, one
sponsored by Senator King of Utah would repeal the John¬
son Act, which prohibits loans to World War debt defaulters,
and would remove the ban in the Neutrality Act which for¬
bids credits to belligerents; the other was a resolution by
Senator Nye of North Dakota calling for an inquiry into
British financial resources in the United States.
Senator
gress
In announcing
George conferred the day before (Nov. 26) with President
Roosevelt and Secretary of State Hull.
Regarding these
"To-day,"
of this generation."
that broadcasting
perform its function as a medium of public informa¬
The President's commendations were contained in a
letter received from him by Neville Miller, President of
the National Association of Broadcasters, and read by Mr.
Miller at a dinner in Washington on Nov. 26 celebrating the
should
tion."
as
meeting
referred to its growth as "one of the
"the need is greater than ever
said,
The Washington "Post" reported
anniversary.
Relations Committee Defers Action on
Financial Aid to Great Britain Until Next Session
Senate Foreign
anniversary of radio,
of the twentieth
achievements
outstanding
he
You can't issue
indicate
W.
Industry
produced,
But he made it obvious
time, at least.
to
20th
He told reporters that if they could show
of turning out planes any faster than they now are being
more
that he, personally, sees no
Roosevelt Praises Radio Industry in Its
Anniversary—Says It Must Remain Free —
L. Willkie also Congratulates Broadcasting
President
glittering generalities that mean absolutely
nothing, Mr. Roosevelt said.
him
American assembly lines repre¬
just about America's maximum assistance under present circumstances.
Talk of additional aid
the President
saying: :
all of our people is a
basic essential of democracy.
Radio has done its job well in that field.
Elsewhere radio and the press are instruments of the State, used by
dictators without regard for truth or justice.
I reaffirm to you my belief
that democracy will not tolerate any attempts at domination or control
by government at the free and open avenues of public information.
The best assurance that this will continue to be so is the proper dis¬
Factual
and
accurate
news
made available
charge of the public responsibilities
Associated
The
Roosevelt
as
Elsewhere
by those who operate these
accounts
also
and
the
press
are
instruments of the State,
regard for truth or justice.
hemisphere are engaged in a cooperative
The nations of this
to
keep
will
among
You
ment.
war
increase
no
used by
undertaking
and aggression from our shores.
It is my hope that radio
and continue its efforts to create a broader understanding
the people of this hemisphere.
have reached an amazing maturity for one so young.
has
media.
President
quoted
follows:
radio
without
dictators
Press
to
wish to interfere or
Your Govern¬
hinder the continued development of the
Volume
The Commercial & Financial Chronicle
151
American
system of broadcasting.
Radio was born and developed in
real American way and its future must continue on that basis.
the
Discussing the subject with reporters at his press conference, Mr. Roose¬
,
velt emphasized that he wanted to
of
the
radio,
saying, according to
the
keep commercial aviation operating at
with its plans for expansion.
its present level and was concerned only
Wendell L. Willkie, the defeated Republican candidate in
the recent presidential election, also praised the achieve¬
ments
3161
He said he did not want to invoke his authority to require factories to
give priority to fighting craft and that he believed producers would
Washington
co¬
operate in devoting all increased facilities to the Nation's military needs.
"Post":
Ar
who
one
The
has just
through a national political campaign as a
bear testimony to the fairness and high sense of
responsibility of those in control of our radio facilities.
May it ever be so.
major participant, I
A
free
radio,
along
following is the statement issued by Secretary Stimson:
come
There has been
can
with
a
free
press,
constitutes
the
cornerstone
of
misunderstanding about the War Department's
some
effort to have limits placed on the production of airplanes for civilian uses.
The
a
Army does not ask that the service now being furnished by the
mercial air lines be cut down
free men
or
that the commercial air lines
f system of
be not
com¬
What it has proposed is
interfered with.
permitted to expand their business
during the present national emergency.
President
Roosevelt
Defense
Says
Labor
Consults
Government
Problem—Confers
Representative
Dies
Is
At the present time the commercial air lines are
Watching
with
planes
Aides-—
President
Roosevelt said
a
subsequent meeting with the
daily consideration, but that
legislation
on
They have admitted this before the air¬
a
today in
in its production for the Army.
arrears
month from
one
press
with every month, the Army and the
with adequate national
getting 12 large
Navy believe that it is incompatible
defense to have part of the Nation's productive
capacity taken up with attempted expansion of civilian business.
present time bombers for the Army are
equip those bombers,
we
At the
grounded for lack of engines and to
have been obliged to borrow back engines ordered
At that very time, equivalent engines
were
steadily going into planes made to expand the service furnished by the
commercial air lines.
Which is
of today he did not plan to ask
the subject.
are now
With the Army and Navy far below their requirements in combat planes
that the prob¬
as
They
manufacturer and that manufacturer is
and with the British need for American-built planes growing more serious
lem of dealing with the labor situation in connection with national defense
new
expansion of 100% in the two-year period
the Priorities Board.
by the British in their dire need.
The President said in
Congress for
an
on
transport planes
Nov.
on
"Times" said:
under
aiming at
are
craft committee
26, following a con¬
ference with defense advisers on the subject of delays in the
defense program due to labor disputes, that the Government
intends to keep plants open and undamaged.
The President
conferred with Secretary of War Stimson, Secretary of the
Navy Knox, Attorney-General Jackson and Sidney Hillman,
labor member of the Defense Advisory Commission.
Con¬
cerning this a Washington dispatch Nov. 26 to the New York
was
They
from July 1,1940, to July 1,1942.
"Fifth Column" Work
ordering large transport
that they may substantially double the number of planes operated
by them.
Coordinating
on
so
Nation right now—increased military and
vital to the
more
It was the general policy of the
naval strength in the air, or increased business for the commercial airlines.
Government to keep factories open and free from sabotage, he asserted.
President Roosevelt Authorizes
In response to a telegram from the President, Representa¬
Dies of Texas, Chairman of the House Com¬
for
tive Martin
Investigating Un-American Activities, conferred with
(Nov. 29) on means
this country.
Mr.
Dies had urged earlier this week that this work be coordinated
and that there be closer harmony between his committee and
the Administrative departments.
In reply to this suggestion
Mr. Roosevelt in Washington yesterday
of curbing "fifth, column" activity in
President Roosevelt is said to have advised Mr. Dies that the
needs could not be
.
conduct of administrative work of this nature, carefully laid plans for the
obtaining of further information, which
versive
activities,
may be
may
lead to the breaking up of sub¬
severely handicapped
or
that
nesses
own
to be admissible in court, or
matters
revealed
by
their
Such action may defeat the ends of justice.
I
Following yesterday's conference,
reported the following:
acute
an
Press
W He declined to comment directly on his discussions with the President,
whether
he
had
satisfactory
a
conference,
Mr.
replied;
"Yes, to me."
He said that
he had
made
no
plans to confer with Attorney-General
Jackson about procedure to curb subversive activities and to detect fifth
column agents.
"
President Roosevelt Allots $50,000,000 for Development
of Air and Naval Bases on Islands Leased from
Great Britain
Secretary of the Navy Frank Knox disclosed on Nov. 27
that President Roosevelt has allotted $50,000,000 for de¬
velopment of air and naval bases on the eight sites recently
leased from Great Britain in exchange for 50 over-age Ameri¬
can destroyers.
The Secretary explained that the money is
taken from the President's special defense fund, which Con¬
gress authorized him to spend at his discretion, and will be
used to provide storehouses, oil storage facilities, ship and
plane anchorages and other facilities. Secretary Knox also
announced that an agreement has been reached with regard
to location of the base on Trinidad, which lacks only Lon¬
don's approval. In our issue of Nov. 23, page 3014, we gave
in detail the sites agreed upon on the bases at Bermuda, the
Bahamas, Jamaica, Antigua, St. Lucia, British Guiana and
Newfoundland.
Fla,
100;
S.
G.,
600;
a
total of
approximately $290,000,000
of Federal funds available for such projects.
Officials said that private capital would provide additional
defense workers in
and in
was
of the communities mentioned,
some
housing for
but that private
hindered by fears that employment in defense industries
Army and Navy establishments would diminish after
few years.
a
President Roosevelt Signs Bill
Extending Civil Service
200,000 Government Workers
President
Roosevelt signed on Nov. 26 the Ramspeck
according to advices to the New York 'Times,"
permits him to extend the civil service system to about
200,000 employees of "temporary" Government agencies if
they pass non-competitive examinations.
Congressional
action on the measure, sponsored by Representative Rams¬
peck of Georgia, was completed on Nov. 19, when the
Senate, by a voice vote, and the House the same day, by
a vote of 206 to 139, approved the conference
report.
The
bill which,
House had
previously (Oct. 7) rejected an earlier conference
The bill originally passed the House on Feb. 9
(reported in our issue of Feb. 17, page 1070) and the Senate
on
Sept. 26 (noted in these columns Oct. 5, page 1977).
The following concerning the legislation was reported in
a Washington
dispatch of Nov. 26 to the New York "Times";
report.
The law authorizes the President by Executive order to cover into the
classified
civil service
any
offices or positions in any executive depart¬
ment, Independent establishment or agency of the government.
cally
exempted
Valley
are
Authority,
the
Senatorial confirmation
The
measure
Work
Presidential
or
Projects Administration,
appointive
positions
Specifi¬
Tennessee
must
have
provides that, in the case of any Federally owned and
controlled corporation organized under the laws
or
the
which
offices of the United States Attorneys.
of any
State, Territory
possession, the President is authorized to direct that positions in these
entities be brought into accordance with the
♦
Charleston,
The Associated Press also said:
to
Dies
Pensacola,
300;
The work will be financed out of
but said he knew nothing which would alter his program.
Asked
Fla.,
Island of Oahu, Hawaii, 1,000.
development
the Associated
was
don, Conn., 300; Boston, 1,050; Vallejo, Cal., 950; Bremerton, Wash., 800;
by the giving of immunities to wit¬
before Congressional committees as to
testimony.*
adequately met by private capital, it
Philadelphia and Camden, N. J., 1,000; Indian Head, Md., 650; New Lon¬
premature disclosure of facts or of suppositions to the public, or by hasty
a manner
Build Homes
shortage existed which would impede the
The number of dwellings in which
they will be built were listed in Associated Press Washington
advices of Nov. 25, as follows:
completely destroyed by
seizure of evidence which might with a little more patience be obtained in
to
Communities
national defense program.
Jacksonville,
regular
FWA
Eleven
announced Nov. 25 by Charles F. Palmer, Defense Housing
Coordinator. Mr. Palmer said that the President had found
The President further said:
I know that you will also see the point when I suggest that in the
in
President Roosevelt has authorized the Federal Works
Administration to proceed at once with the construction of
homes for 6,750 families in 11 cities where defense-housing
mittee
constitution lodges the "duties in relation to illegal activities
in the executive branch of the Government" making the
President solely responsible and not the legislative branch.
Workers
Defense
Civil Service Laws and the
laws of the State or charter of incorporation.
President
Roosevelt
and
Secretary of War Stimson
Oppose Expansion of Commercial Airlines During
Emergency—Increased Production Capacity to be
Devoted to Military Planes
President Roosevelt indicated
on
Nov. 26 that commercial
In
order that incumbents may acquire a
be recommended by the
offices
or
certified
head of the
classified status, they must
agency concerned within a year after
positions are brought into the classified service and must be
as
having served with merit for not less than six months im¬
mediately prior to such date.
In addition they must
pass
non-competitive
examinations, failing which they will be separated from the service in six
'
would not be permitted to expand their business
during the present national emergency because of the desire
that increased productive capacity be devoted to the building
of military planes.
The President's comment, made at his
press conference, followed an announcement earlier in the
day (Nov. 26) by Secretary of War Stimson that the Army
had proposed to the Priorities Board of the Defense Com¬
airlines
mission that the commercial air lines be
prevented from
ex¬
panding during the emergency. Mr. Stimson explained in
his statement that he does not ask that the service now being
furnished by the airlines be cut down or interfered with.
With regard to the President's remarks on the subject
Associated Press Washington advices of Nov. 26 said:
months.
♦
Senate
Passes
Review
of
,
.
Walter-Logan Bill Providing Court
Rulings of
Government
Agencies—
Administrative
Efforts
to
Have
Measure
Shelved
Failed
The Walter-Logan bill designed to subject to court review
rulings and orders of numerous Federal bureaus and agencies
was passed by the Senate on Nov. 26 by a vote of 27 to 25.
Those approving the measure, which is opposed by the
Administration and is expected to be vetoed when it comes
before the President, included 10 Democrats who joined
with the solid Republican group of 17.
The bill was sent
The Commercial &
3162
of Senate changes but in
the House for approval
back to
attempt on Nov, 28 to get unanimous approval failed.
A
vote will be taken in the House on Monday (Dec. 2) in an
effort to send the legislation to
If the
the White House.
disagrees to the Senate amendments it will then be
a
joint conference committee for adjustment of
differences.
The House approved the bill on April 18, as
House
The
reported in our issue of April 20, page 2505. On the
day before the Senate approved the legislation (Nov. 25)
efforts of the majority leadership to have the bill shelved
for this session and considered at the next session were
defeated by a vote of 34 to 21.
The administrative agencies
which wcu d be chiefly affected by the bill, it is said, would
be the National La or relations Board, the Securities and
Exchange Commission, the Federal Communications Com¬
mission and the Bituminous Coal Commission.
Exemption
of many agencies is provided in the legislation.
The following concerning Senate passage of the bill is
from Associatel Press Washington advices of Nov. 26:
action
Senates
The
that despite
than
sooner
came
members
had
his opposition to the measure
expected,
after
announced
and his belief that action should
Senator Barkley of Kentucky,
leader,
Democratic
had
prepared to vote at once.
be deferred, he was
Senator Barkley bad
chased South
issuing firm, owned any of the issue or was an underwriter.
Rhoades' contention that it acted only as agent for a client,
as
Kansas, said that he believed it would "bring some
into the chaos."
Opponents of the measure contended that
mental agencies in
it would hamstring govern¬
vital work and tend to encourage frivolous court actions.
Hatch, Democrat, of New Mexico, one of the bill's most
Senator
active
of debate, quoted President Roosevelt as approving
supporters, in the course
liking the form in which it wa drafted.
predictions that Mr. Roosevelt might veto the bill
its objectives, but not
There
If it
have
was
been
sent to
him unchanged.
Threats to burden it with riders un¬
acceptable to many Senators did not materialize today.
;
„
Legislation to Expedite Determination of Farm Normal
Yields for Corn, Wheat and Cotton Sent to White
House
Legislation designed to simplify and speed up the ad¬
ministration
of the marketing quota provisions of the
Agricultural Adjustment Act of 1938 was passed by the
House on Nov. 18 and sent to the White House for the
President's signature.
This measure, which passed the
Senate on Sept. 12, and is an amendment to the 1938 Farm
Act, is expected to expedite the determination of farm normal
yields for corn, wheat and cotton.
In his explanation of
the bill to the Senate on Sept. 12, Senator Thomas of
average,
a
on
Securities and Exchange Commission,
did not participate in the
Other informed
counties receive their allotments based on a 5-year
provided for the allotments to the county and the farmer,
will receive its notice this year and the farmer will receive
his
If the amendment shall be agreed to, the same basis will apply
both the county and to the farmer.
It makes no change in the yield
next year.
to
for
a
county or the payments
for a county.
on
far-reaching in its
broker-client relations, but pointed out
proceeding is concerned, however, the high Court's
refusal to review is final,
August decision of the Circuit Court of Appeals
Boston was referred to in our issue of Aug. 24, page 1129.
The
in
in
Exclusion
of
Service Held By United
States Supreme Court to Violate Constitution-—
Reverses Conviction of Negro Sentenced to Life
Resulting
Discrimination
Negroes From Grand Jury
Imprisonment
aside the conviction of a negro of Houston, Tex.
sentenced to life imprisonment, the United States Supreme
Court on Nov. 25 ruled that racial discrimination, resulting
In setting
jury service of otherwise qualified
only violates our Constitution and the laws
enacted under it, but is at war with our basic concepts of a
democratic society and a representative government."
It is stated that the negro Edgar Smith convicted on a
charge of criminal assault had contended that he had been
denied constitutional rights because members of his race had
been "systematically excluded" from Harris County juries.
Justice Black, who delivered the unanimous decision of the
Court, asserted that "it is part of the established tradition In
the use of juries as instruments of public justice that the jury
be a body truly representative of the community."
j
Associated Press advices from Washington Nov. 25, in
"in
the exclusion from
not
groups
thus
quoting Justice Black further said:
Explaining that only five of the 384
grand jurors who served in Harris
through 1938 were negroes, Justice Black added:
and accident alone could hardly have brought about the listing
county from 1931
"Cuauce
service of so few Negroes from among the
for Grand Jury
"Nor could chance and
thousands shown
the legal qualifications for jury service.
by the undisputed evidence to possess
accident have been responsible for the combination
of circumstances under which a
Negro's name, when listed at all, almost
called for service unless it proved
which number 16 was never
impossible to obtain the required jurors
would rem>ve the necessity of waiting until
had the
From
"Times"
We must consider this record in the
The fact that the written
no
determining the normal yields for the next
Normal yields form the basis upon which acreage quotas are set.
25 to the New York
Washington advices Nov.
we take the following:
promised."
light of these important principles.
words of a State's laws hold out a promise
such discrimination will
be practiced is not enough.
\
..
that
The Fourteenth
that equal protection to all must be given—not
...
The Black decision
the current
the list."
from the first 15 names on
Amendment requires
Washington Associated Press advices of Nov. 18
following to say concerning the legislation:
The measure
held that the decision was
sources
that the Supreme Court
had not handed down any opinion and conceivably might accept for review
a similar case in which a differing decision might be rendered.
So far as this
effect
The individual farmer receives his allotment
is based on the 1940 crop.
So unless
from 1935-to 1939.
the county
which administers the 1933 Act,
proceeding, and officials here had no comment to
Court's action.
make on the Supreme
5-year average, but his average
the same figure is
giving advice
interest in the securities, was
invariably appeared as number 16, and under
Oklahoma said:
At the present time
made by it
overruled by the court.
bill Is designed to set up uniform
Republican, of
semblance of order
good faith, without any
to the stock in
responsible.
in effect, holding that Rhoades
of whether it had interest in the
the involved securities, regardless
to
of administrative procedure forthcoming soon, action on
procedure for the quasijudicial agencies, Senator Capper,
transaction, the Portland client demanded
responsible under the 1933 Act for statements
& Company was
as
should have been delayed.
In addition to facilitating appeals, the
Clifford J. Murphy,
and Rhoades refused, claiming it was not
Civil suit followed, with the Circuit Court,
Racial
the subject
the legislation
Losing money on the
vestment.
of a special committee appointed by the Attorney-General
on
York brokerage firm, and
advice of Rhoades representatives pur¬
American securities, which later turned out to be a poor in¬
return of his money
argued that with only a bare quorum present and
with the report
1940
Portland, Me., broker, who on
a
was
the
30,
between the Boston office of
involved a transaction
proceeding
Rhoades & Company, New
to
sent
Nov.
Financial Chronicle
merely
;
reversed the Texas Court of Criminal Appeals, which
had affirmed the conviction in the
trial court.
year's yields are recorded b ;fore
year.
A committee report
said the bill would enable farmers to get "their normal
yield figures for 1941 serveral months earlier than
would be possible under
existing law.
•
Senate
and
House
Permit
■
•+.
Move
to
-
Temporary
Quarters
to
Repairs of Roofs of Chambers
The United States Senate and the House of
Representa¬
allow
tives this week held sessions in temporary quarters to
the roofs of their chambers which have
Resolutions to permit the transfer of
activities were adopted on Nov. 22 after Senate and House
leaders warned that the roofs, weakened with time, were in
workmen to repair
been
held
unsafe.
danger of collapsing. An appropriation of $550,000 for the
repair work was provided by Congress early this year. It
is expected that the work will take about six weeks.
The House is holding its sessions in the Caucus Room of
the new House Office Building—the meeting room of the
House Ways and Means Committee—and the Senate has
its temporary quarters in the old Supreme Court room in
the Capitol.
This is the first time, it is stated, that either
branch of the Congress has met in other than its regular
quarters since the two wings of the Capitol were completed—
the House wing in 1857, the Senate wing in 1859.
States
United
On
25 the United
Nov.
States
Supreme Court Denies Appeal From
Appeals in Boston Holding That
Agent Selling Securities Owned by Others is Liable
Misrepresentations Under Securities Act
for
The United States Supreme Court on Nov. 25 denied an
appeal from a decision on Aug. 16 by the United States Court
of Appeals in Boston which ruled that an agent selling securi¬
ties owned by others is liable for misrepresen ation under the
Securities Act of 1933.
Washington advices Nov. 25 to the
Chicago "Journal of Commerce" had the following to say in
the matter:
Declines
to
Consider
States Supreme
Court refused
appeal from a ruling of the Georgia Supreme
Court, holding unconstitutional provisions of the State's
unemployment compensation law.
The appeal was sought
by the Georgia Unemployment Compensation Bureau which,
it is stated, had asked the High Court to decide whether
two or more companies under the same ownership or control
could be lumped together and assessed for unemployment
compensation if together they employ eight or more persons.
We quote
from Associated Press advices in the Washington
"Post," which also said:
The
State
authorizing
Supreme
Court
held
unconstitutional
Georgia legislation
practice.
this
Attorney General Ellis ArnaU,
similar
legislation
of Georgia, said 32 other States
aimed at preventing evasion
simple procedure of splitting smaller
have
of assessments "by the
units."
In the Atlanta "Constitution"
of Nov. 26, it was stated:
compensation law was passed in 1937,
been requiring "common control" employers to pay
Since the Georgia unemployment
the State Bureau has
many as
Circuit Court of
Court
to consider an
unemployment
United
Supreme
Appeal from Decision of Georgia Supreme Court
Holding Unconstitutional Provision of State's Un¬
employment Compensation Law—Action Regarded
as
Affecting Similar Laws of Other States
compensation taxes.
Under the law an employer of as
Up to this time it has been inter¬
8 persons must pay such taxes.
preted to mean, for example, that if a man
four employes
necessary
operated a barber shop with
with four employes,
required to pay the
and his wife operated a beauty shop
the two businesses would be
lumped together and be
taxes.
was said that an estimated $750,000
compensation taxes will be refunded to
Georgia employers falling within the "common control" pro¬
vision of the unemployment compensation law which, in
effect, was held unconstitutional under the ruling of the
United States Supreme Court, J. E. B. Stewart, Director
of the State Unemployment Compensation Bureau, said.
In the
same
advices it
in unemployment
Volume
issued
The Atlanta "Constitution" likewise said:
In
the
Orleans
Commissioner Ben T.
of Labor
absence
attending the convention
would be affected,
well
as
as
would
might
have
said
States Supreme Court decision,
United
unemployment compensation programs
of
nine-months
the percentage
August
the
287,000—15% Above 1939 Period
the
the third
the Federal Land banks and the Land Bank Com¬
loans
is
aggregating $23,454,900 to finance farm pur¬
The amount in the third
refinance debts and for other purposes.
last year
$15,758,800.
was
The volume of 6hort-term
also
production loans for financing farm operations
considerably ahead of last year.
Some 29,300 farmers
of loans from production credit associations from
running
obtained
$71,051,000
during the same period 408 farmer
cooperatives borrowed $29,090,000 from the banks for cooperatives.
July
1
Sept.
to
August,
Non-Farm
30
this
and
year;
Recordings in 9 Months of 1940
14% Over 1939 Period, Reports FHLBB
Mortgage
Increased
recorded by lending insti¬
first nine months of this
Over 1,000,000 mortgages were
from 81.9
rose
for July), a 2.6%
to September
as
August
average
years.
in
:
.
,
,r
years) for
and
one
1, with its small communities, disclosed a decline from
Groups No.
both
while
District of Columbia reported increases,
reported no change from August.
States and the
25
indicated decreases,
their respective six-year average
1
No.
and
favorably with
compared
3
movements, the latter rising less than 1%
September in contrast with a customary rise of 5%.
September foreclosure activity
In relation to the same month of last year,
down substantially in
was
8,991
from
States,
22
the pre¬
September increase.
Should the figures for this State, be
the total, the remainder would show a decline.
Among
to
Only Group No.
reported:
chases,
48
while
increase of more than
15% compared with the corresponding period of 1939, it was
announced by the FCA Nov. 4.
The following was also
quarter
August
removed
quarter of this year, representing an
made
six
the
Pennsylvania was chiefly responsible (as it has been in earlier
Totaled $146,
Continuing the upward trend in farm mortgage and pro¬
duction financing, farmers obtained $146,827,000 of loans
missioner
the past
over
with
identical
almost
advance shown
(the same level
for September
32.8
to
and
increase
In the recent quarter
less than the national average.
was
estate foreclosures swung upward over
The non-farm foreclosure index (1934 equals 100)
year.
for
of community likewsie contributed to this
period?,.
Group No. 3 was the only one for
in accord with the usual seasonal advance for this time of
ceding month
would be affected.
through the Farm Credit Administration during
decline
During September real
adminis¬
in 32 other states also
FCA Loans to Farmers in Third Quarter
,
size
by
groups
between
which
Mr. Stewart
uphold the State Supreme Court, but pointed out the
was to
tration
cases
approved.
are
The effect of the
said,
investigation would be made of individual
thorough
a
before refunds
greater decline.
a
decline
(includes
States
four
All
than the national average (minus 27.1%), whereas,
District of Columbia) to the east, only eight
decline greater
27
the
showed
firms had been filing a protest with
of taxes.
payment
He
of
charged up as losses to the bureau.
Mr. Stewart explained that several
each
Generally, however, shifts among the Western States were the more
Of the 22 States west of the Mississippi River, 15 showed a
favorable.
relative
benefits, and that
and received their
unemployed
become
under date of
made available
the matter,
in
report
ment.
Mr. Stewart
pointed out that some employes under the common control arrangement
such payments would be
Bank
the first nine months
Home Loan
Federal
Oct. 29, stated:
Every State except Montana and Nevada joined in this downward move¬
...
the Georgia law was enacted,
period since
the
The
sawmill operators, barber and beauty shop
He estimated that as many as 10,000 workers
under the ruling.
come
During
of
of the Division
Director
the
period of last year,
large oil companies operating service stations
operators and similar firms.
of
stated, stood 27% under the comparable
which in turn was 10% below 1938.
of this year, it is
affected.
Fergus,
Statistics
and
In terms of foreclosure cases,
Board.
in¬
as soon as
be completed to determine what employers are
can
Stewart said several
Mr.
would be made
by Corwin A.
Research
Huiet, who is in New
of the American Federation of Labor,
Mr. Stewart said he presumed the refunds
vestigations
3163
The Commercial & Financial Chronicle
151
each size group, Group No. 1 again evidencing the
Similar improvement over September,
FIILBB districts and for all but nine
1940, non-farm foreclosure rate for the
country as a whole, when expressed on an annual basis, was 4.0 cases for
each
1,000 non-farm dwellings, or slightly below the comparable rate
most
improvement with a 37% drop.
1939,
of
reported
was
scattered
4.1
in
12
period ending Sept.
nine-month
the
for
Foreclosure
all
for
The September,
States.
activity
in
metropolitan
30,
1940.
communities increased
line with the usual seasonal movement.
metropolitan monthly index (1926 equals
August,
biought
the
Lord
Lothian,
1.1%
over
which
rise,
This
100) to 106 for
September from 105 for the preceding month, occurred despite the fact
that
50
of
the 85 reporting communities showed decreases,
while 81
reported increases, and four showed no change.
In relation to the corresponding periods of 1939,
activity was 22%
lower for September and 28% lower for the first nine months of this year.
tutions and individuals during the
rise of 14% from the same 1939 period, according to
year, a
Corwin A. Fergus, Director of
report issued Oct. 29 by
a
Home
which
the Division of Research and Statistics of the Federal
Loan
Board.
Bank
traditionally
Savings and
home-financing
the
supply
medium- and low-income classes,
or
loan associations,
of
needs
the
originated nearly 378,000,
35% of all mortgages of $20,000 or less recorded during
The average mortgage loan made by savings
the January-September period
amounted to $2,500, or $900 less than the average for all
other lending institutions
combined.
Individual lenders,
however, averaged only $1,900 per mortgage recorded dur¬
ing this time.
The report continued:
this
period.
and loan associations during
Due
in
and loan associations
relatively low -average loan, savings
the
to
slightly smaller proportion in terms of dollar volume than
number of units, having financed 32% of the $3,000,000,000 recorded
accounted
for
a
during the nine-month period.
Banks and trust
companies were the nearest competitors to the savings and loan industry,
having together recorded one-fourth of the dollar volume of all mortgages
of $20,000 or under during the first three quarters of this year.
classes of lenders
by all
Per Cen'
September, 1940
'tme
C.
P.
from
C.
P.
of Sept.,
Total
+ 14
+20
4.4
—2.1
13,347
4.3
+ 17
52,936
14.8
—6.8
60,028
16.2
+6
52,636
1
.7
—6.7
45,208
14.7
+ 16
100.0
—5.1
$308,278
100.0
+ 10
15,566
Individuals
Others
-
$357,518
-
,
January-September
Per Cent
(000)
(000)
Income
gave
...
Others
Total
Insurance
decline.
+ 15
102,654
+ 20
442,620
lenders
earlier statement,
his
repeated
that
Great
Britain
Secre¬
made
in
New York, that
ing his remarks, following his Washington conferences,
Press on Nov. 25 stated:
Lothian
the
+ 16
he
said
gave
Roosevelt
President
and
Hull
a
in
replied:
'
"Optimistic, provided that we get help from you."
elaborating, he eaid he had defined British needs
views
Secretary
conditions in Great Britain and that they discussed the world
general, including the Far East.
if his report on Great Britain's position
was optimistic, the
on
In
"planes, munitions, ships and
as
finances."
in
■
earlier inter¬
In his talks yesterday,
however, he said he did not go into details.
His first statement when he emerged from the
eaid
President
if
and
would
he
might be
of
need
I
talk
his
after
there
Britain's
+ 12
$2,570,823
York aboard the
New
said
England needs planes, munitions and ships.
Lord Lothian
been absent from this country since Oct. 15.
Regard¬
+8
396,212
$2,988,386
-
mortgage
of
classes
All
646,875
445,626
Individuals...
arrival in
Lothian
mentioned
never
with
raise
the
President's office was:
finances."
He made the same
Hull.
Secretary
question
in
later
talks,
the
Ambassador
informal discussion, but that he believed Great
assistance was sufficiently well known, and
some
financial
question primarily was one for the Washington Government.
+ 18
477,758
Mutual savings banks
Lord
had
+ 23
206,474
the
to
that finances were not discussed, but that he
his views on what was going on in England.
He also
that the
companies
Bank and trust companies
Insurance
$775,988
Ambassador
Hull
tary
Asked
Type of Lender
$957,587
243,340
740,982
123,093
British
dor said after his conference with the President and
"The
Savings and loan associations
Need
1941
probably would need financial aid in 1941 to continue its
purchases of war materials in this country.
The Ambassa¬
statement
1939
Clipper,
Ambassador
Cumulative Recordings
1940
in
Lothian,
On his
Nov. 25.
on
Atlantic
Asked
+ 19
8.4
24.1
Mutual savings banks-
ton
report
32.3
upon
States, who arrived in New York on Nov. 23 after
situation
74,388
•
England—Says
of
with
Hull
Britain Will
Secretary
spending five weeks in London, conferred with President
Roosevelt and Secretary Hull upon his return to Washing¬
1939
$99,484
25,823
8,2
24,9
Marquess
United
1940
Sept.,
—5.2
—3.3
33.0
-
(000)
—7.7
Savings <fe loans assns._ $117,928
29,401
Insurance companies
89,051
Bank & trust cos
Total.
Revised
August
of
Total
(000)
Tlie
and
Assistance
Financial
Lord
Change
Change
Vcl
Type of Lender
from
Return
Confers
Ambassador,
Associated
Per Cent
September, 1939
British
Roosevelt
President
shared
in
companies whose recordings
August-to-September
dropped 8% showed the
the
Cash Farm Income for September Aggregating $1,125,-
Was Above Month and Year
of Agricultural Economics
000,000
Bureau
Ago,
Says
Cash income from farm marketings and Government pay¬
$1,125,000,000 compared with
$908,000,000 for September and
ments in October amounted to
estimate
revised
the
of
greatest decrease of any of the lending classes, while mutual savings
displayed the greatest resistance to the current downward movement.
$1,042,000,000 in October, 1939, the Bureau of Agricultural
Economics, United States Department of Agriculture, re¬
associations recorded 3% lees mortgages in September
compared with a 6% decline for all other
The increase in income from farm marketings from
September to October this year was somewhat more than
usual, as income from cotton, tobacco, and meat animals
increased much more than seasonally from September to
October.
Government payments in October amounted to
banks
and
Savings
loan
the previous month, as
in
than
institutions.
lending
Savings
and
companies in
ber,
loan
associations
were
second
only to banks
and
trust
the percentage rise of mortgage recordings from September,
lenders increased their loans by only 6% over Septem¬
Individual
1939.
1939,
whereas each of the classes of institutional lenders augmented
activity by from 14% to 20%.
their recording
ports.
compared with $54,000,000 in September and
October last year.
The Bureau goes on to
$76,000,000
$82,000,000 in
state:
FHLBB
in
First
Period
Non-farm
year
Non-Farm Real Estate Foreclosures
Nine Months of 1940 27% Below Same
Reports
of 1939
real
has kept well below that
The
thus far this
for 1939, according to a report
from
farm
marketings
in
October
totaled
$1,049,000,000
October last year.
greatest increases in income compared with a year earlier were from
was
cotton
estate foreclosure activity
income
Cash
and
9%
and
Income
October,
more
than
the $960,000,000 received
in
cottonseed, and all groups of livestock and livestock products.
from
1939.
grains,
The
fruits, vegetables and tobacco was lower than in
volume of cotton marketed in October was much
The Commercial & Financial Chronicle
3164
larger this year than last following the relatively small volume of sales
in September, 1940.
Despite the smaller spring pig crop this year the
marketing of hogs in October were about 25% higher than a year
with favorable conditions for the production of daily and
earlier;
poultry
and
The decline in income from vegetables resulted largely
from the lower prices of potatoes and truck crops.
Income from fruits
was
also smaller than a year earlier, as slightly higher prices were more
1939.
than offset by
September to October
income from farm marketings from
The
and
seasonally.
increased
-increase
but
vegetables,
and
increases in
The marked
in October.
offset by the sharp decline
less-than-usual increase in income from
total income from crops increased more than
grains and
from
income
fruits
80.5%
to
from cotton and tobacco were partially
income
in
September
the
from all groups of livestock and livestock
than seasonally from September to October, with the
Income
more
products
greatest
occurring in the income from meat animals.
October, 1940, cash income and Government payments
From January to
$7,314,000,000 compared with $6,833,000,000 during the same
period in 1939.
Cash income from farm marketings of $6,697,000,000 was
$504,000,000 higher than a year earlier.
Most of the increase has resulted
from larger returns from grains, dairy products, and meat animals, although
income from all groups of farm products during the first 10 months of
totaled
1940
Government
higher than in the corresponding period of 1939.
were
in the first 10 months of 1940 amounted to $617,000,000 compared with $640,000,000 from January to October last year.
The unusually heavy marketings of farm products during October may
be followed by a decline somewhat more than seasonal in November and
December.
Nevertheless, it now appears likely that income from farm
marketings during November and December will be as high as in the
to farmers
payments
slightly higher.
corresponding months of 1939, or
New Defense Contracts in Substantial
Volume in First
with
total value of $590,131,385 were
a
In addition, relatively small
amounts were placed by governmental agencies.
Since last
July 1, contracts and expenditures for defense by both
departments and the several agencies have had an aggregate
value of $9,046,300,471. Following is a summary of figures
made available Nov. 25 by the Office of Government Reports:
and $230,789,485 by the
Navy.
NATIONAL SUMMARY OF DEFENSE CONTRACTS AND EXPENDITURES
(Baaed on press releases of July 1 to Nov. 16,1940
»
y
/' •'
V
''
'
,
'
i'
Nov. 1 to
Navy contracts
Nov. 15
$590,131,385 $3,664,622,380
230,789,485 y5,263,463,419
$3,074,490,995
5,032,673,934
Army contracts
July 1 to
Nov. 15
July 1 to
Oct. 31
'
of
the
smaller
business
enterprises
be advised of the needs
will
for material
information will be made available to prospective
district.
Information on the last bidders on
this
Reserve
Navy Departments will also be made
the primary contractors and those
War and
for the
contracts
facilitate contacts between
to
who furnish materials.
From the accompanying
Under
the
of
Governors
Federal
Purchases
System in Washington, and the 12
Reserve Bank of Philadelphia is pre¬
Reserve
Federal
the
the Federal
banks,
Reserve
circular we quote the following:
recently worked out by the Coordinator of
and by the representatives of the Board of
arrangements
Defense
National
pared to contribute its full share to expedite national preparedness.
It is
in a position to assist the banks and industries in this district by furnishing
information regarding the ways and means of securing defense contracts
defense orders or needed plant equipment.
undertaking requires united efforts and quick action on the
part of Government, business and banking in order to utilize all productive
resources.
The many smaller plants in the Nation are of special signifi¬
and of financing
The present
tractors
the defense program as prime con¬
to break such bottlenecks as
essential
is
sub-contractore
as
or
in
participation
their
since
cance,
the production of necessary
materials and equipment.
The
may
hold
plan
which is being evolved is expected to stimulate such production, to
the increased use of available private capital and to encourage
up
result in
management and labor as well as the
this
in
banks to play their respective parts
cooperative endeavor.
district as well as elsewhere are in a
position to assure an adequate supply of credit or capital to the many
local
enterprises which are to be brought into the defense program.
They hold an unusually large volume of funds which can be employed for
purposes of working capital or intermediate credit for the constructiou
institutions
Banking
of
this
in
facilities,
plant
In
defense contracts
placed by the Army
each
in
supply
Half of November
In the first half of November additional
to encourage
credit needs
banks
Reserve
Federal
supplies, and
bidders
greater than usual, and after allowing for the usual seasonal changes
the index number of cash farm income advanced from 75.5% of the 1924-29
in
the
1940
future requirements of the Army and
the use of the customary banking
concerning
desires
finance
30,
participating in the program.
was
average
also
to
available
smaller marketings.
The increase in
information
It
channels
somewhat higher than in
products, marketings of those products also were
October,
providing
Navy.
Nov.
announcement, issued Nov. 19,
similar
a
the Federal
Bank of St Louis says, in part:
Board of Governors and the 12 regional Reserve banks have offered
Reserve
The
full
Defense Advisory Commission, and in
in carrying out the program,
circular mailed by the Federal Reserve Bank of St. Louis to
soliciting cooperation of all banks
are
according to a
banks
all
been
Small
district today.
its
in
the
of
each
In
has
with the National
cooperation
turn
designated
to
serve
24 branches, an officer
field representative of
as
and
Activities
Business
'
banks and the
Reserve
Federal
Board
the
of Governors.
the Director of
In this
district
Lewis H. Carstarphen, St. Louis, Mo.; Charles
A. Schacht, Louisville, Ky.; Wm. H. Glasgow, Memphis, Tenn., and A. F.
Bailey, Little Rock, Ark.
These officers will be rc-ady at all times to consult with business men
and bankers on procedure to be followed in obtaining Government contracts
and sub-contracts, and to advise them as to the means of obtaining needed
credit where not available from the usual sources.
the
officers
designated
are
Federal Works Agency:
13,041,150
1,935,000
71,186,689
WPA Defense Authorizations.....
PBA
Army Housing.
*84,227,839
1,935,000
Federal Advisory
Federal Security Agency:
Coverage—Army, total; Navy, contracts of $6,000 and over.
x In addition the WPA has authorized $11,211,030 for defense training, and the
NYA has received
supplementary appropriation of $30,485,376 for defense training
a
experience.
with emphasis on metal and methanical work
y
In addition the Navy Department has allocated approximately
on naval vessels being constructed in private yards.
for armament
$1,000,000,000
This sum will
"Navy Contracts" as orders are placed for materials.
z In
addition to these loan contracts approved, the USHA has made housing
allotments to the War and Navy Departments totaling $7,225,000.
Note—RFC defense loan authorizations to business totaled $132,343,671 as of
appear In
Sept. 30.
Financing of
National Defense Production and Through Loans
Federal
Small
to
Federal
Act
Banks
Reserve
to
Aid
in
Business—Representatives
Named
Banks of Philadelphia and
by
St.
Reserve
Louis
plans
way
defense
assist
to
facilities through the extension
with
accordance
in
Donald
M.
Director
of the Defense
of
of national
additional plant
of credit to small business
policies heretofore indicated by
of National Defense Pur¬
Small Business
of
issue of Nov.
our
16, page 2879.
To decentralize
to
serve
its
as
purchasing
agent,
and
Ernest G. Draper of the Board was named to supervise the
System's
In
activities.
the
announcement
addressed
to
of
Philadelphia, on Nov. 22, John S. Sinclair, President of the
Philadelphia Federal Reserve Bank, in noting this, says:
banking
institutions
Board
The
of
in
Governors
and
Reserve
Federal
the
the
Federal
Reserve
hanks
District
have
assured
the National Defense Advisory Commission of their
desire to participate in
spread orders for defense needs among the smaller business
endeavor to
its
The
enterprises.
purpose
of
this letter
is to solicit your cooperation in
carrying out the program.
each
In
serve
as
a
Reserve
field
bank
and
branch
will
represent
John
Assistant
on
tracts
lems.
officer
has
been
designated
to
J. Davis, Vice-President of this Bank,
Vice-President,
may
be addressed to him, or to
Coleman, head of
Philip F.
or
matters
your
prepared to consult with bankers and business
relating to
and sub-contracts,
For
the procedure of
obtaining Government
and to advise with them
convenience,
on
con¬
their financing prob¬
there are enclosed copies of a circular, pre¬
pared by this Bank, giving information on Government contracts for sup¬
plies and facilities.
The
office
of the
Director
of Small
Business
Activities will
serve
as
a
the
War
and
Navy
Departments.
It
will assist business
men
by
time
was
given to
discussions of ways and means by which the
possible participation of the banks of the country and private
capital could be obtained in connection with the financing of the defense
The Council reported that the banks of the country were
program.
anxious
participate to the fullest possible extent consistent with sound banking
both the Board of Governors of the Federal Reserve System and the
and
Council
be
were
done
in agreement that as
much of the financing as possible should
by the banking system.
,/
♦
Pledges Support in De¬
fense Program and Foreign Policy—Opposes Any
Further Extension of USHA—Philip W. Kniskern
National
Estate
Real
Elected
Group
President
support of the program of
which our Government is at present
engaged, the National Association of Real Estate Boards,
at its thirty-third annual convention, held in Philadelphia,
Nov. 13-15, elected as its President for the coming year
its
Pledging
national
wholehearted
defense upon
Philip W. Kniskern, President of the First Mortgage
Cor¬
poration of Philadelphia. He will succeed Newton C. Farr
of Chicago, taking office at the January business meeting.
The Association adopted resolutions which constitute a pro¬
country,
governmental agencies where
needed, for defense emergency housing, normal residential
building, housing for low-income groups, and the gradual
rebuilding of blighted areas.
The convention heard Charles
F. Palmer, Defense Housing Coordinator, declare that:
Housing for defense workers is mainly a job for private enterprise.
We
gram
with
are
for utilization of the private energies of the
the
going
connection
to
cooperation
need
of
about $700,000,000 worth of dwelling construction in
We have $290,000,000 of public money to use
defense.
with
use it anywhere that private
expect, therefore, that defense
housing for immediate construction will be something like a half-million
dollar job.
necessary,
enterprise
can
but
do
we
the
are
work.
not going to
You
may
President FarFs official report
other
Additional copies will be furnished upon request.
clearing house of information for the National Defense Advisory Commission
and
Much
largest
where
department of this Bank.
These representatives are
men
W.
this district, and inquiries
McDowell,
the credit
an
representative of the Director of Small Business Activities
and of the Board of Governors.
System, in
sessions of its own.
Various
affecting the Federal Reserve System were con¬
In its announcement regarding their meetings the
holding several
to
Council further said:
Activities Division
operations of the Commission in this respect the Board
of Governors of the Federal Reserve System was asked by
Commission
Board of Governors of the Federal Reserve
matters
Advisory Commission, mention of which was
the
the
the
addition
Nelson, Coordinator
chases and
made in
the
already brought
financing
the
construction
and
production
in
Brown,
of the Federal
day meeting with all its members present from each of the
12 Federal Reserve Districts.
The Council met twice with
to
The various Federal Reserve banks have
under
President of the Federal Advisory
Reserve System, on Nov. 19 stated
that the Council had concluded its regular quarterly threeE.
Edward
Council
sidered.
»
:
Financing—Holds Regular
Quarterly Meeting in Washington
7,907,83
7,907,833
Office of Education Def. Training*
Council Discusses Methods for Bank
Participation in Defense
24,144,000
24,144,000
USHA Defense Housing.z
page
talks
were
in
opening the sessions and
these
columns
of Nov. 23,
0329.
The Association
the
reported
exigencies
adopted resolutions asking that wherever
of the
national defense program create a
Volume
The Commercial & Financial Chronicle
151
shortage of housing facilities, private enterprise and private
capital be given first opportunity to fill as much of the need
as
be practicable.
may
The announcement regarding the
convention also says:
Careful surveys should he made in each community affected to assist
the National Defense Council through its
Housing Coordinator to determine
exists for putting government funds into defense
emergency
whether need
housing.
The Association, therefore, petitions President Roosevelt to issue
order directing the Post Office Department to instruct local
postmasters to assist real estate boards in making at least annually, and in
an
executive
some
semi-annually, checks oh vacant dwelling units available.
cases
Recognizing that "the growing blighted areas in our cities
threat to wholesome community life," the convention,
three days, adopted unanimously
are a
after discussion through
this statement:
The
National
Association
is
strongly opposed
to any
National
Association
in fertilizer production and dis¬
A dinner-meeting was held
in the evening of Nov. 19 and, acording to a pre-convention
announcement by the Association, James A. Emery, General
Counsel
of the
National Association of Manufacturers,
Washington, D.C., was scheduled to speak on "This Changing
tribution
were
World,"
At its session
,
opposes
on
Nov. 20 the Fertilizer Association
industry, and southern farmers, which was followed by a
general discussion of the fertilizer industry and national
preparedness.
The
following is the text of the resolutions adopted at the
as
given in the Atlanta "Constitution" of
convention
Nov. 21:
fertilizer
commercial
furnish
all
of
the
industry of the United States is prepared to
plantfood which may be needed during the
chemical
present national emergency,
if conditions during the next few years
even
should make necessary an increase in crop production, with
increase in the demand for fertilizer.
and all types of tax exemption
any
also reported on.
reviewed soil improvement activities of the Government, the
The
further extension
Housing Authority and to any and all Government owner¬
ship of housing facilities except such as may be essential for the personnel
of the Army and the Navy and for the present national defense
emergency.
The
Government competition
.
of United States
3165
situation
The
which
confronts
now
consequent
a
the
country, in regard to supplies
both actual and potential, is quite different from
from local taxes for housing facilities for any classes of our citizens.
The National Association believes that families unable to pay rent
for
decent
that which existed at the time of the great war.
the
time have made this country self-sufficient and independent with reference
living
should
quarters
receive
rent
relief
directly
given
to
of commercial fertilizer,
families.
The
to
major
problem
slums
creates
and which
in
errors
of
cities today
our
is due
to
new
is to combat the blight that
of transportation and past
modes
planning.
Certain
of
our
In the field of normal
tion
took
the
private home building the
have
The
under
loans
and
owners
National
to
Title
our
Housing Act
tinue Title I
I
we
FHA
of
urban
has
proved to be beneficial to home
and that this feature
of the
communities
should
extended beyond July
be
1,
1941, to con¬
in its present form.
over-all limitation of taxes on
base of financial support for
education, and for assessment procedure that would recog¬
nize the productivity of real estate as the basis for tax valu¬
ations, the convention approved the program of the National
Conference of Real Estate Taxpayers, which embodies these
Reiterating its stand for
an
real estate, for broadening the
It heard reports from more than 20 States in
which the program is now the basis of a joint movement of
real estate groups for implementing legislation.
Sending to the people of the British Commonwealth a
message expressing the hope "that their fight for our com¬
mon way of life may be brought to a speedy victory," the
principles.
Roosevelt its sympathy,
the working out of a foreign
policy and in mobilization of our national resources.
Elected to serve with Mr. Kniskern when he takes office
Association
to President
pledged
support and cooperation in
in
January
are
Treasurer—John
the following:
C.
Chicago, 111.
David
Bowers,
Region,
acid formerly
the
of
fertilizer
any
industry and the staff of
depended upon to do their part
task they
emergency
may
during the present national emergency, and in the years
there will be available all of the fertilizer they may require.
Completed
Station
Vital
Most
Simpson,
for
Ford
at
be called
to follow,
Establishing Naval Training
Plant—Henry Ford Says Navy
Defense
National
to
Declaring that the Navy "is the most vital arm of our
national defense," Henry Ford announced on Nov. 27 the
completion of plans to establish a branch of the Great Lakes
Naval Training Station at the Ford River Rouge plant.
The announcement followed
a
series of conferences in Detroit
between Mr. Ford and Rear Admiral John Downes, Com¬
mandant of the Ninth Naval District.
According to the
Detroit "Free Press" of Nov. 27, plans for the station
originally were approved on Nov. 12 by Col. Frank Knox,
Secretary of the Navy, following Mr. Ford's offer to tender
the full cooperation of his company for training recruits.
In a statement issued on Nov. 28 the Navy commended
Mr. Ford for providing facilities at his plant for the training
of recruits; in reporting this statement by the Navy, Asso¬
ciated Press advices from Washington, Nov. 28, also said:
The service said that the Navy's rapid expansion had taxed to the limit
the capacity of its own service schools at Norfolk,
Calif.
It
was
decided
Va., and San Diego,
time ago to open another service
some
school at the
naval training station at Great Lakes, 111.
Training at the Ford plant would begin In January, the Navy's statement
said, adding:
"To accommodate the enlisted men, Mr. Ford is erecting barracks, mes8
halls and
of
administration
an
building.
These buildings will be In charge
Navy personnel, who will administer the housing, berthing and messing
of the
men
under
training.
...
"Approximately 300 recruits will be selected monthly for training at the
Ford
school.
.
.
Electricity,
.
machine
work,
metal
engines and clerical work will be some of the subjects taught.
"When this program is in full operation, there wlU be
under Instruction
B.
of the sulphuric
that
training
Portland, Ore.
(reelected); Central Atlantic Region, Harry A. Taylor, East Orange, N. J.;
Great Lages Region, John W. Galbreath, Columbus, Ohio (reelected) ; South
Central
Region, Hobart C. Brady, Wichita, Kan.; Southwest Region,
William T. Richardson, Santa Monica, Calif.; New England Region, Edward
J. Saunders, LoweH, Mass.; North Central Region, W. W. Price, St. Paul,
Minn.; Southeast Region, Ed Mendenhall, High Point, N. 0.
Vice-Presidents—Northwest
portion
to perform, to the end that the farmers of America may be assured
upon
Plans
recognize that the present advantages
reason of more favorable treatment under
the FHA mortgage insurance plan are disadvantageous to existing homes,
tending to accentuate the process of urban decentralization and spread
blight, and therefore this Association recommends to Congress that the
National Housing Act be amended so as to permit equal treatment in the
application of the FHA mortgage insurance plan to existing homes.
This
Association further recommends that the insurance of modernization and
home
personnel
into successful operation
put
lending market, and the relief of real estate from discriminatory burdens
of taxation will make unnecessary the Federal guarantee of real estate
Pending that time
enjoyed by new construction by
considerable
a
and
the National Fertilizer Association may be
to
day when economic conditions, the state of the
mortgages.
released
officers
conven¬
following position:
look forward to the
Wo
and
required for the production of nitric acid for explosives.
older cities have become
blighted beyond rehabilita¬
tion
through ordinary means.
Instrumentalities should be created by
cooperation of municipal, State and Federal governments with private
enterprise whereby such areas can be acquired under the right of eminent
domain for the purpose of replanning and rebuilding them through redevel¬
opment organizations operating under the new plan for the district.
areas
Developments since that
potash needs, have provided substantial capacity for the production
of nitrate of soda and made it pcssible readily to expand this capacity,
our
to
at
the
Ford school at
,
Diesel
.
.
900 enlisted men
No promise of this
all times.
be given to men enlisting in the Navy.
can
sent to the
work,
However, all men
Great Lakes training station will have an equal opportunity
qualify."
With regard to the completion of the plans for the training
the Ford plant, Associated Press advices from
station at
Detroit, Nov. 27, and appearing in the New York "Herald
following to say:
Tribune" of Nov. 28, had the
Explaining that young enlisted men sent to the Ford plant from the
Fertilizer Industry Says It Is Prepared for any Defense
Measures —Resolution
Adopted at Annual Con¬
of
vention
Assures
National
Farmers
Fertilizer
Sufficient
of
Association also
Fertilizer to Meet
Great Lakes station would receive three-month
In various mechanical
their
academic training.
"When they
•'they will
Needs
go
complete their courses here," Admiral Downes Interposed,
direct to the fleet."
"This," said Mr. Ford today, "is the best thing I know of that I could
The National Fertilizer Association, at its
recent 15th am
adopted a resolution pledging
that "the commercial fertilizer industry of the United States
nual
courses
and technical lines, Mr. Ford said they would also be able to continue
Southern
convention,
prepared to furnish all of the chemical plantfood which
may be needed during the present national emergency," even
though conditions may bring about increased crop produc¬
tion with resulting increased demand for fertilizer.
At the
same time the resolution assured the farmers of the country
that "there will be available all of the fertilizer they may
do to help the national defense.
My interest in the Navy is based on the
conviction that it is the most vital arm of our national defense.
Our pro¬
tection is the Navy's job.
now
We have two
oceans.
What we need
is a
good Navy in each of them, including plenty of airplane carriers."
is
The annual convention of the National Fertilizer
Associa¬
Atlanta, Ga., Nov. 19 and 20,
and was attended by approximately 300 executives and
sales managers from practically every part of the country.
The Board of Directors and the Soil Improvement Commit¬
tee of the Association held sessions on Nov. 18.
tion was held
this
year
in
general session of the convention was opened on Nov.
19 by John
E. Sanford, of Atlanta, President of the Asso¬
with a keynote address.
Several speakers were
heard at the session, the discussions being devoted to cur¬
rent industry problems in the light of war, the National
ciation,
Defense
abroad
Hill
R.
Sees
$800,000,000 Rise in Mortgage Debt
Mortgage Loans Will Run Over
$3,000,000,000, Says Mortgage Bankers Head
This
Year—Total
One of the most important
physical assets on the Nation's
show a
large gain this year for the second time in a decade and, If
measured in terms of rising urban mortgage debt, the
increase will exceed $800,000,000, Dean R. Hill, President of
the Mortgage Bankers Association of America, estimated on
balance sheet, the values of its urban homes, will
require."
The
D.
effects of confused conditions
prices of fertilizer.
Aspects of
Program, and the
on
supplies
and
Nov. 23.
Mr. Hill added:
One of the
national
greatest, if not the greatest, contribution to the creation of
this year will be in the field of residential real estate.
wealth
More new homes will be built than will he lost
or
rendered useless for habitation.
through fire or demolition
Rising urban mortgage debt, of coarse,
This year our home
$800,000,000, bringing our
roughly parallels the gain in new home construction.
mortgage debt will show a gain of more than
Indebtedness to nearly $19,250,000,000, the first time
it has reached that figure since 1932.
In 1930 it stood at more than
$21,750,000,000.
total city mortgage
The Commercial
3166
and
indebtedness in 1039 was
in city mortgage
increase
The
$100,000,000, $50,000,000 less than the Association's
1939. Increase in total debt is repre¬
sented by loans to new borrowers or granting more credit
on real estate already mortgaged.
Mr. Hill also said:
Total amount of city mortgages made in 1940 will probably run around
$3,250,000,000. The 1939 total was around $2,870,000,000, and the gain
will be at least 15% this year.
All types of lenders are participating in
the increasing volume of loans being made, but private lenders are showing
estimate in August,
particularly conspicuous gains.
rising city mortgage
The
of
of growth
debt reflects the most healthy type
because the loans today are based upon
scientific amortization.
for the country
the modern principle
A.
B.
for the acceptance of trust busi¬
enlarging upon tbe articles of the State of Principles
Trust institutions adopted by the American Bankers
of
A.
it was announced on .Nov. 20 by Carl W.
Division's President, who is Vice-President
1933 lias been formulated by the A. B.
in
Division,
Trust
the
Fenninger,
Provident Trust Co.,
of the
Philadelphia.
The new state¬
policies, it is stated, implements the essential
Article II and Article V of the Statement of
ment of
of
points
Trust
Principles, which deal respectively with the principles that
a trust institution is not under obligation to accept all busi¬
for
compensation
reasonable
entitled to
With regard
and that a trust institution is
offered it
ness
its
services.
thereto, Mr. Fenninger said:
The
statement
new
to set up a separate A. F.
jurisdictional disputes.
the Executive Council of a resolution
of American workers by European refugees.
Rejection of a proposal
Reference to
ment
of
Approval
resolution
a
which would reduce wages
in
guidance
and
acceptance of
trust business.
It does not amend the Statement
of Prin¬
the fundamental points set forth in the
beyond elaborating upon
ciples
;■
Statement.
;;..
.
Statement
The
and that
$18,000.
to
comprised of four major divisions.
They
of trusts, general considerations,
and public relations aspects of the acceptance of
procedure, the Statement urges "group judgment," or
the policy of having an authorized committee of a trust institution's Board
of Directors or governing board pass upon the acceptability of new accounts.
It also recommends detailed study of the practical workability of the trust
regard to
Without
points
such
elaborated upon by the Statement of policies
detailed consideration of the trust property, the
as
legal and moral capacities of the settlor
tions of the trust institution to handle
compensation it receives.
'
to create the trust, the qualifica¬
the account, and the basis of the
,
outlined in the policies include co-fiduciary ap¬
trusteeships, managing agency accounts, fiduciary
Special considerations
pointments,
successor
irrevocable trusts.
The public relations aspects of trust accounts embraced by the Statement
include estate plans, promises and explanations to customers, lawyer-client
relationships, and life underwriter relationships.
agents, and
Labor Perking Tells A. F. of L. Convention
Must Be Carried Out—President
Green on Labor's 40-Hour Work-Week—Convention
Increases Mr. Green's Salary and Reelects Him
—Resolutions Adopted—Changes in Wagner Labor
Secretary of
Defense Contracts
Urged
Act
told the American
Nov. 26
that labor today had a responsibility under national de¬
fense to carry out its contracts, seek an adjustment of its
own family differences, avoid production delays and "thwart
influence from dishonest or subversive sources."
This was
the Secretary's first appearance before an A. F. of L. con¬
vention since
1936.
Reporting her remarks, Associated
Secretary
of
Labor Frances Perkins
Federation of Labor
Press
convention in New Orleans on
New Orleans advices
said:
status
today
as
President
fair
a
"That
all
as
labor
by labor with employers
and
interruptions—to increase
and efficiency, and to preserve and promote human welfare
standards at the same time in the defense program which we
Nation
a
have
undertaken."
Nov. 18,
Nov. 27, one of which con¬
unions.
The Federation's
national and international unions were advised by this reso¬
lution to adopt necessary legislation for "adequate disci¬
plinary action" against officers or members who may have
been found builty of "betraying the trust reposed in them."
This resolution also gives the A. F. of L. Executive Council
authority to force action if the unions evade their responsi¬
bilities.
Other action taken on Nov. 26 was reported by
The convention,
which has been in session since
adopted several resolutions on
demned racketeering in labor
United Press as follows:
the
At
the
a
set
calling on A. F. of L. officials to
aside the findings of the
conference on Nov.
25 Mr. Green stated that
labor wishes to prevent
the defense program
demand that
Navy Wage Review Board
inter¬
Tribunals could be set up if necessary to
representatives of labor on Government
production for any reasons.
boards having to
That calls for
do with production.
could -be made to whatever changes there might be neces¬
stimulate production at the moment, such as overtime in key
industries and the rapid absorption of the unemployed so that they
taken care of.
We have a working arrangement for time and a
Adjustments
to
sary
be
can
overtime.
for
half
situation
the
;
.
extension of the working
Further
but
demands,
Nov.
On
we
period can and will be
have not yet reached
taken up when
that point in
'
^'"V,
Green stated that labor's 40-hour
allowed to stand in the way of the coun¬
25 President
week will not be
of working hours
if and when the
reservoir of unemployed has been exhausted and the occa¬
sion seriously requires it.
This is learned from the New
try's rearmament program, but extension
in key defense industries will come only
"Times-Picayune," from which we also quote:
legislative proposals for which are being backed
by the labor movement, said President Green:
"We are pressing for
consideration of the principle, in preparation for the end of war."
President Green's statement was in response to questions by reporters
as to what sacrifices
labor is prepared to make in America in connection
with the country's rearmament program, and full labor aid to England
promised by the Federation head, Sir Walter Citrine, Secretary of the
British Trades Union
Congress, for "planes, planes and more planes"
from American factories to aid the English in their death struggle with
Orleans
the 30-hour week,
As to
Hitlerism.
Nov. 27 reaffirmed labor's right to
and laid down three principles to be
observed under war-time conditions, said Associated Press
accounts from New Orleans on Nov. 27, which also stated:
The
convention
adopted the Resolutions Committee report,
which
Federation
The
on
collective bargaining
declared:
conditions
war-time
"Should
develop the following
imperative:
Universal obligation to
"1.
service for
principles become
defense—industrial or military—
democratic conditions.
Labor
"2.
istrative
should
have
representation on all policy-making
agencies and draft boards.
standards and other provisions
Labor
"3.
maintained under
well
emergency
and admin¬
for social welfare
conditions as essential to
must be
efficient production
national morale."
as
action on Nov. 27 the Resolutions Commit¬
Federation called uiion New Deal officials to
curb the anti-trust drive against unions, laid down the basis
of A. F. of L. cooperation with the Government in defense
In its further
of
tee
the
and approved new peace
talks with the Congress
This is learned from United
Press advices from New Orleans, which added that the
report of the committee stated that the A. F. of L. position
is that labor is not subject to prosecution under the anti¬
trust laws—a contention Mr. Arnold has rejected.
The
advices from which we quote also said:
It
[the report] questioned the motives of the anti-trust division in
instituting criminal prosecutions against A. F. of L. affiliates on monopoly
Industrial Organizations.
of
charges.
The
committee
stated that no unions
except A. F. of L.
affiliates had
been
prosecuted.
The pessimistic atmosphere here over
the chances of restoring peace
in
committee
report on the subject was presented.
It recognized the "friendly sugges¬
tion" made by President Roosevelt in asking that a new try for a truce be
initiated in the interest of national unity, and recommended continuance
the
labor
the A.
It
movement
F.
of L.
never
was
evident than when the
Peace Committee.
to Mr.
end the five-year
fresh
to
war.
Shortly before the
a
more
approved the reply of A. F. of L. President William Green
that the A. F. of L. is ready to meet with a C. I. O. group
Roosevelt
the ballot in all States.
Government
press
ruption of production "for any reason."
He suggested that
tribunals could be set up to adjust differences.
The Asso¬
ciated Press quoted Mr. Green's remarks as follows:
We wish to render service of the highest order and prevent interruption
of
which the A. F. of L. clings to its demands for
five major changes in the Wagner Labor Act.
Approval of a resolution urging that the Communist party be barred
Sanctioning of a report
right to
defense plants.
the vital
Adoption of a report in
from
labor would not
strike under the defense program.
On that date the United Press said:
Mr, Green explained organized labor's position in tbe preparedness drive
in relation to the pledge which he, with the approval of the A. F. of L.
Executive Council, gave President Roosevelt that the Administration could
look forward to Federation cooperation in preventing stoppage of work in
program
responsibility calls for cooperation
responsible groups to avoid delays and
production
and
conscientious effort to bring
differences within the labor
itself.
movement
with
themselves within the labor movement.
responsibility calls for sincere and
and honorable adjustment of
"That
about
said on Nov. 24 that
Green
its
surrender
as
responsibility calls for vigilance in the maintenance of high
standards so as to thwart influences from dishonest or subsersive sources
"That
attempting to establish
agreed to raise the per capita tax
the le. per month capita assess¬
was objectionable to some A. F. of L. leaders, who
of raising an anti-C. I. 0. war chest.
regarded it as a means
never
added.
she
Or¬
month and eliminate
The latter levy
ment.
under
before," she said, and that status
carries with it responsibility, responsibility to wage earners and responsi¬
bility to all the people of the United States."
/
"That responsibility culls for carrying out all contracts agreed upon,"
has
"Labor
au¬
dissenting voice, delegates
a
to 2c. per
lc.
from
considerations
General
include
the
said:
America.
:
instrument.
won
These advices further
ganizations.
defense
business.
With
24 the United Press reported that
its fight to retain unrestricted
Under date of Nov.
in the acceptance
considerations,
special
Federal appropriations
of Government
voted on Nov. 25 to increase the
William Green from $12,000 to $20,000
of Secretary-Treasurer George Meany from $10,000
adjust differences.
of Policies is
procedure
with
deal
against any cut in
employees.
condemning replace¬
also
convention
The
in
announcement the Association said: -'
In its
of L. commission to
salary of President
under
offered to trust institutions for their
formulating their own policies for the
of policies is
consideration
naval
dual
ness
Association
for skilled workers in
thority to suspend A. F. of L. unions that engage in
movements similar to the rival Congress of Industrial
Division Formulates Policies for
Acceptance of Trust Business
Trust
statement of policies
A
wages
handle
Executive Council
A.
for higher
negotiations
reopen
1940
30,
establishments.
nearly
J
Nov.
& Financial Chronicle
convention acted, President Green made
unions to "be courageous, open the
appeal to C. I. O.
Volume
door and come back" into tlie Federation.
which left
have seen
by this time those unions
ficiently disillusioned and
He hoped "that
have been suf¬
the light to come
us
home."
Accepting reelection to a seventeenth term on Nov. 28
by acclamation, Mr. Green pledged himself to work for
peace in the labor movement and to mobilize support behind
the government's defense program.
All of the fifteen vicepresilents and Secretary-Treasurer Meany were reelected
without opposition.
Seattle was selected for the 1941 con¬
vention city. The delegates closed the convention yesterday
(Nov. 29) after adopting a committee report instructing
A. F. of L: officers to guard against any infringement on
the 40-hour week and the wages and standards now in effect.
The convention's sessions a week ago were reported in
these columns Nov. 23, pages 3031-3032.
3167
Chronicle
The Commercial & Financial
151
Following
conference with'the C. I.
a
will make progress
Labor
If there is any chance to get a united
But not at the expense of our objectives.
it.
labor movement, I want
enterprise, labor and democracy must work hand in
hand for the unity of America, according to views expressed,
Nov. 23, by a group of leaders of the American Federation
of Labor, headed by President William Green attending the
convention in New Orleans.
These leaders, who gave the
interviews
during
a
of the convention, also called
recess
big business to understand the New Deal and asked
President Roosevelt in his third term "to remove uncertain¬
ties from the mind of American business."
In further
upon
reporting the matter the Associated
Nov. 23, said:
Press, in its advice
from New Orleans,
dependent upon each other,
Declaring democracy and capitalism were
"The American Federation of Labor supports our
system and free
American capitalistic
enterprise (as the labor men wished to call the system)
bargain collectively.
the
regard
Then
both
between the A. F. of L. and the Congress for
Industrial Organization, Mr.
dent's great job
Roosevelt, who in a message to the con¬
President
turning to
vention urged peace moves
Green declared that as he saw it the Presi¬
'side by side with national defense" would be to "remove
business men, define the rules
uncertainties from the minds of American
of the game,
those rules,
"
tell them there will be a definite period without
Daniel J.
of
an
Now
belief that "some big business men
haven't made any
Roosevelt and his New Deal
attempt to understand President
America."
Other labor men expressed similar
Prior
in another item
Federal Bureau of
uncovered information indicating that
Communist influence was responsible for the strike.
But
this was denied by a union spokesman who declared that
"the strike was caused
The twelve-day-old
ratified at
said that a little time
in shape for resumption of work,
back to work Wednesday."
Lewis H. Michener, West Coast director for the U. A. W. A., said
that "the first shift can be ready to go to work at 7:30 A. M."
There
would
"but
Presidency pledged himself to work for labor unity by
organizing the unorganized, and by cooperation between
management and labor. In a radio address, the same evening,
following the adjourment of the convention. Mr. Murray
was quoted in United Press Atlantic City advices as saying:
"I look forward," he said, "to
the day when our country and its people
be able to enjoy a broader security—a security that encompasses the
well-being of all the people.
the actual administration of
of national defense and our Nation's program of total
I. O. is the labor movement in our first
line of defense.
mass-producing industries of the mines, mills, factories and
The
workshops,
discipline of C. I. O. unions, have substituted industrial
and stability for industrial warfare in these first lines of defense.
is essential to the successful prosecution of the Federal Govern¬
"This
This
program.
structive cooperation between management
industry makes the production
definite,
wholesome and con¬
and labor in our vital defense
of armaments for our armed forces in needed
Dr. John R. Steelman, director
break came when
The
Reporting Mr. Murray in his speech of acceptance as
declaring against Roosevelt Administration efforts to achieve
an A. F. of L.-C. I. O. peace, United Press accounts from
Atlantic City, Nov. 22, added:
said, has no legal right to use "govern¬
in the sixteen-month contract, a
The
to
go
an
They
of two union and two company representa¬
the latter
fifth member if possible. If they cannot agree
the Conciliation Service is to submit a list of five individuals
to select a
are
for the fifth member.
Two
each
challenges
are
the challenges are
permitted to the company and the union.
exercised the fifth man automatically becomes
member of the board.
Union and company agree to
abide by the board's decision.
According to an announcement
on
last week
receive
shall
and 62Yi
minimum of 55 cents an hour, 57 lA
a
cents in thirty days
days.
15 because the company, paying 50 cents
called Nov.
The strike was
to
by the union, the new wage scale, agreed
that beginners without experience
by the negotiators, provides
cents in sixty more
beginners, refused to grant the
union's demand for 75 cents for that
class.
It
was
estimated that the wage increases would give about 1,400 of the
workers increases of 3M to 12M cents an hour, and
in a year on the basis of present employment
production
3,800
that the cost to the company
be
$1,262,000.
about
The
had
Vultee
Company
for a two-weeks' vacation, pay for principal
was
of five days.
announced when the strike was called that it
$84,000,000 worth of military planes
about
making military planes for
The walkout
the 3,800 in the
came
on
order, that it was
training planes for the Army Air Corps and that
the sole source of basic
foreign governments, too.
from the union's great
majority of workers
among
production department, but the strike made the company's
total force of 5,200 idle.
The union has kept a picket
line around the plant 24 hours a day.
violence marked the strike at any
No
time.
Washington advices of Nov. 23 to the New York "Times"
concerning Attorney General Jackson's accusations, said in
Attorney General Jackson,
stated
that
23, Mr. Murray, as President
succeeds John L. Lewis, who retired as its
head, in accordance with his preelection announcement to
relinquish the Presidency in the event of the election of
President Roosevelt for a third term.
In our issue of Nov. 23, page 3032, we referred to the
election of Mr. Murray and other officers.
the Federal
influence caused and was
in an attack on the Dies Committee today,
Bureau of Investigation had found Communist
prolonging the strike at Vultee Aircraft Corpora¬
airplane defense orders,
Indicating resentment at Chairman Dies's announcement that his com¬
tion, which is tying up
mittee
planned to investigate the strike, the Attorney General
munists.
I
be presented weekly to the
If the two parties
union grievance committee.
negotiate on any differences, the disagreement would
arbitration board.
independent groups or remain non-union.
labor matters
that
provides
clause
out that the
of the C. I. 0.,
contract which the company and union
signed before the end of the day.
with the American
Federation of Labor" because the Wagner Act insures for workers the right
to make their own decision to joint C. I. O. organizations, A. F. of L. unions,
to force a shotgun agreement
As noted in our issue of Nov.
reached an agreement, came first from
of the United States Conciliation Service.
the strikers accepted a virtual no-strike clause
part:
quantities and on time now possible."
The Roosevelt Administration he
side by
company
by Roland J. Thomas of Detroit, national
president of the auto union, had
standards of living, better housing, a widening of
for labor participation in
...
negotiators, headed on the
Mr. Millar and on the union side
it
mental pressure
the
that
holidays and for an annual sick leave
defense.
defense
few hours after the
a
The contract provides also
Nation's wealth.
meeting at which the agreement
negotiators came to terms, he asserted.
opposition" shown at the mass
"little
ratified
able-bodied man and woman.
"This envisions a better distribution of the
national
required to get the factory
probably can start some men
Announcement
would
"This envisions work for every
ment's
be
we
was
a
by the strength and
Workers of America.
Richard W. Millar, president of the company,
If all
Philip Murray, previously Vice-President of the C. I. 0.,
was elected its President by acclamation on Nov. 22 at
the annual convention in Atlantic City, in accepting the
peace
strike at the Vultee Aircraft plant was ended today
reached between company and union negotiators and
member of the C. I. O.'s United
meeting of the strikers,
a mass
Automobile
who
"The G.
by low wages and not by communism
other ism."
Downey advices of Nov. 27 to the New York "Times"
bearing on the conclusion of the strike said:
any
tives.
Campaign to Start—
opportunity
had
Investigation
on
the
Jackson, declared that the
H.
Robert
This board is to be made up
Philip Murray, New Head of C. I. O. Opposes Govern¬
ment-Forced Labor Peace—Intensive Organizing
America's program
the job.
on
conclusion of the strike, Attorney General
the
to
should be unable to
today's columns.
"This envisions higher
again
was
management by a five-man
views.
The A. F. of L. convention is referred to
may
On Nov. 27, about 80% of the company's normal
year.
made some time ago to understand union
whole is the United States of
in
a
force
go
labor."
Intelligent leaders of big business are paying the price for the actions
of their less intelligent orothers," Mr. Tobin dgclared.
"But free enter¬
prise and labor and democracy are all vital parts of one whole and that
than they
company's 5,200 employees, aggregating $1,400,000
was
ahead.' "
president of the International Brotherhood of Team¬
Tobin,
sters, asserted his
more
change to
and say to American business:
'Here's the green light.
Aircraft Co.'s plant at Downey,
ending the dispute provides wage increases
The agreement
under an agreement
capitalism and trade unions as essential factors in
maintenance and prepetuation of our democratic form of government."
"We
Airplane Industry
in
settled Nov. 26, twelve days after it started.
was
for the
trade unions and the right to organize
just as vigorously as we support
and
Calif.,
Jackson
Responsible—Union to Extend
The strike at the Vultee
or
Green said:
Mr.
Efforcs
General
Wages—Attorney
Higher
Pay
.
Free
With Agreement to
Vultee Aircraft Plant Strike Ends
President Roosevelt to Remove
Uncertainty in Mind of Business-
make
when it unites its forces, people don't
when they are not orgqnized.
progress
Holds Communists
A. F. of L. Leaders Urge
O. Executive Board
announced that the most intensive
organization drive in the history of the United States will be
begun by the C. I. 0. He said it would be directed mainly
at the mass production industries.
The convention on Nov. 21 heard an address by Sidney
Hillman, a C. I. 0. Vice-President, and labor member of the
National Defense Advisory Commission.
Mr. Hillman said
that he wanted unity in the labor movement, but not at the
expense of our objectives. He stated in part:
Nov. 23, Mr. Murray
on
The F. B. I. agents,
Mr. Jackson said, had identified the Vultee strike
leaders either as members of
This information,
Navy Departments and the
may
the Communist party or affiliated with Com¬
he added, had been given to the
War and
National Defense Commission "so that they
warranted in the potection of the govern¬
take such action as may be
ment's interests."
The
Attorney
—
;
General's disclosures about the
statement in which he
Mr.
pointed
F. B. I. already had done this work.
fidence in the F.
In the world."
Vultee strike came In a
commented on the Dies committee's "White Paper."
Jackson accused the committee
of seeking to undermine public con¬
B. I., which he called "the
finest investigating service
for the United
Wingham Mortimer, national organizer
Nov. 27 that
intended to extend its efforts to other companies
Automobile Workers (C. I. O.) announced on
the union
the aircraft industry.
in
advices of
in part:
Nov. 27, said
aircraft plant objective will be the Ryan Aeronautical
The next union
employed. Afterward
Los Angeles,
San Diego, where 1,000 workers are
Company in
the union will seek
and the
Ryan plant have already designated the U, A. W. as
and a petition by the U. A. W. for an election
Employees at the
American is pending before the National Labor Relations
Board.
back into production today,
The Vultee plant swung
the
16,
page
2887.
that
of
it does to
that
from
fight
is
is
for nothing
basis
to
Employees of the Halcomb plant, of the Crucible
Steel Co.,
located at Syracuse, N. Y., returned to work on Nov. 22
after settlement of a strike that lasted for three days tying
operations
up
national defense orders.
on
'
complement of 1,100 men on the day force was
at work, while company officials prepared to meet a Steel
Workers' Union grievance committee whose demands pre¬
The full
A total of 2,300 workers
cipitated the walkout on Nov. 19.
V
affected.
was
as
the thought, and in the freight rate
being asked.
The Southern Governors'
removal of the differentials against the South
except that we be placed on exactly
the world
in
partial
the
industrialization,
the
and skilled workers.
A
^
\
down there.
economy
what
effects
the
are
of
deposit in the
bank
capita
industrialization; all we want
want the complete
do not
we
a colonial economy?
After years, the
South is $150 as against an average of
previous reference to the strike appeared in our issue of
3031.
the region
As
Workers at the Aluminum Co. of America
plant, members
28%
of
I could
transferred to the Logans Ferry, Pa., plant of the company.
Ralph M. Ferry, superintendent of the plant,
Mr.
"This solution is of the type we have been urging
and is quite satisfactory." In addition to halting
said:
right along
estimated by the company at $250,000 during the
wages
Philip Murray, newly elected C. I. O.
settle the controversy.
He conferred for
Nov. 27 with Nick A. Zonarich, president
Workers Union, after which conference
settle the strike
president, helped
several hours on
of the Aluminum
agreement to
an
reached.
was
previous reference to the strike appeared in our issue
3031.
'
•
.
♦
,
'■
'
•
and
;'
than
of
half
the
r
As the guest of honor of the Bond
:
Club of New York, on
Frank M. Dixon, Governor of Alabama, spoke on
Nov. 20,
South, saying in his opening
of the problems of the
some
of
Industrialization
Partial
Differentials—Urges
South
The
that I want to make to you
talk
today
comes
out with the activi¬
Conference. I want to present
you the point of view of those of us who are in positions of responsi¬
bility in the South with reference to Southern properties and the effect
ties, primarily, of the Southern Governors'
to
Southern
of
It
is
conditions
our
on
fundamental
in
is
not
City,
Maine,
possible for
or
that
thesis
plexity of the modern day
Montana,
society
your
m
well as
conditions
ours.
Alabama
in
the
in
com¬
vitally affect conditions in New York, in
California; that society is so organized that it
very
gentlemen,
you
as
living though you may in New York
done in the South.
You cannot
to ignore things that need to be
wall off poverty.
'
Among other things which, said Governor Dixon, "is part
Southern Governor, is the
In part, he went on to say:
and parcel of the picture of any
freight rate differential."
It
are
is
assumed
that
we
hostile to industrial
and I
there
anybody.
other
any
What
used
one
is
to
areas
are
in
Southern
am
Governors'
Conference
That is not the fact at all,
easily, and I
not putting blame
am
saying is this: that that alone, more than
thing, has fastened a colonial economy upon the region.
a colonial economy?
Simply that that region is
the effect of
produce
elsewhere
What I
the
in this country.
demonstrate it, I think, very
can
on
who
for
raw
materials
fabricating,
and
and
that
those
raw
then
sold
back
into
materials
that
raw
sent
material
are
producing area, in so far as the people there can buy it.
It means that
that area gets nothing but the low wage that goes with the production
of the raw material, and every ton of coal and every ton of iron that
is taken from the land, and every foot of lumber that is cut means a
diminution of the wealth of that section.
...
That
freight differential
is a peculiar thing.
I do not think that it
put on there deliberately; I think that it grew.
But the effect of
is this: We have certain low commodity rates.
We have the majority
was
our
low rates on raw
materials.
on raw
of
materials,
get into the fabricated goods, the cost of shipment per ton
the same distance as in the so-called official territory is 89%
but when you
for exactly
We have very low rates
it
farm
the
people
farmers,
tenants.
Although more than
than one-third of the pigs
are
raise less
we
one-seventh of the hay,
cattle, one-fifth of the eggs, butter and milk,
earth,
and
the
six
disproportionate
times
South.
is
That
The national
The
is
too
the average
States
all
of
to educate our
In New York State it is $170.
is $90.
average
capita expenditure
per
to spend
get
can
we
the
proportionately
that
course,
expense
great.
only one answer to that problem, and that is building up
capita wealth of the people.
There is no other way to answer
There
the
educate
is
small,
so
...
capita wealth, certainly the wealthier
their children as are the States
per
to
Southern
$30.
children.
income
able
as
the
In
education
is
In spite of the fact that
on the face of the
and cotton.
longest practicable growing zone
abundant rainfall and a fertile soil.
the
an
on
are
the
for
do not raise enough to feed ourselves for our own
we
in two crops—potatoes
got
Based
States
of
State
my own
except
have
is
per
them
modern
it, unless you just say: "Well, we won't educate them; we won't give
welfare
payments;
State,"
and
All
the
in
no
right,
in
won't have a
we
live in that sort of a civilization.
situation
that
you?
to
Is
definitely of interest to you, or not?
it
live here in
You
What interest is it whether they are barefooted
is it whether they do
not educate their
interest
Alabama, whether they do not have the proper
Alabama?
I
is
interest
York.
What
roads;
the
have
would *want to
what
New
City of
won't
we
one
Alabama?
in
health facilities
/
First of all, we have lost 3,800,000
of our children in the last five years in the Southern States, 300,000 of
them from Alabama.
A lot of those went away uneducated because we
think
it
is very
plain that it is.
they joined the great mass of uneducated people
couldn't educate them, and
and
the
Some
that unrest.
of
have
we
sign of unrest in this section were ready to become part
first
parcel
whom
been
able
have lost,
and
of
those
As to
educated.
of those were
educate
to
course,
loss is
our
gain.
this section and from the industrial sec¬
proud of them. A
great proportion of them have come and they have succeeded, and we
are proud
of them.
But the measure of their success here is the measure
have
to
come
tions of this country and made their mark, and we are
of
loss, and that is not good for you any more than it is for us.
our
The
realize
of
which
forces
their
that
flesh.
ties.
It
draw
be that of
this
of
profits
from
constructive
Nation
prosperity,
the
their
the
all
is
that
dear
then,
roots,
.
.
must
his pound
to get
The
back yonder.
roots
grass
hold
we
.
regions
within the communi¬
leadership
the
in
roots back yonder, and if all the strength
grass
Southern
is not that of a Shylock seeking
part
must
life
The
health,
remarks:
of
Nations
Many of them
of Alabama
Dixon
Most of those figures
be known very easily from the many books that
to you, or can
one-eighth of the potatoes, one-twelfth of the oats.
your
'
Before New York Bond Club
Discusses Problems of South and Effect of Freight
Gov.
National dividend payments, the
available.
More
one-half
who at
of Nov. 23, page
the average annual wage in the South is about
wages,
ad infinitum, and cite you figures.
on,
are
children
shutdown.
A
go
known
production
several million dollars' worth of orders, the workers 1 st
on
than $500.
more
are
of the
Under the agreement a $27-a-week worker blamed by the
union for causing the walkout because he threatened a com¬
mitteeman attempting to collect $12 in back dues, will be
as
Southern receipts are $17.55; the national average is $68.
With
the population the region pays only 12% of the income tax.
average
we
Congress of Industrial Organizations, voted on Nov. 28
to end a week-long strike which stopped work on several
big national defense orders and made 7,500 men temporarily
idle.
The strikers returned to work of Nov. 29.
$1,500
the rest of the Nation is $1,219.
$865;
use,
Settled
is
industrial
to
In
Strike at the Aluminum Co. of America
The per capita
York.
against $3,000 average nationally.
The Southern savings accounts average less than $50 per capita, as
against more than 10 times that amount for the Northeast.
The per capita
taxable property in Alabama is $470 as against a national average of
$2,137.
The average per capital income in the South is $314, with a
national average of $600.
The average annual farm income, even in the unusual year of '29, was
only $186 per year, and it is now substantially lower.
The average outside
about
wealth of the South is
;
Nov. 23, 1940, page
artificial barrier
industrialization of
else, and that there not be an
anyone
prevent
balanced
a
_
Company officials said plant production, which included
defense orders, was resumed "without a hitch."
Union
members said they sought adjustment of a "stagger" work
week and restoration of a pay differential between laborers
wante
area.
Frankly,
is
is
and that
theory
in asking for the
$471 for the rest of the country, and $1,850 for New
Crucible Steel Co. Settled
that
a
markets
single advantage is
one
same
erected
faces
reach
the
not
asking
the
South
to
starting.
ever
That
per
Strike at Halcomb Plant of
plant
manufacturing
the
that
is
39% freight rate differential against it in
before the manufacturer starts.
Once he
lias started under the present system, then he can go to the Interstate
Ccmmerce Commission and say: "I have got 39% against me; I want to
get over that," and they might give him some relief, but it prevents him
attempt
Well,
♦
for us to ship
more
freight
same
effect
into the
go
the
our
previous reference to the Vultee strike appeared in our
A
issue of Nov.
the
over
Now
Conference
their bargaining agent,
of
amount
same
freight
contracts with North American Aviation,
7,000; Menasco Manufacturing, Inglewood, 1,000,
Aircraft Die Casting Corporation, Los Angeles, 800.
employing
at North
the
1940
30,
north into official territory
ship that same amount of
railroad back to the same point in the South.
It costs 39%
greater.
to
Concerning his remarks, United Press Downey
Harvill
Nov.
The Commercial & Financial Chronicle
3168
in this Nation, is in the
is sapped from those grass
friends, the whole structure that we know and that we
help but fail.
my
love fails, and it can't
We
there
are
that you
by
doing
are
that
leadership
constructive
that
concerns
I
that.
builds
could
the
name
region.
many
of
Oh,
them
know.
the
would
Now
this
it
want
Nation,
improvement of
would
or
the South injure any other section of
increase the living standards of our people and
it
available for those who
of the South,
which would increase,
just by a little, per capita wealth and the per
capita income of the South, would make to hum the wheels of every
factory there is in industrial America, beyond the shadow of a doubt. . . .
But without a relaxing of the bonds that keep our colonial economy
double
have
things
fastened
part
to
markets?
the
make,
to
on
us,
we
sections?
resistance
to
a
incidentally,
will,
sell.
to
A
Nation
None I
as
Can
we
this
be
industrialization
partial
increase our
can't
of the
life
in the
other
We
per capita wealth enough to take
should.
Would it mean an injury
prevented?
If it can, then the
be
industrialization of the South becomes
partial
than
worse
folly.
In
1932
the value of
$144,000,000;
commodity
of
the
$78,000,000.
was
the
As
our
of the net
out
commodity
increased far faster than
Alabama.
of
was
a
the
lot
Alabama was $306,000,000 and the value
into Alabama was $186,000,000.
It
movement
the value of the net commodity movement out of
people
acquire
greatest undeveloped market in
There
movement out of Alabama was
commodity movement into Alabama
It went steadily up until in 1937 the value of the net
movement
net
the net commodity
value
they
money
spend
it,
and
it
South
the
"Economic Problem
No.
1."
But
those
sion
called
whc
try to think this thing out and plan the future of a people
as
the effect, and we admit it; and then we go from that
that
cause,
it
is
and then we come, as I am coming
part of
your
is
the
the world.
of resentment that came when the President's Commis¬
picture just as
much
of
us
look to
to the
here to you today, to say that
it is of mine, and that you
as
can't wall off "Economic Problem No. 1" to save your
soul.
Volume
Is
be
the
on
fast
the
as
the
In
States which
people
advanced.
well
are
6oil.
We have 300
development
South.
first
will never
the Nation
place,
In the second, there are many, many
of inestimable value to the Nation.
national
Our
the
in
this
Our
States.
United
raw
97% of the phosphates, 99% of the sulphur.
in the Nation.
We have developed
Intelligent farm leaders are making a
this one-crop farming which has held us back for all
is as good as any
there.
on
'
do
live
who
in
of the high
the regions
per
We ask a recognition by them of the neces¬
the sake of ourselves
alcne, but for thier sake as well.
We ask their sympathetic cooperation
with us in achieving these standards, with the knowledge on their part
that this does not mean a lessening of their own.
We ask a national
recgonition of the fact that the economic barriers to the prosperity of
any part of the Nation are unsound and in the long run fatal to all.
We ask recognition of the truth that there is no room for a colonial
empire, an India, within the borders of this continental United States. . . .
sity of higher living standards in the South, not for
There
is
section
no
of
ours.
We welcome those who
Observance
are
6hall
their
share
full
of
the
strangers to share with us our destiny.
Evacuation
of
be
earth.
of the
fullness
the
theirs
that
determined
are
riches and
the opportunities
globe which has
live
We
we
civilized
the
on
the natural riches, the moving destiny of this Southland
less for ourselves than for those that oome after us.
development,
of
and
Nov.
Day,
25,
Sub-
at
Treasury Building in New York City
Exercises in commemoration of Evacuation Day were held
25
Nov.
on
Henry
at
York
New
the
at Wall
Sub-Treasury,
Broad Streets, by the New York Chapter
Free Lecture Forum
The Henry George School of Social Science (New York
City), chartered by the University of the State of New York,
recently inaugurated a free lecture forum, the primary object
of which, says the School, "is adult education and the further
spreading of the philosophy of that great American economist,
Henry George."
As part of the forum, a lecture will be
delivered tomorrow (Dec. 1) in the school auditorium by
Erik T. H. Kjellstrom on the topic "The Economic Position
and
Nov. 25 that additional
Dec. 8 and Dec. 15; on the
earlier date Frank Chodorov, Director of the school will be
The
while Michael J. Bernstein will lecture on
Savings Bank of New York, stated that "we are observing
event in American history—the
dence."
struggle
That
157
was
which
DeBost continued,
Mr.
bitterness
The
ago.
years
gave
indepen¬
our
us
in part:
which
existed
then
between
republic and the mother country long since has been replaced
the new-born
by
York by the British, following the end
of New
hard-fought
the
understanding,
complete
friendship
and
for
cooperation
mutual
♦
Death of D. G. Boissevain,
Served
Secretary of United States
as
1913 to 1919
Minister to Siam and Secre¬
United States Senate from 1913 to 1919, died on
Nov. 21 at his home in Lowndesville, S. C.
Mr. Baker, who
was 79 years old, had been appointed Minister to Siam in
1933, and retired to his home three years ago.
The follow¬
ing on Mr. Baker's life is from the New York "Times" of
tary of the
Nov. 22:
Baker was born in
Mr.
Spartanburg, S. C.
from 1893 to 1913,
her illustrious history.
half
it
century
a
statue
upon
with
was
those
who
of
,
found
more
than
a
the
which
country
which
he
fighting
is
hold
for
the
passing
years
have
made
more
more
sacred—liberty,
freedom and
democracy.
Historian of the New York Chapter of
the Sons of the American Revolution, was also a speaker,
General George Washington and
Pearl Street at the head of a
great procession of soldiers and citizens on their way to the old City Hall,
at the comer of Wall and
Nassau Streets, to take formal possession of
the
of
time of day, 157 years ago,
George Clinton were riding down
This was the closing scene in the struggle which
republic, one of the truly great events in the history
City of New York.
gave
birth
to our
country.
our
.
.
.
procession turned up Wall Street just about quarter
past one o'clock and passed in review before the City Hall, which thus
gained the distinction of flying the first American flag raised on American
soil when this new Nation first exercised its sovereign Tights.
This old City Hall
later became Federal Hall, first Capitol of the
United States, and gained the additional distinction of flying the first
American
flag over the newly-created Constitutional Government, when
Congress held its first meeting here on March 4, 1789 ; and later when
the
first
President
of the United
States was inaugurated here on
This
great patriotic
April 30, 1789.
To
events, the New York Chapter of the
the American Revolution and its Continental Color Guard, composed
commemorate
Sons of
of
these historic
35 years of age, have adopted Nov. 25 for
steps of the Sub-Treasury Building, former
Federal Hall and the old City HalL
society
members
under
Flag Ceremonies on the
Annual
site of
Chapter, reminded
"on this great anni¬
versary, commemorating as it does the triumphal entry of
George Washington and his/men into New York City and
the flying of the first American flag raised on American
soil, it is fitting that we should acknowledge the signifi¬
cance of these events and rededicate ourselves to the same
principles of liberty and justice." He added, in part:
Frederick
those
however, is poor tribute.
These early Americans
bring into existence the American way of life.
The only tribute worth bringing to their altar of freedom is the dedication
of ourselves to the service of our country.
lip
and
service,
suffered
to
The exercises also
included the presentation to Mr. Cone
by Mr, Osborn. in the
A. Baker
He retired from his post in
Death of Allan A. Ryan
died
He
on
was
Mr. Ryan, who lived in New
old.
60 years
absence because of illness, of George
York
City, had gone to San Francisco on Nov. 13, accompanied
by his wife, for an indefinite stay. It was planned on Nov.
26 to bring his body to Poughkeepsie, N. Y. for burial.
From the New York "Herald Tribune" of Nov. 27 we take
regarding Mr. Ryan:
the following
Allan A.
spectacular figures of pre-depression
$35,000,000 between 1906 and 1920,
Stutz Motor Car
discharged from bankruptcy in 1922 he left
which he made only one later payment, of
Ryan was one of the most
Wall Street.
He amassed a fortune of
of his daring corner of the
When he was
Company stock.
$4,000,000 in unpaid debts, on
$100.
18 cents on the
Allan Ryan was a
financier by inheritance, training
in business as a stock broker
father established him
the late Clendenin
J. Ryan.
but Allan Ryan took
active in a wide
and inclination.
His
in 1906 with his brother
interests,
the Stock Exchange and became
Clendenin Ryan drifted off into other
his father's seat on
field.
of ten companies, dealing in steel, rubber,
the Stutz Motor Car Co.
Some
which he founded in 1908,
and an airplane company formed in 1911 with a capital of $50,000 to buy
up the American rights to Nieuport, a French monoplane which was then
said to be the fastest in the world.
At that time he was President of the
Aero Club of America and invested heavily in other aeronautical ventures.
The spectacular Stutz corner broke on March 31, 1920, when the board
By 1920 he was a director
chemicals,
oil, and foods, among them
included a typwriter company
of his ventures
of governors
of the Stock Exchange suspended trading
before it for an investigation of his
in Stutz shares
activities.
Stutz stock had risen in a few weeks from 101% to 391.
The board
of governors charged Mr. Ryan with buying contracts for more stock
than was outstanding.
He replied by asking them to accept his resignation
and called Mr. Ryan
from the Stock
Exchange and to sell his seat.
Cone, Vice-President of the
gathered at the Sub-Treasury that
Mere
fought
until 1931.
Ryan, son of the late Thomas Fortune Ryan,
Nov. 26 at the Fairmount Hotel in San Francisco.
and then lost it all as a result
saying, in part:
At this very
with the law office of Lawrence
because of ill health.
Allan A.
Gardner Osborn,
Governor
Washington, D. C.f remaining
to inspire love
hearts
than the salvation of her own liberty.
She is fighting to preserve the high dignity of the English-speaking race
of which you and I are a part.
So, her fight, in a sense, is our fight.
She is engaged in a life-and-death struggle to preserve the same things
England
commissioner
serving until
Bureau of the Treasury Department,
He then made a connection
1921.
Siam
Evacuation Day,
,
.
in the Internal Revenue
public subscription to erect this noble
of our people—native-born and
haven here alike—and to keep alive the beloved
in
democracy
our
York
College in
United States Senate
Government
Lowndesville and attended Wofford
He was assistant librarian to the
during which time he compiled numerous
publications in the Senate Library.
After his term as Secretary to the Senate he became deputy
in
Commerce of the State of New
organized a
ago
have
traditions
sacred.
of
this hallowed site on the 100th anniversary of
the idea that it should stand for all time
and
freedom
of
Chamber
the
Siam—Had
Senate from
James Marion Baker, former
terrific
odds for her own liberty.
Her courage and endurance are being tested
by the most tyrannical and most destructive force the world ever has
known.
England is defending the last citadel of democracy in the Old
World.
Her indominable spirit and valor are adding a new chapter of
When
Baker, Former Minister to
Death of J. M.
vancement.
achievement to
Retired New York Banker
Dutch-American banker and
at one time associated with the old firm of Harvey Fisk &
Sons of New York City, died on Nov. 26 of a heart attack
in Amsterdam, Holland, where he had been visiting.
Mr
Boissevain, who was 73 years old, had lived in Kew Gardens
(Queens) New York.
Born in Amsterdam July 16, 1867, Mr. Boissevain was the
son of Gideon Maria Boissevain, banker and economist.
He
came to the United States in 1890 and became a member of
Boissevain & Co.
In 1925 he joined the old Fisk firm,
remaining with it until 1930.
Gideon Boissevain,
Daniel
ad¬
Today finds Great Britain engaged in a desperate fight against
The State,"
Dec. 15 on "A
Survey of Public Housing."
of the State of New York and President of the Union Dime
evacuation
on
speaker, the topic to be "Government Versus
the
L. DeBost, former President of the Chamber of Commerce
the anniversary cf a great
announced
school also
free lectures will also be given on
of the Sons of the
In addressing the gathering, William
American Revolution.
of
of Social Science Inaugurates
George School
of Sweden."
those
from
ask
we
wealth and income?
capita
the
have
industry
systematic attack
these years.
What
We
of
original keys to Federal Hall.
the
you
production,
Jand
pasture
tremendous
excellent,
materials in abundance in the
27% of the installed hydro-electric generating capacity,
crude oil,
two-thirds of the natural gas, half of the
have
of
marble
section
other
any
are
the presentation
McAneny, who was scheduled to make
are
all know that.
Our highways
No other region offers such a diversity of climate and
minerals there.
We have the possibility of tremendous
there.
We
two-thirds
of
facilities
transportation
a
saving?
ground until it is saved.
the Southern
3169
Financial Chronicle
population is 97.8% native-born, capable of advancing, with training,
Our
as
worth
area
sure
assets in
The Commercial &
151
Death of Jesse L. Livermore
'
Jesse Lauriston
Livermore, former prominent operator
in
grain market, was found dead
of a bullet wound on Nov. 28 in the Sherry-Netherland
Hotel, in New York City. The police listed Mr. Livermore
as a suicide.
Mr. Livermore was 63 years old and recently
acted in an investment advisory capacity, it was pointed
Wall Street and the Chicago
out in the
"Wall Street Journal" of
Nov. 29, which also
said:
Mr.
Livermore
was
noted for three decades
for his stock and grain
the short side of the market. He was born in
1877 in West Acton, Mass., and began his career at the age of 16 in the
Paine, Webber & Co. office at Boston.
He came to New York in 1903.
operations, frequently on
He became known as
side
the "boy plunger" when he played the short
„
Livermore was reported to have made a
huge profit on the bull side, selling out before the break. He then turned
to the wheat market where his dealings attracted the attention of the Federal
Trade Commission.
He told the commission during an investigation that
he often bought 5,000,000 bushels of wheat at a time.
In a period of violent fluctuations in wheat in the eany months of 1925,
During the world war, Mr.
It was disclosed he had sold short
heavy profit.
well over a dollar
50,000,000 bushels of wheat in three months at prices
a
bushel.
'
Livermore was
Mr.
it
reported to have made a large profit on the short
revealed later that although he had sold 20,000 shares short, he
was
In the course of his career, Mr.
He
four times.
was
Livermore
was
comparatively in the background
Early in 1940, he inaugurated an advisory service for
years.
which he was conducting at the time of his death.
investments,
monthly meeting of the Chamber of Commerce of the State
of New York to be held on Thursday, Dec. 5.
This will be
Mr. Woll's first address to a group of representatives of
ndustry following the A. F. of L.
Rothermere, British newspaper publisher, died on
Nov. 26 in King Edward VII Memorial Hospital, Hamilton,
Bermuda.
He was 72 years old.
The following account of
his career is taken from the New York "Times" of Nov. 27:
Lord
Rothermere
He
British Empire.
believed to be the second wealthiest man in the
was
President of Mexico, which takes place tomorrow
as
that his chain
London Evening News" in 1894, paid
The two brothers took over "The
for it in two years
from its profits and soon afterward founded "The Daily
Mail," which almost immediately proved a great success.
.
.
.
Rothermere, who was a son of the late Alfred Harmsworth,
Viscount
and Scotsman by birth, and Geraldine
of the Middle Temple
Barrister
Mary, daughter of William Maffett of Pembroke Place, County
born
was
Dublin,
Of his early life little or nothing is recorded,
April 26, 1868.
on
Lord Northcliffe, and eventually be¬
but he went along with his brother,
of the wealthiest men in England,
came one
After that he took over the Air Ministry.
general.
Rothermere
Lord
■■
was
created
His business activities were large
Councillor in 1917 and Viscount in 1919.
and widespread.
ment
He
was
chairman of the Anglo-Newfoundland Develop¬
Company, a concern that owns vast forest properties, and chairman
the
of
Anglo-Canadian
and
Pulp
Mills,
Paper
Ltd.,
with Its principal
;
properties in the Province of Quebec.
By 1923 it was estimated that Lord Rothermere's interests were worth
than
more
The
$150,000,000.
aggregate circulation
amounted to 33,000,000 a week, and "The Daily
circulation of 1.780,000 copies in
returning to Mexico City after a four months'
'
Nov. 26 upon
voluntary exile.
;-;;V
♦
;/
Appointed Japanese Ambassador to
Nomura
Admiral
United States
appointed Japanese
Kensuke
Horinouchi, it was announced in Tokyo on Nov. 26.
Secre¬
tary of State Cordell Hull has formally notified Japan that
the appointment is acceptable.
According to an interview reported by the Associated Press,
in Tokyo advices of Nov. 26, the new Ambassador said that
there was no issue between Japan and the United States that
could not be solved without recourse to war.
The advices
Admiral Kichisaburo Nomura has been
Ambassador
of his
newspapers
Mail," alone, had
1932.
daily
a
1
,
will go up in
with
war
flames.
.
.
United
the
was
—Has Been Assistant to Secretary
of State Since
Resigning as Ambassador to Germany in January
—Secretary Hull Expresses Gratitude for Services
neither pessimistic nor optimistic about the
improving relations between his
who
has
Assisted
been
Secretary
of
possibilities of
and Washington, where he
Thos re'ations, he
government
served in World War days as Japanese naval attache.
Seas
Japan's continental
depend largely on
"apparently
added,
and South
policies."
"cutting such
upon
Japan as
large trade channel might
a
here."
actions
abnormal
in
supplies," he said,
"If the United States refuses to sell us oil and other
"we must get them elsewhere."
Nation.
"You can't exterminate a
live side by side," he said.
must
Versailles conference .at the end of the World
attended the
I
he declared.
of wars" stretching indefinitely into the future,
"chain
a
would touch
between the United States and Japan probably
A conflict
off
"Nations
Wilson,
stage."
who speaks English well and with blunt directness, de¬
The Admiral,
He said he viewed any possible United States embargo
H. R. Wilson to Retire from Diplomatic Service Dec. 31
R.
in the Pacific, civiliation
There are few—if any—Japanese who want
What is important is how to prevent the
.
States.
situation from reaching its worst
clared he
.
hangs on American actions just now. If the United States
dangerous and asserted that
Hugh
',v- V'
-.';V
-
world
of the
succeeding
States
United
the
to
ways," the retired Admiral said in an interview, "the fate
"In many
result
,
had claimed he had
abandoned this claim on
General Juan Andreu Almazan, who
been elected President of Mexico,
becomes involved in conflict either in Europe or
Baronet in 1910, Baron in 1914, Privy
a
of Nov.
3033.
page
continued:..
During the early part of the war there had been scandals within the Royal
Army clothing department and Lord Rothermere was appointed its director
his representative at the unaugura-
12; this was mentioned in our issue
Nov.
on
23,
as
President Roosevelt
Camacho.
being succeeded by Gen.
.
Rothermere chain of
It was estimated
reached 80% of the British newspaper-reading public.
of which The Daily Mail was the cornerstone.
as
(Dec. 1). Mr. Wallace, who arrived in Mexico City on Nov.
28, went with the other special envoys for a group presen¬
tation of credentials to President Lazaro Cardenas, who is
cliffe, the journalistic genius, build up the famous
newspapers
Credentials
Presidential Inauguration
Henry A. Wallace, Vice-President-Elect, yesterday (Nov.
29) presented his credentials in Mexico City as special
Ambassador to the inauguration of Gen. Manuel Avila
Special Envoy to Mexican
the "financial wizard" who helped Lord North-
was
Presents
Wallace
Vice-President-Elect
tion
Lord
convention at New Orleans.
4*
named Mr. Wallace
Rothermere, British Newspaper Owner
Death of Lord
and speaker at the
will be the guest of honor
Labor,
Camacho
forced Into bankruptcy
suspended from the Chicago Board of Trade in 1934,
and his financial transactions have been
in recent
had
he held on the long side.
taken a terrific loss on 80,000 shares
stock
However,
sharp break in stock prices in October, 1929.
side during the
Vice-President of the American Federation
Matthew Woll,
of
the short side of the market, and later took
he switched from the long to
the bull side for another
1940
New York State Chamber
unsuccessful attempt to corner the New York cotton
In 1909, he made an
market.
30,
Vice-President of A. F. of L. to Address
of Commerce
Matthew Woll,
panic of 1907 for a reputed profit of $3,000,000.
of the market during the
Nov.
Financial Chronicle
<St
The Commercial
3170
State since resigning in January of this year as Ambassador
War
to
expected another European war—but today there is war.
Germany, wilj retire from the diplomatic service on Dec.
31, it was announced by the State Department in Washing¬
ton on Nov; 24.
Mr, Wilson, who is 55 years old, entered
the
diplomatic service in 1911
American
Minister
as
Lisbon
in
private secretary to the
since
has
and
served
Guatemala, Buenos Aires, Vienna, Bern and Tokio,
Berlin.-
as
as
and
a
do not wish to let pass
sincere
appreciation
tasks with which
you
the
on
splendid
your
have been faced
we
termination
of
a
long
in
and
a
(Retired)
personal word of
cooperation
recent
in
months and to
successful
career
Service of the United Sttaes which carried you to the
in
the
difficult
report
he
Wilson
year
Mr.
from
affairs in the Reich and
on
would
between
recalled
was
remain
in
Washington
his
Berlin
never
Wilson resigned
from the
as
returned.
indefinitely
Germany and the United States.
retirement
post
...
as
in
It
1938,
to
announced that
on
on
relations
Dec.
31 his
Foreign Service will become effective.
President
Nov. 25 elected Senator Walter F.
George,
Democrat, of Georgia, as Chairman of the Committee on
Foreign Relations, to fill the vacancy caused by the death
of Senator Key Pittman of Nevada.
Senator George was
the unanimous choice of the Senate Democratic Steering
Committee when it met on Nov. 23 for the purpose of
selecting a new Chairman.
Mr. George was second in line
among the Democrats on the 23-member committee, being
outranked in length of service by Senator Pat Harrison of
Mississippi.
However, since Senator Harrison holds the
chairmanship of the Finance Committee, which he preferred
to keep, Mr.
George was elevated according to Senate
custom.
Senator Pittman's death was reported in these
columns of Nov. 16, page 2885.
Roosevelt
Nov.
on
26 sent
nomination of Rear Admiral William D.
Rieo,
Naval
of
Chief
mer
Operations
Ambassador
as
[Nov.
Senate
The
the
to
Senate the
Leahy, retired for¬
of
Governor
and
Puerto
to France, to succeed William C.
Foreign Relations Committee unani¬
Leahy
Admiral
29].
Nov. 28 for New York
litt's
resignation
President
from
Puerto
two weeks
ago,
Rico
on
Mr. Bul¬
France, submitted to
noted in our issue
Ambassador to
as
Roosevelt
sailed
his way to Washington.
on
as
Presi¬
understpod to have offered Mr. Bullitt's
post to General John J. Pershing, but the former Com¬
of Nov.
dent
16,
of
of
2885, became effective on Nov. 26.
page
Roosevelt
advice
Foreign Relations Committee
on
M.
Governor of Puerto Rico to Succeed Admiral Leahy
mander
Senator George of Georgia Elected Chairman of Senate
The Senate
Leahy
mously approved the nomination the following day (Nov.27)
and
the
Senate
confirmed
the
appointment yesterday
Foreign
In January of the present
Ambassador to the Reich and
Admiral
Bullitt.
November,
was
J.
Bullitt—Dr.
Rear
to France Succeeding
Gallardo Designated as
the
highest rank.
consultant
C.
W.
Nominates
Ambassador
as
congratulate
From the advices quoted above we also take the following:
Mr.
Roosevelt
President
letter to Mr. Wilson
the opportunity for adding
for
would
I, personally, know no issue between them im¬
chain of wars.
a
in
well
According to Washington advices, Nov. 24, to the New York
"Times" of Nov. 25, Secretary Hull wrote:
I
I never
"Similarly, conflict between the United States and Japan merely
begin
Nov. 24, expressed his appreciation of Mr. Wilson's services.
very
apparently crushed to the ground*
the Germans
possible of peaceable solution."
Vv
Secretary of State Cordell Hull, in
saw
is
E.
A.
the
his
F.
ib
said
to
have
On Nov. 27 the President designated
as
San
German,
the
Island
which he
was
the
Jose Miguel Gallardo
Dr.
native Puerto Rican, having been born
a
been
has
Puerto Rico since 1937.
of
on
Governor of Puero Rico to succeed Admiral Leahy.
Gallardo who is
at
declined
physicians.
since
Commissioner of Education in
Admiral Leahy had been Governor
the
beginning
of
this
year,
Chief of Naval Operations from
retirement in August,
1939.
prior
to
1937 until his
\
♦
J.
C.
White
Nominated
President
by
Minister to
The
as
nomination
of
Minister to Haiti
dent
Roosevelt
on
John
was
Nov.
Roosevelt
as
Haiti
Campbell White of New York
submitted to the Senate by Presi¬
26.
Mr.
White
is
at
present
diplomatic agent and Consul General at Sangier, Morrocoo.
Volume
H.
Dr.
The Commercial &
151
as Chairman of NLRB —
Approval by Senate of Nomi¬
Millis Takes Oath
A.
Follows Unanimous
nation
Member
as
of
Board
Economics of
University of Chicago, on Nov. 27 took the oath of office.
Chairman of the National Labor Relations Board, giving
the
as
membership of three since the ex¬
Board its first full
the
piration of the term of Chairman J. Warren Madden
Aug. 27.
The nomination of Dr. Millis, which was sent
on
to
15, was approved
by that body unanimously and without debate on Nov. 26
several hours after it was reported by the Senate Labor
Committee. Oniy six members of the Committe were present
when the nomination was acted upon, Chairman Elbert D.
Thomas favorably reporting it on the basis of a poll of
absentees, it is learned from Washington, United Press,
by President Roosevelt on Nov.
the Senate
nothing concerning the reasons for
"I have
are
before
present several important labor cases
at
past several
months due it is said to the conflicting opinions of William
M. Leiserson and Edwin S. Smith, the other members of the
expected that these cases will be decided
future with the seating of Dr. Millis.
In report¬
It is
in the near
now
Dr. Millis by
Giaser, chief clerk, Washington advices, Nov.
the New York "Times'' of Nov. 28, also had the follow¬
ing the administering of the oath of office to
Herbert
27, to
R.
ing to say:
employees and attaches who watched the one-minute
ceremony as Herbert R.
Giaser, chief clerk, administered the oath, were
Nathan Witt, executive secretary; Thomas I. Emerson, chief of the Review
Among
and
Division,
Messrs.
the
Witt,
35
Alexander
Einerson
The
not accepted at once because of a deadlock be¬
Leiserson and Mr. Smith.
The former was ready to accept the
resignations
Dr.
tween
resignations
until the third
took his post.
resignation
probably
will
become
after
effective
he
case
Hawes.
Board
The
today was
meeting
the first
in which the three
members
present since Chairman J. Warren Madden's term expired on Aug. 27.
Consideration of cases
which have been deadlocked for months may
were
be
The one involves the dispute between the C. I. 0.
and the A. F. of L. longshoremen's union on the
The NLRB several years ago certified the C. I. 0. affiliate
expected to follow.
longshoremen's
Pacific
Coast.
union
exclusive
the
as
the
West
and
that
The A.
region which
Recently
bers.
for collective bargaining for all longshoremen on
F. of L. protested that it had locals in Tacoma
agent
Coast.
composed almost entirely of
of L. demanded a hearing
were
A.
the
F.
brought about a deadlock between Dr. Leiserson
The nomination of Dr.
referred
was
in
to
these columns
in
our
Federation mem¬
and the request
and Mr. Smith.
NLRB
2886 while
noted the resigna¬
Millis as a member of the
issue of Nov. 16, page
Nov. 23 page 3033, we
tions of Messrs. Witt,
of
Appointed
WPA
in
Acting
the fall of that country.
After arriving in
of King
only to be forgiven and
and conferring
Administration for New York City,
Ad¬
the
has been
appointment
was
received
at
WPA
head¬
quarters in New York City Nov. 25 in a telegram from Howard
O. Hunter, Acting Commissioner of the national WPA,
Mr.
appointed Assisting Deputy Adininstrator
Hugh Johnson in 1935 while the
latter was New York City WPA Administrator, is a retired
officer of the U. S. Army Air Corps.
Gottschalk,
receive a clean slate upon
Charge d'Affairs of Embassy at
Rank of Minister—A. W. Horn
Transferred from Berlin to Rome as Attache
Kirk Appointed
Have
C.
A.
Rome—Will
Disclosure
Alexander C. Kirk, former Charge d'States Embassy at Berlin, has been
that
Affairs of the United
appointed Charge d'Affairs of the American Embassy at
Rome with the rank of Minister, was made by Mr. Kirk on
Nov. 26 as he boarded the Atlantic Clipper at La Guardia
Field in New York en route to Rome to assume his new post.
Accompanying Mr. Kirk aboard the clipper was Albert W.
Horn, formerly an attache at the American Embassy at
Berlin, who has been transferred to the Embassy at Rome to
serve in a similar capacity.
Mr. Kirk said on Nov. 26 that
a third member of the Berlin staff, Philip
Fahrenholz, will
join them in Rome. In reporting the departure of Mr.
the New York "Herald Tribune" of Nov. 27 said:
who
was
by General
Resigns as American Ambassador to
Belgium—To Devote Time to Writing—Hungarian
Minister
to
United States, John Pelenyi, Also
Cudahy
Resigns
Cudahy, who became American Ambassador to
Belgium in January of this year, tendered his resignation
from that post to President Roosevelt on Nov. 28,
Mr.
Cudahy submitted his resignation orally at a conference with
the President Nov. 28, and it is stated it was accepted,
effective immediately. Mr. Cudahy indicated that he would
offer his resignation formally in writing
John Pelenyi, Hungarian Minister to the United States,
announced on Nov. 28 that he has resigned from that post
and his resignation has been accepted by his government.
In reporting the foregoing, Washington advices, Nov. 28, to
the New York "Times" Nov. 29, also had the following to
John
say:
accepting a diplomatic or other
Instead he will return to his home in Milwaukee
He particularly wants to write a novel on
Poland, and focus it on the tragic experience of that country, but first must
obtain his papers and records on the subject which are now in England.
Mr. Pelenyi's plans are uncertain.
He intends to remain in this country
indefinitely, or at least until conditions change in Hungary to make his
Mr. Cudahy
post in the
said be had no intention of
administration.
and devote time to
return
A
writing.
feasible.
career
diplomat for the past 33 years
Dec. 28. 1933, Mr.
and Minister to Washington since
Pelenyi is known as a liberal.
nation when he called upon
Kirk
word of his appointment.
Oct. 10, having
in the German capital, and arrived in New York by clipper
on Oct. 19.
It had been reported recently in Washington that he would
be sent to Rome to replace the American Ambassador, William Phillips,
who left his post last July 29 on a leave of absence and has not gone back.
Although no official announcement was issued by the State Department
concerning Mr. Kirk's appointment, it was said in informed quarters in
Washington last night that he had received the rank of minister to signify
a promotion above the post
he had formerly held in Berlin and to lend
the first definite
Kirk's statement was
Mr.
He
was
recalled from Berlin by
the State Department on
It was reported without confirmation
and that Mr. Kirk would remain,
embassy in Rome indefinitely.
Rome.
prestige to his position in
that Mr. Phillips
of the
in charge
would not be sent back,
honorary rank of
often used in the American
diplomatic service, there was one other man who had a similar rank—
George T. Summerlin, chief of the division of protocol, who is also an
honorary minister.
In foreign services of other countries, it was said, far
more frequent use is made of the title than in the American service.
It
noted also in Washington
was
minister, as applied to
In
an
to this
that although the
Mr. Kirk, was not very
issue of Oct. 26, page
country of Mr.
2434, we referred to
the return
Kirk.
He announced his resig¬
of it, but he said
Secretary Hull to inform him
Assume Post
Arrives in United States to
Minister from Paraguay
as
newly appointed
Minister from Para¬
to the United States, arrived in New York from South
America on Nov. 26 aboard the American Republics liner
guay
Uruguay and planned to go to Washington the following day.
Upon his arrival in New York Dr. Soler said that he was
here to promote cordiality between Paraguay and the United
States; this was noted by the New York "Times" of Nov. 26,
which
quoted Dr. Soler as saying:
I am here to do
that this cordiality can be a real
contribute to cooperation among all-
all I can to make sure
contribution from my
country and
Latin-American nations.
<
'
<
,
;
'
,
♦
William
of
Knudsen to Speak at 45th Annual Congress'
Industry to Be Held in New York
American
Dec.
11-13
Presaging the largest
John
arriving in Washington
Roosevelt.
with President
Dr. Juan J. Holer,
New York City
appointed Acting Administrator of the local WPA, succeed¬
ing Lieut. Col. Brehon Somervell who left New York City
last night to report to the Adjutant General of the U. S.
Army at Washington for military^service.
Word of Mr.
Gottschalk's
publicly defended the surrender
reproved by the State Department,
London from Belgium he
Leopold, an act for which he was
Administrator
five years Assistant Deputy
and Director of the Division of Finance of
ministrator
I am now in
Hawes and Emerson.
Oliver A. Gottschalk, for
Work Projects
I have asked my
for some time,"
government has
retirement."
"I hope to remain in this country as a private citizen for some time."
Mr. Pelenyi said he had not been informed of the appointment of a
successor, but it is assumed that anew Minister would be named soon.
. . .
Mr. Cudahy is terminating a diplomatic career of nearly eight years,
which he entered from civilian life.
He was first appointed Ambassador to
Poland in 1933.
Four years later he was transferred to Ireland as Minister,
and last January was sent as Ambassador to Belgium, where he witnessed
Dr. J. J. Soler
Gottschalk
A.
O.
Hull to inform him that
relieved, which has been my intention
the State Department.
"My
served two years
early next month in New Orleans.
The other resignations
passed upon after Chairman Millis confers with Messers. Witt and
a
be
will
immediately, while Mr. Smith wished to wait
Emerson's
Mr.
argues
were
of the Board
member
Hawes, administrative assistant to Mr. Witt.
Hawes offered their resignations last week
appointed Dr. Millis to the board.
and
when President Roosevelt
to see Secretary
accepted my resignation and
the NLRB which have been deadlocked for the
Board.
self-
They were considered
when he called at
he said
advices of Nov. 26.
There
come
his action.
diplomats.
evident by other
government to be
Millis, Professor Emeritus of
Dr. Harry A.
3171
Financial Chronicle
trial brains ever
aggregation of the Nation's indus-'
assembled to discuss one
topic, "Total Pre¬
paredness for America's Future," II. W. Prentis Jr., Presi-'
dent of the National Association of Manufacturers, made
known on Nov. 24 that the forty-fifth annual Congress of;
only will bring together over 5,000
defense," but that William Knudsen,
industrial spokesman on the National Defense Advisory
Commission, has accepted the N. A. M.'s invitation to speak
at the concluding banquet session of the congress.
As the
final speaker on the three-day program, which begins on
the morning of Dec. 11 and ends the evening of Dec. 13 at
the Waldorf Astoria Hotel in New York City, Mr. Knudsen
lias selected for his topic "Industry Meets the Challenge of
Defense."
Will Durant, philosopher and historian, will
share the rostrum with Mr. Knudsen.
Mr. Durant, taking the more lofty approach to the de¬
fense problem, will examine our intellectual and spiritual
defenses in the light of world conditions.
American Industry not
manufacturers to "talk
of evalu¬
needs and stating their views
on specific means to promote "total preparedness," the sev¬
eral thousand participating members who represent more
than 40,000 manufacturers affiliated with the N. A. M. and
the National Industrial Council, also will hear every phase
of the
defense program discussed by nationally known
authorities.
Regarding these addresses the Association's
announcement had the following to say:
Scheduled to meet here for the common purpose
ating the country's defense
The Commercial & Financial Chronicle
3172
The
Cork
keystone address of H. W. Prentis Jr., President of the Armstrong
and the N. A. M., officially opens the congress at a luncheon
Co.
Dec.
on
Following this the assembled industrialists will get down to
considering the five main divisions of the central "total
11.
business
the
of
8.
Economic Aspects of Preparedness.
Post-War
and
Intellectual
6.
General
Spiritual
Defenses.
Clifford
will
the
with
program
an
"South American
Scene."
Table
"Round
a
on
of
Supply
Labor," will
of
Defense" discussion
part of the program.
the second
speaker
National
on
cover
His address,
skilled
labor
the
as
of
R.
Director of
Steelman,
Conciliation,
"The Problem
W.
if.
Stromberg-Carlson
President
Angle,
Co.
and
be
a
Chairman
talk by
the
of
"Sabotage and the Fifth Column."
observer to the
British
Expeditionary Force.
address, will stress the need
for "unity and
"The Lesson of France," his
a
sound economic system if
this Nation is to survive."
Pitfalls
"Economic
of
Totalitarianism,"
by
Carl
Snyder,
author
of
the third phase of the program.
Mr. Snyder will present
"an analysis of the long-range economic strength of free enterprise and a
challenge to America to maintain it unadulterated."
Philip D. Reed, Chairman of the Board, General Electric Co., will take
we
B.
"our domestic economy
truly strong."
become
can
needs
talk
a
which
will speak
and
will
a
to
its
and spiritual defenses, will begin
Crawford, President Thompson Products, Inc., in
how his company "explains the process of creating
tell
employees."
Religious Foundation of True Americanism" has been selected as
the title of hie address by James W. Fifield, First Congregational Church
A.
James
Emery, N.
A.
General Counsel, will take for his subject
M.
"Strangling Our Defenses with Administrative Rules."
N.
The
M.'s public
A.
Chester,
A.
N.
M.
program will be described by Colby
Chairman of the National Industrial In¬
information
director,
formation Committee.
General
Robert
E.
Wood, N.
A.
M.
director and Chairman Sears, Roe¬
discuss "Our Stake in Europe's Wars."
The post-war adjustment phase, which is the fifth and final part of
the program, will be opened with an address by J. Howard Pew, N. A. M.
National Vice-President and
director, President of the Sun Oil Co. of
&
Co., will
Philadelphia.
Speaking
the records of a group of companies,
American
elected to the presidency of the Associa¬
was
Medical
Directors.
"Preparedness Agency-wise," Harold J. Cummings, ViceSuperintendent of Agencies of the Minnesota Mutual Life
on
and
President
field
St. Paul, will discuss the service of the life insurance
Insurance Co.,
Another feature of the program will be an
public.
by Claris Adams, President of the Ohio State Life Insurance
field
The
Co.,
:
•Columbus.
J,./
supervision will be represented by John
insurance
of
C.
Blackall, President of the National Association of Insurance Commissioners
Commissioner of Connecticut.
He will speak on "Contribu¬
and Ihsurance
Life Insurance Preparedness."
Sound State Supervision to
tion of
will
war
Malcolm
Will Be
Dec. 5-6, will be one of the features of the
"Roundup" will present discussions of
three types of lending activity that are of growing sig¬
nificance.
These three phases of credit—defense financing,
field warehousing, and consumer credit—will be discussed
in their most recent aspects by experts on the respective
subjects.
Concerning the speakers at the conference the
Worth, Tex.,
Fred F. Florence,
will
when
peace
is restored will be made
by Charles Kettering, General Motors Vice-President in charge of research.
President
of
the
Massachusetts
Institute of Tech¬
science.
of
A previous
to the national economy and to
rearmament program expands.
It
A. B. A. annual convention in
importance of this type of lending, both
developing
is
"Field
the country's
as
considerable
received
attention
at
the
City, N. J., last September.
Warehousing," to be discussed at the Fort Worth Conference by
H.
Miller, Vice-President of the City National Bank & Trust Co.,
111.,
is
of the country.
expanding in Southwestern States, bank figures show.
of lending is done in that area than in any other section
Because it is
relatively
a
new type
of warehousing, it has
presented problems not widely encountered heretofore and for that reason
the "Roundup."
is included in
will portray the "promises of the future" with a pageant of the
wonders
President of the Republic National Bank, Dallas, Tex.,
on
"Financing the Defense Program."
Thc-
conference
More of this type
mankind's progress
Compton,
the
address
Chicago,
of
forecast
The
announcement said;
"Another Post-War Depression?"
director and
6-6
Dec.
Roundup" for the 1,000 bankers of 10 South¬
western States who are expected to attend the Regional
Conference of the American Bankers Association in Fort
William
M.
in his scheduled talk.
nology,
Held
for
'^Credit
A
Atlantic
A.
Study of Depressions, poses the question
Carl
Roundup"
\
Chairman of the Committee on
N.
Muir,
Conference to Feature
Southwestern Bankers —
A. Fort Worth Regional
"Credit
banks,
foreign affairs.
C.
W.
of the Mercantile National
Vice-President
Belew,
Bank, Dallas,
Hurley, Assistant Cashier of W. B. Worthen Co., bankers.
Rock, Ark., and Walter B. French, A. B. A. Director of Consumer
Tex.; Louis E.
reference to the Congress appeared in these
columns of Nov. 16, page
2886.
Little
Credit, will present a panel discussion of the consumer credit field
Their
discussion will deal with current phases of this type of lending activity
as
14th
the
of
Life Insurance
discussion of the probable situation at the conclusion of
be undertaken by Wythe Williams, well-known analyst of
speculative
Dr.
on
from the viewpoint of a life insurance
be "Medical Preparedness."
Dr. Cragin is
Medical Association and the American College
His topic will
conference.
of Los Angeles.
A
the Aetna Life Insurance Co., Hartford,
1940 mortality experience among
of
policyholders, based
Surgeons, and this year
address
..
interpret these findings
Fellow
tion of
A. B.
"The
the
director
'
present a review of the
officer.
medical
on
C.
F.
by
will
he
wealth
A
medical
He will
thus
■
special data will be given by Dr. Donald
improvement before
former Under-Secretary of the Treasury,
John W. llanes,
buck
In the course of his
which has been
research
*.
Cragin,
"Financing the Defense Program."
Part four, dealing with intellectual
M.
theme.
special
study and will analyze the trends
this
the results of
present
Conn.
open
the theme that
with
of
subject "Internal Prosperity Essential for External Defense," devel¬
for his
oping
results
for the future and are currently receiving its tangible benefits.
deals with life insurance investments.
Speaking on "The
Wherefore of Life Insurance Funds," Walter LeMar Talbot,
of the Fidelity Mutual Life Insurance Co., Philadelphia,
Pa.,
forces to the American
"Capitalism the Creator," and member of the New York Federal Reserve
Bank, will
and
life insurance
of
speaker at the Thursday [Dec. 12] luncheon session will
Maurois, noted French author who was attached as official
Andre
the central
on
the
disclose
will
Another address incorporating
featured
The
prepare
President
Employment Relations Committee.
Mr. Angle will touch on
legislative aspects of Wage-Hour, Walsh-Healey, National Labor Relations
Act., and will make the report of the Employment Relations Committee.
J. Edgar Hoover, Director of the Federal Bureau of Investigation, con¬
cludes part two with an address,
speak
disclosed.
M.
A.
will
Another survey
Why
Department
Labor, will talk about "Conciliation."
"The Problems of Federal Labor Laws" will be the subject of
N.
to
will
States
he
address
the morning of Dec. 5, Leroy A. Lincoln, Presi¬
on
Metropolitan Life Insurance Co., New York, the Chairman of
the
convention,
apprentice
shortages,
United
the
first
training, with special reference to the machine-tool industry.
John
The
by life company executives.
undertaken to show the extent to which Americans are using life insurance
Stillwell, Vice-President Warner & Swasey CO., Cleveland, Ohio,
follow
the
of
one
Other speakers, not yet announced, will
and the
"World Scene"
the
on
part
open
analysis of the domestic scene.
talk
Opening the sessions
dent of
will
Johnson
and the results of these will be presented at
in addition to the foregoing, were
by the Association as follows;
listed
Readjustments.
Hugh
surveys
features of the program,
Preparedness.
Production
To aid in the devel¬
the central topic and the relationship of life
insurance thereto, the Association is making a number of
the meeting in addresses
2.
4.
be "Preparedness."
1940
30,
of
opment
special
preparedness" theme, which are:
1. The Need for Total Preparedness.
Aspects of
of the meeting will
Nov.
National
Exposition of Power and Mechanical
Engineering to Be Held in New York City Dec. 2-7
in
its
general
aspects.
Relief Act, recently
Fort
Conference
Worth
area
consists
Arizona,
of
Mis¬
Kansas, Louisiana, Mississippi,
souri, New Mexico, Oklahoma and Texas.
Arkansas,
Colorado,
Association of Bank Women to Hold Series of
Held
The
utilization,
Rebuilds for
"America
on
Emphasis is
on the economics of power production and
rather than the question of supply, and the
Power Show serves a timely purpose in revealing the new
techniques that are constantly being developed in the power
field, as well as hundreds of improvements in major and
minor equipment items, serving recognized purposes to
better advantage.
the
as
Civil
The
The 14th National
Exposition of Power and Mechanical
Engineering will be held at the Grand Central Palace, New
York City, Dec. 2-7.
The means for stepping up existing
power plants to carry the additional load imposed by the
national defense program will be emphasized by exhibitors.
Nearly 300 exhibits reveal progress in the power field with
a large
number of displays reflecting manifold advances.
The significance of the Soldiers and
enacted to aid enlisted and drafted men
United States armed forces, will receive particular emphasis.
well
Sailors
on
Dec.
6
Association of
Regional
Meetings
Defense"—First to Be
Bank Women
of the
Vice-President
announces
Middle
through its
Atlantic Division,
Miss Hilda M. Hoffmann of the Bowery Savings Bank,
New
York, a series of meetings devoted to "America Rebuilds for
Defense."
Dr. Allan R. Cullimore, President of the Newark
College of Engineering, will open this series on Dec. 6 with
talk on "Training Technicians in Industry for Defense"
at the National Newark & Essex Banking Co., Newark, N. J.
a
.
Association ""of
34th
Life
Annual
Insurance
Convention
Presidents
in
New
to
Hold
York
City,
Dec. 6-6—Preparedness to Be Theme of Meeting
Leaders in major activities will join life insurance execu¬
tives in considering the part which their several fields can
Dr.
Cullimore, who
engineer and
is an
an
educator, was
recently named adviser in the northern area of New Jersey
of training technicians for defense work,
as liaison officer, maintaining continual
contract with defense industries, army and navy district
for the program
and
as
such will act
play in fostering American preparedness when the Associa¬
offices, employment services, and other sources of
tion of Life Insurance Presidents holds its 34th annual
tion
con¬
vention at the Waldorf-Astoria,
and
6.
The
announced
W.
Prentis
on
New York City, on Dec. 5
speakers listed in the preliminary program
Nov. 22 by the Association include Henning
.Jr.,
President of
Manufacturers and
President
the National
of
the
Association
of
Armstrong Cork Co.,
Lancaster, Pa.; Dr. Samuel N. Stevens, President of Grinnell College, Grinnell, Iowa: United
States Senator-elect
C. Wayland Brooks of Chicago, 111., and Rev. Frederic S.
Fleming, rector of Trinity Parish, New York.
The theme
the
on
training program
informa¬
He is to coordinate the work in
personnel needs.
of
Newark
College of Engineering,
University, Rutgers University and Stevens Insti¬
tute of Technology.
Princeton
Arrangements
for the
the Downtown Club
ton
of
the
First
Chairman of the
are
meeting and dinner to follow at
being made by Mrs. Mabel S. Blan-
National
Bank
of
Bound
Brook,
N.
J.,
Program Committee, and Miss Katharine
Moore, Director of Publicity of the National Newark and
Essex Banking Co.
Volume
Business
of
Association
Education
York
New
meeting of the Business Education Association of
yesterday (.Nov. 29) at the
Hotel New Yorker, in New York City, and will
session today (Nov. 30).
Yesterday was devoted
continue in
to registra¬
dinner in the Terrace Room of the Hotel New
a
Yorker.
Today Leslie G. Kelly, President of the Association,
will deliver the welcoming address at 10 a. m. in the North
Ballroom.
Following this, Dr. Frank H. Paine of the Board
of Education of New York City and other speakers will be
bank
Meeting of Agricultural Committee of National
Fire Waste Council, Affiliate of U. S. Chamber of
Commerce to Be Held in Chicago, Dec. 4
The Agricultural Committee of the National Fire Waste
Council, an affiliate of the Chamber of Commerce of the
United States, will hold its annual meeting in Chicago on
Wednesday, Dec. 4, it was announced on Nov. 28 by the
U. S. Chamber.
The subject of the meeting will be "Mer¬
chandising Farm Fire Prevention," and the importance of
conserving resources against fire waste will be emphasized,
the Chamber's announcement said, it added:
committee,
under
of Rush
Chairmanship
the
Carter, farm
W.
Aetna Fire Insurance Co., will discuss methods used to publicize
manager,
the educational and technical material that is available to aid the farmer
with his fire waste problems and will endeavor to
this work.
All activities conducted during the
objectively, with
determine the results of
Dime
view to improving their effectiveness.
a
In connection
the farmer.
of Govern¬
Youth organizations such as the 4-H
Clubs, the Rural Boy Scouts of
America and the Future Farmers of America, will also have representatives
present to report on projects which they are sponsoring.
The progress of rural electrification will be another topic to
An address
interest
annual
deposits.
on
this subject will be made
$500,000
paid
each
year
on
all
Christmas
club
Mr. Mollenhauer also announced that almost
all
year's members had enrolled for the 1941 Christmas
club and that present indications point to a larger club for
of this
1941, both in membership and total deposits.
The New York State
Banking Department announced on
approval of the proposed increase in capital stock
New Rochelle Trust Co., New Rochelle, N. Y., from
Nov. 22 its
of the
$400,000, consisting of 20,000 shares of the par value of $20
each, to $800,000, made up as follows:
$600,000 par value of
(a)
the par
preferred stock divided into 60,000 shares of
value of $10 each; and
divided into 20,000 shares of
$200,000 par value of common stock,
(b)
the par value of
$10 each.
4
supply systems, fire extinguishers and other devices will be represented as
bureaus and technical organizations.
Brooklyn,
Y., has commenced the paying out of more than
Manufacturers of rural fire apparatus, lightning rods, water
will farm fire insurance underwriters and fire protection experts
Willamsburgh,
of
Bank
approximately 8,000 members of its 1940 Christmas
club, thus closing out one of the largest years in the history
of the club,
Christopher C. Mollenhauer, President, an¬
nounced on Nov. 24.
The payment includes the regular 2%
highlighting
developments in their respective fields to provide adequate safeguards for
Savings
to the
last year will be examined
with this review, various industries will report at the meeting,
has been af¬
with the organization since
♦
N.
Annual
January suceeding Charles Froeb,
1918.
In a short talk
Mr. Gretsch thanked the employees for their cooperation
during his first year as head of the institution.
Other
speakers at the dinner included: Mr. Froeb, George H.
Doscher, Second Vice-President, and John Eleve, Cashier.
The
+
ment
last
filiated
heard.
The
Bank
Brooklyn (N Y.), was guest of honor at the institution's
ninth annual reception and dinner given by the employees
on
Nov. 14.
Mr. Gretsch, who became President of the
of
the State of New York Convened
tion and
of the Lincoln Savings
Frederick Gretsch, President
State
Holding Fall Meeting
The fall
3173
The Commercial & Financial Chronicle
151
Announcement
that the
Springdale Bank & Trust Co.,
Springdale, Conn., has become a member of the Federal
Reserve System, effective Nov. 25, 1940, has been made by
George L. Harrison, President of the Federal Reserve Bank
of New York.
The institution has assets of $529,400.
be discussed.
by an official of the Rural Electri¬
fication Administration.
According to the Pittsburgh "Post Gazette" of Nov. 28,
National Bank of Pittsburgh, Pa.,
the directors of the Mellon
previous day added $2,500,000 to surplus> increasing
$27,500,000. The capital of the bank is $7,500,000, which now gives the institution a combined capital and
surplus of $35,000,000.
the
ITEMS
ABOUT
Arrangements
BANKS,
were
TRUST
COMPANIES,
&c.
completed Nov. 25 for the sale of a
membership in The Chicago Stock Exchange at $1,500, un¬
that item to
4
changed from the last previous sale.
Arrangements were made Nov. 25 for the transfer of a
New
York
Stock
Exchange
paid to the holders of trustee par¬
ticipating certificates in the Batesville State Bank of Bates¬
ville, Ind., on Nov. 22, it is learned from Batesville advices
on that date to the Indianapolis
"News," which went on
A total of $36,000 was
♦
membership
$34,000.
at
The
previous transaction was at $40,000, on Nov. 4.
Transfers
were also arranged Nov. 27 and 28 both at $33,000.
to say:
This amount is
•
to
William C. Potter,
Chairman of the Guaranty Trust Com¬
of New York, announced on Nov. 22 the election of
S. Franklin as a director of the Company.
Mr.
Franklin is a Vice-President and director of the Pennsyl¬
equal to 10% of the total of segregated assets,
according
bank. This is the second payment
The first payment was 20%.
Harvey II. Wonning, President of the
made by the bank
since 1933.
pany
Walter
RR.
vania
Co., and
director of other companies in the
a
transportation field, including the Norfolk, & Western Rwy.
Co., Railway Express Agency, and Pennsylvania Greyhound
He is also a director of the Bell Telephone Co. of
Lines.
Pennsylvania, trustee of the Western Savings Fund Society,
board of managers of the Girard Trust
and member of the
Franklin was graduated from Har¬
University in 1900 and joined the Pennsylvania RR.
that year.
He has served as Vice-President since 1933.
Mr
Co., Philadelphia
vard
in
Mr.
Franklin
and
1918
in
was
was
a
in
Lieutenant Colonel in the World War,
charge of the movement
of American
troops through England.
After the Armistice, he directed
the return of troop movements from both England and
procured foreign flag tonnage for such move¬
He was awarded the British Distinguished Service
France
and
ments.
Order, French Legion of Honor and the United States
Dis¬
tinguished Service Medal.
»
,
The stockholders of the Personal
Loan & Savings Bank, of
Chicago, 111., at a special meeting held Nov. 25 approved
the recommendations of the Board of Directors to convert
the bank into a national banking association.
The name
It is
chosen is the Industrial National Bank of Chicago.
contemplated that the change will go into effect on Dec. 2,
1940.
The Industrial National Bank will continue the same
personal loan and savings services heretofore rendered by the
Personal Loan & Savings Bank and, in addition, the Indus¬
trial National Bank will offer general banking facilities, in¬
cluding checking and commercial accounts and such other
types of loans and operations as may be handled by a national
bank.
The announcement by Robert B. Umberger, Execu¬
tive Vice-President, further said:
On
Dec. 2, the
Industrial National Bank proposes to feature
checking
sizable
large number of people who
have been using a savings account for the deposit and withdrawal of their
current funds.
The bank is proposing a modest charge to cover the services
which it will render in connection with these regular personal checking
accounts for
average
individuals who may not be in a position to maintain
balances, particularly appealing to a
accounts.
regular meeting of the Executive Committee of the
Board of Directors of the City Bank Farmers Trust Com¬
At the
pany
on
Officer.
Trust
Nov. 25, Paul E. Land on was appointed a Trust
He will be located
Company
at
181
office of the
and will have
The Industrial
Street,
supervision of the Company's affairs in that borough.
was formerly an Assistant Trust Officer.
Mr.
& Savings Bank at 81 West Monroe.
Reference
was
made
columns Nov. 2, page
Landon
the
to
Vice-President of the Guaranty
York, died on Nov. 21 in Boston,
following an operation.
Ilis home was in Hac-kensack, N. J.
Mr. Bicher had been associated with the Trust Custody
Trust
Bicher,
B.
Second
Company of New
Company
for more than
He was appointed an Assistant Secretary of the
in 1929, and Second Vice-President in November,
1939.
was
Department of the Guaranty Trust Company
22 years.
He
born in Hackensaek on Jan. 21, 1892.
Before
joining the Guaranty Trust Co. he was for ten years asso¬
ciated with Stock Exchange firms in this city.
special partner in the New York
Foster & Adams, died on Nov. 24
home in New York City.
A native of Rome, N. Y.,
Frederick H.
Moore,
a
Stock Exchange firm of
at
his
Mr.
Moore
became
a
general partner in the firm in 1920
and retired from active business in
1936.
proposed
change in
these
2591.
Nov. 27 by J. M. Nichols,
Bank of Englewood, Chicago,
Announcement was made on
President of the First National
Leo
There will be no
change in officers or directors.
at the Brooklyn
Montague
National Bank will continue to occupy the present quarters
of the Personal Loan
111., that the Board of Directors has decided to discontinue
payment of interest on all savings accounts beginning Jan. 1,
1941.
The institution, it is stated, has total deposits of about
half are commercial and
his letter to the patrons df the
Mr. Nichols says that "with our
$2,800,000 3%% U. S. Treasury Bonds called for payment
on March 15, 1941, we are faced with the reinvestment of
these funds."
He goes on to say that at the present time
there is little other than direct obligations of the United States
Government in which the funds might be reinvested, and on
these the rates of interest have been "whipped down to but
$5,300,000, of which approximately
half savings deposits.
In
banks' savings department
a
fraction of 1%."
Mr. Nichols further says:
Therefore, at a meeting of the
was
Board of Directors on Nov. 13, 1940, it
of interest on all savings accounts,
voted to discontinue the payment
beginning Jan. I, 1941.
When the time comes that,
in our opinion, your
The Commercial &
3174
safely and profitably invested, you may
funds can be
be certain that the
will be resumed.
In the meantime, those willing to
continue to pay the insurance premium of one-twelfth of 1% levied by the
Federal Deposit Insurance Corporation, may, if they choose, leave their
payment of interest
accounts
our
on
The only
depositors would again demand their money as they did back
in 1932.
Rather than resort to such an array of frozen assets, this institution
will frankly invite you to come and get your money, thereby closing its
books on 51 years of successful banking.
large group of
In its issue of Nov. 23
the "Commercial West" reported
Department had announced
Minnesota Banking
the
Bank of Chisholm,
that city, as at the
the taking over of the Miners State
Minn., by the First National Bank of
close of business Nov. 9.
•—
23:
New Orleans "Times-Picaune" of Nov.
Approximately $2,390,000 had been paid out by the Canal
Trust Co. in liquidation to depositors up to Friday morning
it was announced at the offices of the liquidators of the bank.
Bank anu
(Nov. 22),
which
Sunday and the Thanks¬
giving Day holiday, around 84% of the distribution had been accomplished.
Exact figures for the Friday payments were not available.
Depositors numbering 35,500 out of a total of approximately 55,000
bank
The
is
distributing
in
$2,811,011
a
current disbursement
Thus in eight days, including a
12.
had received checks
in the distribution, or about
63%.
payment represents 20% of remaining balances on
and when the bank has completed this payment 61% of original
The
current
deposit
deposits
paid.
The total remaining for future distribution is about
$11,250.000..:y.v'r;.
will have been
Canadian Bank
The
of Commerce
(head office Toronto,
Can.) has this week published its 74th annual report, cover¬
ing the 12 months ended Oct. 31, last.
It shows the changes
brought about by a full year of war.
Net profits, after
deducting Dominion and Provincial taxes ($1,525,019), and
making full provision for bad and doubtful debts, amounted
$3,006,035, which when added to
to
$782,802, the balance
brought forward from the previous fiscal year, made $3,788,Of this sum, dividends at 8%
837 available for distribution
absorbed $2,400,000; $350,000 was written off
and $253,832 was transferred to .pension
fund, leaving a balance of $785,005 to be carried forward to
the current fiscal year's profit and loss account.
annum
per
bank
premises,
Total
assets
of
the
declined
institution
$704,480,453
to
$745,650,745 on Oct. 31, 1939, a falling off of 6%,
while total quick assets were $395,932,938
(or 60.63% of
total liabilities to the public) against $451,696,229 a year
from
65.06% liabilities to the public. Total deposits are
$615,074,120 down from $662,708,427 last year.
The bank's paid-up capital and reserve fund remain the
ago,
or
at
shown
$30,000,000 and $20,000,000, respectively.
S. H.
Logan is President and A. E. Arscott, General Manager.
same
at
123rd
The
annual
of
statement
Bank
the
of
Montreal,
Montreal, Canada, released for publication Nov. 26, shows
total assets on Oct. 31, the end of the bank's fiscal year,
of
This compares with $1,025,508,367 on Oct.
when an all-time high record was established
due in part to special transaction including participation
in a $200,000,000 Dominion Government loan at that time.
Of the total assets, liquid resources amounted to $663,185,436
$961,334,955.
31, last
year,
compared with $742,603,867 at the end of the preceding fiscal
year, the decrease resulting largely from the reduction of
holdings of government and other bonds and debentures,
The liquid
equal to 75% of
all liabilities to the public, compared with a ratio of 78.29%
at the end of the previous fiscal year.
Deposits on Oct. 31
totaled $848,865,349 against $914,909,050 at the end of the
according to
assets,
a
summary
according
preceding year.
can
be taken
as
to
the
issued by the bank.
statement,
are
The reduction in deposits, it is explained,
a
result of the withdrawal of
special trans¬
actions and public participtaion in government war financ¬
ing.
Commercial loans increased
$13,000,000 to 233,Net profits for
making appropriations to the contingent
560,368 from $220,548,911
the
year,
reserve
after
on
over
Oct. 31, 1939.
fund, out of which fund full provision for bad and
doubtful debts has been made, and after deducting Dominion
and Provincial
Government taxes aggregating $1,927,824,
amount
to
$3,435,942
(comparing
ago), which has been allocated
dividends
bank
as
with
$3,462,446
a
year
follows: $2,880,000 to pay
to
shareholders, and $500,000 appropriated for
premises/leaving a balance of $55,942, which when
$1,265,701—the balance to credit of profit and loss
added to
brought forward from the previous fiscal year—makes the
of $1,321,643 to be carried forward to the current fiscal
sum
year's profit and loss account.
undivided
profits
and
The bank's capital, surplus,
serserves
for
dividends
now
stand
at
$77,083,656. comparing with $77,005,445 last year. Hunt¬
ley R. Drummond is President, and Jackson Dodds and
G. W.
less than market value as
Sept. 30, 1940, and all usual and necessary provisions
have been made, according to the announcement.
Spinney, Joint General Managers.
♦
Directors of The Standard Bank of South Africa,
(head office London) have announced
an
Ltd.,
interim dividend
of 5s. per share payable in British currency, which is at the
rate of 10% per annum, subject to British income tax.
Divi¬
dend warrants will be posted on Jan. 24, 1941.
The bank's
CURB
THE
Price movements
on
MARKET
the New York Curb
Exchange were
lower levels during the present week.
There were a few trading favorites that worked against the
trend but a fairly large volume of selling on Wednesday
canceled most of these gains.
Industrial stocks have at¬
tracted considerable speculative attention and there has
been some activity apparent among the preferred shares of
the public utility group.
The changes in the aircraft section
have been narrow and largely on the side of the decline.
Petroleum issues have generally been irregular, paper and
cardboard stocks have moved within a narrow range and the
generally
toward
shipbuilding shares have been up and down without definite
Concerning the affairs of the defunct Canal Bank & Trust
Co. of New Orleans. La., we take the following from the
began Nov.
1940
at
interest under
ministration,
that
investments stand in the books at
30,
books.
alternative, which would enable us to pay you
conditions, would be to sink your money in Federal Housing Ad¬
capital and time-payment loans in the secret hope that no
present
Nov.
Financial Chronicle
,trend.
•
Renewed advances in the industrial section were apparent
during the two-hour session on Saturday. There were some
gains among the preferred stocks in the public utility group
but the movements were irregular in the greater part of this
section.
One of the strong shares of the day was Pepperell
Mfg. Co. which forged ahead 3 points to a new top at 91.
Aircraft issues moved within a narrow range with most of
the changes toward lower levels and the petroleum shares
were fractionally higher.
Shipbuilding stocks were repre¬
sented on the side-of the advance by Todd Shipyards which
surged forward 2% points to a new peak at 79%, but Bath
Iron Works was fractionally lower.
Paper and cardboard
issues were quiet and the aluminum shares were off.
Irregular price movements were in evidence during much
of
the dealings on Monday.
Trading was moderately
active, and while the transfers were slightly lower than
Friday the last full day, there was a fairly strong tone ap¬
parent with the advances ranging up to 2 or more points.
Colt's Patent Fire Arms was one of the bright spots and
worked into new high ground with a gain of 2% points to
85 Y\.
Aircraft shares were comparatively quiet with little
change either way and shipbuilding stocks moved within a
narrow range, mostly downward.
St. Regis Paper rose to
81 % at its top for the day but fell off in the final hour and
closed with a gain of 2% points at 80%.
Oil shares were
moderately active and aluminum issues were fractionally
higher.
Prices were generally unsettled on Tuesday with a sharp
tendency toward lower levels.
The industrial shares were
the day's strong stocks and there was a modest demand for
the aluminum shares.
Aircraft issues were irregularly lower
and oil shares registered gains ranging from minor fractions
to 2 or more points.
Paper and cardboard shares were
down, Brown Co. pref. slipping back 2% points to 16%, and
fractional
declines
were
recorded in other sections of the
Oil stocks were generally irregular and shipbuilding
issues were lower.
Prominent among the declines were
American Potash & Chemical, 2 points to 71; American
Superpower 1st pref., 2 points to 60%; Benson & Hedges,
6% points to 23%; Pa. Salt, 2 points to 190; and Continen¬
tal Gas & Electric prior pref. (7), 2 points to 91M.
Declining prices marked the trading on Wednesday the
recessions climbing up to 213 against 74 advances white the
volume of sales reached approximately 190,000 shares as
compared with 170,000 on Tuesday.
There were occasional
movements against the trend but these were without special
significance.
Among the advances were Carolina Power &
Light 87 pref., which worked upward to a new top for 1940,
and Central Power & Light 87 pref., which reached new high
ground with a gain of 4 points to 118.
Aircraft stocks were
lower with the exception of Ryan and Vultee which were
unchanged.
Industrial issues were off all along the line and
fractional losses were recorded by the paper and cardboard
issues and shipbuilding shares.
Under the leadership of the petroleum issues the market
moved to moderately higher levels on Thursday.
During
the opening hour prices were irregularly lower but the tone
improved as the session progressed and the advances exceeded
group.
the recessions
as
the market closed.
inclined to sell off and setbacks
Industrial shares
ranging from 1 to 2
were
or more
registered in this group. Aluminum stocks were
the paper and cardboard shares were weak.
Aircraft issues were off with the exception of Brewster which
was fractionally higher
than the preceding close.
Public
utility preferred stocks were stronger Puget Sound Power &
Light 85 pref. forging ahead 5 points to 104 while the 86
pref. advanced 5% points to 45%.
Cities Service pref.
moved ahead 2% points to 84 and Empire Gas & Fuel 6%
pref. 2 points to 84%.
Paper and cardboard stocks were
fractionally lower or unchanged and in the shipbuilding group
Todd Shipyards was down 2 points to 77 while Bath Iron
Works was fractionally higher.
Narrow trading and mixed price changes were the features
of the curb market dealings on Friday.
There were no
spectacular movements, and while there were about a score
or more stocks showing gains of a point or more, the changes
in the general list were confined largely to minor fractions.
points
were
down
and
Gil shares
erable
were
in moderate demand and there
was
consid¬
activity in the industrial shares. Public utilities were
mixed and the aircraft stocks registered both gains and losses.
As compared with Friday of last week prices were somewhat
Volume
The Commercial & Financial
151
lower, Aluminum Co. of America closing last night at 157
against 160 on Friday a week ago, American Gas & Electric
at 29 against 29%, Babcock & Wilcox at 26% against
27%, Bell Aircraft at 20% against 21%, Carrier Corp. at
9% against 9%, Creole Petroleum at 13% against 14%,
Glen Alden Coal at 8% against 9%, International Petroleum
at 9% against 10%, Sherwin Williams at 75 against 77%
and Standard Oil of Kentucky at 19% against 20.
DAILY
TRANSACTIONS
AT
THE
YORK
NEW
CURB
Nov.
Government
Domestic
Shares)
29, 1940
reported by cable, have been as follows
679.000
1,229,000
1,197,000
735,000
841,000
169,795
661,000
1,194,000
9,000
26.000
Thursday
190,420
1,161.000
8,000
28,000
119,865
647,000
20,000
68.000
127,395
820,000
6,000
15,000
Thursday
...
Friday.
Nov. 26
23 l-16d.
810,879
Total
$153,000
$52,000
$4,921,000
$5,128,000
840,310
37,869,951
41,465,685
$4,921,000
$6,617,000
65,000
128,000
$269,257,000
2,286,000
6,139,000
1688.
168s.
1688.
168s.
£75%
£75»u
£76
£76 X
Closed
£101%
£101%
£101»i«
£102 %
£1027u
Closed
British 334%
W. L
£113%
£113%
£113^g
£113%
£113H
4%
1960-90
price of silver per ounce (in
the same days have been:
cents) in the United
on
3434
3434
3434
3434
3434
71.11
71.11
71.11
71.11
71.11
$404,644,000
Stocks—No. of shares.
(newly mined)
3434
71.11
BarN.Y.(for'n)
810,879
168s.
£75%
-
States
1939
1940
1939
1940
Exchange
Nov. 29
22%&.
23d.
23d.
Closed
Gold, p. fine oz.
Consols, 2 34 %
The
Jan. 1 to Nov. 29
Week Ended Nov. 29
Sales at
New York Curb
Fri.,
Thurs.,
Nov. 28
Nov. 27
Nov. 25
23 l-16d.
Closed
168s.
Silver, per oz__
British
London,
the past week:
Wed.,
Tues.,
Afon..
Sat.,
13,000
126,215
Tuesday
CABLE
FINANCIAL MARKET—PER
closing quotations for securities, &c., at
Nov. 23
$447,000
$45,000
M. W. Duncan,
Bank of Sharon,
it Sharon, N. Dak.
ENGLISH
$5,000
$438,000
Amount
Bank of Sharon, N. Dak..
19, 1940.
Liquidating agent,
Sharon, N. Dak.
Succeeded by First State
Effective Oct.
Total
Corporate
$4,000
5,000
77,189
$25,000
Nov. 19—The First National
as
Saturday...
Monday
^ Reduction
Ky.
liquidation
voluntary
The daily
Foreign
Foreign
of
reduced^
of Princeton, Princeton,
r From $100,000 to $75,000
EXCHANGE
(Number
Week Ended
wmmonoapital stock
Nov. 19—The First National Bank
Bonds (Par Value)
Stocks
3175
Chronicle
Bonds
Domestic
52,000
Foreign government
155,000
Foreign corporate
TREASURY MONEY HOLDINGS
4,079,000
6,410,000
daily Gov¬
of the
Treasury at the beginning of business on the first day of
September, October, and November, 1940; also on the first
following compilation, made up from the
The
$6,810,000
$5,128,000
Total
$415,133,000
$277,682,000
statements,
ernment
Watling, Lerchen & Co.
New
money
1940
Nov. 1, 1940
Oct. 1,
$350,860,008
Holdings in U. 8. Treasury
Chicago Stock Exchange
Exchange
the
holdings
day of November, 1939:
Now York Curb Associate
York Stock Exchang*
Detroit Stock
shows
$438,439,023
676,665,330
4,358,959
Sept. 1,1940
Nov.
1,
1939
Net National bank notes.
486,072
521,916
Net Federal Reserve notes
13,807,380
15.549,207
12,458,468
$382,747,012
656,310,629
3,672,178
361,138
11,349,820
Net Fed. Res. bank notes
343,109
150,059
3,997,242
18,815,604
4,284,981
575,356
6,674,100
23,070,624
4,905,829
17,895,147
Net
DETROIT
Ford Building
$428,903,992
673,523,284
1,838,648
512,821
and bullion.
silver coin and bullion
Net gold coin
669,486,810
1,963,847
Net United States notes..
Telephone: Randolph 5530
Net subsidiary silver
Detroit Stock
Nov* 23 to Nov. 29, both
Exchange
inclusive, compiled from official sales lists
Last
Sale
Par
Price
Week's Range
of Prices
High
Low
5
Range Since Jan. 1, 1940
for
2,445
2%
455
13^
5
*
1
Burroughs Add Machine.*
Chrysler Corp com
5
Continental Motors com..I
Crowley Milner com
*
434
2334
1
Det & Cleve Nav com...10
Detroit Edison com
100
11
60c
Detroit Gray Iron com... 5
"l%
134
134
1
Detroit Paper Prod com..l
Detroit Steel Corp com...6
Durham Mfg com
1
2%
234
234
70c
4,562
Atlas Drop Forge com
Briggs Mfg com
Brown McLaren com
2334
62c
Aug
90c
90c
600
734
7634
334
734
484
7%
July
7634
513
55%
334
1,675
23^
May
May
134
Deh Gasket com
134
100
1%
Oct
11
70c
60c
114
114
Det-Michigan Stove
55c
65c
1,830
53c
454
240
98 %
1
2,000
1%
3
3034
3034
*
14
14
716,867,000
815,267,970
756,408,000
318,193,955
55,308,927
To credit disb. officers.
35.796,229
1,948,028
Jan
Cash in Philippine Islands
914,966
2
Deposits in foreign depts.
274,776
231,669
11
Nov
51,374,913
35,017,596
1,612,385
362,012
40,637,063
Feb
51,126.035
34,596,862
4%
1%
125
1%
17
1%
34
15%
4%
Jan
May
2% May
234
554
234
634
100
3
General Finance com
1
234
234
200
General Motors com
10
895
234
234
90c
May
2%
Apr
2%
56
May
3%
1%
Jan
Apr
32c
100
Sept
1934
1134
260
14% May
10
May
19%
14%
Nov
155
3
May
5%
Feb
Oct
52c
434
434
Hurd Lock & Mfg oom—1
45c
48c
1,364
134
2534
334
134
1,025
'25%
2534
883
334
30c
365
45c
100
Kingston Products com._l
10
Lakey Fdry & Mach com.l
Kresge (8 8) com
Masco Screw Prod com
1
May
19^ May
2% May
1%
26
4%
Jan
Jan
Jan
Feb
Mar
1
"1%
154
300
1%
May
1%
Jan
134
1.50
5,610
75c
July
1.25
Nov
17c
1%
1
McClanahan Oil com
32c
154
LaSalle Wines com2
Bank
Apr
July
32c
4%
$654,034,626 silver bullion and $1,407,256 minor
17c
300
16c
Sept
27c
Apr
2%
Feb
134
134
600
1%
Nov
Mich Steel Tube com..234
7
7
165
5
May
7%
Oct
Michigan Sugar com
Mlcromatlc Hone com—1
70c
71c
300
60c
July
1.25
Apr
7
7
640
6%
Nov
154
850
1%
Jan
734
8
636
8%
4%
CLEARINGS
clearings this week show a decrease
compared with
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ending today (Saturday, Nov. 30)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 7.5% below those
for the corresponding week last year.
Our preliminary
total stands at $6,011,371,153, against $6,499,930,605 for
the same week in 1939.
At this center there is a loss for
the week ended Friday of 7.1%.
Our comparative sum¬
mary for the week follows:
a
year ago.
Mar
134
11%
2%
Nov
Michigan 811ica com
Mid-West Abrasive com50c
Murray Corp com
10
"7%
Packard Motor Car com. .*
'3134
Parke Davis com
Parker-Wolverine com—*
13
Rickel (H W) com
5
2
"i%
.
Preferred
Universal Cooler B
Warner Aircraft com
•
No par value.
200
1
Mar
200
1
Aug
400
44%
14%
1%
1%
Jan
Chicago
Nov
Apr
3
Jan
2%
Apr
San Francisco
May
Aug
434
134
450
3% June
7
100
75c June
1%
Mar
1
2
Nov
Cleveland.,
Baltimore
134
900
1034
1034
180
10%
July
14%
Mar
99
99
50
98 %
99%
2%
Apr
May
4%
4%
May
134
134
500
1%
Mar
July
47c
47c
106
26c
Jan
4%
2% May
1
434
434
434
*
1
1
50
*
1
4%
434
434
500
8
8
134
134
160
1.50
600
234
1,700
14c
200
2
13c
8
Mar
Oct
Jan
1
100
185
134
14c
134
1534
Nov
4
150
134
1434
*234
June
2%
The
Aug
May
15%
Nov
2%
141 ,577,856
Detroit
100 ,165,846
133,523,000
123,051,349
102,269,665
95,914,797
66,835,285
+4.2
+4.6
+3.0
+38.4
+4.4
90c May
Feb
1%
2%
Apr
Aug
25c
Apr
following information
1
9c
Jan
regarding National banks is
of the Currency, Treasury
charter
76 ,797,465
+ 14.9
-
—3.1
—1.5
1,001,895,192
$5,084,332,566
1,415,598,039
—29.2
$6,011,371,153
Eleven cities, five days
Other cities, five
$4,264,472,266
819,860,300
$6,499,930,605
—7.5
$4,134,211,376
875,264,585
days
$5,009,475,961
Total all cities, five days.
+6.8
Mar
1
mm——rnmmmmmmmmmmmmm
issued
Amount
16—Plainfield National Bank, Plainfield, 111
Capital stock consists of $50,000. aU common stock.
President, Fred W. Fiddyment; Cashier, W. O. Kohler.
version of Plainfield State Bank, Plainfield, 111.
$50,000
ov
+6.6
,100,000
126 ,746,809
Pittsburgh
All cities, one
week
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.
In the elaborate
detailed statement, however, which we
give final and complete
present further below, we are able to
results for the week previous—the
For that week there was an
week ended Nov. 23.
the aggregate
increase of 18.6%,
clearings for the whole country having amounted
$5,937,227,238, against $5,007,999,820 in the same week
of
Con-
day
Total all cities for
the office of the Comptroller
department.
79,659,932
88,400,000
92
139 ,654,000
Apr
T%
-
NATIONAL BANKS
•om
City
Nov
134
1%
—0.1
Jan
60c
—3.1
176,361,666
84 ,823,819
8t. Louis..
Jan
2%
1%
17%
Apr
+2.3
354,000,000
176 ,320,396
Boston
Kansas
—7.1
269,645,432
343 ,000,000
Philadelphia
100
134
$2,774,811,140
Cent
275 777,638
800
25
1939
-
134
May
Per
1940
$2,577 ,257,657
New York
Apr
2034
950
Wayne Screw Prod com..4
Wolverine Brewing com._l
Mar
434
10
Sheller Mfg com
1
Simplicity Pattern com...l
Std Tube B com
1
Stearns (Fred'k) com
*
Preferred
100
Tivoli Brewing com
1
T om Moore Dlst com
1
U 8 Radiator com..
8%
3,403
134
234
134
234
154
Scotten Dillon com
United Special ties
2,060
Clearings—Returns by Telegraph
Week Ending Nov. 30
Apr
Mar
2034
River Raison Paper com..*
Udyllte
United Shirt Dlst com
12
134
Peninsular Mtl Prod com.l
Reo Motor com
334
3134
1334
134
334
3134
4% May
2% May
31
July
275
coin, as
Money."
COURSE OF BANK
Jan
Apr
1154
Hudson Motor Car com..*
Includes on Nov. 1
Indicated In statement "Stock of
Jan
6%
1934
32c
2,415,101,933 2,453,661.570 1,913,318,832
Jan
2%
com._l
2,101,140,804 2,565,694,166 2,610,565,371 2,076,626,357
163,307,525
156,903,801
150,592,233
180,973,003
Available cash balance. 1.920,167,801
*
Apr
Mar
Hoover Ball & Bear com. 10
Hosklns Mfg com
37,869,199
Apr
80c
Grand Valley Brew
Treasury
In
and in banks
Apr
60c
600
cash
Deduct current liabilities.
Nov
2
1,615
87c
Net
Jan
3% June
1% May
37% May
2
156
2,036,151
351,121
Apr
Apr
10%
Gar Wood Ind com
Jan
Apr
Mar
20 %
Frankenmuth Brew com__l
1
715,180,000
769,061,339
360
334
Graham-Paige com
712,638,000
391,289,735
Deposited In National and
other bank depoeltarlesTo credit Treas. U. S__
220
334
49
Dep.In Fed. Res. banks..
Feb
1%
July
921,338,443
Nov
2%
87c June
1,605
Federal Motor Truck com *
49
May
991,517,762
Nov
5
May
13
350
Federal Mogul com
Nov
903,720,641 1,003,085,921
.
25%
1%
1%
90%
May
50c
Oct
300
134
1.00
Nov
11
100
1734
17
Ex-Cell-O Corp com
Goebel Brewing oom.
Aug
May
136,121
Deposit in special deposi¬
tories account of sales of
Government securities
High
Low
fund—.
Cash balance In Treas.
Weet
Shares
19,155,877
*1059760,072 1,159,125,352 1,147,557,193 1,077,377,874
156,039,431
166,039,431
156,039,431
156,039,431
Total cash In Treasury
Leas gold reserve
Sales
Friday
Stocks—
Minor coin, Ac
to
in
The Commercial & Financial Chronicle
3176
1939.
Nov.
Outside of this city there was an increase of 18.4%,
the bank clearings at
this center having recorded
a
Clearings al—
Inc. or
18.7%. We group the cities according to the Federal Reserve
Reserve District of
9.8% and in the Philadelphia Reserve
District of 22.9%.
In the Cleveland Reserve District the
totals register an expansion of 19.9%, in the Richmond
Reserve District of 21.4% and in the Atlanta Reserve
District of 19.2%.
In the Chicago Reserve District the
totals are larger by 22.6%, in the St. Louis Reserve District
by 17.8% and in the Minneapolis Reserve District by
10.7%. The Kansas City Reserve District enjoys a gain of
11.6 %, the Dallas Reserve District of 21.7 %, and the
San Francisco Reserve District of 14.1%.
In the following we furnish a summary by Federal Reserve
1940
Week Ended Nov. 23
gain of
districts in which they are located, and from this it appears
that in the New York Reserve District (including this city)
the totals show an improvement of 18.9%, in the Boston
30,
1939
1940
Dee.
1938
1937
%
Seventh Feder al Reserve D Istrict—Chi
285,744
138.201,107
3,298.183
1,720,485
1,733,134
19,420,000
2,131,828
6,761,047
19,944,*73
1,264,813
8,855.881
3,788,383
Mich .-Ann Arbor
Detroit-—
Grand Rapids-
Lansing
Ind.—Ft. Wayne
Indianapolis
South Bend—
Terre Haute
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines-
1,147,905
1,550.550
16,034,000
1,528,162
4,912,062
17,451,388
1,114,547
8.202.302
3,506,002
c ago—
+7.3
+60.9
+23.0
+49.9
274,709
82.126,640
2,333,828
963,205
+ 11.8
788,277
+21.1
+39.5
14,454,000
1,074,440
4,112,743
14,615,831
1,096.961
6.363,727
+ 17.8
+ 14.3
+ 13.5
+8.0
269,982
90,161,987
2.378,109
1,016.886
871,142
13,848,000
1,100,219
4,640,010
15,451,725
909,814
6,864,802
2,075,499
305,970
361.793
1,088,506
4,143,658
1,358,105
1,342,822
277,094,769
1,183,950
4,881,691
912,378
1,071,057
—15.1
+25.4
3,411,621
282,167
245,580,259
1,140,446
4,587,535
886,795
1,025,480
533,782,908
111.—Blooming ton
Chicago
291,165
319,092,886
Sioux City--.
435,409,502
+22.0
385,130,664
407,580,800
74,500.000
Decatur
Peoria
Rockford——
districts;.
266,414
91,578,724
2,682,376
Springfield
+8.1
+20.8
+ 15.2
—8.1
+48.9
259,928,710
812,082
4,341,136
991,496
1,013,165
SUMMARY OP BANK CLEARINGS
Total (18 cities)
Ine.or
Week Ended Nov. 23,1940
1940
1939
Federal Reserve Dlsts.
%
I
1938
1937
Eighth Federa 1 Reserve Dls trlct—St. Lo uis—
%
+9.8
231,639,459
210,098.664
2,791.655,366
2,781,226,018
Ky.—Louisville—
Tenn.—Memphis
HI.—Jacksonville
S
S
1st
Boston-
2d
New York—13
"
3,150,491,732
2,050,360,199 +18.9
3d
PhlladelpblalO
Cleveland-- 7
"
460,931,988
375,046,666 +22.9
325.714,140
317,676,311
"
333,2X8,582
282,178,815 +19.9
243,191,324
280,178,608
307,738,882
6th
Richmond— 0
"
163,739,592
134,894,133 +21.4
111,886.635
Atlanta——10
Chicago
18
St. Louis.— 4
"
201,445,182
171,551,484
+19.2
143,996,952
"
633,782,908
435,409,502 +22.6
335,130,664
407,580,800
"
174,271,489
147,905,119 +17.8
119,891,763
118,001,341
106,587,575 +10.7
85,439,642
142,061,823
127,309,197 +11.6
110,386,704
11th Dallas
0
••
80,449,732
66,102,921 +21.7
58,180.958
106,181,950
66,446,383
12thSan Fran... 10
"
283,039,987
230,475,601 +•14.1
215,214,677
208,300,782
5,937,227,238
5,007,939,820 +18.6
2.467.978,488 +•18.4
678.000
579,000
+ 17.1
445,000
474,000
174,271,489
147,905,119
+17.8
119,891,763
118,501,039
Dis trict—Minne
apolis-
24,836,182
18,690,857
90,181,152
"
—
+ 14.2
118,501.039
**
74,900,000
26,388,428
18,158,335
Total (4 cities).
126,780.559
Minneapolis 7
10th Kansas City 10
+22.9
Quincy
111,344,394
0th
85,800,000
31,841,493
29,684,626
+22.8
36,479,711
98,000,000
39,113,778
Mo.—St. Louis—
256,513,574
4th
12cities
Dee.
7tb
8th
9th
Total...-.—113 cities
Outside N. Y. City——
2,909,838,737
Canada——..—32 cities
4,822,328,284
4,800,820,632
2,121,907,858
2,118,856,611
345,835,768
N. D.—Fargo
S. D.—Aberdeen.
Mont.—Billings.
357,034,62g
Helena—+
Total (7 cities).
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Dec.
Dist rict—Boston
506,073
1,881,759
268,184,923
788,890
398,410
767,273
Portland—
Maes.—Boston..
Fall River....
Lowell........
New Bedford—
R.I.—Providence
N.H.—Manches'r
Total (12 cities)
307,736,882
397,408
Conn.—Hartford
New Haven...
_%
+42.4
2,042,800
—7.9
248,002,305
+8.1
+ 17.7
+3.4
424,041
020,420
+32.0
+ 17.0
7,915,506
4,340,049
9,552,300
444,792
280,178,608
+ 9.8
231,639,459
210,098,664
385,334
010,203
3,890,790
1,804,004
8,418,739
3,685,681
9,590,900
+25.7
—1.1
+27.2
+32.1
+ 21.8
305,964
971,440
2,316,251
1,759,426
N, Y.—Albany
New York.
Rochester
Syracuse
...
Westchester Co
ConnStamford
N, J,—Montclalr
Newark....
Northern N. J.
9,861,151
13,388,227
1,142,914
1,173,850
36,400,000
32,000,000
305,207
509,999
661,853
728,030
3,027,388,501 2,650,021,332
7,952,840
6,549,899
4,927,214
4,002,411
3,550,020
8,135,090
0,000,747
4,701,012
291,373
380,317
19,308,107
10,682,037
28,774,208
20,945,320
Total (13 cities) 3,150,494,732 2.650,360,199
Third Federal
Pa.—Altoona..
.99J
R
Dist rict
439,891
1,259,627
404,771
1,200,482
337,392
14,332,907
20.658.142
+60.9
291,451
629,210 +100.2
240,834
+08.1
1,084,300
+ 10.7
17,045,302
20,690,030
400,984,988
375,040,666
+22.9
325,714,140
365,000,000
1,233,369
2,160,865
761,372
--22.7
945,265
+22.3
--32.8
+31.0
422,371
597,621
253,043
1,007,581
306,000,000
1,201,324
2,280,780
880,524
1,199,567
3,773,500
Fourth
Feder al
Pa,—Pittsburgh.
96,874,545
8,909,600
1,749,900
2,159,065
115,224,810
Total (7 cities).
338,218,582
282,178,815
Cincinnati
Cleveland.....
Columbus.—
Mansfield.....
Youngstown...
1,640,175
46,892,795
80,724,841
10,407,500
1,223,293
1,695,761
100,546,959
55,281,144
2,157,285
48,750,061
76,699,420
9,111,100
1,405,517
2,321,080
110,118,511
+ 19.9
243,191,324
256,513,574
Va.—NorfolkRichmond.
....
S. C.—Charleston
53,733,297
6,256,459
1,921,000
1,275,731
Dallas
03,678,230
8,979,259
1.985.000
1.172.001
3,359,505
Total (6 cities).
80,449,732
Fort Worth—.
Wichita Falls-
37,980,234
19,507,000
Calif.—L'g Beach
3,843,925
3,083,592
140,786,000
San Francisco.
San Jose
2,880,814
1,392,139
3,264,713
Santa Barbara.
Stockton—
Md.—Baltimore
D.C.—Washing'n
+42.0
971,847
62,601,237
18,253,198
+33.0
+47.5
203,039,987
cities;
cities).
Sixth Federal
TennKnoxvllle
Nashville.
Ga .—Atlanta.
—.
Augusta
Macon
Fla.—Jacks'nville
Ala,—Birm'ham.
Mobile
163,739,692
5,325,528
24,020,677
73,500,000
1,385,467
1,267,592
22,994,000
26,164,143
2,105,392
Vicksburg
3,770,078
19,768,404
—
x
Winnipeg..
Vancouver
Ottawa
Quebec.....
TTaUfa.*
Hamilton.
,
—
..
—
St. John.
—
Regina
—...
——
Brandon..
Lethbridge.
Saskatoon
66,102,921
+21.7
58,180,958
66,446,383
230,475,001
+ 14.1
2,420,501
1,349,943
2,417,760
1,281,361
125,184,000
2,381,780
2,513,091
25,498,559
13,555,649
3,447,343
127,231,649
2,695,449
133,898,000
2,505,040
30,671,217
27,443,239
14,902,005
3,617,569
3,024.322
1,340,142
2,413,825
215,214.677
208,300,782
892,934
2,876,012
109,334,314
103,647,439
63,243,024
17,912,835
23,112,250
4,947,537
3,218,433
0,377.930
7,172,075
1,991,343
1,905,637
2,611,177
4,920,549
5,295,042
347,810
598,230
or
Dec.
A,
+ 13.3
—19.5
+5.4
+75.1
+24.8
+ 18.9
+8.4
—3.8
+8.7
+2.8
+ 17.9
+6.0
+7.8
1938
S
114,172,186
100.620,720
41,468,654
18,743,150
18,020,357
4,693,568
2,496.969
1
5,036,377
6,779,224
1,759,300
1,608,098
2,423,967
4,222,559
+20.2
3,687,884
299,245
562,349
+2.2
1,293,294
+ 15.1
+ 9.7
+7.7
818,868
675,693
+28.7
1937
115,539,842
106,671,039
50,982,459
16,727,367
18,100,701
6,092.099
2,099,614
6.830.544
6,120,545
1,644,583
1,673,490
2,814,636
4,313,380
2,757,768
311,087
502,578
1,119,243
Sarnla
558,333
Sudbury.
989,388
966,538
+2.4
979,240
1,037,603
415,438,256
371,232,840
+ 11.9
345,835,768
367,034,529
43,700,000
900,394
915,145
Kitchener.—.
13,370,000
16,420,348
1,229,283
x
149,195
47,533,188
163,337
—8.7
105,420
133,232
41,138,947
+ 15.5
36,008,742
New Westminster
204,445,182
171,551,484
+ 19.2
143,996,952
Sherbrooke.—.
Windsor..
—
-
1,187,900
3,540,724
451,474
1,058,076
708,895
782,781
.—.
Prince Albert——
Moncton—
Kingston
Chatham.—.—
33,533,172
126,709,559
31,852.045
994,405
30,707,152
16,785,949
3,380,702
$
826,114
993,276
863,642
721,872
386,358
666,191
913,594
Fort William.
Total (32 cities)
Total (10 cities)
827,288
2,788,247
1,783,515
717,478
905,564
801,823
581,851
309,908
571,777
722,765
1,131,256
2,815,425
434,127
876,533
632,260
778,538
567,857
Moose Jaw......
16,689,499
x
795,653
2,961,651
1939
128,189,601
117,399,902
60,934,141
18,872,649
40,461,980
6,172,629
3,827,677
0,916,649
6,898,935
2,165,020
1,968,718
3,078,180
5.216,671
5,708,089
447,600
718,123
1,823,274
...
-
Montreal.—
+21.5
+5.8
+9.2
+40.2
+ 15.0
$
Medicine Hat
794,748
16,930,000
19,414,613
1,400,562
—3.7
920,092
836,064
Inc.
Peterborough
47,900,000
923,012
S.7
+22.4
+30.3
2,921,823
1940
3,009,301
13,558,684
+26.6
+4.7
1,353,193
52,038,036
6,891,805
2,062,000
Week Ended Nov. 21
3,230,356
+ 17.1
District—Da lias—
Clearings at—
+41.3
+31.5
509,309
2.541,852
+ 18.4 2,121,907,858 2,118,850,011
111,344,394
1,001,587
21,960,000
24,738,387
1,927,303
2,260,43?
+18.6 4,822,328,284 4,800,820,632
— —
111,880,635
55,900,000
1,183,441
2,440,06-'
75,058,45f
5,937,227,238 5,007,999,820
cities)
+21.4
Reserve Dist rict—Atlant
Miss.—Jackson—
La.—NewOrleans
134,894,133
—7.8
+47.6
+ 19.3
+6.3
94,142
Outside New York 2,909,838,737 2,457,978,488
Brantford
Total (0
—6.7
Grand Total (113
456,208
294,403
—7.8
.
Ore.—Portland.Utah—S. L. City
2,474,000
48,644,461
986,708
63,393,347
18,939,409
2,260,000
37,921,839
1,032,557
52,414,478
17,421,117
+ 14.6
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle
35,635,142
43,241,348
Yakima...
1,067,055
1,047,562
3,660,000
45,780,484
1,400,674
84,325,140
27,935,117
301,028
2,334,000
80.087
1,233,052
44,202,937
6,913,665
2,074,000
Eleventh Fede ral Reserve
Texas—Austin
Edmonton..
37,425,325
1,917,807
24,996,500
1,488.682
^SS
106,181,950
638,177
—5.9
66,09f
107,947
1,774,63(
26,999,611
1,636,381
8
527,754
London
+39.9
+47.9
90,181,152
110,386,704
Victoria
W.Va.—Hunt'ton
85,439,642
+ 11.6
-Richm ond-
Reserve Dist rict'
+ 10.7
127,309,197
Calgary
Fifth Federal
100,587,575
142,061,823
Toronto..
1,979,151
824,416
2,912,072
Total (10 cities)
317,676,311
D Istrict—Clev
2,196,397
04,730,797
114,034,944
9,804,500
2,102,568
2,741,229
142,642,147
688,927
+7.7
—12.2
Canada-
Ohio—Canton
+4.6
—2.4
651,356
Total (10
+24.5
+15.8
1,508,584
2,869,843
997,557
294,098
848,811
1,090,838
3,497,715
572,137
St. Joseph
_
-Philad elphia
2,700,000
448,000,000
543,867
,681,964,021
0,860,780
4,906,954
3,444,458
4,424,191
+18.9 2,791,655,306 2,781,226,018
1,176,533
3,127,700
Chester....
Total (10 cities)
5,347,780
879,917
28,300,000
512,554
367,954
729,440
354,505
1,083,086
313,000,000
1,210,620
1,909,049
663,733
1,112,853
5,277,000
..
Bethlehem.,
Lancaster.....
Philadelphia...
Reading
Scranton——
WUkes-Barre..
York——
N, J,—Trenton..
7,031,244
2,925,101
59,168,146
22,188,097
1,742,001
603,488
788,596
2,765,723
470,844
Mo.—Kan. City.
Galveston
900,809
28.700,000
433,255
011,776
2,700,420,426
6,172,553
2,882,660
3,800,654
4,713,642
+32.1
2,732,586
54,986,461
21,336;966
1,958,214
Colo.—Col. Spgs
Pueblo——.
Omaha
La.—Shreveport.
Feder al Reserve D Istrict—New
2,220,221
+8.4
71,987,200
2,150,902
488,715
437,009
;
Wichlta
385,832
1,723,358
201,325,648
598,987
1,758,677
182,041,070
468,182
307,984
632,806
2,329,815
1,736,972
8,371,378
3,653,406
8.024,200
450,233
070,018
3,847,654
2,294,284
11,124,948
4,489,328
12,603,700
729,034
fox
1937
+7.3
+16.6
104,354
101,394
2,489,594
32,735,015
1,739,360
2,130,082
84,154,062
2,711,728
491,652
88,968
110,188
2,290,509
30,532,772
1,601,165
3,143,103
100,354,084
2,883,073
Hastings—
Lineoln..
Kan.—Topeka.
$
First Federal
Me.—Bangor.-.
1938
3,309,484
69,952,261
25,068,245
Reserve Dis trict—Kan
Neb.—Fremont-.
Inc. or
1939
118,001,341
Tenth Federal
Week Ended Not. 23
Clearings at—
1940
3,551,861
75,»5L670
29,938,822
2,932.293
888,084
1,004,172
3,767,439
Minneapolis.
St. Paul....—
371,232,840 +•11.9
415,438,250
Ninth Federal
Minn.—Duluth-
*
Estimated,
x
No
flgui-es available.
549.581
+ 24.1
634,220
+24.7
+ 16.5
251,703
562,968
468,001
950,664
823,235
591,996
230,286
616,732
721,742
1,073,659
+26.4
738,284
+5.0
+ 12.1
+0.5
1,017,973
2,845,268
311,995
811,663
667,102
646,489
—1.7
530,820
576,356
+25.8
+4.0
+20.7
3,339,715
335,341
1,040,828
572,915
747,981
Volume
The Commercial & Financial Chronicle
151
FOREIGN
EXCHANGE
THE
RATES
Pursuant to the
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
EXCHANGE
BANK
BATES
CERTIFIED
TO TREASURY
UNDER TARIFF ACT OF
RESERVE
Nov.
Czecboslo Via, koruna
Not. 27
a
Denmark,
Nov. 26
Nov. 28
Berliner Kraft
224
223
225
225
221
221
(6%)..................—146
143
144
143
142
141
156
156
155
155
155
155
7%).....
...
Licht (8%)
u.
(6%)...
Bank
..—144
142
144
144
143
142
(8%)—............205
203
205
204
204
201
<6%)
.....
Siemens AHalske
a
a
a
a
a
a
a
4.035000
4.035000
4.035000
4.035000
4.035000
4.035555
4.035277
4.035000
4.035000
Finland, markka
.019500
.019500
.019500
.019250
.019333
.019166
France, franc...
Germany, reichsmark
Greece, drachma
.399820*
.399820*
.399820*
.399700*
.399820*
.399820*
.197700*
.197700*
.197700*
.197700*
.197700*
.197700*
.050385*
.050385*
.050400*
.050400*
.050400*
.050400*
a
a
a
a
a
a
a
a
.039850
.039875
.039875
.039862
.039875
.091300*
.091300*
.091340*
.091340*
.091340*
.091340*
.238241
.238175
.238164
.238221
.238293
.238192
.232042
.232028
.232018
.232037
.232031
.232006
.022416*
.022416*
.022416*
.022333*
.022333*
4)22416*
Asia
China—
(yuan) dol'r
a
a
a
Hankow (yuan) dol
a
a
a
Shanghai (yuan) dol
Tientsin (yuan) dol
Hongkong, dollar.
.058812*
.058250*
.058000*
.057812*
.057175*
.236583
.236500
.236458
.234562
.234562
4235208
India (British) rupee.
.301666
.301666
.301666
.301666
.301666
.301666
Japan,
....
.234387
.234387
.234387
.234387
Settlem'ts, dol
.471000
.471000
.471000
.471000
.234387
.471000
.471000
a
.057125*
a
4234387
Australasia—
Australia, pound—
3.228000
3.228000
2.338000
3.228000
3.228000
34228000
Free
3.215000
New Zealand, pound. 3.227500
Africa—
3.215000
3.215000
3.215000
3.215000
3.215000
3.227708
3.227708
3.227708
3.227500
3.227500
South Africa, pound. 3.980000
North America—•
3.980000
3.980000
3.980000
3.980000
3.980000
Canada, dollar—
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free.............
.870078
.870000
.870234
.870156
.869609
.868671
.204000*
.204000*
.204000*
.204100*
4104250*
4204250*
.909090
.909090
.909090
.909090
.909090
.909090
.867500
.867500
.867625
.867750
.867125
.866250
.297733*
.297733*
.297733*
4197733*
.297733*
4297733*
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
.050166*
.050166*
.050166*
.050116*
.050166*
.050166*
Mexico, peso
Newfoundl'd, dollarOfficial
.......
South America—
peso
Brazil, milreis—
Official
.....
Chile, peso—
Official..........
Export
Colombia, peso.....
.051680*
..
a
.051650*
.051650*
.051650*
.040000*
.040000*
.040000*
.040000*
.570000*
.570000*
.570000*
.570000*
.570000*
.658300*
.658300*
.658300*
.658300*
.658300*
.394810*
.......
.051650*
.040000*
,658300*
Uruguay, pesoControlled
.051680*
.040000*
.570000*
..........
.394810*
.394810*
.394810*
.394810*
.394810*
No rates available.
COMPARATIVE PUBLIC DEBT STATEMENT
(On the basis of dally Treasury statements)
When War Debt
Dee. 31, 1930.
Lowest Poet-War
Pre-War Debt
Was at Us Peak
Debt
$
$
$
Aug. 31, 1919,
Mar.
Gross
public debt.........
Gross public debt per capita
Computed rate of interest
per annum
on interestbeating public debt (%)..
31,1917,
1,282.044.346 28 26.596,701,648 01 16,026,087,087.07
12.36
250.18
129.66
2.395
4.196
3.750
Obligations of governmental
agencies guaranteed by
tbe United States:
Unmatured principal.a. .
Matured prln
A int. tor
which cash has been de¬
posited with or held by
Treasurer of the U. S.b
74^6,460*06 l-liirioV.534*76
General fund balance.c—
Oct. 31,1939,
A Year Ago
%
806.803,319 56
Sept. 30,1940
%
Last Month
Oct. 31,
1940
$
public debt-........ 41,036,045.763.52 44,072,040,246.73 44,137,245,618.38
312.08
Gross public debt per capita
of interest
'on Interestbearing public debt (%)..
Obligations of governmental
per
332.95
334.51
rate
annum
2.602
2.580
2.588
agencies guaranteed by
the United States:
Unmatured principal a—
Matured prln, A Int. for
wblcb
cash
has
5,356,255,898.67
5,787,230.755.28
5,790,494,105.28
been
deposited with or held
96,573,415.75
1,913,318,831.80
by Treasurer of U. S. b
General fund balance.c....
24,639,338.48
2.415,101,932.68
21,897,432.63
1,920,167,801.22
a Does not Include obligations owned by the Treasury as follows;
Oct. 31, 1939,
3373,130,377.43; Sept. 30, 1940, $77,272,500; Oct. 31, 1940, $112,272,500.
b Amounts are Included In the general fund balances shown herein, on and after
Sept. 30. 1939.
c
Includes amounts held by the Treasurer of the United States, as shown above,
for the payment of the principal of and Interest on matured obligations guaranteed
by the United States, on and after Sept. 30,1939*
CURRENT
—The Louis
at
61
NOTICES
Koryn Securities Corporation has been formed, with offices
Broadway, New York City, to conduct
—Edward P.
143
list of bonds, notes and preferred
corporation called for redemption, together with
sinking fund notices.
last date for
The date indicates the redemption
or
making tenders, and the page number gives the
location in which the details
Company and Issue—
a
Spain, peseta
Sweden, krona..
Switzerland, franc
Yugoslavia, dinar...
Gross
stocks of
a
Akron & Barkerton Belt. RE. 4%
Rumania, leu.......
Computed
Below will be found
a
.039862
Nominal rate,
146
.....147
were
given in the "Chronicle":
a
a
Poland, aloty
Portugal, escucio
*
284
145
a
Hungary, pengo
Italy, lira
Netherlands, guilder,
Norway, krone..,.
Non-controlled..
120
289
146
NOTICES
4.035000
Free
120
292
146
REDEMPTION CALLS AND SINKING FUND
4.035000
Argentina,
120
292
120
a
4.036000
Free
120
288
(8%)-..——————293
Verelnlgte Stahlwerke (6%).....
5
Official
29
169
Relchsbank (new shares)..............—.120
\ Nov. 29
Free
yen.
Nov.
171
Farbenlndustrle I. G.
Official
Straits
28
171
Engl'd, pound steri'g
Chefoo
Nov.
27
a
a
krone
Nov.
of Par
173
Dresdner
Unit
Nov. 25
26
171
Deutsche Bank
Noon Buying Rate for Cable Transfers in New York
Value in United Statet Money
Nov. 23
Nov.
25
•Percent
Deutsche Relcbsbahn (German Rys.
Europe—
Belgium, belga
Bulgaria, lev..
Nov,
23
Commers Bank
1930
NOV. 23, 1940, TO NOV. 29, 1940, INCLUSIVE
Country and Monetary
STOCK EXCHANGE
Allegemeine Elektrizitaets-GesellBOhaft(6%)171
FEDERAL
BY
BERLIN
Closing prices of representative stocks as received by cable
each day of the past week:
We
record for the week just passed:
a
3177
Tastrom
is
Broadway, New York City*
now
an
associated with
investment business.
J.
L.
Richmond Co.,
Ill
Date
gold bonds... .......Dec. 2
Alabama Water Service Co. 1st mtge. 5s
......Dec.
Alabama Power Co. 1st mtge. 5s—.... —...........Mar.
Alabama Power Co. 1st mtge. 5s 1957... ...—.......Dec.
♦Alberni Pacific Transport Co., Ltd., 1st mtge. 6s
Dec.
Page
5
1
1
2
*
Allegheny Corp. 20-year coll. trust 5% bonds
...Dec, 9
*
American Finishing Co. 1st mtge. 6Hb
.Dec.
1
Appalachian Electric Power Co. 4H% debentures.......Dec. 16
Athens Railway & Electric Co.. 5% bonds....
Jan.
1
Atlantic Ice & Goal Co. 1st mtge. 6s
.....Dec.
1
Auto Finance Co.,6% preferred stock.
........Jan.
1
Bear Mountain Hudson River Bridge Co. 1st mtge. 7s. ..Apr.
1
Bedford Pulp & Paper Co., Inc. 1st mtge. 6Hs-- .......Dec.
1
♦Blethen Corp. 1st mtge. QHb—
...Jan*
1
Brooklyn-Manhattan Transit Corp.. $6 pref. stock.. ...Dec. 3
Brooklyn & Queens Transit Corp. pref. stock—........Jan.
1
*Burnham Stoepel Land Co. 1st mtge. bonds..........Dec.
1
Capital City Hotel Co.. Inc., 1st mtge. 6Ha
..... ..Deo.
5
Carolina Clinchfleld & Ohio Ry. 1st mtge. 6s.. .... ....Dec. 15
♦Chesapeake Camp Corp. 1st mtge 4^8
...Jan.
1
Chesapeake & Ohio Ry. 3H% bonds
—..........Dec,
1
Cincinnati Gas & Electric Co. 1st mtge. bonds.........Dec.
1
♦Citizens Utilities Co. 1st mtge. bonds
...........Dec. 10
Clark's Ferry Bridge Co. 1st mtge. 6s
...........Dec.
1
Connecticut Railway & Lighting Co.. 4H% bonds
..Jan.
1
Consolidated Oil Corp. 3H% debentures..
—Dec,
1
♦Consolidation Coal Co. 5% bonds......—...
Dec. 27
Crane Co. 3H% debentures
Dec.
1
♦Cuban American Manganese Corp. 8% conv. pref. stock. Jan. 15
♦Davidson-Boutell Co. 5% debentures
.......
Dec.
1
Eastern Oar Co.. Ltd.. 6% bonds—......—...........Jan,
1
Erie Musement Co. 6% bonds..... ............—Dec.
1
Fairbanks, Morse & Co. 20-year bonds.................Dec.
1
Falstaff Brewing Corp. 5% bonds.....
.....Dec. 15
♦Flint Mfg. Co. preferred stock.....
.....
Dec.
2
....
♦Fontana Union Water Co. 1st mtge. 6s.
.....Jan.
Jan.
♦(Peter) Fox Brewing Co. 6% pref. stock
—..—..Dec.
♦General American Investments Co. $6 pref. stock..
Dec.
German!-Atlantic Cable Co 1st mtge. 7% bonds
Apr.
Gruen Watch Co. class B pref. stock...
............Feb.
Gulf Public Service Co 1st mtge. 6s.... .............Apr.
Hartford Times, Inc. 4H% debs
—
..Dec.
♦Hawley Pulp & Paper Co. 1st mtge. 6s
..Jan.
♦Hempstead & Oyster Bay Water Co. 6% bonds...
Jan.
Houston Natural Gas Corp 1st mtge. 6s...
....Dec.
Illinois Consolidated Telephone Co. 1st mtge. 4^3....... Jan.
Industrial Rayon Corp. 1st mtge. 4^8
......Dec.
Inland Steel Co.. 1st mortgage oonds—
....
Jan.
Internationa) Business Machines Corp. 3 H% debs..
Dec.
Iowa Electric Light & Power Co. 1st mtge. 4s.. ........Dec.
lows Southern I uHUesOo 5H°fr bonds series 1925.....Jan.
Jefferson & Clearfield Coal & Iron 1st mtge. 5s.. ...
Jan.
Johns-Man villa Corp. 7% pref. stock....—... .......Jan.
*La Cumbre Mutual Water Co. 1st mtge. QHb
Dec.
♦Laclede Steel Co. 3-year notes
.....
....
Nov.
Lehigh Valley Coal Co. secured 6% notes
—
.......Dec.
First and refunding mtge. bonds....
...........Dec.
Lockhart Power Co. 1st mtge. 4He
.......Dec.
Lcckhart Power Co., 1st mortgage 4J4s.......—— ..Dec.
Louisville & Nashville RR. 4% bonds................. Jan.
♦Luzerne County Gas & Elec. Corp. 7% bonds
...Jan.
Manila Gas Corp. 1st mtge. 6s
...
.....
...—Jan.
Medusa Portland Cement serial bonds...
Nov.
♦Messer Oil Co. 6% debentures—
...Jan.
♦Michigan Associated Telephone Co. series A bonds..—Dec.
Michigan Public Service Co. 1st mtge. 5s—
..Dec.
Midi RR. Co. 4% bonds—
...Dec.
Mississippi River Power Co. 1st mtge. 5s
........Jan.
Montana-Dakota Utilities Co. 4H% bonds
—..—..Jan.
Nanaimo-Duncan Utilities. Ltd., 1st mtge. 5H&
Jan.
National Acme Co., 1st mortgage 4)£s— ..........Dec.
National Candy Co. 5% notes..—...................Dec.
National Gas & Electric Corp. 1st lien 5s
....
Dec.
National Supply Co., 1st mortgage 3f^s.. .........—-Pec.
♦Neiman-Marcus Co. 7% preferred stock
.Dec.
Nekooea Edwards Paper Co. 6% serial bonds...........Jan.
5% serial bonds........—........—.............Jan.
New York City Omnibus Corp. prior lien bonds
Jan.
New York Connecting RR. 4H% bonds
......—Feb.
Northwestern Public service Co. 1st mtge 5s
Jan.
♦Ohio Associated Telep. Co. 1st 4Hs, 1966—
—Dec,
Ohio Cities Water Corp. 1st mtge. bonds..
..Jan.,
Paris-Orleans RR. 6% bonds......... ......—.—...Dec.
Pennsylvania Co. 3H% ctfs. series D
..—Dec.
Pennsylvania Glass Sand Corp., $7 pref. stock..
..Jan.
Phelps, Dodge Corp. 3H% debentures
—.....Dec,
Philadelphia Transp. Co. consol. mgte. bda. ser. A ......Jan.
Portland General Electric Co., 1st mortgage 5s
Dec.
Power Securities Corp. 6% bonds.. ....
...—......Dec.
Public 8ervice Co. of Colorado 4 % debentures...—
—Dec.
Republic Steel Corp. preferred stock
.............Dec.
Revere Copper & Brass, Inc. 1st mtge. 4^8— .....—.Dec.
Richmond Terminal Ry 1st mtge 6s
...
Jan.
JHiordon Pulp & Paper Co ' Ltd 6% debs
....
....Dec.
Southern California Edison Co., Ltd., 1st mtge. bonds...Jan.
Standard Steel Construction Co., Ltd., class A stock.....Jan.
Stouffer Corp., class A stock.
—Dec.
Toledo Edison Co. 3H% debentures
—Dec.
♦United Steel Corp. 6% bonds
Jan.
VIcking Pump Co. preferred stock
...........—Dec,
♦Virginia Coal & Iron Co. 50-year bonds (former co.).—Jan.
Watauga Power Co. 1st mtge. 6s
———.......—Dec.
Werner Bros.-Kennelly Co., 1st mortgage 5s.... —
Dec.
West Virginia Pulp & Paper Co. 1st mtge. 3s
......Dec.
Woodward Iron Co 2d mtge. 5s
——....—.——Dec
*(Wm.) Wurdack Elec. Mfg. Co. 5H% bonds
Dec.
Youngstown Sheet A Tube Co., 1st mtge. bonds.. ...
Dec.
♦
Announcements this week.
♦Fort Kent Water Co. 1st mtge. 5 He
—
,
1
1
3078
2178
1424
2034
3224
3224
3225
2932
2794
2634
2794
2036
2036
3228
2037
2934
3229
2795
1888
3230
2490
2639
3231
2936
2798
2640
3232
2640
3232
3233
2350
3088
2645
3088
3236
3236
3236
21
3236
28
1
1
1
3237
1433
2352
1573
3089
16
1
1
1
1
27
15
15
1
1
1
1
1
30
4
4
1
2
1
1
1
30
I
31
1
1
1
1
1
1
1
1
15
1
1
1
1
1
1
31
1
1
1
1
15
1
6
1
1
15
20
1
31
1
2
1
1
1
15
1
1
1
1
3239
3239
1724
2943
2943
2801
2047
1282
555
3091
3091
3241
3241
3092
3092
2650
2803
2946
3244
3095
2651
3244
3244
2505
3095
2948
2653
2948
2805
2507
2507
2805
3246
2358
2358
2508
2655
1287
3248
2951
3098
3098
2807
2658
3098
2808
2658
2659
3099
3099
1156
113
2362
2514
2811
2515
3257
1588
3258
2060
2812
2668
2
J443
1
4
3260
2813
Trust Accounts, Increment
EXPENDITURES
GOVERNMENT RECEIPTS AND
Nov.
Chronicle
The Commercial & Financial
3178
-
1939, and the four
and
1940
S
Less reimburse, to gen.
October
1939
1940
Net
—July 1 to Oct. 31—
1940-41
$
.........
37,651,865
563,007,195
Mlscell. internal revenue....
236,926,433
198,375,546
1,033,411,513
913,664,576
34,500,153
31,449,258
al99,152,079
173,209,786
2,746,826
2,935,641
11,966,579
14,165,994
tax
Tax
366,039
30,054,750
32,534,561
29,370,768
32,418,457
254,895
14,652,098
Re¬
15,000,000
States
(Act
93,978,471
50,016,143
1938)
investments.....
on
;
204,008
68,274
56,000,000
Interest on Investments
120,754", 090
100,853,458
598,524
(Act
Transfers from general fund..
24,451,593
26,141,217
Other trust accounts
Miscellaneous receipts:
180,328,962
165,217,191
Other funds and accounts:
of Govt .-owned se¬
Proceeds
263,594,842
Railroad retirement account:
pi,628,485
P806
.....
Customs........
'177,000,000
266,432,537
1938)
June 25,
Interest
Insur¬
contributions
ance
1,170,676
Treasury
Transfers from
carriers and their
employees
Railroad unemployment
187,814,810
54,026,825
20,970
Railroad
by
from
June 25,
employers of 8 or
on
more..
Taxes upon
43,000,000
56,740,737
tirement Board
Adv.
.....
32,135,547
receipts
Deposits
Social security taxes:
Employment taxes
177,000,000
Railroad unemploy. ins. acct.:
446,947,253
Income
187,668,344
146,466
42,329
Deposits by States
44,038,561
43,000,000
32,093.218
investments
Unemployment trust fund:
1939-40
s
$
S
Revenue:
Internal
2,406,935
fund..
Net appropriations.d
on
177,000,000
43,000,000
Transfers from general fund.h
months of the fiscal years
—Month of
S
S
34,500,153
Appropriations
Interest
Receipts—
1940
Fed. old-age and survivors ins.
trust fund:
1940-41 and 1939-40.
General & Special Accounts: -
1939
S
1940
Gold. &c.
on
Receipts—
the Treasury we
are enabled
to place before our readers today the details
of Government receipts and disbursements for October,
Through the courtesy of the Secretary of
30,
—July 1 to Oct. 31—
1940-41
1939-40
-Month of October-
Increment
curities:
duction
Principal—foreign obiiga's.
In
of gold
weight
1,048,799
5,338,685
12,837,122
Panama Canal tolls. Ac—...
2,850,835
1,972,664
8,229,252
8,013,289
Seigniorage
7,398,975
4,924,390
20,514,293
14,543,233
Other miscellaneous
6,103,170
5,274,129
25,707,463
26,558,491
365,351,365
321,511,311
2,009,927,168
1,768,126,496
138,403
24,298
3,736,881
9,342,698
^oOv|Twv
167,858,343
135,529,818
308,953,375
700,240,252
m5,000,000
43,000,000
861,614
132,500,000
15,501,606
172,000,000
4,266,772
3l,ooo,ooo
Seigniorage
20,215,034
201,791
127,806
2,607,649
7,000,000
111,000,000
103,000,000
32,978,000
22,858,895
177,580,000
142,691,524
dollar
87,168
Interest—foreign obliga'ns.
Other
resulting from re¬
....
Total receipts.
ni
ooq /Oft
Expenditures—
Fed. old-age and survivors ins.
Total receipts
trust
fund—Investments..
Benefit payments
Deduct—Net
appro p.
ance trust
Net
Investments..
32,093,218
fund.d
333,258,147
receipts
..........
321,511,311
187,668,344
1,822,258,824
Withdrawals by States....
1,768,126,496
v-'
Transfers to
Agricui. adjust, program...
Com. Credit Corp.—Resto¬
ration of capital
RR,
Corp.g..
74,038,026
301,705,133
278,519,211
265,957,442
Admin
C9,745,638
02,986,841
C43.208.680
06,019,256
1,414,941
1,511,226
Benefit payments...........
Other trust accounts
Other funds and accounts:
*"""85,471
043,909,393
7,612,135
4,498,094
7,672,345
23,113,413
33,792,811
3,055,325
2,240,549
16,839,723
12,048,047
1,669,674
11,284,514
10,563,268
4,357,016
2,965,806
26,836,260
20,025,233
30,001,953
492,248,613
254.924,080
151,457,984
'
■
C4.600
C4.013.775
C8,169,600
5
1,060
3,016
—
97,056,726
731,075,838
615,313,844
C289.458.000
C202.553.000
+
gov'm'tl agencies, Ac. (net);
Sales and redemptions of obll-
133,931,587
52,097^088
388,582,741
.191,443,881
82,427,006
4,290,930
'
flood control
21,909,797
22,880,979
Canal
3,272,598
1,022,780
9,357,058
>
gations in market fnet): k
Guaranteed by the U. S.:
Com. Credit Corp......
Fed. Housing Admin....
Home Owners Loan Corp.
National defense fund for the
Reconstrue.
•
cioo.ooo
Fin.
Corp..
4,435,962
8,899
8,899
Fed. Farm Mtge. Corp..
Not guaranteed by U. S.:
.
..
Treasury
51,500
8,058,325
cioo.ooo
394,500
43,950
2,355,300
3,312,386
Department:©
Interest on the public debt.
Refunds of taxes A duties..
Dist.of Col. (U. 8.share)
Federal Loan Agency:
Fed. Housing Admin.:g
Reconstruo'n Fin. Corp.g..
36,735,450
155,246,696
Transactions in checking accts.
*63,024,755
86,012,276
President
39,672,892
12,791,712
141,869,898
8,574,462
149,924*377
Department:©
Selective Service (adm. exps.)
9,425,522
16,629,829
305,250
Subtotal
31,277,431
10,000,000
10.026,221
(Act of
Chargeable against Increment
on gold—Melting losses, Ac
6,370,678
.v
-
6,000,000
PWA revolving fund
June 21, 1938)
River and harbor work and
Panama
3,328,698
r
Investments
bll9,599,918
1,414,941
(deficiency)
(national defense).
3,606,888
(Act
adv.
6,985,054
Reclamation projects
Navy Dept. (national defense)
M llitar y
of
June 25, 1938)
Railroad retirement account:
Department of the Interior:©
Post Office Dept.
93,978,471
972,633
307,462,075
Forest roads and trails
War
50,016,143
97,130,146
865,004
....
■
unemploy. Jns. account:
102,302,369
2,488,008
Adminlstra'n
Farm Tenant Act
Eleo.
RR. unempl.
(Act June 25.
Benefit payments
Repayment
C15,616,005
Federal Land banks
Farm Security
76,462,850
lmpair't.
Credit Administr'n.f
Fed. Farm Mtge.
Rural
acct.
1938)
Expenditures—
General (incl. recovery A relief):
Departmental.....
—.
Department of Agriculture:©
4,941,822
State accounts:
ins.
Farm
...
Unemployment trust fund:
insur-
survivors
and
old-age
Fed.
to
73,240,978
68,481,207
261,065,329
253,152,512
6,068,341
6,804,954
32,062,403
28,436,608
6,000,000
2,678,902
4,000,000
375,157
519,286
C58,368
3,131,524
C4.458
2,000,000
Cl.352
113,416
108,634
428,560
22,416,127
23,812,286
;
Federal Land banks
51,500
C22.391.675
C300.000
C200.000
100,500
394,500
22,750
10,900
1,350,000
3,393,000
4,700,000
cioo.ooo
Fed. Home Loan banks..
6,000,000
...
Home Own. Loan Corp..
1,186,250
11,908,825
C930.000
Cl,195,000
175.532,498
147,009,972
10,900
3,075
5.000
5,000
1,932,000
El. Home A Farm Autb..
Other transactions (bet):
135,000
Commodity Credit Corp...
Export-Import Bk. of Wash
21,121,395
c220,440
■
'■
•
101,353,769
Fed. Housing Admin
HomeOwners'Loan Corp..
ci,138,228
ci8,859,539
17,553,497
Rural Electrification Adm.
ci,706,063
2,298,457
Corp.!.
c9,420,214
51,034,409
15,523,565
15,694,877
3,541,292
82,997,919
85,403,630
49,986,412
4,308,776
C13.337.474
C12,524,005
79,657,690
49,489,421
39,064,557
Clll.345,364
197,304,612
+32,193,726
—861,614
Unemployment trust fund...
Other, g
19,270,478
C212.596
3,880
c9,846,855
—8,120,651
Railroad retirement account—
—10,026,222
+23,334,573
+574,478
+11,659,881
+39,813,204
—10,900,245
+10,327,108
+ 733,228
+30,326,948
+10,414,550
+25,080,265
Federal Security Agency:
Corps.
Civilian Conservation
7,142,600
Natlonal Youth Admin
Social Security Board.....
Other
95,210,331
.......
5,583,075
25,552,270
53,324,997
41,013,175
162,672,407
9,725,192
6,055,162
38,179,570
Reconstruction Fin.
136,740,641
U.S. Housing Authority...
Other...
23,688,809
%
:
..
,
Federal Works Agency:
Public Bldgs. Admin......
7,467,519
6,482,292
29,787,603
208,889
C503.802
C3,065,195
C247.568
C85,199,829
63,696,952
Cl,165,969
C4,115,187
25,434,564
Public Roads Admin
21,179,900
18,282,337
74,392,289
73,308,612
Public Works Admin.f....
21,568,671
29,427,243
59,519,439
115,372,883
U. S. Housing Authority.g.
867,620
184,704
I,417,600
838,603
Work Projects Admin.....
110,892,070
112,544,257
434,099,590
501,477,040
42.157
C515.745
275,166
Subtotal
471,492
Other
Railroad Retirement Board..
d471,508
658,400
d2,076,420
Total expenditures
Excess of reoeipts
Excess of expenditures..,
2,295,170
Tennessee Valley Authority..
5,095,777
2,968,172
II,618,279
12,549,402
Veterans' Administration....
48,234,459
46,335,072
185,321,744
185,177,627
701,893,307
3,024,886,746
2,815,231,047
Subtotal
873,935,806
......
Summary
Excess of rets. (+) or exps, (—):
Fed. old age and survivors ins.
fund...
trust
Revolving funds (net):
Farm Credit Administration.
Cll,106,258
Cl,236,333
C32.281.984
C2,801,522
Public Works Administration
6,167,126
10,021,534
10,451,833
28,385,421
>
+9,511,388
+2,430,204
Other trust accounts
Other funds and accounts
+3,765,774
+13,557,204
+13,759,206
+ 29,692,475
Transac's in checking accts. of
Subtotal
C4,939,132
8,785,201
C21,830,101
governmental
25,583,899
Ac.
July
—9,670,225
+274,076,675
+221,177,775
—29,394,332
—162,731,311
-418,482,387
Total
177,000,000
43,000,000
10,000,000
56,000,000
57,150,000
Railroad unempl. ins. acct.:
June 25,
-4,369,325
—45,120,096
—23,500,976
—591,465
+189,222,901
—112,378,204
505,363,000
501,184,000
1,808,142,000
1,807,301,000
gations in mkt. (net)
trust fund.h
Railroad retirement account.
Adv.
agencies,
<
Other transactions (net)
A survivors ins.
Fed. old-age
(net):
Sales A redemptions of obli¬
Transfers to trust accts., Ac.:
'
(Act
5,
1939
1938)
15,000,000
Public Debt Accounts
Receipts—
Repayment of advance Jan.
26. 1940.
Market operations—Cash:
Treasury bills
Govt, em pi's' retirement funds
92,715,000
(U. S. share)
87,203,400
Treasury
Subtotal
53,000,000
148,715,000
336,353,400
........
Treasury notes......
U.
8.
""
savings
1,243,900
779,100
17,735,700
764,457,601
3,169,507,345
225.698,290
259,400,539
557,583,177
551,015,656
2,714,532.640
2,066,702,829
221,200
530,500
974,700
1,878,750
(incl.
Deposits for retirement of
9,964,750
870,240,574
IIII1IIIII
49,831,656
..........
52,220,677
bonds
unclassified sales)
Debt retirements (skg. fd., Ac.)
680,6*92/350
n500
bonds
3,187,133,095
national bank notes...
Total expenditures....
Subtotal
Excess of receipts
,.
.......
—
1.290
....
Excess of expenditures ........
536,982,427
442,946,298
1,347,248,522
1,419,006,599
Adjusted service bonds.
1,762,800
Summary
Treasury
Excess of expenditures .....
Less public
Excess
of
debt retirements..
exps.
(excl.
536,982,427
442,946,298
1,347,248,522
779,100
17,735,700
9,964,750
public
debt retirements)
535,738,527
gold,
of expenditures
receipts (—)—
442,167,198
1,329,512,822
1,409,041,849
Total excess Of expenditures..
Inc. (+) or dec. (—)
fund balance....
Inc. (+) or dec.
..
724,677,900
724,677,900
724,677,900
726,440,700
12,000,000
169,000,000
141,000,000
43,000,000
41,000,000
(notes) h
159,000,000
559,239,503
+591,465
442,758,663
—189,222,901
1,140,289,921
+112,378,204
172,000,000
1,521,420,053
—494,934,131
—264,388,831
+29,424,660
—924,906,700
(—) in the gross
+64,305,372
+178,369,782+1,169,714,581
+596,513,353
3,000,000
10,000,000
89,010,000
84,800,000
retire, fund (notes)„
330,000
389,000
Canal Zone retire, fund (notes)
+23,500,976
in general
public debt
public debt at beginning
..
Special series:
Adj. service ctf. fund (ctfs.)..
Unemploy. trust fund (ctfs.).
trust fund
excess
(+) or
Subtotal..
Fed. old-age and survivors ins.
Trust accts., increment on
&o.,
bonds.
1,419,006,599
1,243,900
1.164,000
Alaska RR. retire, fd. (notes).
Postal SavB. System (notes)..
175,000
Govt, life ins. fund (notes)...
Fed. Dep. Ins. Corp. (notes).
2,000,000
Railroad retire, acct. (notes).
Civil service retire, fd. (notes)
For.
serv.
473,000
175,000
15,000,000
14,000,000
20,000.000
55,040,000
55,000,000
441,179,000
443,837,000
1,337,522,277
606,546,156
3,883,127,040
2,512,418,579
14,000,000
Gross
44,072,940.247
40,857,675,982
42,967,531,038
40,439,532,411
Subtotal
debt this date.-. 44,137,245,619
41,036,045,764
44,137,245,619
41,036,045,764
Total public debt receipts..
Of month or year
Gross public
Volume
The Commercial &
151
{Concluded)
Market operations—Cash:
Treasury bills...
-<:t
1,738,352,000
1,786,368,000
403,119,000
513,724,000
Certificates of Indebtedness
5,500
16,600
11,600
282,700
Treasury notes..-..-..*..
1,130,450
1,647,350
4,380,450
14,124,750
1,243,900
..........
...
8,727,505
46,378,729
35,217,214
2,229,950
2,549,850
9,835,950
11,828,731
93,050
79,600
504,650
409,200
179,350
.....
17,655,600
11,826,186
Treasury bonds..
U. 8. savings bonds
Adjusted service bonds
331,150
815,650
1,115.950
72,000
104,760
First Liberty bonds......*
Fourth Liberty bonds
Postal Savings bonds
Other debt Items
National bank notes
1
800
21,710
126,475
83,071
2,709,710
55,749
....
6,278,655
9,956,850
,
1,223,070
Subtotal
415,202,375
1,811,475,227
1,872,425,759
..........
531,712,005
724,677,900
Exchanges:
Treasury notes...—.....
Treasury
724,677,900
bonds
1,762,800
..........
Subtotal
"
726,440,700
724,677,900
.
..........
Special series:
Adj. service ctf. fund (ctfs.)
Unemploy. trust fund (ctfs.).
Fed. old-age and survivors Ins.
trust fund
of the public debt of the United
made up On the basis of^the daily
The preliminary statement
States Oct. 31,
1940,
as
Treasury statement, is as follows:
Bonds—
3% Panama Canal loan of 1961..—
3% Conversion bonds of 1946
3% Conversion bonds of 1947
2)4% Postal savings bonds (20th to 49th Ber.)
500,000
(notes) h
1,000,000
1,700,000
5,000,000
10,000,000
58,000,000
38,000,000
"*8,900,000
26,500,000
5,000,000
Railroad retire, acct. (notes).
Civil service retire, fd. (notes)
"7,800,000
2,300,000
For. Serv. retire, fund (notes)
Canal Zonereltre. fd. (notes).
12,000
23,000
51,000
100,000
6,500,000
119,000
111,000
22,000,000
1,100,000
20,000,000
36,000,000
16,827,000
8,974,000
114,546,000
104,430,000
1,273,216,905
428,176,375
2,713,412,459
1,915,906,227
64,305,372
178,369,782
1,169,714,581
596,513,352
Fed. Dep. Ins. Corp. (notes).
Subtotal...........
$758,945,800.00
1,036,692,400.00
4)4% bonds of 1947-62....
4% bonds of 1944-64......
3H% bonds of 1946-56...
3H% bonds of 1943-47......
3H% bonds of 1941-43
3)4% bonds of 1946-49...
—
8% bonds of 1951-65...........
3H% bonds of 1941.......:
3)4% bonds of 1943-45.........
3 H% bonds of 1944-46......
3% bonds of 1946-48...........
3 Vg% bonds of 1949-52..
2%% bonds of 1955-60.........
2)4% bonds of 1945-47
2H% bonds of 1948-51.....
2)4% bonds of 1951-54
......
2H% bonds of 1956-69
......
2)4% bonds of 1949-53
.......
2H% bonds of 1945...*.—.
489.080,100.00
454,135.200.00
544,870,060.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,628,250.00
1,518,737,650.00
1,035,873,400.00
491,375,100.00
2,611,092,650.00
1,214,428,950.00
1,223,495,850.00
1,626,687,150.00
981,826,650.00
1,786,130,150.00
540,843,550.00
450,978,400.00
918,780,600.00
1,185,841,700.00
1,485,384,600.00
701,074,400.00
671,431,150.00
1,118,051,100.00
680,692,350.00
724,677,900.00
....
2
H% bonds of 1948
2H% bonds of 1958-63...
2)4% bonds Of 1950-62
2)4% bonds of 1960-65..
....
2% bonds of 1947
J
Excess of receipts
•.
or dec.
(—)
:
-
.
%
i
...
•
U. S. Savings
operations:
—8,361,000
+98,065,000
+21,774,000
+68,949,000
Certificates of Indebtedness
—5,500
—16,500
—11,600
—282,700
-1,647,350
—727,295,550
—14,124,750
+38,674,051 +1,555,019,861
+212,603,434
Treasury notes...
....
—725,808,350
......
.....
+761,546,040
Other debt Items.........
National bank notes and
-55,749
—21,709
—126,475
—83,072
Fed. Res. bank notes....
—1,223,070
—2,709,710
—6,278,655
+26,092,372
+132,343,782
+843,081,581
+257,106,352
+38,213,000
+46,026,000
+326,633,000
+596,513,352
Special series..
—
Total.....
+64,305,372
* —
available for appropriation to tbe Federal old-age and survivors insurance trust
fund.
b Represents capital Impairment applicable to fiscal year 1939 but not
appro¬
priated by Congress until Aug. 9, 1939.
.>?
^
Excess of credits (deduct).
d Represents appropriations equal to "Social
security—Unemployment taxes"
collected and deposited as provided under Sec. 201 (a) of the Social Security Act
amendments of 1939 less reimbursements to the general fund for administrative
expenses.
Such net amount Is reflected
age and survivors insurance trust fund
as net
f Additional transactions are included In
Additional transactions
are
of governmental agencies, Ac.
appropriations to tbe Federal old-
below.
Additional expenditures' are included In
£
Series C-1938.......————————— ..... .....
Series 10-1939.
.
w——
JftHf
"Departmental" above.
...
.......
—
$173,287,124.75
315,963,402.00
411,630,440.00
496,382,597.25
821,867,698.71
799,475,118.75
65,514,622.65
.
""Ti*includes-transactions"formerly classlfiedlmder
V
■
3,084,020,904.11
Adjusted service bonds of 1945—.—
Adjusted service bonds:
(Government life insurance fund series)...
"
the caption "Oldjage reserve
\
J Exclusive of receipts amounting to $2,413,946.05, reflected above, for the fiscal
1941, representing social security taxes collected prior to July 1, 1940, and
appropriation to the Federal old-age and surv'vors Insur¬
ance trust fund,
year
therefore not available for
k The balances In the accounts of the Treasurer of the Un'ted States as
special
agent for the redemption of obligations of governmental corporations were carried,
prior to Sept. 30, 1939, as liability accounts In the dally Treasury statement under
the caption "Postmasters, clerks of courts, disbursing officers, Ac.," and conse¬
quently the redemption of the bonds was not reflected In the expenditures above.
The redemptions of such bonds from July 1 to Sept. 30,1939, were as follows:
Guaranteed by M
Corporation—
United States 1
Federal Housing Administration.....
j
Home Owners' Loan Corporation.......
Not Guaranteed
by the United'States
118,525,225
$677,000
Federal Farm Mortgage Corporation.........
99,014,400
Federal Home Loan banks.........
........
.
r*
$21,150
■
41,505.000
I Includes transactions on account of RFC Mortgage Company, Disaster Loan
$252,168,568.60
500,157,956.40
752,326,524,90
.$31,992,723,089.01
Total bonds..........
Treasury Notes—
Dec.
maturing Mar.
maturing June
maturing Deo.
maturing Mar.
1 H% series O-l940, maturing
1)4% series A-1941,
1 H% series B-1941,
1 H% series G-1941,
1)4% series A-l942,
15,1940..
15,1941..
15,1941..
15,1941..
15,1942..
series B-1942, maturing Sept. 16,1942..
1)4% series C-1942, maturing Deo. 15,1942..
1)4% series A-1943, maturing June 15,1943..
1 H% series B-1943, maturing Deo. 15,1943..
1%
series C-1943, maturing Sept. 16,1943..
series A-l944, maturing June 15,1944..
1%
series B-1944, maturing Mar. 15,1944..
1%
series C-1944, maturing Sept. 15.1944..
H% series A-1945, maturing Mar. 15.1945..
2%
$12,483,700.00
676,707,600.00
603,877,500.00
204,425.400.00
420,349.500.00
342,143,300.00
232,375,200.00
629,113,900.00
420,972,000.00
279,473,800.00
415,619,500.00
515,210,900.00
283,006,000.00
718,023,200.00
$5,659,681,500.00
revolving funds, stated separately'below i
Included under '"Transactions ln'checklng accounts
(net)," below.
account."
Series D 1940-.._
Unclassified sales.......................
a Includes $2,413,946.05 for tbe fiscal
year representing receipts from "Social
security taxes—Employment taxes," collected prior to July I, 1940, which are not
e
...... ..................
+339,407,000
+178,369,782 +1,169,714,581
Series B-1936........................—.
Series 0-1937..
—9,955,560
Subtotal
c
27,960,167,200.00
bonds (current redemp. value):
Series A-1935..........
Treasury bills............
Bonds
2% bonds of 1948-60.
2H% bonds of 1951-53
2H% bonds of 1954-56
2% bonds of 1953-65
In gross
public debt:
Market
$196,208,460.00
Treasury bonds:
...
46,000
15,000
Postal Savings System (notes)
Govt, life Ins. fund (notes)...
Inc. (+)
$49,800,000.00
15,761,000.00
13,133.600.00
117,513,960.00
and
Fed. Res. bank notes
Federal old-age and survivors Insurance trust
fund:
3% old-age reserve account series, maturing
June 30, 1941 to 1944
............
2H% Federal old-age and survivors insur¬
ance trust fund series, maturing June 80
483,900,000.00
1944 and 1945.....—..........
3% Railroad retirement account series, ma¬
turing June 30,1942 to 1945.............
Civil service retirement fund:
„
85,400,000.00
.
4% series maturing June 30,1941 to 1945—
3% series maturing June 30,1944 and 1945.
4% Foreign Service retirement fund, series
1941 to 1945
1,386,700,000.00
—------
1941
4% Canal Zone retirement fund, series
to 1945....
4% Alaska Railroad retirement fund series,
maturing June 30, 1941 to 1945..........
2% Postal Savings System series, maturing
June 30, 1942 to 1944—...
2% Government life Insurance fund series,
maturing June 30, 1943 to 1945..........
2% Federal Deposit Insurance Corporation
series, maturing Deo; 1,1943 and 1944. ....
629,900,000.00
410,000.00
4,710,000.00
5,348,000.00
942,000.00
96,500,000.00
6,259,000.00
70,000,000.00
8,429,750,500.00
Corporation, Federal National Mortgage Association, Metals Reserve Company,
Rubber Reserve Company, and the Defense Plant Corporation,
m
n
Excess of redemptions
*,!■
wHHtikM
Adjusted for transfer made by check In tbe amount of $1,524.10 due from
the Railroad Unemployment Insurance Administration Fund to the Railroad
Unemployment Insurance Account covering collections originally credited to tbe
p
fund.
'
LONDON
STOCK
\v
'
•
received by cable
week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
PH.,
Nov. 25
Nov. 26
Nov. 27
Nov. 28
Nov. 29
39/6
39/9
39/6
80/3
Cable A wire ord
86/3
£55)4
£55
£55
38/9
86/3
£55)4
Central Mln A Invest..
19 H
£10
£10
£10
Cons Goldfields of 8 A.
Rand Mines..........
31/3
29/4)4
£5)4
65/7/7 H
16/6
23 /7H
103/9
£14 H
67/6
£6)4
Rio Tlnto.—
£7
British Amer Tobacco.
Courtauids 8 A Co.—
De Beers..—......
Distillers Co
Electric A Musical Ind
Ford Ltd............
Hudsons Bay Co
Closed
.....
Imp Tob of G B A I..
London Mid Ry..—.
Metal Box...........
Rolls Royce..........
Shell Transport
United Molasses......
VlekNS..............
78 /IK
35/21/3
14/4)4
30,1941....................
$10,300,000.00
1,821,000,000.00
1,831,300,000.00
1,306,535,000.00
Treasury bills (maturity value).......—_*....*—«
Total interest-bearing debt
outstanding..........
.-$43,560,308,589.01
86/3
31/3
29/9
£5)4
65/6
7/7)+
16/6
23/6
103/9
£14 H
67/6
£0)4
£7)4
78/1)4
35/-
21/6
14/6
30/7)4
30/1)4
£5 H
65/0
7/0
16/0
23/0
103/9
£14)4
07/0
£6)4
£7 H
77/6
35/22/3
14/7)4
39/86/3
£55)4
£10
31/10)4
31/10)4
30/3
30/3
£5 H
£5)4
66 H
65/6
7/7)4
7/7)4
16/9
16/7)4
23/6
23/103/9
103/9
£14)4
£14)4
67/6
67/6
£6)4
£6)4
£7 H
£7)4
78/1H
78/1)4
33/9
33/1)4
22/3
22/3
14/7)4
14/4)4
Old debt matured—issued prior to April 1,
1917 (excluding Postal Savings bonds)
2)4% Postal Savings bonds
3)4%. 4%, and 4)4% First Liberty Loan
$3,840,370.26
34,940.00
bonds of 1932-47——————
as
Nov. 23
Boots Pure Drugs
turlng June
Matured Debt on Which Interest Nat Ceased—
EXCHANGE
Quotations of representative stocks
each day of the past
Certificates af Indebtedness—
4% Adjusted service certificate fund series,
maturing Jan. 1,1941....
............
2)4% Unemployment trust fund series, mar
(deduct),
Counter entry (deduct),
THE
THE
31, 1940
UNITED STATES OCT.
S
$
■
PRELIMINARY DEBT STATEMENT OF
—July 1 to Oct. 31—
1940-41
1939-40
-Month of October1939
1940
Public Debt Accounts
Expenditures—
3179
Financial Chronicle
10,678.250.00
4% and 4)4% Second Liberty Loan bonds
of 1927-42.
4)4% Third Liberty Loan bonds of 1928
4)4% Fourth liberty Loan bonds of 1933-38.
3)4% and 4)4% Victory notes of 1922-23—
3H Treasury bonds of 1940-43..
Treasury notes, at various rates of interest..
Ctfs. of Indebtedness, at various interest rates
Treasury bills....
186,950.00
Treasury savings certificates...
Debt Bearing No
1,151,350.00
1,853,500.00
13,988,700.00
571,800.00
25,762,450.00
34,508,350.00
3,899,000.00
100,399,000.00
196,774.660.26
Interest—
United States notes.......—.————
Less gold reserve...........——
$346,681,016.00
156,039,430.93
$190,641,685.07
Deposits for retirement of National bank and
Federal Reserve bank notes.......
...
Old demand notes and fractional currency...
Thrift and Treasury
savings stamps, unclassi¬
fied sales, Ac——*——
183,720,468.50
2,028,743.04
3,771,572.50
380,162,369.11
West Witwatersrand
Areas
............
£2*u
£2»i«
£3*i«
£2ht
£2*ii
Total gross debt——
•
$44,137,245,618.38
Nov.
Financial Chronicle
The Commercial &
3180
AGENCIES AS OF SEPT. 30, 1940
GOVERNMENTAL CORPORATIONS AND CREDIT
MONTHLY REPORT ON
1940
30,
showing assets and liabilities as of Sept. 30, 1940, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
of the Treasury Department,
The monthly report
Stateihent" for Oct. 31, 1940.
the table below an explanation is
In the footnotes to
of proprietary interest.
given of the simplification of calculation
interest in these agencies and corporations, as of Sept. 30, was
$3,558,375,050, and that privately owned was $409,567,257.
SUMMARY OK COMBINED STATEMENT OF ASSETS AND LIABILITIES OP GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OP THE
As
now
computed, the Federal Government's proprietary
STATES, COMPILED FROM
UNITED
LATEST REPORTS RECEIVED BY THE
TREASURY*—SEPT. 30, 1940
Assets d
Investments
Real
Securities
Accounts
Estate
United
Guaranteed
and Other
and Other
States
by United
All
Receivables
Business
Securities
States
Other
Preferred
Loans
Cash
Capital
e
Stock, dec.
Total
Other t
Property
%
1,042,981,829 459,941,405 £114470665
Corporation
6,021,846
293,813,015
Commodity Credit Corporation
—
1,447,695
55,820,529
Ex port-Import Bank of Washington
0,998,044
Federal Crop Insurance Corporation
23,577,185
61,842", 889
Federal Deposit Insurance Corporation..
Reconstruction Finance
United States Maritime Commission.....
Rural Electrification
Administration..—
Loan Corporation
Home Owners'
Federal Savings A Loan Insurance
1,987,610,811 1194043,810 139,388,666
...
517,104
22,202,460
11,226,246
1767047",407
Federal Housing Administration
Association..
Federal National Mortgage
Farm Credit Administration
...
Corporation....
Federal Farm Mortgage
Federal Land banks
.....
Federal Intermediate Credit banks
Banks for cooperatives
170,780,612
19,086,189
14,993,572
J128,051,404
United States Housing Authority
.............
Production credit corporations
Regional agricultural credit corporations..
War emergency corporations and agencies
(In liquidation):
261,235,680
659,016,719
36,146,999
05,679,333
44,856,740
27,061,151
722,517
14,632,987
1,860,697,381
230,174,971
73,132,040
7~,0b~9~822
2.000,000
17,829,958 105,432,639
41,981,478
26.435,926
13,557,311
13,630
34~7~406
"""220
4,678*691
30,394,250
Tennessee
Valley
atives, Inc
Treasury Department m
Federal savings and loan
associations
Railroad loans (Transp'n Act. 1920).
250,676,193
234,984,584
2,721,239,313
10,748,550
824,450
45,718,684
0,784,412 169,460,075
2,220,003
1,072,382
14,7b"2"424
273,175
84,757,374
596,355
5,841,723
176,108,138
281,944,049
281,598,150
1,518,202,594
2,283,997,323
313,307,531
12,454,706
89,642.303
50,250
152,931,080
123,051,044
107,016
35,203
70,800
60,433
44,075
22,309,970
4,554,471
110,132
46,475
1,185,338
54",313
494,565
1,170
h991,054
22,384
4,124
16,748
130,486
45,401
3,679", 061
843", 628
3,440,716
1,092",001
588,757
463",783
19.374"931
137", 706
7,289,198
180,407
123,678
2,908", 213
440,650
4,486,517
10,412*249
4,182,802
01,320,801
1,219,600
33,825
295,501
"uii
362,500
h3,358,307
451,689
2,604,962
hi,054,845
1,824.892
14,782
702,500
38,942"606
22,757,094
15,446,613
308,940.585
9,056,060
2,908,213
25,492,350
10,647.505
60,288,452
7,907,364
63,737,473
392" 176
296,210
2,201
4,042
26,748,000
30,185,928
20,748,000
30,185" 928
Securities received by Bureau of Inter¬
nal Rev In settlement of tax llab's.
from the RFC
under Act of Feb. 24,1938.......
126,315,559
254,580,949
67,440,647
5,132~024
1,000
500,587
21,630,430
14,801.433
308,946,585
Cooper¬
Associated
125,251,446
2,336,233
3.122",983 387,708,176
7.364,867
60,000
2,475,858
113,945
618,288
10,012,695
1,123,728
18,628,422
1,025,596
23,241
h3,841,289
1,421,747 128,105,898
59,592
570,459
83,147
250,142
Reconstruction Admin..
RFC Mortgage Co
19,457*580 30,015"822
764,805",486
79,992,096
35,999,567
25,447,084
4,065
Panama Railroad Co..t
Puerto Rlcan
530,398,385
348,888,675
87,537,899
236,868
Otber:
Corporation
Electric Home and Farm Authority...
Farm Security Administration
.....
Federal Prison Industries, Inc
Interior Department (Indian loans)...
Inland Waterways Corporation, t
National defense corporations _r
32.868,728
4,554,471
Navy Dept.(sale of surplus war supplies)
Sec of Treasury (U. 8 RR. Admin.)..
United States Housing Corporation....
United States Spruce Production Corp.
Disaster Loan
17,806,727
4l",887
42,859,012
6,434,611 334,759,446
369,208*684
31,909,061
Corp..
Federal Home Loan banks
10,797,984
10,699
87,537,899
44,042,284
232,648.351
Public Works Administration
931.557,102
80,896,723
36,400
6,629
h23 579,470
7,694,018
Authority............
Tennessee Valley
hi24708231
>
1,742,394,040
470,186 £45,363,070
4,125,721 503,888.289
8,300,000 £22,303,319
48,558,100
172,151
172,16I
received
Securities
2.122,963
2,122,903
Inter-agency Items: m
governmental corporations
Due from
agencies.....................
or
corporations or
Due to governmental
agencies............
........
7,825,911,662 681,990,765 572,124,470
Total
693,135,929 131,272,850 911,689,901 512,188,669 569,582,374 1234085671
Excess
Liabilities and Reserves d
Proprietary interest
Distribution of
13,131,982,291
United Slates Interests
of Assets
Guaranteed
Guaranteed by
United States*
097,593,693
241,098,828
15,059,947
Corporation..
Tennessee Valley Authority
Public Works Administration
....
75","27b",144
United States Maritime Commission.....
Rural Electrification Administration.....
Home Owners' Loan Corporation
...
k2643693,175
9,214*930
Federal National Mortgage Association.
•114*415*535
United States Housing Authority.....
Farm Credit Administration
...
Federal Farm Mortgage Corporation.
Federal Land banks
...
...
Federal Intermediate Credit banks......
Production credit corporations......
Regional agricultural credit corporations..
War emergency corporations and agencies
(In liquidation):
830,411,376
319,282
4,378,997
241,098,828
15,059,947
75,270", 144
57,*799*983 2,701,493",158
1,282,250*,906
RR
119,289,876
88,662,780
38,909,539
1,802,287,492
218,234,269
2,988,731
Waterways Corporation_t
National defense corporations.r
Panama Railroad Co.. t
Reconstruction Admin..
RFC Mortgage Co
Associated
atives, Inc
Railroad loans (Transp'n Act, 1920).
Securities received by Bureau of Inter¬
nal Rev In settlement of tax llab's.
the
under Act of Feb. 24, 1938
from
131,752,401
bl00,000,000
25,119,585
197,042,150
*
0",350",725
136,038,464
70,589,087
25,015,710
b2,95~7*,850
269,949,142
4,247\088
95,539,820
60,000,000
119,000,000
120,000,000
182,023,574
95,073,262
145,695,201
122,692,215
43,612,665
18,165,858
2,692,215
358,829
149,942,349
122,692.215
2,152,710
2,152,710
20,157,260
20,157,260
5,000,000
4,554,471
110,132
1,824,892
702,560
4,554,471
a4,544,471
alio,132
34,091,726
100,000
c32,266,834
202,500
22,012,933
1,106,419
308,946,585
8,782,876
2,908,213
22,612,933
1,106.419
308,946,585
8,782,876
b7,614,252
b8,539,403
8,539,403
15,157,260
144,161
110,132
1,824,892
702,560
24,000,000
850,000
144,161
14,340,194
14,340,194
"273,184
"273", 184
"957.066
"957*666
252,450
24,535,284
10,395.055
1,829,843
48,458,609
1,547",399
7,907,364
62,190,074
2,908,213
24,535,284
10,395,055
48,458,609
7,907,364
62,190,074
296,210
20,748,000
30,185,928
26,748,000
400,000
cl,387,067
26,748,000
a30,185,928
1,547",399
Cooper¬
Treasury Department: m
Federal savings and loan associations
received
b4,851,509
c80.253.845
10,000,000
296,210
Interior Department (Indian loans).
Valley
i
211,700,689
95,073,262
b572,270
51,965*670
1,000,000
a88,662,780
200,000,000
1,829,843
Administration....
Federal Prison Industries, Inc
Farm Security
Securities
86,939,812
252,450
...
Electric Home and Farm Authority...
Rlcan
i
124,741,000
a52,392,966
interests
£176,563,400 b370,522,988
1,145,726
5,577,441
100,000,000
124,741,000
52.392.900
86,939,812
102,654,174
88,662,780
54,259,923
52,392,966
197,042,150
481,709.831
500,000,000
100,000,000
101,145,726
75,000,000
80,577,441
14,000,000
13,427,730
150,000,000
150,000,000
333,828,728 a281,863,158
a87,537,899
87.637.899
175,406,049 al80,257,558
234.984.584 al03,232,123
200,000,000
19,746,155
125.119.585
162,654,174
192,935,370
1,321,160,444
1,802,287,492
218,234.269
2,988,731
Admin.)..
Disaster Loan Corporation
Puerto
Interagency
Surplus
,
139,299,557
125.119.585
179.000,923
United States Spruce Production Corp
Other:
Tennessee
80,577,441
13,427,730
289,299,557
333,828,728
87,537,899
175,406,049
234.984.584
19,746,155
1,195,974
United States Housing Corporation
Inland
306,040,412
306,040,412
101,145,726
75,580,026
15,047.681
89.078.326
5,832,751
89,078,326
4,874,340
192,935,370
Navy Dept.(sale of surplus war supplies)
S
Stock
358,829
Banks for cooperatives
Sec. of Treasury (U
Capital
United States
1,195,974
...
Federal Housing Administration
Owned by
Owned
75.580,026
Federal Savings A Loan insurance Corp..
Federal Home Loan banks
132,187,083
4.378,997
Federal Crop Insurance Corporation....
Total
£337,077,181 1,436,354,228
319,282
Bank of Washington....
Federal Deposit Insurance
Privately
Liabilities d
United States
Reconstruction Finance Corporation..... 1,099,277.047
Commodity Credit Corporation
Ex port-Import
Over
Not
by
30,185,928
a3O8,940,585
a4,113.380
a2,908,213
12,000.000
258,586
"b2",i67
4,669*496
12,535", 284
7,000,000
a7,907,364
42*.613*794
2,395,055
bl,155,185
25,000,000
"530",442
36*.653*632
1,000
295,210
8,000,000
172,151
172,151
al72,151
2,122,963
2,122,963
a2.122.963
RFC
Inter-agency items: m
Due from
or
governmental corporations
a77,928,176
agencies
Due to governmental
corporations or
b77,928,176
a28,832,882
28,832,882
409,567,257 3,558.375,050 3,216,134,511
660,240,539 n218,000,000
agencies
5.846,445,285 3,317,594,699 9,164,039,984 3,967,942,307
Total
For footnotes see page
3181
Volume
The Commercial & Financial Chronicle
151
FOOTNOTES FOR TABLE
ON
3180
PAGE
CONTINGENT
*
These reports are revised by the Treasury Department to
adjust for certain
Inter-agency Items and therefore may not agree exactly with statements Issued by
3181
LIABILITIES OF
of Contingent Liability
Amount
Matured
1
lnter-agency assets (deduct).
t
Detail
Non-stock (or Includes non-stock proprietary interests)
b Excess
1940
JUNE 30,
STATES,
Compiled from Latest Reports Received by the Treasury
the respective agencies
a
UNITED
THE
Interest
Principal
Total
a
Deficit (deduct).
c
Guaranteed by U. S.
Unmatured Obligations—
d
Exclusive of lnter-agency assets and liabilities (except bond Investments and
deposits with Reconstruction Finance Corporation).
Commodity Credit Corp.:
%% notes, ser. D, 1941.
1% notes, series E, 1941.
Excludes unexpended balances of appropriated funds,
e
f Also Includes real estate and other
property held for sale.
V \
131
202,553,000
204,241,000
202,553,131
915 204,241,915
g Adjusted for lnter-agency Items and Items In transit,
b406,794,000
h Also Includes deposits with the RFC and accrued Interest thereon,
building and loan associations, $39,530,910; shares of Federal
savings and loan associations, $154,412,900.
Federal Farm Mtge. Corp.:
3% bonds of 1944-49
3 *4% bonds of 1944-64..
j Also excludes contract commitments.
As of Sept. 30, 1940, the United States
Housing Authority had entered into definite contracts calling for maximum advances
3% bonds of 1942-47
2H% bonds of 1942-47..
i Shares of State
835,085,600
94,678,600
236,476,200
103,147,500
406,795J)46
1,046
708,244 835,793,844
94,805,791
127,191
610,336 237,086,630
20,773 103,168,273
of
$711,054,000.
Advances have been made In the amount of $119,605,210 as
1940, against loan contract commitments amounting to $348,414,800.
Housing Authority has also agreed to disburse $244,188,000 on additional
loan contract commitments amounting to $362,639,200 now being financed by
securities Issued by local housing authorities.
of Sept. 30,
1,269,387,900
k Excludes $100 bonds of Home Owners' Loan
Corporation held
as
1,270,854,445
1,466,545
Federal Housing Admin,:
Mutual Mtge. Ins. Fund:
The
3% debs., series A....
3,739,205
3,739,205
2H% debs., series B—
"Treasury"
Uncalled...
bonds pending cancellation.
167
983,450
983,617
Housing Insurance Fund:
m
Represents
lnter-agency assets
and
liabilities
the
of
Treasury
Department
45,900
3,627,250
254% debs., series C__
2M% debs., series D__
and of Government agencies, which agencies are not Included In this statement.
Represents lnter-agency holdings of capital stock and paid-in surplus Items
which are not deducted from the capital stock and paid-in surplus of the corre¬
sponding organizations
45,900
3,627,250
.
n
Includes
q
r
8,395,805
Home Owners' Loan
Includes
accrued
Metals
interest
Reserve
Company, Rubber Reserve Company, and Defense
167
778,579,075
879,038,625
190,837,900
754,904,025
917,658
241,381
1,356
45,676
8,395,973
Corp.
3% bonds, ser.A, 1944-52
2)4% bds., ser. G, *42-'44
% % bonds, series L, 1941
1)*% bds..ser. M, '45-47
Includes cash in trust funds,
p
779,496,733
879,280,006
190,839,256
754,949,601
Plant Corporation.
• Excluded are the following amounts In notes held by the Secretary of the Treas¬
ury, which are shown as lnter-agency liabilities; United States Housing Authority,
$25,000,000.
t
Figures shown are as of Aug. 31, 1940.
available.
1,205,973
211,460,000
H% notes, series P.
Figures as of Sept. 30, 1940, are not
299,039,000
310,090,000
275,868,000
24,666
2,493
17,028
21,060
1,096.457,000
65,249
1,096,522,249
fl 14,157,000
1,478
114,158,478
5,498,551,330
2,740,461
5,501,291,791
253,500
J48
254,248
%% notes, series R
1% notes, series S
.
v
Note—Effective with the statement of July 31, 1938, the proprietary Interest
represented by the capital stock, paid-in surplus and non-stock Interest in govern¬
mental corporations and agencies which were offset by a corresponding Item under
d
Tennessee Valley
"lnter-agency proprietary Interest" of the Treasury, have been omitted (except for
such items as are included in the
lnter-agency assets and liabilities shown herein)
U. 8. Maritime Commission
Total unmatured securities.
COMPLETE PUBLIC DEBT OF THE UNITED STATES
surplus position, all
the
figures of
as
Treasury's
a year
official
t
al Mtge. Ins. Fund:
2H%
debent res,
B-Third called
Home Owners' Loan
ser.
106,850
OBLIGATIONS
July 31, 1939
.
21,418,776
2H% bds.,ser B, 1939-49
2% bonds, series E, 1938
1
bonds, ser. F, 1939
Vi % bonds, ser. K, 1940
76,000
172,375
5,809,200
$2,257,736,173 $2,447,306,845
on
belated Items
+37,073,262
...
Deduct outstanding obligations:
Matured Interest
58,198.651
642,152,515
3,390.025
464,165
3,449,410
535,148
$278,061,572
Discount accrued on War
$698,330,447
Savings certificates...
Settlement on wa-rant checks
+
r
Total.
Balance, deficit (—) or surplus (+)
+$2,016,747,863 +1607,576,721
566,637
568,854
28,405,554
Total, based on guarantees.
6,526,388,030
3,309,315
5,529,697,346
1,298,702,129
37,100,507
On Credit of U.
DEBT
Postal
Savings
S.—
System:
Funds due depositors
Tennessee Valley Authority
2 >4% bonds, ser. A. 1943
Total, based
on
Title of
Loan—
Payable
3s of 1961...
31, 1940
$
Q J
Special:—4s Adjusted Service Ctf. Fund—Ser. 1941
10,800,000
19,500,000
1,253,000,000
758,945,800
1,036,692,900
489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
3s convertible bonds of 1946-1947
Certificates of indebtedness:
2J4s Unemployment Trust Fund—Series 1940.. 1,723,000,000
4)4s Treasury bonds of 1947 1952...
A O
758,945,800
4s Treasury bonds of 194+1954
J-D 1,036,692,400
31*8 Treasury bonds of
3*$8 Treasury bonds of
3)4s Treasury bonds of
3Hb Treasury bonds of
3J4s Treasury bonds of
194+1956..
1943-1947..........
1940-1943..
1941-1943
1946-1949
3^8 Treasury bonds of 1941
4)48-3)48 Treasury bonds of 1943-1945
3)4s Treasury bonds of 194+1946
3s Treasury bonds of 1946-1948
3)48 Treasury bonds of 1949-1952
2Hb Treasury bonds of 1955-1960
1945-1947
1948-1951
1951-1954
1956-1959
bonds of 1949-1953.
bonds of 1945
bonds of 1948
bonds of 1958-1963
bonds of 1950-1952
bonds of 1960-1965
2)48 Treasury bonds of
2)4s Treasury bonds of
2)4s Treasury bonds of
2)4s Treasury bonds of
2)4s Treasury
2)4s Treasury
2)4s Treasury
J-D
544,870,050
818,627,000
755 432,000
755,432.000
F-A
834,453,200
A-O 1,400,528,250
A-O 1,518,737,650
J-D 1,035,873,400
...J-D
491,375,100
M-S 2,611,092,650
M-S 1,214,428,950
M-S 1,223,495,850
J-D 1,626,687,150
...M-8
981,826,550
J-D 1,786,130,650
.....J-D
540,843,550
M-8
450,978,400
J-D
918,780,600
..M-S 1,185,841,700
J-D 1,485,384,600
J D
701,07* ,400
........J-D
571.431.150
834,453,200
1,400,528,250
1,518,737,650
...
......
2s Treasury bonds
of 1947
2s Treasury bonds of 1948-50.
2)4s Treasury bonds of 1951-53
2)4 s Treasury bonds of 195+56
U. S. Savings bonds, series A, 1935
U
8. Savings
U. 8. Savings
U
S. Savings
U. S. Savings
U. S. Savings
bonds, series B, 1936
bonds, series C, 1937..
bonds, series C, 1938..
bonds, series D, 1939..
bonds, series D, 1940
J-D 1,118,051,100
J-D
671,311,760
cl73,827,144
c317,831,444
c414,211,248
c499,704,524
*c827,619,977
c650,466,000
.......
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1.786,140,650
540,843,550
450,978.400
918,780,600
1,185,841,700
1,485,385,100
701,074,900
..—
Deduct Treasury surplus or
425,428,139
514,659,314
395,799,412
J 5,234,748,578
Funds have been deposited with the Treasurer of the United States for payment
of outstanding matured principal and interest obligations guaranteed by the United
States, except for $11.46, which was deposited subsequent to July 31, 1940.
b Does not include $35,000,000 face amount of
H% Interim notes, Second Series,
due six months from date of issue held by the Treasury and reflected in the public
debt.
:
c Does not Include $5,000,000 face amount of
)£% bonds. Series N, 1940, held
by the Treasury and reflected in the public debt, but does include $25 face amount
of bonds held by the Home Owners' Loan
Corporation
as
"Treasury" bonds pending
cancellation.
d Does not include
$35,966,500 face amount of 1% notes, geries Q-2, due Jan. 1,
1942, held by the Treasury and reflected in the public debt,
e
Bonds in the face amount of $272,500 Issued under Section 15a and an Interim
certificate In the face amount of $52,000,000 Issued under Section
nessee
Valley Authority Act of 1933,
as amended,
are
f Does not include
$20,000,000 face amount of H% notes, Series D, due Dec. 31,
1940, held by the Treasury and reflected in the public debt,
g Does not Include $108,550 face amount of bonds In transit for
redemption on
July 31, 1940, but does Include $100 face amount of bonds held by the Home
Owners' Loan Corporation as "Treasury" bonds pending cancellation.
h Figures shown
are
as
of May 31,
1940—figures
as
of July 31,
1940,
are
no
Offset by cash In designated depository banks and the accrued interest
amounting to $43,193,666.45, which Is secured by the pledge of collateral as pro¬
vided in the Regulations of the Postal Savings System, having a face value of
available.
$42,600,395, cash in possession of System amounting to $64,338,380.27, Government
and Government-guaranteed securities with a face value of
1 Held
$1,217,509,970, and other
by the Reconstruction Finance Corporation.
circulation, exclusive of $12,853,801.14 redemption fund deposited
$305,538,215 of their own Federal Reserve notes held by the
The collateral security for Federal Reserve notes Issued consists
of $5,664,500,000 In gold certificates and in credits with the Treasurer of the United
States payable in gold certificates, and $1,836,000 face amount of commercial paper.
actual
In the Treasury and
Issuing
banks.
43,190,425,524 40,118,185,809
385,791,678
407,730,399
198,268,775
139,832,450
—-
b41,757,738,114 39,058.171,937
AUCTION
The
following securities
were
of the current week:
SALES
sold at auction
a Total gross debt July 31. 1940, on the basis of dally Treasury statements, was
$43,770,544,600.21, and the net amount of public debt redemption and receipts in
transit, &c., was $3,941,376.83.
c Amount Issued and retired includes accrued
discount; amounts outstanding are stated at current redemption values.
on
Wednesday
/
By R. L. Day & Co., Boston:
Shares
Stocks
$ per Share
828 Farr Alpaca Co. $3)4 P*id in liquidation, par $50
15 Big Bear Market Co. common
.........
27c
$150 lot
—-
3,000 Cliff Mining Co., par $25
200 Boston Chamber of Commerce Realty Trust 1st pref., par $100
$300 lot
1,000 Grand National Film Co., par $1
3 Saco Lowell Shops common, par $5
$1)4 lot
$20 lot
17
1 Boston Athenaeum, par $300
15c of the Ten¬
held by the Treasury and
reflected In the public debt.
116,068,117
*43,774,485,977 40,665,748,658
add Treasury deficit...+2.016,747,863 +1607,576,721
Net debt
1,344,102,637
a
j In
176,988,974
324,977,627
Bearing no Interest..............................
Matured, Interest ceased
.........—.—....
Total debt
37,100,507
assets.
280,200,400
500,157,956
117,673,020
9,388.193,700
1,308,522,000
1,302,251,000
bills..................................
Aggregate of interest-bearing debt
1,307,002,129
...
258,299,169
Adjusted Service bonds of 1945
4)4s Adj. Service bds.(Govt. Life Ins. Fund ser. 1946)
500,157,956
2 )4s Postal Savings bonds
..........
J-J
117,513,960
Treasury notes
9,003,767,400
Treasury
1,035,874,400
c86,171,992
Unclassified sales._.3s
489,080,100
454,135,200
M-8
3s Treasury bonds of 1951-1955
2Hb Treasury
2)4s Treasury
2)48 Treasury
M-S
J-D
J-D
M-S
8,300,000
credit of the
Fed. Res. notes (face amt.).
$
49,800,000
28,894,500
335,802,637
Other Obligations—
July 31, 1939
49,800,000
28,894,500
Q-M
hi
18,300,000
OUTSTANDING
Interest July
.28,042,987
Secretary of Agriculture...
United States..
INTEREST-BEARING
81,570
173,403
5,809,618
418
a27,836,700
52,193,374
216,008,731
obligations..
Disbursing officers' checks
•
£27,476,350
—141,399,677
$2,294,809,435 $2,305,907,168
108,318
14,646
21,963,749
14,646
544,974
5,570
1,028
Total matured securities
Deduct—Excess or deficiency of receipts over
under disbursements
1,468
Corp.:
4% bonds of 1933-51
earlier, are also shown:
Balance end of month by dally statements
or
M
debt
Comparative
report.
Corp.:
1)$% bonds of 1939
of July 31, 1940, has been extracted
July 31, 1940
or
Federal Farm Mtge.
Federal Housing Admin.:
showing also the Treasury's
CASH AVAILABLE TO PAY MATURING
Add
Matured Obligations—
following statement of the public debt and contingent
liabilities of the United States,
from
211,484,666
299,041,493
310,107,028
275,889,060
(e)
Authority
U. 8. Housing Authority:
1 H% notes, ser. B, 1944
for the purpose of simplification in form.
The
2,604,565,598
c2,603,359,625
% % notes, series N
Reconstruction Fin. Corp.:
211
By Barnes & LofJand, Philadelphia:
Shares
Stocks
600 Dolores Co. capital, par $100
$ per Share
*
-..-$50 lot
The Commercial &
r 3182
TREASURY CASH AND
Nov.
Financial Chronicle
CURRENT LIABILITIES
Per
of the Government as the items stood
Oct. 31-, 1940, are set out in the following.
The figures
are taken entirely from the daily statement of the United
States Treasury Oct. 31, 1940.
Amer. Rolling Mill Co., 4M
American Seating Co
American Smelting &
Share
Company
Name of
The cash holdings
% cum. pref. (quar.)
75c
Refining (special)
SIM
Preferred
CURRENT ASSETS AND LIABILITIES
Gold (oz.
614,442,994.3)
.-*21,505,504,799.11
.
—
Total
Liabilities—
*2,880,980,749.00
10,464,855,670.77
8,802,371.14
156,039,430.93
certificates—Outstanding (outside of Treasury)
Gold certificate fund—Board of Governors, Fed. Res. System.
Redemption fund—Federal Reserve notes.............
Gold
Gold reserve.
-
Note— Reserve
and
against *346,681.016 of
-
United States notes
*1,101,722 of Treasury notes of 1890 outstanding.
Treas¬
of 1890 are also secured by silver dollars In Treasury.
fund
1,800,000,000.00
....
...........
*21,310,684,221.84
Gold in general
fund:
resulting from reduc¬
tion In the weight of the gold dollar.....
Balance of Increment
*142,977,721.04
51,842,856.23
In working balance
*21,505,504,799.11
Total
SILVER
Assets—
1,070,135,993.1)
dollars (oz. 384,031,333.1)
Silver (oz.
Silver
194,820,577.27
*1,383,610,173.00
-
496,525,360.00
-
.—
*1,880,135,533.00
Total
Liabilities—.
Silver certificates
outstanding
Treasury notes of 1890
Silver in
$1,863,521,627.00
............
1,151,722.00
15,452,184.00
outstanding..............
general fund.........—..............
*1,880,135,533.00
Total.
GENERAL FUND
Assets-
Gold (as above)
820,577.27
15,452,184.00
3,997,242.27
152,432.90
—
(as above)
Subsidiary coin (oz. 2,891,505.1)
Bullion—At recoinage value (oz. 110,266,1)
At cost value (oz. 1,315,764,232.9)
Silver—At monetary value
Minor coin
...
..............
United States notes................—.......
Federal
653,882,193.19
1,407,255.76
1,963,847.00
13,807,380.00
343,108.60
486,072,00
17,408,348.55
Reserve notes
........
—.........
Federal Reserve batik notes..
National bank notes
....—
........——..
Unclassified—CelledIons, &c__ ................ .............
391,289,735.11
712,638,000.00
Deposits In—Federal Reserve banks..
Special depositaries account of sales of Government securities..
National and other bank depositaries:
To credit of Treasurer United States—..................
To credit of other Government officers...................
Foreign depositaries—
To credit of other Government officers......
.........
55,308,926.68
35,796,229.55
351,120.74
2,036,160.93
of Treasurer United States....
Philippine treasury—To credit
Total
*2,101,140,804.45
-
Liabilities—
Treasurer's checks outstanding..
$40,050,321,95
7,845,260.78
...........
Deposits of Government officers—Poet Office
Board of trustees, Postal Savings System:
Department......
59,300,000.00
5.932,994.25
5% reserve, lawful money
Other deposits...
.......—..
Postmasters, clerks of courts,
60,720,989.67
7,123,436.58
disbursing officers, Ac......—
Uncollected Items, exchanges, Ac
*180,973,003.23
gold (as above
Seigniorage (sliver) (see Note 1)
Balance today—Increment on
Working balance.......
...
*142,977,721.04
594,528,782.14
1,182,661,298,04
Total
a
-
1,920,167,801.22
$2,101,140,804.45
of silver bullion la computed on the basis of the average
at the close of the month of September, 1940.
The weight of this Item
cost per ounce
represents the difference between the cost value
value of silver bullion revalued and held to secure the silver cer¬
of silver acquired under the Silver Purchase Act of 1934
and under the President's proclamation dated Aug. 9, 1934.
Note 1—This Item of seigniorage
and the monetary
tificates issued on account
and certain agencies
the credit of disbursing officers
Note 2—The amount to
today was *2,839,027,251.99.
DIVIDENDS
grouped in two separate tables.
In the
together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
Dividends
first
are
bring
we
The dividends announced
this week
v
are:
Per
Name of
Share
Company
When
Holders
Payable of Record
Dec.
Dec.
2
9
Mfg. (extra)
Allied Chemical & Dye Corp. (quar.)
Dec.
Dec.
Aluminum Co. of Amer
Preferred (quar.)
Dec.
Nov. 30
Jan.
Dec.
Aetna Ball Bearing
14
Dec.
Dec.
Dec.
Dec.
3
10
American Bank Note, pref. (quar.)
Jan.
Dec.
11
(s.-a.)
American Can Co., preferred (quar.)
American Cyanamid Co., class A & B (quar.)_.
Special div. on cl. A & B of $1M payable
in 5% cum. conv. pref. stk., 3d series,
in ratio of 1 sh. of pref. for each 6 2-3 shs.
com.
held.
Fractional amounts to be
paid in cash
5% cum. conv. pref. 1st & 2d series (quar.)__
American & Foreign Power $7 preferred
*6 preferred..
American Hawaiian Steamship (quar.)
Jan.
Dec. 23
Jan.
Dec.
Aluminum Goods Mfg
Amalgamated Electric Ltd. (initial interim)
American Bemberg Corp., pref.
Extra
Dec.
19
12
6
Dec.
Dec.
t30c
Dec,
Dec.
12
7
7
25c
Dec.
Dec.
Dec.
14
12tl£
Dec.
Dec.
14
20c
Extra
American Nat'l Finance Corp., *1 non-cum.
American Power & Light $6
$5 preferred
Radiator
Preferred
—
preferred
-»
& Standard Sanitary
(quar.)
pfd_
Jan.
Dec.
Dec.
Dec.
13
13
75c
_
Dec.
Dec.
Dec.
12
Dec.
2
Jan.
Dec.
9
Jan.
Dec.
9
Dec.
Dec.
6
Mar.
Feb.
24
$1.10
tsiM
;i.56M
25c
$1M
Dec.
S1$i
Dec.
24 Dec.
Dec.
16 Dec.
Dec.
Jan.
Dec.
Feb.
Inc
—
Bell Telephone Co. of Canada (quar.)
Bell Telephone Co. (Penna.) 6M% pref.
Beneficial Loan Society (Del.) (quar.)
SIM
SIM
37 Mc
S3M
Beatty Bros., Ltd., 2nd pref. (semi-ann.)
Beech Creek Railroad (quar.)
Bellows & Co., Inc., class A (quar.)___
50c
Dec.
SIM
Ltd., 6% pref. A (s.-a.)
— —
Boston & Albany RR
...
Bourjois, Inc
Brazilian Traction, Light & Power, pref. (quar.)
Bridgeport Brass Co
Brillo Mfg. Co., Inc. (quar.)
Class A (quar.)
Breeze Corps., Inc__
-Bristol Brass Corp
„
British Columbia Electric Ry., Ltd.—
5% prior preferred (s.-a.)
Broadway Dept. Stores, Inc
Budd Realty Corp. com. tr. ctfs. (quar.)
Buffalo, Niagara & Eastern Power pref. (quar.).
preferred (quar.)
Burgess Battery (quar.)
Burlington Mills Corp. (extra)
Burlington Steel (quar.)
Cable & Wireless (Holding) Ltd., Am. dep. rec.
for 5 M % preference
Calamba Sugar Estates (quar.)
----Canada Cycle & Motor Co., Ltd. (quar.)
1st
Extra
-i
5% first preferred (quar.)
Dec.
2Mc
S3
Dec.
-—
Dec.
$2M
SI
SIM
7% cumulative preferred (quar.)
Ltd., (quar.)
Canada Packers,
Canadian Breweries $3 preferred
Canadian Canners, Ltd., (quar.)
Convertible preferred (quar.)
—
Dec.
Dec.
Dec.
18 Dec.
26 Dec.
16 Dec.
31 Dec.
20 Dec.
-
16
50c
2 Dec.
16
SI
Dec.
SIM
Dec.
m
$2
Jan.
Dec.
Dec.
14
15
Dec.
13
Jan.
2 Dec.
16
Feb.
Dec.
15c
Nov. 21 Oct.
40c
Jan,
J30c
Jan.
30c
Jan.
tl H%
J75c
15 Dec. 31
10 Nov. 29
1 Nov. 26
2 Dec.
1 Jan.
Jan.
15c
25c
5.4c
4
11 Dec.
16 Nov. 30
16 Dec.
23 Dec.
40c
SIM
15
2 Dec.
26 Dec.
10
2 Dec.
16
Jan.
175c
tl2Mc
J15c
Jan.
2 Dec.
2 Dec.
2 Dec.
14
2 Dec.
2 Dec.
14
14
2 Dec.
2 Dec.
14
17
Jan.
Jan.
Jan.
Dec.
Dec.
31 Dec.
31 Dec.
Dec.
Jan.
wii Jan.
Jan.
tt3IMc Dec.
Dec.
___
SIM
50c
SIM
2 Dec.
2 Dec.
20
20 Dec.
10
20 Dec.
10
16
16 Dec.
10
5
2
Dec.
8c
Dec.
25c
Dec.
$2
Dec.
SI
$2
Dec.
-----
17
17
2 Dec. 13
2 Dec. 13
Dec. 20 Dec.
16 Dec.
Dec.
15c
■
14
31 Dec. 20
Dec. 31 Dec. 20
Dec. 20 Dec. 10
15c
:
14
Dec.
—
Chicago Burlington & Quincy RR
Chicago Dock & Canal (quar.)
14
31 Dec.
Jan.
Catalin Corp. of America
Central Eureka Mining (bi-monthly)---
'
10
Jan.
Case Pomeroy & Co
Extra
25
2 Dec.
2 Dec.
10
14 Nov. 30
Dec. 14 Nov. 30
Jan. 25 Dec. 31
Jan. 15 Dec. 31
Dec.
Dec.
Jan.
—
6
Jan.
m
;
Chain Belt Co
6
20 Dec.
2 Dec.
+40c
—
Canadian Oil Cos., preferred (quar.)
Canadian Wirebound Boxes, Ltd., class A
Capital City Products
Carey (Philip) Mfg., 5% preferred
5% preferred (quar.)
6% preferred (quar.)_.
Carpenter Steel Co. (interim)
Carter (Win.) Co., pref. (quar.)
7
Jan.
t25c
-
Canadian Celanese, Ltd., (quar.)
.
15
31 Nov. 30
Dec, 24 Dec. 21
Jan.
2 Dec. 14
Dec.
t5c
Preferred (quar.)
Canadian Cottons Ltd (quar.)
Preferred (quar.)
9
16
2
2 Nov. 27
20 Dec. 10
20 Dec. 10
*25c
*5c
(part.)
Extra
2
t$2
------
Canada Permanent Mortgage Corp. (quar.)
(part.)
16
Dec.
25c
Ltd
2 Dec.
14 Dec.
Jan.
50c
Extra
Canada Northern Power Corp.,
5
50c
50c
-
18
20c
ti 1M
-
Ltd. (quar.)
Dec.
25c
10c
30c
50c
Extra
_
Dec.
50c
-
6
Dec.
1
15 Dec. 23
Jan. 15 Dec. 20
Dec.
2 Nov. 22
60c
Bishop Oil Co
Blackstone Valley Gas & Electric, pref. (s.-a.)
1 Jan.
20 Dec.
Jan.
12Mc
Block & Decker Mfg. Co. (quar.)
Convertible preferred
1st preferred (quar.)
Jan.
i$2
(quar.)
9
6
16 Nov. 30
16 Nov. 30
Dec. 14 Nov. 30
Nov. 30 Nov. 20
5
Dec. 16 Dec.
Jan.
2 Dec. 16
25c
Binks Mfg. Co
Birtman Electric Co. (extra)
6
17 Dec. 10
27 Dec. 20
Dec. 27 Dec. 20
40c
25c
Chicago Mail Order
75c
Citizens Wholesale Supply, pref. (quar.)
15c
City Auto Stamping
30c
City & Suburban Home (semi-ann.)
20c
Clearing Machine Corp
50c
Cleveland Electric Illuminating (final)
50c
Quarterly
Preferred (quar.)
A
Cleveland Worsted Mill Co. (year-end)
75c
Clorox Chemical Co. (quar.)
SIM
Cluett, Peabody & Co., Inc. (final yr.-end)
SIM
Preferred (quar.)
75c
Commercial Credit Co. (quar.)
$1.06 M
Preferred (quar.)
Commercial Investment Trust Corp. (quar.)
$4 M conv. preference (series of 1935) (quar.)_ S1.06M
Commercial Solvents Corp. (resumed)
25c.
Commonwealth Telep. (Madison, Wis.)
SIM
6% preferred (quar.)
75c
Commonwealth & Southern Corp., $6 pref
25c
Compo Shoe Machinery (quar.)
Preferred (quar.)
Connecticut Light & Power Co
SIM
Consolidated Edison Co. of N. Y., pref. (quar.)
Consolidated Gas Electric Light & Power (Bait.)
90c
Common (quar.)
SIM
4 M % series B preferred (quar.)_.
$1
4% series C preferred (quar.)
Consolidated Mining & Smelting Co. (Can.), Ltd
$1s1
w
—
-
14 Nov. 30
2
12 Dec.
24 Dec. 14
1 Nov. 25
1 Nov. 25
7
23 Dec.
2 Dec. 30
5
Dec. 20 Dec.
Dec.
Dec.
Jan.
Dec.
4
Dec.
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
Jan.
Dec.
Dec.
1
Dec.
16 Dec.
20 Dec.
10
10
Dec. 24 Dec. 13
Jan.
2 Dec. 20
Dec. 28 Dec.
Dec. 28 Dec.
9
Dec. 23 Dec.
10
10
6
2 Dec.
15
2 Dec.
13
9
-
62|g
-
-
|50c
Semi-annual
Bonus
-
Consumers Power Co., $5 pref. (quar.)
$4M preferred (quar.)__
-----
(quar.)___
1
Dec.
Jan.
1
Dec.
Jan.
Jan.
16 Dec.
16 Dec.
6
Jan.
1 Dec.
14
Feb.
1 Dec. 27
Jan.
2 Dec.
Jan.
2 Dec.
2 Dec.
Dec.
Dec.
Jan.
6
14
14
14
Dec. 31 Nov. 30
Dec. 31 Nov. 30
2 Dec. 13
Jan.
Jan.
2 Dec.
13
Jan.
2 Dec.
14
50c
(qu.)
Crowell- Collier Publishing (quar.)___
Crown Zellerbach-
14
Dec. 27 Dec. 10
Dec. 14 Nov. 30
Dec. 24 Dec. 14
Jan.
35c
Jan.
50c
(quar.)
Dec.
SIM
SIM
Cuban-American Manganese (initial)
Davidson Boutell, preferred (quar.)_De Long Hook & Eye
Delta Electric (quar.)
+75c
SIM
SIM
SIM
SIM
12 %c
Jan.
25c
6M % preferred (quar.)
Dec.
Dec.
Dec.
Creameries of America, Inc. (quar.)
i.
Dec.
10
17 Dec.
75c
Credit Acceptance Corp., $1.40 conv. pref.
Jan.
2 Dec.
23 Dec. 10
Dec.
40c
voting trust ctfs__----
Balfaour Building, Inc.,
1st preferred
7
12Mc
(quar.)
Continental Telephone 7% preferred
30c
(monthly)
American Metal Co
American
Jan.
$1M
-
American Home Products
—
_
Canada Malting
Jan.
6
6
27 Dec.
25c
Apex Electrical Mfg
Preferred (quar.)
Armstrong Cork Co. (final)
Arnold Constable Corp__
Arkansas-Missouri Power Corp
6% cumulative preferred (quar.)
.
Atlantic Refining Co., preferred (quar.)
Blue Top Brewing,
Borden Co. (final)
Dec.
25c
Andes Copper Mining
Basic Dolomite,
12
15 Dec.
27 Dec.
27 Dec.
Dec. 27 Dec.
Dec.
Babcock & Wilcox Co. (year-end)
Baldwin Co., 6% preferred A (quar.)
ury notes
Exchange stabilization
16
Dec.
Dec.
$1
Anaconda Wire & Cable Co. (year-end)
Autocar Co preferred
Holders
Jan.
SIM
(quar.)
American Tobacco Co. preferred
Anaconda Copper Mining Co
GOLD
When
Payablelof Record
25c
American Stores Co
Assets—
HP
50c
1940
30,
Jan.
Jan.
2 Dec.
2 Dec. 13
27 Dec. 23
2 Dec.
14
2 Dec.
20
20 Dec.
10
20c
Extra
10c
-
Dempster Mill Mfg. Co. (quar.)
-----
5% preferred (quar.)
Dixie Ice Cream (quar.)
Dominguez Oil Fields Co. (monthly)_____
Dominion Foundries & Steel Ltd. (quar.)
Dominion Glass Ltd. (quar.)
Preferreu (quar.)
_
Dec.
Dec. 20 Dec. 10
Nov. 23 Nov. 18
Nov. 23 Nov. 18
SIM
SIM
12Mc
Dec.
1 Nov. 25
25c
Dec.
|25c
Jan.
24 Dec. 11
2 Dec. 20
tiiM
Jan.
2 Dec.
16
JS1M
Jan.
2 Dec.
16
Volume
The Commercial & Financial Chronicle
151
Per
Name of Company
Share
Draper Corp. (quar.)
75c
Extra
Extra
SI
$1
Duke Power Co
"IIIIIIII"
Preferred (quar.)
Duquesne Brewing Co
SIM
SI M
"
40c
Eastern Gas & Fuel Assoc.
4H % prior pref
4)4 % prior preference
Easy Washing Machiner, preferred
Egry Register Co. 5)4% preferred (quar.)_
Electric Products Corp.
(s.-a.)
$1)4
$1)4
17)4c
$194
-_
-
„
"(extra)
14
19 Dec.
9
Dec. 27 Dec.
1 Dec.
Jan.
Jan.
2 Dec.
12
12
Dec.
Jan.
10
10
10
20
Dec. 14 Nov.
2 Dec.
Jan.
Dec. 27 Dec.
Dec. 16 Dec.
Dec. 27 Dec.
Dec. 16 Dec.
Dec. 16 Dec.
Dec. 31 Dec.
Class A and B (semi-annual)
Class A and B (extra)
Foster & Kleiser, preferred A
14
6
7
4
14
27 Dec. 13
Dec. 15 Nov. 30
2
M. J. & M. M. Consol. Co.
2
Jan.
Dec.
15c
2Hc
$1M
—
Gannett Co., Inc., pref. (quar.)
$1)4
Garner Royalties, Ltd., A
Gaylord Container
Preferred (quar.)
General Acceptance Corp.
(quar.)
25c
55c
...
68 Mc
25c
(quar.)
25c
General Crude Oil (year-end)
General Fire Extinguisher
10c
40c
General Ga? & Electric
Corp. $5
General Mills, Inc., 5% pref.
prior pref. (qu.)
(quar.)
General Public Utilities, Inc., $5
pref. (quar.)_.
General Railway Signal Co__
Preferred (quar.)
General Reinsurance Corp
SIM
SIM
SIM
50c
$1)4
25c
25c
35c
Extra
General Telephone Corp. (quar.)
Extras
:
15c
»_
Preferred
(quar.)
General Theatres Equipment Corp
62)4c
25c
Glen Alden Coal
50c
25c
Co
Mining, Ltd
Goldblatt Bros, preferred (quar.)
Gorham Manufacturing Co__
Gorton Pew Fisheries (quar.)
■■
62 He
$1
75c
Rapids & Indiana By. (s.-a.)
$2
Grand Union Co. div. arrearage ctfs
Grant (W. T.) Co. (quar.)
35c
Preferred (quar.)
Great Northern Iron Ore Properties
Great Northern Ry. pref. (resumed)
tSl
25c
SI
50c
....
v
Great Western Sugar
Preferred (quar.)
5Cc
$1M
75c
15c
illc
-.
Greening (B.) Wire Co., Ltd. (quar.)
Grouped Income Shares
Gulf Power Co., $6 pref. (quar.)
.
SIM
Nov. 28 Nov.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Nov.
Dec.
Nov.
Dec.
Nov.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
28
14
Dec.
Dec.
Dec.
9
9
4
4
14
Prior preferred
Preferred (quar
Dec.
Dec.
10
2
Dec.
10
Dec,
Dec,
12
_—
—
Dec.
7% preferred (quar.)__
International Telephone (Me.) pref. (s.-a.)
Investment Corp. (Philadelphia)
Iowa Southern Utilities Co. (Del.)—
7% cumulative preferred—
6)4 % cumulative preferred
6 % cumulati ve preferred
Irving Air Chute (quar.)
Preferred
9
Nov. 30
Dec.
Dec.
SIM
Jan.
2 Dec.
Dec. 31 Dec.
15
J10c
6
Dec. 21 Nov. 29
Jan. 15 Jan.
4
Dec. 20 Dec.
6
Dec. 24 Dec.
Jan.
2 Dec.
Dec. 10 Dec.
Dec. 24 Dec.
Jan.
1 Dec.
Dec.
M
25c
Co. (quar.)
$5 preferred A (quar.)
. ■
Jersey Central Power & Light, 7% pref. (quar.)
6% preferred (quar.)__
5)4 % preferred (quar.)
50c
SIM
11%
SIM
-
Dec. 31
25c
Dec.
Dec.
12
Dec.
Dec.
12
Dec.
Dec.
16
Jan.
30c
Jan.
Dec. 26
Dec. 26
t30c
Dec.
12 He
Dec.
$1
t$6H
Dec.
Dec.
--------- -
-
Dec.
$1H
50c
Dec.
2 Nov. 27
Nov. 29 Nov. 25
75c
'
Jan.
Dec.
SI
Dec.
S1H
Dec.
15 Dec.
-.
—
Dec.
14 Nov. 30
14 Nov. 30
16
16
14
Jan.
1 Dec.
14
10
10
jJan.
1 Dec.
10
2
2i Dec.
20 Dec.
2
10
30 Dec.
16 Dec.
16
Dec.
Dec.
16
5
2
xJt)c.
2
Dec.
28 Dec.
14
Dec.
28
Dec.
14
Dec.
28 Dec.
14
Dec.
18 Dec.
10
Dec.
14 Dec.
4
Dec.
24 Dec.
Dec.
6
2 Nov. 25
15
50c
Jan.
15 Dec. 31
75c
Dec.
26 Dec.
Dec.
16 Dec.
Dec.
21 Dec.
10
Dec.
21 Dec.
10
10
Dec.
31
16
6
21 Dec.
Dec.
16 Dec.
9
Jan.
2 Dec.
14
Jan.
2 Dec.
14
Dec.
25c
Dec.
16 Nov. 29
20 Dec.
7
Dec.
20 Dec.
75c
(quar.)
Dec.
5oc
43c
25c
Feb.
1 Jan.
18
50c
Feb.
1 Jan.
18
-
—
—
Dec.
23 Dec.
Dec.
23 Dec.
Dec.
23 Dec.
6
S1H
------
20c
12HC
Feb.
1 Jan.
17
$1
Dec.
21 Dec.
7
15 Dec. 31
50c
Jan.
Dec.
25c
Dec.
S1H
S1H
Jan.
$2
6
2 Nov. 2,
5 Nov. 29
Feb.
2 Dec.
1 Dec.
16
16
Jan.
2 Dec.
14
50c
Dec.
V5c
Dec.
20 Dec.
27 Dec.
18
Dec.
27 Dec.
18
2 Dec.
16
16
S2H
Jan.
Jan.
2 Dec.
2
15c
Dec.
SIM
SIM
Feb.
Jan.
15
Feb.
Jan.
15
75c
19 Dec.
4
Dec.
Dec.
14 Dec.
$5
30c
—
Dec.
24 Dec.
6
5
19 Nov. 30
Jan.
2 Dec.
10
Jan.
2 Dec.
10
Dec.
16 Dec.
2
50c
Dec.
50c
-----
75c
71 Ho
15c
—
Dec.
Jan.
5
17 Dec.
17 Dec.
5
2 Nov. 30
9
24 Dec.
75c
(quar.)
Ohio Edison Co. $5 preferred (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
—
$7.20 preferred (quar.)
-
75c
SI
75c
Dec.
35c
—
—
Dec.
SIM
SIM
SIM
$1.65
SIM
$1.80
35c
Dec.
Jan.
20 Dec. 12
1 Dec. 23
14 Dec.
6
Dec.
1 Nov. 20
Jan.
2 Dec.
Jan.
2 Dec.
14
Jan.
Jan.
2 Dec.
2 Dec.
14
Jan.
2 Dec.
14
14
14
31'Dec.
14
Dec.
— — .--.
$5H conv. prior preferred (quar.)
Preferred (quar.)
Omnibus Corp. (quar.)
Dec.
31'Dec.
14
Dec.
Oklahoma Natural Gas Co. (quar.)-
Preferred (quar.)
9
25c
—
Pace lot Mfg. (s.-a.)
Preferred A & B (s.-a.)
7
37 He
—
25c
Oahu Sugar Co. Ltd. (year-end)
Ohio Assoc. Telep. Co., 6% pref.
.
1 Nov. 25
10 Dec.
2 Dec.
25c
—
North American Rayon. clA & B
Prior preferred (quar.)
14 Nov. 30
1 iNOV. 22
2 Nov. 20
40c
—;-
NY Pa NJ Utilities Co. (quar.)
North American Aviation
1
15
jan.
SI h
6% preferred (quar.)
5H% preferred (quar.)
North Central Texas Oil (final)
Novadel-Agene Corp. (quar.)
12
14
2 Dec.
80c
-
Norfolk & Western Railroad (extra)-North American Co. (quar.)
12
20 Dec.
6
2 Nov. 20
SiH
25c
-
— ---_
9
9
4
1 Nov. 26
1 Nov. 26
50c
—
-—.w*.
New York & Harlem Railroad (s.-a.)
Preferred (semi-annual)
Niagara Hudson Power Corp.
5% 1st preferred (quar.)
5% 2d series A & B preferred (quar.)--..-.
2
201 Dec.
9
S1H
—
Extra
2 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Jan.
1 Dec.
-
Extra
9
Dec.
Dec.
—
Jan.
oc
N iles-Bement-Pond
Dec. 24 Dec.
-
(Herman) Corp.-New England Power Co. preferred (quar.)
Preferred (quar.)
New Haven Water (semi-ann.)—
New Jersey Zinc
New York City Omnibus (quar.)
3
Jan.
9
Dec.
Nelson
6
S2H
$1
3
Dec.
Dec.
National Steel Car Corp., Ltd. (quar.)
—.
Naval Stores Investment Co. (quar.)..----.
Dec. 14
Dec. 20
Dec. 17
Dec. 16
Dec. 10
Dec.
— -
-
$2 class A (quar.)
National Cylinder Gas Co..
National Lead Co. (quar.)
Extra
Preferred B (quar.) —
National Malleable & Steel Casting
9
Dec.
-
(quar.)
S3 preferred
Dec.
Dec.
Dec.
-—
Extra
Dec.
Jan.
—
National Casualty Co. (Detroit) (quar.)--National City Lines (quar.)
Dec. 21
Dec. 21
Dec.
5
Dec.
,V.S
Extra
Jamaica Water Supply
-
Preferred (quar.)
,,
--
-
National Bond & Share Corp. (special)--National Breweries, Ltd., (quar.) —
6
Dec.
Tan.
S3
Dec.
Dec.
tSlH
—
7
7
Dec.
JS1H
tS6M
Dec.
3/He
S1H
—
National Acme Co—---National Bond & Investment (quar.)—Extra
Year-end dividend.
Preferred (semi-ann.)
Inter-City Baking Ltd
International Silver 7% preferred—
Nov. 30
Cement,
8% preferred
Myers (F. E.) & Bro
5
14
Nov. 30
Ingersoli-Rand (quar.)
Dec.
30c
_
Nov. 21
Dec.
50c
50c
5
2H%
2H%
—
Dec.
5
Nov. 22
Nov. 22
Dec.
2
Dec.
Dec.
15c
20 Dec.
-----
Dec. 20
Nov. 29
Dec,
40c
Dec.
13
16
Jan.
Dec.
5
37 He
Dec.
Dec.
50c
10c
10
20 Dec.
Mutual System, Inc
Jan.
Nov.
Tan.
5Cc
62
10
Dec.
6
2
6
68%i
1 Dec.
20 Dec.
37 He
Dec.
Dec.
Dec.
17
17
15 Dec.
5*
30 Dec. 20
Dec.
Nov. 29
Dec.
7
Dec.
Dec.
Dec.
17
Jan.
Dec.
14
20
!$1
Dec.
Dec.
Dec.
2M%
tSlH
TS1H
S3
Dec.
Dec.
„
26 Dec.
26 Dec.
Co
Monarch Mills
Monolith Portland
14
SI.20
Hudson's Bay Co. 5% pref. (s.-a.)
Huron & Erie Mtge. Corp. (Ont.) (quar.)_
Hussman-Ligonierpref. (quar.)
Hyae Park Brewers Assoc. (year-end)
r.„
Hydraulic Press Mfg. Co
Hygrade Sylvania Corp
Idaho Maryland Mines (monthly)
Illinois Bell Telephone
Illinois Commercial Telephone Co. (Madison,
Wis.,) $6 preferred (quar.)
Imperial Tobacco of Canada (interim)
Incorporated Inventors
Indianapolis Power & Light (quar.)
Industrial Rayon
Inspiration Consolidated Copper Co
26 Dec.
75c
Modine Mfg.
6
9
Dec.
Dec.
Dec.
40c
25c
11
Dec.
t50c
preferred—
Monolith Portland Midwest Co. 8% preferred-.
T20C
6c
Montana-Dakota Utilities
SI H
5% preferred (quar.)
S1H
6% preferied (quar
75c
Morrell (John) & Co. (extra)
50c
Motor Finance Corp. (extra)Mullins Mfg. Corp., $7 preferred
t$3.43
$1
Munson Line, Inc., class A pref. (initial)--
Dec,
Dec.
Dec.
Jan.
Jan.
«-
7
SI H
Dec.
9
Extra
11
Dec.
23 Dec.
23 Dec.
Dec.
Dec.
Model Oils, Ltd
30
3c
Dec.
2c
12
10c
Howey Gold Mine, Ltd. (year-end)
Hubbell (Harvey), Inc. (quar.)
4
Dec.
Dec.
...
7
14 Dec.
Jan.
25c
Extra
21 Dec.
$2
Nov
Houston Natural Gas Corp
21
Dec.
20C
Dec.
Holland Furnace
7
6
1 Mar. 15
Dec.
-----
Dec.
Dec.
SIM
31 Mc
1 Feb.
21 Dec.
Dec.
-
20
Dec.
50c
(quar.).
Apr.
Dec.
.
Nov. 30
SI.05
S3H
Dec.
Dec.
-----
-
Dec. 10
Nov. 30
Dec.
2
Dec.
Extra
Mar.
1
15 Dec. 31
10 Dec.
2
t$3H
—
Dec.
Dec.
Jan.
Jan.
Hershey Creamery Co. (s.-a.).
7% preferred (s.-a.)
Hickok Oil Corp. (quar.)
10c
Dec.
5
50c
Participating preferred (semi-aim.)
Melchers Distilleries Ltd. 6% paruc. pief
Merrimac Hat Corp
Preferred (quar.)_.
:.
Merritt-Chapman & Scott preferred A
Meyer (H. Jti.) Packing Co. 6M % pref. (quar.)
Michigan Assoc. Telephone Co. 6% pref. (qr.).
Michigan Consolidated Gas Co., 6% pref. (qu.)
Michigan Seamless Tube.
lViiudltsex Water Co. (quar.)
—.
Mid-West Rubber Reclaiming Co. $4 pref. (qu.)
Milwaukee Gas Light Co. 7% pref. A (quar.)..
MinneapoJis Brewing
Mobile & Birmingham RR. preferred (semi-ann.)
6
7
Hercules Powder Co. (year-end)
25c
$1
S1H
McGraw-Hill Publishing
McManus Petroleum
10
Dec.
SIM
Jan.
Extra
10
Dec.
Jan.
;2
14 Dec.
50c
McCrory Stores Corp. (quar.)
6
...
Dec.
25c
15c
20
Dec.
...
4
Dec.
15 Dec.
14 Dec.
Dec.
pref. (quar.)
Nov. 25
....
7
7
Dec.
3c
.W—
10
Dec.
(quarJ
Dec.
50c
Maihieson Alkali Works (quar.)
7% preferred (quar.)
McColl Frontenac Oil,
Dec.
Dec.
Helme (Geo. W.) (quar.)
Extra
6
10
20 Dec.
23 Dec.
25c
Ordinary registered (interim)
Amer. dep. rec. ordinary registered (interim)
15
30
20
40c
__
2 Dec.
16 Dec.
Dec.
20 Dec.
2
16 Nov. 30
16 Nov. 30
18 Nov. 25
-----
Dec.
,
Jan.
Marconi Internat'l Marine Communications-
45c
20c
35c
16
Dec.
iHvo
..
Extra
Dec.
SIM
2 Dec.
Dec.
Marchant Calculating Machine Co. (quar.)
87Mc
...
Jan.
2
Dec. 20 Dec. 10
Nov. 25 Nov. 13
65c
Extra
Dec.
Dec.
Dec.
Hathaway Mfg. Co. (quar.)
2
10
6oc
Mapes Consolidated Mfg. (quar.)
25c
Hein-Werner Motor Parts (quar.)
Extra
16 Dec.
16 Dec.
1 Dec.
Dec.
Extra
5
25c
25c
Hartford Steam Boiler Inspection & Ins., extra__
Dec.
Dec.
Jan.
8c
Preferred (quar.)__
Mangel Store Corp., $5 cum. preferred—
Mansifeld Theatres, preferred.
Ilanley (James) Co
Harrisburg Steel Corp
14
5c
12
Dec.
...
14
2 Dec.
--
Dec. 28 Dec.
Dec. 16 Dec.
2(c
7% preferred (quar.)
2 Dec.
Jan.
5c
—
Magnet Consol. Mines, Ltd
Magor Car Corp. (quar.)
12
Hall (C. M.) Lamp
Hamilton Mfg. Co., partic. preferred A
Hammer mill Paper Co
-
14
Jan.
—
16
Dec.
Dec.
Dec.
SIM
1 Dec.
he
12
50c
(quar.)
10
10
Dec.
Jan.
75c
31
Halle Bros
15)4 preferred (quar.)
23 Dec.
20 Dec.
Dec.
2
$2
-
-
2 Dec.
Jan.
Dec.
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
2
$3
—
.
18 Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
9
16 Dec.
16 Dec.
Dec.
50c
28 Dec.
Dec. 28 Dec.
Dec.
23 Dec.
Dec.
SI
Macassa Mines, Ltd
Extra
50c
Dec.
'
10 Dec.
10 Dec.
■
10c
Longhorn Portland Cement (year-end)
Lone Star Cement (year-end)
Quarterly
25c
Preferred (quar.)
Frankenmuth Brewing Co. (quar.)
Fulton Bag & Cotton Mills
Holders
30c
-_
Preferred (quar.)_Lictle Long Lac Gold Mines. Ltd..-- *-■'—Loew's (MT.) Theatres Ltd. 7% preferred.-
37 He
.
$2$!
Extra
4
14
Dec.
-
-
—
_
Dec.
Jan.
-
—
_
--
-
10
*25c
(quar.)_
-
—
50c
(Peter) Brewing Co. (quar.)
_
.
25c
Foundation Co. (Canada) (quar.)
8 He
70c
—T
Dec.
2)4c
75c
._
-.
-
29
31
Dec. 31 Dec.
Dec. 31 Dec.
_
15c
S1H
SI H
S1H
12Hc
When
Payable of Record
Incorrectly reported in Nov. 2 issue.
2 Nov. 26
2 Dec. 20
50c
—
-
20
75c
75c
III"
-
-
Financial Security Fund, Inc
First Security Corp. of
Ogden (Utah)-
Preferred
-
—
Lawyei s Title insurance Corp. (v a.) A (s.-a.)..
Lehigh Coal & Navigation
Lehigh & Wiikes-Barre Corp
Leonard Refineries, Inc
Leslie Salt Co. (quar
Lexington Telephone Co. (quar.)
6% preferred (quar.)
Lindsay Light & Chemical Co., pref. (quar.)_.
Link Belt Co. (quar.)
$1
$1H
Preferred (s.-a.)
Gulf States Utilities $6 prer.
6% preferred (quar.)
Kearney (J. R.) Corp. (quar.)
Preferred (quar.)
Kerlyn Oil Co., class A (quar.)
Keystone Public Service pref. (quar.)
Keystone Watch Case
—;
Kinney (G. R.) Co., Inc., $5 prior pref
20
25c
Greene Cananea Copper
Kalamazoo Stove & Furnace
Kalamazoo Vegetable Parchment Co. (quar.)
Kansas City Power & Light, pref. B (quar.)
Kansas Electric & Power 7% pref. (quar.)_.
6
2 Dec.
Dec.
%
$1H
5bc
:
Lama que Gold Mines Ltd
50c
...
Extra
Grand
Dec.
Jan.
(quar.)
5
$4
35c
65c
30c
_
Extra.
Federal Bake Shops
Gold Belt
Preferred
3
$1.60
—
(.special).
(quar.)
Hoist
Laughlin Steel, 7% preferred-----Joslyn Mfg. & Supply
3
$1
Exolon Co. (extra)
Fairbanks, Morse & Co.
Fafnir Bearing Co.
Globe
30
Dec. 23 Dec.
I__
Empire Star Mines
Emporium Capwell Co. (quar.)
Ex-CeJl-O Corp
Class A
Jones &
30
Dec.
Dec. 23 Dec.
Dec. 23 Dec.
RR., preferred (s.-a.)__.
Extra
Dec.
Nov. 30
50c
50c
10c
__
Electrolux Corp. (final)
Fox
2
Jan.
2
Jan.
Dec. 13
Dec. 21
Share
25c
50c
(quar.__I
Electric Storage Battery Co.
(final)
Preferred (final)
,
Fifth Avenue Coach Co
Per
Name of Company
50c
Extra
Eliza bethtown Consolidated Gas
Elmira & Williamsport
Holder
Payable of Record
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
2 Dec.
Jan.
Jan.
2 Dec.
25c
_______
Elgin sweeper, preferred
Prior preferred (quar.)
When
3183
Dec.
14
Dec.
Dec.
13
Jan.
Dec.
13
Dec.
19
Dec.
19
30c
-
—
------
$2
S3
Dec.
S3H
Dec.
TheCommercial &
3184
Nov.
Financial Chronicle
Name of
Pacific Finance Co.,
Share
Company
20c
(quar.)
8% preferred
J% preferred (guar.)
preferred (quar.)
c
Finance Corp
Packer Corp
Page-Hersey Tubes, Ltd. (quar.)—
— —
5H % preferred (quar.)
———
Pan American Petroleum & Transport
Park & Tilford preferred (quar.)
*
._
Parke, Davis & Co
-Parker Appliance Co. (initial)
Parker Wolverine Co. (stock dividend)
—
Pennsylvania Edison Co., $5 pref. (quar.)_—$2.80 preferred (quar.)
Pennsylvania Glass Sand Corp
Pennsylvania Power & Light $7 preferred (quar.)
$6 preferred (quar.)
— ——*
$5 preferred (quar.)..,
—
,
Mfg. Co
Pennsylvania Sugar Co. (quar.)
Pennsylvania Sale
Quarterly
Pfaudler Co..*
—
6% preferred
(quar.)
Jan.
Feb.
Jan.
Feb.
Jan.
Dec.
Jan.
Dec. 21
75c
Jan.
25c
Dec. 27 Dec.
Dec. 20 Dec.
Dec.
10
Dec.
10
Dec.
16 Dec.
6
Jan.
Dec.
Jan.
Dec.
14
14
Jan.
Dec.
14
Sill
h
25c
14 Nov. 30
2
16 Dec.
1
Mar. 15 Mar.
Dec. 27 Dec. 15
Dec. 21 Nov. 30
Dec.
Dec.
Dec.
Jan.
50c
(quar.)__
10c
SI X
S1K
S2H
50c
Dec.
H % preferred (quar.)..
(N. Y.) (qu.)
7% prior lien (quar.).
Pub.Ic National Bank & Trust Co.
Public Service Co. (Okla.)
6% prior lien (quar.)
L
2 Dec.
Jan.
Dec.
Original preferred (quar.)
........
7% 1st preferred (quar.)
Pyrene Mfg. Co
...
Rals on Steel Car 5% preferred (quar.)
Rayonier, Inc., $2 preferred (quar.)
...
Reading Co. 2nd preferred (quar.)
Reeves (Daniel) Inc. (quar.)
Preferred (quar.)
Remington Rand, Inc. (interim)..
Preferred (quar.)
...
Republic Steel Corp
..........
16 Dec.
10c
Dec.
20 Dec.
10
S3
Dec.
1 Dec.
2 Dec.
16 Doc.
14
2
25c
Jan.
10c
Dec.
t|l H
-
5c
5c
til X
SIX
37Hc
v$ik
Jan.
Jan.
15 Dec.
31
Jan.
Jan.
15 Dec.
15 Dec.
31
2 Dec. 21
2 Dec. 21
2 Dec.
20
Jan.
2 Jan.
2 Jan.
Jan.
27 Dec.
Jan.
2 Dec. 20
5
16 Dec.
3
16 Dec.
SIX
SIX
5%
SI H
Dec.
Dec.
Dec.
50c
Jan.
50c
Jan.
12 He
Dec.
SIX
Dec.
20c
Jan.
S1H
Jan.
40c
Dec.
25c
Jan.
Dec.
$1
Dec.
25c
Dec.
0 Dec. 19
16 Nov. 30
16 Nov. 30
2 Dec. 10
2 Dec.
27 Dec.
21 Dec.
10
Dec.
10
16 Dec.
20 Dec.
5
5
1
10
7
2 Nov. 28
25c
Safety Car Heating & Lighting
St. Helena Pulp & Paper
St. Joseph Lead Co
...
St. Louis Screw & Bolt, preferred
St. Lawrence Paper Mills Co. 6% preferred
6% preferred.
......
San Gabriel River Improvement (monthly)
Savage Arms Corp.
...
Schenley Distillers, preferred (quar.)
Scott Paper Co. (quar.)
2 Dec.
26 Dec.
20
Dec.
Dec.
26 Dec.
10
Dec.
60c
....
Jan.
SI *4
25c
SI
Preferred (quar.).
Russell Mfg. Co
Dec.
16 Nov. 30
16 Nov. 30
2 Nov. 25
20 Dec.
Dec.
$1
Doc.
t$3H
Dec.
t$2
Dec.
t50c
10c
Jan.
SI
Dec.
$18/.
$4H cum. preferred (quar.)
$4 cum. preferred (quar.)—
(final).
Preferred (quar.)
Shepard-Niles Crane & Hoist Corp
Dec.
25c
Dec.
M
Feb.
„
50c
Dec.
SI X
SIX
...
Jan,
Simon (H.) & Sons, Ltd
...
Slvyer Steel Castings
Sloane-Blabon, $6 pref. A (initial)
Smith (Howard) Paper Mill, pref. (quar.)
South Bend Lathe Works (extra)
South Carolina Elec. & Gas Co., $6 pref. (quar.)
South Penn Oil Co. (quar.)
Extra
Preferred (quar.).
Sovereign Life Assurance
....
Sparks, Withington, pref. (quar.)
Spencer Trask Fund
Squibb (E. R.) & Sons, $5 preferred (quar.)...
Common (year-end)
v..
Standard Brands, Inc., (quar.)_
16 Dec.
6
Dec.
19
16 Dec.
16 Dec.
6
1 Jan.
20
1 Jan.
20
Dec.
Dec,
Dec.
6
20 Dec.
6
2 Dec.
13
2 Nov. 20
9
18 Dec.
7
21 Dec.
10 Nov. 30
Tan.
14 Nov. 20
15 Dec. 31
Dec.
19 Dec.
30 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
Dec.
Tan.
6
20
6
6
15 Jan. 31
15 Dec. 20
Preferred (quar.)
Standard Oil Co. (Ky.) (quar.)
Extra
Standard Oil Co.
(Ohio)
Special
Stearns Mfg. Co., Inc. (Initial quar.)
Steel Products Engineering
...
...
2
16 Dec.
1 Tan.
5
15
Dec, 16 Dec.
2
Tan.
2 Dec.
9
2 Dec.
9
14
Dec.
Dec.
16 Dec.
2
Dec.
14 Nov. 30
5
10 Dec.
Dec.
Dec.
Dec.
Feb.
5
2
14 Nov. 30
Dec.
Dec. 26 Dec.
Dec. 14 Dec.
Dec. 14 Dec.
Sterchi Bros. Stores
5% preferred
6% preferred (quar.)
Strouss-Hirshberg (quar.)
Sundstrand Machine Tool
Super Corporation of America—
16 Dec,
16 Dec.
Tan.
■
14
9
9
9
16 Dec.
20 Dec.
5
10
Dec.
_ _
14 Dec.
Dec.
Supersilk Hosiery Mills, Ltd., 5% pref. (s.-a.)._
Dec.
Dec.
...
(liquidating)
(liquidating)
10
2
Mar. 15 Feb.
Dec. 16 Dec.
Extra
Trust shares B
Dec.
Feb.
(quar.)
Trust shares A
Feb.
Dec.
;
6
2 Nov. 25
23 Dec.
15 Jan.
Jan.
40c
Shell Union Oil Corp.
10
Nov. 18 Nov. 16
„
Extra
•
30 Dec. 20
2 Dec. 13
20c
—
23
Dec.
Tan.
23
Swut & Co. (quar.)
Tan.
Tampa Gas 8% pref. (quar.)
7% preferred (quar.)
Tappan Stove
Taylorcraft Aviation, pref. A (initial)
Taylor Milling Corp
Telephone Bond & Share Co. 7% 1st pref
S3 1st preferred
Tennessee Central Ry. preferred
Dec.
Dec.
13"
1 Dec.
2
Extra
Wayne Knitting Mills (year-end)
Preferred (semi-annual)
—
Warren (S. D.) Co. (quar.)
Wellington Fund, Inc
Western Light & Telephone pref. (quar.)
Westing house Electric & Mfg
7 % participating preferred
Westmoreland, Inc. (quar.)
Westmoreland Coal Co
we
give the dividends
and not yet paid.
The
nounced this week, these
Share
;
Extra....-...*
$6 preferred (quar.)
Alabama Water Service Co. $6
preferred (quar.)
Albany & Susquehanna RR. (s.-a.)
Alberta Wood Preserving Co. 7% pref. (quar.)..
Alexander & Baldwin Ltd
—
Allegheny Ludlum Steel, pref. (quar.)
Allied Laboratories (quar.)......
pref. (quar.).....
............
(guar.)
Amalgamated Sugar
pref. (quar.)..
5H% convertible preferred (quar.)
pref. (quar.)
Dec. 16 Dec.
Dec. 27 Dec.
1 Dec.
Jan.
6
Dec.
6
13
6
(quar.)
—
(quar.)
SIX
Dec.
$4H
SIX
Jan.
Jan.
2 Dec.
13
2 Dec. 13
1 Nov. 20
1 Dec.
2 Dec.
14
23
5
16 Dec.
Dec.
2 Nov. 15
Dec. 30 Dec. 16
Dec. 14 Nov. 25
Jan.
2 Dec. 16
Dec.
25c
2
Dec. 20 Dec.
Dec. 21 Nov. 30
Dec.
Dec.
16 Nov. 30
Dec. 20 Nov. 30
Dec.
5 Nov. 20
1 Nov. 15
31 Dec.
15
Dec.
31 Dec.
15
Jan.
1 Dec.
17
tlX
40c
M
(quar.)
tlX
Extra
& Cigar, preferred (quar.)..
Light Corp.—
$2.75 cl. A (qu.) (cash or l-16thsh. in B stock)
American Colortype Co. 5% preferred
American Export Lines.
American Forging & Socket Co
American Cigarette
SIX
American Cities Power &
6% preferred (quar.)
American Gas & Electric (quar.).-.-
68Xc
t$5
Nov. 30 Nov. 15
Dec.
2 Nov. 15
4
Dec. 15 Dec.
Dec.
15 Dec.
4
Dec.
16 Dec.
16 Dec.
2
Dec.
Dec.
2
31 Dec.
16
Jan.
Dec.
11
Dec.
Dec.
12
25c
Dec.
Dec.
3
12Hc
Dec.
Nov. 25
25c
Dec.
Dec.
5
tlX
American Fork & Hoe Co
4
Jan.
Jan.
40c
Dec.
Nov. 20
40c
Dec.
—
Extra
4%% preferred (quar.)
American General Corp. $3 conf. pref. (qu.) —
$2H conv. preferred (quar.)
$2 conv. preferred (quar.)
American Home Products Corp. (monthly)
American Investment Co. of Illinois (quar.)—
5% preferred (quar.)
Nov. 02
Dec.
S1.18X Jan.
9
75c
Dec.
Nov. 15
62 He
Dec.
Nov. 15
50c
Dec.
Nov. 15
20c
Dec.
Nov. 14*
25c
Dec.
Jan.
Nov. 20
62 He
50c
Dec.
16
16
Preferred (quar.)
American Metal
Preferred (quar.)..
-
Dec.
Nov. 19
Dec
14
SIX
-—
Nov. 19
30c
25c
(quar.)
Dec.
Dec.
Dec.
Dec.
14
25c
Amer. Laundry Machinery
Extra
American Mfg. Co. (quar.)
Jan.
20c
$2 preferred (quar.)
Dec.
Nov. 20
Dec.
Nov. 20
Dec.
Nov. 27
M
------
American Oak & Leather Co.—
5% cumulative preferred (quar.).....—...5% cumulative preferred (quar.)
American Paper Goods Co. 7% pref. (quar.) —
Sanitary Corp.—
Preferred (auar.)
SIX
II*
ttlX
SIX
25c
50c
—
75c
t IX
American Sugar Refining, preferred (quar.)
American Sumatra Tobacco (quar.)
25c
—
& com. B (quar.)_
(San Fran.) (quar.)
(s.-a.) U. S. funds
American Tobacco Co., com.
Andian National Corp.
Extra (payablein U. S. funds)
Anglo-Canadian Telephone A (quar.)
Anglo-Huronian, Ltd
Archer-Daniels-Midland
Armstrong Cork Co. (interim)
Preferred (quar.)
Armstrong Rubber, A. & B (initial)
Ashland Oil & Refining (quar.)
5% preferred (quar.)
6
2
Dec. 23 Nov. 30
23 Nov. 30
4c
(quar.)
American Business Shares. Inc.
American Capital prior preferred
American Chain & Cable
American Telep, & Teleg. (quar.)
American Thread Co. pref. (semi-ann.)
2
2 Dec.
Dec. 23 Dec.
Dec. 14 Dec.
10c
4
14
2 Dec. 20
5
SIX
Inc. (quar.)
7% preferred (quar.)
16 Dec.
14
Jan.
25c
5
2
15 Jan.
12 Nov. 18
Dec.
Dec.
2 Dec.
16 Dec.
Jan.
2 Dec. 16
2 Dec. 20
—
American Surety Co
2 Dec.
13
23 Dec.
23 Dec.
\s\%X
Industries
Aluminium, Ltd
5
16 Dec.
1 Nov. 15
Jan.
Dec.
15c
20 Dec.
Dec.
Payable of Record
75c
16
Jan.
Holders
When
37Hc
50c
irregular
1 Dec.
Jan.
16 Nov. 30
16 Nov. 30
Dec.
SIX
Alpha Portland Cement..
American Trust Co
16 Nov. 30
16 Nov. 30
Jan.
15c
—
Allied Mills
(Year-end)
Dec.
II Dec.
Jan.
l\'i Jan.
American Steel Foundries
2 Nov. 26
2 Dec. 10
(quar.)
(qu.)
........
6 % participating preferred (irregular)
Alabama Power Co., $7 preferred (quar.)
Preferred
Dec.
Jan.
(irreg.)
Alabama Great Sou. RR. ordinary
American Chicle Co.
Dec.
7
2 Dec. 13
15 Nov. 30
Dec.
30c
35c
Agnew-Surpass Shoe Stores, pref. (quar.)
Agricultural Insur. Co. (Watertown, N.Y.)
Aluminum Mfg..
Dec.
2
13
75c
Mfg. Co., class A (quar.)
(Quarterly)
Dec.
9
tlX
—
Aetna Bali Bearing Mfg
Preferred
Jan.
2 Dec.
9
14
40c
25c
4H% preferred (quar.)...
Aluminum
Jan.
10
Dec.
—
(quar.)
Allied Stores Con)., 5%
20 Dec.
2 Dec.
Jan.
Dec. 14 Dec.
Dec. 20 Dec.
25c
1 Nov. 20
Dec.
Jan.
SIX
t$1.16*.
tlx
t$l
10
13 Nov. 30
16
Dec.
tlX
37 He
tlX
SIX
SIX
10
2 Dec. 31
Dec. 24 Dec. 12
1 Dec. 16
Jan.
^
Acme Steel Co. (quar.)
Allis-Chalmers Mfg
20 Dec.
Dec. 20 Dec.
Jan.
Dec. 28 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
25c
of Company
1 Nov. 20
Welding
Tide Water Associated Oil pref. (quar.)
Todd Shipyards Corp
—
Traders Finance Corp., Ltd., preferred A (qr.)_
Dec.
$3H
tlX
tlX
announced in previous weeks
Dec.
Thomson Electric
16 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
$1
Extra
Aero Supply
Class B
10 Dec.
10 Dec.
Dec.
$1
Abbott Dairies, Inc. (quar.)
Abbott Laboratories
5
list does not include dividends an¬
being given in the preceding table
5
Dec.
Dec.
Per
Name
13
Dec.
(quar.)
2
2
9
20 Dec.
2 Dec. 21
Jan.
Dec. 14 Nov. 30
7
Dec. 20 Dec.
Dec.
20c
(quar.)
2
27 Dec.
50c
43 He
Weyenberg Shoe Mfg
Wheeling Steel Corp. 6% preferred (quar.)
$5 prior preferred (quar.)
—
Wisconsin Michigan Power 4H % pref. (quar.)—
Wisconsin Power & Light Co.—
Below
M
20c
(semi-ann.)
5
14
20c
—...
5
14
11
Dec. 31 Dec.
Dec. 16 Dec.
50c
(quar.)
2
Dec.
10c
Extra
7% cumulative preferred
7% cumulative preferred
6% cumulative preferred
6% cumulative preferred
Dec.
$1
preferred
Dec.
...
—
16 Dec.
16 Dec.
Dec.
Dec.
62Hc
Waldorf System, Inc
Ware River Railroad
25c
Nov. 23 Oct.
Dec. 16 Dec.
t*4
—
Wagner Electric Corp.
75c
68 He
91X
t50c
(initial)
Vinco Corp.
Dec.
16 Dec.
16 Dec.
28 Dec.
t$7H
,
Victor Equipment Co.,
Dec.
75c
Inc. (Del.)—
preferred
Metal Cap Corp. 8% pref
Utica Knitting Co., 5% prior pref. (quar.)
Vanadium Corp. of America
Van Norman Machine Tool
Vapor Car Heating Co., Inc. (quar.)
U press it
American Rolling Mill Co
American Smelting & Refining
Dec.
Common
United States Truck Lines,
United Stores $6
14 Dec.
Jan.
Twentieth Century-Fox Film Corp.
Union Carbide & Carbon Corp
pref. (quar.)....
American Radiator & Standard
2 Dm.
Thermoid Co., S3 pref
Truax-Traer Coal Co. 6% conv.
$2H preferred.....
United States Potash Co., 6%
Dec.
Tan.
(quar.)
Preferred B
$3 preferred-..-.
United Public Utilities Corp.
American Public Service, preferred
4
16 Dec.
2 Nov. 20
2 Dec.
6
4
15 Dec.
Texas Corp.
United Molasses Co
16 Dec.
Dec.
$2
4.8c
(year-end)
Dec.
80c
16
30c
;„...
tin
----—
United Illuminating Co.
Payable of Record
30c
Extra
16
27 Dec.
;—
Rubinstein (Helena)
Class A (quar.)........
Circuit, Inc.—
preferred (quar.)
United Carr-Fastener (quar.)
2
Dec.
Dec.
Roper (Geo. D.) Corp. (quar.)
...
United Artists Theatre
5%
Share
of Company
2
Dec.
Southern Canada Power
31
Jan.
Tan.
Jan.
50c
Simmons Co
1
1 Dec. 31
15 Dec. 31
Feb.
Richfield Oil Corp
Roeser & Pendleton, Inc. (quar.)...———
Russell Industries......
2 Dec. 31
6
Dec.
50c
*
—
10
10
50c
Publication Corp. (quar.)....,...——
Non-voting (quar.)
10 Dec. 20
9
21 Dec.
Dec. 10
31 Dec. 16
Jan.
Jan.
20
Nov.20
Dec.
Jan.
25c
.
Ruberoid Co
Dec.
Jan.
25c
-
6
Jan.
SI H
(8.-1.)
—
Pittsburgh Metallurgical Co., Inc
Pleasant Valley Wine
Poindexter (H. T.) & Sons Merchandise Co. 6%
preferre d (semi-ann.)
:„.
Potash Co. of America
.
Powdrell & Alexander, Inc
—
Power Corp. of Canada (interim)
6% preferred (quar.)
.*—
6% partic. preferred (quar.)
.
Preston East Dome Mines (quar.)
Extra
'i—_
Price Bros. & Co., Ltd., 5H% preferred......
12
Jan.
Co. (quar.)
(quar.)
Pittsburgh Fort Wayne & Chicago RR. (quar.).
Preferred (quar.)
Pittsburgh & Worth Adams RR. (B & A leased)
2
17
70c
Pickle Crow Gold Mine, Ltd.,
5
Dec.
7
i?8
-
Philadelphia Electric Power preferred
16
Jan.
40c
lc
—
15
15
15
9*
Dec. 20 Dec.
Dec. 10 Nov. 30
Dec. 21 Dec.
Dec. 20 Dec.
25c
Name
Payable of Record
Feb.
.
(quar.). —
Pfeiffer Brewing
Philco Corp
%1X
37He
37 He
62 He
--
Pennsylvania Telephone $2H pref.
Perron Gold Mines, Ltd., extra
1614c
$1X
30c
SI
$1X
Holders
When
Holders
When
Per
Per
1940
30,
—
Dec.
Dec. 31
4-1-41
Dec.
16 Dec.
5
Dec. 20 Nov. 30
Dec.
1 Nov. 25
Dec. 18 Nov. 20
1
Nov. 30 Nov.
Dec. 16 Nov. 30
5*
Jan.
2 Dec.
Dec.
16 Dec.
2
Jan.
2 Dec.
7
Jan.
15 Dec.
16
SIX
S2X
12Hc
SIX
Jan.
Dec.
1 Nov. 30
9
2 Nov.
40c
Dec.
14 Nov. 30
$1
Dec.
2 Nov. 20
50c
Dec.
2 Nov. 20
15c
10c
35c
Dec.
2 Nov. 15
Dec. 30 Dec. 16
Dec.
1 Nov. 20
25c
Dec.
4
2 Nov.
16 Nov. 30
$1
Dec.
$1
Dec. 20 Dec.
10c
Dec. 20 Dec.
9
14 Dec.
13
SIX
Dec.
5
Volume
The Commercial & Financial
151
'
'
■
Share
of Company
•
Dec.
2 Dec.
Dec.
21 Dec.
14
Dec.
$1
$1H
$1
$2 X
$2)4
-
.
5% preferred
Atchison Topeka & Santa Fe Ry
5% preferred (semi-annual)
Atlanta Birm. & Coast, 5% pref. (s.-a.)
Atlanta Gas Light 6% preferred (quar.)
Atlantic Coast Line Co. (Conn.), year-end..
Atlantic Refining Co. (quar.)
Atlas Corp. 6% preferred (quar.)
2 Nov. 15
1 Dec.
27
1 Dec.
12
2 Dec.
16
Dec.
Dec.
2 Nov. 23
$2
Dec.
25c
Dec.
40c
Jan.
Dec.
10 Nov. 29
5
10 Dec.
2 Dec. 20
2 Nov. 20
Automotive Gear Works, Inc., $1.65 conv. pref. t$1.2354 Dec.
Dec.
5c
Baltimore Radio Show, Inc. (quar.)
Dec.
15c
2 Nov. 15
2 Nov. 15
Atlas
Powder Co
(irregular)
Auto Finance Co. (quar.)
$1
Extra
6% preferred (quar.)..
Bangor Hydro Electric 7% preferred
6% preferred (quar.)
Bank of America N. T. & S. A. (quar.)
10
._
Jan.
2 Dec.
60c
Dec.
14
Centra! Paper
$1
$3
Preferred (initial, semi-ann.)
Dec.
31 Dec.
14
Central Power & Light 6%
Jan.
2 Dec.
16
25c
Dec.
25c
Dec.
16 Nov. 30
16 Nov. 30
Barlow & Seelig Manufacturing
Class A (quar.)
15c
Dec.
2 Nov. 15
30c
2 Nov. 15
7
9 Nov.
Barnsdall Oil Co
15c
50c
Dec.
18 Dec.
25c
Dec.
23 Dec
25c
Dec.
$15*
1:4c
Jan.
Dec.
|2c
Dec.
15 Nov. 30
15'Dec. 31
5 Nov. 15
Nov. 15
:
Bayuk Cigars, Inc. (quar.)
t
7% preferred (quar.)
Beat tie Gold Mines (Quebec) (quar.)
Extra
Dec.
Dec.
Nov.
15
15
$1
Dec.
10
25c
Jan.
2 Dec.
10
$1
35c
Dec.
Nov. 20
Dec.
Nov. 22
15c
Dec.
Dec.
2
Bendix Aviation
75c
Dec.
Nov.
9
Berghoff Brewing (quar.)
Berkshire Fine Spinning Associates, Inc.—
7% preferred.....
$5 preferred
...
1
Bessemer & Lake Erie RR.. preferred (s.-a.)
Bethlehem Steel Corp
7% preferred (quar.)
Bigelow-Sanford Carpet Co. (year-end)
Preferred (quar.)_
Bird & Son Inc. 5% pref. (quar.)
—
Birmingham Gas preferred (quar.)
Birmingham Water Works Co. 6% pref. (quar.)
25c
Dec.
Dec.
5
10c
Beaunit Mills, Inc., preferred
Beech-Nut Packing Co. (quar.)..
75c
...
Extra
...
Blaw-Knox Co
preferred (quar.)
Blue Ridge Corp. $3 conv. preferred (quar.)
Payable in cash or common stock
Bloch
Bros. Tobacco. 6%
t$2H
,!§
tla
2 Nov.
15
Dec.
2 Nov. 12
Jan.
2 Dec.
Dec.
2 Nov. 19
2 Nov. 19
Dec.
87)4c
$134
1234c
91X
6
1 Nov. 20
Dec.
2.Nov. 20
Dec.
2 Oct.
Dec.
16
17 Nov. 18
Dec. 27 Dec.
23
2 Nov. 15
Citizens Bank of
Brass
Boston Herald Traveler
18 Dec.
3
Coast Counties Gas &
16 Dec.
2
16 Dec.
2
Boston Woven Hose & Rubber Co.,
Bower Roller Bearing.
Dec.
lOlNov.
10 Nov.
16 Nov.
Dec. 31 Nov.
26
Dec.
26
Dec.
29
30
(semi-ann.)
Coca-Cola International Corp
Class A (semi-ann.)
Colgate-Palmolive-Peet, preferred
Jan.
Dec.
10
Jan.
Dec. 20
Dec.
Dec.
2
Colonial Finance Co. (Lima, Ohio)
Dec.
Dec.
2
Dec.
Dec,
2
Dec.
20 Dec.
25c
Boyertown Burial Casket Co. (quar.)
Brandon Corp. 7% preferred (s.-a.)
Brewing Corp. of America (irregular)
Bridgeport Gas Light Co. (quar.)
Briggs & Stratton Corp. (quar.)...
Bright (T. G.) & Co., Ltd.
Preferred (quar.)
—
Bristol-Myers Co. (quar.)
$3 X
Dec.
Jan.
10c
Dec.
50c
6
2 Nov. 22
Nov." 19"
Dec.
m
30 Dec. 16
2
16 Dec.
16 Nov. 30*
Dec. 16 Nov. 30*
Dec.
60c
Dec.
2 Nov. 15
15c
......
Dec.
2 Nov. 15
J25c
British-American Oil (quar.)...
Jan.
2 Dec.
12
25c
Brockway Motor Truck Co
Extra
....
......
Brooklyn Edison Co. (quar.)
Brooklyn & Queens Transit Co. (liquidating)
Brooklyn Telegraph & Messenger Co. (quar.)__
Brown Shoe Co
....
Brunswick-Balko-Collender (year-end)
$5 preferred (quar.)
Buckeye Pipe Line
Bucyrus-Erie Co. 7% preferred (quar.)
(Interim)
—....
—...
Budd Wheel Co. $7 partic. pref. (quar.)
Participating
Bullard Co
....—
Sidloclc's Inc
—.....
Dec.
16 Dec.
2
25c
Dec.
16 Dec.
2
$2
Nov. 30 Nov.
930 X
91X
Jan.
Dec.
50c
Dec.
Dec.
l!S
Jan.
Dec.
91%
Jan.
75c
2 Nov. 20
2 Nov. 20
16 Dec.
5
2 Dec. 20
14 Nov. 22
Dec.
2 Dec.
16
25c
16 Nov. 30
31 Dec. 17
Dec. 31 Dec. 17
75c
Dec.
50c
6
21 Dec.
2 Nov. 11
Dec.
16 Nov. 21
6
14 Dec.
6
14 Dec.
(quar.)
Extra
Bunker Hill & Sullivan Mining &
Co. (quar.)
Dec.
Dec.
$1
Bulova Watch Co.
_
91X
50c
Dredging,~Ltd. "(fnt'erim")
Dec.
25c
Dec.
Dec.
2 Nov. 12
Dec.
1 Nov.
6
Dec.
1 Nov.
6
Concentrating
20c
Burroughs Adding Machine..
Butler Bros
15c
37Xc
(quar.)
91X
Butler Water Co. 7% pref. (quar.)
t$2.15
Byers (A. M.) Co. 7% preferred
Representing div. due May 1, 1936. of $1?4.
plus Interest to Nov. 30, 1940.
2,5c
California Art Tile class A
75c
California Ink Co
noc
Canada Vinegars, Ltd. (quar.)
...
20c
Canada Bud Breweries
X91X
Canada Cement Co., preferred
—
3734c
Canada & Dominion Sugar (quar.)
t3734c
Canada Foundries & Forgings class A
Class B (interim)
Canada Wire & Cable, class A (quar.)
...
t50c
Class B (interim)
—.—
Preferred
"ill
(quar.)
Canadian Car & Foundry, class
A..
M
Class B (initial)
Canadian Fire Ins. Co.
16 Dec.
9
Nov. 30 Nov. 16
Dec.
(quar.)
Dec.
1 Nov. 15
Dec.
16 Dec.
2
Dec.
18 Dec.
2
Dec.
15 Nov. 30
15 Nov. 30
Dec.
Dec.
15 Nov. 30
Dec.
Dec.
16 Dec.
18 Dec.
2
2
2 Dec.
20
2 Dec,
14
Jan.
2 Dec. 20
Dec. 20 Dec.
14
Jan.
31
15 Dec.
Nov. 30 Nov. 20
Dec.
2 Nov. 15
Dec. 17 Nov. 28
Dec.
16 Dec.
7
-
$
2:Nov. 20
Dec.
2 Dec.
Jan.
Dec.
Dec.
20
16 Nov. 25
Dec.
Dec.
20
llNov. 15
12|Nov. 12
20 Nov. 29
2 Nov. 15
Mar.
1 Feb.
15
June
2 May
Sept.
2 Aug.
15
15
Dec.
1 Nov. 15
2 Nov. 15
Dec.
Dec.
2 Nov. 13
Dec.
2 Nov. 12
20 Dec. 14
16 Nov. 29
Dec.
31 Dec.
16
10c
Dec.
Dec.
Dec.
2 Nov. 11
Dec.
2 Nov. 11
Dec.
2 Nov. 12
Dec.
Dec.
2 Nov. 20
Dec.
16 Nov. 25
Dec.
16 Dec.
Dec.
Dec.
Dec.
Dec.
25c
Dec.
Nov. 19
Dec.
Nov. 19
Dec.
1 Nov. 20
iff
1.06
Dec. 21 Dec.
21 Dec.
Dec.
16 Dec.
2
25c
Dec.
16 Dec.
2
25c
Dec.
16 Dec.
30c
Dec.
2|Nov. 15
65c
Dec.
6 Nov. 22
Dec.
10 Nov. 22
$1.60
t$l
2
2
2
__
Nov. 30 Nov. 22
Nov. 15
Nov. 15
Nov. 15
25c
Dec.
Dec.
50c
Dec.
25c
Dec.
16 Dec.
25c
Dec.
16 Dec.
4c
Dec.
Nov. 15
2c
Dec.
jnov.
6234c
Dec.
Dec.
Nov. lo
Nov. 15
Dec.
Nov. 30
Dec.
91H
—
.......
....
(quar.)
Consolidated Cement Corp. class A
Consolidated Cigar Corp. 7% cum. pref
Consolidated Edison of N. Y. (quar.)
Consolidated Film Industries $2 pref
Consolidated Investment Trust (quar.)
Special
a
mm mm*
Consolidated Paper (Irregular)
Consolidated Steel Corn, preferred
Continental Can, $4.50 pref. (quar.)
Continental Casualty Co. extra
Continental Oil (Del.)..
Continental Steel Corp
Preferred (quar.)
Cook Paint & Varnish (increased)
sffi
Nov. 15
Nov.
8
t25c
Dec.
Dec.
5
30c
25c
50c
Dec.
Dec.
2
Dec.
Dec.
Dec.
2
t$l
$134
Nov. 20
Dec.
5|Nov. 22
Jan.
2 Dec.
Dec.
25c
25c
Dec. 23 Dec.
Dec. 20 Dec.
$1X
Dec. 20 Dec.
Nov. 30
Nov. 30
Nov. 30
Dec. 16
Dec. 10
20c
10c
Extra
-_
Co., Inc., $2X cum. pf.(qu.
Crown Drug Co
—:
Crown Zellerbach, pref. (quar.)
Crow's Nest Pass Coal Co
Crucible Steel Co., 5% preferred (quar.)
Crum & Forster pref. (quar.)
Crum & Forster Insurance Shares Corp. A & B -.
7% preferred (quar.)
Cuneo Press, Inc., 6X% preferred (quar.)
Curtis Publishing, prior pref. (Initial)
Curtis8~Wright Corp., class A__
Common (initial)
Cushman's Sons 7% preferred
Cutler-Hammer Inc
Dairy League Co-operative, pref. (quar.)
Dayton & Michigan Railroad, pref. (quar.)
>ref. (quar .)
Dayton Power & Light, 4X % pref. . _
Debenture & Securities Corp. (Canada)
Preferred (semi-annual)
Deere & Co., preferred (quar.)
Delaware & Bound brook RR. (quar.)__
..
(N. Y.) (ouar.)
_
Union Stockyards preferred (quar.)
62
Dec.
10
16'Nov. 15
30c
20c
Co
2
15
Dec.
$1
30c
(quar.)
2
50c
Extra.
Fund, Inc.-----—
2
16 Dec.
16 Dec.
Dec.
Dec.
Coniaurum Mines, Ltd—-
Dentist's Supply Co.
2 Nov. 12
25c
—
Delaware
16 Nov. 29
2 Dec. 20
Dec.
.
Extra
Copper weld Steel
Jan.
50c
(quar.)
—
Columbia Broadcasting Co. class A & B
—
Columbian Carbon (year-end)
.... — -—
Columbus Auto Parts $2 conv. pref
Commonwealth Utilities Corp.—
6)4% pref. C (qua.)
—Community Power A Light
Compania Swift Internacional (quar.)
Congoleum-Nairn, Inc. (quar.)
—
Connecticut Light & Power, pref.
Connecticut Power Co. (quar.)
Dec.
_
Columbia Brewing Co.
Denver
4 Nov.
14 Nov. 23
$1X
$134
5X% pL(qu)
(quar.)
$1 participating preferred (quar.)....
Dec.
$13
16 Nov, 29
Dec.
Dec.
$134
(quar.)
Extra
Dec.
2 Nov. 15
23 Dec. 16
Dec. 23 Dec. 16
Dec.
$2
26c
Crown Cork A Seal
Dec.
14
1
Nov. 29
8734c
12 Dec.
6
Dec. 20 Nov. 30
2 Nov.15
Dec.
Nov.
__
3c
50c
Dec. 20 Dec. 10
Dec.
2 Nov. 20
Dec.
Nov. 30
Dec.
$134
$21.10 Dec.
Columbia Baking common
$4 preferred
Copper Range
Nov. 20
Dec.
Jan,
5c
Cum. conv. pref. (quar.)
Cornucopia Gold Mining (Initial)
Coty Inc. common
Crane Co. preferred (quar.)
Creameries of America, Inc., %3X conv. pf. (qu.)
Creole Petroleum Corp
Jan.
(final)
7% preferred (quar.)
Canadian Industrial Alcohol class A and B
Canadian Internat. Invest. Trust, Ltd.—
5% preferred (accumulated)
Canadian Malartic Gold Mines, Ltd
Canadian Tube & Steel Products Ltd.—
6% preferred (accumulated)
Canadian West'n Nat. Gas, Light, Heat & Power
Preferred (quar.)
Canfield Oil Co
6% preferred (quar.)
2
Jan.
(Winnipeg) (semi-ann.).
Canadian General Electric (quar.)
Canadian Indemnity Co. (irregular)
Canadian Industries class A & B
5 Nov.
Dec.
Dec.
c
2
Nov. 30
Nov. 30
c
—
Class A
Extra.
Dec.
$1X
8
1
16 Dec.
Dec.
$134
nx
$134
Participating
2
14
Dec.
$1
Extra
(qu.) —
Colt's Patent Firearms (quar.)
7I?
Dec.
Dec.
$2
30c
Collins & Aikman
75c
pref
Dec.
21 Nov 20
2
16 Dec.
$5
91X
91X
91X
91X
$134
Elec., 5% pref. (initial).
40c
(year-end).....
Boston Wharf Co.
1 )ec.
$IX
$34 X
91 X
Coca-Cola Co
Year-end.
Preferred
2 Nov. 22
10
75c
$2
Dec.
40c
(quar.)
10
Dec.
25c
...
Extra
$2 X
$1X
...
2 Dec.
25c
Cleveland & Pittsburgh RR. sp. gtd. (quar.)..
Guaranteed (quar.)
—
Cleveland Theatre, preferred (semi-annual)
$2
Boston & Albany Railroad Co
Boston Elevated Ry. Co. (quar.)
10
Jan.
5(
—
25e
Borne Scrymser Co
2 Dec.
75c
6 34 % preferred
City of New Castle Water Co. 6% pref.
City Title Insurance Co. (extra)
Clark Equipment Co. (year-end)
7% preferred (quar.)
Clearfield & Mahoning RR. (s.-a.)
Cleary Hill Mines (quar.)
Dec.
50 c
Borg-Warner Corp. (special)
Common (quar.)
10
Jan.
t5i
Brooklyn
75c
....
2 Dec.
Dec.
City Ice & Fuel Co. common
Dec.
.
20
Jan.
Jan.
Dec.
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)..
5% preferred (quar.)
50c
Class B (extra)
Preferred
2 Nov. 23
Dec.
Dec.
Bon Ami Co. class A (extra)
Bulolo Gold
2 Nov. 23
Dec.
20
25c
(quar.).
Chicago Corp. conv. preferred
Chicago Rivet & Machine..
Chicago Yellow Cab.
Christiana Securities 7% pref. (quar.)
Common (irregular)
——
Chrysler Corp
Cine. New Orl. & Tex. Pac. Ry.'
Common (irregular).....
Dec.
Bohn Aluminum &
Extra
Dec.
Nov.
2 Dec.
$134
Extra
Jan.
Beau Brummel Ties
Utilities $6 preferred..
Chestnut Hill RR. Co.
17
2 Nov. 15
16 Dec.
5
Dec. 20 Dec. 10
Dec.
Dec.
16 Nov
2 Dec.
t$l
t$l '16*i
t$l 34
mx
$1H
preferred.
Kibbon Mills, pref. (quar.)..
Champion Paper & Fibre
Preferred (quar.)
Chartered Investors $5 preferred (quar.)
Chesebrough Mfg. Co. (quar.)
2
5
11
17
Dec.
15c
Century
Bath Iron Works Corp
Bathurst Power & Paper, class A (interim)
Dec.
10 Oct.
25c
—
$7 preferred
Dec.
Dec.
Dec.
Jan.
$1
91X
$134
62 Xc
(quar.).
(initial quar.)..
Central & South West
1
31
Jan.
Dec.
7% preferred
Bank of Nova Scotia (quar.)
Barber (W. H.) Co. (quar.)
Extra..
Belden Mfg. Co
Belmont Radio (quar.)..
25c
2 Dec.
31 Dec.
Nov. 30 Nov. 22
Dec.
UX
$6 div. series preferred (quar.)
5% div. series preferred (quar.)
Central Ohio Steel Products...-
10
Nov. 30 Nov. 15
$3)4
%\Ya
1234c
6% preferred (quar.)
10
Jan.
16 Dec.
Nov. 30 Nov. 22
91X
(quar.)
$6 and 6% preferred
Central Maine Power Co. 7% preferred
$1H
12
12
2
241 Dec.
11 Dec.
Dec.
Dec.
50c
Extra
1 Nov. 20
Jan.
t25c
J37c
Ltd. (semi-ann.)
Central Illinois Light 4 X % preferred
Central Illinois Public Service Co.—
91X
(quar.)
Corp. of America
7% cumulative prior preferred (quar.)—'
7% cumulative 1st part, preferred (s.-a.)Central Arkansas Pub. Serv. 7% pref. (quar.)
Central Cold Storage (quar.)
19 Nov. 27
16 Nov. 21
Dec.
Atlas Press Co.
$3
5% preferred (semi-annual)
Caterpillar Tractor (quar.)
—
Celanese Corp of American—
Common stock div. of lsh. of com. for each
30 8hs. of common stock held
Feb.
2 Nov. 15
15c
Catelli Food Products,
Jan.
2 Nov. 15
Dec.
91H
9
9
2
1 Nov.
Dec.
5Gc
9
27 Dec.
12
Dec.
5Cc
31 Dec.
Dec. 31 Dec.
Dec.
Payable oj Record
t37c
pf.
7% preferred (quar.)
Catalin
I Holders
When
Share
Name oj Company
31 Dec.
Dec.
Jan.
25c
75c
.
Class A (quar.)
Case (J. I.) Co. (resumed)
2 Nov. 15
Dec.
50c
(quar.)
Extra
'
Capital Wire Cloth & Mfg., Ltd., $1.50 conv.
Carman & Co. class B
14
91 x
(quar.)
Associates Investment Co.
'
Per
2 Nov. 15
Jan.
Dec.
3185
Chronicle
"
Holders
J60c
t»i*4
_
4
Payable of Record
t$iH
7% preferred (quar.)
Common (year-end)
Associated Dry Goods 2d preferred
preferred
•
tlH
Artloom Corp. 7% pref. (quar.)
Associated Breweries of Canada Ltd.—
1st
1
When
Per
Name
•
2
10
10
Nov. 21
Nov. 21
Nov. 21
Nov. 16
Dec.
1
1
10 Dec.
16 Nov. 25
3g
Dec.
25c
Dec.
2 Nov. 20
$134
Dec.
14 Nov. 30
9
1 Nov.
87J&
Dec.
25c
Dec.
Dec.
563|c
Dec.
Dec.
16 Nov. 30
16 Nov. 30
16 Nov. 29*
16 Dec.
6
Dec.
fig
ng
30c
$134
75c
50c
50c
1 Nov. 13
Dec.
2 Nov.
Dec. 30 Dec.
Dec. 23 Dec.
7
16
13
Nov. 30 Nov. 15
Nov. 30 Nov. 15
Dec. 14 Nov. 30
5
1 Dec.
Jan.
Dec. 13 Nov. 22
Dec. 14 Nov. 23
Dec.
Dec.
2 Nov. 18
$134
$234
35c
$2
16 Dec.
2
Dec. 21 Dec.
7 Dec.
Jan.
50c
14
Dec.
2
2 Nov. 20
1-2-41 Dec. 23
2 Nov. 15
Dec.
Dec. 20 Nov. 18
20c
75c
Dec.
Dec.
$134
Dec.
15, Dec.
1
2 Nov. 26
2lNov. 20
The Commercial & Financial Chronicle
3186
Per
Share
Name of Company
Derby Oil A Refining $4 preferred
f$2
Detroit Gasket A Mfg.,
30c
$2
50c
25c
25c
pref. (quar.)
Detroft-HHiadalf & Southwestern (B.¬
Detroit Steel Corp. ......—
Devonian Oil (quar.)..............
Dewey A Aliny Chemical
25c
Class B.........
Preferred (quar.)
SIX
—......
20c
Dexter Co......—...........—-«
Diamond Match Co. (quar.)........
'semi-ann.)
Preferred
25c
75c
.......
When
I
Holders
Name of Company
Dec, 20 Dec.
5
Dec.
2 Nov. 15
20
5
Dec. 16 Dec.
Dec. 14 Nov. 30
Dec. 161 Nov. 30
Dec. 10 Nov. 30
Dec, 16 Nov. 30
Dec.
9
2 Nov.
Dec.
2 Nov 12
3-1-41
2-10-4!
Dec.
2 Nov. 15
Dec.
2 Nov. 15
Dec.
Jan,
2 Dec.
Dominion Foundries A Steel pref. (quar.)..
SIX
Dec.
Dominion-Scottish Investments, Ltd.—
6% preferred (accumulated)............
Dominion Textile, Ltd. (quar.)
}50c
SIX
Dec.
dividend series) payable in cash or stock
Georgia Power Co. $6 preferred (quar.)
$5preferred (quar.)--..-——
Glidden Co. (interim)
Preferred (quar.)
Nov. 20
Dec. 14
.......
Preferred (quar.)..
Domlnquez Oil Fields (monthly).
60c
....
Dec. 16 Dec.
2 Dec.
Dec. 19 Dec.
Dec.
2
Goodrich (B. F.) Co—
10
5
2 Nov. 10
Payable in U. S. funds subject to Canadian
Foreign Exchange Control Board.
2 Nov. 15
Jan.
14
—
50c
Dec.
Dunean Mills 7% pref. (quar.).
SIX
Griesedieck-Western
Jan.
40c
$4.60 preferred (quar.) .......
Durez Plastics A Chemical, common—.......
1
7% preferred (quar,).........—
6% preferred (quar,).............
Duval Texas Sulphur Co......
Eagle Picher Lead..................
Preferred (quar.)
East St, Louis A Interurban Water—
7% preferred (quar.)
0% preferred (quar.K
SIX
—
37^
20c
SIX
Dec.
Dec.
Dec.
Jan,
Hamilton Watch Co
2
2 Dec.
2 Dec.
5
5
Electrographic Corp. (quar.)—
Dec.
Dec.
Common (irregular)...
Hawaiian Electn®, 6% preferred
Hazel-Atlas Glass Co
Guaranteed betterment (quar.)
Essex Co. (irregular)
-—......
Extra...
L
Eversharp, lnc
62 He
—
—
Ever Ready Co.
Pr6f6r6llC6
+50c
50XC
"new"61% pref."("qxlar.)—......
irreg...
....—
Faber, Coe & Gregg, Inc. (quar.)....—
Preferred (quar.)............—..—
Fairbanks, Morse A Co
Falardo Sugar of Porto Rico........
Falstaff Brewing (quar.)...
Preferred (semi-ann.).......
Famous Players Canadian (quar.)...
Fanny Farmer Candy Shops (quar.)
—
_
.........—
Extra
Fansteel
—
Apr.
.......
.
...........
...
....
Extra...
•—
Class B common (quar.)
Extra.......
5X % preferred (quar,)
Firemen's Fund Indemnity (San. Fran.) (quar.)
Firestone Tire A Rubber pref. (guar.)...
First Holding Corp. (Pasadena, Calif.)—
...
...
...
(initial)..
(quar.)
...
preferred (quar.)
...
—
Special
5% preferred
Hygrade Sylvaniapreferred (final)-——
(special)—...
15
Dec.
1 Nov. 15
21 Nov. 30
21 Nov. 30
SiX
tS5
$1.38
SIX
6c
SIX
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
20 Dec.
5
5
2 Nov. 15
2 Nov. 15
1 Nov. 20
1 Nov. 20
1 Nov. 20
16 Dec.
14 Dec.
—
Illinois Central-Leased Line
Imperial Chemical Industries, Amer dep. rec—
Imperial Oil Co. (s.-a. reduced)
Indian Motocycle Co
6% preferred.———
——
Indianapolis Water, 5% pref. A (quar.)—-——
Industrial Bank of Hartford, Inc. (quar.)-——
Industrial Credit Corp. of Lynn (quar.)———
—
-
6
5
14
31 Nov. 30
1 Nov. 30
1 Nov. 30
2 Dec. 20
20 Dec.
2
20 Dec.
2
20 Dec.
2
20 Dec.
2
31 Dec.
1 Nov. 15
1 Nov. 15
1 Nov. 14
1 Nov. 14
2 Nov.
4
2 Nov.
2 Nov.
16 Nov.
21 Dec.
30 Jan.
15 Dec.
2 Nov.
Dec. 31 Dec.
Intercontinental Rubber Co. (year-end) _ _
International Business Machine (quar.)-.
Stock-.-
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
—
—————
International Harvester (quar.).
Preferred (quar.)—-——
International Nickel Co. of Canada
Dec.
Dec,
Dec.
-— —
Extra
Dec.
—
15
15
30
13
15
20
6
2
Payable in U. S. funds.
International Ocean Telegraph Co. (quar.)
Dec.
Dec.
Dec.
Dec.
Dec.
——
—
Preferred (quar.)
Ingersoll-Rand Co
Inland Steel Co. (quar.)
Jan.
6
Nov. 30
Jan. 15
Jan. 15
Dec.
Nov. 15
Dec.
Nov. 12
Dec. 16 Dec.
5
Dec. 16 Dec,
6
Nov. 30 Nov. 20
Dec. 31 Dec. 20
Dec.
2 Nov. 15
Dec.
2 Nov. 15
Dec.
2 Nov. 15
Dec.
2 Nov. 12
Dec. 26 Nov. 26
Dec.
2 Nov. 12
2 Nov. 12
Dec.
Jan. 15 Dec. 31
Dec.
9 Dec.
2
Jan. 15 Dec. 31
Dec 27 Dec
13
Dec. 16 Dec.
3
Jan.
1 Dec. 20
2
Jan.
1 Dec. 11
Jan.
Dec.
7 Sept, 26
2 Nov. 15
Dec.
2 Dec.
Jan.
4
2 Dec.
Jan.
4
Jan.
2 Dec. 12*
International Petroleum (s.-a.)
—
International Safety Razor class A (quar.)
International Salt Co, (quar.)-.-—
1 Nov. 15
50c
35c
—
——
Houston Oil,preferred
— —
Hudson Bay Mining A Smelting Co..
—
Huston (Tom) Peanut Co., 7% preferred (s.-a.)
11
Dec.
$1
...
_
11
5
2 Nov. 20
2 Dec. 26
16 Dec.
—-
—
—
Holophane Co
——
Holt (Henry) A Co. partic. class A—_
Home Fire A Marine Insurance (quar.)—
Honolulu Oil Corp. (irregular)
Hooker Electrochemical Co. (year-end)
6% preferred (quar.).
—
Hoover A Allison, preferred (quar.)
—.
Horn (A. C.) Co.. prior pref. (quar.)———
Second preferred (quar.)
Horn A Hardart (N. Y.) preferred (quar.)
Humble Oil A Refining (irregular)
—
Huntington Water Corp. 6 % pref. (quar.)—.
7% preferred (quar.)
i
Household Fiance Corp. (quar.)—-
11
Dec.
25c
Extra
11
1 Nov. 20
2 Nov. 20
tig
-
Extra
■
5
16
11
Dec.
372*0cC
— — ...
—.....
27
5
25c
17Xc
(quar.)..:
General Cigar Co. (quar.)....—
62j|c
Dec.
5X% preferred (quar.)
5% preferred (quar.)
IMar. 18
Dec. 31 Dec, 23
2 Dec.
3
Dec.
2 Nov. 15
13c
...
Fulton Market Cold Storage, 8% preferred
Gamewell Co.. $6 conv. pref. (quar.)
—
Garfinckel (J.) A Co. (quarterly)
6% convertible preferred (quarterly)
Gatineau Power Co. (quar.)
Preferred (quar,).....
Jan.
25c
General Amer. Investors, $6 pref.
General Box Co. (semi-annual)..
9
Jan.
25c
Class B (quar.)
Francoeur Gold Mines
Extra
8 7 He
87 Xc
75c
...
Foote-Burt Co
Ford Motor of Canada class A (quar.)
conv.
Nov.
15c
..
—
Nov. 15
15c
Florida Power Corp. 7% pref. A (quar.)
5%
Nov. 23
Nov. 15
SIX
Fishman (M. H.) Co. (quar.)
Fitz Simmons A Council Dredge A Dock Co.
Fitzsimmons Stores, class A A B (quar.)
-
■
Dec.
-
Extra.
Fruehauf Trailer, common
15
3-15-41
Dec. 12
Dec. 20 Nov.
Dec. 16 Dec.
Dec. 20 Dec.
Dec. 23 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 16 Dec.
Dec.
1 Nov.
,
Freeport Sulphur Co.
6
6
Dec.
Dec. 16 Nov. 30
Mar, 15 Feb. 28
Jan.
2 Dec. 11
Jan.
1 Dec. 16
Jan.
Dec. 16
Nov. 30 Nov. 20
Nov. 30 Nov. 20
Dec.
2 Nov. 18
Quarterly
Farmers & Traders Life Insurance (quar.)......
Faultless Rubber Co. (quar.)-.—.--.
Special
Federal Compress A Warehouse (quar.).......Extra..
Federal Light & Traction $0pref. (quar.)....
Federal Mining & Smelting Co. (year-end)-.—.
Federal Mogul Corp......
....
Ferro Enamel Corp
Fidelity Trust Co. (Pittsburgh) (quar.)
Finance Co. of Amer. (Bait.) class A com. (qu.).
First National Bank (Toms River, N. J.) (qu.)_
First National Bank of Jersey City (quar.)-—-First National Stores (quar.).
2 Nov.
Nov.
Dec. 27 Dec. 17
Dec. 20 Dec.
5
Dec. 20 Dec.
5
Dec. 18 Dec. 14
Metallurgical Corp., preferred (quar.)
7% preferred (quar.)
Dec. 16 Nov. 30
Dec. 10 Nov. 30
Dec. 10 Nov. 30
Dec.
2 Nov. 15
Dec.
2 Nov. 15
2 Nov. 15
Nov. 30 Nov. 16
Farallone Packing Co. (quar.)....—...—.—,
„6% preferred (quarterly).
Dec. 15 Nov. 30
Dec. 10 Nov. 30
1-2-41 Dec. 21
-—
Heyden Chemical
Heywood-Wakefield Co., 5% preferred B
Hibbard, Spencer, Bartlett A Co
Hires (Chas. E.) Co.—
—
Hobart Mfg. Co. class A (quar.)
—
Hollinger Cons. Gold Mines (monthly)
2 Nov. 20
Nov." 18*
Dec. 13 ♦
2
Dec.
2
Nov. 15
Dec.
5
Nov. 30
Dec.
Nov. 25
Dec.
Nov. 22
Dec. 27 Dec. 17
Dec.
2 Nov. 15
Dec.
Nov. 15
Dec.
Nov. 18
Dec.
Nov. 18
Dec.
Dec.
Dec,
Dec.
Dec.
Hewitt Rubber Co. (quar.)-----—
Dec.
......
......
Heel a Mining (irregular)
Heileman (G.) Brewing (quar.)-
2
1-2-41
4-1-41
Dec. 23
Nov. 30
Dec.
1
Dec.
1
Dec.
2
+
New 5% preferred (quar.)..
Excelsior Insurance (Syracuse, N. Y.),
Extension Oil Co., Ltd. (irregular).
2 Nov. 26
2 Nov, 26
15
Jan.
Jan.
——
—
Extra
Nov. 30 Nov. 15
Nov. 30 Nov. 15
Dec.
Dec.
(Great Britain), Ltd., ord
(quar.)
Dec. 31 Dec. 16
2 Nov. 15
20 Dec.
5
2 Nov. 15
31 Dec. 16
31'Nov. 30
16 Dec.
6
2 Nov. 15
Nov. 15
1 Nov. 15
1 Nov. 15
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec,
Dec.
Dec.
2
Jan. 20
Dec. 20
Feb.
Feb.
(final)
-
Hazeltine Co.
Dec.
2 Nov. 26
Nov. 30 Nov. 19
Dec. 28 Dec. 13
Dec.
(quar.)
—
.
Dec. 14 Nov. 30
Dec. 14 Nov. 30
Dec. 18 Dec. 10
Dec. 10 Nov. 26
SI
5c
—
Preferred (quar.)——
Hancock Oil of Calif. A A B (quar.) ...
Class A A B (extra)
Hanna (M. A.) Co.. $5 cumulative pref.
Hanners Oil Co., common———
Jan.
......................
——
7% preferred
Harbison-Walker Refractories—
Preferred (quar.)
Hard Rock Gold Mines
Hartford Electric Light (extra)
Jan.
Empire Capital class A (extra)........—...
Preferred A (quar.).
Empire Power Corp., $0 pref. (quar.)
$2.25 cum. participating—
Emporium Capwell Co. 4X% preferred (quar.).
English Electric Co. of Canada, Ltd.—
S3 non-cum. class A (quar.)...
Erie A Pittsburgh RR. 7% gtd. (quar.)
—
Haloid Co. (quar.).--...—,
Hamilton United Theatres, Ltd.,
2 Nov. 12
Edison Bros. Stores, Inc., (quar.)
.........
5% cumul.conv. preferred (quar,)..
Electric Auto-Lite Co.
...........
Electric Boat Co.
Extra-..............-......—7% preferred..
——
El Paso Natural Gas, 7% pref. (quar.)—
Common (quar.)--——
——
Empire A Bay State Teleg. Co. 4% gtd. (qu.)--
(quar.)
.......
——
2 Nov. 12
2 Nov.
9
2 Nov,
9
Dec. 17 Dec.
—...—..........
Nov. 20
Jan.
1
Dec. 30 Dec. 10
Dec. 16 Dec.
2
Dec.
1 Nov. 18
(semi-ann,,)—-
Hallnor Mines, Ltd.
Nov. 18
Nov. 18
Nov. 18
Nov. 23
Dec.
2
Dec. 15
Dec.
Dec.
Dec.
Dec.
—
Hackensack Water
Nov. 25
Jan. 10
Jan.
Dec.
Dec.
East Shore Public Service preferred (quar.)$0 preferred (quar.)...
Eastern Mass. Street Ry. 0% 1st pref
Eastman Kodak (quar.)
0% preferred (quar.)
50c
Co.—
Preferred (quar.)---——
Hale Bros. Stores (quar.)——...
Hall (W. F.) Printing (quarterly).
Dec.
Dec.
Brewers
5X% conv. preferred (quar.)
Griggs, Cooper A Co. 7% pref. (quar.)
Group No. 1 Oil Co—
Gulf Oil Corp.
(quarterly)—.
Dec. 20
Dec. 20
Nov. 23
JanJan.
Dec.
2
Nov. 30 Nov, 8
Nov. 30 Nov. 8
Dec,
2 Nov. 20
Dec.
2 Nov. 20
Dec.
2 Nov. 15
Grand Union Co. div. arr certificates.
Great Atlantic A Pacific Tea Co——
Preferred (quar.)—.
Great Northern Paper (quar.)
Extra--Green Mountain Power, $6 pref
Dec. 31
Nov. 30 Nov. 18
Dec.
Dec. 12
SIX
SIX
—i—
—-——
Preferred (quar J
Goodyear Tire A Rubber Co
$5 conv. preferred (quar.)
Granby Consol. Mining Smelting A Power
Dec. 24 Dec. 14
Jan, 20 Dec. 31
Nov. 18Dec. 14
2 Dec. 14
28 Dec. 12
2 Dec. 12
6 Nov. 25
6 Nov. 25
1 Nov 20
21 Nov. 30
2 Dec. 21
18 Dec.
3
20 Dec.
6
20 Dec.
6
Dec. 16 Nov. 15
Dec. 16 Nov. 15
Dec.
2 Nov. 15
(quar.).
Gold A Stock Telegraph Co. (quar.)_
Goldale Miners, Ltd. (interim)——
Preferred (quar.)
*—
Dun A Bradstreet. Inc., 10 pref. (quar.)
Common (quar.).......
...........
Common (quar.)..............
.....
Du Pont (E. I.) de Nemours A Co. (year-end)—
—
—
Goebel Brewing Co.
Dec.
Jan.
Dec.
Jan.
Dec.
Dec.
Dec,
Dec.
Jan.
Dec.
Dec.
Dec.
Globe-Democrat Pub. Co. 7% pref. (quar.)
Dec.
1 Nov. 20
Dec. 20 Nov. 20
Jan.
..........
Driver-Harris
Stock dividend
Dec. 20 Nov, 22
Jan.
1 Dec. 15
Dec. 12 Nov, 14
Feb.
Jan.
6
Dec. 21 Nov. 30
Jan.
Giddings A Lewis Machine Tool--.
2 Nov. 20
-
of Record
General Electric Co. (year-end)—
General Instrument Corp. (quar.)-.
General Motors Corp——
$5 preferred (quar.)—
General Refractories Co. (year end)——
Gen. Shareholdings Corp., $6 conv. pref. (option
Jan. 1*4) Dec
Jan.
30. 1940
Holders
Payable\of Record
50c
Dictaphone Corp., common........
8% preferred (quar.)-..---...
$2
...
Dl-Noc Mfg. Co. 6% cum. pref. (quar.)
Discount Corp. of N. Y
Resulting from reduction in capital stock and
change In par value of shares.
Distillers Corp.-Seagrams, Ltd. (quar.)....
X55Hc
Dixie-Vortex Co., class A (quar.).........
62 He
25c
(Monthly)
Doctor Pepper Co (quar.)...
30c
—
Doehler Die Casting....
50c
.......
Dome Mines, Ltd
*50c
Dominion A Anglo Investment Corp., Ltd.1
5% preferred (quar.)
Dominion Coal Ltd. preferred (quar.)
M
Nov.
Extra..-
Dec. 31
Nov. 20
Nov. 25
Dec.
2
Dec.
2
Nov. 18
Dec.
2
Nov. 15
■
-
International Shoe Co. (extra)
Interstate Hosiery Mills
Interstate Natural Gas
——
—
Dec.
Intertype Corporation (irregular)—Iron Fireman Mfg. Co. (extra)
Common v. t» c. (quar.)-.
---Island Mountain Mines (interim)——
Jantzen Knitting Mills pref. (quar.)—
Jefferson Lake Sulphur (quar.)
Jewel Tea Co. (quar.)
-----——
—
Johns-Manville Corp.
—
7% preferred (quar.)
Joy Manufacturing (quar.)
——
Kansas City Southern Ry., pref. (year-end) —
Kansas Oklahoma A Gulf Ry. Co.—
Series A 6% cum. preferred (s.-a.)
—
Series B 6% non-cum. preferred (s.-a.)_
Series C 6% non-cum. preferred (s.-a.)___—
Kansas Pipe Line A Gas., preferred (quar.)--—
Katz Drug Co. (quar.)
———
$4.50 preferred (quar.).—
Jan.
Kaufmann
Dec.
Dept. Stores 5% pref. (quar.)
Kelley Island Lime A Transport-
—
Kelsey-Hayes Wheel class A
Kemper-Thomas 7% special pref. (quar.)——
Kendall Co.. $6 part. pref. A (quar.)
Kennecott Copper-—
Special
Kennedy's Inc., $1.25 conv. pref. (quar.)
Kerr Addison Gold Mines (interim)--
—
Dec.
2
5
Nov.
Dec.
Dec.
Dec.
Jan.
9
Dec.
Nov.
Nov.
Dec.
Dec.
Dec.
Nov.
Nov.
2
25
30
6
10
16
23
27
2 Nov. 22
2 Nov. 22
2 Nov. 22
2 Dec. 14
Dec.
16 Nov. 30
2 Dec. 14
14 Nov. 30
Dec. 14 Nov. 30
Dec.
2 Nov. 20
Dec.
2 Nov. 20
Dec.
1 Nov.
Dec. 24 Nov.
Dec. 24 Nov.
Jan. 15 Dec.
Dec. 20 Nov.
10
29
29
31
30
Volume
The Commercial & Financial Chronicle
IS1
Share
Dec.
Jan.
Jan.
Jan.
Dec.
Extra..
Lanston Monotype Machine.
Dec.
—...
(quar.)........
Lehn & Fink Products (year-end).—........
Le Tourneau (R. G.), Inc. (quar.)—....—..—
Dec.
Dec,
Jan.
Dec.
Dec.
*——
...
Dec.
....♦—
Extra
lily-Tulip Cup (quar.)
——
Lincoln Service Corp. (Wash., D. C.) quar.)—
participating
6% cum. partic. pref. (quar.)—
7% prior preferred
...
1.
Lincoln Stores, common (quar.)...—-—.—
7% preferred (quar.).
—
Line Material Co
Link Belt Co. (quar.)...
Preferred (quar.)..—
$1H
20c
25c
—
.........
(extra).
-
.....
(Quarterly)
Little Miami RR. Co., original capital (quar.)..
Special guaranteed (quar.)....
—
(quar.)—...——
Class A & B (extra)
—
...—
Monthly..
Longhorn Portland Cement Co. (year end)...
Loose-Wiles Biscuit 5% pref. (quar.)
Lord & Taylor (quar.)
—
1st pref. (quar.).......
...
—.
Loriilard (P.) Co. (final).....
Class B
(quar.)
—
...
—
Louisville & Nashville RR. (year-end)—...—
Ludlow Mfg. Associates
Lunkenheimer Co., 6H% pref. (quar.) .......
10c
(quar.) —
-
Macy (R. H.) & Co. (quar.)—
)c
—-
3c
Madsen Red Lake Gold Mines, Ltd——
25c
Madison Square Garden———
$1
Magma Copper (year-end).
...
Mallory (P. R.) & Co. (year-end).....*———
Manhattan Shirt Co. (quar.)
(quar.)——
40c
SK
60c
'•0
—————————
C
(extra)—......
10c
75c
—
May Department Stores (quar.)—
May Hosiery Mills (new com ) (initial).
$4 preferred (quar.)
Mead Corp. (resumed)....
—
25c
$1
25c
—
$1H
preferred A (quar,)
$5H preferred B (quar.)
...—-----
Mercantile Acceptance Corp,
6% preferred (quar.)—
Mesta Machine Co
5% pref. (quar.)..
—
30c
—
Corp. $3.25 partic. pref. (quar.)—
Preferred participating
Common
$1X
10c
Common (auar.)—.—
....
Master Electric Co (quar.)__...——-—-—
Metal Textile
20c
HH
Maryland Fund, Inc
...—
Masonite Corp. 6% preferred (quar.)..
$6
40c
25c
...—-——
Manufactures Bank & Trust (St. Louis)
Marshall Field, 6% pref. (quar.) _
(Stock div.)
50c
81 He
15c
15c
—
—
(irregular)
,—
Metal & Thermit Corp
Preferred (quar.)
fill
Miami Copper Co
Mid-Continent Petroleum
Common
—- —
(participating).
M
50c
25c
$1
25c
(quar.)
6% preferred B
—
Public Service, common
(quar.)...
(quar.)
—.—-
14
Dec. 15 Dec.
2
Dec. 20 Nov. 30
2 Dec. 20
Jan.
2 Dec. 20
Jan.
2 Nov.
Dec.
8
Dec. 15 Dec.
1
Nov. 30 Nov. 15
Monarch Machine Tool
Monsanto Chemical Co. (year-end)
$4.25 preferred A (semi-ann.)
Dec.
—
$4.25 preferred B (semi-ann.)
Preferred A & B (semi-ann
Montreal Cotton, Ltd. (quar.)
—...»—
15 Nov. 30
15 Nov. 30
16 Nov. 30
1-2-41 Dec. 30
Dec.
2 Nov. 15
Dec.
1 Nov. 22
Nov. 30 Nov* 16
Dec. 24 Dec. 14
Dec. 10 Nov. 20
Dec. 20 Dec.
6
Dec.
2 Nov. 15
Dec.
2 Nov. 15
Dec.
6 Nov. 15
Dec. 16 Nov. 25
Dec. 16 Dec.
2
Dec.
Dec.
Dec.
-
Preferred (quar.)
...
Montreal Loan & Mortgage Co. (quar.)
Moore (Wm
R.) Dry Goods Co. (quar.)——
Moran Towing, 7% preferred (quar.)
Morris Plan Insurance Society (quar.)
Motor Finance Corp, (quar.)
....
Preferred
(quar.)
—
......
Motor Wheel Corp. (quar.)........
City Copper
Mt. Diablo On, Mining & Developm't Co. (qu.)
Extra
.....
Mountain Fuel Supply
.....
Mountain Producers (semi-ann.)
Muncle Water Works, 8% pref. (quar.)
—
...
....-
Dec.
2 Nov. 21
Nov. 30 Nov. 18
Nov. 30 Nov. 18
Dec. 14 Nov. 27
Dec. 16 Dec.
2
Dec.
Nov. 12
Dec.
Nov. 9
Dec. 16 Nov. 30
Jan,
2 Nov. 20
Jan. 15 Dec. 13
Nov. 30 Nov. 15
Dec. 16 Dec.
2
Dec. 16 Nov. 20
Murphy (G. C.) Co. (quar.)
Murray Corp. of America
.......
Muskegon Motor Specialties class A (qu.)—...
Muskegon Piston Ring (irregular)
Muskogee Co_
6% cum. pref. (quar.)....
National Automotive Fibres, pref. (quar.)
—
........
....
....
National Aviation Corp
_
...
National Battery, preferred (quar.)—...
National Biscuit Co.....
................
Preferred
(quar.)
....
National Brush (quar.)...
.................
..............
National Container Co.
Extra
National Dairy Products..
————
Dec.
16 Nov. 20
................
Dec.
16 Nov. 14
2 Nov. 14
Dec. 14
...——
Jan.
Jan,
A and B
preferred (quar.)
National Grocers Co., Ltd., $1.50pref. (quar.)..
National Gypsum Co., pref. (quar.)
....
National Lead class A preferred (quar.)
—
National Life & Accident Insurance Co. (Nash¬
ville) (quar.)—.
.....
National Oats Co.
Dec.
Nov. 14
Dec, 14 Nov, 29
_
Dec.
Dec*
—
Dec.
National Power & Light Co
National Transit Co..
Natomas Co. (quar.)
Extras..
Dec.
—
Dec.
Dec.
...
Nay bob Gold Mines (initial) (quar.)
Quarterly
Jan.
■f"
Apr.
—
Nebraska Power. 6%
$1
SI X
/
*1X
2 Nov. 22
Dec. 14 Nov. 26
June
2 May 10
June
2 May 10
Dec.
2 Nov.
9
Dec.
Dec,
Dec.
pref. (quar.).
—
Dec.
Dec.
—
Dec.
Dec.
Dec.
Dec.
7% preferred--
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Prior Den preferred ($6 div. series)
Prior Den preferred ($7 div. series)
New England Telep. & Teleg. —
New Jersey Zinc Co—
New York Air Brake (year-end)——
New York Merchandise Co. (extra) —
New York & Queens Elec. Light & Power
Preferred (quar.)..
Dec.
(quar.)
Newberry (J. J.) Co. (quar.).
Preferred A (quar.).
Newmont Mining-..-Newport Industries, Inc.
Niagara Alkali preferred (quar.).
Nineteen Hundred Corp. B
Nipissing Mines, Ltd
Noranda Mines, Ltd. (interim)
Norfolk & Western Railway (quar.)....
North River Insurance Co. (quar.)....
....
Northeastern Water & Elec. Corp., $4 pref. (qu.)
Northern Pipe Line Co—.
Northern States Power (Wis.), pref. (quar.)—
$1H
Northland Greyhound Lines, Inc.—
8634 preferred (quar.)—————!
$154
Northwest Engineering
....—$ 1H
—
Dec.
Dec,
Dec.
Dec.
Dec.
Jan.
Dec,
2 Nov. 20
1 Nov. 20
2 Oct. 28
16 Nov. 30
27 Dec. 10
27 Dec. 10
15 Jan.
7
15 Apr.
1
2 Nov. 15
2 Nov. 15
2 Nov. 20
16 Nov. 30
16 Nov. 30
2 Nov. 18
2 Nov, 18
2 Nov. 18
1 Nov. 15
16 Nov. 30
16 Nov. 30
24 Dec,
2
10 Nov. 20
16 Dec.
2
20 Dec.
5
14 Nov. 22
2 Nov.
8
23 Dec. 10
1 Nov. 16
14 Nov. 29
20 Dec. 10
2 Nov, 25
16 Dec.
2
Dec. 11 Nov. 15
Dec. 16 Nov. 15
Dec. 19 Nov. 30
Dec. 10 Nov. 23
1 Nov.
Dec.
9
Dec.
Dec.
2 Nov. 15
2 Nov. 20
Dec. 20 Dec. 12
Dec. 20 Dec.
5
Dec. 16 Nov. 29
Dec. 19 Nov. 29
2 Nov. 12
Dec.
Dec.
2 Nov. 12
1 Dec. 20
Jan.
1 Nov. 15
Dec.
Dec. 31 Dec. 15
Northwestern Public Service Co.
Ogilvie Flour Mills, preferred (quar.)...—
Dec.
Dec. 15 Nov. 30
1 Nov. 20
Dec.
Dec. 10 Nov. 20
Dec. 16 Dec.
5
Nov. 20
Dec." 16 Dec. 2
Dec. 16 Dec.
2
2 Nov. 18
Dec.
Ohio Finance Co. common.
Dec.
Dec.
Dec.
1 Nov. 23
1 Nov. 25
Dec. 10 Nov. 29
1 Nov. 15
Dec.
1 Nov. 15
Dec.
Dee.
5 Dec,
1
5 Dec.
Dec.
1
2 Dec. 16
Jan.
2 Nov. 20
2 Nov. 20
Dec.
2 Nov. 20
Dec. 10 Dec.
2
Dec. 23 Dec. 13
Dec.
Dec.
7% cumulative preferred........
6% cumulative preferred.
_—
Northwestern Telegraph Co. (semi-ann.)
Norwich Pharmacal Co
Dec.
26
25
25
25*
7
20
1 Nov. 20
1 Nov. 20
1 Nov.
Dec. 10 Nov.
Dec. 10 Nov.
Nov. 30 Nov.
Dec. 20 Nov.
Dec. 10 Nov.
2 Nov.
Dec.
Jan.
2 Dec.
20
25
25
20
19
12
19
18
Dec,
Dec.
—
Jan.
Dec.
Dec.
....—
Nova Scotia Light & Power
pref. (quar.)
...
—
Dec.
Dec.
5% preferred (monthly)
—-——... 412-3c
50c
6% preferred (monthly)..
....——...
581-3c
7 % preferred (monthly)——
Ohio Seamless Tube
$1
43 He
Prior preferred (quar.)—.
—
Oklahoma Gas & Electric Co. 6% pref. (quar.)..
7% preferred (quar.)-.—
—
...
Oklahoma-Interstate Mining Co. pref. A (s.-a.). $1.5V4
Preferred B (initial)—.—..
Okonite Co. pref. (guar.).—20c
Old Dominion Co. (liquidating)
18 He
Oneida, Ltd. (quar.)
—
43 He
7% part, preferred (quar.)—
$3
Ontario & Quebec Ry. Co. (s.-a.)
Dec.
Dec.
..........—
11%
6% preferred
debenture stock (s.-a.).
rphe
Orpheum Building (semi-annual).
—
—,
Ottawa Electric Ry.
(auar.)
Ottawa Light Heat & Power (quar.).—
5% preferred (quar.)
Oxford Paper Co. $5 preferred..
Pacific & Atlantic Telegraph Co. (s.-a.).......
Pacific Indemnity Co. (quar.)
Extra
*.
——
Package Machinery (quar.)
.
Extra
•
——
...
Palisades Corp. (La.) (liquidating)
Pamour Porcupine
Mines.....*......—....
Paraffine Cos. (quar.)—
Preferred (quar.)-.—
Park Street Trust Co. (Hartford)
po rlrpr
—.
40c
30c
J25c
WK
40c
20c
50c
$1
$234
Dec.
Dec.
Dec, 10
14 Nov. 16
14 Dec.
2
2 Nov. 13
2 Dec. 15
2 Nov. 15
2 Nov. 15
Dec. 14 Dec,
5
Dec, 20 Dec. 10
Dec. 16 Nov. 30
Dec. 16 Nov. 30
Dec. 15 Dec.
2
Dec. 16 Dec.
2
2 Nov. 15
Dec.
Dec.
3 Nov. 23
Dec. 14 Nov. 30
Dec. 14 Nov. 30
2 Nov.
Dec.
1
2 Nov.
Dec.
1
Dec. 20 Dec. 10
Dec. 20 Nov. 22
Dec. 20 Nov. 22
Dec. 30 Dec. 16
1 Nov. 23
1 Nov. 23
1 Nov. 15
Dec.
2 Dec. 14
Jan.
2 Dec. 14
Jan.
Jan.
2 Dec. 14
Jan.
Jan.
Dec.
2 Nov. 20
Dec, 16 Dec.
Dec.
2
1 Nov. 16
Dec.
2 Nov. 15
Dec. 23 Dec,
15 Jan.
Jan.
Dec.
Por)
Preferred
Pato
Nov. 18
Jan.
(s.-a.)
Parker Rust-Proof Co. (quar.)
Extra
Nov. 22
Nov. 16
.
Ohio Oil Co
Preferred (quar.)—.————
Ohio Power Co., 6% pref. (quar.)-,
—
Ohio Public Service Co.—
Otis Elevator Co
Preferred (quar.)
2 Nov. 20
Nov. 20
Dec. 16
2
2
10
2
2
21
Dec. 21 Dec. 10
Dec 21 Dec. 10
5% prior preferred (quar.)—.—
6% preferred (quar.).———.......—
Dec.
Dec.
Dec.
........—....—-—
Mississippi Valley
7% preferred A
23
10
15
50c
—....
26
9
Dec. 16 Dec.
2 Nov.
Dec.
1 Dec.
Jan.
Dec. 16 Nov.
Dec. 16 Nov.
Dec. 16 Nov.
Dec. 14 Dec.
1 Nov.
Dec.
45c
1*5)4% preferred (quar.)—.
* $5.10 1st preferred (quar.)
...
m
5% preferred (quar.)
----Minneapolis-Honeywell Regulator (quar.)
Preferred B
Mission Corp
2*
30
30
4
9c
(seml-ann
Extra
2 Dec.
6
6
2 Nov.
4c
(qu.)
1 Dec. 16
2 Dec. 20
2 Dec. 20
Jan,
2. Dec. 20
2
Dec. 13 Dec.
Jan.
Jan.
5H% cumulative preferred (quar.)
Mohawk Carpet Mills (year-end)—
Mountain
Record
Jan.
....
—
New England Distillers, Inc., $3 cum. pref
New England Public Service Co.—
Dec.
$3
Midwest Piping Sc Supply
Minneapolis Gas Light Co. (Del.) 6% pf.
*
Extra
New Bedford Cordage Co. common
Common class B.
75c
25c
—
—
Midwest Oil Co. 8% preferred (s.-a.)
8% preferred
—...
—...
7% preferred (quar.)-..
—
Neim-Marcus, preferred (final).....
Neisner Brothers (quar.)
15c
6c
—
Middle States Securities (quar.)—
Middle West Corp. (initial)
Midland Grocery Co., 6% pref. (s.-a.).
2
Dec. 13 Dec.
Dec.
2 Nov. 8
Jan.
2 Dec. 16
7
Dec. 18 Dec,
9
Nov. 30 Nov.
Dec. 10 Nov. 25
Dec. 10 Nov. 25
Dec.
2 Nov. 9
9
Dec.
2 Nov.
Nov. 30 Nov. 15
Nov. 30 Nov. 20
40c
quar.)
Michigan Steel Tube Products
25
25
6 Nov. 20
1 Nov. 15
Dec.
Dec. 23 Dec. 20
Dec. 10 Nov. 29
25c
25c
—
Michigan Public Service (initial,
Michigan Silica (quar.)—
—
Mock, Judson Voehringer.
Preferred (quar.)
Modern Containers, Ltd. (quar.).-Extra.
oj
2 Nov. 26
2
Dec. 17 Dec.
Dec. 10 Nov. 30
Mitten Bank & Trust Co. (Phila.) (reduced)—.
*
Holders
When
Payable
Dec.
*
—
tSl M
-----
7 % 2d pref. (quar.)
Mastic Asphalt, preferred
Common (quar.)
30
30
30
30
2 Nov. 19
2 Nov. 1
Jan.
2 Nov. 11
Dec. 17 Dec. 10
Dec. 18 Nov. 30
............-
Maniscbewitz (B.) & Co., 7% pref.
2
Dec.
Dec,
—
Extra....
McLouth Steel Corp. (irregular)
....
McKenzie Red Lake Gold Mines, Ltd. (quar.).
Stock div. (one share McMarmack Red Lake
Gold Mine for each share held).
...
Dec,
Dec. 16 Dec.
Dec. 12 Nov.
Dec. 12 Nov.
Dec. 12 Nov.
Dec. 12 Nov.
Dec.
2 Nov.
Dec.
2 Nov.
Jan.
Lynchburg & Abingdon Telegraph (s.-a.)
McGraw-Hill Publishing Co., Inc....
Mclntyre Porcupine Mines—
Extra
9
Nov.
1
Dec. 10
Nov. 15
Nov. 15
Nov. 15
Nov. 15
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 16 Dec.
Dec. 23 Nov.
Dec. 23 Nov.
Dec. 21 Nov.
Dec. 2 Nov.
1-2-41 Dec.
(quar.)
MacKinnon Steel, Ltd., 7% pref
MacLeod-Cockshutt Gold Mines, Ltd
Mabbett (Geo.) & Sons, 7% 1st pref.
Nov. 30
1 Nov.
—*
4
Dec. 14 Dec.
Jan.
1 Dec. 18
Jan.
2 Dec. 17
Dec.
2 Nov. 16
—...
pref..——
Preferred (quar.)—.
Louisiana Land & Exploration
Louisville Gas & Elec. (Del./, cl. A
Mission Dry Corp. (quar.)
Dec. 12 Nov. 27
Nov. 30 Nov. 16
Dec. 21 Nov. 22
...—
—
Nov. 29
Nov. 20
Dec
14
Per
Share
Company
Dec. 31 Dec. 21
(Quarterly.)
....
Lock Joint Pipe Co. (increased mo.)
Locomotive Firebox (year-end)
Loew's London Theatres Ltd., 7%
Lone Star Gas Corp. (year-end)
Name oj
.....
Nov. 29
Dec.
2 Nov. 12
Dec. 16 Nov. 29
Jan.
1 Dec. 13
Nov. 1
Dec.
Lexington Water 7% pref. (quar.)
—
Libby-Owens-Ford Glass (year-end)—
—.
life & Casualty Ins. Co. of Tenn. (quar.)..—
Life Savers Corp. (quar.)
...
—
Special
Liggett &"Myers Tobacco, pref. (quar.)
—
(Quarterly) ....
—.
......
Extra.1.
Class B (quar.)
2 Nov. 15
Dec. 16
Dec. 15
Dec. 15
Nov. 30
Jan.
2
Dec. 14
...—-
Lehigh Portland Cement pref.
16
16
16
20
Dec. 27 Dec. 17
Feb.
1 Jan. 20
2
Dec. 20 Dec,
Dec.
1 Nov. 15
Jan.
2 Dec. 30
Dec. 12 Nov. 29
Dec.
2 Nov. 8
Dec. 20
Jan.
Jan. 17
Feb.
Nov. 15
Dec.
Nov. 15
Dec.
Dec. 14 Nov. 30
Dec.
2 Nov. 15
—
Loblaw Groceterias A & B
Dec.
Dec.
Dec.
Nov.
Jan.
—
Kings County Lighting, 7% pref. (quar.)
6% preferred (quar.),.
.„
—
5% preferred (quar.).
———
Kingston Products Corp. pref. (quar.)....—
Corrected: previously reported as com.
Klein (D. Emil) Co
Preferred (quar.)
Kleinert (I. B.) Rubber Co. (irregular)
....
Kobacker Stores, 7% pref. (quar.)
.......
Kresge Dept. Stores 4% conv. 1st pref. (quar.). .
Kresge (S. S.) Co..
....
Kroger Grocery & Baking...................
6% preferred (quar.)—
7% preferred (quar.)
————
Lake of the Woods Milling.
........—.——
Preferred (quar,)
...—
lake Shore Mines, Ltd. (quar.)
Lake Superior District Power 7 % pref. (quar.)—
6% preferred (quar.)..
—
—
Landis Machine preferred (quar.).............
Lane-Wells Co. (quar.)..
Lionel Corp.
Dec. 10
Dec.
—-
.
—
——————
.
Dec.
2
Nov. 30
Dec. 10
Dec. 10
Jan,
Keystone Steel & Wire
Kimberly-Clerk (quar.)__
-
Payable of Record
Dec.
Kerr Lake Mines, Ltd—
Extra
Preferred (quar.)
Holders
When
Per
Name of Company
3187
—-—
(semi-ann.)
Consolidated Gold Dredging--..—......
Nov.
Nov.
2 Dec.
2 Nov.
30 Nov.
30 Nov.
30 Nov.
6
2
10
15
12
12
12
Nov.
Dec. 18 Nov. 21
The Commercial &
3188
Nov.
Financial Chronicle
Name of Company
150c
Dec.
Dec.
15 Nov. 30
$3
Jan.
Dec.
25c
Dec.
Dec.
Nov. 20
$1
14 Dec,
1-1-41 Dec.
Dec.
75c
50c
35c
30c
Dec.
$1
Dec.
18 Nov. 23
££er!Lin~^!!Hams Co., Preferred (quar.)
of Canada, Ltd., 7%
8herwin-WiUiams
$2
Dec.
14 Nov. 30
Simmons-Boardman Pub
Dec.
Jan.
2 Nov. 12
8
2 Dec.
16
16
Simon
10
Siscoe Gold
%lY\
$1X
$1
Jan.
1|
2 Dec.
23 Dec.
six
Dec.
25c
Dec. 23 Dec.
25c
Dec.
50c
.
Tan.
25c
(quar.)
Peoples Drug Stores, Inc
Year-end
Peoples Gas & Fuel (quar.)
Peoples Gas Light & Coke
Preferred
Jan.
Extra.
,
(quar.)
Jan.
Dec. 20
Dec.
Dec.
Dec.
Dec.
2
5uC
Jan.
40c
Dec.
2 Nov. 15
2X%
Dec.
JIOc
Jan.
22
2 Nov. 30
Dec.
,3s1
15c
SIX
60c
Dec.
16 Nov. 22
23 Dec.
2
Dec. 20 Nov.
2 Nov. 20
Dec.
16 Nov. 21
$2 X
70c
75c
Dec.
2 Nov. 19
Dec.
2 Nov. 15
SIX
Dec.
14 Nov. 25
20c
Dec.
25c
Dec.
2 Nov. 20
2 Nov. 20
15c
Dec.
Sl%
SIX
SIX
six
7Xo
Dec.
15
Jan.
15
Jan.
2 Dec.
5
2%
Jan.
2 Dec.
5
37 Xc
3oc
Dec.
1
Dec.
1 Nov. 15
1 Nov. 15
~
Preferred (quar.)
Associates! $L50 pref ."(qui)
Greyhound Lines, conv. pref. (qu.)
(quar.)..
Dec.
Dec.
16 Nov. 29
2 Nov. 20
2 Nov. 20
2 Nov. 20
Nov. 15
Dec.
Nov. 15
Dec.
16 Nov. 22
Preferred
(quar.)
1 Dec. 10
1 Dec. 10
2 Nov. 18
2
16 Nov. 29
Nov. 21
Jan.
Dec.
Tennessee Corp., common
Apr. 30
Thew Shovel, pref.
Dec.
5% preferred E (quar.)
Dec.
Dec.
Rolland Paper,
5
1 Nov. 12
1 Nov. 12
2 Nov. 15
3
17 Dec.
Nov. 30 Nov. 16
Dec.
1 Nov. 15
Dec.
1
Rustless Iron & Steel—
Preferred (quar.)
Dec.
Safeway Stores, Inc
Preferred
Dec.
Dec.
Jan.
16 Dec.
6
9 Nov. 29
2 Nov. 29
20i
Dec.
1 Dec.
5
5
...I
(quar.)
6% pref. (quar.).
Corp. 4% preferred
4% preferred (quar.)
St. Louis Bridge, 6% 1st pref. (s.-a.)_
3% second preferred (s.-a.)
San-Nap-Pak Mfg. Co., pref. (quar.)
Savannah Electric & Power, 7X % deb B (qu.) —|
8% debenture A (quar.)
7% debenture C (quar.)
6X% debenture D (quar.)
Savannah Gas Co., 7% preferred (quar.).
Sears, Roebuck & Co. (quar.)
Dec.
Dec.
2 Nov.
23 Dec.
15 Jan.
2 Dec.
2 Dec.
12
Tunnel RR. of St.
10
Extra.
Secord (Laura)
Candy Shops (quar.).
Servel, Inc
Jan.
2
15
15
Dec. 20 Dec. 20
Jan.
2 Dec. 10
2 Dec. 10
Jan.
Jan.
$1H
SIX
43 Xc
75c
Jan.
2 Dec.
10
Jan.
2 Dec.
10
Dec.
1 Nov. 20
Dec.
SIX
20c
Dec.
25c
Dec.
Dec.
10 Nov.
10 Nov.
Dec.
30 Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
J20c
40c
30c
10c
8
8
2 Nov. 15
li Nov. 14
Louis
Udylite Corp
Dec.
2
14
2 Nov. 15
2jNov. 9
2lNov. 20
16 Nov. 25
2 Nov. 12
20 Nov. 27
1 Dec. 14
23 Nov. 23
16 Nov. 30
2
18 Dec.
1
2 Nov.
6
Dec. 28 Nov.
6
Dec. 28 Nov.
Dec. 30 Dec. 16
Dec. 30 Dec. 16
Dec. 30 Dec. 16
Dec. 30 Dec.
Dec.
Feb.
16
Jan.
Dec.
16
Jan.
Dec.
16
Dec.
16 Nov. 20
25c
Dec.
16 Nov. 30
Jan.
Dec.
25c
25c
18
SIX
6
1 Dec.
1 Nov. 15
11 Nov. 25
Mar. 12 Feb. 24
2 Nov. 12
Dec.
Dec.
1
Nov. 15
SIX
Dec.
10c
Dec.
Dec.
14 Nov. 15
2
16 Dec.
Dec.
16 Dec.
2
(quar.)_II3H
Co"."commoniIIII
.3."
5% preferred (initial, quar.)
United Carbon Co
United Chemical, Inc. preferred
United Elastic Corp
Dec.
19 Nov. 27
19 Nov. 27
Dec. 30 Dec.
Dec. 16 Dec.
Dec. 20 Dec.
$1li
15c
50c
20c
10c
35c
37Xc
-.3.1133"
I
IIIII I"
I.IIIIII
II3H3I3I
3
2 Nov.
9
10
2
5
8
2 Nov.
Dec.
Nov. 30 Nov. 20
Dec. 16 Nov. 25
Dec. 16 Nov. 25
Dec. 16 Nov. 25
5 Nov. 19
Dec.
Dec. 20 Nov. 15
Dec. 20 Nov. 15
Dec.
25c
58 l-3c Dec.
Dec.
50c
41 2-3c Dec.
Dec.
65c
3
14 Dec.
2 Nov. 15
2 Nov. 15
2 Nov. 15
7 Nov. 25
Dec.
2 Nov. 23
^3
60c
10c
Jan.
1 Dec.
75c
Dec.
20c
SIX
$2
Ltd., class A
America. I
Dec.
45c
33 "3
Class B
2 Nov. 29
10c
311
(quar.)"!""""""
Dec.
Dec.
10c
_I.HI"
_3_
Md
$10
i^ef."(quar )
Underwood Elliott Fisher
Union Gas Co. (Canada) (quar.)....
Union Pacific RR
Union Tank Oar Co. (quar.)
United Aircraft (year-end)
United Biscuit Co. of
Dec.
„
10c
(s.-a.~)~_"."."333I"IH
United Amusement Corp.,
Dec.
8
2 Nov. 20
35c
Twin Coach Co
Jan.
16 Dec.
60c
pref. (monthly) .-HII"
6% preferred (monthly)
5% preferred (monthly)
3
St. Croix Paper Co
iNov.
1
Dec.
on
Toledo Edison Co. 7%
21
2 Nov. 15*
68Xc
& B
Ltd.,pref.
Trane Co., pref. (quar.)
6iNov. 29
10c
.31133"
(year^e"ndj"3311111111"
Toronto Elevator,
16 Nov. 15
Dec.
SIX
Extra
Preferred (quar.)
Timken Roller Bearing
Todd-Johnson Dry Dock A
Preferred A & B (quar.)
Tokheim Oil Tank & Pump
16 Nov. 15
Dec.
25c
(irregular)
Tide Water Assoc. Oil (quar.)
Title Insur. Corp. (St. Louis) (qu!)Tnci-e^edIII
Tilo Roofing Co. (quar.)
30| Nov.
St. Lawrence
Dec.
25c
ctfs
Common
Nov.
St. Joseph Water Co.
14
95c
50c
25c
Texon Oil & Land
Dec.
Dec.
31 Dec.
5c
Sub. shares
Dec. 21
2
16 Dec.
2
Dec. 16 Dec.
Nov. 30 Nov. 20
(qu.).
5
Dec.
37>|c
Sulphur Co
Nov. 19
Dec.
pref. (quar.)
14 Dec.
*1*
Dec.
(resumed).I
Texas-New Mexico Utilities Co., 7 %
Texas Pacific Coal & Oil Co. (quar.)
Dec.
(quar.)
Dec.
68Xc
Tex-O-Kan Flour
Texas Gulf Producing
Jan.
2
15
40c
•*
Special..
10
16 Nov. 16
25c
Works~7% pref."(q~uar.)I
Mills, 7% pref. (quir.)
Jan.
16 Dec.
SIX
Terre Haute Water
Texas-Pacific Land Trust,
Dec.
t$l
SIX
SIX
Common (r sum id)
|Apr. 30
20 Dec. 10
1 Dec. 20
25c
each 10 shares of common.
Nov. 22
May
20 Dec.
25c
50c
50c
1 Jan. 15
1 Dec. 12
May
Dec.
Dec.
Jan.
16 Nov. 16
50c
50c
31
.33II11
Talcott (James) Inc
3333333II
"~
m§X% participating preference (quar.) II""
Talon, Inc. (quar.)
—3.— 3313
Stock div. of 1 sh. 4% non-vot pref!"stock
Texas Gulf
10 Nov. 23
14 Nov. 30
16 Nov. 15
Extra
Preferred (quar.)....._._.
Dec.
14
Dec
Dec.
33
Feb.
30 Dec.
Nov. 22
2
Dec.
Dec.
2
14
16
Dec.
Dec.
Dec.
Dec.
(quar!)33III""
Dec.
Dec.
Dec.
25c
25c
Tatcher Mfg. Co. (quar.)
Teck-Hughes Gold Mines (quar.)__I
Tennessee Alabama & Georgia Ry
...
14
2 Nov. 20
_3.I
Nov. 22
12
2
Dec.
Jan. 15 Jan.
Dec. 20 Dec.
25c
31.133" IT'
(quar.).I.
Extra
Nov. 22
1 Dec.
16 Dec.
Dec.
2|Nov. 20
13 Dec."! 2
2 Nov.
•
Dec.
Jan.
Dec.
^,Nov. 30
14
Dec.
Dec.
"
17
Nov. 30
Jan.
1 Nov. 15
Dec.
Dec.
50c
Dec.
Roberts Public Markets (quar.)
preferred (quar.)
Roosevelt Field, Inc. (initial)
Roxy Theatre, Inc., pref. (quar.)
Royalite Oil (semi-ann.)..
Ruud Manufacturing Co. (quar.)
16 Dec.
Dec.
7% gtd. preferred (s.-a.)
s
6% guaranteed preferred (s.-a.)..
Risdon Mfg., 7% pref. (quar.)
Riverside Silk Mills, class A (quar.).
Rochester Gas & Electric 6% pref. C & D
2
Dec.
$1X conv. pref. (quar.)
H.) Co.
16 Dec.
Dec.
25c
"
7
7
Nov. 30 Nov.
7
Nov. 30 Nov.
Nov. 20
Dec. 15
Dec.
IIIIIIII
Class A (quar.)..
.
Nov. 30 Nov.
40c
Extra
Dec.
Extra
Republic Investors Fund, Inc.,
6% preferred A & B (quar.)...
Republic Steel, 6% pref. (quar.)
6% prior preferred (quar.).
Rheem Manufacturing (quar.)—.—
Rich's, Inc., 6X% pref. (quar.)—;
Richmond Fredericksburg & Potomac RR.
(Quartei Iy)
Sylvanite Gold Mines
Dec
Nov. 20
40c
(quar.)..
Tacony-Palmyra Bridge
1
Dec.
8% preferred (quar.) —
Raybestos-Manhattan, Inc
Reading Co., first preferred (quar.)
Real Estate Loan Co. of Canada, Ltd. (s.-a.) —
Reliance Grain, preferred.
Reliance Insurance (Phila.) (semi-annual)
MS
...
Sutherland Paper Co
Swan-Finch Oil (irregular)
1
Nov, 30 Nov.
Dec. 16 Nov. 29
Nov. 30 Nov. 22
Rand's (Pittsburgh), common
Hi;
ghuuv—_
Sunshine Mining
2
10
Dec. 24
———
30c
SIX
preferred (quar.)
Telep. Mfg. pref."("quar )
Oil Co., Ltd.-Class A participating preferred (quar.)..
Sun Oil Co. (quar.)
Preferred (quar.)
Sunray Oil Corp
IIIIII
16 Nov. 22
28 Feb.
SIX
In"c.~(sl-"a".) 1111" ""
20 Dec.
1 Dec.
Feb.
40c
'
Dec.
—
$4
SIX
H—HIIII"—
..
Dec.
Quaker Oats Co. (quqr.)
6% preferred (quar.)
5c
Prior
Nov. 15
Dec.
15c
35c
(DallaV)"("q"Jar.) 1111
Stuart (D. A.)
Dec.
Jan.
30c
III
Strom berg-Carlson
Nov. 15
Jan.
37Xc
37Xc
ti$
preflll""""""'"
Dec.
...
B~(quar!)
Inc.._'
Dec. 19 Nov. 25
Dec. 20 Nov. 29
Dec. 13
6% preferred \Quar.)
Purity Bakeries Corp.
50c
Stecher-Traung
Sterling Products,
Stewart-Warner Corp
Stix Baer & Fuller Co
—..I
Stone & Webster, Inc..
I
Strawbridge & Clothier 7%
19 Nov. 25
'Jan.
SIX
six
I.Ill""""
PhosphateA"Acid" Works
Lithograph5% pref. (quar.).""
Jan.
—
30c
"
Co.—
Extra
Dec.
-
50c
50c
Standard Steel Spring
Standard Wholesale
2 Nov. 16
1 Nov. 30
Dec.
1 Nov. 20
Jan.
Standard Oil Co. of N. J.,
Dec.
—
Dec.
25c
Extra
10 Nov. 20
2 Nov. 20
2 Nov. 20
Dec.
—- —
4
Dec.
15c
(quarlf_V
2 Nov. 19
Dec.
—
4
1 Nov. 20
SI x
(quar.).,.!""
Nov. 30 Nov. 20
25c
Gas 7% pref. (quar.)..
2
15c
(quar.)IIIIII
23 Nov. 29
23 Nov. 29
Dec. 15 Dec. 15
Dec.
1 Nov. 15
Dec.
Dec. 16 Dec.
Dec. 20 Dec.
1 Dec.
Jan.
15c
Spartan Mills (semi-annual).
Spear & Co., 1st & 2d pref.
Spencer Kellogg & Sons
Spiegel, inc pref
Staley (A. E.) Mfg. Co
- .
$5 cumulative preferred
7% pr ferred (s.-a.)
Standard Brands, Inc. (preferred (quar.)..
Standard Cap & Seal Corp., pref. (quar.)
Standard Dredging preferred (quar.)
Standard Oil Co. of California
Standard Oil Co. (Indiana) (quar )
14
Dec.
Dec.
16 Nov. 30
7
Dec. 20| Nov.
Dec. 14 Nov. 20
7
Dec. 28 Dec.
Six
Southwestern Life Ins. Co.
Dec.
—
Rochester Button Co
2 Dec.
Jan.
25c
$5 preferred (quar.)
Reliance Steel Corp.
10c
5c
Nov. 23
14
Dec.
Dec.
SIX
Southern Phosphate Corp
Southland Royalty
2?
Dec.
Dec.
Ralston Steel Car Co
10c
preferred"(quar.)'.
(final)
6% preferred (final)
South Porto Rico Sugar Co
3
12 Nov. 30
1 Nov. 20
SIX
.......
2HC
50c
25c
7% preferred (quar.)
6% preferred (quar.)..
$2 preferred (quar.)
So Calif Edison Co^ Ltd.—6% pref
Southern California Water, 6% pref. (quar.)
Southern Colorado Power Co., 7% pref
Southern Grocery Stores, Inc
2'Nov. 15
Dec.
Dec.
5
9 Nov. 25
Nov. 30 Nov. 15
70c
"3"
Non-conv. preferred
Dec.
6% preferred (monthly)..
5% preferred (monthly)
(quar.)
Quaker State Oil Refining
■
2 Nov. 15
14 Dec.
1 Nov. 20
Dec.
1 Nov. 15
Dec.
Nov. 30 Nov. 15
2 Dec. 16
Jan.
Southeastern
SIX
7% preferred (monthly).
Preferred
2c
SIX
Southern Advance Bag & Paper
6 Oct.
M
37 He
33c
*
Dec.
Dec.
IIIIIIIIIIIII
South Shore Utilities
1 Nov. 19
2 Dec. 23
Dec.
Public Investing Co. (semi-ann.)
Public Service of Colorado—
Robertson (H.
Extra
Nov. 30 Nov. 12*
1
Nov. 30 Nov.
87 Xo
$2
.—
5% preferred (quar.)
5X% preferred
tsix
S2X
South Bend Lathe Works (quar.)
South Carolina Power Co. $6
2
Jan.
fan,
So^Lh Pittsburgh Water, 7% pref.
Nov. 30
Jan.
75c
12 Nov. 12
2 Dec, 15
Dec.
5c
.
Sound view Pulp Co
Nov. 25
SIX
SIX
$1 X
SIX
Provident Loan & Savings deb. (quar.)..
Preferred series C (quar.)
Preferred series D (quar.)...
Public Electric Light. 6% pref. (quar.)...
Public Finance Service. $6 pref. (quar.)..
Extra
SIX
pref
'
Mines (quar.)
Dec. 20 Nov. 30
Dec.
1 Nov. 20
Dec.
(Wm.) Brewery (quar.)..
12
Dec.
15c
SIX
A Paint (liquidating)
Dec.
21
ltc
I
19;Nov. 30
Dec. 20,Nov. 20
2%
Pure Oil Co. (year-end)
12Xc
Nov. 25
Preferred
Co. (quar.)
6% preferred monthly..
8% pref. (quar.)
—
7% preferred (quar.)-...-.-—
$5 preferred (quar.)
6% preferred (quar.)
Pullman Company (quar.)
-
Nov. 30
Extra
Plymouth Oil Co, .'reauced) — ...
Stock dividend
Pollock Paper & Box 7% preferred (quar.)
Poor & Co., class A (quar.)
....
Portland & Ogdensburg Ry., quaranteed
Prentice-Hall, common (quar.)
$3 preferred (quar.)
Pressed Metals of America
—,
Proctor & Gamble. 5% pref. (quar.)
Public Serivce Co. (N. J.)
Dec.
pref.I
Corp. $3 conv.
2
Dec.
14
Dec.
Dec.
(Initia'l)-—I—HI
Dec.
25c
Philadelphia Suburban Water Co. pref. (quar.).
Phillips Petroleum Co. (quar.)
—
Phoenix Hosiery, 7% preferred
Pilgrim Trust (Boston) (quar.)
Pillsbury Flour Mills (quar.)
Pinchin, Johnson & Co.. Am. shs. (Interim)—
Pioneer Gold Mines of British Col. (quar.)..—
Pittsburgh Bessemer & Lake Erie RR.—
6% preferred (semi-ann.)
—
Pittsburgh Brewing, preferred
—
Pittsburgh Coke Alron, $5 conv. pref. (quar.)..
Pittsburgh & Lake Erie RR
—
Pittsburgh Plate Glass
Pittsburgh Screw & Bolt Corp.
Pittsburgh Youngstown & Ashtabula, pref. (qu.)
Placer Development Ltd. (s.-a.).
Planters Nut & Chocolate (quar.)
Public Service Electric &
ramonj. Hard ware
Nov. 30
Nov. 30
Nov. 29
75c
Skelly Oil Co
"
Snider Packing Corp
.
Snvder Tool & Engineering
Solar Aircraft (irregular)............
Sonotone Corp
31
Preferred (quar.)
111111111111"
Sontag Chain Stores (quar.).
10
2|Nov. 20
15 Dec. 21
16 Nov. 20
2 Nov. 20
35c
$5 preferred (quar.)
Extra
Dec.
25c
Peoples Water & Gas, pref. (quar.)
Pet Milk Co. (quar.)
Petroleum Corp. of America
Stock dividend (one share Consolidated Oil for
each 5 shares Petroleum Corp. of America)
Pfeiffer Brewing Co. (quar.)
Phelps Dodge Corp. (year-end)...
Phila. Germantown & Norris RR. (quar.)
Philadelphia Co., $5 preferred (quar.)
.....
Progress Laundry
Dec.
$1
six
......—
....
Dec.
WX
Simonds Saw & Steel
—
—
Dec.
25c
11.'"—I3III33III
III—
2
16 Dec.
14 Nov. 22
Dec.
20c
2
14
2-4-41
2-15-41
Nov. 30
Dec.
5.c
.....
{quar.)IIIIIIIIIIIIII33lII
Nov. 20
87Hc
25c
SIX
$1
(quar.)
5X% preferred
Scranton Lace Co
Seaboard Oil Co. of Del. (quar.TV———
Seeman Bros., Inc
Selby Shoe Co....
Shattuck (F. G.), quar....
Shattuck Denn Mining (Irregular)".Til
Shenango Valley Water Co.. 6% pref. (quar.)..
Sherritt Gordon Mine Ltd...
1 Dec.
Payablel of Record
Share
Company
Extra
20
2 Nov. 15
(quar.)
Pennsylvania Water & Power Co.
Schiff Co., common
15 Nov. 30
tsix
Manufacturing, Ltd
► 7% preferred (quar.).
Peerless Casualty (New Haven) pref (s-a)
Peerless Woolen Mills. 1st pref. (quar.)
Pender (David) Grocery, class B
Class A (quar.)
Penick & Ford, Ltd
Peninsular Telephone (quar.)
Preferred A (quar )
—
—
Penn Electric Switch, class A (quar.)
Pennroad Corporation (irregular).— —
Pennsylvania Glass Sand, pref. (final)
Pennsylvania ItK. (year end)..
———
Pennsylvania Salt Mfg—- ———
Pennsylvania State Water Corp. $7 pref. (qu.)
Paton
Name of
Payahlelof Record
Holders
When
Per
Holders
When
Per
Share
1940
30,
t40c
J40c
25c
SIX
75c
75c
15c
15
Dec. 20 Dec.
9
1 Jan.
15
Feb.
Dec.
2
16 Dec.
14 Nov. 20
Jan.
2 Nov.'30
Dec.
Dec.
2 Nov. 18
2
16 Dec.
Nov. 30 Nov. 15
Nov. 30 Nov. 15
1 Nov. 13
Dec.
1 Nov. 13
Dec.
2
Dec. 20 Dec.
2 Nov. 12
Dec.
Dec.
24 Dec.
5
Volume
of the Federal Reserve
New York
Condition
United Fuel Investments, Ltd., 6% pref.
United Gas Corp., $7 preferred
United Gas & Electric Co.
Payable of Record
Share
Company
75c
(qu.)_
Dec.
$2X
Dec.
88c
Dec.
81M
Dec.
Dec.
7% preferred (quar.)
United Gas Improvement (quar.)
Preferred (quar.)
25c
IX
Dec
16
10 Dec.
Dec.
27 Dec.
17
10c
(quar.)
United Public Service Corp
U. S. Gypsum Co. (quar.)
Dec.
Dec. 31 Dec.
Dec. 24 Dec.
Jan.
2 Dec.
16 Nov. 30
7
81
Extra
SIM
7% preferred (quar.).
22 He
Dec.
2c
United States Playing Card
United States Plywood, preferred
2>
81
(quar.)
!U:
(quar.^.
Preferred (quar
United States Tobacca Co.
$im
81
43 Xc
(year-end)
Preferred (quar.)
United Wall Paper Factories
SIM
25c
pref. (quar.)
Insurance (quar.)
Upper Michigan Power & light Co 6% pf. (qu.)
Upson-Walton Co. (irregular)
Universal
81 M
-
2
Notes
2
16 Dec.
Dec.
Dec.
2 Nov. 15
Dec. 30
Dec.
Dec.
Dec.
Dec.
Dec.
2
Dec.
50c
Extra
Washington Water Power, 86 pref.
Welch Grape Juice, pref. (quar.)
10
Nov. 30 Nov. 20
Dec. 20 Nov. 20
Nov. 29
Dec.
Dec.
Nov. 29
Dec.
Nov.
15
over
Nov. 15
difference, the difference
Nov.
Nov. 15
under the provisions of the
Dec.
Nov. 25
Nov.
Nov. 15
Dec.
Nov. 25
SI
Dec.
Dec.
1 Nov. 20
Dec.
2 Nov. 20
2iDec.
14
Jan.
2 Dec.
10
Dec.
2 Nov. 19
20 Dec.
Dec.
16 Nov. 22
Jan.
14
Dec.
Dec.
Dec.
Jan.
Dec.
9
Nov." 13
Dec.
27 Dec.
Jan.
1 Dec.
14
14
Jan.
1 Dec.
14
SIM
Dec.
2 Nov. 12
20c
Dec.
Wilsil, Ltd. (quar.)--—
Wisconsin Electric Power, common
*25c
Jan.
10 Nov. 29
2 Dec. 14
—-
Dec.
1 Nov.
Dec.
1 Nov. 15
—
16 Dec.
Dec.
10 Nov. 30
SIM
SIM
SIM
.....
31 Jan.
Dec.
Dec.
20 Nov. 30
20 Nov. 30
t$3
25c
Dec.
5 Nov, 18
SIM
Dec.
2 Nov. 22
60c
Dec.
2 Nov.
8
3%
3%
——
Dec.
2 Nov.
1
Dec.
7 Nov. 13
15c
10c
(s.-a.)
preference registered (final)
6% preference registered
Machinery Corp.—
—
Interim
(monthly)
.•
Jan.
2
Jan.
Dec.
Dec.
Nov. 20
20
Jan.
Dec.
10c
Nov.
Jan.
15c
Special
B
—
Deposits,
Aver aye
Bank
Cbem Bank & Trust Co.
90.000.000
Co
Bk&Tr Co
Tr Co.
Flrst National BankManufacturers Trust
Cent Hanover
Irving Trust Co
Continental Bk & Tr Co.
6.599,000
72,496,000
185,796 ,000 62 ,207,194,000
40.151 .100
723,704,000
99.794,000
73.654 ,900 cl ,139,566,000
309.461.000
41.748.000
21,000.000
15,000.000
10,000,000
60.000.000
4.000.000
100.270.000
Corn Exch Bank
18.459.000
38,857,000
190.223.000
69,711 .900 a2 ,560,947.000
764,326.000
67,637 ,8001
20.000,000
Guaranty Trust Co
%
%
218,999,000
605,381.000
28.855,000
55.647,000
21,193 ,100
108.927 ,600
736,397.000
766,000
53,435 .000
721,673.000
5,353.000
4,470 ,600
63.130,000
1.137,000
136.804 ,500
,205,562,000
42,850.000
600,000
4,116 ,000
25,000,000
6.000.000
Chase National Bank
82.445 .800
57,427,000
,176,064,000
63,827,000
1.481 ,300
16.443,000
2.329,000
3,061,000
38.321,000
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co-
•
3,647,000
5.000.000
9,473 ,100
131,329,000
12,500,000
28,009 ,000
433.357.000
Comm'l Nat Bk & Tr Co
7,000.000
2,047,000
7,000,000
8,662 ,900
10,382 ,700
133,995,000
Public Nat Bk 4 Tr Co.
91,874,000
52,848,000
937,003,900 15,296,829,000
727,115,000
Marine Midland Tr Co.New York Trust Co
518.518.000
Totals
•As per
official reports:
National, Sept. 30, 1940; State, Sept.
companies, Sept. 30, 1940.
Includes deposits in foreign
available); 6 564,479,000
30, 1940; trust
branches as follows: a $287,131,000
(latest date available); C$2,899,000 (Nov.
454,000 (latest date available); e
(latest date
28); d $70,-
$22,606,000 (Nov. 20).
Jan.
Dec.
Dec.
Dec.
as
of representative
daily closing averages
stocks and bonds listed on
the New York Stock Exchange
compiled by Dow, Jones & Co.:
11
11
the
4
2 Dec.
are
4
Dec.
Stock and Bond Averages
Below
Nov. 20
40c
7% class B preferred (quar.)__
Youngs town Sheet & Tube
Preferred (quar.)_
1
Youngstown Steel D(
Door
Time
Deposits,
13,977 .600
26,773 .000
20.000.000
77.500.000
Bank of Manhattan Co.
National City
Nov. 20
25c
(quar.)
Net Demand
Aver aye
Surplus and
Undivided
6.000,000
Nov. 20
Jan.
YORK CLEARING HOUSE
28. 1940
8
4
J10c
15c
tlOc
the New York City
given in full below:
4
Dec.
York City
Profits
Bank of New York
Nov. 29
SIM
Yale & Towne Mfg. CoYellow Truck & Coach, class
Dec.
Dec.
Dec.
25c
(Rudolph)
Preferred
Dec.
84
Extra
Wrigley (Wm.) Jr.
Monthly-.
Dec.
SIM
SIM
414% prior preferred—
414% convertible prior preferred
Wright Aeronautical (year-end)
Wright-Hargreaves Mines, Ltd
Wurlitzer
Dec.
2
20 Nov. 30
5
Dec. 16 Dec.
Dec. 27 Dec. 12
2 Nov. 18
Dec.
2
Dec. 13 Dec.
_
,
15
Jan.
10c
7% preferred (quar.)
Wolverine Portland Cement (resumed)
Wolverine Tube Co
7% cum. pref. (quar.)
Wood (Alan) Steel 7% preferred
Woodward Governor Co. (quar.)
Woolf Bros., Inc., 7% preferred (quar.)
Woolworth (F. W.) Co. (quar.)
—
Woolworth (F. W.) & Co., Ltd.—
6%
Worthington Pump &
15
30c
stock)
Wisconsin Public Service
6% preferred (quar.)
6M % preferred (quar.)
10c
81.18 M
SIM
Capital
Members
8
10 Nov. 27
2 Dec. 12
2
♦
•
House
Clearing
the Treasury
BUSINESS THURSDAY, NOV
ASSOCIATION AT CLOSE OF
8
Williamsport Water Co. 86
Willson Products (quar.)
4M (1897) cum. pref. (quar.)
6 % preferred (cash or common
Wisconsin Investment Co
MEMBERS OF THE NEW
OF
STATEMENT
14 Nov. 20
Nov. 30 Nov.
Nov. 30 Nov.
SIM
-
The weekly statement issued by
Clearing House on Friday afternoon is
16 Dec. 10
14 Nov. 20
Dec.
Itself having been appropriated as profit by
Gold Reserve Act of 1934
Weekly Return of the New
Clearing House
Nov. 15
120c
37 He
SI H
to
59 06 cents,
Nov.
$1 H
—
United States Treasury for the gold taken
dollar was, on Jan. 31, 1934. devalued from
these certificates being worth less to the extent of the
from the Reserve banks when the
25c
M
& Co., preferred (quar.)—
pref. (quar.)
Federal reserve notes or a bank's own Federal
certificates given by the
are
100 cents
15.833c Dec.
Preferred (quar.)
These
%
Nov. 15
SI
5% pref. (final)
90.7%
1,882,000
94.3%
ad¬
Industrial
make
94.2%
713,000
to
Dec.
20c
(quar.)
and
deposit
to
reserve
liabilities combined
81
810
—
Wheeling Electric, 6% pref.
Whitaker Paper Co
total
note
t "Other cash" does not Include
lc
Westvaco Chlorine Products
9,730,000
Reserve bank notes.
75c
(quar.)
of
R
vances
14 Nov. 15
2 Nov. 20
Dec.
F.
25c
(year-end)
Electrical Instrument
Whitman (Wm.)
Dec.
Ratio
Commitments
Dec.
Western Union
7,457,000
10
16 Nov. 30
"t!
Exploration (quar.).
Telegraph (resumed)
Westgate-Greenland Oil Go
Westing house Air Brake Co
(Year-end)
Westinghouse Electric & Mfg
—
Participating preferred.
Western
52.463,000
Total liabilities and capital accounts.. 10,514,633,000 10,533,137,000 8,152,879,000
50c
West Virginia Pulp & Paper
Western Auto Supply (quar.)
7,109,000
15,559.000
Other capital accounts
40c
pref. (quar.)_
West Canadian Hydro-Elec. Corp., Ltd.—
80c. cum. participating pref. (quar.)
West Coast Telephone, 6% pref. (quar.)West Texas Utilities, 86 preferred (quar.)
Weston (George), Ltd.
Surplus (Section 7)
50.919,000
51,077,000
53,326,000
7,109,000
15,191,000
51,079,000
53,326,000
...
Surplus (Section 13-b)
19
19
20 Jan.
paid In
Capital
2 Nov. 15
20 Dec.
»Jg
Common.
Wesson Oil & Snowdrift Co., Inc.,
10387,560,000 10406,434,000 8,032,310,000
Capital A ccountt—
1
Dec.
SI X
(quar.)
10,514,630,000 10.533,137,000 8,152,879,000
Total liabilities
1
Dec.
Agricultural Co., Ltd. (irregular)
40c
Walgreen (quar.)
SIM
Preferred (quar.)
:
t62Mc
Walker & Co., 82.50 class A
Walker (Hiram) Gooderham & Worts, Ltd.—
Common (quar.)
25c
81 preferred (quar.)
-—50c
Warren Foundry & Pipe
Washington Railway & Electric
Partic. units benef ownership com. stock-
8,888,000
8,713.787.000 8,713,671,000 6.657,543,000
147,470,000
181.814,000
156,204,000
2,646,000
1,445,000
1,387,000
Other liabilities. Incl. accrued dividends.
60c
Waialua
22,628,000
deposits
Total
Jan.
SIM
...
9,731,000
15,923,000
Deferred availability Items
50c
82 H
7% preferred (quar.)
Wabash-Harrison (s.-a.)
171,330,000
1,516,124,000 1,509,562,000 1,224,651,000
6,132,689,000
Deposits—Member bank reserve acc't.. 7,600,232,000 7,476,417,000
119,560,000
100.350,000
46,830,000
U. 8. Treasurer—General account
143,601,000
659,350.000
656,995,000
Foreign
261,693,000
409,730.000
477,554,000
Other deposits
20 Nov. 29
18
2-1-41 Jan.
5-1-41 Apr.
8-1-41 July
2,060,000
214,056,000
F. R. notes in actual circulation
Dec.
Dec.
17,000
17,000
2,441,000
Liabilities—
1
Dec.
-
Total assets.
3-1-41
1
15 Dec.
15 Dec.
Dec.
20c
Other assets
2 Nov. 15
Jan.
802,016,000
Bank premises
Dec.
60c
797,079,000
665,550,000
9,731,000
16,068,000
Uncollected Items
662,976,000
655,519,000
17,000
2,858,000
180,820,000
Federal Reserve notes of other banks..
Dec.
50c
37 Xc
652,859,000
Due from foreign banks
2
16 Dec.
21 Nov. 29
2 Nov. 15
Dec.
385,165,000
11,064,000
direct and guaranteed
1 Nov. 14
1 Nov. 14
10 Nov 30
3-9-41
Dec.
SIM
$ IX
400,850,000
Total bills and securities
10
2 Dec.
Jan.
Dec.
37 Xc
37 Xc
390,632,000
272,344,000
1-1-41
sim
...
...
Total U. S. Government securities,
2 Nov. 25
25c
7% preferred (quar.)
Viking Pump Co., 82.40 pref. (quar.)
Common (year end)
Virginia Elec. & Pow. Co., 86 pref. (quar.).
Virginian Ky preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Vogt Manufacturing
Vulcan Detinning Co. (year-end)
1,974,000
2
Dec.
2 Nov. 15
1 Nov. 14
Victor-Monaghan Co
2,963,000
Bills
81
50c
10c
800,000
1.774,000
384,956,000
267,903,000
Bonds
2
50c
..
876,000
securities, direct and guar¬
Govt
4-15-41 Apr.
7-15-41 July
Dec. 16 Dec.
14 Nov. 30
2
2 Dec.
82
10c
S
2,183,000
anteed:
20 Dec.
%IX
U
780,000
476,000
_
1,784,000
Industrial advances
2
Dec.
81 x
492,000
-
discounted
bills
324,000
384,000
and guaranteed
direct
Other bills discounted
1-15-41 Jan.
1 Nov. 20
14 Nov. 30
(quar.)
Vapor Car Heating, Inc. 7% preferred (quar.) .
7% preferred (quar.)
....
Veeder-Root, Inc
Ventures. Ltd. (interim)
vick Chemical Co. (quar.)
obligations
Govt,
S.
U.
by
Total
6*
20 Dec.
20 Nov. 20
S1.37M Dec.
SIM Dec.
Extra
—
Secured
2
16 D c.
1 Nov. 20
Preferred
9,649,620,000 9,625,419,000 7,145,940,000
Total reserves..—
Dec.
c
74,373,000
Bills discounted:
Jan.
5<
976,000
1,716,000
71,148,000
1,716,000
68,268,000
2
Dec.
priority
-
Other cash t.
$1X
81M
t81
Van Raalte Co
Extra-..
United States Treasury
9,579,636.000 9,552,555,000 7,070,591,000
Redemption fund—F. R. notes
7
Jan.
1 Dec. 16
Nov. 30 Nov. 16
Dec.
S
$
Gold certificates on band and due from
20 Nov. 30
20 Nov 3 «»
Dec.
29, 1939
27, 1940 Nov. 20, 1940 Nov.
$
Assets—
30c
10c
preferred
86 preferred
Utility Equities C?rp., $5M div.
Valley Mould & Iron Co
85.50 prior preferred
Vanadium Cup. of America
Vanadium-Alloys Steel
Dec
50c
37 He
(quar.)
pref
United States Rubber Co. 8% non-cum.
United States Steel Corp., common
United States Sugar Corp., pref.
Dec.
5(>c
(Quarte ly)
Dec.
50c
U. S. Pipe & Foundry (extra)
Dec
2 Nov. 18
2
14 Dec.
5
15 Dec.
Dec.
25c
Uni
ited States Casualty pref. (semi-ann.).
United States Graphite Co
United States Petroleum Co (quar.)
Nov.
2
20
S2M
81X
week and the corresponding
comparison with the previous
date last year:
15 Nov. 30
23 Nov. 29
23 Nov. 29
50c
United New Jersey Railroad & Canal
United Pacific Insurancs (quar.)
Weston
Dec.
in
15 Nov. 30
14 Nov. 30
Jan.
25c
United Mercnants & Manufacturers, Inc
Utah Oil Refining-.
Utah Power & Light $7
Bank of New York at the close
(N. J.)—
5% preferred (semi-annual)
Bank of
following shows the condition of the Federal Reserve
of business Nov. 27, 1940,
The
2 Dec. 20
8
2 Nov.
Jan.
$2M
United Gas & Electric Corp. (resumed)
Preferred
Holders
When
Per
Name of
3189
Financial Chronicle
The Commercial &
151
SIM
SIM
Dec.
Dec.
Jan.
20
Dec.
SIM
Jan.
Dec.
Nov. 30
50c
Dec.
Dec.
10
Total
30
20
15
Total
10
First
Second
10
UtUi-
65
Indus¬
Grade
Grade
40
Rail¬
Utili¬
Indus¬
Date
Nov. 30
50c
10
Nov. 30
50c
Bonds
Stocks
Stocks
trials
Rails
Rails
ties
Bonds
roads
lies
trials
Institution (qu.)
closed for this dividend,
t On account of accumulated dividends.
i Payable in Canadian funds, and in the case of non-residents
deduction of a tax of 5% of the amount of such dividend will be
♦
19.95
43.47
108.49
94.64
90.08
28.31
19.87
43.53
108.48
47.08
110.36
90.18
130.14
94.79
28
19.88
43.56
108.45
46.74
90.12
28.70
110.41
129.78
94.88
27
20.33
44.36
108.50
95.00
47.28
110.53
90.33
47.46
110.44
90.33
47.63
110.33
90.34
Nov.
of Canada
made.
26
131.94
29.33
25
131.96
29.25
20.40
44.36
108.39
95.03
Nov.
Transfer books not
28.15
110.18
130.03
46.99
29
Nov.
5
Nov.
Nov.
"
Zion'sCo-operative Mercantile
131.47
29,38
20.42
44.29
108.43
94.98
Nov.
23
Nov.
The Commercial & Financial Chronicle
3190
1940
30,
of the Federal Reserve System
Weekly Return of the Member Banks
Board of Governors of the Federal Reserve System, giving the principal
items of resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve bank3 themselves.
The comments of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appear in our department of "Current Events and Discussions "
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19. 1937. various changes were made in the breakdown of loans as reported in this statement, which were
Following ia the weekly statement issued by the
follows:
This classification has been changed primarily to show the
described In an announcement of the Federal Reserve Bank of New York of April1 20, 1937. as
The changes In the report form are confined to the classification of loans and discounts.
commerciaUndustrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the £W<Me<
The revised form also ^vuv distinction between loans to brokeni aod dealers in socuritlosJocatod^lo»•
eliminates the
securities
uo * u ? ioovi iviu*
,, _ _
_ _ _ _ „
...
_ _ _ _.....
^
outside New Vork City
Provision has been made also to include "acceptances of own bank purchased or discounted" with
cial paper bought in open market" under the revised caption "open market paper.
Instead of in all other loans.
,
Subsequent to the above announcement. it was mtle known tnat the new items
commercial, industrial and agricultural loans
would each be segregated as "on securities" and "otherwise secured and unsecured.
„
A more detailed explanation of the revisions was published in the May 29, 1937, Issue of the
Chronicle, page 3590.
amounts of (1)
ASSETS AND LIABILITIES OP WEEKLY
REPORTING MEMBER BANKS IN 101
Federal Reserve Districts—
Boston
Nevo York
PhUa.
ASSETS
$
$
$
S
Atlanta
1,205
1,949
Loans—total
1,233
24,944
9,110
4,908
323
Open market paper
Loans to brokers and dealers in secure.
299
17
$
3,548
735
432
735
575
219
335
299
991
2,366
479
742
298
359
1,059
1,990
231
303
138
188
649
208
115
200
201
362
85
35
8
11
3
40
10
3
21
2
13
328
asaS"
21
17
3
7
37
4
1
4
4
12
7
10
13
40
carrying
Other loans lor purchasing or
691
739
360
68
455
San Fran.
$
3,321
648
...
Commercial, Indus, and agrlcul. loans
10,736
Dallas
St. Louis Minneap. Kan. CUy
Chicago
8
—
of Dollars
LEADING CITIES BY DISTRICTS ON NOV. 20,1940 (In Millions
Cleveland Richmond
Total
Loans and Investments—total
an^T^onimer
and "other loans ,M
454
17
207
34
24
15
10
65
12
80
196
50
182
47
33
128
58
12
31
24
1,226
385
39
4
25
1
1
1
2
1,729
139
490
107
207
83
116
'""140
65
"81
68
"55
178
24
355
17
4
3
289
11
;■ i
31
37
2
securities
Real estate loans........
Loans to banks..
.....
....
Other loans...........
Treasury bills
774
...
1
1
3
'
66
1,855
..........
United States bonds
39
1,001
"""27
138
132
35
269
35
20
60
33
6,900
Treasury notes
349
2,979
335
637
185
113
1,092
149
121
93
101
746
271
68
29
81
45
196
2,700
3,605
1,606
1,474
53
66
117
274
276
67
115
568
112
42
135
60
365
11,973
654
6,879
521
767
228
143
1,580
261
112
200
142
486
Bank.
517
145
110
23
48
24
15
77
13
7
17
12
26
..........
3,332
240
222
363
261
205
602
190
124
305
296
334
Balances with domestic banks......
190
1,274
76
484
80
>: 95
39
49
77
22
23
31
281
Other assets—net..
17
21,961
1,372
10,809
1,047
1,541
568
447
2,986
523
334
567
515
1,252
5,382
232
1,087
258
741
204
192
986
192
117
146
135
1,092
527
13
60
47
43
33
42
138
15
2
19
32
83
348
314
1,335
390
169
437
280
368
Obligations guar, by U. 8. Govt....
Other securities
—
Reserve with Federal Reserve
Cash in vault
56
139
,
90
LIABILITIES
Demand deposits—adjusted.......
Time deposits
United States Government deposits
_
Inter-bank deposits:
8,947
392
3,958
462
494
656
21
601
5
1
745
20
"""304
""*14
18
3,822
Domestic banks........
Foreign banks
248
1,630
218
384
.......
Borrowings
'
Other liabilities
Capital accounts
1
17
r~4
"300
89
381
1
2
7
36
"16
""*22
5
8
102
96
410
96
61
........
4,
107'
Weekly Returns of the Board of Governors of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Nov. 28,
The following was
showing the condition of the 12 Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
and the Federal Reserve banks. The comments of the Board of Governors of the Federal Reserve System upon th*
for the latest week appear in our department of "Current Events and Discussions "
Reserve note statement
Reserve agents
returns
COMBINED
AND LIABILITIES OF THE
RESOURCES
8
ASSETS
Gold ctfs.
od
$
1940
1940
1940
1940
Oct. 9,
1940
I
$
$
$
%
13,
Nov.
Oct.
6,
Oct.
Oct. 23,
30,
16,
.........................
Total reserves
...
1939
1940
$
326,661
18,953,303
11,789
327,977
14,966,121
11,381
319,347
19,512,948
19,415,244
19,363,028
19,293.069
15,296,753
1,044
992
2,955
2,533
1,312
2,425
3,370
4,615
1,349
4,298
6,209
3,525
3,737
7,985
5,647
8,026
8,375
11,393
1,318,600
1,105,000
1,283,447
999,000
19,491,799
10,672
304,688
19,393,798
9,894
308,168
19,324,301
19,280,299
11,153
298,738
9,395
309,787
10,073
341,290
19,167,300
10,074
335,574
19.077,299
11,284
19,856,186
19,807.159
19,711,860
19,643,483
19,631,662
1,209
1,207
2,899
951
949
2,626
3,293
3,542
4,106
4,244
4,491
3,999
19,546,295
Nov. 29,
%
Nov.
3,835
band and due from U. 8. Treas.x.
Redemption fund (Federal Reserve notes)
Otber cash *
Nov. 20,
1940
Oct. 2.
1940
$
Nov. 27,
1940
Three Ciphers (000) Omitted
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV. 27, 1940
19,032,300
9,866
320,766
Bills discounted:
Secured
by
S. Government obligations,
U.
direct and guaranteed................
Other bills discounted....
...........
Total bills discounted.
8,215
1,314,700
916,600
8,161
8,193
8,305
8,325
8,400
1,330,000
924,100
7,912
904,500
...
7,616
1,299,700
Industrial advances
1,377,700
949,600
1,379,200
953,600
1,386,100
965,800
1,397,700
985,800
1,400,100
1,817
United States Government securities, direct and
guaranteed:
Bonds
.................
Notes
Bills
1,233,225
35,425
■
•
.
Total
U.
S.
Govt
securities,
guaranteed....
Total bills and securities
direct
and
Due from foreign banks
...
Federal Reserve notes of other banks
Uncollected items.....
............
Bank premises
............
Other assets
...............
.....
Total assets
...........
2,231,300
2,243,318
2,254,100
2,266,559
2,327,300
2,339,952
2,332,800
2,351,900
2,363,730
2,383,500
2,395,562
2,399,100
2,423,600
2,552,097
2,344,992
2,415,485
2,437,622
2,571,516
47
47
47
47
47
47
47
47
47
47
21,678
876,632
41,274
55,374
23,784
20,970
696,906
19,754
759,353
41,306
22,233
20.573
788,713
41,248
55,851
689,084
41,259
54,893
22,149
768,046
41,257
678,043
22,981,304
......
2,204,200
2,215,651
23,608
...........
22,584,369
942,969
41,274
55,534
41,348
54,189
21,552
1,071,624
41,257
53,676
22,797,980
22,852,648
22,754,742
22,998,962
5,629,576
13,979,418
465,268
1,122,101
558,413
5,548,874
14,176,535
375,707
1,091,831
567,597
5,520,271
14,147,775
383,052
1,071,443
528,776
5,508.424
14,015,812
462,610
1,057,344
603,002
16,131,046
736,357
4,147
16,138,768
986,147
3,658
16,080,321
659,124
3,874
22,222,683
55,145
41,258
55,364
23,045,482
23,041,638
5,642,700
14.051,798
760,247
20,728
42,016
54,679
71,470
22,616,869
18,680,573
LIABILITIES
5,703,129
5,669,742
Deposits—Member banks' reserve account...
14,291,954
United States Treasurer—General account..
198,606
14,126,719
309,577
1,152,579
598,171
Federal Reserve notes in actual circulation
^
1,153,293
Foreign
Otber deposits
532,137
...
Total deposits
16,175,990
727,957
5,088
16,185,046
403.851
1,125,150
562,736
5,479,364
5,464,238
4,845,292
13,927,014
579,053
13,800,205
678,060
1,045,458
541,066
11,619,749
16,064,789
12,836,329
723,391
3,441
644,310
22,255.859
18,331,911
1,056,401
517,853
.
440,949
407,274
368,357
Total liabilities.
22,677,590
22,674,880
22,434,351
22.489,246
22.391,821
22,636,997
137,775
151,720
137,750
137.719
137,638
151,720
26,839
46,724
137,653
151,720
26,839
45,753
137,641
151,720
26,839
45,486
151,720
26,839
44,819
149,152
26,839
50,480
137,678
151,720
26,839
47,165
134,935
151.720
26,839
51,583
137,720
151,720
26,839
47,350
137,632
151,720
22,981,304
23,045,482
23,041,638
22,797,980
22,852,648
22,754,742
22,998,962
22,584.369
22,616,869
18,680,573
90.6%
90.3%
7,288
90.2%
7,351
89.7%
89.8%
7,422
7,459
7,598
89.6%
7,583
86.5%
7,114
90.5%
7,269
90.1%
7,106
1,690
933
1,312
1,444
1,166
1,941
6,334
4,113
3,275
366
....
4,656
90.8%
items
accrued dividends.....
16,125,200
52,806
Deferred availability
Otber liabilities, lnol.
16,143,535
883,710
4,935
22,612,164
.....
1,188
500
243
264
271
180
235
369
2,088
705
730
960
1.004
1,022
904
612
391
288
220
259
316
476
639
746
728
735
735
677
1,706
815
939
996
789
523
456
269
290
200
737
3,835
4,106
4,244
4,491
3,999
3,525
3,737
7,985
5,647
8,026
818,146
675,244
4,331
16,211,670
723,645
5,057
.
5,980
CAPITAL ACCOUNTS
Capital paid in
........
Surplus (Section 7)
Surplus (Section 13-b)_.
....
...
.......
Other capital accounts
Total liabilities and capital accounts
26,839
27,264
37,311
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances...
Maturity Distribution of Bills ana
9,643
1
Short-Term Securities—
1-15 days bills discounted
.......
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted..
Total bills discounted
—
...
1,816
>
'
Volume
3191
The Commercial & Financial Chronicle
151
(Concluded)
Weekly Returns of the Board of Governors of the Federal Reserve System
Nov. 27.
1940
Three Ciphers (000) Omitted
Nov.
Nov. 20
1940
1940
1940
9
S
Oct. 2,
1940
Nov. 29,
1940
9
1940
Oct. 9.
Oct. 16,
1940
9
9
9
Oct.
Nov. 6,
1940
13,
Oct.
30,
23,
Maturity Distribution of Bills and Short-Term
Securities
9
$
9
9
(Concluded)
1939
1.244
1,399
1,411
1,467
1,313
1,316
1,412
1.345
1,382
1.282
.....
188
120
108
257
276
148
131
469
186
196
...
1-15 days Industrial advances
255
251
16-30 days Industrial advances
956
31-60 days Industrial advances
490
573
515
518
343
319
199
103
165
296
305
473
490
445
692
407
442
61-90 days Industrial advances
6,060
6,204
8,244
8,400
8,375
11,393
5,593
Total Industrial advances
5,587
5,873
5,763
6,807
5,904
7,616
Over 90 days industrial advances
6,073
7,912
8,215
8,161
8,193
8,305
8.325
U. 8. Govt, securities, direct and guaranteed:
35,425
1-15 days
16-30 days
-
....
31-60 days
2,204"265
2,231",300
2,254" 100
2,327*305
2,232,800
2.351,900
2,383*500
2,399",166
92,500
2,331,100
2,516*672
2,204,200
01-90 days
2,231,300
2,254,100
2,327,300
2,232.800
2,351,900
2,383,500
2,399,100
2,423,600
2,552,097
5,996,665
5,962,586
5,891,395
261,819
5.771,996
5,732,623
5,122,948
288,999
5.814,154
293,883
5,785,779
292,844
5,935,887
293,187
5,837,873
293,536
277,355
292.632
268,385
277,656
5,629,576
5,548.874
5,520,271
6,508,424
5,479,364
5,464,238
4,845,292
•,
Over 90 days
Total U. 8. Government securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
5.642,700
5,669,742
5,703,129
In actual circulation
/
Collateral Held by
Agent as Security for
Notes Issued to Bank—
Gold ctfe.
doea not Include
•••Other cash"
6,070,500
2,719
6.034,000
5,987,500
5.946,500
5,930,500
5,878,000
5,844,500
5,830,500
2,772
2,976
2,342
1,842
2,195
6,485
4,226
2,402
6,097,958
Total collateral
6,073,219
6,036,772
5.990.476
5,948,842
5,932,345
5,880,195
5.850,985
5.834.726
5,226,402
Reserve
Federal
I
notes.
devalued from 100 cents to 59.08
for the gold taken over from the Reserve banks when the dollar was
These are certificates given by the United States Treasury
x
5,224,000
6,095,500
2,458
hand and due from U. 8. Treas...
on
By eligible paper
31. 1934. these certificates being worth less to the extent of the
provisions of the Gold Reserve Act of 1934
cents on Jan.
difference, the difference itself having been *ppropriated as profit by the Treasury undef
.
WEEKLY STATEMENT OF RESOURCES AND
Three
Ciphers
(000)
Federal Reserve Agent at—
Total
Boston
New York
9
9
S
9
certificates
on
hand
and
9
19,546,295 1,131,790 9,579,636 1,018,609 1,322,182
11,153
1,390
1,716
373
884
298,738
27,473
68,268
20,428
19,636
742
19,856,186 1,160,653 9,649,620 1,039,410 1,342,702
...
987
227
377
462
19,995
35,906
15,725
6,645
18,422
386,751 3,020,116
1,971
23,144
552,163
Other cash *
9
267,761 1,156,045
550
1,474
11,422
31,674
519,191
302,070
414,584
279,733 1,189,193
366,014 2,983,223
527,048
Redemption fund—Fed. Res. notes..
San Fran,
9
9
9
Dallas
9
It. Louis Minneap. Kan. City
Chicago
9
9
due
from United States Treasury
Total reserves..
Atlanta
9
Cleveland Richmond
PhUa.
ASSETS
Gold
CLOSE OF BUSINESS NOV. 27, 1940
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
Omitted
295,048
503,239
395,700
Bills discounted:
Secured by U. S. Govt, bllgatlons
direct and guaranteed
384
279
140
30
2
32
15
203
45
4
492
237
144
71
35
205
95
199
982
71
75
876
516
284
101
37
237
110
402
1,027
75
95
7,616
999
1,784
2,114
316
785
311
265
5
267
87
82
601
1,299,700
,93,253
384,956
108,941
130,188
68,800
49,806
36,959
267,903
75,814
90,601
47,879
34,661
38,977
25,721
63,498
44,192
50,431
64,899
148,213
103,145
56,006
904,500
35,096
108,649
75,612
2,204,200
158,152
652,859
184,755
220,789
116,679
84,467
251,358
94,983
62,680
107,690
85,527
184,261
2,215,651
159,226
655,519
187,385
221,389
117,565
84,815
251,860
95,098
63,349
108,804
85,684
184,957
1,209
2,626
Total bills discounted.
Industrial advances
75
3,835
Other bills discounted
U. 8. Govt, securities, direct <fc guar.
Bonds...
Notes
Total
U.
Govt,
S.
securities
direct and guaranteed-...
Total bills and securities
47
3
18
5
4
2
2
6
Fed. Res. notes of other banks
547
2,858
1,143
1,268
3,905
2,375
3,252
67,635
34,457
103,432
3,343
5,917
104,083
527
2,308
30,378
30,343
1,114
2,885
46,586
2,858
4,903
389,490
561,224
a
69,957
2,838
180,820
9,731
54,514
41,248
4,495
5,412
2,581
1,995
55,851
3,720
16,067
4,690
6,025
3,248
2,032
22,981,304 1,396,944 10514,633 1,291,642 1,680,883
premises..
Other
1
1,835
19,709
1,372
1,603
2,203
46,799
788,713
747,099
512,427 3.387,926
523,349
26*8,083
184,803 1,214,508
212,216
155,165
203,833
93,456
471,366
232,648 1,893,481
30,195
15,898
174,553
274,628
231,064
Uncollected Items....
Bank
...
assets......
Total assets......
2,428
2,220
667,940
LIABILITIES
462,516 1,516,124
5,703,129
F. R. notes In actual circulation
Deposits:
Member bank reserve account
765,255 7,600,232
14,145
46,830
14,291,954
198.606
U. S. Treasurer—General account.
53,114!
1,153,293
532,137
Foreign
Other
4
1
1,387
See
1
23,608
Due from foreign banks...,
95
deposits..
397,710
400,287 1,430,809
11,368
9,265
9,949
17,01.5
22,429
788,644
17,259
56,474
30,808
6,475
351,838
14,357
23,203
7,080
4,722
9,546
23,203
2,665
397,584
282,802 2,022,961
396,478
207,658
315,868
266,781
893,185
47,469
16,914
30,257
28,057
38,501
133
170
204
181
323
698,576
931,502
7,494
75,795
11,705
71,928
349,533
10,141
33,257
27,852
14,225
4,653
656.995
409,730
7,295
3,081
2,541
27,070 /
7,186
92,810
'
727,957
Other liabilities, lncl. accrued divs...
49,577
475
92,868
65,199
31,206
103,034
589
156.204
1,445
68,671
5,088
Deferred availability Items
809,717 1,029,360
839,809 8,713,787
16,175,990
Total deposits.
564
192
212
600
22,612,164 1,371,471 10387 560 1,257,593 1,646,141
Total liabilities
731,058
499,023 3,341,103
656,296
379,907
550,162
388,475 1,403,375
CAPITAL ACCOUNTS
Capital paid In
137,775
9,337
51,079
11,889
14,099
4-172
2,972
10,405
53,326
14,198
14,323
5,247
22,824
4,709
3,152
3,613
26,839
2,874
3,246
713
1,429
538
1,001
2,857
4,393
3,569
1,007
52,806
7,109
15,559
5,313
2,194
2,288
Surplus (Section 13-b)
Other capital accounts
.
22,981,304 1,396,944 10514633 1,291,642 1,680,883
713
863
249
1,008
7,106
•
•'Other cash" does not Include Federal Reserve notes,
5,354
747,099
8,567
2,225
2,458
667,940
389,490
561,224
23
405
51
120
568
506
FEDERAL RESERVE NOTE STATEMENT
\
New York
PhUa.
S
$
Federal Reserve notes:
$
$
S
Atlanta
Chicago
$
Cleveland Richmond
$
9
St. Louis Minneap. Kan. City
DaUas
San Fran.
$
$
$
$
$
circulation
477,854 1,588,693
72,569
15,338
418,612
543,397
206,165 1,244,960
30,452
21,362
160,809
12,955
5,644
212,496
8,663
103,084
20,048
282,796
14,713
225,171
20,902
9,628
532,628
61,262
462,516 1,516,124
397,710
523,349
268,083
184,803 1,214,508
212,216
155,165
203,833
93,456
471,366
6,095,500
Held by Federal Reserve Bank
5,996,665
293,536
5,703,129
Issued to F. R. Bank by F. R. Agent
held
Boston
Total
Federal Reserve Bank of—
In actual
2,408
400,287 1,430,809
2,596
Less than 1500.
a
Three Ciphers (000) Omitted
Collateral
1,266
1,142
1,884
512,427 3,387,926
11,605
10,224
2,121
3,484
4,164
3,974
4,423
151,720
4,678
5,725
14,003
Surplus (Section 7)
490,000 1,610,000
420,000
545,000
300,000
210,000 1,260,000
234,000
161,500
215,000
106,000
544,000
514
423
85
327
969
490,075 1,610,514
420,423
234,085
161,827
215,969
106,000
544,000
by agent as security
for notes issued to banks:
Gold certificates on
band and due
from United States Treasury
75
2,458
Eligible paper
Total collateral
6,097,958
65
545,000
United States Treasury Bills—Friday, Nov. 29
Rates
quoted
are
300,065
210,000 1,260,000
Quotations for U. S. Treasury
Notes—Friday, Nov. 29
for discount at purchase.
Int.
Int.
Bid
Dec
0.06%
0.06%
4 1940
Dec
Bid
Asked
11 1940
Jan.
22 1941
Jan.
29 1941
....
5 1941
Dec
18 1940
0.06%
Feb.
Dec
26 1940
0.06%
0.06%
0.06%
Asked
Jan
8 1941
Jan.
15 1941
United
-
0.06%
Feb. 19 1941
Feb.
26 1941
Government Securities
Exchange—See following page.
States
York Stock
13 1941..
..
Rate
Bid
Asked
101.25
101.271
Maturity
Rate
1%
1*4%
0.06%
0.06%
0.06%
on
the New
Mar. 15 1941...
1*4%
June
15 1941...
1 H%
101.25
101.27
Septv 15 1943...
Dec. 15 1943...
Dec.
15 1941...
1*4%
102
102 2
Mar. 15 1944...
Mar. 15 1942...
0.06%
0.06%
0.06%
Natl Defense Series
Feb.
Maturity
1*4%
102.28
102.30
June
151944...
1%
H%
Sept. 15 1942...
104.1
104 3
104
104 2
Sept. 15 1944...
Mar. 161945...
1%
*4%
102.16
Bid
Asked
102.8
102.10
102 26
102.28
102 8
102.10
101 8
102.15
101.10
102.17
101.4
101.6
102.18
Dec.
15 1942...
2%
1*4%
June
15 1943...
1*4%
Transactions
at
Daily, Weekly and
the New York Stock Exchange.
Yearly—See page 3207.
Nov.
1940
30,
3192
York Stock Exchange
Stock and Bond Sales—New
DAILY, WEEKLY AND YEARLY
Pages—Page One
Occupying Altogether Sixteen
we
furnish
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
122.18
122.14
122.18
122.14
122.18
1
2
Total sales trt $1,000 units.*
m
m
2Mb, 1945
mm.****
Low.
m
Close
Close
$1,000 units...
(High
Low
Total sales in $1,000 units...
1:
—.«%
116.4
(Close
3Mb, 1945-56
116.4
116.4
102.3"
102"""
102.3
102
101.31
102.2
Total sales in $1,000 units...
High
Low
108.7
Close
108.7
108.7
:m*tmm
2Mb. 1951-53
....
.....
mmg* -f
(High
3Mb. 1941
108.21
108.18
108.19
108.15
108.14
108.14
108.21
103.17
108.18
108,21
108.17
108.15
4
5
(High
109.19
....
109.21
109.19
....
109.21
3
Total sales in $1,000 units..
mm
6
.
m m
109.16
mmmm
109.17
mmm-
7
mm
■
2s, 1948-50
Low
113.3
113.4
103.22
103.25
i Close
103.22
103.25
Total sales in $1,000 units...
'-mmm
*******
10
*3
(Low.
113.12
1
m
Low.
mm m
mm'**
mm mm
_
115.1
114.27
114.27
se-gernim
(High
108.22
(Low.
108.21
(Close
108.22
Total sales in $1,000 units...
4
Federal Farm Mortgage
■
3 Mb, 1944-64
■
m
'
Close
v.
m
Total sales in $1,000 units
112.19
(Low.
;'
.
mm
mm
1
";
^
w
%
»
-m**m
....
High
113
Close
113.1
113.7
112.31
113.7
113.7
113.2
1
(High
112.31
113.10
113.7
113.2
Low
112.31
3s. 1942-47
'mm****'
mm
'■
(Low
(Close
mm''
Total sales in $1,000 units...
2
1
(High
110.28
110.30
111.8
111.4
110.28
110.30
111.6
111.5
110.25
110.30
110.28
110.20
111.6
111.5
110.25
110.31
1
2
Total sales in $1,000 units...
111
Low.
Close
2Mb, 1955-60
-
Total sales in $1,000 units...
(High
110
»
(W
m'mrn'
•
-
(High
10
2Mb, 1942-47
(Low.
(Close
Total sales in $1,000 units...
9
110
110
110
110
108.5
108.6
108.5
108.2
108.2
108.5
108.6
108.5
108.2
108.2
Close
108.5
108.6
108.5
108.2
Home Owners' Loan
110.1
mm
(High
3s, series A, 1944-52...„• Low.
******
-
/mmrnm
110
(Close
6
3
110.1
'
110
Low.
2mb, 1945-47
5
12
2
111.6
'^
m
■'.*
*
7
Total sales in $1,000 units...
0, ******
7
1
2 MB, 1948-51
Low.
•
'mm*
•
Close
Total sales in $1,000 units...
*f
110.2
110.2
110.6
110.2
110.6
...
Close
Total sales in $1,000 units...
] Low.
2MB, 1956-59
109.30
(Close
Total
sa
109.30
sin $1,000 units...
********
**'■**
110.5
110.5
Close
103.14
103.15
103.11
1
*3
2
1Mb. 1945-47
..(Low.
f Close
Total sues in $1,000 units...
4
•
,**
'****'
......
*
Odd lot sales,
t Deferred delivery sale,
t Cash sale.
110.12
Note—The
It
Low.
■;'T *•**.*•
110.8
110.8
•
103.11
110.3
1
*******
110.13
no's"
Close
Total sales in $1,000 units...
103,15
(High
110.3
-
1
2Mb, 1958-63
103.14
!
*3
110.12
(High
103.11
111.1
'mrnm'm
L-*+m*m
103.15
Total sales in $1,000 units...
111.1
^
m
4
103.14
110.3
•
'
109.30
^
****
108.2
*4
(H'gh
(Low.
2Mb. 1942-44
110.5
3
(High
w
2
llo".6~
Low.
;
111.12
■
(High
zMb, 1951-54.
111.10
m
******
******
3
*4
Total sales in $1,000 units...
11
111.1
111.12
High
108.11
Total sales in $1,000 units...
mrn-mm:
113.7
113.2
108.11
2
—.
...
%
113.1
108.11
108.14
108.14
Close
112.19
Total sales in $1,000 units...
108.14
(High
3s, 1944-49^...,..Low.
mi-
mm
**
m ******
mm*.**
.
"'m**m**'
«-
2
■
112.19
I Oioflo
114.27
115.1
7'
4»«
(High
3s, 1951-65.......
>.
1
115
"
•
1
103.25
2s, 1953-55....
'
113.12
113.4
113.3
(High
i-"
106.11
103.22
(High
■
■'••I-
106.11
'
(Close
3s, 1946-48...
106.11
Total sales in $1,000 units...
1
113.12
Total sales in $1,000 units...
3MB, 1949-52
1
(High
(Low.
tciose
109.17
m+'m ■**
1
m *»
113.4
113.3
(High
3 Ms, 1946-49
7
109.21
109.19
105.23
6
(High
(Low.
2s, 1947
'
Close
105.23
105.25
Total sales in $1,000 units...
108.18
2
Low.
105.23
105.25
106
| (f^Jogg
5
108.19
108.19
3^8. 1944-46
105.25
105.31
105
2
108.16
Total sales in $1.000 units...
Low.
106
105
105,
.
108" 17
108.15
3MB, 1943-45
106
105
I Close
Total sales in $1,000 units
High
106
105
(Low.
23*8, 1954-56
mm*.**
Total sales in $1,000 units
106
(High
"
7
7
3
Total sales in $1,000 units
Low
O1086
108.15
106
(High
(Low.
(Close
....
1
Total sales in $1,000 units...
198.15
I Cloec
********
mmrnrn
108.15
(Low.
Total sales in $1,000 units...
■
•
..
(High
2Mb, 1950-52
1
5
3
108.7
2
101.31
102
102.3
4
*3
108.7
108.16
Close
101.31
102.2
102.2
(Close
102" 2"
101.31
Low
108.14
Low.
■
Total sales in $1,000 unit*
102.2
(High
3 Mb. 1943-47
2MB. 1949-53
108.7
108.16
(High
3
Total sales in $1,000 units...
3%», 1941-43
109.9
(High
2Mb, 1948
Low
Total sales in
109.9
Total sales in 31,000 units..
mm-rnrn
High
4s, 1944-54
109.9
Low.
Treasury
122.18
5
»**
.
27 Nov. 28 Nov. 29
Nov. 23 Nov. 25 Nov. 26 Nov.
High
Close
122.18
122.6
I Close
122.18
122.6
(High
(Low.
4Mb. 1947-52
122.18
122.6
week.
DaUy Record of U. S. Bond Prices
Nov. 26 Nov. 27 Nov. 28 Nov. 29
Treasury
and Federal Farm Mortgage
transactions in Treasury, Home Owners' Loan
daily record of the
a
No
———=========
the New York Stock Exchange
United States'Government Securities on
Below
the only transactions of the day.
disregarded In the day's range, unless they are
for the year.
NOTICE—Cash and deferred delivery sales are
account is taken of such sales In computing the range
bonds.
iio".3"
110.3
******
table
above
includes
only
of
sales
coupon
Transactions in registered bonds were:
2
Treas.4^8, 1947-52.122.14 to 122.14112 Treas.3Ks, 1943-45.108.15 to 108.17
1
Treas. 3^s, 1943-47.108.3
'
******
m
110.9
110.6
(Close
110.6
110.18
■'**'**■***>
110.15
.******'**
110.7
110.18
m-**'****
110.7
-m-±
.
•
Total sales in $1,000 units...
7
mmmm
I
to 108.3
2
*******
,
| Low.
2^8, 1960-65
+
****+,*.
***** m «•
110.6
(High
110.3
■
-*+**
25
United States Treasury
Bills—See
United States Treasury Notes,
6
previous page.
&c.—-See previous page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
NOT PER
Sales
NEW YORK STOCK
the
CENT
STOCKS
for
SHARE,
EXCHANGE
Saturday
Tuesday
Wednesday
Thursday
Friday
Nov. 23
$
Monday
Nov. 25
Nov. 26
Nov. 27
Nov. 28
Nov. 29
Week
$ per share
$ per share
$ per share
$ per share
Shares
per share
*52
62%
23
53
53*8
53%
53*2
*118
118% 119
120%
46
43
*35*2
*35%
52
52
52*4
52%
6
6*8
5%
6*8
*22
23
*22*2 22%
*15*2
16%
*16
40*2
40%
*116
118%
*35*2
47%
*52*4
64l4
6%
*22
6*4
*%
*
%
77
16%
40*4
*5g
*_
6*2
5%
%
"w
* *
10%
*19
23%
12
10*4
20%
23*2
*79
80
*11*4
12
167% 167%
*10%
11
*13
13%
7%
*73%
35*2
17%
*1%
7*2
74
35's
17%
1%
16
*11%
*9%
*19
23*4
*79
11%
168
*10%
13
7%
73%
35%
17%
15^4
1534
*1*4
*14%
50%
*15%
60%
60*2
60
*13
*50%
16%
60%
9
9
46%
46*2
*
16%
40*4
40%
%
%
per share
5334
119
54*8
119*9
*35*2
46
52
52
5%
*22*2
16*8
53*2 53%
120*4 120*4
*35% 47'%
53i2 5334
*119% 120*4
*35% 47%
51
23
51
*51
6
5%
6
6
*2212
16*8
40*4
*®16
5*4
5%
5%
5*8
%
%
8ie
%
•le
11%
11%
11%
9%
*18%
9%
20%
10%
9*4
18%
10*2
834
23
23%
22%
22%
79
77
12
10*4
20*2
23*4
80
*79
11%
*11%
168%
10%
168
*10*8
13
13
mrnmm
12
169
10%
13
%
*
72
9*4
18%
11%
11%
166% 168
*10%
13
10%
13
72
*18
22i2
10%
9
19
225S
11*4
111,
166*2 167*4
10*8
10*8
*13
13*8
7%
7%
7%
7%
73*8
73*8
73%
36
73%
35%
*72
3534
33*2
34l2
17%
17%
18
17%
1%
*1%
1I634
*1*4
*14*8
1634
134
16*2
17
51
16%
61*4
1%
17
100
Alabama A Vicksburg Ry. 100
Alaska Juneau Gold Mia.. .10
6,600
I05u
10%
2,300
7%
74
No par
No par
Industries Inc
1,300
Allied Mills Co Ine
No par
Allied Stores Corp
No par
Allied Chem'ra
A Dye.No par
Allied Kid Co
100
400
5%
-.5
preferred.
341,
1712
5,500
Ailis-Chalmer-
1,300
Alpha
134
16%
50
300
Juno 10
Apr
9
Jar 25
14
Apr
151%
Apr
10
Apr
2
6
8
54%
Apr
71
4
28
Apr
48%
1978
18
Jan
.Nov 26
2%
Jan
9
1284 Apr
1% June
16
Apr
June
8*4
8%
3,100
American Bank
46%
Aim dps
Inc
.....
10
Apr 22
n
Note.
.10
6
June 10
12*4 Apr
9
j »^ferred......
6
50
35
June 18
50
3
New stock
r Cash sale
x
Sx-dlv.
v
Ex-right
Jan
1
12
60
Aug
Apr
984 Sept
46i»
Dec
Jan
Sept
Oct
200% 8ept
14% Sept
15% Sept
11% Jan
Jan
26
conv
1178
417*
5
—
23% Sept
28%
69
737gMay
9%
9%
20*2 8ept
18
Sept
A pr
Apr
16% Apr 23
4
*45%
11
182
684
Jan
8%
45&s
"2,100
delivery
21%Mav 22
12% Apr 16
Apr 15
8*4
455s
Def
May 28
May
58*j Apr
Am
a
4%May 21
55
Apr
52
Nov 27
75
900
5,800
J in receivership
5
June
79
21
16*2
573,1
sales on this day
June
8
14
38*2May 23
12%May 22
41% Jan 12
16
57*4
no
10
4% Sept
20*2May 10
18
16
8
8%
45%" 45%
Sept
9% May 28
57*2
8%
Jan
2
.50
prefened
Amerada Corp
No par
Am AgncChem (Drt\..2Vo par
6%
16
46*4
10
l*«May 15
57*2
8%
Co Inc.
par
634June 11
135*i June 10
8%May 15
Jan
4
Sept 25
Feb
68
Dec
1
15%
*45%
No par
Cem._iVo
Amalgam Leath«j
57
9*4
100
Mfg.
Portland
15%
4912
..1
June 22
12%
22
Jan
1% Sept
Feb
61
war. 100
Mar
Sept
% July
684 Aug
Alieg 4 West Ry 6% gtd__ 100
5M% pf A without
3,300
*1412
68
Aigbnj
10%
13%
z34i4
*1612
*1*4
Jan
14%
167*9
9,700
>4
534June 10
4%May 21
7
May 21
15%May 21
167
8
68
6*4
$2.50 pno.- conv pref.N>, par
Lud St' Corp_.jVV par
25
27%
8
3
*10
74
78 Mar 11
77
Mar 26
share
49% No«
56% Oct
11% 8ept
Apr
8
3sJune
per
71% Sept
149% Sept
157s 8ept
Jan
JaD
Allen
Apr
Highest
45%
Jan
Jan
Jan
500
734
19i*
1*8
200
*7112
27*2 Apr
68*g
7
11%
13
12i2June 15
36%June 10
i8June 10
60 May 21
4
May 21
4
5534
50
.10
Allegheny Corp
No par
534 % D- A with $30 war. 100
900
*lll2
33*2
46% Apr
6*j Aug
19
Sept
3,500
5,500
Apr
31% Mar
Si*
938
19
Apr
129
Jan
5*4
23%
53
8
Feb
Nov
5*4
9
70U Feb 14
147
9
AO Way Ei Appdanee..No par
19
share I
60
500
2234
per
4%May 28
16%June 5
5)!
72
$
share
347«May 25
Address Multgr Corp
Atf Reduction Ino
16*2
46*4
May 22
No
Adams-M illis corp
51
8%
30
per
par
"""566
9,300
Lowest
.26
59%
50
May 22
No par
Straus
*15*2
57*2
50
May 21
Co
Ex preen....
*14%
50%
*45%
Bid and asked prices
1%
17%
7*2
50
110
23
15%
415s
10
73%
34%
16*2
1%
*14%
49%
A
Steel
$
thare
per
100
2,900
*
5*8
35%
7%
Acme
Adams
$
Year 1939
I^oxs
Highest
No par
preferred
6%
79
*
conv
*91»
%
5*2
»u
4M%
Abraham
""*606
53
Abbott Laboratory
290
*2212
15%
41l2
23
16's
415s
"16
2,100
Par
•ie
16%
40*?
40*4
%
71%
5*8
77
5*2
11%
16%
42
$
Lowest
Range for Previous
1
Range Since Jan
On Basis of 100-SAar«
Aug
Jan
Jan
3% Sept
21
Sept
74% Sept
24% Sept
47
Dec
17»4
Jan
60
Jan
Called for rede motion
Volume
New York Stock Record—Continued—Page 2
151
AND
SALE
HIGH
EXCHANGE
Friday
Thursday
Not. 23
Nov. 25
Nov. 26
Nov. 27
Nov. 28
Nov. 29
$ ver share
S per share
$ per share
$ per share
$ per share
On Basis of
Week
8 ver share
Shares
♦111
115
*8
*8
12
734
12
6
6
♦105s
11%
*534
*105s
82%
734
*81
*81
*2
2*8
412
3
*2%
13
*2%
*12
*1134
39%
*4%
2
5
1
1
1
1
1,590
15*2
15*2
15
15
14%
14%
14%
14%
1,700
13*2
*48
50
*48*2
50
134
16
109
2*8
*18*2
*109
25%
3
16*4
81*4
13*4
2%
19
81*8
*13
3
234
25*4
3
47
48
41*2
4034
41
7%
7*2
7i4
7%
>158% 161% *158*4 161
15%
16
1534
70
70
7058
6%
6%
6%
9*2
9*2
34
*33
44
44%
146
*145
*52
52*2
146
*52
*146
151
*146
*912
32*2
4414
134
16*4
71*2
678
934
33
45*8
146
52*2
23*2
3*2
3*2
*12*4
50
*48*2
15*4
76*2
1234
234
13*8
50
15*2
3%
*12*4
*48*2
1434
*22
16
16
79
80
12%
2%
13
2%
107
110
48
44
43*8
*51*2
28*2
29
11
*10*4
11
12*4
*12
12*2
167
167%
70*8
70%
*150
70*8
71%
153%
*5*4
7%
5%
8
9%
9*8
9*4
54%
7%
54
27*8
27%
31%
32*8
*14%
15%
14-*s
78
54
7*8
*50
27*8
31*4
1412
97*8
9*4
55*2
7*4
54
2734
32*2
14*2
*1178
*2*8
13
2*4
33
33
*12*8
*2*8
33*8
109*4 109*4 *109
5
5*8
*52*2
5334
*40
60
31*2
9
914
5*4
5*4
*80*4 102
31*2
7*4
7*4
5
52*2
*41
31
9*8
13
2*4
33*8
109*4
5
52*2
60
31*2
9*2
*5*8
534
*80*4 100
7*4
7*4
*73
78
*75
78
*88
93
*88*2
♦36*2
38
*36*4
93
38
9
95
96
94*2
9412
9%
7*4
27
32*4
*14*8
*33
16*2
74
74
119*2 *118
*118
*634
7
*634
17
3
3
17
*27g
17
5*8
514
165s
1634
4
4
53s
5%
7*2
7*2
3834
95s
734
38*2
95s
*7*8
5*8
16-*4
4
*5*8
74
32%
14%
14%
3*4
19*
5*4
17
4*s
5*2
7*2
7*2
38*2
934
77s
30
634
*50
55*2
7
52
26%
27*8
33*2
*1434
33*2
15*4
Amer Ship Building
8,500
44*4 4434
147
147
52
52
147
147%
265s 27%
11*4 11*2
12*4 12*4
14
14*s
300
300
20
5,500
*2
33
33*2
14*2
33
33
33
1,700
33
9*8
9*8
5*8
5*8
31*2
32*4
9
9
5
5*4
*8*2
60
32*4
5,800
1,500
2,000
700
2,700
20,500
*71
77*2
*4*2
5
*80*4 100
634
634
77%
*72
*88
93
*86
93
*86
93
*36*4
38
94*2
*36*4
38
*36!
94
*16*2
*80i4 100
I
7*4 i
6%
__
No par
No par
4,900
A P
31%
9*4
4%
16%
*16
17
16*2
*16*2
18
200
380
17*2
10,200
2,100
2,700
300
------
10,400
1,400
600
------
200
2,400
16%
4
4
3%
4
5
5*8
5
5
1,800
10
7%
29-*4
9%
734
30
734
*2934
29%
10
7*2
29%
940
4%|
11,800
16%
3,300
6%
690
29
1,200
10*8
8
800
30
*7*2
30
100
3,900
9%
400
*275s
900
100
*31
*121*2 124*2
*734
8
421*2 124
8
*734
10
*10
*10
33*4
*20%
"33%
33
~33"%
21*4
10
32%
33%
21*8
55*4
*5514
32*2
32
86%
85%
133% 133*4
25%
*24%
86
88
8734
132
132
131% 13234
*25
26
57
55*4
55*4
32
32
32
20%
20%
9*4
9%
9%
9%
*18*2
19%
*18*2
14%
*12*4
20*4
14%
95
*87
95
21
*13
94
*
25
25
*20
21
*12*2
—
-
*55*4
*55%
31
31%
*31
84*2
86%
131*2 132
24
24*4
*12*4
*87
94*2
9*8
*18*2
on this
day
20%
84*4
131
*23*2
20*4
20
20
14%
sale
32%
9
*18*2
*12*4
*87
*7*2
8
1
100
100
0% 1st preferred
7% 2d prererred
Investments Co.No par
100
5% preferred
Atch Topeka A Santa
Fe__lG0
5% preferrred
100
Atlantic Coast Line RR...100
AtlGA W18S Lines
1
25
pref series A—100
5
0% preferred
50
4% conv
Atlas Corp
.....
No par
Atlas Powder
5% conv preferred
Atlas Tack
No par
Austin Nichols
Nt par
Aviation Corp. of D il(Thel.3
55 prior A
Baldwin Loco Works v t c—13
..100
Baltimore A Ohio
—100
4% preferred
Bangor A Aroostook.......50
Conv 5%
preferred
Barber Asphalt Corp
Barker
100
.-10
No par
Brothers
60
554% preferred
5
Barnsdal' OH Co
Bayuk Cigars Ino
1st preferred..
Beatrice Creamery
No par
100
25
5
Aviation
9,800
Bendlx
21
I
2,500
Beneficial Indus Loan..No par
57
31*4
5534
5534'
400
900
31*4'
86*4! 20,400
1,600
130*2 131
I
31*4
85*4
2034
9
24*8
20%
300
9%
*23%
4,000
600
14%
*18*2
*12%
98
*87
99
t In receivership
1
i
Pr
pfd52.60dlv ser'ZHNo par
No par
Best A Co
Bethlehem Steel
(Del).No par
7% preferred
100
Bigelow-Sanf Corp Inc.N" par
Black <* Decker Mfg CoN> par
Apr 11
147
Apr 15
Feb
9
152*2May
33% Jan
1
3
70
14% Apr 12
17% Jan 6
23% Feb 23
93
Feb 23
18
Mar 13
101% Apr 15
12
Apr 23
25*2May 21
4% May 22
59% Nov 14
8% Nov 14
53% Nov 18
Apr 9
41% Apr 8
22% Mar 8
113% Aug 23
15% Nov 12
4% Apr 10
35*2 Feb 27
110% Apr 30
7% Apr 22
04% Apr 22
12i2May 21
107
8
June
4
May 21
l%June 17
May 21
May 21
Jan
Jan
Apr
25% Aug
35% Apr
127*2 Sept
69% Apr
140
20%
8%
9
144
Nov
09
153
Aug
July
Aug
41
Jan
Apr
Apr
14*8 July
18% Oct
34
Sept
Oct
15% Apr
75% Mar
13% Deo
32
75%
132
Oct
Sept
4*g Sept
8%
78
Jan
20
46% Sept
63
Sept
Apr
Apr
97% 1 Sept
18*2
171%
87%
89%
153%
8%
14%
90
Jan
Dec
Jan
Jan
May
Jan
Jan
Aug
3%
Apr
15% Sept
28%
Apr
64% Sept
12
Sepi
48
Sept
40
Sept
54% Jan
27% Aug
4
Aug
24
Apr
20%
35
Apr
Apr
13%
Apr
8%
Apr
21
Sept
Apr
4
Deo
21
Apr
37
Sept
97
May
100
Deo
3%
33«4
Aug
Apr
00
50
1%
884 Sept
Sept
50
Def denary
9*2 Jan
4
102
July 23
9
Jan 11
73
5%
Jan
Apr
Jan
10*2
100
Oct
Deo
10%
78%
Jan
Oct
80
70
Jan
£93
Nov 14
41
Apr
29%June 18
45
Mar 20
30
Apr
38
June
90
Jan
100
June
21
Sept
82
May 23
13
May 21
39%May 21
9%May 22
8%June 6
9%June 5
l8%May 21
102
7
June 24
May
7
43%June
5
57
May 23
112i2June 11
4
May 21
1% Feb 7
10
May 21
4
Aug 10
12%May 23
2% May 15
3% May 15
5% Nov 29
27% Nov 29
8 *2 May 21
4
May 15
20
May 21
7%June10
20% May 21
lll*2June 10
18*2May 21
102
May 28
June 17
29*2May 14
May 22
7%June 11
May
100*2 Mar
25*4
Jan
14
May
May
fnc
6
Blooming dale Brothers. No par
Blumenthal A Co pref
100
11
May
64
June 27
t Et-dlv
Jan
Mar
71
Apr
110*2 June
7
Apr
9% July
51
Feb 14
80*2 May 13
Jan 10
12484
4
4
4
8% Apr 15
19%May 10
0% Jan 2
8% Mar
5*2 Mar
32% Mar
8
43%
Apr
24%
4888
Oct
Aug
60
Aug
71
116
June
127
Jan
Apr
Apr
8
Sept
2
10
Nov
4%
Sept
3%
30%
Jan
Jan
9% Nov
4
30% Apr 17
115% Mar 12
3534 Ap* 10
112% Apr 22
30*2
Jan
Dec
87%
Jan
Aug
Apr
21%
6
Nov 13
3% Aug
9% Aug
3% Aug
484 Sept
11% Dec
10%
16% Apr
8% Jan
13% Jan
584 Aug
9*2 Aug
18% Sept
30% Jan
2084 Sept
26
Sept
49
Jan
14% Jan
62*t Jan
30
15
Dec
Apr
42%
104%
9% Mar 19
13
Jan
24%
Apr
33
Feb
11%
15%
109*2
Aug
Apr
19%
Jan
20% Nov
Oct
115% Nov
17
Apr
98
Apr
May
32*2 Oct
3
27«4 Sept
Jan 24
104% Sept
21% Sept
884
Jan
11% Sept
28
Jan
July
107% Nov
7
105
127
9% Apr
30% Apr
15
3
Oct
81
Jan 25
110
24*2May 28
17% May 22
25
21
23
22
21
15
15
21
14
8
14984
67% Apr
49%June
22%May
03% May
l09*2May
8
58% Nov 19
23% Jan 3
22% Apr 20
22*2 Apr 20
27%May 7
Nov 26
5% May
- Cnsh sale
Apr
29
l3%May
0 Vew <tock
Apr 20
08
49*2May 22
No par
Blaw-Knox Co
Bliss A Laugbiin
21
1
14%
19
54
May 21
0
10
21
9%
5% May 21
83*8 June 11
No par
Belgian Nat Ry* part pref
Beiding-Hemlnway
32%'
20*4
4
102
21
25
June
2%May 21
20
32%
86
130
105
32%
131
11% Feb 23
37% Apr 16
Apr
No par
Preferred x-warrents_No par
Beech Creek RR
—.50
55 preferred w w
Beech-Nut Packing Co
10
*10
100
Corp—...No par
400
I
100
5% preferred......
Atlantic Refining
200
121*2 121*2
8
*10
32%
21%
57
32*4
95
21
*19
Bid and asked prices: no
*7%
9%
20
14%
934
934
95
*10
21
21
*20
21*8
55*4
32*8
*20
*121*2 124
123*2 123*2 *121*2 124
*7*2
8
7%
7%
100
7% preferred
5*4
*9%
7*4
No par
A/tloom Corp
Associated Dry Goods
500
5%
Jan
Jan
6,300
27*2
10*8
Nov
18%
Mar
17%
6*4
49
162
13
4
30
Sept
Feb
65
5*4
6
Apr
8*2 Sept
140
Mar
Jan
7
58% Nov
58
4
28%
934
7*2
28
Jan
10% Jan
x26
Mar
16*8
7*4
Apr
7*2 Sept
5% Apr
l",606
119%
119*2 *119
7
*6%
*634
6%
3
*2*2
*2*2
3
17%
17%
17
1734
38*4
32
63% Jan
31% Sept
5*2
6*2
Oct
4
4
35
5% Jan
4
16%
7*2
Deo
21% Sept
3% Apr
11
5%
38
22%
30% Jan
79% Jan
15% Jan
5% Sept
40*8 Jan
124*2 Mar
4334 Apr
4
7*2
2*8
Apr
Apr
4
16%
38
Aug
112
Mar
54
Aug
11
22
22
12
22
23*2
4%
13
41
3
1
3
4
21
17%
16%
22s4 Jan
87% Nov
14% Jan
3 s8 Jan
58*2 Jan
1,800
'119
434
Sept
22% May
0*8 May
3%May
96*2 Jan
4%May
65
Aug
5,400
5,700
4*4
9
Apr 27
100
4%
16%
5*8
5
Aug
Armstrong Cork Co
No par
Arnold Constable Corp
6
"
14*4
10%
17
6% Jan 6
13% Aug 24
25
4
7% preferred
57
2%
20
5
Armour A Co of Illinois
Assoc
16%
Deo
3% Aug
Jan
35
1,700
94
13%
Jan
"3" 400
78*2
14
00
3% Sept
Mar 29
57
Sept
43*2 Sept
Apr
5
93
14
1
8
Apr
50 conv prior pref ...No par
434
14*2
378 Apr
35
984 Jas
25% Nov
33
Sept
1,700
7,600
31*2
9*4
13%
3
73
6
57
25%
41%
1%
14*2
Apr 22
60% Apr
89*2 Apr 15
9134 Apr 9
153% Oct 1
6*4 Nov 14
12% Jan 4
97i2June
£17*8
50i2May 3
0% Apr 23
38
Apr
2% Mar
68% Nov 28
69% Nov 28
Armour4Co(Del)pf7% gtdlOO
18*2
Apr
Apr
200
7
7
77%
Apr
12
148
5
*80*4 100
*86
5
10
175% Mar 12
June
60
*40
4
8
May 28
145
23
5734
17*4
12% May 28
70*2 Aug 20
11*4 May 21
Archer Danieis Mldl'd.Nc par
95*2
3*8
19*2
May 15
30%May 21
122
May 28
6l%May 22
139 May 25
19%May 21
9% May 22
11
May 18
"l'ioo
3
17*4
5
1634
3*8
12 50
No par
Mining
W Paper C ©Ino
7% Jan
24% Jan
0% Sept
3% Jan
30% Nov
80*4 Sept
15% Mar
33%
2318
23%
23% 23%
2378
24
*109% HI
*109*4 111
*109*4 111
109*4 111
7
7
7
7
7*8
7 7%
7*8 \ 7*8
*49
49%
49
49
49
49
48*4
4834
74
74*2
75
*73
£74*8
74*8
*74
7534
18*2
AncborHock Glass Corp.
Andes Copper
Apr
Deo
"""466
800
12%
Sept
May 21
18
634
1
15 prior conv pref
Dec
8
11% Sept
18% Sept
80*2 Sept
5% Jan
9
20
57
6%
Amer Zinc Lead A Smelt
1%
28% Jan
17*2 Sept
8% Feb
IO84
Anaconda W A Cable..No par
18*2
119%
100
Preferred
4% May
8
Oct
25*8 Oct
115% Mar
132
Aug
12% Mar
940
58
'119
Am Water Wks A Elec.No par
S0 1st preferred
23
17
17
100
10
American Woolen
4,900
2% Sept
2% Jan
Oct
64
74*2 Nov
May 21
17%
*93
0% preferred
Feb
July
40*4
4
Oct
May 21
June 10
57%
94*2
25
Common class B
01
179
50
18
94
94
25
Am Type Founders Ino
15*4 Apr 18
91% Mar 25
3% Mar 8
0% Apr 16
116% Sept
22%
35
17
18-*4
58*4
14*2
17*2
100
100
37*2
*80*4 100
7*8
7*4
*75
78*2
Telep A Tel eg Co
1,400
29*4
' *29*2
9%
9%
9*4
9*2
9%
9*2
9*2
9%
9l2
95s
934
28
27
*26%
27*2
2734 £27
*28
29
28*8
28%
29
*113% U4
*113*4 114
*113*4 114
*113*4 114
*113*4 114
*113*4 114
25
23
2314
2334 2334 *23
23*2
2334
2334
2334
24*4
*2334
*106
108
108
10634 10634 *106
'105% 108
*10578 108
*10578 108
'
*102% 108
*10234 108
*10234 108
10234 108
*10234 108
*10234 108
30
*29
American Tobacco
2*4
*2
9%
100
Am Sumatra Tobacco..No par
Amer
Aug
140
11%June
25
*40
31%
American Sugar Refining.. 100
Preferred
Jan
8
18*2 NOV
Anaconda Copper Mining__60
60
32
N" var
No par
100
5*2 Sept
0*4 Apr
103
4b"400
*40
52*2
60
31
100
Amer Steel Foundries..No par
American Stores
200
Dec
Aug
June 12
7
53
27*8
3334
1434
52*2
*41
25
55 dlv preferred
13
*2
12%
2*4
.100
0% preferred
Apr
9
5
20
13
634
*50*2
2634
13
2*4
*11%
Preferred
109%
4
5
Mar 19
23
par
Amer Smelting A Refg.No par
American Snuff
9
Feb 23
Mar 20
6
American Stove Co
600
57
55%
Co.No
100
25
0
1,900
*113
*113
13*4
2*4
119*2
119*2 *119
*6%
7
7
38*4
9*2
7-*4
32*2
12*2
390
109*4 109*4 *109*4 109%
434
4%
4*4
4%
50*4
51
49*2
51
18*4
15
t
American Safety Rasor._18.60
American Seating Co..No par
32
share
per
57% Sept
9*2May 15
48UMay 21
25
100
4>$% conv preferred
4
121
July
135
.100
Rolllng'Mill
200
52
57%
14*2
74
25%
33
15*4
6%
*50
52*2
54
No par
%5 preferred
No par
Am Rad A Stand San'y.No par
1,050
2,100
50
1878
16*2
8%
10 preferred
9*2
32
31*4
*146*2 151
Amer Power A Light...No par
American
Nov
20% June 11
3
May 15
34%May 21
28*4May 21
4% May 21
No par
634
109%
109*4 *109
5
4%
5
57*2
14*2
70*4
634
*9
9*2
5
109
18*4
*17
1734
18
2334
237s
2338
23%
*109*2 HI
*10878 111
7*8
7*8
7*8
7*8
48«4
4834
4834
4834
6*4
33*2
*2*8
57
16*2
1538
10,800
15*4
15
43*4
44**8
145*4 145*4
*51
*113
13
185S
1434
478
51*2
7-*8
54
5734
14*2
153
31*4
2,700
3,700
31,700
28*8 £2034 27
1034
10*4
10*4
12*2'
12*4
12*4
14 I *14
14*4
76
*76% 79*2 *76*2 79*2
16*8 *1534
16 I *15*2 16*8
16634! 165*8 1 65*2 1 65*4 16534
68*4
68*2
*68% 69
68*4
6 934
70 I
69*4 70
70
153
153
153
153
153
5
5%
5*4
5%
5
634
7 1; 6%
7
7%
*94%
97*4! *96% 97*4
96%,
9
9*8
9%
8%
9 •
27%
54
*50
I
52*2
54
7*8
53*2
27
55
18*2
*16*2
76
*15*4
165*4
68*2
6978
96 %
97
*93
*5634
*16
1578
*113
*113
*113
1578
j
166*4 166-34
78%
69*2
70*8
70*8
70*8
70*4
70*2
155*4
*151*2 1 5534 *151
478
5*4
*5*4
5%
7%
7*4
7*2
778
*9478
7%
14
78
70*8
98*2
54%
1434
78
27*2
*10*8
*12*8
14
16634 167*4
*96%
*50
|
|
10,800
Apr
May
3
90
100
Preferred
6%
*9
151
*146
151
29*4
16*2
15*8
44*4'
*145*4 147
1
11
16*2
32
32
28*2
*15%
7%
70
33
12%
14-%
40%
7%
9*s
11%
78*2
40*2
6-V
28%
14
47%
.
0% preferred
American News Co
48%
9*8
28
Amer Metal Co Ltd__.No par
400
<■
6
l%May 15
12% May 28
Amer Mach A Metals..No par
2,400
2%
2%
634
53
1,100
19
2%
48
Co .No par
111
2%
18%
2%
9%
44%
52*2
American Locomotive..No par
Preferred
100
Amer Maob & Fd*
June
12*4Sept; 13
41%May 31
10 May 22
38 May 25
10 May 18
1
50
1,600
3,400
'23
May
3
par
5% conv preferred
1,600
2%
1534
100
12%
15%
*107
.
pref
May 24
18
80
------
234
,
non-cum
Amer Internat Corp...N
'
l%May 21
No par
Amer Invest Co of 111
25%
47%
6%
1
50
*24*4
7
147
46
1,600
2%
19
111
72%
6%
*9%
32*2
3%
13%
25*4
15*8
16%
*12
*77%
12%
.
71%
22%
9%May 28
May 21
3
May-28
45* 2 May 21
*78*2
12%
15%
79
40
39
41
39*4 41*2
40%
7*2
8
7*4
7*4
75g
7*2
159*2 *158
159*2
158*4 158*4 *158
15%
American Ice
200
2% May 21
23
50
1,800
25s
48
0% conv preferred
American Home Products
*24*4
49
American Hide A Leather...1
131b
9% Apr
8*4 Jan
May 21
Sept 30
23
10
1,300
25*4
47
J7 2d preferred A...No par{
J6 preferred
No par
Amer Hawaiian 8S Co
3
13
l%May 22
No par
51%
1%
*24*4
25%
2%
*24*8
*7 preferred
Aug
Aug
140%May
3%June 17
1
May 15
10% May 21
Power...No par
n
*48*2
14%
50
234
Amer & For
22*4
12%
18
18*2
*107
107
18
18%
18%
------
8
75
American Encaustic Tiling
1
Amer European Sees...No par
33S
*12%
3%
13*8
77
77*2
12'8
234
900
32
51%
1%
23
*21%
334
100
13.000
4%
4*4
*31%
51%
1%
*1%
134
13*2
23*2
*11
12*4
14*8
*77*2
*1578
50
3*2
*146
151
4%
32
400
12%
40
39%
39*4
38%
300
_
2%
*2*2
*11%
11%
4%
*31%
50%
*12*4
*48*2
*22
2%
47
47
*40
32*41 *31*4
50*41
50
1«4I
134
50
2%!
234
11%
39*4
4*8
413s
412
*438
*31
109
111
*24
3934
234
12*2
4034
4*4
32
10
100
6% 1st preferred
*4
*334
109
American Crystal Sugar
*1%
*12*4
*23
400
10*4
82%
American Chide
Nov 15
115
400
1
234
11)0
May 23
5
*11*2
conv preferred
May 23
2
3
5%
Apr
8ept
150
16%
30%
23*s Jan
5*2May 18
4%May 18
1
12%
Am Chain A Cable Ino.iVp par
83%
Nov 29
65
9
*4
*234
.100
Aug
Apr
Apr
125
33%May 10
112
*1%
*12 "
Preferred
share 9
2% July 18
184
No par
1
*22
49%
2%
19i2
*9
*80
American Car & Fdy..No par
per
3*2
31%
3
3
116*2 Jan 29
American Colortype Co
10
Am Comm'l Alcohol Corp..20
—-- -
1,100
5
378
13%
*2%
9%
25
190
(
June 28
135
Am Coal Co of Allegh Co NJ25
300
•
2
*358
*1214
*18%
-
—
1
4814
134
*21%
13%
-
-
2
3
*31
16%
—
—
*4
32%
4934
184
24
81%
—
7%
5%
*7%
5%
81%
*80
—
5
393a
81%
-
2*8
*30i2
*13
5%
'
82*2
*3834
4%
*16
7%
*5*4
9%
10
81*2
1,600
1,700
12
*7
7%
5*4
5*4
*934
*80
4,600
21
24
2
23
27
28
21
13*2May 28
100 May 21
Corp_ _1
Preferred
9%May
4534 Jan
20
28
Highest
Lowest
Highest
5 per share
share
5*gJune
May
128 May
1*4 Oct
86*4 Nov
104
May
18 May
34 May
1
American Can
100
*4
13
40%
4%
32%
49%
134
23*4
378
4%
105s
Amer Cable 4 Radio
4,700
*2
15i2
15%
15%
105s
3,700
121
12
*7
734
734
100
2
*1
1
1
8
6
Am Brake Shoe 4; Fdy.ATo par
5 H% oonv pref
100
4%
1'S
*4
*15
12
*734
American Bosch Com
1,500
*81
82%
2
*3%
10%
12
*8
*8*4
*558
734
734
115
118% 118% *116
1183s 118*8
11734 11734 *117*4 11934
*117% H9l2
*111
115
*111
115
*111
115
*111
115
100-More Lou
Lowest
I per
Par
2,000
7*4
7*4
*634
6*4
6*2
*6*2
6%
7
*6%
7%
65g
7
38
*37
37
37
38
38
3734
37%
3734
38
*3734 3834
133
133
133
*130
132*2 133
13212
*12934 132% *130 4132% *130
1%
1%
1%
1%
158
lSg
lSg
is8
lSg
1%
*1%
134
87%
90
86%
86*2
88
86% 88
90*2
87%
89
86%
865s
185
184
184
*183
*182*4 185
*182% 185
*182*4 185
*182% 185
28
28%
29
28%
28%
29
27l2 29
29%
295s
2834
29
59
60
59
62
58%
59%
615g
16&8
61*2
63
6112
61%
21
20*2
21
20*2
*21
2158
20*2
21*8
21*2
2134
21%
21%
*111
Range for Previous
Year 1939
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
PRICES—PER
Sales
for
LOW
Saturday
3193
9
2
9
22*2 Mar 13
50% Jan 18
39
Jan
3
9
Nov 20
93% Nov
134
34% Jan
22% Apr
11% Jan
23% Jan
10
95
» Er-rlghts
K
4
4
3
3
Nov 23
Apr
7%
62
32
Nov
128%
Aug
Oct
Apr
9%
Nov
73%
Jan
10%
Apr
3384
uct
17%
Apr
22*2
Deo
48%
Deo
Apr
Sept
50
60*4 June
100
99%
15%
Apr
Apr
120*8 Sept
32% Oct
14
Apr
32
57*2 Mar
Sept
24%
Oct
Apr
IV
Jan
22
Dec
13%
Dec
30% Oct
23% Mar
35
Apr
67
8%
«4
* Called for redemption
Deo
3k
New York Stock
3194
LOW
SALE PRICES—PER
AND HIGH
SHARE, NOT PER CENT
Record—Continued—Page 3
Nov.
Nov. 25
Nov. 27
Nov. 28
Nov. 29
Week
$ per share
$ per share
t per share
9 per share
9 per share
Shares
18*4
*40%
*43
45
19*4
*1%
36%
4%
11*4
2418
2%
18*4
19%
17%
18%
30*4
303s
30%
30%
30%
106
105
54*4
24*4
19*4
22
1*8
37
4%
11*4
24*8
40*4
21*4
19%
30%
19
31
106
*53'4
♦23%
105% 105%
54*4
53
*24%
24*4
*24%
19%
*53
12
19*4
21*4
1%
35*4
4%
12%
24%
24*4
40%
£21%
*1%
35*4
4%
54
53
*52
*23%
24%
23%
106
*52
24
24
300
1934
1934
19%
1934
6,100
Borden Co
20
20%
20%
20%
Borg-Warner Corp
1%
1%
*3534
4%
7,900
100
36
4%
*4%
12
1%
36%
434
*1%
*1%
1%
36
36
*4%
*35%
4%
484
12%
11*4
12%
24%
23%
24%
40*4
24%
*39%
40*4
43%
*43%
45
39%
4234
2%
2%
2%
39%
43%
2%
2%
2%
36
4%
12%
23%
12%
23%
40%
4234
2%
5%
*38
42
2%
5%
♦
1%
12
12%
24
23%
£39
43%
*2%
578
2%
6
24%
24%
24%
23%
24
12
12%
12%
12%
12%
1234
1134
12%
£ll
*109
110%
110% 112
♦111
119
113
113
11%
112% 112%
1034
7%
113
170
5%
5
5
5
5
4,200
62 %
6334
64%
7
7%
7%
64%
7
32
32*4
32*4
33
32
32%
32
32
31%
3134
34%
34%
34%
34*8
34%
33%
17%
7%
17%
7*4
17%
16%
3434
16%
34%
17%
7*4
2*4
34%
17
33%
17*4
7%
234
2%
2%
14%
*5%
14%
5%
234
14%
7%
234
34%
1634
778
14%
13%
5*8
5%
5%
13%
5%
*5%
5%
19%
19%
19%
19%
*19%
19%
19%
19%
4%
4%
4%
4%
5%
*19%
19%
4%
*4%
*9%
*76%
*12
19%
9%
80
13%
*9%
19%
52%
19
19%
*51
52%
1%
1%
1%
1%
1%
7%
14*4
•7%
14%
7%
14%
13*4
14%
13%
13%
38%
4
40%
3%
*39*4
*3*4
4%
40
40
90
29%
3
3
4
39%
4
40
90
30%
30
3
62*4
*37
40
3%
39%
*3*4
*39%
*89%
90
29%
*61
13%
*36
*39
114
114
3%
6%
*2%
3%
*91
*33%
*5%
37
*20*4
100%
34
23
18%
234
41%
41%
97
38%
40
4
42
90%
*38%
334
*3934
89%
*29%
40
334
42
400
90
2934
210
3
3
3%
40
39%
39%
90
90
90
31
29%
30%
*29
30
3
3
3
3
3
534
3:
*2%
3%
*2%
*91
33
j
22%
/ 18%
*2%
2%
41% 42%
*15
100%
33
5%
38
2034
2034
105
22%
*15
*2%
*91
32%
5%
3634
434
34%
100%
3134
47g
35%
*20
32%
140
800
900
*21
22
2%
%
*4
*4
*8%
8%
8%
13%
*37%
13%
13
13%
12%
1234
*37%
1338
39%
*12%
39%
38%
38%
38
*46
48
*47
48%
*46
8%
97
*%
,
320
41%
9,500
*84
»16
500
8
8
700
1234
*37%
1234
38%
*12%
13
1,500
38%
48
38%
38%
48
48
*46
J
'16
*%«
%
*1
*3i«
:
*%«
%
ht
*18
*%
*16
%
*%•
%
%«
%
10
*8%
11%
9%
11%
9%
11%
9%
11%
2%
*834
13
*11
12%
2%
2
2
*27
32
27
27
*26%
2%
32
2534,2534
77
79
74%
77%
74%
7534
75%
10
13
*27
2%
32
77%
78*4
9%
90%
9%
91
*45
*2*4
38
♦—
55
*834
*11%
*2%
*27%
2%
32
79%
78
934
934
934
91%
91%
91%
*45
3
*45
55
-
3
38%
*37%
2
9%
91%
*91
55
*45
9%
3
*234
38
37%
142
*....
77
*
*16
*8
100
*%
*45
2%
37%
*36
9%
91%
55
400
1,300
*8%
*18
%
9%
*10%
12%
""300
%
2
76%
*9%
91%
9%
92
*234
2%
37
*45
•
234
3634
*142
108
108
*60
62
11*4
11*4
...
*107% 108%
*60
61%
77
85
*143
108% 108%
*61
61%
10734 107%
*61%
61%
11%
....
*22
1%
*21%
22%
22%
5
5
80
80
*65
*1%
2
*1%
2184
21%
22%
22
22
*21%
1%
2134
22
5
478
79%
5
79%
85
*69
80
1
80
731?
*69
73%
*69
75
2S4
""466
800
*---_
79%
76%
5%
*20*4
3184
79
*76
79
21%
32
108
39
*100
39
108
5%
*20
31%
5%
213s
3134
*99% 101
39%
40
19
19
1%
21%
*1%
*21
4%
21%
*2034
4%
79%
4%
7934
74%
76%
20
1%
1%
2
2
1%
2034
1%
*19
2
5,100
3,000
1%
1%
20%
*20%
4%
79
79
*69
74
*69
700
100
2,300
"MOO
76%
*5%
*20%
31
5%
21
75
75
5%
21
""600
230
J Chesapeake Corp
No par
26
Chesapeake A Ohio Ry
Preferred series A
100
JChic A East 111 Ry 6% pf.100
JChlc Great West 4% pf__100
Chicago Mall Order Co
6
Chicago Pneumat Tool .No par
13
conv
preferred
No par
Pr pf ($2.50) cum dlv No par
tChlc Rock Isl A Pacific—100
7% preferred
100
1,300
100
29,700
5%
7434
5%
31%
101
101
»16
%
I5ie
%
,&ie
50%
51
51
52
51
51%
51%
52%
28%
28%
283s
28%
28%
28%
27%
28%
28
5134
28%
54%
28%
1
%
♦Bid and asked prices; no sales on this day.
900
t In receivership,
28
a
3,400
100
30%May 28
84%June 17
7gMay 15
% Oct 11
6%May 21
8%May 15
23%May 21
41
May 22
%»Nov 13
Jan
72
26
July
3% Sept
10% Sept
1784 Jan
20% Jan
110
38% Apr
4
13% Apr
Sept
£43
Sept
85% July
33
Sept
4
Sept
94% Mar
122% Mar
64% Sept
1
68
Oct
72% Mar
18%
Apr
30»4 Sept
5% Jan
May
3% Jan
114% Mar
678 Apr
Jan
8
84
3
9
Apr
778 Aug
26% Apr 22
*
Apr
June
6%
.
23s Apr
30%
Dec
109% Aug
19% Jan
103% Sept
113% Aug
5
334 June
1134May 10
Apr
Apr
85% June
12% Sept
14% sept
96
32
5278
Jan
13
Jan
Mar
6
7
100
Apr 16
41% Jan 10
8% Feb 15
3%
3%
June
5% Aug
38% Nov 25
22
Sept
22
4
18
Sept
May 9
30% Apr 18
29% Mar 23
478 Apr 3
98
Apr
Aug
Oct
106
17
6%
Apr
£3% Dec
67«
Oct
Sept
47% Jan
22% Sept
105
Dec
30
Jan
21%
Oct
29% Sept
43% Nov 12
27
97% Jan 16
2% Jan 3
2% Jan 24
12% Jan 4
1484 Jan
8534
3934 Nov
30% Aug
39% Sept
44
50% Nov
Mar
50
Apr
Oct
I3g Sept
1% Aug
9%
10
Apr
Apr
Aug
47% Sept
•5% June
4
Sept
4% Sept
14
Oct
20%
Jan
% June
7« Sept
*16 Nov 27
% Jan
% Aug
% Aug
178 Jan
1% Sept
10
7%May 21
9 May 21
1% Aug 28
25
5
..No par
20
8% Oct 28
Sept 26
85
100
City Investing Co
City Stores
Aug 16
53%May 28
100
6H% preferred—
44
Sept 16
5
2
No par
24
100
124
May 15
May 21
July 8
preferred
Equipment
.
11% Mar 28
16% Apr 16
6% Mar 26
10
34
9
25
Apr
41
53%
Apr
94%
14% Jan 26
98
£60
Feb
6
Jan 30
4% Apr 26
40% Apr 18
133
Nov 14
56
June 19
7434 Nov 15
May 21
26
May 21
74
May 16
114% Jan 10
43% Mar 8
83% Oct 21
Climax Molybdenum..No par
Peabody A Co..No
Preferred
par
100
Coca-Cola Co (The)
Class A...
No
par
No par
Colgate-Palmollve-Peet No par
$4.25 preferred.....No par
Collins A Alkman...
No par
..100
Colo Fuel A Iron Corp. No par
Colorado A Southern..
100
25%May 22
25%May 21
May 22
99%May 21
56 May 24
10%May 21
131
94
June 10
16%May 21
May 23
108
12%May 21
1
Sept 17
48
Mar 26
41% Apr
1
45% Apr
4
07%May 28
3
June
71
May 29
3%May 21
14%May 24
27%June 10
42
Jan
34% June
21% Apr
Feb
Oct
78
Mar
45% May
60% Jan
58
Jan
11% Apr
102
20%
100
May 10
11%
35% Apr
24
26%
26%
7%
93%
79
8
Apr
Mar 12
Mar 12
Apr 8
Apr 8
Jan 26
98«4 Apr 4
8% Mar 15
23% Jan 29
48
Jan
3
Apr
8
97
June
4
113
Mar
6
~4~200
Commercial Solvents.-No par
8
31,900
2,500
Commonw'lth A Sou..No par
$6 preferred series
No par
42
17,200
Commonwealth Edison Co. .25
257sjune 10
108% Feb 21
16% Apr 5
134june 28
73% Jan 8
33
Apr 8
Ex-rlghts.
Jan
52% Dec
18
Dec
Sept 24
112% Feb 10
56
y
Sept
Feb 2
June 10
Ex-dlv.
69
Feb 27
June 13
*
Feb
39
20
32
Cash sole.
69
115
63
95
r
Feb
106% Sept
20% Apr
Dec
100
May 21
%May 22
May 21
Oct
May
Mar
Comm'l Invest Trust..No par
$4.25 conv pf ser *35.No par
4M7c conv preferred
68
Oct
140
38
4
59
May
Mar
133
4
4
100
140
58
4%
34%
135
5
5% preferred
100
Columbian Carbon Co.No par
Columbia Pictures
No par
$2.75 conv preferred.No par
Commercial Credit
10
Apr
Sept
4«4 Apr
5% Apr
67c preferred series A
15
Sept
1% Oct 24
4%May 22
46% Sept
2% Apr
105
l«4Sept 26
May 21
97% June
Mar 30
100
May 21
14% May
Jan
131
100
16
Oct
Apr
79
125
4% 2d preferred
16
Sept
9
143% Nov 28
4% 1st preferred...
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
Columbia Gas A Elec..No par
9% Mar
15% Sept
13% Jan
8
108
46%May 16
Apr
4% Dec
Nov
100
50
7% Apr
91% Apr
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The) .1
New stock,
Jan
Sept
53
No par
City Ice A Fuel
n
17%
30
29
28
15
6,000
Def. del'very.
16% Nov
14% Nov
84 Apr
Copper Co
Chrysler Corp
600
Jan
3a Jan
Chile
90
Sept
9%
No par
Chllds Co..
Cluett
20
23«4 Mar
6% Sept
»» Nov 15
Chlckasha Cotton Oil
Clark
Jan
34% Mar
203s Dec
1884 Jan
7% Sept
100
6% preferred
Chicago Yellow Cab
190
21
1
No par
57c conv preferred
74
1%
20%
21
434
51
»ie
6% pf. 100
5
20
2
1%
21%
21%
434
7934
1
1
3%May 22
15%May 21
15 May 28
99% June 22
17%May 22
lO%June 10
2% Oct 15
Cab Mfg
....
51
1
1
No par
Special gtd 4% stock
*20% 21%
31
31
31%
31%
*101% 103
*101% 103
39
38 34
39%
38% 39%
38%
3834
39%
*103
110
*103
*102% 110
110
*104
110
*10334 110
*103% 110
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
32%
*101
5%
May 21
1378 Apr
2% July
63% Aug
Clev A Pitts RR Co 7 % gtd.60
200
6
2134
June 12
Apr
119% Nov
56% Jan
35% Apr
119% Sept
12% Feb
Aug 15
106
July
77
4% May
3% Nov
June 15
l%May 15
35
Aug
75
42%May 15
20 May 21
17
May
91
105%May 22
5
May 21
48
Apr
3234May
June 10
100
Apr 17
45
May 24
100
6% prior preferred
Chain Belt Co...
5%
300
""760
*5*3
*21%
*32%
5% preferred
85
7434
5%
*78%
No par
100
Central Agulrre Assoc. No par
Central Foundry Co.
1
Central 111 Lt 4^% pref__100
320
55
143% *143
*107
108
£ 10434 10484
61% 61% *60% 62%
11%
11%
11%
11%
*100
101% *100
101%
28
27
*27%
27%
*11034 114
*11034
21%
*79
4%
1,900
143
*143
11%
11%
11%
11%
1134
*99
101% *100
101% *100
101% *100
101%
*27%
28%
*27%
28%
27%
28% 2834
2834
*110*4
*110*4
*11034
*11034
*20
*20
21%
19
21%
To"
1934
1934
*1%
1%
*1%
1%
1%
*1%
1%
1%
2
2
*2
*2%
2%
2%
2%
2%
1%
50
21,600
36 34
*113*4 115
*114
115
*114
*113% 115
*114
115
115
*11334 115
*34
34*4
*34
35
34
34
34% 34%
32%
32% *32% 34
*83
87% *82% 87%
*8234
84%
*82% 84%
*82% 84% *82% 84%
*48
50
*48% 50
50
*48%
50
*48% 50
*48%
*48%
50
30%
30*4
29
30% 31
30%
3034
29%
28% 29%
29% 29%
32*4 33%
32% 33
33
33
33% 3334
33%
33%
33%
3234
*142
2,900
142
*—.
100
2
CCC A St Louis Ry Co
3
37
*—
9%
91
55
3
142
9%
*8%
92
38
77
*
2%
No par
Celotex Corp
400
300
48%
*%#
48%
%
48%
%
%
2%
100
7% prior preferred
100
100
12
Apr
Apr
6
39%May 23
Certaln-teed Products
*3u
*8*4
1
100
100
*%«
*11%
1
July 16
2,700
5,020
97
9%
30
41% Sept
Preferred
1%
%
40
% Feb
47g Aug
19% Apr 18
23% Apr 3
34
48% Mar
Jan
Jan
6% Nov
47
Century Ribbon MlUs.JVo par
"i'ioo
Feb 9
Mar 13
Feb 21
Feb 21
8
55%
29% Sept
I) Co
Cham Pap A Fib Co
Common...
4
May 21
ll%May 21
11
4
8
%
26%
52%
178
8%
2%May 18
*%
%
May 21
22%May 24
41%
*95
16
14
JCentral RR of New Jersey 100
i»i#
8
8
15% Jan
May 21
3
Nov 13
82
May 21
4%May 21
6
13% Jan
106% Aug
40% Jan
Preferred
Checker
1334 Jan
May 22
9
Central Violeta Sugar Co.—
100
Sept
39
1,000
200
6
50% July 25
Apr
1878 Apr
2% June
7
Ap<
25% Apr
11% Aug
13% Apr
3
Sept
25% Nov
29%May 28
3%May 23
36% Aug 1
76%June 3
22%May2l
Carriers A General Corp
120
500
23% Apr
578
4
30% Aug
41
No par
Celanese Corp of Amer.No par
1,100
Apr
7% Jan
6% Mar
Dec
36% Dec
3% Sept
Caterpillar Tractor
2,100
June
1
3
6% Apr 22
16% Oct 23
Apr
Jan
15% Dec
50%
6% Mar
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
...5
830
11
3
Jan
2%May 22
Capital Admin class A
$3 preferred A
Case (J
15% Aug
21% Apr
11% Apr
12% Jan
3
100
106%
22%
17%
2%
2%
1%
6
Oct 31
36
24
6%May 22
1
Apr
29% Apr
2
Jan
26
Co-.1001
Canadian Pacific Ry
Cannon Mills
5,100
*34
*7%
*34
*34
4134
*95
Canada Southern Ry
par
4,000
*15%
2%
17%
278
1%
_
Campbell W A C Fdy_.No
4
5
Apr
Apr
35% Nov 15
21% Jan 10
21
21
28
Cerro de Pasco Copper.No par
*21
*15%
*2%
41%
42
97
50
9484
Nov 27
6% Jan
May 21
2034
104
41%
No par
5% preferred
7% July
2
5%May
4%May
17%May
2%May
7
72% Nov 14
8% Nov 9
Jan 19
2,600
5%
113
Apr
Apr
13% Apr
31% Jaa
9% Apr
4
1234NoV 26
3%May 22
20
1% Apr
7%
27
37% Apr30
29% Apr 6
May 23
May 21
37%
5
47g
36
36
*20
21%
104% *104
26% Jan
13%May 21
May 21
258 Oct 15
88
Sept 4
3%
*91
100%
32%
32%
17%
1%
California Packing
130
*2%
22%
*95%
8%
6
♦15%
96%
8%
2%
6
*21
42%
*7,
2%
104% 105
96%
1
5%
37
*91
3
800
3
3%
300
1,300
6
18
41%
97
100%;
33
1
*2%
*534
*2%
22%
105
2%
1
3
21
*20
*2%
*95
1%
38%
60
60
61% 62
59% 59%
5934 5934
*119
120
*119
120
119% 119% *11834 120
48
48%
48%
4734 48%
47% 4734
48%
28
2734
28
28%
27% 27%
27%
2778
119% 119%
118% 119% 119% 119% 119% 119%
*7
7
7%
7%
7%
7%
634
7
65
66
66
66
66
*65
70
66%
17%
17%
18
1734
17%
17%
1734
18
*234
234
*2%
284
2%
*2%
2%
2%
*113% 114
*113% 114
*113% 114
113% 113%
22%
2*4
39%
3%
No par
Canada Dry Ginger Ale
10
7,200
4
No par
Participating preferred.-100
Byron Jackson Co
5,400
334
*38%
*3%
*39%
*89%
5
Callahan Zinc-Lead.
1
Calumet A Hecla Cons Cop__6
40
*36
Copper A Zinc
Byers Co (A M)
2,100
3,100
1,800
3%
534
5%
38%
21
10534
7
14%
1334
3%
6
34
138
1%
7
I37g
13%
30
Butte
100
334
234
*105
40
1,300
53
334
6
5%
107
*36
40
2%
2*4
5%
*2%
3%
*91
100%
37%
*2034
*14
*%
114
33%
7
*51
10
5% conv preferred
60
400
3%
5%
5 la
*22
*95
234
1,700
3%
234
37%
21%
*105
1334
13%
3
18%
114
*2*4
*5*4
13%
*36
1%
7%
14%
13%
31
61
17%
2*4
13%
40
V
14
89%
11834 118*4
48% 49
48% 49%
28
28
28% 28%
118% 119
*118% 119%
7%
7%
7%
7%
*60
63
63 /
63
18%
2*4
1*8
7%
14*4
*334
*39%
3
61
3%
118*4 118*4
*17%
2*4
7
400
80
*51
5
17%May 21
4%
12%
19%
Jan
12%May 22
600
10%
1% Jan
1684 Nov 26
No par
19%
10
Aug
No par
19%
12%
19%
53
Bulova Watch
Butler Bros
80
12%
19%
51%
1%
41*4 Apr
Bullard Co
500
*4
63% Apr 6
4% Nov 1
24% Sept 11
116% Oct 7
2,200
1,700
5%
Sept
May 23
No par
5%
4% Sept
M84 Oct
7«4 Feb
Aug
Budd Wheel
1
Jan
Apr
Apr
41
4,500
1,300
dep7%pf_100
Aug
32
1578
31%
3
Bush Term Bldg
Dec
22
Apr
21
Bush Terminal
24
Jan
31
100
130
9i
12%
100
Mar 15
Jan
Apr
7% Aug
No par
7% preferred
1,100
12%
19%
51%
1%
7%
14
13%
20
'52
9%
7% preferred
Budd (E G) Mfg
780
4,500
80
*12%
4%
5
2%
13%
734
2%
13
9
77
13
7%
*14%
2%
13%
No par
Burlington Mills Corp
1
Burroughs Add Mach.-No par
*76
10
80
*12
19
1634
7%
2%
13
7
9'
77
*9
*77
*19%
16%
734
634
*4
13
9%
634
4
4
77
*51
13%
734
13
19%
38%
734
77
61%
*51
6%
12%
16%
I884
1%
19%
5%
16% Apr
6%May 23
97 May 28
65%
7%
*17%
7*4
*514
Brooklyn A Queens Tr.No par
Bklyn-Manh Translt_.No par
Jan
1334 Apr 29
Bucyrus-Erle Co..
5
51
121% Dec
63% Dec
2634Nov 12
41% Nov 13
14«4May21
62
100% Sept
4% Nov 13
8 May 21
27
5h
*33%
2%
38
5
7
Sept
13%May 22
27 May 22
Brown Shoe Co
66%
7%
*32%
14
Bristol-Myers Co
May 22
Bruns-Balke-Collender.No par
5%
3
Mar 20
Apr 25
Jan
3834Nov 15
100
Bower Roller
"5,500
65%
Jan
123%
70%
29%
24%
26
Boston A Maine RR
"2",200
5%
Jan
28%
9
Bearing Co
5
Brewing Corp of America
3
Bridgeport Brass Co
No par
Brlggs Manufacturing .No par
Brlggs A Stratton
No par
5
49
67%
5*8
17%May 28
17 June 10
34%
16
Nov
Mar 27
2578 Jan 3
2% Jan 4
15
share
1834 Aug
34
12%May 21
1 May 18
(The)
f 16 preferred series A No par
Brooklyn Union Gas
No par
66
5%
67
*2*4
1,100
4,100
38,600
11,300
11
113
1,100
5,200
9,900
400
39
43
400
May 23
Hithest
9 per share 9 per
28% Apr 15
1234 Aug 16
1934May 22
5134May 22
1
1934
21
Year 1939
Lowest
9 per share
share
99
Bond Stores Inc
19%
*1%
per
No par
20%
*36
9
No par
Class B
40
1934
24%
14
Bon Ami Co class A
21*8
24%
32
5
19%
24%
7%
5
Bobn Aluminum A Brass
16,400
52%
114% 116% *11478 116%
13%
13%
13%
1334
*30% 3134
*30% 31
24
24%
24%
24%
5%
Boeing Alrolane Co——
800
150
18%
3084
£106
52%
23%
17%
*30
Par
Range for Previous
Highest
Lowest
21
43%
2%
18%
31%
106
105
53
24%
17%
*30
105% 106
18%
18%
£5*4
18%
18%
6%
684
5%
*116% 116% *115% 116% *115% 116% *114% 116%
15
13%
15%
14%
13%
13%
13%
13%
*30*4
35
*30% 32% *30% 32% *30% 32%
65
On Basis of 100-Share Lois
1940
EXCHANGE
Friday
9 per share
106
Ranoe Since Jan. 1
NEW YORK STOCK
the
Thursday
Nov. 23
18*4
STOCKS
for
Wednesday
Monday
*3012
Sales
Tuesday
Nov. 26
Saturday
30,
Apr
37%
Oct
Apr
111% Dec
Apr
284 Aug
24% Sept
8% Sept
3% Sept
9«4 Sept
3% Aug
14
Apr
14
Apr
Apr
8%
25%
25%
Sep1
Dec
Dec
9
Feb
Jan
Jan
91
Mar
83
Feb
73
Apr
6% Dec
96
Oct
15%
Jan
15% Dec
30% Mar
5%
74%
62%
38'4
Apr
98%
Oct
42
Apr
103>4 Sept
8% Aug
1% Dec
57
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
45%
Jan
72% Aug
£25%
Apr
32%
1 Called for redemption.
Dec
Volume
LOW
AND
New York Stock Record—Continued—Page 4
151
HIGH
SALE
PRICES—PER
3195
Tuesday
Wednesday
Thursday
Nov. 23
Nov. 25
Nov. 26
Nov. 27
$ per share
9 per share
♦3
9
*3
3%
18i2
14
18i2
*1334
»1218
2434
*15%
*89%
*3
3x4
*3
18%
1384
1334
12is
12i8
2434
12i8
24
12i8
24X2
11%
21734
*1334
*12'8
2384
*1138
11%
11%
82%
82%
*78
83i2
90i2
7i8
23
*8912
90'2
.
%
9
3
9
*2%
2%
6
6%
5%
6i8
*1%
4I2
U2
*H8
4l2
H2
4l2
*19
19
19%
106
106
8%
*84
8%
34
*80%
%
80
19
*105% 106%
15%
1534
16
8%
4i2
80
11%
8i2
37
19%
*54
7%
39%
4'2
300
300
1,000
39'2
20
a;19i4
20
12,000
22
2214
*2134
2l834
23
*21%
23
500
1834
19's
1,900
57
56
56
*54
56 84
56
56i2
300
49
49i2
49
49
*4812
49
4834
49
350
43U
43X2
42l2
4334!
42%
42%
4118
42%
42%
41l2
42%
*434
4%
434
434
%
*%
19%
%
*%
»16
2018
104% 105
18%
18%
19%
20%
*X2
20
20%
105
105
179
*1834
1914
*414
26l4
*40%
5
26'4
40i2
*42
157g
*90%
*4X4
*2534
434
105
434
105%
179
179
434
4%
434
*177
179
434
%
1934
x2
19%
*18
4%
18i2
4%
7*434
434
2534
*41%
26
43%
*40'2
*4x4
2534
6,300
200
186
4%
*434
%
19%
105i2 105% zl04i2 105
18
18
*17%
18l2
%
1934
94.50
1,700
......1
6
Continental Steel Corp. No par
Copperweld Steel Co
...5
pref. 5% series
conv.
Preferred
Coty Inc
3,800
Coty Internal Corp
Crane Co..
..25
106
105
630
5% oonv preferred
100
200
»18
1734
Cream of Wheat
1
200
Crosley Corp (The)
26
2,100
Crown Cork A Seal
42
80
26
26%
40i2
42
42
43
42'2
42I2
43
600
16
*43
15%
4312
1612
4234
1534
*4318
16%
4234
15%
43i8
157s
43i8
16%
15%
15%
1534
4,100
9012
9012
*90
91
90
91%
91
9ix2
*90i2
42%
42l2
42«2
42%
4234
4012
42
40%
4112
4034
41%
8,100
91
91
9112
91X2
4314
9134
9034
91
8738
89'2
8734
8734
*234
4%
3
3
3
3
88'4
3%
2,800
3
8734
*234
4%
4l2
1,900
67
65
65
1134
1134
II84
2434
300
Cudahy Packing Co
100
Cuneo Press
*234
434
4%
*67%
68'4
*11%
1258
*23i2
1%
47%
33i2
25
2
3
3
5
3
68I4
*65%
12%
*66X4
12%
*2334
*1U8
24X2
434
4%
70
12%
24%
1%
*46i2
48
3412
9'2
28%
25
1%
2
47i2
33i2
*45i2
48
912
9%
33
4%
4%
*6212
4%
12%
25 I
*47
2
*6H2
*1134
*2312
134
48
65
1134
*2334
1%
*46%
184'
I
33%
8%
3334'
27i2
28
4'2
*24
2412
610
91
110
50
1%
134
134
7,000
48i2
*4612
48'2
100
3414
9
2734
3334
3334
8%
28
9
28
28
28
28i2
*33%
914
28%
*68
75
*68
75
*68
80
*68
80
*68
80
*68
55
*42
55
*42
55
*42
55
*42
55
*42
55
20%
2034
2034
*334
Z20
20
4%
19
2084
4%
20%
*334
2034
*334
*17i2
19
7%
*112% 11334
21% 21%
21%
*17%
*3%
*17%
4
19
7
7
800
80
*42
93s
27%
*17%
7
*112
33%
9i2
7
■
3%
3i2
12%
*3%
13
312
*'8
31#
1g
lg
*17%
*28%
39%
834
19%
*80%
*9%
*111% 113
1434
14'2
15
29%
*28% 29%
*39
40
3912
8%
8%
834
19%
19%
19%
82
*80%
81%
11
*9%
11
29
36
36
22
22
17%
17%
82
82
81%
82
*114% 120
156% 156%
19%
79
17%
7 I
10%
8l2
80%
*10
22
17
*6%
40
8'2
19%
36
22
*10
29i2
*39i8
11
*35
*35
131% 133
*21
2134
18
11234 113
14%
14%
113
14%
27i2
3I6
13
113
27X2
3%
18
*3%
*%
7
2734
17%
13%
2734
18
35%
22
22
81
14212
142
13%
35%
35%
15'8
*12
4X2
15%
zl4%
33's
28l2
*32's
*34
31%
*39%
33%
6%
2812
32i2
*34
*31%
*39%
6%
*68
141
35
15
14%
15
14%
15
34
28l2
32%
1
3134
40X2
32
*34
29%
3214
I
4
4%
*3A
31%,
40
'
*63
73
I *70%
77
*68
77
88
*75
85
I
1'8
%
Us
1%
*%
«18
*%
84
*72
3
8%
30
44
20
*1134
98l2
26i2
*14
*72
80
8%
30i2
8%
29%
3i8
*%
84
*6%
634
44
4234
43'2
*5%
40i2
20
19%
8i4
30
20%
12
9812
27
143*
*19%
1134
12%
*98i2 104
x26h
2614
Duplan Silk
No par
9,400
I
1,300
40
15,500
%
1%
*%
3
*734
*%
.1
3
%
June 10
92
Sept
7
60
23
June 10
May 21
6
3
Elec A Mua Ind Am shares...
97 preferred
No par
96 preferred
No par
Eleo Storage Battery..No par
1134
1134
*9812 104
2434
25X2
14
14
200
5,400
%
1,100
2,600
100
8
*734
"5",700
30%
900
8
84
30'2
3,400
%
30%
100
684
*6
20%
*1912
12%
98i2
12'2
9812
24%
24l2'
*12
98l2
*2312
14i8
*13%
3%
3%
400
80
*19%
x2
113
Oct22
l46i2May 28
114 May 22
112x2May 22
2534June 10
3
May 16
x24%June
6
preferred
Engineers Public Service
1
No par
—No par
...No par
Equitable Office Bldg—No par
JErle Railroad
...100
4% 1st preferred
100
4% 2d preferred...
100
Erie A Pitts RR Co
...50
Eureka Vacuum Cleaner
6
Evans Products Co..
5
Ex-Cell-O Corp
3
Exchange Buffet Corp. No par
Fairbanks Co 8% pref
100
400
1,000
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction—15
3%
12%
98%
24%
14'2
3'2
l2
1,900
20%
19i2
19!2
20
20
20
20
*19%
2012
93I2
93i2
93'2
*93%
96
*93%
96
*9312
96
13i2
39%
*13
14
*13
14
*13
1,000
500
2,900
2,100
14
39%
22
22
21
31
31
2OI4
93I2
3914
May 21
102
Fairbanks Morse A Co. No par
130
39%
t In receivership
39l2
a
20i2
39%
Nov 22
23% Apr
9
28%May
19% Apr
23% Jan
6% Jan
84 Jan
125% Jan
23% Jan 10
308s Apr 10
4314 Feb 3
10i8 Feb 21
38
Feb 29
23% Jan 10
94%May 10
171
Apr
9
30
Apr 24
10
84
Mar
4
%May 16
%May 15
1
Nov 29
%May 15
7
2%May 25
5 May 21
20X2 Jan 15
07% Aug
% Oct 24
23
Apr
11% Apr
1214 Aug
3% Sept
%
Deo
103
Apr
18
Sept
28
Apr
30'4 Sept
5's Aug
1384 Sept
66
Sept
984 May
30
Mar
10
Apr
2014 Sept
65
Aug
101X2 Apr
Mar
6
Mar 30
Dec
Apr
13>4 Jan 18
120
Jan 17
189% Apr
129
8
Nov 19
II884 Jan 19
44'2May
8
I84 Jan
4
8X4 Jan
8
40% Nov 1
30x4 Nov 1
33'2May 2
1*4 Jan 10
41% Jan 3
40
Apr 13
112
Mar 19
108
Apr
126%
Apr
112
Sept
lllis Sept
1214 Apr
384 July
138is Apr
155% Sept
15% Apr
15i2 Sept
2214
Apr
8i2
Apr
li8 Sept
6I4 Apr
20i2
I884
23i2
%
Apr
Apr
Apr
Apr
28
Jan
32x4 Aug
xl03is Mar
7
Apr
83
Jan
Jan
62i2
65%
Apr
89
97
Jan
09
12*8 Jan
%
1*4
3*8
1%
8
lis
Jan
Apr
66I4 Sept
_
11% Apr 25
34*4May 10
1
Aug
1% Sept
Jan
Apr
Feb
Apr
1
Jan
67x2 Aug
5
Apr
84 Aug
Jan
3
3% Sept
0
Apr
14%
%
2»4
Apr
Dec
Apr
3X4 June 10
8% Mar 11
29'2June 6
17i2May 21
11 May 23
49% Apr 8
3ix2 Apr 18
18% Apr 3
24
Apr
20
Apr
Mar 27
81
Jan
29x4 Jan 15
29
Dec
102
11
Apr
85
June 10
10
July 24
Federal-Mogul Corp..
Federal Motor Truck—No par
Federal Water Serv A.No par
Federated Dept Stores.No par
12% Aug 27
2%May 15
*uMay 22
15 May 28
1
Jan
25
Jan
18*4
Apr
Jan
82*4 Sept
15X2 Oct
4% Jan
100
79
June
6
95
—I
Fidel Phen Fire Ins N Y.92.50
10
May 21
20
% conv preferred
Ferro Enamel oorp—
Def..delivery,
May
May
5%May
63
May
66
May
Apr
13% Apr
3i2 Aug
14X4 Sept
4% Apr
103
Sept
15*4 Apr
96 preferred
No par
Federal Mln A Smelt Co
2
200
"i'soo
%May 22
35
~2,166
43%
18% Nov 12
8% Apr 4
114
24% Apr 23
lligMay 22
65% July 3
127% Nov 27
1484 Jan 12
5
May 21
9i2June 10
26
Corp
*%«
*%•
this day.
6%
130
6%
3
7
30i2May 22
14 May 21
.100
Endlcott Johnson
3
4
20i8 Nov 12
8684 Apr 6
14% Apr 9
50
El Paso Natural Gas
Us
42l2
3%
3834
J Elk Horn Coal Corp ..No par
3
900
3
Jan
Oct
9
400
*72
45
Apr
31 x2
80
1914
73x4
Apr
Mar 29
May 10
32% Mar 14
17% Jan 4
4184 Apr 10
18% Apr 20
111%
%
Aug
9i4May 16
12i2May 21
60'4May 24
Apr
4%
612 Mar
June 13
Dec
3i2 Sept
38
3512 Oct 28
11% Mar 8
May 21
Apr
Aug
20
Apr 22
293s Feb 24
4i2 Jan 4
51 May 4
Aug
9
17
37
40
1
1%
84
3
48
8%May 10
91% Feb 24
June 17
Apr
June
2% Aug
6
May 22
l0%May 28
May 21
10'iMay 21
i2May 22
3 May 16
l8i2May 21
l5%May 21
1,200
»i«
Jan
414
Apr
62
25
1,800
%
24X2
22
2
Edison Bros Stores Ino
3,300
684
9
95% Nov 12
9
27
*39
111% *110
Nov
46
Jan
32
'
40
Apr
Apr
75
178
3034
3
9
June 10
31
31%
Sept
28
4
9
165
Electric Power A Light-No par
1
33
4
21i8May
95i4May
Feb 20
45
6% cum preferred
.100
Eaton Manufacturing Co....4
*26
31%
Apr
26% Jan
6% Aug
2014 Apr
43x4 Apr
4'4May 15
•
% Sept
Sept
93
Nov 29
6I4 Nov 12
10034 Jan 2
9,500
30l4
106
June 10
4i8
%
3
Jan
Apr
Sept
Sept
10
7i2 Apr
1% Apr
2414
Jan
54%
117
6
Electric Boat
4
150
Eastman Kodak (N J).No par
Eastern Rolling Mills
6,000
1,700
42%
%
Eastern Airlines Ino
49
65i8 Jan
179 May
2,800
800
14%
%
*42
3X2
Bid and asked prices; no sales on
preferred
No par
Duauesne Light 5% 1st pf.100
3,300
14%
42
19%
12
39%
94.60
35
684
334
*12%
100
20
Electric Auto-Lite (The)
*6
1412
13X2
Du P de Nem (E I) A Co
90 preferred
12
3934
preferred..
85
3%
39i2
8%
100
*75
*14i8
*
100
85
%
14
No par
1
*75
334
39i2
Dunhll; International
%5ii preferred
*x2
*13
Dresser Mfg Co
900
77
2934
84
*%
7
34
Douglas Aircraft......No par
Dow Chemical Co
No par
*65
*3%
39l2
3,400
1,600
No par
Doehler Die Casting Co No par
Dome Mines Ltd
..No par
77
X2
*13
3,200
May
01i2 Jan
38% Apr
32
26
No par
Class A
70
1,200
2,800
Co..
25%May
25% May 22
No par
5% pref with warrants.. 100
Dlxle-Vortex
$5 pieferred
334
19
Distil Corp-Seagr's Ltd. No par
400
69
*7H8
3%
3i8
7%
30'2
30
%
80
*72
80
3%
8'4
3i8
*%
*6%
95
2,700
11
35%
20'2
16%
78l2
129
21%
7
10%
*60
X2
19
18%
80%
72
334
*9312
Diamond T Motor Car Co...2
*63
*%
*%
1%
20%
12%
»98l2 104
26%
26%
1412
1412
1,300
*68
I
%
1
39%
11034 11034 *110
6%
634
6%
73
1
*12
Diamond
6% partlc preferred
Apr
Apr
19% Aug
10i8 Apr
70
'
31%
40
1%
*1934
29%
40
800
14%
26i2
3134
31%
100
34l2
3U8
31%
Delaware Lack A Western..50
200
Apr
1%
33
ll%May 22
8%May 21
2i*May 21
i8 July 11
98x2May 22
12%May 21
10
Delaware A Hudson......100
Match
29i8
Jan
5
2
21
...20
Diesel-Wemmer-Gllbert
40% Mar
4«4 Feb
l3%May 22
No par
....
Apr
Sept
Apr
*100.
784 Jan
107
Devoe A Raynolds A ..No par
120
4i8
2534
1
%
Preferred
5
9
Jan 20
Apr 9
25
l3»4May 22
3%May 22
25
560
33%
*4«4
5
14134 143X4
3434
1434
%
3034
634
X2
Deere A Co
32x2
Apr
3284 Feb
3
Dec
x87x2 Sept
l4%May 15
5
Apr
1
Apr 4
Jan 10
75
1
Cushman's Sons 7% pref.. 100
98 preferred—
No par
Cutler-Hammer Inc..-No par
JDenv A R G West 6% pf.100
300
I
*65%
8812
A
Sept
9i8 June
lix2
42
1
Detroit Edison
"T266
32
40
*79
Class
1'4 Apr
8X4 Aug
88
9
31% Oct 9
0X2 July 25
21i4May 21
Prior preferred.....No par
Curt Iss-Wright..
0X2 Aug
1
July
9
168s jan 10
June 13
31
1,800
14%
32%'
i
78
6
2,000
33%
2634i
31%
6%
Ino
Curtis Pub Co (The)-.No par
Preferred
No par
6,700
a
*13
32
31%
111
30
314
*3234
2618
40
*110
10
..100
2,700
3234
31!8
73%'
7
Sugar.
Preferred
300
1412
%
*12
4
Cuban-American
4
19is Apr 24
ls4May 24
3i2 Aug 15
00 May 21
9% May 23
19i2June 6
1% Oct 16
Dayton Pow A Lt 4J4 % pf.100
*178
34l2
1434
conv
Davison Chemical Co (The).l
5,400
33'8
*178
34'2
preferred..... 100
Cuba RR 0% pref erred... 100
3,100
129
140% 141
3234
5%
18%
*116
120
*13
pref erred ...No par
Crucible Steel of Amer.No par
Conv 5% preferred
129
140
%
44
44
78
5
1%
34
I
32%
*%
7
78
*434
1
*%
*6%
20l2
16%
*116
1%
8%
35i2
2034
16%!
31%
35%
l2
1
3i2
36
5
*l2
*%
3014
218%
80%
*9i2
32
3514
*110% 111
8%
18%
80%,
11 I
77%
116
95 conv
8i8
29%
*39%
8
5
3034
36%
414
33i8
*2
3%
I
16%
13%;
X2
2934
I
8
36
32%
4%
32%
*27i2
80
30
20'2
13%
x2
I *72
88i2
*80
*72
2%
12812 128%'*128% 129
116
5
3f
12%
3%
40
1834
*78%
*9%
3234
4%
78
*%
8OI4
11
36
21X2
14l2
'2
*72
1
*78%
*9X2
35%
2012
Corp
Jan
Dec
7*4 Sept
384 Dec
233* Nov 15
30x2June 12
12
May 22
75 May 21
25 May 21
7514 Oct 10
12X2
12
*39%
8
Crown Zellerbach
par
No par
20
28
*1734
*29%
33'2
4%
33%
73%!
*1%
39%
8X8
19%
Pref ex-warrants
500
*lS
113% *111% 114%
13%
14I8
14
14
1418
2912
39%
8i8
18%
18%
pref w w..No
cony
Davega Stores Corp
113
*178
»i«
*68
*80
13%
29%
28
28'8
*1
80
4%
6% I
3%
78
to
111
111
3%
*l16
*it
113
114
*13%
34
13%
3512
40i2
12%
27%
*1734
12'2
314
27%
1734
12%
33
34
1312
»16
*27l2
1734
17
*178
34
3112
19
1,200
*6%
634
*6%
634
634
634
11334 11334 *112% 11334 *112% II384
20% 21%
20%
20%
20% 2034
16%
140X2 14134
142%
13l2
32%
19
4
I
34
28'2
*3%
*17%
30,600
1,900
129%
128
12918 131
127% 130% 128
130i2 132
21
21
20
20%
2034 2034
2034
21%
21%
6%
6%
*6%
6%
6%
*6%
7
*634
7 |
*10
*10
10%
10%
10%
*10
10i8
10i8 *10
115
*115
120
*115
120
*115
120
115
115%
115
155
156
157
15434 15534
153% 15434
1,54% 15434
156%
*178
*178
20%
4
17%
128X2 129 f 128'2 128i2 128% 12834
♦116
120
116% 116% *116% 120
34
35
3H2
34
34'2
35
*5
4%
4%
4%
5
5'2
*140
27%
2034
82
*1718
I
20l2
*334
*17%
19
2734
17%
12%
2734
13
412
112% H2>4
21%
21%
—
213s
2034
*33i2
8%
914
92.25
3
1%
97i|
49%
110i2
914
Apr
84
4
I06i2 Nov
27
IOI84
3%May 22
18% June 11
30
July 17
No par
42
26
,
17»4 Nov 29
No par
40'2
Apr
7i8 Nov
5% Nov 14
May 25
75
Corp (The).2
18
434
1,200
*4X4
25%
434
25%
43 I
21
22
22
21
Apr
79i2
5
2x4 Jan
4
May 21
%i Sept 28
13 June 5
1
20
*12
1934
73
10i2 Apr
4i2 Apr
8i8 Apr
6
165
100
....
9
32% Apr
21
31
Refining....25
8
Apr
110% Mar 25
lis Jan 5
6
60
Apr
Apr 5
978 Feb 21
June
Corn Exch Bank Trust Co.20
Corn Products
10
92
21
25
15
10
21
10
47 May 21
41
May 28
4H8 Nov 37
Continental Insurance...92.50
5
15X2 Aug
6% Apr
95
33
May
106'2May
4%May
27% May
2
May
10i8June
l8x2May
I5i| Mar
No par
Diamond Fibre. 5
Continental Oil of Del
June
70
20
preferred
Continental Motors
3%
1934
*54
186
Continental Can Ino
June 12
6X4 Jan
718 May 21
•4 May 10
..100
2,600
7,000
334
57
*177
preferred
Continental
39%
3%
8%
1,300
7%
3984
384
49
186
Amerlca.20r
5,900
400
4834
*177
100
2,100
49%
186
conv preferred
Consumers Pow $4.50 pfNo par I
Container Corp of
49
*177
5%
5
19
1334 Sept 24
12t8 July 8
31i2 Apr 15
2%May
8*4May
93X4 May
9% May
25
Continental Bak Co cl A No par
Class B
No par
20%
42
Consolidation Coal Co
3
24% Feb 17
Jan 15
1
1,100
113
7%
19
1
1,700
19%
18%
No par
Consol Laundries Corp
6
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
39%
3%
18%
95 preferred
Consol Film Industries
37%
37
113
738
39%
334
Consol Edison of N Y..N0 par
34
8034
34
8034
37i8
*7I4
39%
5
8
h
36i2
100
100
Highest
sfiare 9 per share
8% Feb
Apr
303s Jan
Apr
9% Deo
Sept
9 per
May 18
17% June 10
7% Jan 29
03 May 29
76 May 29
4%May 21
21% Nov 29
97%May 21
x2 Aug 20
5%May 22
2%May 23
5i2May 22
1512
8
81
7% preferred
6H% priorpref
Consol Coppermines Corp
300
,
9 per share
10
Ctfa of deposit
7,900
"i',666
share
2% May 22
$2 partlc preferred..No par
4'2
19%
Year 1939
Lowest
Highest
8
Consol Aircraft Corp..
1
Consolidated Cigar....No par
1,600
1%
Ranee for Previous
14
Congodeum-Nalrn Inc..No par
No par
6
15%
11334 11334
36%
36%
113% 114%
7%
7%
600
106% 106%
8i4
*80
80
80
*114
1%
3.00Q,
8%
*2%
5%
*H8
4%
*1734
5%
9 per
Congress Cigar
3
8%
%
%
34
34
81
140
46,400
2%
*8
8i2
100
6.800
18%
18i2
18%
105% 105% *105% 10612
15%
15%
15%
15l2
8
600
90
7%
9
4%
18%
300
1,700
22i8
104% 105X2
*%
34
22%
105%
8%
2%
5%
*n8
1,700
12%
71s
21%
%
3
2%
1%
4%
57
23i2
22
9
6%
7i8
105
34
834
*54
334
20
"i«
6
7i2
3912
334
20X2
23i2
7
7
7X4 • 7%
22%
23i8
2334
105% 10534 1105% 10534
"l'eoo
2334
90
Par
Conde Nast Pub Inc...No par
314
1734
14
*78
9012
11%
Lowest
83i2
11%
*19
115
*714
3912
*24
83%
91%
37
37X2
37l4
114% *114% 114i2
7%
7%
7%
39X2
39%
3914
334
334
3%
3%
20
19%
20%
20%
*22%
23% *22%
23i2
19
19
19%
19%
*114
Shares
18
*1%
4%
78
9 per share
3%
„
*9
*2%
9 per share
18i2
1334
1834
1334
11%
*82%
90%
7%
23i2 24
105% 105%
*%
%
8H2
37i2
37
81
1534
16
24t2
90%
7%
8%
♦ u
*12%
81
16
*80
12%
25
11%
Week
18i2
1334
*3
3%
18%
1334
*12%
24%
lll2
11*4
1184
80'2
8012
9012
90i2
7%
7%
235s
2378
10534 10534
34
34
*9
9i2
*2%
3's
6
6'8
*H8
138
*4i2
434
*18%
19i2
*105% 106%
Nov. 28
24%
*3
Ranye Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Friday
Nov. 29
12%
3%
18%
14
18%
*1334
1278
24*4
per share
8TOCKS
NEW YORK STOCK
the
NOT PER CENT
Monday
$ per share
Sales
for
SHARE,
Saturday
n
New stock,
r Cash sale,
27X2May 21
x Ex-dlv.
y
2
40% Feb 14
Ex-rlghts.
2's
Aug
*4 May
Apr
17% Nov
27*4
Apr
T Called for redemption.
New York Stock Record—Continued—Page 5
3196
AND
LOW
STOCKS
for
NEW YORK STOCK
EXCHANGE
Saturday
Monday
Tuesday
Thursday
Friday
the
Nov. 23
Nov. 25
Nov. 26
Nov. 27
Nov. 28
Nov. 29
$ per share
$ per share
$ per share
3 per share
$ per share
$ per share
Shares
17%
*95%
43%
17
17
17
*95%
99
*96
*43%
16%
44
43%
16%
16%
17
*34
35
*34%
08%
43%
16%
3434
*22%
*7%
*27%
23%
7%
28%
*22%
23%
*7%
*27%
7%
29
*31
32
*31
32
*106%
*17
234
35
37
*2%
♦15%
10%
*15%
*18
18%' *18
*2
105
*102
*12
12%'
50
I
49
5%'
22%
*22%
7%
27%
22%
7%
27%
*2214
7%
27%
2212
7%
27%
~~~606
*26
31%
31%
600
*11
36%
*2%
2%
*15%
17%
*5%
5%
*11
12
*11
*46%
*5%
134
*129
3%
6%
17%
*83
21%
5%
*129
134
*129
50%
5%
*46%
*125
134
5
3%
3%
17%
3%
6%
*17%
6%
17%
17
85
85
*84
84%
83
83
22
22
*3%
6%
*16%
3%
6%
*3%
22
20%
21%
115% 117
33
33%
20%
21
6%
3%
*131
134
6%
*17%
3%
6%
17%
87%
6
300
16%
"i"66o
17
16%
17
*80
21%
117
3%
*126
7
7
*49
48%
*4%
50%
4%
4%
7
7
6%
7
*47%
4%
49
4%
6%
*109% 110
*108% 110
*109% 110
*108% 110
%
%
*%«
%
7i»
%
U
%
15%
15%
1534
16
*15%
15%
15%
15%
105
*105
*105
*105
105% *103
71«
7ie
Ti«
7ie
7i«
7xe
7x»
7u
%
*16
17
*16%
*16%
18
*16%
17%
17%
17%
28
£27%
28%
28%
28%
27% 28%
27%
27%
*10-%
11%
*10%
61
61%
*20%
21%
11%
61%
21%
*10%
*11
*18
*18
21
*103
11
62%
21%
11
20%
*103%
*13%
14
3%
*35%
7%
3%
3%
35%
35%
*64
65
15%
64%
*14%
41
o
0
2%
36
36
30
F'k'nSlmon&Co Ino 7 % pf. 100
37
37%
2%
3,100
2%
2%
1,800
Co.
10
Gabriel Co (The) cl A ..No par
Galr Co Ino (Robert)
1
*1534
16%
18%
100
2%
2%'
16%
j
50%
5
134
300
*46%
50%
*5%
5%
10134 10134
5234
53%
*63
*18%
18%
18%
*84
85
l»le
2
1%
35
*1%
*30
,
*84
*30%
6
6
*12%
12%
10%
15%
*10%
*14
33%
*23%
*17%
28%
33%
24%
18 I
6%
12%
10%
13%
*33%
*23%
17%
132
132
10
General
6
1,500
General
17
6
300
Class
117%
*116
2,000
42
1%
2%
*80
42%
2
2%
1%
18%
18%
84
1%
*30%
%
lsi«
*6%
*12%
10%
6%
12%
10%
13%
13-%
8
8
*91%
92%
11%
17%
1%
17%
*162
166
33%
33
*32%
*13
13%
*15%
16
*13
*15
12%
150
*130
7
95
*6%
*92%
2%
2%
96%'
8
92
166
j
I
1
*15%
16
16
16
70
70
95%
*7%
*90
*162%
15%
18%'
21
138
11
11%
17%
13%
16
17
*14
17
*14
33
33
33
33
10%
*36%
13%
*61%
*109
4%
36
%
*3%
18%
*10%
*105%
50%
36%
*13%
61%
110
111
4%
4%
*35
36
%
4
*%
*3%
19
*4%
18%
4%
*4%
%
5o
%
*
10%
*10%
*106
-
11%
11%
17
1%
15%
2%
2
30%
11
16
16
104
104
13%
114
33
8%
32
8%
..
8%
10%
*8%
10%
10%
*106%
*10%
*106%
..
17%
26%
26%
2034
2034
137% 138
55
*35
31
30%
11%
11
11%
1%
*14%
700
11%
167g
17g
17
400
Granite City Steel
Grant
Gt Nor Iron Ore Prop..No par
5%
32,300
2,100
150
104
Great Northern
Green (H L) Co Ino
Greyhound Corp (The).No pari
200
35
700
1,400
7%
1,200
No par
100
preferred
Hanna (M A) Co 35
pf.No par
Harbison-Walk Refrac.No par
6%
preferred.
"""700
Hat Corp of Amer class
"3"400
6H % preferred
Hayes Mfg Corp
200
4,700
600
1,500
120
Hercules
100
6% cum preferred
Hershey Chocolate
"""166
34
conv
preferred
No par
No par
Hlnde A Dauch Paper Co
10
Holland Furnace (Del)
10
"""700
100
Hollander A Sons (A)
600
Holly Sugar Corp
7%
*106%
*13%
49%
37%
13%
13
13
13%
*62%
64
*62%
64
*107% 110
*107% 1097g
4%
4%
4%
*4%
4%
*34%
35%
34% 3434
35%
*%
U16
%
1
%
*3
4
*3
4
334
18%
18%
19%
18%
18%
434
4%
4%
4%
4%
%
H
"moo
500
300
t In receivership
a
No par
100
12.50
Mining
Houdalile-Hershey cl A.No par
Class B
No par
Household Finance
200
1,100
5
preferred
Homestake
2,100
64
110
6%
No par
preferred
100
Houston Oil of Texas V t C..25
800
Howe Sound Co
..5
600
Hudson A Manhattan
100
5%
100
100
preferred
6,900
Hud Bay Mln A Sm LtdNo par
1,700
Hudson Motor Car
3,000
X Hupp Motor Car Corp
Def: delivery
1
5
30 May 20
9%May21
l0%May 22
100%June 18
95 June 25
l6%May 23
130 May 27
8% Nov
29%June
6%May2l
83%June27
2
Aug 16
No par
Preferred
87g
10%
10%
21
Hercules Powder
25
n
New stock,
r
No par
Cash sale,
1
x
Apr
14
Aug
06% Aug
1% Apr
55
Jan
Sept
2
July
5% Sept
18% Oct
15% Sept
94
Apr
3% Apr
x9% Sept
45% Aug
6% May
90
Jan
40
128
Apr
Mar
9
17% Apr
Jan
107% 8ept
130% Jan
56% Apr
89%June
44%
60%
112
Sept
28
Apr
3% Sept
Mar
Apr
1% Jan 11
19% Jan 4
Sept 30
2
5
4
Jan 11
% June
12% Sept
85% Aug
% June
14
Sept
19% Apr
12% Aug
Jan
47% Aug
118% July
1% Jan
05% July
128%
Jan
7
100
15%
Jan
Apr
Jan
105
18% Apr
33% Jan
Jan
75
25% Jan
130% Mar
Dec
3
»*ii Apr
35
Dec
Jan 10
Jan
Sept
6% Sept
18
Jan
%
39
Jan
Apr
10
05
72%
125%
30%
% Jan
110
103% Mar
Mar
Apr
Apr
44
Jan
July
2%
30%
101
Jan
9
11
31
6
Jan
52
149
Oct
2
Jan
18%
Dec
106
Jan
Dec
104%
7%
8ept
7%
117% Nov 12
49% Apr 15
3% Sept
7% Aug
9
July
Apr
41
Jan
Jan
9% Sept
30
1% Apr
Dec
118% Jan
29%
90%
Apr
18%
4
3
8
37% Sept
108% Jan
Sept
27
16
99
July
Dec
Oct
126% June
38
0%
Feb
Jan
10% Jan
111% Nov
1% Sept
28
Jan
92%
Apr
1%
20%
Jan
41
Jan
Jan
15% Oct
43% Sept
20% Nov
15% Jan
65% Nov 14
24% Mar 7
13% Jan 4
16
Apr
15
Apr
23% Apr 27
10% Aug
18
May
1
23% Jan
4
97% Nov
15% Apr
5% Apr
43% Oct
0% Aug
99% Feb
27% Mar
100
0% Mar 0
51% Mar 14
9
65
Jan
3
Nov 14
19*4 Jan
4% Apr 22
3% Apr 11
90 Sept 19
20% Apr 4
69% Mar 7
24% Apr 4
97% Feb 21
4% Feb 8
71% Jan 9
1% Jan 30
912 Apr 10
4
Nov 8
Apr 8
Apr 8
July 17
8% Sept
May
2% Jan
1% Apr
0
Jan
13% Apr
63
Apr
21%
87
Apr
Nov
2% June
07
Dec
% Aug
4% Apr
8%
54
Nov
Jan
Mar
13% Jan
60% Mar
24% Jan
47
Mar
3% Mar
2% Jan
80
Nov
24% Jan
74% Mar
38%
Jan
109% Jan
6% Sept
80
Mar
1%
10%
16%
10%
22%
Nov
Sept
Dec
Dec
Sept
14% Jan
14% Dec
10%
16%
36%
25%
18%
9%
10
Dec
24%
Jan
35
Aug
25
Aug
2
22% Jan
12% Apr
16% Apr
23% Aug
6
129% Sept
30
Jan
Nov
29% Jan
55
No par
__1
21
10312 Apr
43
142
Motors
Products Corp
Helme (G W)
Oct
89% Nov 14
22
Nov 23
June 13
100
25
25
Sept
5
7%June 10
80 June 11
155
Jan 12
Hecker
20
400
100
A
1
...100
2
Hazel-Atlas Glass Co
32%
13%
62
Bid and asked prices; no sales on this day.
10
Hamilton Watch Co
0%
25
Co
*8%
*3634
%
25
Water
preferred class A
Hall Printing
30
140
No par
preferred
Hackensack
11% Jan
May
3
8
4% Sept 23
29% Apr
17
Sept
4
preferred
Jan
Jan
July
14
1% Oct
8%
8% Jan
38
34
100
No par
Guantanamo Sugar
20
3,300
10
.1
Aircraft Corp
57% Jan
145
Aug
31%
Apr
43
Gulf Mobile A Ohio RR No par
5^!% conv preferred-
Mar 20
104
51
Sept
4
22
29
26
22
Grumman
4
Dee
25% Sept
105% June
15
44% Mar 26
9%May
9 May
14%June
1% Aug
11 May
600
7% Apr
27% July 30
23 May 22
100,
11
6,200
32%
37%
4%
pref...No par
2~206
2,300
3
share
21%
25
127% Mar 23
68%May 4
7% Apr 8
Great Western Sugar._No par
Preferred
100 x123
8%
11
*36%
18%
20
32
36-%
13%
*3
(W T) Co
preferred
Green Bay A West RR
"
100
*101
No par
10
1,000
16%
3634
%
1
5
Motors
6~200
"""566
36%
13%
4%
100
Graham-Paige
"
13%
36%
35
No par
No par
Preferred
15", 100
13%
*1534
49%
110
35 conv preferred
Gotham Silk Hose
33
50%
Goebel Brewing Co
*32%
50
13
Gobel (Adolf).....
1,300
11%
*32%
33
13%
16%
50%
*62
5,400
2%
11%
33
2%
50
62
50
34%
24%
17%
6034
62
No par
No par
preferred-
13
501s
*107% 110%
4%
4%
4%
36
36
36%
%
%
%
3%
3%
3%
19
19%
19%
434
4%
4%
%
%
%
4 H % conv
Without dlv ctfs..._No par
50%
36-%
110
No par
Brothers..
preferred
13
31
104
36
GUdden Co (The)
Granby Consol MSA P
Grand Union w dlv ctfs.No par
33
*101
600
300
15%
2%
11%
32%
Glmbel
500
300
15%
2%
11%
*32%
13%
*15%
2,500
2,400
167g
*1%
11%
35 conv preferred. ...No par
10%
*11%
33
Gillette Safety Razor..No par
800
100
preferred
6%
12
16%
33
3,200
6%
10%
11%
11%
General Tire A Rubber Co—5
*57g
*11%
*11%
16%
*1%
33
*32%
13%
700
"""600
7g
*31
*14
*32
50%
37%
13%
61%
30%'
10%
11%
16%
1%
15%
55
pref ..No par
20
General Telephone Corp
Gen Time Instru Corp.No par
1%
17
*111
50%
30%
*35
1
Gen Theatre Eq Corp..No par
37
33%
114
*10%
i
55
Shoe Corp
I3ie
72
72
72
72
73
7278
128% 128%
128% 128%
12812 128%
56
*55%
56
*55%
56% *54
113%
112% 112% *111
113% *112
*15%
17
*15%
17
*15%
17
*111
*8%
*35
No par
500
500
*104
105
105
105%
105% 105%
24
24%
24%
24%
24%
24%
150
*133% 150
*133% 150
*133% 150
6%
6%
6%
6%
6%
6%
6%
95
*92%
95
*92% 95
*92% 95
2%
2%
2%
2%
2%
2%
2%
*93
*94
96
96%
06%
96% *95
7%
7%
7%
7%
77g
77g
8
93
93
95
93
9734
94% 94%
166
*162% 166
*162% 165
162% 162%
15%
15%
15%' *15% 1534
15%
15%
114
8%
*1%
*30%
1%
37
%
6%
*23%
17%
26%
20%
24%
1,800
1
No par
Goodyear Tire A Rubb.No par
34%
33
*23%
17%
25%
?0 pref opt dlv ser
400
*23%
*111
*105
Gen Realty A Utilities.
100
3,800
34%
70%
71%
*128% 129
*55% 56
*8
*1%
*30%
%
*534
1%
33
%
1,800
84%
24%
18
17%
29%
27%
21%
21
138% *137% 138
*127% 129
*55%
56
8%
100
preferred
63%
1734
34
*69%
72
*127% 129
*55%
56
*8%
No par
6%
*84
84
33
1%
*32%
*162
.No par
Gen Railway Signal
*62%
17%
62%
17%
13%
17
2%
12%
33
33
*33
17%
84
*13
*1%
*15%
2%
*11%
33
2%
18
85
13%
29%
29%
21%
21%
139% 139%
18
8
Gen Public Service
100
300
13%
34
92
1
....No par
preferred
"3", 700
13%
103% 103% 103% 103% *101
106
105% *105
105%
105
105%
25
25
*24%
24%
24%
25%
97
30
1,900
85
14%
12
10%
24
*105
*95
No par
Common
May
61
16% Sept
17% Apr
99% Jan
38% Apr
30 May 21
1%Nov26
2 May 21
77 July 16
10 May 21
45 May 21
12%May 22
09 June 11
1% Oct 18
25 May 22
%May 14
4%May 22
9%June 7
6%June 10
10 May 18
20 May 21
21%May 29
ll%May22
15%May 21
18%May 22
No par
Gen Outdoor Adv A
General Printing Ink
6
3
May 22
32%June 10
3%June 10
5%May 21
100 June 1
% Nov 26
9%June 10
80% Jan 15
%May 15
13% July 23
20 May 21
10
July 22
14 May 21
l0%May 28
7%May 23
l3%May 28
98
Feb 9
10%May 22
3 Sept 9
30% Oct 17
4%May 21
43 May 22
11 May 21
110
..No par
preferred
14%
*77
14%
14%
62%
*11%
*10%
1
2%
35
1
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
5% preferred..
No par
6%
12%
10%
31
99%
100
10
preferred
4,400
2
2%
1%
2%
10%
31
*92%
2%
No par
General Motors Corp
100
44
*5%
12%
6%
31
*6%
*92%
2%
*95%
5%
600
400
%
10%
34
11%
85
14%
63
134
11
*130
40,100
17%
12%!
*23%
10%
*77
85
*30%
%
31
7
70
—
*40
2
2%
17%
1516
34
11%
1%
£2%
44
84
I
150
General Mills
500
14%
11%'
*6%
"""600
1,100
63
1%
34
24
18
18
2%
*77
84
63%
2
2-%
85
84%
1%
34
14-%
*40
42
42
31
*130
No par
preferred
36 conv pref series A.No par
Gen Steel Cast 36
31
16
34.50
Gen Gas & Electrlo A..No par
1,800
|
*15%
No par
Electric Co
Foods Corp...No par
58
59
58%
61%
61%
21%
2178
21%
21%
21%
21%
21%
*1034
11
*10%
11
10%
11
10%
*19% 21
*1934
21
20%
20%
20%
20%
*103% 107
*103% 107
*103% 107
*103% 107
13
13
*13
13%
13%
13%
*13%
14
3
3
3
3
3
3
3
3%
36
35
35
36
*35
36
35%
34%
7 r
7
7
6%
6%
7%
7%
7%
64
64
63%
63%
63%
63%
*63% 63%
15
15
14%
14%
14%
14%
14%
14%
55
*13
General
General
15
63%
18%
12%
General
1,100
*35
12%
100
preferred
7%
10%
55
*32%
100
No par
10%
58%
*10-%
10%
10%
10%
62%
21%
10%
*35
*33
No par
General Cigar Inc
7,900
49%
*103
Cable Corp—No par
A
39,400
"2",400
6
Corp
7% cum preferred
260
126'4 12684 ;'/>
*47%
Bronze
10%
10%
1
2%
500
8334
19%
83%
£19%
5
5
No par
General Refractories
55
11%
17%
1%
*15%
2%
Baking
38 preferred
400
6%
-
No par
General
4%
—
preferred
Gen Am Transportation
1,400
*35
11%
18%
2
17%
2%
12%
33%
33
13%
36
100
3,700
3%
45%June 14
3%May 21
94 June 5
35%May 25
5% May 22
118 May 27
l%May 15
4%May 15
ll%May 24
48% Feb 0
l234May 23
102 May 21
26%May 21
34% Nov 27
lll%May 22
%May 17
28
Sept 19
77%May 21
118 May 28
37% May 28
50
Gen Amer Investors—No par
28
28%' 29
29%
22
22
•
21%
22%
*136% 139% *137% 139%
11%
*11%
*17%
*1%
*15%
5H % conv preferred
%
15
64%
15ie
H„
5
5,200
*16%
50
3
Container Corp
7
3%
6%
117
Gar Wood Industries Inc
7
17%
85
No par
Gannet Co conv J6 pref No par
Gaylord
10,700
10
preferred
Gamewell Co (The)
"""loo
*11
3%
21%
20
5%
12%
*5%
5%
13
240
13
28
85
14%
14%
64
300
Free port Sulphur
*16%
2%
*77
85
14%
No par
No par
%7 conv preferred
Francisco Sugar Co
716
2
2%
2%
i
10
Foster-Wheeler
17%
27%
42
2
42
*63
15%
7%
7%
15%
*41
*80
14
3%
35%
7%
64%
*13%
100
4 M % conv preferred
37%
2%
4%
4%
678
07g
109% 109% *10834 110
%
%
%
%
15%
15%
15%
15%
6%
7
5% conv preferred...
100
Food Machinery Corp..... 10
40
126% 126%
126% 126%
126% 126%
126% *126% 126%
*48%
50
*48%
50
*4%
4%
4%
4%
10
Follansbee Steel Corp..
110
117
117
11534 115%
117%
32%
32% 32%
33%
32%
32%
33%
33%
33%
33%
34%
35
34%
35
35
34%
34%
35%
35%
34%
35
35%
*116% 122
*116% 122
*116% 122
*116% 122
*116% 122
*116% 122
*%e
6ie
si8
su
%«
sie
*16
%«
*s«
%
%
*34%
40
*34%
40
*34% 40
*34%
40
*34% 40
*34%
40
89
89
89%' *88% 89%
89%
89% *88%
89%
89% 89%
89%
129
129 1*129
129%
12934 12934
129
129%
*128% 129
*128% 129
49
49%
49
49%'
48% 49%
49%
49%
50%
50%
50%
50%
*115
No par
800
107
*2%
3%
No par
Fllntkote Co (The)
21% Jan
Jan 24
May 21 106
46
Jan
2
32%May 22
21% Apr 5
l0%May 22
38% Mar 26
24%June 10
25% Apr 4
19 May 20
8% Nov 8
6%Sept 23
32
Nov 9
22 Sept 25
35
Jan
9
18%June 10
102 June 5 107% Apr 4
21% Apr 29
v 9%May 21
01 May 22 110 Nov 16
6% Apr 18
2% Aug 12
36
Nov 29
20 May 24
38% Apr 16
24%May 28
3% Sept 30
l%May 14
5% Apr 24
2%June 11
20
Apr 30
l0%May 21
20
Sept 4
12 May 211
105% Mar 27
97 June 19
6% Apr 22
3%May 28
14% Apr 24
8 June 14
Florence Stove Co——No par
_
107
107
First National Stores
22iz Jan
Highest
share 3 per
S per
share
per
84
Florshelm Shoe class A.No par
200
*106%
5%
5%
5%
*100
104
*100
104
*100
104
*100
104 .*100 *104
53% 53%
63%
53%
53%
54
51%
52%
52% 63%
7
7
*7
6%
6%
*6%
7
7%'
6%
7
5%
900
1,800
18
17%.
*102% 103
*102% 103
104
5%
61
*36
17
102
*47
*2%
2%
37%
2%
2%
17
17
6
12%
107
40
*2
104
16%
16%
2%
*15%
31
*106%
106
2%
18%
30%
31
36%
2%
2%
*7%
....
*33
49
*11
*45
34
16%
16
*5-%
*33
♦106%
3%
6
12%
*534
I
34
7%
27%
37
*102
104
*102
6
*534
18%
*33
*22%
40
18
2%
16%
2%
16%
106
16
2
2
43
16%
6% preferred series A—100
34
43%
31
36%
2%
2%
100
15-%
16%
*36
35
*36%
35
36%
42%
16%
600
14 Sept 7
12%May 21
Fllene's (Wra) Sons Co.No par
Firestone Tire & Rubber—10
34
106
*2%
2%
2%
2%
36%
2%
3
*34
16%
*96%
3
% per share
40
20%
16%
99%
*13%
20%
*16%
16%
*96% 100
42% 42%
*16
16%
96
43
....
16%
106
108
*107
*13%
20%
16%
96
32
*31
17%
17%
17%
108
*106
16%
34%
*22%
7%
*27%
*106%
*106%
—
*13%
16%
16%
17%
96
43%
16%
34%
23%
7%
29
*14%
14
14
14%
*13%
Lowest
Highest
Lowest
Par
Year 1939
Lots
On Basis of 100-Share
Week
Wednesday '
30, 1940
Ranoe for Previous
Ranoe Since Jan. 1
Sales
SHARE. NOT PER CENT
SALE PRJCES-PER
HIGH
Nov.
Feb
8
7
Jan 29
Apr
22% Sept
33% Sept
37% Sept
141% July
May
42
63% Dec
35% Apr
6
24%
Jan
35% July
17% Jan
4
14%
Apr
12
3
10
Apr
21% Mar
12% June
""%"
Jan
25% Apr 29
3% Apr 18
30% Apr 18
2%Nov 9
14% Nov 12
34% Apr 22
37
Jan
9
Apr
6
Sept
9
Apr
36
Sept
29
May
17
Jan
8
106% Jan 12
105% Mar 30
28% JaD 4
138
Apr 12
9% Apr 5
104
Apr 9
4% Apr 16
113% Jan 29
11% Apr 8
32% May
Jan
18% Dec
Apr
5
38
Apr
2
20% Feb 19
18
Oct
105
Oct
Nov
9
Apr
96
May
103% Nov
17
Apr
123
Sept
33% Sept
144
May
10% Oct
4%
Feb
92
Nov
71
Jan
2
Apr
4% Nov
93
Apr
12% Dec
13% May
8%
Apr
8
100
Sept
117
Mar
Mar 20
148
Oct
167
June
l2%May 23
21% Apr 22
10
Apr
18% Nov
Nov 22
100% Apr 9
133% Jan 30
63
Apr
101% Sept
70
126% Aug 8
60 June 11
21
16
21
15
21
13
21
22
8%May 21
54%May 22
103
Aug 24
94%May
12% July
19 May
4% July
8 May
103 May
35 May
28 May
3%May 22
110
100
Jan
67% Apr 16
54
Jan
9
4
35% Apr 4
9% Nov 8
16% Apr 20
100
Sept
Mar 30
95
115% Jan
18% Jan
110
60% Jan 12
38
Apr
10% Apr
71% Apr
lll%May
6%
Jan
Aug 15
60% Feb
% Oct 25
1% Feb
7% Feb
28
2%May
12 May
3 May
%May
Ex-div.
v
22
24
15
14
128% Apr
13
15
25
13
3
21
20
20
Apr
19
Jan
29% Sept
5% Nov
8% Aug
61
Jan
14%
May
47% Sept
27
Apr
17% Jan
73% July
4% Sept
Apr
40
4% July
2
% Aug
Ex-rights.
Jan
Oct
60% May
36% Mar
110*4 Aug
9% Sept
0% Feb 17
1
110
Apr
Oct
5
JaD
11% Mar
21% Sept
Sept
8%
60%
102
% Dec
2% 8ept
21% 8ept
27
135% Mar
65% Aug
July
115
57
1%
Sept
Jan
6% Jan
35»4 Sept
8% Jan
2%
5 Called for redemption
Jan
Volume
LOW
AND
New York Stock
151
HIGH
SALE
Monday
Nov. 23
Tuesday
Nov. 25
j
15%
15*8
*14u4
38%
38*4
39
8TOCK8
NEW YORK STOCK
the
CENT
1
Nov. 28
Nov. 29
$ per share
$ per share
Shares
7%
*14%
*7*4
7%:
7*2
7*4
7%
Illinois Central RR Co
3,000
14%
*14
15
*14
15
200
*37
39
*38
39
20
31
4
4
*3%
4%
*3%
3%
3%
3%
3%
3*2
3*2
120
21%
21%
21*8
21%
20%
21%
20*4
20*2
3,400
6
*5%
20%
*5%
20%
6
20%
6%
20*2
7
6*2
5%
600
Indian Refining
25
25
25
25
534
2414
900
Industrial Rayon
No par
105*1 106
*106
107
500
Ingersoll-Rand
No par
7
25*2
*6
25*2
*106
25*4
*24*2
25*2
25%
109
*106
107
107
107
*153% 157
*154
157
157
157
88%
88%
89%
89%
13
13
13
13*4
*7*4
7%
*22*2
7*2
25
*23*2
7%
24
23
*41,
4-»s
11
10%
2
34
34
34
*1%
33*2
155
155
156
158
10%
2%
5478
55*4
*169
54%
157
55%
170
2%
2
2*8
2
9%
9%
5
4%
9%
4%
9*2
*4%
26%
26
26
26%
140
*130
26%
*130
140
17
17*4
17%
69
69%
2
2*8
*130
17%
10*8
9%
4%
*130
17%
70%
09%
70%
68
*2*8
2%
*2%
2*8
39%
39%
2%
39%
2*8
39*2
*38.2
39%
38*2
29%
39
*37
*29
29%
*29%
29%
*37%
29%
*27%
28
28
28%
3%
4
25%
334
700
22,800
24%
x2334
140
140
*130
16%
16%
68
66%
68%
68
*2
69*4
2%
38%
38%
2
2
2%
38%
38*2
*37*2
29%
27%
39%
39%
*37
39
*90
90%
*7%
*90
90%
8*4
8*4
*7*4
28%
♦28's
*126*2
*7%
*28*s
*127*2
28%
90%
*28*s
*127%
....
*90
8*4
*7%
28%
28%
*127%
mm**m
*90
90%
8%
200
*28
28%
mm
8*4
*7%
13%
12%
13
12*2
12%
*12*4
12%
900
46
46
46
45%
45*2
45
45%
*45%
61
61
61
62
61
62
62
124
125
*125
126
125
124
124%
60*4 61
124% 124%
103
103
103
103*4
*13
14%
*13*2
*118%
*4%
14*2
....
5
*118%
*4%
*16%
18%
18*2
14%
14*4
*13%
*100
105
8%
*102
8%
105
102% 103
13% 13%
*119%
mm
14
*15
14
*14
*16
17%
14*4
105
*100
105
8
7%
*101% 105
8
8
*100
*100
14%
*37%
*1%
39
*23%
25
25%
*2%
*25%
1%
14%
*37
1%
*24
14%
14*2
*37
38%
1*2
1%
24%
14*2
38%
1%
24%
24%
25%
25%
25%
25%
3%
*2%
3%
*2%
25%
3*4
26%
26
29
29*8
*6%
*15
7*4
17*2
*12%
13
26
26
29
29
*26
28%
6%
6%
*15%
17%
13
*6%
13
*6
7%
17*4
12%
*7
7*2
7%
*6%
7*2
25%
25
25%
24%
24%
6%
22%
23
23
23
22%
23*4
22%
116
116
116% *115
2%
2%
2%
1
1
116%
2%
2%
*%
1*8
2%
1
1
4
3%
*3%
3%
*2134
22*2
22
22
22
*12%
13
12%
13
12%
*25
26%
46%
25
25
*24*8
46%
£25*4
2%
26%
28*4
*25
*115
*1*2
*23%
25%
4
115
37%
37%
1%
24
2%
12%
14
£14
38%
26*4
*22%
*6%
1434
*15
7*4
15
*12%
13
23*2
25%
28
29
15
*13%
38%
*1*2
6%
24%
22%
1%
24
25*2
2%
2%
26
26
28
28*4
*6
7*4
17*2
12%
12%
800
3,800
25%
1,300
600
115
2%
*%
3%
1%
*21%
11%
*24%
43*2
3%
3%
3%
3%
2134
12%
21%
£11*2
*24%
£43%
*6%
2134
11*2
800
39*2
634
39%
634
*38
39%
400
95
500
95%
*96
97
*94
97
*94
97
95
95%
95% 96
*182% 187
95
95%
21%
11%
24
21
*19%
95%
96%
21%
19%
26*2
24%
25
37%
11*2
38
26%
26%
26%
38
38
38
38
38*2
12%
12%
11%
12%
'
30%
16%
16%
16%
16%
17
17
17
31
31%
30%
31%
29%
30*2
29
2734
29%
28*2 29%
28%
*107*2 109*2 *107*2 109*2 *107% 109*2 *107% 109*2
20%
20%
20% 20%
20% 21
20*8 2034
38%
38%
39
4%
4*8
3%
4
*14
14*4
*107% 108
19
19
158% 158*2
14%
108
19
160
38%
*3%
*14
14%
109
108
19%
*19%
160
159
38%
38*2
39
-3%
14*4
*3%
4
109
20
160
*14
14%
*108
109*2
19
18%
*159
11%
11%
17
17
m
Kinney (G R) Co
1
15 prior preferred...No par
5%
1
preferred
100
No par
Lee Rubber A Tire
6
No
par
Lehigh Portland Cement...25
4% conv preferred
100
tLehigh Valley RR
60
Lehigh Valley Coal ....No par
6% conv preferred.......60
Lehman Corp (The)
1
Lehn A Fink Prod Corp
5
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Lihby McNeil A Llbby
7
Life Savers Corp
...6
Liggett A Myers Tobacco..26
4
% Apr
2
9i2May
l8i8May
7,900
$0.60 preferred
No par
Loft Inc
Lone Star Cement Corp No par
29
500
Long Bell Lumber A ...No par
2
400
Loose-Wiles Biscuit
...1
25
100
10
100
6% preferred
Lorillard (P) Co
7% preferred
13i2June
105%May
1812 Nov
138i2May
19%
19%
19
19%
18%
700
Louisville Gas A El A ..No par
60%
61
61
61
*60*2
61
800
Louisville A Nashville....100
32
*30%
31
30%
31
30*2
30*2
29%
29*2
*29
30%
400
MacAndrews A Forbes
*132
28*4
28*4
28
28*2
28
28
27
27%
26-%
26%
27%
27%
27%
28
26%
27
*10%
10%
*32
33
*2
*0*4
*13%
*1
2%
6%
14
1%
478
10%
10%
10%
10%
10%
10%
*32 %
2
33%
33
33
32
32
2*8
2
2
2
2
6*2
*13%
*1
4%
4*2
--
28%
50%
51%
51*8
50*4
3%
2%
2%
2%
26%
25
102
13
*12%
25%
*24%
102
*102
13
13
51
25
35
34
8*2
25
*24
8%
34
*8
50
25%
12%
27
26%
28%
mmmm
50
mm
13
25
8%
7*2
4%
25%
4%
4
4%
4
4*8
4
Bid and asked price;
-1.
no
12
28%
*172
50
2%
—
49*2
mmrn
33%
7%
4
25%
25%
sales on this day.
1
200
mm
400
15
111*4
2,400
1,800
Martin (Glenn L)
1
No par
Co
Martin-Parry Corp
Masonlte Corp
No par
Mathieson Alkali Wks.No par
7% preferred.
100
May Department Stores—10
..No
...No
No
McCall Corp.......
No
McCrory Stores Corp
0% conv preferred.
Maytag Co....
$3 preferred
$0 1st cum pref
3
Jan
Feb 19
Jan
11
Apr 15
6
Nov 18
4
Apr
38
Dec
4
Sept
Apr
1278 Apr
Apr
30*2 Oct
26% Aug
5% Jan
2984 July
29% Oct
Apr
13%
12% Sept
23*2
12
18% Mar
6% July
37% Oct
7
3%
25
Jan
Apr
Jan
Jan
J&n
17
Apr
25
Mar
112
Dec
118
Mar
6% Sept
2% Sept
14 May
li4 Apr
20
9%
23
Sept
Apr
Apr
36*2 Apr
4% Apr
33
Sept
95
Sept
95*4 Sept
152
Sept
15
Apr
3% Sept
884 Sept
2784 Jan
13% Nov
3284 Mar
6684 Mar
10
Sept
43% Aug
108% Aug
j.0984 Aug
180
May
19
Nov
18% Sept
162
May
21i2 Jan
65
3
4
Nov 14
Aug
2984 Dec
30*2 Sept
101% Sept
6
Mar
38% Sept
2
Aug
10*4 Sept
105
Jan
19% Apr
138
Sept
1534 Jan
36% Apr
47
19
Mar
Jan
328, Deo
64% Jan
109% July
2184 July
62
Jan
6% Sept
22% Mar
110
June
24% Feb
159% June
20*2 Mar
07
Sept
3
28
Apr
35
Aug
130i2May 10
297gNov 14
31
Apr 15
1284 Jan 4
124
Feb
135
Nov
18
Aug
33»4
Oct
25% Sept
11*8 Sept
25% Apr
43*2
Feb
19%
Jan
35
38
Jan
Mar
8
40
Sept
46s Apr 18
1
Apr
778Marll
16% Jan 17
l%May 9
5
Apr
10
Apr
1
Apr
2% Sept
4% Apr
684 Sept
8% Mar
1784 Nov
45% Nov
8*2 Dec
57% Jan
37% Sept
6t4 Oct 23
22
21
21
25
21
10
127g Nov 23
10i2 Nov 18
378 Aug
984 Apr
47»4 Apr 16
26*2 Aug
1484 Apr 15
8
3284 Apr 16
2
May
30
Sept
407s Jan
22
22
23
14
l0i2May 22
10 May 21
93
May 21
17i8May 21
173
Nov 27
53% Jan 4
4i8 Feb 23
30i8 Apr 3
105
Mar 29
10*4 Jan
1778 Apr
8
8
1118gNovl4
5
6
9% Apr
Mclntyre Porcupine Mines..6
McKeesport Tin Plate
10
20
June 20
47*t Jan
6%May 16
127, Jan
$McKesson A Bobbins, Ino
884 Apr
2,000
$3 series oonv pref..-No par
378 Nov 28
l7i2May 28
32*2 Apr
2034 Aug
155
Nov
40% Apr
3*2 Sept
2484 Dec
93
Jan
107, Apr
984
88
Jan
Jan
15% Apr
6% Sept
0% Sept
784 Oct
16
170
Oct
July
Oct
6% Mar
36% Mar
5384
105
June
15*2 Aug
17% Nov
108% Dec
25*2 Dee
10*4 Jan
59% June
18% Sept
1
4
3%
4
26%
a
I84
Sept
4012 Sept
107, Sept
Apr
13*2 June
McGraw-Hill Pub Co..No par
3%
,
20
99
Apr
10
300
7%
$ In receivership,
June
884
40% Sept
1,000
1,800
12,500
7%
26%
79
1484 Mar
10% Mar
20% Aug
31% Apr
8*2
*32 34
7%
*8
Aug
183s Mar 27
417a Apr 16
376s Mar 15
109i2 Apr 8
39% Apr 8
4612 Jan 2
4i4 Apr 10
18>4 Jan 11
109i2May 3
25l8 Apr 2
36%May
2%May
20
May
90i2June
1
100
6
997,
3
41
Apr 0
148s Apr 27
June 12
par
7% Apr
384 Dec
2384 sept
20% Apr 1
181
160
par
Sept
20
3
9
109% Apr
June 10
par
90
Feb 26
109
21
par
8%
Feb 16
33%
33%
7%
,
28
3
25
3
8
1
8*2
33%
26
3
Jan
McGraw Eleo Co
24%
26
Dec
600
24
24
24
8%
30
mm
13
No par
Marshall Field A Co
800
25%
m
Jan
July
538s Jan 3
9% Apr 20
Apr 16
May 21
3i2May
2%May
8%May
26%June
0i8May
21% June
6
pref.100
Sept
18
45
%May 31
Maracalbo Oil Exploration.. 1
1,400
2%
2%
25%
*24%
*102%
12%
12%
-
8
*32%
8
26
49%
24
8
34
7%
26
49%
—
24
33%
26
mrnmm
32
26%
15
15
14%
111% 111% *110% lll*i« 111*16
8*8
26
28%
*28%
2%
*12%
8%
25%
31%
2%
*24%
25%
*102%
12%
*12%
15
14%
♦24%
*102%
mm
8%
*
Market St Ry 0% pr
15%
200
,
I684 Nov
100%
14
lll2May 23
26
Manhattan Shirt
12,630
6,400
6,100
12,700
1,200
1,400
12
*172
51
2%
*8
4
28%
173
2%
15
*1434
15%
15*4
*14%
14%
111% 111% *111"M 112 ♦111 "at 112
25%
8%
*28%
172
*172
*234
*25%
102*2 102%
29
mm
12%
15%
*26%
29
m
No par
Mandel Bros
11%
15%
31%
11%
12%
32%
14
*13%
300
Marine Midland Corp
27%
4978
*8
14
6%
6%
8,800
11%
*172
*34%
6*2
24
Apr
Apr
29
li2 Aug 10
4
Jan
Apr
Apr
1% Jan 6
434Nov 14
2478NOV 8
21i2May 22
1
Jan
Jan
12%
4
May 24
20i2May 21
878June 6
No par
10
Magma Copper
Manati Sugar Co
1
26%
31%
1,500
4%
12%
15%
500
2%
1
28%
11%
15%
10%
31%
*2
11
191,
12194
111,
85
9t2 Jan 6
21% Sept 12
103g Jan 11
7i2Nov 9
3534 Jan 4
2484Nov 12
11012 Nov 26
17
Macy (R H) Co Inc.—-No par
4%
12
11
16*8
33*4
10%
31
2%
100
..No par
Mack Trucks Ino
Madison Sq Garden
1%
28
12%
15%
32%
2,400
3,600
1,400
4%
13
4%
11*2
12%
16%
26%
10
preferred.......
*1
28%
4%
4%
27%
27%
26*4
10%
*13%
1%
33%
*172
*25
14
*1
12%
28%
*28%
29*2
29
*12*2
*13%
6%
30%
*6%
33%
16
29
13%
1*8
6%
13
12
16
12%
*1
1*8
*6*4
27
*2
33
4%
12%
16
32%
14
6%
27*2
26*4
10%
£30%
4%
11%
15%
31%
11%
4%
12%
*28*2
6*2
*13%
6%
27*2
141
*132
141
*132
141
Apr
117% Jan
6% Apr
4
4
38 May 18
25%May 22
128
Sept 4
141
13
4
Apr
Mar 15
26
15i8May 21
63
*132
Sept
29i2 Jan
34i2 Apr
10
23
27
31
63
141
June
83
9
4038 Apr 18
284 Jan 24
3ls4 Apr 8
May 15
19%
*132
133
Apr
15% Nov
3
June
65
*132
Aug
35
3878
lO%May 21
22% July 3
20i2May 21
97
May 22
15%May21
r65
*30%
122
2912 Jan
19
18%
Jan
Jan 16
l3%May 21
27
May 21
9
May 15
65
19%
105
23i« Apr
19
*18%
Sept
May 22
No par
Oct
69
June 19
Ino
Mar
4
10
Loews
Jan
3284 sept
125
18
87
Liquid Carbonic Cor p..No par
Lockheed Aircraft Corp
1
Jan
IO84
Sept
109
Lion Oil Refining Co.—No par
Feb
June
13
26
No par
Apr
978
U84
87
15i2 Jan 8
102i2Nov 12
15i2 Jan 8
109
Apr 18
1878 NOV 14
1978 Apr 23
103% Apr 10
23
15
28
21
22
10
23
17
17
21
18
21
65
19%
18
11912 Sept
20% Nov 15
May 15
May 28
2,100
60
7% Nov
3
Jan
..100
Link Belt Co
Sept
Jan
9%
Mar 27
738 Apr
June 10
9,000
3,300
76
Nov 14
Series B_
par
Sept
77g Aug
9
Preferred
100
4
4
10
5
87
Oct
121
30
33
Lima Locomotive Wks.No par
13,100
May
15%May
Dec
132
May 21
8%May
May
3%May
l6%May
15i8May
l00%June
l%May
12
107
May 22
May 22
Lily Tulip Cup Corp ..No
130
160
160
10
Lambert Co (The)
Lane Bryant
m
900
29%
29%
29*4
28%
28*4
10734 10734 *107*2 109*2
20%
20*2
20*4
20%
39
39
39%
39%
3%
3%
*3%
3%
14
*14
14%
14*4
*108
109*2
109*2 *108
19%
18%
1834
18%
30*8
29
160
m
1,500
11%
*159
160
m
500
38%
17
No par
Keystone Steel A W Co.No par
Kimberly-Clark
..No par
Oct
Jan
37g Sept
10434 Oct 29
87i4June 20
24%May 21
10 May 21
27»4May21
li2May 22
17%May 20
l9%May 23
2
May 21
22% Aug 13
23%May 22
Kennecott Copper
"iOO
38%
11%
29%
m
3,800
*24%
*37%
*16%
30
Kendall Co $6 pt pf A..No par
2,900
m
25%
*37*2
11%
31
3834
25
25
28
*16*2
5,300
*19%
21
187
12
12
6%
188
*183
*182% 188
*19
21*2
19%
21% *18%
*182
187
25%
*37%
44%
100
44
95*4
*19%
97%
6%
1,300
25
95
*96
4,000
1,000
1,400
1,300
2*4
%
3%
97
*182
60
2%
97
97
100
7
%
47
1
Sept
84
77i2 Jan
8%May 21
484May 22
cl A.l
conv
Class B
Laclede Gas Lt Co St Louis 100
23%
39%
Kelsey Hayes Wh'l
38
33
17
9
Jan
May
60% June
40«4 Sept
52
June 10
95
10
1,100
2%
6%
1
6% conv preferred
..100
Kayser (J) A Co
6
Kelth-AIbee-Orpheum pf.,100
10
12%
115
100
0*4
Apr
29
117%May 28
3%May 21
11 May 23
9
May 23
92
May 21
7%May 21
3,000
7*4
17%
%
46*4
4% preferred
Kaufmann Dept Stores
Jan
May
1484 Jan
67% Dec
19
85s Jan
122% May 22
48i2May 15
978June 10
100
No par
Kroger Grocery & Bak.No par
2414
*38
Preferred
Kress (8 H) A Co
12%
6%
44
Kresge (SS)Co
Kresge Dept Storee
21%
47%
No par
5534
138
3114 May
5
12712 Nov 15
Johns-Manvllle
Jan
Jan
Sept
Nov 19
92
9
May 21
34%May 22
1
Nov 19
30
June 21
122
No par
(W B) Co
200
*6%
25
Jar via
1
1
Apr 29
8*4
105% Nov 19
434 Jan 5
478 Jan 3
10% Jan 3
May 23
Jewel Tea Co. Inc
400
24%
23*8
39
187
3,800
2%
12%
par
Island Creek Coal...
$6 preferred
73
June 10
l%May 15
l%Ma/ 15
4%May 21
74%June 11
5i4May 21
20i8May 23
No par
3*4
%
25
Intertype Corp..
26*2
28%
2%
*24
Foreign sbare ctfs...No
60
7
39
96%
1,000
2334
38
*182
500
1%
23%
*6
47
6%
900
37%
28%
38
6%
20
30,700
22%
25
100
Interstate Dept Stores.No par
Preferred
100
800
14
*15*4
1212
46%
*6%
7
1,100
22 34
116%
7% preferred
Inter Telep A Teleg...No par
800
23
*6%
36i8 Jan
13%May 21
97% Jan 15
200
*•
Dec
Sept
25
60
14%
—
35
123
3
International Silver....
No par
Kan City P A L pf ser B No par
Kansas City Southern.No par
m
4
Jan 11
International Shoe....No par
International Salt
100
m
10
29
37
100
Oct
178a Sept
Apr
38
100
preferred
Oct
6»s
2078May 28
6%
378
19584 Mar
716s Sept
I6684 Aug
3
21%May
1078 Sept
41
Sept
JaD
133
Sept
384 Apr
2i8 Aug
3878 Jan
6
3
June
Jan 23
53s Jan 24
50i4 Feb 0
5% conv preferred
Internat Rys of CentAmNo par
500
"
578 Sept
4578 Sept
5% Jan 5
14i2 Apr 20
10%May21
40i2May 21
134May 18
4%
17%
""800
214 Apr
7% Aug
1% Apr
7
19%June
13%
8*4
109*2 Dec
142
109
15
Jones A Laughlin St'l pref.100
Kalamazoo Stove A Furn
10
105
Oct
Apr
03s Aug
25% Aug
314 Jau
3912 Jan
420
25%
*2%
40
6%
m
3,600
*13%
37*2
*1%
23*2
*38
46%
m
22%
*115
115
mm
m
125
*26
*15%
m
m
"300
*101*2 105
*101*2 105
*101% 105
*16
16
16%
16*4
16%
16%
16% 16%
16% 16%
16%
16%
9
9
9
9
8*4
*8%
8*4
8%
8%
8%
8*2
8%
103
*102
*102
*102
103
102
*100
103
103
102
101*2 101%
35
35
35%
35%
35*2 35%
35*2 35%
34%
34%
35% 233-%
14%
m
1,400
*7%
8%
mm
100
14%
105
8%
20
62%
*16
*13%
_
m-'
m
12%
*119%
434
17%
14%
17%
*
m
46*8
*12%
5
5
*100
8
*101% 105
99%
mm
4%
4%
14
105
8
mum
5
*15%
18%
14%
*100
mm
5
5
125
99
rn
14,700
1,300
1,300
mm
61
125
99
101%
*12% 14%
*1234
*119%
*119%
98
m
28
28
62%
1,000
8*4
*127*2
12%
12*4
46*8
*45-%
12 %
45%
*13
m m
m
90
*7*4
28%
*127%
mm
m
m
Dec
90
3%May 23
Internat'l M lnlng Cor p
1
Int Nickel of Canada..No par
Preferred
100
Inter Paper A Power Co
578
46%
171
145
100
Int. Hydro-Elec Sys class A.26
Int Mercantile Marlne.iVo par
150
38%
29%
28%
90
90%
mm
31,600
18,600
29*2
29%
29% 29%
28
28
27*2
28*2
28%
*105
107*2 *105*2 107*2 *105% 110
*105% 109
*105% 115
*105% 110
2
2
2
1%
1%
1%
1%
1%
1%
1%
1%
F8
2
2
*2
*2
2
*2
2
2
2*4
2%
1%
2%
7%
7%
8
7%
7%
7%
7%
7%
7*2
7%
*7%
*7*2
*90
mrn
mm
16*2
21
17*2
May 25
l%May 22
5i4May 22
May 22
Preferred
9884 Sept
Apr
Apr
Sept
Jan
Jau
Apr
145
38
100
29i2
Apr
914
414
191% Mar 12
6234 Jan 4
Internat'l Harvester._.JVo par
400
Aug
Apr
5,800
1,300
Sept
16
38
June 11
22,300
131
157
3
130
2
Apr
67
6% NOV 14
1278 Jan 4
2% Apr 5
2%May 15
0i2May 21
1
May 21
l8%May 21
Int. Business Machlnes.IVo par
*130
28%
39
Prior preferred...
10%
9
Mar 28
113
June 10
900
2
Nov
91
Internat Agricultural__No par
16%
*2
94
par
1,900
6% preferred
9%
I684
4%June 11
2H4 Aug 10
7,800
16%
*38*4
*37*2
No
Jan
9'2 Sept
86
100
Interchemlcal Corp..
11*2
Apr
Apr
147l2 May
Jan
Jan
900
24%
25%
29
4Sg
7% NOV 18
473s Mar 20
10*2
169*2 169%
434 Sept
Jan
Nov
984 Apr
Apr 16
32%
4
140
15%
66%
23
1578 Apr 11
Intercont'l Rubber
No par
Interlace Iron
...No par
2
Mar
7%May 22
1
1,200
2
Jan
49
168
20
4%
32%
35
00i2May 22
No par
120
10*4
2
300
2084
Apr
118
158
155% 155% *155
54
54%
54%
54*4
4*4
24*2
26%
140
10%
33
169%
169% *165
2
2
2%
10
9%
9%
4*4
16%
*37
10%
Insuranshares Ctfs Ino
25
4%
4%
Inland Steel Co..
Inspiration Cons Copper
2,000
Aug
3
June 20
145
100
110*2
110
109
6% preferred
2,300
7,500
7*2
*23%
*1%
3212
2
32%
156*2 156%
53*2 54%
55
23
£4%
10%
9%
169% 169%"*165
170
170*2
9*2
109
434
2
157
2%
*4%
22%
32%
2
54*2
23*2
10
.
9
10*4
38% Sept
133s Jan
June 12
3
May 18
20*4 Nov 27
5
May 23
l6%May 21
72 May 25
1000
Indianapolis P & L Co..No par
10
13
*7*4
4%
34
10%
*2
12%
7%
;
86%
13%
7%
111% 111%
10%
2
*33
10%
85
12%
7%
*23
23
111% 112
4%
4%
4%
85*2
12%
7%
7%
85
12%
13%
7%
111*" 112
*111% 112
*4%
86%
12%
24%
105% 105*2
*155% 157
*155% 157
*155% 157
88%
85% 86
100
Highest
share $ per share
per
43ij Apr
01* Jan
12
Leased lines 4%
RR 8ec ctfs series A
share
per
24i8 Jan
6%May 21
May 21
100
6% preferred series A... 100
Lowest
Highest
$
share
S per
39%
4*4
*6
100-Share Lots
Lowe*
Par
39*4
14%
*37%
15*2
*37
Range for Previous
Year 1939
Range Since Jan. 1
On Baeii of
Week
1
8
15%
39
3197
EXCHANGE
Friday
Nov. 27
!
$ per share
7%
NOT PER
Thursday
$ per share
Nov. 26
j
$ per share j $ per share
*8
8
8
8*4
SHARE.
Wednesday
,
Sales
for
Saturday
PRICES—PER
Record—Continued—Page 6
Def. delivery,
,
,
n New
,
stock,
.
1
r
,
Cash sale,
'
x
June
Ex-dlv.
urifcu^iiw
y
v
29
Apr
Ex-rights.
1
89
8%
Sept
Apr
1 Called for redemption.
..
miAt.
New York Stock Record—Continued—Page 7
3198
Saturday
Tuesday
Wednesday
Nov. 23
Nov. 25
Nov. 26
Nov. 27
Nov. 28
714
7%
1047* 1047*
'
104%
*9*4
10
80
*65
29%
29%
4%
23%
19%
377*
9%
4%
23%
20
4
23%
19%
23%
19%
23%
*18%
377*
38
38
*36
25
19
19
38
14
13*4
39%
39%
122% 122%
3914
39%
121% 122
45
45l2
57%
*1012
10^4
57%
1034
*7u
%
*7ie
1%
17*
*i*
17*
%
%
1*
*7u
%
%
80%
*116
1434
*50%
*11%
*67
70
43
*13
17*2
*211*
*4%
*67
8
*47
*15%
5%
15%
21%
2134
5%
*15%
21%
5
8
\
8
9%
117*
18
•
*9
*11%
1734
*166% 170
16
*15
88
*85
17%
121*
12
13%
17%
12%
*11%
13%
105
105
105
105
63*
*6
7%
22%
13%
8%
85%
18%
*7%
22%
*12%
8%
*84%
18%
*171
173
*146
146%
23
23
7%
7%
68
68%
*7
7%
*11
1134
*43
43%
43%
43
15
900
*%
%
200
%
8J«
81«
1,100
*3434
7%
6884
67*
11%
*41
4
127g
*21%
43
70
70
*67
5
5
*5
10
10
10
15%
15%
20%
7
41%
43%
42
42
5
434
169% 169%
*15%
*86%
17
88%
*17
18
200
1,500
12%
12 I
1,500
10,100
14
8%
85%
5,700
*84
18%
146
7%
600
8,100
17%
17%
*172% 180
*146
146%
23%
i,600
3534
100
23%
*33
3534
*934
10%
40
*40
42
43
42
42
5
434
4%
10
9%
8%
9%
8
18
1,800
1,000
834
*77
*4%
*5
6
6
5%
*9
10
*9
10
*110
112
*110
112
112
112
*110
*55
57
*55
117% *112
*54
56%
*%
56
%
81«
81B
%
22%
2234
22%
23
*%
22%
33
33
33
*32%
*219
224
*221
224%
*112
114
*113
114
*32
17
17%
*57%
57%
I684
57%
56
5584
56
17%
1734
*95
678
67*
*113
115
39
39
*27*
3
*30%
32%
17%
*93%
67g
*114
*104% 106
16%
*103
53
*51
48
*115%
47%
*115%
48
9
9
*2%
*13%
*6%
*1034
27%
3%
15%
6
12
2734
38%
38%
*2%
*13%
6%
*10%
27%
38%
1334
*13
87*
/
*13
56%
95
634
115
*114
>
52
17«4
7
634
18
10%
*103
No par
Nehi Corp
Nelsner Bros Inc
No par
143
2,800
50
10
30
5,400
1,000
%
*13%
300
ii,500
13%
6%
52
....
47%
47%
8%
114
38
9
3
1434
6%
6%
11
27%
*10%
27%
37%
11
2734
18
10%
10%
106
103
30
4%
400
163S
16%
2,400
....
*145
9%
25
*24
25
51
*50
52
40%
....
47%
9
2%
14%
6%
38
26%
3634
2784
3634
13
13
13
120
*153%
saleaon this day.
8%
*2%
13%
*6
*10%
27
36%
37
120
*15334
.
41%
700
24%
24%
100
52
*50
10
*115%
46%
8%
3%
13%
6%
11%
26%
12%
3,500
41
40%
*115%
45%
984
9%
9%|
40
70
*145
...
13
120
46
46%
8%
*2%
8%
3%
N Y Lack A West
Ry Co.. 100
1NYNHA Hartford
100
Conv preferred
100
{N Y Ontario A Western__100
N Y
North American Co
10
6% preferred series......60
5H% pref series
60
"V, 600
5,100
160
100
North States Pow 35 pf No par
Northwestern
Telegraph...60
Norwalk Tire A Rubber No par
Preferred
50
Norwich
Pharmacal
(The).
6
8% preferred A
100
Oppenheim Collins....No par
Otis Elevator
No par
6% preferred
100
Otis Steel Co
35.50
conv
No par
1st pref..No par
Outboard Marine A Mfg
5
Outlet Co
No par
Preferred
100
Owens-Illinois
Glass Co. 12.50
Pacific Amer Fisheries Ino
Pacific Coast Co
5
10
40
1st preferred
No par
6%
280
2d preferred
No par
*10%
11%
100
26%
3634
15
27
37
*12%
1334
*119% 120
154% 154%
{ In receivership,
a
Deo
9%
Jan
Sept 25
7% Sept
15
21% Sept
147% Oct
175
10%
1
Apr
.87
Apr
Sept
17%
Apr
Nov
28% Mar
Jan
17% Nov
95% May
23»4 Sept
26% Jan
16
Sept
6,400
1,400
400
90
50
Del delivery,
Paciflo Telep A Tel eg
n New stock,
r Cash sale,
t
684
3
10
May 22
41
18% Apr
73% Mar
Apr 29
32
6
Apr
106
Jan
Mar
27% Jan
173% Aug
Feb
35% Sept
10
Aug
82
Sept
15%
Jan
20
Jan
69%
50%
Apr
Jan
5%
Oct
11%
Feb
29% June
87% Aug
42
July
112% June
Apr
17«4 Sept
Apr
62
8%
Sept
Jan
3
27
18% Jan
21% Jan
3
4
11% Sept
10% Apr
39
Jan
3
18%
Apr
25% Sept
4584 Sept
33% Mar
9
30
Apr
43%
50
8%
12%
116%
117%
68%
Apr 22
Apr 22
Mar 11
Aug 15
Nov 4
% Jan 3
Jan
2
4
I84 May
4% July
Feb
19% Sept
15% Sept
Nov
118% Mar
119
May
120
Mar
47
July
62
Mar
% Dec
1% Sept
Dec
5% Sept
I84 Sept
1%
% Jan 11
% May
8% June
31% Dec
35% Apr 6
226%May 4
113% Oct 19
23% Jan 3
23% Sept
106
26% Apr 22
17
33%
Sept
Deo
Jan
217
Nov
103% Sept
113
June
168
18%
Apr
26%
Feb
59
Jan
8
52% Sept
59% Aug
58
Jan 10
60% Sept
12% Apr
59
2684 Jan
3
Aug
29% Nov
89
Nov
Nov 29
82
Jan
9% Jan 3
114
Sept 26
7
June
100
Sept
113
Dec
Nov 23
29
Sept
40
Oct
96
39
1484
Jan
3
284
Apr
6% NOV
42% Jan 12
32%
Apr
44% Aug
7
6
Aug
101% Sept
4
4
12
5% Jan
16%May 29
8%May
23% Apr
14% Mar
112
Mar 28
5% Apr
18% Jan
145
12% Jan
47
4
4
Nov 26
3
Nov 15
x.4% Sept
Sept
100% Sept
484 Aug
15% Sept
128
7%
33
4
16%
55
Jan 22
40%
120
Jan 17
3284 Apr
Oct
Apr
July
Apr
Jan
30
Jan
20% Mar
113% May
8%
Jan
27%
Jan
148% July
16
Sept
55% Sept
28% Deo
54
Dec
114%
Jan
120
Deo
6
50
Apr
70
Jan
10% Apr 26
6% Jan 6
3
Aug
64% Jan
Jan
3
21
16% Jan
4
y
Jan
16%
105% Sept
4
2984 Nov 14
14% Feb 20
26% Nov 9
109% Nov 19
2384 Feb 13
25
Dee
2% Apr
8% Sept
22
22
21
22
22
June 18
Apr
33% July
10%June 24
25% Mar 13
Jan
Apr
July
5% Aug
49% Nov 14
8% Apr 2
10% Apr 11
18%
Oct 145
Apr
62
Nov 14
110
Jan
14%
3
3
4
91
Oct
Feb
132
4
14%May
June 10
Ex-dlv.
9
53% Apr
6%
28ia
10% Sept
8% Sept
83
Sept
17% June
152
Sept
Nov 22
48
8%
4% Jan
20% Sept
Jan 31
Jan
Jan
Mar
Apr
4%
Nov 8
Oct 26
Apr 4
Jan 6
Jan 3
9% Jan
May 21
144
No par
114
8% Jan
14
21
31
22
12
20
24
20
9
21
21
21
100
No par
117%
Sept
73% Jan
21
100
Pacific Ltg Corp
Pacific Mills
Jan
Sept
107
148% Jan 29
4%June 10
2
12%
18% Aug
110
176
22
21
24
23
24
5
4
8 May
3%May
9%May
25%May
33 May
8 May
115 May
Pacific Finance Corp (Cal).lO
Paciflo Gas A Electric.
25
6% preferred
42
Dec
*8% July
14%
3
Jan
22% Apr
Apr 27
June 6
% Apr 27
% Oct 24
% Oct 30
13% Jan 15
20 May 23
175 May 22
6%
*13%
I884 Sept
96
10%May 21
7%May 21
95 May 23
2%May 22
ll%June 11
124%June 11
7 May 21
21 May 21
19 June 10
47 May 24
115% May 24
*3%
7% Aug
7%
7%
26%
15%
12%
No par
4%
26% Nov
18% Apr 17
116% Jan 3
Omnibus Corp
16%
Aug
114
1,300
16%
51
120
103
106
18
10%
62
14
13% Mar 12
2,600
10,400
17S4
43% Sept
5% Sept
19
5%June 10
300
634
Aug
99% Apr 17
20% Jan 3
16% Jan 8
8
No par
13%
Apr
Sept
4
24% Jan 24
171% Oct 15
Co._2.50
10
20
6%
50
8% Sept 23
110
45
1
100
10%
10%
40
*13%
*6%
104
Co...60
*3%
11
153
18
*24
8%
2%
60
50
pref
Northern Central Ry
Northern Pacific Ry
334
11
*119% 120%
*10%
*103
9%
*115%
46%
non-cum
North Amer Aviation
61%
3%
*145
10%
50
5,700
13%
1
Jan
105
16% Apr 15
3%May21
4%May 22
No par
N Y A Harlem RR Co
9,900
3
*30
Sept
44% Mar
14*4 Sept
70% Dec
111% Nov
9% Jan
Mar 14
Mar 29
10
Oliver Farm Equip
900
1,700
32
3
Jan
Apr
23% Oct 29
Ohio Oil Co
15,400
100
I
1734
17%
6%
*2%
6%
*2%
96
Oct
7%
8% Nov 14
63
Apr 8
7% Feb 15
22% Jan 3
83
111
105 May 26
14%May 21
47%May 22
47%May 22
16 May 14
84%June 5
4%May 15
101 May 24
27 May 22
2%May 15
25% Aug 13
13% Nov 29
*113% 115
*36%
38
14
114
6%
18%
10%
*51
65g
32
*41%
*23%
153
6%
6%
95%
6%
95
*30
10%
43
25
Bid andasked prices: no
95
....
Jan
17%
9
15% Mar 20
15 May 21
20%May 21
.....No par
100
3%
30%
13%
16
New York Dock
Adjust 4% preferred
*2%
30%
4%
1634
6%May
NYC Omnibus Corp. .No par
300
212
*212% 215% *210
*112% 114
112% 113
16%
16%
16%
16%
1634
57
57
*56%
57
57%
56
56
56
56%
57
18
18%
17%
17%
17%
3%
31%
14
*103
36
6% preferred series A... 100
1,200
72
100
*36%
145
10
13
6%
1
Norfolk A Western Ry
38
2%
*1334
....
Natomas Co
200
115
6%
38%
13%
No par
33%
*37
15%
3
National Tea Co
33%
*33
*114
106
4%
16%
9%
17
*93%
100
Shlpbldg Corp part stk..l
Noblitt-Sparks Indus Ino
6
816
22%
33%
40
*115%
48«4
16%
100
24
%
816
22%
22%
33%
115
*27g
106
120
121
120% 120%
*152%
*152%
...
57
55%
95
*4
4%
4%
4%
16%
*16%
16%
167*
*143% 144
142% 143
10%
10%
10%
10%
42
43%
*42% 43%
*23% 25
*237* 25
*51
17
57%
7%
18%
10%
18
5H % prior preferred
6% prior preferred.
40
55%
17%
40
8%May
114
6%
*10%
32 conv preferred
5%May
48 May
4%May
8 May
26%May
34
Aug
3% Jan
7%May
8% Oct
14 May
NY Chic A St Louis Co... 100
1,000
224
57
No par
No par
222
17%
4
No par
*113
*30%
*13%
10%
*32%
National Oil Products Co
New York Central
114
57%
56
17%
95
7
14
33%
100
%
*%
22%
38
*1*
21%
7% preferred A
6% preferred B
N Y Air Brake
225
3234
7%
1734
%
par
10
6 % preferred
110
110
*109% 112
117%
1133s *110
117% *110
*50
*51%
5584
5534
54%
54%
*%«
8ib
%
%
%
%
3g
23
National Lead Co...
10
*9
10
*9
5%
*4%
434
conv
1
800
34,100
225
*3634
14
U
34.60
Co
preferred-No
23% Nov
IO584 Nov
30%May
9%May
6,500
*113
40
27g
7%
1734
10%
434
10
No par
Nat Enam A Stamping No par
Nat Gypsum
400
*36%
27g
*30%
*13%
14
5%
117% *110
%
%
<
5%
*9
10
10% I
,*109% 112
112
%
*
%
*9%
*110
5%
preferred
Nat Distillers Prod
N'port News Ship A DryDock 1
35 conv preferred
No par
2,400
19
30
30
35% Nov 19
No par
300
1,100
3714 Mar
38% Sept 18
100
July
May
100 June
20% July
"l~800
May
16% Apr
3% Aug
27
100
4J4 % conv serial pref...100
Newberry Co (J J)
No par
5% pref series A
100
Newmont Mining Corp
10
Newport Industries
1
40
121
Apr
Apr
9%
13%May21
Nat Dept Stores
6%
1
No par
7% pref class A.....
7% pref class B
200
1,400
Apr
10
4
0
5% Nov 14
56% Nov 14
10
13
Nov
1
Apr 18
18% Apr
26% Jan
100
Nat Dairy Products
800
*884
*834
19
*1634
18
19
*17%
187*
*17%
19% *17
*78
*78
79
*77
78
78
*78
79%
79%
79%
79%
44%
44%
44%
44%
4434
44%
4434
44%
4434
*44% 46
4434
*107%
*107% 111% ♦107% 111% *107% 111% *107% 111% *107%
28
29
27%
27%
*26%
27%
28% 29
*28%
29%
2834
29%
8%
8%
8%
8%
9%
9%
9%
8%
9%
9%
9;
24
23%
24%
23%
2334
2334
23%
237*
24
24%
237*
24%
*108
110
*108
108% 108%
108%
*107% 109
1C87* 108% 108% *108
45
44
*45
47
43%
44%
43% *43
*45% 47
44%
45
I384
14
14%
14%
1334
14
14%
1434
14%
14%
1334
14%
14
*14
14
15
15
14%
*1484
15%
13%
14
14%
1434
30
28
30
30
28%
28%
28%
30%
27%
28%
287*
30
26
2534
2534
2534 26%
25«4
2584
*25% 26
26%
25%
26%
*8%
2,900
122% May
6784 Oct
47
Sept
Nat Mall A St'l Cast Co No par
No par
National Steel Corp
..25
National Supply (The) Pa..10
6%
Sept
15% Oct 25
9«4May 22
6 May 21
ll%June 6
10434Novl5
104% Nov 15
3 May 28
5%May 23
17 June 10
7%June 6
6%May 21
68 June 19
14%May 22
zl60 May 29
132 June 19
Register
National Cylinder Gas Co
National Pow A Lt
884
*1634
*173*
Nat Bond A Share Corp No par
Nat Cash
400
*434
86
100
3,300
10
834
100
6,700
40
47g
Co.......10
7
6%
10
6
66%
7
66
6%
Corp
6% pref series A
""70
23
112
16
6% July 15
7%June 20
9 June 10
16%June 6
155 June 11
12% Sept 20
preferred.......10
Nat Bond A Invest Co.No par
700
*12%
1
7% preferred
100
4,900
85%
13%
734
180
1,500
conv
National Biscuit
250
23
22%
6%
Nat Aviation
290
6%
7%
6%
*7%
100
Nat Automotive Fibres Ino-.l
200
500
No par
...5
Corp
National Acme Co
100
*41%
10
9
9,400
6%
7%
22%
9%
10
1734
12
*1134
13%
13%'
13%
105
105 I
104%
105% *104% 105%
6%
5
17%
12%
100
Oct
21
Oct 24
30% Feb
preferred
Jan
1% Sept
2% Sept
11484 Sept
21%June 20
Nashv Chatt A St Louis
100
600
7
44
300
8
9%
10%
65%
9%
41%
I
8
*8%
10%
12%
7
6%
150
4,600
Apr
31% Aug
22% Sept
No par
No par
No par
Jan
Mar
Apr
Sept
40%
Nash-Kelvlnator
8%
65
67%
37 preferred
Munslngwear Inc
Murphy Co (G C)
July
6%
54
110
60
Myers (F A E) Bro
.
10%
8684
4
2
2
5,500
1534,
21%'
Dec
%
3
1
114
Jan
Jan
Mulllns Mfg Co class B
Dec
Jan
Feb
1
Sept
984
45
Mueller Brass Co
18
46
120% Nov
85% Jan
July 31
122
22
21
21
14
21
22
28
22
21
15
21
Deo
6% Jan
28% Jan
21% Sept
39% Jan
16% Sept
2%
66
8%May
12 May
15 May
2%May
20 May
8%May
66 May
97%May
4 May
41 June
384May
11 June
13% Jan
Nov
30%
Aug
1
31»4May21
33%May 21
Corp..No par
Corp
6
Nov
63
2% Aug
% July
3
8
3
Jan
4%
14% 3ept
73
14%
8>4 Aug
No par
3,800
9%
10%
17%
169
17
88%
17%
*33%
36%
7
*14%
21%
15%
21%
*1434
21%
Apr
103% Sept
2% Sept
36
Sept
4% Apr 24
No par
Co
Murray Corp of America..10
"
5%
Apr
44% 8ept
61% Nov 26
11% Nov 15
1% Jan 2
Nov 25
May 23
113%May 27
Montg Ward A Co. Ino.No par
5%
50
5
5%
21
*34
*47
50
5
1034
9
300
~
10
5%
10
9
490
70
66
43%
1,200
*66
7%
*41%
43%
4%
800
5334
11%
67*
43
*43
*4%
53%
*1138
68
10%
1,100
Apr
6%
11%
Jan 20
110
119
Morris A Essex
17%
22
11% Sept
25
18% Apr
101
Apr
110
Motor Wheel
Aug
40% Nov 26
122% Nov 25
64
Apr 8
*79
Motor Products
11%
*47
21
21
24
July
14
7
28%May
10
Morrell (J) A
3
38% Nov 13
12% Apr 10
17%May 9
21
Preferred series B
10
19,600
66
39% Aug
28% Dec
Feb 21
No par
100
100
20
Mohawk Carpet Mills
Monsanto Chemical Co
500
55
5%
6
5
% Jan
% Jan
19% Jan
119
May
{Missouri Pacific RR
5% conv preferred
410
113g
50
6
2
26
l%May 22
% Judo 27
%June 21
9%May 21
7% preferred series A... 100
13
5334
5
No par
Mo-Kan-Texas RR
28%
117S
*46
No par
10
500
55
*67
1
Mission Corp
41
17%
*21%
4
4
4%
53
36
7
2,700
*11%
15%
217*
36
7%
687*
7
11%
1,100
81%
*12%
17%
2234
17%
22
22
16.50 preferred
May
34% Mar
6% Jan
33%May21
95 June 26
2%May 15
26 May 21
7%May 21
%May 18
100
4% conv prel series B
Minn Moline Power Impt
May
10% Oct
101% Nov
Aug
July
34.60 preferred
14%
2734
29
12%
No par
Jan
6
82
May 22
6%May
ll%May
23%May
103 May
1st pref
100
Minn-Honey well Regu.No par
117
241
41%
277g
11%
17%
36
*14
14«4
81
81%
*116
117
60
8% cum
1,900
It
..1
1
(The)
5% conv let pre!
1,400
6,700
7lt
1434
29%
13
17%
Mengel Co
100
1,900
134
*7%
*87*
8%
93*
12
900
38
81
4134
5%
21%
830
*110% 115
*110% 115
♦110% 115
7%
7%
7%
734
7%
7%
8
15%
*7%
*87*
2,300
Midland Steel Prod
134
(*116
29%
*12%
17%
50
5%
22
*11%
Mld-Contlnent Petroleum..10
IB
*7%
*7%
8%
8%
*8%
9
8%
87g
11%
11% 210%
11%
17%
17%
1784
177*
18
18
*166% 169i2 *166%
*166% 169% *166% 169
16
16
16
16%
16% *15
*15%
88
88
*87
*86%
88%
88%
88%
*17
18
18
*17
*17
18
17%
*12%
12%
12%
12%
12%
12%
12%
11%
11%
11%
11%
11%
11%
11%
13%
13%
13%
13%
13%
13%
13%
104%
105% 105% 1047g 105
*105% 105%
1047* 1047*
1047* 1047* 1047g 1047g *104%
63g
6%
6%
6%
6%
6%
61*
7%
*7%
7%
*7%
7%
*7%
7%
22%
2234
2234
2234
22% 227g
23%
*12%
133*
13%
13%
13%
13%
13%
8
7%
734
8
8%
8%
8%
*84
85%
85%
85%
85%
85%
85%
18
17%
18%
18%
19
18%
19
*171
180
*171
180
*172% 180
*172%
146
146%
146% 146% ♦146
146% 146l2
22
22%
23%
*23%
23%
23%
2334
36
*35%
8
*47
5%
117
*40
70
*110% 115
50
77*
8
50
*47
.•
*67
70
♦110% 115
*110%
734
6
3,300
*119% 123
119% 119% *119% 123
37
373s
38%
3734
37% 38%
*119% 123
*119% 123
38
38%
3634
37%
42%
42%
43
42%
42%
29%
2934
29%
29%
30
13
13
13%
13%
13%
17%
17%
1734
17%
17'2
22
2234
*21%
22
2214
434
4%
4%
434
54
55%
52%
54
52
11%
117*
11%
ll7* *11%
37
*2914
24
Miami Copper
Melville Shoe Corp...
320
17*
%
*!
15
81%
80%
,123
36%
6
3,600
37
1,900
7il
"it
'it
*116
117
37
*24
23%
20
37%
9%
14%
39%
122
*%
1
15
81
147*
79
*116
19%
3%
24%
20
*134
*%
*1*
7
1%
8la
147*
z79
39%
17*
134
17*
%
%
*1434
80
80
59%
11%
11%
%
%
*»ie
147*
*14%
37*
57%
*55
*116
45%
37*
Meeta Machine Co
900
29
3%
9%
8%
9%
9%
14
14
14
14%
40%
39%
39% 39%
122
122
12134
121%
44
44
43%
43%
4484
108% *108
108%
108% *108
3%
384
334
3%
4
60
60%
6034
59% 60
11
11%
11%
11%
11%
12184
4484
45%
108
*107%
4
37*
59
61%
11
113^
7>i
%
108
107
37*
4
*3%
4584
45%
107
108
*106
14
14
*2878
37*
*384
4%
87*
137*
934
14
14%
39%
40%
122
122%
984
984
97*
97*
*119
29
29
29%
29%
377*
Merch A M'n Trans Co.No par
15.60 pre! ser B w w.No par
88
3
85
90 May
7%May
64
Feb
53% Feb
24%May
2%May
96 preferred series A.No par •
68
412
24
700
80
*65
2934
19i2
800
*75
68
*414
37
37
9%
80
*65
Apr 15
14%May
107
31
28
5
6
24
22
ll%May 22
10
Aug 13
*75
6% Aug
4
9% Jan
May 21
6
1
6% conv preferred...... 100
No par
Mead Corp
68%
2934
25
25
*17
MoLellan Stores Co
70
700
80
414
4%
105
*8%
*9%
1,400
7%
7%
Highest
share 9 per share
S par
share
3 per
S ver share
Par
*75
*65
29%
295*
Week
Shares
Lowest
Highest
Lowest
Nov. 29
105
100-Share Lots
On Basis of
*65
80
*75
681*
*75
681*
*65
9%
9%
912
80
*7514
EXCHANGE
% per share
$ per share $ per share
$ per share
71*
7%>
7%
7%
71*
71*
10434 1047* *104
105
*104
105
$ per share \
$ per share
♦7*4
7%
*100
NEW YORK STOCK
the
Friday
Thursday
STOCKS
for
Monday
1940
30.
Range for Previous
Year 1939
Range Since Jan. 1
Sales
SALE PRICES-PER SHARE, NOT PER CENT
LOW AND HIGH
Nov.
12% Jan
14
4
Apr 15
34% Apr 15
50
2% Apr
11% June
3% June
9% Apr
27% Apr
41
9%
Apr
Apr
Mar 12
114
Apr
154% Nov 29
128
8ept
139
Ex-rignta.
7% Sept
7% Nov
25
Nov
15% Sept
1284 Mar
34% Mar
52
Oct
21% Sept
132
June
15612 July
1 Cabed tor redemption.
New York Stock Record—Continued—Page 8
Volume 151
LOW
AND HIGH
8%LE PRICES—PER SHARE, NOT PER CENT
Sales
for
Monday
Tuesday
Wednesday
Thursday
Friday
NOV. 23
Not. 25
Nov. 26
Nov. 27
Nov. 28
Nov. 29
$ per share
9 per share
9 per share
3 per share
9 per share
414
*77g
3i2
16%
*9
4%
4%
4%
4%
8
77g
%
*37%
39%
♦102
103
9%
?£2
10
8
3%
16%
9%
84
3%
1534
38
9%
*4
8
3%
16%
*8%
*%
3%
16%
38
984
9%
98
2%
317g
20%
*1
98%
10
*17
19%
2%
3134
*20%
2%
317g
21%
1%
10%
8%
2%
317,
20%
10
10%
8
8
*44l2
87%
46%
*2i4
3%
3%
41%
fi2
*41
15%
8
88
45%
•
22
22
*38%
39
22%
38%
*9
40*4
2384
23%
*6%
*7%
35%
36
43
43
*83%
*%
84
«7g
35%
14
77
5*4
*5%
46
39%
*3%
*421
31%
31%
20
20
1%
*7g
984
7*4
31%
*19%
*7g
10
8
7%
8
44%
88%
*44%
45
*43%
45
2%
2%
*2%
3
1
10%
8%
234
3%
3
*3
41
10
8
23%
*22
*20
22
37
634
7%
6%
*7%
3334
357g
6%
7*4
35
*82%
16
85%
16
70
*175
*50
*172
7%
10
52
37
13%
13%
76%
1,000
1,900
5%
100
*66%
....
76%
5%
49
14
75*4
5%
1
39%'
39
49
8%
81%
157g
7%
*9%
*175
7%
9*4
7%
10
13
18%
18
18
700
*84%
85%
15%
85%
*175
7
Z684
9%
*9
15
15
178"
20
47
36
45%
34%
35%
34%
60
60
*60%
6784
61
61
*12
1234
*1034
*158%
*%
18%
*16*4
12?g
12%
*158%
12%
12%
mm~m
%
84
*34
187g
17*4
18%
17%
18*4
17*4
218%
17%
6%
6
6
6
12*4
*12*4
*39
55%
*117
I8S4
18
6
13%
41%
56
118%
31
30% 3#7,
*109?g 110%
110
110
*122
123
123
123
30*4
*137*4 140% *137% 140%
*158
159% *158
159%
*115% 117% *116
117%
25% 25%
25% 25*4
8
8%
8%
8%
89% 89%
90% 90%
827g 827g
*827, 83
10%
10%
10%
10%
1S%
*10%
*10% 10%
5
5
5%
5%
*75
95
62
4
20%
177g
27%
1334
2«7,
21
21
*2%
27g
317g
9%
9%
9%
8
1,000
*s4
»16
1,000
57g
127g
534
584
57g
57g
700
12%
13%
12%
*12%
12%
6,500
41
*38
13%
12%
12%
39
39
*38
55
12
90%
91
91
83
83
83%
10%
10%
10%
10%
10%
5
5
95
17%
22
177g
27%
17?g
27%
14
14
26
26
21%
*2%
3178
9%
*8%
*834
9%
21%
*30
32%
934
*8
9%
*8%
9%
*8*4
9%
9%
9%
9%
1,000
3,100
Radio-Keith-Orpheum. .....1
400
*19
20
*19
35%
19%
17
17%
2,700
28
28%
1,000
14
14
1,100
6% conv preferred.... 100
Raybestos Manhattan. No par
Rayonier Inc..—..
.....1
62 preferred....—......25
Reading Company
60
25%
2084
*2%
2584
60%
2%
17%
17%
28
28
14%
*13%
26%
*2534
*20%
*2%
*30
21
27g
32%
10%
8%
9%
8%
834
*884
9%
60%
2%
17%
28%
14%
26%
22
27g
32%
*30
8%
8*4
8%
*8%
*8*4
9%
9
9
60
*59
60
*59
60
*60%
*1%
*59
62
*59%
62
*59
62
1%
22%
1%
100
95
95
12
*11%
100
100
96
12
997* 100
*24
26%
1116% 116%
71%
127g
*90
10%
33%
53%
9
*5%
*5%
16?g
*14
*48
%
39%
71%
127g
95%
10%
33%
53%
9%
684
684
16?g
14%
48%
%
39%
24%
116
9434
11%
24*4
*23
*109
72
72
72
68%
70
127g
12%
12%
12%
95%
10%
33%
90
127g
90*4
*10
60
*53%
12*4
33%
60
*53%
17
*48
9
9
6%
534
17
14%
48%
*%
39%
%
39*4
*%
*5%
5%
16%
137g
48%
*%
387g
%•
*%
%
*11
%
*%
3%
5%
*2%
3%
5%
*%
*%
%
*2%
*4
*42%
110
37*4
*
*4
43
43
110
110
37*4
38%
11%
24
12*4
91%
*10%
33%
*14
94
11%
23%
21% 22%
100% 100%
92% 93%
11%
11%
114
72
*5%
684
100%
94
11%
24*4
1%
114
1234
95%
107,
9
100
95
59'i
*59
115
71%
10%
33%
*53%
21%
1%
43
110%
39%
91%
*90
1034
10
33%
32%
60
*53%
9
9%
6%
*5%
5%
5%
167g
48%
16%
13%
47%
7S
39%
377g
48%
7«
39%
»i«
%
%
14
14
*%
%
3%
5%
43% 43%
110% 110%
38% 40%
9%
6%
5%
17%
%
3%
5%
•is
*2%
*2%
*4
*4
43
43
110
38*4
87«
6%
5%
16%
213%
*47%
25%
1%
mm
mm
mm
000
200
800
20%
27g
32%
8%
mmrnmmm
Preferred .............100
Rels (Robt) A Co 1st pref—100
Reliable Stores Corp
No par
Reliance Mfg Co..........10
200
mmrnmmm
2,000
400
■
mmrnmmm
1%
4,500
37,400
94
94
2,460
1,800
11%
11%
1,700
25%
400
*23
114
60
*68%
70
90
12%
13
1,600
95
300
*90
900
10
10%
*984
327g
32%
*53%
32%
87g
*5%
5%
9%
6%
6%
60
9%
6%
10,500
10
60
60
60
240
60
02
4% 1st preferred....
4% 2d preferred
Real Silk Hosiery..........6
30
9%
9%
9%
217g
22%
100% 100%
*109
114
Remington-Rand
1
Preferred with warrants..26
Rensselaer A Sara RR Co. .100
——.1
Reo Motors vtc
Republic Steel Corp...No par
6% conv preferred
100
6% conv prior pref ser A.100
Revere Copper A Brass.....6
10
Class A
7% preferred—........100
5H% preferred..—....100
100
Roan Antelope Copper Mines
Ruberold Co (The)
No par
16%
17
17
13%
13%
*47%
♦%
13%
1,500
Rustless Iron A Steel Corp__l
48
180
62.60 conv preferred.No par
100
{Rutland RR 7% pref..—100
Lead
—.10
{St Louis-San Francisco—100
6% preferred——100
{St Louis Southwestern... 100
6% preferred..........100
Safeway 8tores.......No par
5% preferred
100
Savage Arms Corp—No par
48
%
38
36%
%
*%
«4
%
*2%
3%
*4
5%
*»16
2%
*4
43
43
109*4 110%
39% 39%
%
37%
4,400
%
400
%
2%
5%
43
109% 109*4
39%
39%
: In receivership,
a
500
50
mtmmmmm
2,200
870
8,300
Del. delivery,
May 24
St Joseph
a New stock.
1
Cash sale,
x
6
Feb
25gNov 12
44i2 Apr 9
2338 Nov 7
23s Mar 12
12igMar 4
103gMay 13
62is Jan 5
90%May
8
4it Jan
36
Apr
Apr
47
Aug
Apr
117g
1%
6*4
*51*
2*8
13ig
11*4
691*
94*4
Deo
Apr
Apr
48
74
21
Sept
Sept
Feb
July
Mar
Deo
Aug
8
*4 Apr
Feb 17
2% Aug
423g Nov 14
17t* Aug
11*4 Sept
15
Aug
33
Mar
17
Deo
301* Apr
45
4
10% Jan
6
257g Nov 15
23
Nov
27** Sept
Nov27
43
4*4 Sept
5*g Sept
4% Jan
2
May
6*4 Sept
5*4 Apr
28ig Apr
36
Apr
87g Nov 14
10ig Feb 2
401* Jan 2
47
Jan 11
87% Oot 19
%Mar
75
91
Apr
131* Sept
Apr 25
1
Jan
Jan
17* Sept
Sept
2*4 July
1031* Mar
74
Nov 14
25
4184 Jan
6
67S Feb
4
Apr
2
Feb
Aug
>8 July
1414 Nov 25
97igMay 9
7»4 Apr 4
45
Oot
5*4 Sept
19*4 Sept
45
Sept
40
Sept
25
Sept
IOI4 Sept
8is Mar
471* Sept
488* Aug
78* Apr
31U Apr
Aug
8
36
Jan
287g Apr 26
23
Apr
72
Oot 21
3514 Mar
110
7
Jan
35
July
461* Sept
37* Sept
45% Mar
Jan 17
7UNOV 14
35'8 Nov 15
21* Apr
12
Apr
7
4
Mar
8384 Nov 19
10% Nov 15
50
Apr
168
Sept
167
178
Oot
8
88g Jan
2
31i* Sept
51
Sept
12
Sept
321* Bept
1414 Sept
95
Sept
6
June 10
4%May 15
6 May 16
l0%May 22
10 May 21
19 May 21
7 May 21
1611* July 3
eg Feb 14
16 May 28
121* Jan 13
6i*May 21
lgMay 29
434 Oct 2
6%May 21
6%May 21
21 May 21
63
June
5
112i2May 22
281* Nov 29
100 May 21
1107gMay 22
97g Nov
11
Jan
4
22
70
18
June
6
Sept
Aug
Nov 18
I6I4 Apr 8
1511* July 8
l%Mar 12
22s4 Feb 9
18
Nov 23
12*4 Jan
8
July
147, Jan
14*4 Jan
45u Nov
4
3
8
71*4 Apr 16
1181* Jan 2
43i 2 Apr 8
1151* Jan 11
128
Apr 20
145
Mar 29
166
Apr
118
Jan
June
6
91* Sept 19
4%May 23
Apr 15
90
481*May 21
2tgNov22
34
June 19
1*
17ig
61*
71*
2
32>4 Jan
lli*May
97%May
89 May
15% Feb
16i* Feb
714 Apr
90
Apr 15
69
Apr 8
3
Apr
Sept
Apr
Aug
1* Aug
6
6
June 12
142
176
ll*g
161*
481*
251*
401*
20**
149
Aug
Sept
Sept
Oot
Oot
Sept
Sept
Deo
214 Sept
24
Sept
17
Sept
167* Sept
214
Jan
5
22
14
21
21
733gMay 28
Apr
121* Aug
2i4 Feb 27
May
1141* Oct
l6?gMay
6% Oct
143
47g Aug
61* Apr
6538 Nov 20
41% Nov 18
June
126
Aug
0% Sept
18
Apr
60*8 Apr
112
Mar
311* Apr
lOH* Sept
112
Sept
Apr
Sept
111
Sept
*221* Aug
129
147
6>* Aug
70
Sept
63*4 Aug
10*4 Jan
11
Aug
Aug
5
85U June
63U Apr
161* Sept
16*4 Sept
49
66
119*4
41*4
114*8
1281*
143
166
Sept
Deo
Feb
Aug
Aug
Aug
Aug
June
117*8
417*
11*4
90ig
81i*
18i*
Deo
Sept
Sept
16
Nov
Mar
jan
July
81* Jan
85U June
677* jan
June 20
361* July
9
16%May 22
13igMay 21
23
Apr
297gMay
16U Apr
0% June
231* sept
24
37i*May
17i2 Apr
I214 June
1014 Apr
207* Sept
28*4 Deo
22*4 Sept
28*4 Oct
16
27
May 28
97gMay 28
1934June 8
17 May 22
l%May 21
247gMay 23
6
June
6
6%May 21
8
Aug 5
6
May 22
x37»4June 7
60 May 28
1 May 15
14 May 21
70igMay 21
60 May 21
7%May 21
17% July 26
27
Oct 31
23
Jan
3
43g Feb
66
Mar
8
13
4
Jan 12
834 Nov 16
13ig Feb 9
1012 Jan
60
3
Nov 29
July
28* Deo
Deo
64
7
Apr
I6I4
61* Apr
9
Apr
98g Dee
60
Deo
Jan
6
60
Apr
2
Apr
4
7* July
127* Apr
43
Apr
42
Apr
Deo
Sept
6I4 Sept
40
69
241* Nov 9
105*4 Sept 19
9512 Nov 19
14*4 Jan 3
3014 Apr 9
19
10
Mar
Oct
Nov
141* sept
I7ig Jan
751* Mar
75
Nov
211* July
2*4 Nov
281* Sept
95*4 Deo
89*4 Oct
20U Jan
40i* Jan
63
Aug
84
Sept
878s July
66
Sept
9*8 Apr
70
June 26
39
May 27
721* Nov 15
8igMay 21
167g Feb 20
96I4 Apr 8
ll7g Nov 14
7is June
78*4 Jan
61* Apr
35
Sept
62
July
6«* Apr
61* May
14% Jan
45
Jan
68
Jan
10%
9*4
Jan
Oct
10
171* Sept
62
......
7
18
May
10
Common.
Nov 25
10i2Nov
154
32
Richfield Oil Corp.....No par
Rltter Dental Mfg
No par
18,000
99
6%May 24
64%May 22
13% Nov 6
164 May 6
Reynolds Metals Co...No par
5H % conv preferred
100
Reynolds Spring...........1
Reynolds (R J) Tob class B.10
1,100
1,400
5%
*%
37%
42%
110%
397g
Bid and asked prices; no sales on this day.
32%
9
9%
115
24%
116
71%
*90
100%
1%
2234
1%
18
100
20,200
5
Nov 29
10
SigMay 22
9
10%
5
Oct 31
10
66
84
95
451* Apr
102
28
29
21
May
May
35 May
I07i| Feb
6% preferred..........100
5% conv preferred......100
60%
2%
*8%
8%
*8*4
2%May 24
Purity Bakeries.......No par
47g
Jan 10
22
2,100
*75-
June 11
36
10%
5
18
10
25
3i«May 18
93
95
27
U Mar 20
13ia Nov 29
68 May 21
857g
60%
23g
*30
70
984
*984
*984
May 22
6% Nov
SigMay
25%June
87%May
85%
Pure Oil (The)—......No par
2
17
93
*59
*93
...No par
Jan
21
10%
10%
60
22%
Pullman Ino....
4
June 12
1
24
8534
61%
1%
23
«.
6% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J—No par
15 preferred—......No par
6% preferred
100
7% preferred
100
8% preferred..
100
Pub Ser El A Gas pf 65.No par
10
15
93
*60%
1%
-
6
*34%
2%
21
28%
14%
*25*4
21%
*2%
9%
-
70
5% conv 1st pref
5% conv 2d pref........60
Procter A Gamble
No par
7U Jan
87gNov 18
4igMar U
25% Apr
Highest
share 8 per share
7i* Deo
61* Deo
7
Deo
117* Jan
3
Apr
4*4 Jan
97a Sept
197* Deo
5
June
8*4 Sept
2
Sept
«g Apr
35
Sept
60i* Jan
92
Feb
Sept 104
14ig Jan
6ig Sept
72
Sept 1071* Jan
7% Sept
135* Jan
26
Jan
1414 Sept
1>* Apr
414 Sept
lligMay 21
83%
*10
*75
60%
2%
16*4
28%
277g
14%
1334
26%! *2534
21%<
20%
27g
*2%
*•
100
J Porto Rio-Am Tob cl ANo par
Postal Teleg'h Ino pref.NO par
Pressed Steel Car Co Ino..—1
35
17%
22
1,500
*•'mm A
Plymouth Oil Co....
6
Pond Creek Pocahontas No par
Poor A Co class B
No par
21
21
34%
11,500
No par
*34%
*33%
34%
130
7% pflOO
Lowest
per
13U Apr
45% Oct
2914 Apr
17,400
10,100
1,300
2,900
47g
95
34%
21%
34%
*11%
200
Pit Youngs Aflht Ry
Pittston Co (The)
35
5
47g
*75
60
2%
23
200
3,800
54%
100
No par
Pittsburgh Steel Co..—No par
7% pref class B..
...100
6% pref class A
100
5H % 1st ser conv pr pf.100
Pittsburgh A West Va
100
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer
No par
65 preferred B—NO par
63.50 qpnv 1st pref—No par
*10
807g
2%
60
54%
7% guar preferred..
Pitts Screw A Bolt
6
May 22
16 May 18
23 May 22
l%June13
5%May 21
l7%May 22
92
90%
83
*10%
10%
54
*59
22%
13
41%
54%
118
118
*117
117% 117%
117%
31
3034
29%
z29% 297g
28%
110% 110% 1097« 110
109% 110%
10984 110
*122% 12384 *122
1227g *122
1227g *122
1227g
*137% 141
*137% 140
*137% 140
*137% 140
158
157
158
157
158
159% 159% 158
*116
117% *116
117%
117% *116
117% *116
26
25% 26
25% 26
26%
25%
26%
8
8
8
x8
8%
8%
77g
8%
55
54%
117% 117%
30
307g
62
1%
22%
600
8
41
2%
9%
1,100
18%
17%
8
60
9%
500
»i«
*59
9%
"mmrnmmm
1
*34
*39
60%
32
210
12%
....
8
12%
*12%
2%
27g
120
•4
8
13
*75
95
1,010
34
12%
*12%
60%
2%
8
%
18%
17%
170
50
*46
57g
8%
55
13
47
*158%
,si#
—
*57g
12*4
*12%
1834
*16%
12%
1*158%
*34
1
"XI
117
200
34%
*34
12*4
13%
41%
55*4
S6 conv preferred—..No par
2,700
34
Pittsburgh Coal of Pa..... 100
6% preferred—
.....100
Pitts Coke A Iron Corp No par
Pittsburgh Forglngs Co
Pitta Ft Wayne A C Ry Co. 100
67g
9%
634
*9
....100
50
177% 177*4
67g
9%
Oct 23
June
15
........5
—
1,900
*160
_
47
8%
8
9
65
"i«
*8%
*8*4
700
9
38
*34
*28%
32
9
50
*"u
m
300
9
15
Hosiery
Preferred
71
271$ May 22
Pirelli Co of Italy "Am shares'
Pitt C C A St L RR Co
100
mmmrn
10
18
15
21
6*4 Jan 16
ijMay 22
20% June 11
99
Sept 13
4%May 21
64 May 23
6%May 21
15 May 21
l%May 21
81ig July 22
l3%May 22
s*May 28
6%May 21
5%June 28
30
30
mm
6
31
*81
7% preferred—.—..100
Plllhips Petroleum
No par
Plllsbury Flour Mills..——26
33
*160
Phelps-Dodge Corp........26
Philadelphia Co 0% pref—.60
16 preferred—
No par
Phila A Reading C A I .No par
Philco Corp..
3
Philip Morris A Co Ltd
10
Phillips Jones Corp....No par
100
135
"*5%
50
8%
27%
13»4
*25*4
50
........No par
Petroleum Corp of Amer—..6
Pfeiffer Brewing Co— -No par
Phoenix
4%
37*4
834
35
~mm
176
67g
9%
*70
*
5%
7,800
*30
15%
m
71
135
"5%
8%
81%
14%
*3%
64
"i.
*3334
20%
177g
70
*
6
81
4%
51
*34
*61%
2%
23%
32
176
*8%
*75
49
*23
68
*160
187g
1734
8%
117
*43%
23%
66
12%
*158%
18%
55%
48
*23
38
*64
7,
*39
397g
*3%
*43%
135
8%
7%
934
38%
4%
30
178
39%
10
23%
68
*160
45
38%
"<r
8%
82%
157g
*47g
45
45
♦_
32
76
5%
49
37%
66
*12%
*158%
178
70
135
'If 76
*47g
*42
397g
*3
4%
*16
14
76%
5%
*42
6
*31
mm
10,100
900
51
37
66
mm
800
700
*
85%
16%
16
178
*7%
*9%
*82%
"woo
7%
%
6*4
*160
6%
34%
6%
7%
*%
76%
*5%
9
----
6%
734
6% prior preferred—...100
5% preferred —......100
Pet Milk Co
%
14%
45
*160
360
22
90
*23
*8
640
23%
22%
*20
43
23
9
38
1
38
tPeoria A Eastern Ry Co..100
85%
48
*8%
Pere Marquette Ry Co....100
34
23
32
""200
*82
4%
*31
900
10
*42
39%
32
600
85
*3%
*43%
*31
22%
37%
2%
Pennsylvania RR.
60
Peoples Drug Stores Ino—.6
Peoples G L A O C(Chlo)..100
34%
*42
135
300
18,900
42%
48
~*57g
1,000
15
2%June
5% Oct
2i4May
12 May
l%May 22
ligMay 22
ll%May 21
9*4 June 25
22%
85
397g
*66%
38%
6 ver share
44
Penn Coal A Coke Corp..—10
Range jw Previous
Year 1939
Highest
9 per share
Penick A Ford——. .No par
Penney (J C) Co
No par
Penn-Dlxie Cement..—No par
$7 conv pref ser A ...No par
Penn G1 Sand Corp v t o No par
34%
42%
14
Parmelee Trans porta'n_ No par
Pathe Film Corp......
..1
Patino Mines A Enter prises. 10
200
43
24
♦
22
8i«
Parke Davis A Co.....No par
Parker Rust Proof Co..—2.60
1,000
85
»i«
1
3%
43
*%
1
2%
*84%
*23
7
3.300
43
*3%
*43%
70
300
88%
84
48
135
23
6%
*7%
3,300
2,300
6% 1st preferred...-.—100
8% 2d preferred—......10
Park A Tilford Inc
Park Utah Consol Mines
*8%
38
23
*20
10%
*223,
37%
2%
9%
*37%
300
Transp—6
Panhandle Prod A Ret
1
Parafflne Co Inc——No par
4% conv preferred
100
Paramount Pictures Ino
1
*2
37%
22
500
1
22
23
9%
2,100
20
38*4
*1234
15
37%
ConBol'dCorp—.1
*3
22%
23
Pacific Tin
Pacific Western Oil Corp...10
Packard Motor Car
..No par
Pan Amer Airways
Corp—..6
*2%
2*4
3%
3784
*2
31%
88
23
37%
2%
9%
40%
23%
"lJOO
10
88
37*4
*13%
217g
14*4
2284
*2
41
1
88
40
38%
1434
24
"*5%
1,900
11,600
317g
20%
20%
*43
*66%
10%
2
*23
*
4%
10
%
14%
49
39
39*4
97%
84
43
83%
%
14%
77%
58,
%
78
*3%
36%
83%
«u
*6%
7%
347g
*43%
7%
*42
....
78
6*4
6%
7%
3
23
62,300
*16%
*8%
40%
10
98
31%
2%
317g
21%
10
9%
10
Par
Pan-Amer Petrol A
100
*99% 103
98
2
11
*20
39
"1*365
*4
20%
21*4
22%
37%
22
*3634
9,600
9%
2
15%
23%!
22%
38%
2%
24
*20
22
16
*97g
*16%
*9
2%
15%
*8%
%
2
*2
41
42%
23%
*42
41
11
*40%
*20
*2%
3%
98
20
88
23
*2
934
*16%
45
*13%
9
9934
800
11,900
3%
2
20
88%
8%
15
Lowest
2,400
8
3%
Ratios Since Jan. 1
On Basis of 100-Share Lots
Week
4
*7%
3%
1534
9%
*8%
%
s4
*37% 39%
*99*4 103
9%
984
98%
10%
10
4
8
3%
EXCHANGE
Shares
per share
4%
*7%
39
*3684
99*4
9%
97%
45
237g
2%
9
34
88
10
23%
41
8
*8%
9%
98%
10%
4
4%
3%
15%
87g
%
*%
934
734
44%
3%
41%
157g
*13
39
*2
1
2%
*2%
3%
22
*38%
10
*16%
2%
3134
*20%
45%
88%
87%
15%
23%
23%
*21%
10
*1
1%
10
934
99
10
4%
734
3%
147g
*%
%
♦36% 39%
*99*4 103
*99*4 103
9*4
97%
20
*17
*9
4%
8%
3%
16%
9%
$
STOCKS
NEW YORK STOCK
the
Saturday
3199
767g Mar 28
6igMay 21
117
Nov 19
June 10
44
May
May 22
67gMay 22
4*4May 22
3U Aug 8
llijMay 28
123« Oct 16
461* Oct 22
lgMay 15
66
Oct
9i4Nov27
71* Jan 3
12
Feb 27
22 ig Apr
.
June 10
la, Feb
42
Jan
H Jan
7g Jan
2
Jan 30
4
Jan
34
96
17
9
May 21
May 21
May 21
Ex-div.
y
4
Sept
168* Sept
Deo
11% Jan
34
Jan
151* Nov 12
48ig Nov 26
l* Apr 19
ig Oct 15
26
8
3
87
9
14 June
•g Aug
l*t May
3*8 May
27*4 Apr
Mar 14
11U* Mar 28
40ig Nov 26
Ex-rights.
Apr
2714 Apr
2
3
6 May 10
4*gMay 18
53
3,
3
821* Jan
10% Apr
2% Nov
49i* sept
7* Sept
2
Jan
6
Sept
6% Sept
51*4 Nov
109
Aug
23
Sept
t Called for redemption.
Nov, 23
Nov. 25
Nov. 26
Nov. 27
$ per share
$ per share
$ per share
$ per share
$ per share
81
*79%
*ig
%
*3
338
*3
3%
*3
*79%
81%
ht
*79%
*%
1078
81%
Ji«
1034
11
11
ll1#
11
11
%
81%
37
*3
*36
37
$ per share
1034
84
700
3
2,400
3i«
%
3
3
3634
600
♦23#
7514
in#
*13'2
*70%
912
4
♦5%
1%
29
*27l2
*105
115
*112
18i2
18)2
9%
*1434
9%
*134
*13%
*19i2
*136)8
27
8%
12%
2134
*23
2'8
*434
5%
5%
37%
37%
*37%
9%
10
27%
20%
29
20%
*110
*1%
*25%
20%
1%
27%
20%'
*134
115
18%
18%
3%
*52
*5%
20%
134
*25%
*20
*110
*112%
17%
18%
X5 %
5%
*37%
38
10%
10%
*5%
20%
1%
*2534
*112%
*17%
9%
15%
8%
*134
*55
*55
21
2034
42%
4234
42
42-%
41-%
3334
3334
57%
7%
34%
34%
34%
*19
21
*57
7%
33%
6%
6%
*109% 110%
*1%
1%
*338
3%
*13%
14%
15%
15%
19%
1938
2634 27
34% 35
36% 36%
63
63%
7%
7%
5
*4%
8%
8%
8%
8%
*50
124%
8%
*17%
1%
16%
*23
57%
7%
7%
54
54
54
54
*3234
*57
*19%
20%
42%
34%
57%
7%
55
*3
.
_
5
21%
22%
2178
2178
18
18
18
18
6%
7%
*6%
7%
6%
57g
4%
4%
8%
9%
*9
*9
39%
39%
*2%
3
41
*37%
*4%
32
4%
*5
*33%
1%
*18
9%
*95
28%
*48
4%
32
4%
5%
34
*38%
2%
*37%
*4%
32%
4%
*5
33%
934
28%
*94%
28%
49%
48
5
5
19
*4t4
*8%
4%
5%
33%
*8%
2
*72
*4%
3%
7%
37
9
9
2%
2%
40%
4%
*37%
4%
4%
5%
32%
*1%
*17%
9%
33%
1%
18%
9%
94%
28%
48
47
47%
8
71%
71
72
114
114
45%
17%
81%
84
*8334
13%
81%
84%
15%
*15
15%
27%
46
17%
14
137g
*13%
1378
110%
"108% 110% *109
52%
52%
*52%
5278
*19
20%
20% *19
1%
1%
32%
1%
31
1%
32%
13%
80%
1%
*1734
*95%
9%
5%
18
.
1784
8
*7%
|
9%
70%
7%
7%
*8%
*1%
*18%
9%
*32
*1%
32%
13
1%
*72%
4%
134
21
9%
13%
71%
1%
*113
4%
5%
*1534
21
9%
.
_
32%
13%
71%
114
13%
80%
81%
84
""
84%
15
15
13%
*4%
70
*113
13%
Z7834
84%
*14%
27%
44%
15%
114
*8%
700
1,500
300
27%
27%
27%
46
46%
45
457?
16%
17%
13%
15%
16%
52%
19%
1%
30%
52
52
52
19%
20%
1934
1%
27%
1%
29
27
1%
28%
Bid and asked prices :uo sales ou this day.
110
1%
3
40%
4%
4%
6
32%
1%
18%
9%
96%
28%
47%
4%
Starrett Co (The) L 8..No par
600
: In receivership,
Studebaker
Corp (The)
1
6%
....100
preferred
Sunshine Mining Co.
10c
Superheater Co (The)..No par
Superior Oil Corp
.....1
Superior Steel Corp
100
Sutherland Paper Co
...10
Sweets Co of Amer (The)—.60
Swift A Co
25
Swift International Ltd
Symington-Gould Corp w w.l
warrants
1
Inc (James)
9
Without
Talcott
534% partio pref
—50
5
Telautograph Corp..
Tennessee Corp
2,200
3
May
4% May
5
26
Texas Corp (The)
33
No par
10
Texas Pacific Coal A Oil
Texas Pacific Land Trust
1
100
6
May
No par
Mfg
8
May
36%June 27
2%June 11
No par
33.60 conv pref
..No par
The Fair
30
100
1
3
33 dlv conv preferred.... 10
20
Thermold
Co
Thompson (J R)
1,800
34 .50 conv pref
400
.No par
10
Tlmken Detroit Axle..
2,700
5,000
Transcont'l A West Air Inc..6
7%
200
1%
5,200
Transue A Williams St'l No par
Trl-Contlnental Corp..No par
76
41
Transamerlca Corp
10
6
"moo
I84
300
9%
114
13%
78%
85%
15%
2734
4334
16%
1334
3%May 21
10
6%May 22
5
May 21
20th Ceo Fox Film CorpNo par
31.50 preferred
14
Nopar
Twin
City Rapid Tran.No par
7% preferred
100
30
Twin Coach Co
1
Under Elliott Fisher Co No par
Union Bag A Paper
No par
Union Carbide A Carb.No par
Union El Co of Mo36 pf No par
110
Union Oil of California
1,900
4,900
1,500
26
Union Paclflo RIt Co
100
20
1%
27%
597sJune 10
105 May 27
12
May 21
71 May 25
June 10
Nov
United Aircraft Corp
1,400
14,300
17,900
31% July
...6
Un Air Lines Transport
United Biscuit Co
500
6
No par
110
5% preferred
United Carbon Co
500
Unlted-Carr Fast Corp .No par
United Corporation
No par
23,500
12,200
Def. delivery,
9% May 21
14
700
1%
283g
l%May 22
13% May 22
6%May 23
21%June 10
70
52%
110
May 22
4% preferred
100
Union Prem. Food Stores,Ino.l
Union Tank Car...
No par
100
20
110
*52%
5
Aug
No par
Truax-Traer Corp
Trusoon Steel Co
1,000
21
21
21
22
22
33 preferred
n
New stock,
100
—No par
—No par
r Cash sale.
%
7
2234 Jan 21
12
3
May 21
l2%May 28
108% Nov 22
42%May 23
12
May 24
l%May 29
26%June 11
Fx-dlv.
v
64
Oct
11*4
Feb
38% Aug
17% Sept
Aug
Apr
107% Nov
8% Sept
17% Apr
2% Dec
16% Apr
15% Aug
32*4 Jan
3% June
28% Oct
29% Jan
Apr
127
Jan
112
Dec
Apr
21
Sept
Sept
11%
9
Dec
17% Mar
12% Apr
10% Aug
1% Sept
13
Sept
14
Apr
127
Apr
23%
Jan
10% Apr
11% Apr
15% Apr
34
Mar
1% Aug
4»4
60
Apr
24
Sept
15% Sept
3% Sept
18% July
35% Sept
143
Dec
29% Dec
21% Jan
23% Jan
36% Nov
43*4 Sept
3% Jan
9% Sept
Sept
70% Nov
14%
Apr
22% Dec
51% Sept
Apr
11
Apr
Apr
34% Dec
42
8% Aug
16% Mar
75% Mar
34% Dec
7% Jan
11%
66%
40%
7%
Jan
Apr
Apr 10
Apr 6
110% Oct 24
57«4 Dec
18% Apr
5% Dec
63
108
Dec
June
94
Oct
2
Dec
5%
Jan
4«4
Apr
10%
10
Apr
20%
Jan
Oct
13%
Apr
2% Jan
7% Jan
18% Jan
2234 Jan
26% Jan
24% Sept
25% Oct
33% Sept
29
22®4 Aug
30
Apr
38
46% Jan
Nov 12
37
80®4 Jan
8% Feb 15
8% Apr 2
_
12% Jan 5
12% Feb 21
65%May
"
4
Aug
20%
Apr
65
Apr
6% Aug
3% Apr
8%
Apr
6%
Apr
4534 Sept
124% Sept 17
10% Jan 20
27% Jan 5
2% Jan 3
18% Nov 8
36% Feb 28
7% Mar 25
24% Apr 22
32% Jan 25
9% Jan 3
7%May 3
6
April
118% Sept
5
Oct
40
Mar
6% Mar 5
8% Nov 14
47% Apr 4
4% Apr 4
37% Nov 26
8% Jan 8
6% Jan 4
12% Jan 8
18% Jan 8
53
Mar 21
4
Feb 16
7% Apr
19% Sept
1®4 Aug
10
Apr
22®4 Sept
5% Sept
17
Apr
24«4 June
Oct
Jan
38%
Jan
3% Sept
22% Jan
30% Mar
10% Jan
25% Sept
37% Sept
7% Mar
43% July
6% Mar
4
Apr
Aug
32% Aug
3% Aug
26
7
Sept
Aug
9% Sept
9% Sept
60*4 Sept
5*4 Jan
38% Sept
11% Sept
5®4 Nov
9
Jan
8% Sept
22%
Jan
15% Dec
24
Oct
Dec
61
Oct
48
3% Dec
17
97
10
66
128% June
11*4 July
12% Sept
14
12
Dec
12% Jan
7*4 Sept
17% Jan
Aug
Aug
30
Nov
Sept
80
Aug
9
35
Sept
53% Sept
36
4%
3%
4%
33%
3%
42% Feb 16
534 Mar 8
Sept
2% Apr
Apr
5*4
Oct
41
Oct
6
Nov
33
Nov
1% Jan
2«4 Sept
Apr
3% Oct
4*4 Nov
33% Nov
Jan 27
1% July
7% Apr
6
May 10
9% Aug
83
Sept
3*4 Jan
18% Dec
14% Mar
8
10*4 Apr
34% Apr
29% Nov
64
No par
36 preferred
100
600
2
Jan
7% Sept
36
23
35% May
4%May
10%May
4% May
l%May
Tlmken Roller Bearing.No par
10,200
Jan
Sept
3
Apr 8
Apr 22
Apr 16
Jan 4
May 21
18%
21*4
72
9
7%
534
38%
2%
2
Jan
Sept
Feb
18
..25
5
4
Thompson Starrett Co.No par
33.60 cum preferred.No par
Tide Water Associated Oil-.10
3,600
May 15
5
June
234 Feb
Thompson Prods Inc..No par
2,900
June 19
1
3% Sept
24% Sept
3% Jan
85% Nov
Nov 28
58
2584May 28
1
May 18
8
May 21
8%May 28
81
May 28
..100
Third Avenue Ry
300
900
500
May
2%May
26%May
5% Oct
334 July
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
6
29
15
21
4
22
21
22
29
20
21
22
21
20
22
14
25
21
23
23
11
22
21
9% Aug
Jan
38*4 Apr
47
June 10
4634 Aug
118% May
7%May
12%May
1% Oct
9%May
20 May
3
May
*17%May
16% Aug
484May
334May
4%May
28%May
Sun Oil Co....-—--.No par
II,400
a
No par
Stone A Webster
420
71%
*13%
1
Stokely Bros A Co Inc
Preferred
"""600
6934
13%
110%
10
5
Sterling Products Inc
Stewart-Warner Corp
3,800
16
26
May 14
2384 Apr 11
1
May 18
2%May 22
9%May 26
12%May 21
16% Oct 10
20s4May 28
2 9% June
1
23
May 21
56
May 21
4%May 15
4%May 20
6 May 21
6'4May 21
..No par
prior pref
No par
prior pref....No par
Standard Oil of New Jersey.25
100
13%
78%
1
600
13
84%
No par
Standard Oil of Indiana
3,100
1,500
*14%
*27%
a;43%
2
Texas A Pacific Ry Co
31
13%
98
No par
Thatcher
20
*113
No par
1
...No par
200
*17
I984
1%
27%
*13%
41
3,400
9%
z30%
52
52%
*18%
83*
8%
500
1,100
14,300
1,900
4,500
I,700
16
534
16
13%
7934
84%
15%
2734
45%
16%
27%
13%
*13%
13%
110%
109% 109% *110
3%
36%
6%
4%
18%
6
4%
1%
*19
12%
46%
5
18
10
*72%
15%
9%
31%
28
134
76
5
10
534
16%
134
2
76
15%
1%'
13'8
■
*8%
5%
13%
1%
18%
9%
5
5
1%
*72%
4%
4%
13%
*5%
32%
46
*8%
21
4%
6
32%
47%
8%
*20
4%
32%
1%
*1784
784
38%
34
4%
9634
5
2
4%
*5%
46%
74
*234
*37%
2734
46%
17%
*4%
*32
96
5
4%
33%
27%
19
8%
2
3%
6%
*38%
96
5
74
734
41
2%
40%
4%
28%
18%
2%
*3%
3734
8%
27"4
5
9%
1778
33%
13g
183g
9%
*95
19%
34
13%
45%
4%
5%
43g
5%
4%
33
32
32
*5%
32%
934
17%
*38%
2%
*37%
4%
33
*33%
*8
27g
41
33
57g
42
3l2
7%
38
4%
*7%
9
8%
434
*5
4%
27g
*37%
32%
45
1,100
2,200
4%
41
91
83%
52
72
No par
60% Oct 14
14%May 29
33
May 21
19
May 21
45%May 28
484May 22
46
May 22
26%May 23
5
May 21
Standard Oil of Calif—No par
80
*7%
37
*38
34
80%
*7%
37%
41
9%
*15%
*26%
*3%
'
*38
33'2
15%
27%
*81%
12,200
8,100
3,600
8%
*7%
8
*1%
*83%
600
7%
8
8%
16%
1%
15%
2234
36%
4%
1%
*15%
27%
4%
124%
8%
3
z4%
9%
13%
734
300
2,200
2,100
No par
preferred
37 cum
16%
1%
15%
*20%
124
37
6%
6%
94%
28%
115
51%
3
6%
4%
*1%
70%
7%
4%
x7h
7%
36%
6%
36%
6%
1%
21%
9%
34%
13%
*13%
36
62%
4%
3 v-
37%
*1%
*19%
*114
38%
3%
6%
16
1378
81%
84
3%
7%
38%
10
71%
*33%
38%
*3%
*9
114
*5%
33%
7%
38%
3%
5%
15%
13%
62
6
Standard Gas A El Co.No par
40
5%
33%
*5
6%
16%
71
*34%
25%
34%
Jan
preferred
36 cum
534
17%
40
3%
5%
114
33%
May
Standard Brands
100
-
7
Square D Co
34
3034May 10
162% Apr 23
30%May 6
153a Jan 3
20% Jan 3
34% Jan 3
3
Conv 34.60 pref
34.60
9
2
2% Mar 11
16% Jan 3
l%May 21
334June 12
Spiegel Inc
1,500
13,000
17,100
24,400
42
3%
*33%
1578
13%
2534
14
14%
18
100
6%
*5%
9
20%
14%
17%
1,200
1,500
1,800
578
20
*12%
2,200
2,400
6%
16%
9%
23
3%
6%
96
*9%
Splcer Mfg Co
S3 conv pref A
4
4
8
Sperry Corp (The) v t c
Jan
1
10% Jan
52% July
117% May
484
70
No par
—1
preferred
June
6% Dec
28
101
Jan
Spencer Kellogg A Sons No par
43
6
.
_
Dec
3% May
8
Oct> 29
11% Jan
2434 Feb
12% Jan
May■21
17% Nov
Apr
51
Apr
22
Aug 13
10
Sept
60% Apr
11% Apr
10% Apr
114%May
39
Spear A Co
300
6%
28%
74
X23
6
5%
*33%
23%
6%
*16%
10
1,200
17,500
6
1*%
2%
684
3,400
18%
83
33%
6%
7
1%
19
*2%
33%
3
23'4May 10
6
Wltblngton
Sparks
Nov 12
120
'21
l3%May
100
Mobile A Ohio stk tr ctfs 100
760
21%
1734
18%
5
*70
54%
7
47g
32%
4%
220
£21%
*17%
1%
8%
4,700
1,300
21%
17%
7
18%
9%
3334
*52%
6%
1%
96
41%
8
No par
Ry
preferred
6%
36.60
55
21%
17%
18%
19
*8
27g
300
4,900
7%
9%
41
1,300
5%
57%
7
21%
17%
8
41
2%
25
3
2% Apr■29
'28
May
23%May'22
'21
684 May
Southern Pacific Co...No par
Southern
100
57%
6%
7
*8
*8
6,400
8% preferred
Southern Calif Edison
Jan
31
128
215g
7%
3%
37
6%
4%
16
100
2178
18
*3%
3%
So Porto Rico Sugar...No par
7
7%
37g
367g
6%
*4'>8
S'eaatern Greyhound Llnes.-6
900
21%
*1778
7%
63#
600
9
24
Apr
98 %
6% Nov
'21
7% May
l%July 1
10 May 22
100
7%
3%
15
Socony Vacuum Oil Co Inc.15
South Am Gold A Platinum.. 1
4%
*3%
37
6,400
Snider Packing Corp...No par
4%
77g
38%
63g
15,400
40% Feb 13
13% Jan
108% Feb
110
June
100
4%
378
*3%
8%
12%
21%
Smith A Cor Type v
No par
10
t c.No par
28,500
1,300
*3%
77g
37
36 preferred
5
*3%
38%
Smith (A O) Corp
"V,066
109% 110
1%
1%
10
Petroleum
81mms
5
Apr
7% Mar 13
12%May 23
l%May 31
17%May 24
12%June 4
67
May 24
105 May 22
10%May 22
'21
5 May"1
No par
1,600
1,200
181
9%
15%
8%
1%
13%
19%
150
26%
*3%
*5%
*32%
38%
15%
23%
Silver King Coalition Mines. .6
Simmons Co
56
95% June 14
3%May 22
preferred-.100
conv
Skelly Oil Co
15
Sloss Sheffield Steel A Iron. 100
5
57g
35
38
1%
6H%
15
Oil
Shell Union
Slmonds Saw A Steel...No par
*3%
6%
578
*32%
35
8%
Sheaffer (W A) Pen Co.No par
100
3334
a;
(Frank G)...No par
Apr
1% June
16% Nov
73% Nov 15
684 Jan 11
May 21
17% Mar
76% Aug
1
Apr
share
Aug
Sept
15% Aug
2% Nov
per
10
% Aug
163g Jan
Highest
I
61
105
Jan
88
40% Aug 16
484 May 21
34
May 29
7%June 6
33.60 conv prefser A .No par
Shattuck
...
26
3
No par
Sharpe A Dob me
1,200
33%
58
51
124% *124% 125%
8%
8%
8%
1734
17% *16%
1%
1%
1%
15%
15%
16%
17%
300
""166
4934
50
124%
3,300
*52%
55
50
50%
200
2034
33
51%'
51
40
No par
No par
$5 conv preferred
500
6%
7%
54
5,900
*1934
41%
6%
*3%
7%
58
58
10%
1
Sharon Steel Corp
300
2034
41%
.32%
32%
33%
33
32%
33
6%
6%
6%
6%
6%
6%
6%
109% 109% *108% 112% *110% 113% *110% 112
1%
1%
1%
1%
1%
1%
1%
1%
3
3%
3%
3%
3%
3%
3%
3%
*12%
14
*12%
14
13%
13%
13% *13%
1434
15
14%
15
15%
15%
*15%
16
mi
18%
18
18%
19
18%
18%
19%
26
25%
25%
26%
27
26%
26%
27%
34
34%
34%
34%
34%
34%
34% 3478
*34
36
*34% 36
*35% 36
36% 36%
6234
63
62%
36%
63
63%
63'2 63%
7%
7%
7%
7%
778
*7%
8
77#
*4%
4%
5
*4%
4%
*4%
4%
478
8%
8%
8%
8%
8%
8%
8%
8%
7%
8
8%
7%
8%
8%
8%
8%
*32%
5
7%
33%
6%
55
41
34
33%
*57%
50%
124% *124% 125% *124% 125%
8%
8%
87g
878
18%
18% *18
18% *18
1%
1%
1%
1%
1%
163g
16%
16%
16%
16%
24% *23% 24% *2334 24%
51%
21
42%
41
57%
7%
*1934
1,000
5%
20%
1%
27
Sears Roebuck & Co.-.No par
Serve! Inc
20
May 21
share
44% Sept
Jan
115% Jan
110% Oct
% Jan
1% Jan
1% Sept 26
61%May 21
8%June 10
8%May 21
51% Aug 1
..No par
Seagrave Corp
100
5,300
11
Seaboard Oil Co of Del_Aro par
*55
*55
....
600
5%
38
20%
20%
201#
*110
115
115
17%
100
3%
53%
109
*107
5%
20%
1%
27
— —
18%
18%
4
109
6934
9
9%
9
9
*9
*9
9%
9%
*15%
15%
*15%
16
*15%
16
*15%
16
8%
8%
9
8%
8%
8-%
9U
878
9%
134
1%
17#
17#
1%
1%
17#
1%
17g
13
13%
13
13%
13%
13%
13%
*13%
14%
14
19%
19%
19%
20
19%
197g
20
*19% 20%
20
*137%
*137% 150
*137
150
*137% 150
*136% 150
150
26%
26% 26%
26%
26%
26-%
27
27%
27% 27%
8%
8%
8%
8%
8%
8%
8%
8%
834
8%
12%
12%
12%
13
13%
12%
12%
13
13%
13
2034
22
2034 21%
21
20% 20%
22
22% 22%
*25
26
26
*25
28
27%
*25
*24
28
28%
*2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
*4%
*4%
5%
4%
4%
5%
*4-%
*4%
5%
5%
*1934
•
10
115
*112%
18%
69%
9%
*55
32
*37%
*107
1%
27
20%
*110
*112
5%
1034
13%
8,300
1,500
*13%
53%
*52
38
10
106% 106% *106% 109
*5
5%;
5%
5%
19% 21
20
20%
178
3%
3%
52%
5%
52 %
53
5%
75%
1034
16
*55
*
3%
378
3%
19%
115
13%
*67
74)2
978
*112
—
14%
53
10
19%
*1%
*27%
20-%
2012
20%
52%
5%
37%
37%
9%
512
*105
*69
1078
10%
11%
14
106% 106%
5'%
5%
19%
*134
107g
*68
4
52%
5%
*106^# 109
1938
72%
74%
11%
1434
73%
*2%
75
234
75%
10%
13%
72%
14-%
2%
76%
*69
5%
38 I
10
*37]8
1338
*2%
74%
10%
*13%
14%
*2%
75%
11
53
5l2
23s
76
1434
234
7534
*14
4
a4
*52!#
2%
1434
*2%
753s
16
234
75s#
in#
14^2
7412
*1434
700
%May 16
% Oct 15
JSeaboard Air Line
4-2% preferred
49
per
%
334
8g Jan
734 Feb
101%June 24
No par
100
preferred
Paper Co
40
1,100
2
% Apr 22
2%May 21
34
May 14
107%June25
64% July
100
No par
14.50 preferred.....No par
|4 preferred
No par
8%
Scott
S
share
per
1434 Mar 27
85%May
7%May 21
5
100
1
preferred
tSchulte Retail Stores
5H%
90
6,200
14%
2%
214%
14%
Schenley Distillers Corp
%
3 per share
Par
Year 1939
Lowest
Highest
Lowest
100
3634
3%
*14%
5,100
10%
82
37
14%
On Basis oj
Shares
3778
37%
*37?8 3878
*37
38%
*108
*108
*107%
112
112
111% 112
*10712 112
108% 108%
108% 108% *107% 108%
*1076# 10812 *107% 108% *107% 108%
%•
%e
%
%
*%«
*%«
%
%
*1#
*»i«
14
'it
9it
%
%
*»ie
%
*®ie
%
*»i«
%
14%
EXCHANGE
Week
10%
82%
h
%
3%
*3
3%
10%
81%
10%
*80)2
1940
30.
Range for Previous
1
100-Shars Lois
Range Since Jan.
BTOCKB
NEW YORK STOCK
Nov. 29
Saturday
Thursday
Nov. 28
Wednesday
for
Friday
Monday
Tuesday
Sales
the
SALE PRICES—PER SHARE, NOT PER CENT
AND HIGH
LOW
Nov.
New York Stock Record—Continued—Page 9
3200
May
62% Nov 15
7
Mar 14
4
9
2 84 Jan 4
82% Mar 7
5% Apr 15
10% Apr 24
13% Jan 4
21% Apr
938 Nov
25% Jan 23
3% Apr
30
Apr
4
4
13% Mar 14
45
Feb 19
18*4 Apr 22
88% Jan 4
116%May 2
17% Jan 8
98
Apr 8
89% Feb 10
16
July 13
29%May 11
53% Apr 16
23®4 Apr 4
18
Apr 17
110% Nov 28
65%May 2
20% Nov 1
2% Apr 4
42
Feb 13
Ex-rlghta.
5
6%
Sept
Apr
5%
Apr
2
Mar
96
Feb
25
Dec
64% Jan
8% Sept
12% Dec
10% Jan
4% Sept
88
Jan
74
Apr
3
Apr
7*4 Sept
6
Apr
14% Sept
11% Dec
19>4 Sept
26%
34%
1% Apr
17% Apr
3*4 Aug
35% Aug
12% Jan
7% Apr
34% Sept
6
Aug
66% Apr
108*4 Sept
15% Aug
81% Apr
78
Apr
66
Jan
Jan
Jan
13% Dec
94% Sept
118
July
19% Jan
1J05
Sept
90
July
20% Mar
24% Sept
31
51
Aug
Nov
16% Dec
7% Apr
14% Sept
18% July
52
Apr
69%
13%
Apr
Apr
20
2
30%
Apr
39% Aug
3%
T Called tor redemption.
Oct
Mar
Feb
Volume
New York Stock Record—Concluded—Page 10
151
AND
HIGH
Nov. 23
434
3%
30 j
478
4%
»234
*434
72i8
103s
*11418
*10i2
*334
*4i8
Tuesday
Nov. 26
434
I
$ per share
434
*234
5
3%
*2*4
30
30"
434
36
95
*88
36
72l2
I
72%!
4%
I
*90
96
*89
105s
10%
11
*9
10
*9%
4%
8%
33
10
*32
32%
1%
*1
24%
*62%
*71
*1
97
934
934
6834
9
64%
*28
35
*434
10%
700
384
300
United Paperboard
4
500
U 8 & Foreign Secur
90
90
200
$6 first preferred
10%
430
9%
600
U 8 Dlstrlb Corp conv
U 8 Freight Co
10%
9
2,300
130
33
21%
*21%
4%
'
8
8
*57
63
*57
3034
3034
33
32
1,400
200
3084
32
734
*32
8
1,100
100
63
2,200
400
%
,3io
%
3,900
2334
24%
23%
24i4
29,200
91%
90
90%
90
90%
4,800
63%
71%
l,i#
25
90
65
71%
68%
1
2334
64
72%
69
63%
*71
63%
72%
*71
1
*71
66%
7038
129% 129%
32
32%
127
*46
*46
66%
129
3134
47
-
1,300
300
67%
83,100
128%
2,600
3,500
66%
67%
128
127% 12734
*46
32
£3038
3C34
47
31%
32
47
63%
72%
63%
7%
|
*46
47
Partlo A conv cl A..No par
1%
1%
1%'
1%
1%
1%
1%
*1%
1%
*1%
1%
"""260
1%
1%
1%
1%
1%
1%
*1%
134
1%
1%
1%
1%
60
2,600
No par
10
100
50
Preferred
60
U 8 Steel Corp
No par
Preferred
100
U 8 Tobacco Co
No par
preferred
25
United Stockyards Corp
1
United Stores class A
5
56 conv preferred
No par
59
*58
59
58
60
*57
18
*17
18
*17
18
*17
,18
*17
18
*17
18
Universal-Cyclops Steel Corp 1
*57
60
*57
60
*58
60
*58
59
*57
59
*57
59
Universal Leaf Tob
152
152%
157% *150
*150
*94
*94
99%
*%•
17%
35%
35%
35%
27
*26
*112
*25%
114% *112
44
44
*43%
,
*38
17%
*17%
35%
3534
26
59%
5ie
%
%
19%
17
17
35%
34%
35%
17%
£33%
44%
80
*——
26
25
25
25
118
118
118
*
66
*117%
12
*9%
*44%
*2434
118
234!
*9%
12%
*44%
46%
*32%
33
32%
*100
107
*100
*135
mmmm
*%
11
*44%
5ie
*25%
*2%
47%
33
2534
*24
2%
24%
33
105
234
*8
%
9%
34
84
16
3
3
43
46
15%
48
50
*1%
13s
*1%
*93s
12%
*9%
*30
31
24%
*16%
2O84
*234
20%
24%
*66
69%
*101
101%
1734
2034
3%
20%
109*4 10934
101% 101%
%
*84
15%
3%
30%
*24%
*16%
20%
*2%
20%
*66
*34
15
3%
3%
1%
11
30%
25%
*45%
1%
11
*30%
24%
*16%
4678
3278
3234
*9778 100%
100
*»«•«•«•
%
*%
34
46%
11
*8%
11
32
30%
24%
1634
30%
*30
24%
24
20%
20%
*234
3%
*1634
*20%
*278
*18%
66%
19%
*18%
66%
66
20
20
69%
*66%
69%
46%
1%
101% 101% *102
110
10934 10934
100
101% 102
15
3%
1%
3%
3234
3234
99
99
*47
1%
*8%
17
34
50
320
50
*45
1%
1,800
9%
1%
9%
1%
11
300
300
32
30
30
24%
23%
2334
1634
*16
21
21
1,400
3
3
100
*18%
19%
400
68
400
3%
19%
66
68
103
101% 103
*101
110%
109% 110
110
110
260
99% 100
101
101
300
102
10234
*119
119
119
119%
119% 119% *118% 120
*118% 1193a
18%
18
*18
18
18
*17
*17%
*17%
18%
18%
*103% 104% *10334 104% «10334 104% *10334 104% *10334 104%
*10338 1043s
25%
25
25
25
26
25%
24%
2434
24%
24% 24%
*25
3%
3%
3%
3%
3%
334
3%
3%
*3%
3%
3%
3%
7
*6
7
*6
*6
7
7
7
6
6
8
*6%
%«
6x#
«XS
%
*i«
*%
%
%
%
*%
*18.
*%
1834
20%
21%
21*4
22
104
*132
104%
135
2034
2134
104
*132
21
22%
105%
135
20%
21%
21%
21%
10434 106
*132
135
1978
213s
20%
217g
105%
102% 10334
135
32%
£33%
33%
32%
33
35%
35%
33%
35
35
*35%
35%
3478
35%
33%
33%
*33%
33%
33%
80
*70
79
82
*120% 130
74%
*72
*8%
9
15%
15%
7%
7%
*5
5%
*36%
55%
*21%
23
*70
2%
*2
.2%
2%
2
2
4
4%
4%
4%
434
4%
4%
*2
2%
2
2%
4%
4%
4%
5
4%
*67
67%
137
66%
*116
67%
----
65
2%
67
3,000
......
100
500
5,600
5,300
1,900
378
1,600
4%
434
3,100
1,100
2
65
*63
*116
«•
wrn'm
—
22
22
22
*92
98
*92
98
*90
93
90
90%
87
90
40
*82
87
*82
86
*82
85
*82
85
82
82
10
*55
56%
22%
*61%
55-%
23%
553s
*55
64
21%
22%
23%
563s
*61%
61%
61%
*100
108
*100% 108
*81
81
81
81%
*21%
22%
22%
*22%
2234
16%
16%
1634
16%
1634
*118
118
118
118
118%
*11
12%
11%
11%
1134
41% 42%
41%
41%
4134
97
97
97
97% 97%
19
18%
*18%
18%
18%
16
16%
16%
16%
16%
2%
2%
23g
23s
2%
64%
55
55
60%
61%
31%
32%
31%
3078
32
3278
3234
*52%
*57%
103
20
81
81
500
22%
*20%
1638
16%
11734 11734
*21
23
100
100
100
£100
82
81
81
*81
16%
*1034
4034
97
183s
16
*2%
2134
2134
16%
1578
118
118
11
11
39%
41%
*97
18%
16
2%
300
400
*95
108
*81
118
55
*58
81a4
*103
*21
62%
62%
55
55
100
11%
16%
22,700
11734 11734
*11
11%
300
40%
10,700
16%
*1034
£39%
40%
99
*95%
99
39%
*95%
18%
£1778
1778
♦18
16%
16%
2%
2%
17
2%
$4 conv preferred
No par
West Penn El class A..No par
%May 16
13% Aug 30
2
May 15
30 May 22
1% Nov 27
3>4May 16
22 May 23
20 May 21
13% May 21
14 May 21
2%May 21
l6%May 22
59
Aug 26
99
150
300
18%
600
16%
1678
3,900
*2%
2%
1,100
1% July
5% Apr
15% Apr
14
85
Jan
4
Apr
11
30'4 Sept
14%
10
1% Jan JO
25% Jan 10
4% Feb 19
Jan
3
2% Sept
12348ept
34% Nov
28*4 Feb
20% Apr
13
13
13
7
22
50
24
Jan
4
4% Feb 23
29% Apr 16
75
Jan
4
Oct
7
Dec
1%
21
Deo
Dec
3% Deo
36
Feb
18s Nov
6%
19%
1434
20
Apr
Apr
Apr
Sept
1%
16
Apr
July
55% Aug
110% Apr 12
85
Apr
96%May 22
115
Apr
9
95
preferred
90
June 10
108
Jan
8
88
Apr
Apr
l08%May 23
11 May 21
lOO%May 17
120
Oct
3
2f>38May
3
Maryland
Co...10
100
4% 2d preferred
.....100
Western Pacific 6% pref. .100
Western Union
White Dental Mfg (The SS).20
White Motor Co
1
White Rock Mln
Spr CoNo
White Sewing Mach Corp
par
1
No par
10
6% conv preferred
Wilson A Co Inc..
91
June
3
105
No par
2«4May 15
6
Jan
20%
2*8
Apr
Apr
8% Apr
3%
Apr
Deo
June 10
%May 15
14%May 22
15% May 21
76 May 21
110 May 21
Jan 20
51
May 29
734 Aug 16
7%May 21
4% Mar 23
3%May22
38
Jan
4
1434May 22
134 Oct 7
1% Jan 5
3
Jan 15
334May 21
No par
45
June
7
116
Jan
2
preferred
Wool worth (F W) Co
10
Worthlngt'n PAM(Del)No par
7% preferred A
100
6% preferred B
100
Prior pref 4)4% series.. 100
Prior pf 4)4 % convserleslOO
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
Yale A Towne Mfg Co.....25
Yellow Truck A Coach cl B..1
Preferred..
100
Young Spring A Wire..No par
Youngstown 8 A T
No par
5)4% preferred ser A— .100
Youngst'n Steel Door..No par
Zenith Radio Corp
.No par
Zonlte Products Corp
1
105% Sept
15% Nov
Apr 29
4%May 18
21
Wis onsln El Pow 6% pref. 100
Woodward Iron Co
—.10
56
18
preferred
.....100
100
WestPennPowCo 4)4 % pf-100
West Va Pulp A Pap Co No par
6% preferred
100
7%
6%
Willys-Overland Motors.....I
378
434
33%
1
No par
Wesson Oil A Snowdrift No par
2,500
378
4%
31~34
6
Wayne Pump Co
2
378
434
3278
Waukesha Motor Co
Webster Elsenlohr
800
4
31%
par
2
2
2
33%
No
Prior preferred..........20
Wilcox Oil A Gas Co
6
3%
32%
$3.85 preferred
6
{Warren Bros Co
No par
$3 preferred
No par
Warren Fdy A Pipe
No par
Washington Gas Lt Co .No par
54 conv preferred
100
98
22%
3134
33%
223s
100
4
40% Apr
1534May 21
30 May 18
l3%May 21
55
60
June 17
July 25
5
29
June
39
June 17
91
June 10
May23
l6%May 28
934May 21
98 May 25
6%June10
26%June 10
80 May 28
l2%May 21
8%May 21
73
2
Mar
1
4
Jan
%
28*4 Jan
28% Jan
16%
18%
82%
1
120
190
87
33%
No par
preferred
June
334May 21
*8%May 21
9334June 13
80
*93
32%
33%
22%
7%
10
2734May 21
28%May 21
50 May 28
85 May 24
*82%
32%
33%
Class B
Warner Bros Pictures
May 22
6% conv preferred.......30
Wheeling dkLERy Co.... 100
6)4 % conv preferred
100
Wheeling Steel Corp...No par
6% preferred
100
55 conv prior pref...No par
4,600
13,500
3,400
3134
No par
June 26
3
l8%May 22
Westvaco Chlor Prod—No par
32%
21%
31*4
33%
Dlv redeem pref
89
1,200
*70
64%
.No par
Apr
Mar
*4 July
2% Jan
9% Nov
23%May
IOD4N0V
6% Nov
36% Jan
16% Feb
9% Jan
1,000
2
*63
4)4 % pref with warrants 100
%Nov 14
5%May 21
l6%May 22
33%
80
*116
No par
64%
May
1% Jan
35
35
*33%
Apr
Apr
112% Sept
17
125
135
26
434
64
Co
% Oct 23
Weston Eleo Instrument. 12.60
2
63%
...No par
System
Walgreen
_
110
33%
2
Waldorf
_
4,600
103% 10434
137
2
2
Nov
{Wabash Railway Co.....100
6% preferred A
100
Western
2,900
8,000
*135
2
110
Apr
2%
Jan
100
Sept
18%
Jan
Preferred
65
4% July
15% Apr
35
Western Auto Supply
400
Nov 19
48
1,300
200
119
3634June 14
1,200
5,400
3534
*70
*116
*116
100
21%
33
79
2
300
20%
20%
21%
*32
32%
*3434
*33%
32%
33%
*70
70
May'23
May 18
Telegraph. 00
Westlnghouse Air BrakeNo par
Westlnghouse El A Mfg
60
1st preferred..
60
103
103
102% 103
102% 102% *101
102% *101
102%
29
29%
29%
2834
30%
30%
30%
2834 29%
29%
130
*105
*110
*105
*115
130
130
130
*120% 130
72%
*72
*74
*74
*71
72%
72%
74%
74%
73%
*9
9
9
10%
9
10%
93s
*8%
9%
*8%
15
14
15
1434
14%
15%
15%
14%
1434
14%
7%
7
7%
7%
7%
678
7%
7%
7%
7%
434
5
*5
5
5
5
434
5%
47g
434
*35
55%
*40
*35
55%
55%
55%
*34%
*36%
55%
23
23
*20%
23
21%
21%
*20%
*21%
*21% 23
*2
*116
21%
137
33%
*70
2034
21%
135
33
102% 102%
2934
29%
20%
103
32%
33%
200
17
21
119
119
*1734
1,700
31% Mat 14
4% Jan 4
31*4 Jan 4
-
5
Oct
Aug 22
28%May 29
71
May 23
120 June 10
Ward Baking Co cl A..No par
500
May 24
l'4May 15
14 May'22
109
Apr
64% Aug
3
60
25
100
Walk (H) Good A W Ltd No par
1,300
62
25
Walworth Co
19,000
16
6% pf 100
7,300
84
3%
6
:
Aug 22
34%
9
6%
3,100
3%
34
*14%
15
Jan
%
49%May
19
No par
2
July
66'4 Jan
6
preferred
Vulcan Detlnning Co
3%
34
34
15
May
84 Apr
35%May 28
60
Virginian Ry Co—
Chem
Va Iron Coal A Coke
112
100
6% nou-cum pref..
50
...
Jan 22
Mar 27
112
Apr
9
60% Sept
146
Sept
45% Apr
Apr
Sept
12
100
46
Jan 15
159
6
*x«Nov 27
Apr
25
46
,
1%
109
*44
400
70
Oct
I84 Dec
39% Mar 15
117% Apr 9
150
700
June
39
22%June! 10
5
116
1,300
June 26
12%May 24
May 24
I3434June 8
69
98% May
30
Sept
2% Apr 11
61
Apr 12
18% Nov 9
45
Jan
41% Aug
39% Apr 5
48% Feb 20
2'4 Apr 24
5
July
9
Nov 22
130
21
29
48
60
.
Nov 22
76% Nov
21
Apr
6% dlv partic preferred-100
Va El A Pow 56 pref
No par
%
72
April
67% Nov 14
Aug
Vicks Shreve A Pac Ry—_ 100
30
1*4 Jan
41% Jan
117
23
22
Apr
32*4 Sept
3i% Oot
1% Deo
31% Apr
8684 Apr
Apr
22
138Nov 27
1
May 18
41
534 Aug
46
May
39
Apr
16
...6
1,200
1234 Apr 23
74
38% Jan
11
14
3
21
Apr
13% Apr
3% July
7% Apr 23
May 21
Aug 19
2134June
27%June
%May
15 May
68%May
39%May
60 May
42
May
103%May
2:30% Nov
42%June
4
23
Apr 25
16
—.100
*-*
28
Feb 29
700
-
182%May 14
6% Mar 9
3234 Mar 11
19
23
616
65% Sept
149®4 Sept
43%May 10
Va-Carollna
*%
%
Jan 25
May 23
7% 1st preferred
1,700
89
June 24
Victor Chemical Works
116
June 10
12
600
2%
5% Aug
25
Preferred
Vlck Chemical Co
«•
Mar
1
Vanadium Corp of Am.No par
Van Raalte Co Ino
-
June
5
Nov
No par
100
400
8x«
3
100
pref. 100
Sales—
500
8%
8%
8%
*8%
878
9%
*2134
2178
21%
21%
21%
21%
10134 10134 *101% 102% *101% 102
5%
5%
5%
5%
534
5%
29% 30
30%
30%
30% £30%
14
1378
*1278
1378
*1278
*13%
*4
5
*4
*4
5
5%
*14%
preferred
Universal Pictures 1st
Vadsco
300
-
25
*24%
*2%
23
"is
3%
4934
13g
20%
*2%
80
*135
*135
9i«
%
i«i«
20%
3%
20%
101% 101%
109% 10934
101
101%
*44
15%
24%
17%
20%
3%
1734
33
100
12
*8
12
*135
%
*21
*15%
80
5,800
8%
No par
*8
25%
2%
4678
33
33
*
80
25
1
*24%
2%
2%
2%
2234.
23%
2234
23%
117% 117% £II534 H534
*44
*135
*18
"25"
1134
®16
»i«
%
*%
9%
9%
9%
9%
9%
*21
21%
21%
21%
2134
*101
101% *101% 10134
101% *101
5%
5%
534
5%
5%
5%
31
31
30%
31%
31%
30%
*13
14
*13
14%
13%
*13%
*4
*4
5%1
5%
5%
*4%
*%
17%
34%
33%
61
*
80
47%
100% 100%
*135
*%
%
70
26%
26%
*25%
27
*2534
27
26%
114% *112% 114% *112% 114%
114% *112
43
42%
*4234 44%
4234 4234
*43% 44
25%
2%
26
20
4,400
•
26
'
900
99
16%
17%
34%
,
114% *112
1
*25%
*2%
99
6ie
*58
♦
80
59%
59%
157% *150% 157% *150% 157%
94
96i2
96%
96%
96%
157% *150
96%
*94
7,
1#
%
1934
*18
58
75
Nov 15
6
20
10
*17
59
May 11
48
100
1st preferred
U 8 Smelting Rtf A Min
7%
*1%
No par
8%
7% Apr 10
7% Jan 3
May 23
2'4May 21
25% July 17
14 May 21
3%May 21
U 8 Industrial Alcohol.No par
US Rubber Co
Sept
6% Apr
384 Aug
534 Mar
1384 Mar 12
165
5
50
{U 8 Realty A Imp
110
11
100
Prior preferred
Apr
Apr
11
9
12
60
U 8 Pipe A Foundry
U 8 Playing Card Co
6
Oct
97
20
U 8 Leather Co
Jan
May 18
5%May 22
No par
Corp
62%
15
118
6
5
pref. 100
preferred
3j
5% Jan
37% Nov 12
85% Jan 3
Jan 15
80
No par
.
4% Aug
4% Deo
64% Deo
3% Apr
25»4 Apr
Mar 13
6
Highest
share
per
7% Apr 11
June 10
6
$
share
per
65% Mar 14
3
May 21
3% Aug 24
No par
% conv preferred
22 I
4?8
5
U 8 Gypsum Co
107%June
10
U 8 Hoffman Mach
*28
Z3034
33
No par
United Mer <fe Manu Inc v t c 1
334
33
*4%
8%1
preferred
4
32
'
*32
25%
91%
65
47
1
5
United Gas Improv't—IVo par
$5
5
share
2734 Nov
No par
4
%
1
24%
89%
*46
600
60
8%
32%
47
10%
per
Lowest
Highest
334May 28
2
Sept 23
4
2% May 21
25%May 22
60
Ma: 21
2:9% Nov 28
10
100
United Eng <fe Fdy
United Fruit Co
11334 11334
9%
21
—
Preferred
United Electric Coal Cos..>.5
2,500
40,600
*10
5
5
United Dyewood Corp
300
69%
10%
*28
5
United Drug Ino
800
36
69%
9%
*9%
22%'
21%
22%
5%
32%
3134
250
4%
*35
10%
33
32
*46
200
30
*4%
4%
36
2,300
4%
2%
30
7034
69%
174% *172% 17634 *172% 17634
*5%
5%
5%
*5%
5%
*5%
60
*31%
2%
69 %
33% I
71% 71%
69%
70%
12934 12934
3134
32 I
90
9
83s
63%
24%
90
65%
4%
30
Par
Year 1939
lOO-Shars Lots
Lowest
90
*3%
1034
173
8%
*4%
*35%
4
32
1%
24%
89%
68%
69%
*12934 129%
4
11
*60
4%
2%
10
32%;
*32
73
19%
*90
22%
r5%
8%
3234
24%
91
64
*89%
10%'
*29%
70
*60
Shares
On Basis of
Week
6934
33%
8%
8%
70
69
173% 174%
5%
534!
'53s
Friday
Nov. 29
114% 11434 £113% 113%
10%
10%
10%
10%
4
4
*334
*3%
97
68
68
69
68%
174% *174% 175
'5%
534
534
*29%
35 j
*28%
35
22% 22%'
*22%
233s
*5
*5
5%
68%
*32
71
10%
174
*60
35% j
*284
EXCHANGE
the
$ per share
69
*9
11%
*4%
2934
Range for Previous
Range Since Jan. 1
8TOCKS
NEW YORK STOCK
i
35%
29%
CENT
|
Thursday
Nov. 28
.
|
4%
3 |
30
4%
*234
30
434
3512
71
73
NOT PER
$ per share j $ per share
47g
3%
30
478
Wednesday
Nov. 27
.
478
35
35%
71
10<2'
103s
10%'
10U
10i2
*114% 115
115
*11418 115
103s
1038
1034
1034
1034
*334
4
414
334
334
43s
"41s
4'2
4%
4%
37
*36
36
!
$ per share
$ per share
29i2
,
Nov. 25
|
SHARE,
SALE PRICES—PER
Monday
Sales
for
LOW
Saturday
3201
118
Jan
140
Nov
126
37%May
10%
15%
Apr
Apr
Apr
May
Apr
Apr
38% Feb 13
39% Jan 3
*29
Apr
80
Oct 14
42
July
103
Nov 15
74
Apr
35% Apr
9
15%
Apr
Oct 31
80
Jan
74% Nov 14
11% Apr 18
16% Nov 7
11% Apr 10
7%May 3
57% Mar 8
24%May 2
3% Jan 11
45
July
3% Apr 22
6*4 Apr 13
7% Apr 22
70
Mar
6
121% Mar
34% Nov
42% Apr
24%May
102% Oct 22
95
58
Oct
2
Nov 16
65% Oct 31
129
Apr 9
93
Apr 26
8% Deo
7
Apr
3% Sept
1*4 Aug
14
Apr
14
Sept
28s Aug
1
June
2% June
2% Aug
32
Aug
105% Apr
15
Apr
36
Sept
10%
Apr
47% July
43
May
23% July
31% Apr
85
Apr
75
Mar
Jan
3
18*4 Sept
19% Jan
126% Sept
4
4
98
25
14
Apr 16
48% Jan 3
11%
Apr
Apr
9% Aug
30
Apr
97% Nov 25
28% Jan 4
74
May
17*4 Apr 8
43g Apr 22
12
Apr
2
Aug
17
Apr
#
Bid and asked
prices: no sales on this day.
{ In receivership,
a
Def. delivery.
n New stock,
r Cash sale,
x Ex-div.
v
Ex-rights.
1 Called tor redemption.
Nov. 30,
3202
1940
Bond Records-New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and interest"—-except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
Friday
N. Y. STOCK
EXCHANGE
Range or
Range
Sale
Friday'*
Bid
Asked
Since
N. Y. STOCK EXCHANGE
Jan. 1
Week Ended Nov. 29
Price
Week Ended Nov. 29
Low
United States Government
Treasury 3Hs
O
122.6
*114.3
114.6
116.4
116.4
"~3
102.3
16
Af 8
101.31 101.31
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
108.7
*103
12
BONDS
High
Low
122.18
117 2
111.18115 6
1
103.3
111 16116.4
101.31104.24
107 10109.30
105.17
103
108.14 108.14
108.21
"29
109.17 109.16
109.21
11
107.30110.21
113.3
113.12
4
108.23113 12
114.27
115.1
3
109 14115.1
112.19
112.19
2
108.6
8
112.31
113.10
22
M 8
110.31 110.25
111.8
31
107.20113.10
104 20111.8
8
110.1
110
110.1
19
106.20110 3
8
111.1
111.10
111.12
D
110.3
110.2
110.6
109.30
110.13
M
M
M
J
M
8
6
13
3
107.12110.1
112.19
105 24111.12
104.10110.6
103.24110.13
2Hs
D
J D
108 15
1
101.7
32
102.2
106.3
106.1
106.3
105.23
106.1
*107.6
107.9
D
J
D
106T1 106.11
J D
103.25 103.22
103.25
Af 8
....
AfN
1 1044-1952
J
J
lHs series M.........1946-1947
New York
Govt, ft
Foreign
13
•Otd sink fund 6s
Akershus (King of Norway) 4s. 1968
34H
1940 M N
15H
34
20
20 K
22
22
1
20
27 H
*22
23
....
m <m m m m **■
F
A
1952 /
D
21H
21K
8
10
62 H
25-year gold 4Hs
—1953 AfN
J
Cordoba (Prov) Argentina 7s.. 1942 J
21H
21H
3
16H
49
77
77 K
11
65 H
85
13
21
♦Sinking fund 7s of 1927
1947
77 K
20 H
20 H
108.6
103.15
17H
*101H
....
54 H
38
101.25103.25
103.9
105.2
17
105.4
108.12
6
103.1
104.25
100.5
102.30
103.5
102
*16 H
♦Costa Rica (Rep of) 7s—.....1951 MN
Af 8
Cuba (Republic) 6s of 1904
1944
External 5s of 1914
1949
.1977 J D
54
102
♦Sinking fund 8s
ser B
1952
93
51H
102 H
9
98
K
75 K
2
70
11
1
13H
30 X
32 %
75 K
75
11
O
102 H
103 H
101H
100
5
♦10H
3
Sinking fund 5Hs—.Jan 15 1953 J
♦Public wks 5Hs—.June 30 1945 J D
♦Czechoslovakia (Rep of) 8s... 1951 A O
A
97 H
....
62
104
81H
8H
14H
8H
13H
103.10 105.15
706
88 H 102 H
1942 J
A
1955
A O
External g 4Hs
Apr 15 1962
Dominican Rep Cost Ad 6Ha.. 1942 Af 8
1st ser 5 Hs of 1920
2d scries sink fund 5Hs
32 H
3
F
Denmark 20-year extl 0s
External gold 5 Ha
1940
1940
A
O
A
0
Customs Admin 5Hs 2d ser..1961 M 8
A O
5Hs 1st series-.
..1969
A O
5Hs 2d series
..1969
UN
♦Dresden (City) external 7s
1946
♦El Salvador 8s ctfs of dep.....1948 3
3
Estonia (Republic of) 7s
—1907
22
73
20
..........
28 H
30
6
18H
28 X
27 H
29
6
17H
65H
49
75 H
*52 K
mm
rnmmmmrn
53
56 H
53
1
......
*52
K
60
......
*52 H
67
-----
......
*53 H
56
—
63 H
76
50
50
76
49
75 H
—
49
76 H
22
50
75
11H
27
mh
—
54
55
26 H
26 K
2
8K
8H
9
7
10
24 %
90
40
53
*47 H
28 H
Finland
A
O
22
22
4
20
29
M 8
*25
31
40
60
♦Frankfort (City of) s f 0Hs—.1953 MN
French Republic 7 Hs stamped. 1941 J D
5
J
J
9
9
1
J
J
8H
9
8
A
O
*8H
8H
A
O
8H
A
O
8H
8H
8H
3
D
♦External s f 7s series C....1946
1945
♦External s f 7s 1st series—1957
♦External sec s f 7s 2d series. 1957
f 7b 3d series. 1967
J
1968
Argentine (National Government)
UN
B f external 4 Hs—
—1948
UN
S f external 4Hs
...1971
Antwerp (City) external 6s
8 f extl conv loan 4s Apr
F
A
A
1972
O
1972
J
1966
External 6s of 1927
1957
External g 4Hs of 1928
1956
J
...1949
F
J
74
70H
68H
41
01H
63 H
47
87H
62
63 X
55
38
64H
65H
31
39
91
54
10
38
90H
48H
9H
35
34
-■mmm
40
80
51 %
51H
46 H
46
9H
9H
J
3
.......1961
—.1977
Refunding s f 4H-4H8—...1976
External read] 4H-4HB—1976
External s f 4H-4Hs
1975
3% external s f S bonds.....1984
Bulgaria (Kingdom of)—
...1967
♦Stabilisation loan 7 Hs—1968
30 H 100 H
108
36 H
39 H
4
26 H
2
12
26 H
27
2
27
17H
96
7H
10H
14 H
129
14 H
57
14H
10H
59
49
13H
13 H
M 8
F
A
M 8
F
A
A
O
IN
J
J
J
F
*71
75
*
D
H
97
40 H 105
80
57 H
92 H
92
9
57 H
45H 118
109
106
7s unstamped —......1949
German Govt International—
♦5Hs of 1930 stamped
1905
♦5Hs unstamped
1905
♦5Hs stamp(Canadlan Holder) *05
♦German Rep extl 7s stamped—1949
♦7s unstamped
1949
German Prov & Communal Bks
♦iCons Agrlc Loan) 6Hs
1958
♦Greek Government s f ser 7s..1964
36
8H
8H
23H
18H
♦Sink fund secured 0s..
J
D
14H
8H
5H
35
14H
14 H
136
7
13H
7K
8
10 H
14 H
8
20 H
17
A
O
14 H
8H
8H
8H
3
0H
18 H
J
D
26 H
26 H
26 %
2
9
27
..1968
UN
......
*9
11
18
22
F
A
Haiti
(Republic)
8
s f 0s ser A
1952 A
♦Hamburg (State 6s)
1946
♦Heidelberg (German) extl 7Hsl950
Helslngfors (City) extl 6Hs
1960
Hungarian Cons Municipal Loan—
♦7 Hs secured s f g
1946
♦7s secured s f g
1940
A
O
60
O
J
......
A
O
J
J
5H
J
J
25 H
1SH
Irish Free State extl a f 5s..
i960 UN
1
33
79
49H
78
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
1961
33
62
4
42
87 H
6
1
4H
*8H
27
16
28
5H
27
7
60
3
5H
*
16H
90
58
7 K
......
*5
7
......
*5
9H
17
16
27
75
5H
6
18
61H
44 H
10
22 H
1
27
*51H
21H
7H
—
——
6H
-
—
—
5H
-
10H
9H
-
9
9
14
16
32 H
61H
2
45
92
46 K
147
34H
72
25
78 H
18 H
11
8H
60
......
♦Hungarian Land M Inst 7 Hs. 1901 AfN
♦Sinking fund 7Hs ser B
1961 AfN
F A
Hungary 7 Hs ext at 4Hs to
1979
4
8H
58
......
J
49 H
H
8
♦6s part paid
10H
3
D
M 8
ser B '47
J
♦Italian Public Utility extl 7s..1952 /
F A
Japanese Govt 30-yr s f
0Hs
r
...
46 H
......
*28
30 H
30
31K
20
23
67
68 H
48
58
54H
91H
55 H
46
44 H
70
1954
AfN
55H
♦Jugoslavia (State Mtge Bk) 7s 1967 A O
F A
♦Leipzig (Germany) a 17s
1947
♦Lower Austria (Province) 7 Hs 1950 J D
26 H
Extl sinking fund 5Hs
65
65
38 H
39 H
05 H
3
41
40
67 H
♦Medellin
31
45H
Mendoza
1905
53
32
X
—
-
-
66
27
*55
47
47
48 H
61
47 H
47
H
48H
48H
15
48 H
"48 H
48
48H
36 H
40
29
03 H
fColombia) 0Hs
(Prov) 4s read]
3
D
..1954 3
8
20
4
7
17H
8
27
12
15H
18
7
14 H
—
63
82 H
8
7H
63H
*58
12H
....
D
1954
8
27
8
26 H
Mexican Irrigation—<
7H
7H
7H
14
*7H
8M
7H
15
92
92
95
100
69
101H
107
99 H
92 H
H
3
109
83
93 H
23
72
90 H
85M
28
61
93 H
"83
100 H
83 H
99
A
3
J
6
UN
Aug 15 1945
J
1961
J
1944
1949
au
......
1941
....
62
3
O
7 Hs unstamped
External 7s stamped
47
14M
~47~~
M 8
1962 IN
10-year 2 Ha
26-year 3 Hs
27
102H
16H
13 H
13H
"l~6H
Canada (Dom of) 30-yr 4s....1960 A
6s
12
27
1960
J D
♦Budapest (City of) 6s.......1962
♦6s stamped
12 H
32
87H
H
34
J D
External s f 4H-4Hs
1
0M
90H
95
26 H
♦36
26 H
f 6Hs of 1927—1967
♦Secured s f 7s
2
15
♦Brazil (U S of) external 8s
1941
♦External s f 6Hs of 1926... 1957
1945
84
51H
53
27
Buenos Aires (Prov of)
77
77
36 H
20-year s f 6s
14
67 H
62
27
1968
14H
75
36
....1962
.....1967
7H
75
62 H
62 H
8
1965
♦Berlin (Germany) s f 6Hs
1960
♦External sinking fund 68—1968
Sinking fund gold 5e
1
A
...1955
♦7s (Central Ry)—
7H
16
16H
15H
14H
14H
67 H
External 30-year s f 7s
Brisbane (City) s f 6s
14
14
16 H
7H
7H
7H
7H
1
M
♦Bavaria (Free State) 6Hs. —1945
f 6s
8
MN
♦Austrian (Govt) s f 7s...—1957
Belgium 26-yr extl 0Hs
J
M
8H
8
(Republic) ext 6s
M
*
......
20
~~6
Australia 30-year 6s
......
8
2
9
8 f extl oonv loan 4s Feb
......
J
22
9
♦External s f 7s series D
J
22
9
94
24
78
93 H
90 H
♦4Hs stamped assented
1943 UN
♦Mexico (US) extl 5s of 1899 £.1945 U J
♦Assenting 5s of 1899....... 1946 Q J
♦Assenting 4s of 1904
♦Assenting 4s of 1910
1954 3
D
I^Treas 6s of '13 assent
1933 J
4
4H
4
O
29H
1958 Af 8
8H
8H
A
H
4H
3H
3H
4K
87
H
4K
4K
91
H
4K
3H
4 H
186
H
4H
4H
J
Milan (City,
4
4H
16
H
4H
*1
4H
-
w
**
65
*4- -
31
»
69
1
1
23
4H
53 H
J
7-year 2 Hs
3
80 H
80 H
82
18
68H
89
Italy) extl 0Hs
Mlnas Geraes (State)—
82
38
69H
J
3
10 H
10 H
2
S
26 H
26 H
2
14H
88H
11H
27H
♦Montevideo
26H
27
2
10
A
54 H
54 H
2
26 H
27
6
10
27 H
A
O
54
54 H
2
36
89
10
24
F
A
49
49 H
7
29
97H
12
17
V
A
49
49
6
29 H
97 H
M
8
34 H
35
12
23 H
90
A
O
30 H
30 H
6
20 H
80 H
F
A
31
35H
7
20
80
21H
9H
80
1967
UN
.....1968
...
1964
1950
♦Carlsbad (City) 8s
M
♦Cent Agrlo Bank (Ger) 7s
3
♦Farm Loan s f 6a
July 15 I960
♦6s Jan. 1937 ooupon on..1960
♦Farm Loan s f 6s...Oct 15 1960 A
♦6s Apr. 1937 ooupon on..l960
♦Chile (Rep)—Extl s f 7s
1942
J
U~N
...Feb 1961
Jan 1961
J
1962
1963
1963
♦6s assented..........
For footnotes lee page
3207.
1962
s f 6
f 6 Hs
Hs
(City) 7s
1959 M
8
...1962 J D
UN
♦6s series A
.1959
New 80 Wales (State) extl 5s.. 1957 F
3
12
12H
21
11
13H
13H
16
12
14 H
17
13
12H
13
50
10H
14H
13H
13H
3
12
17
J
D
12
12H
34
10 H
14H
F
A
12
17
10H
14H
16 H
14H
13H
3
8
♦Extl sinking fund 6s.-Sept 1961
M 8
♦6s assented
Sept 1961
♦External sinking fund 0s
13H
s
13H
J
U
♦External sinking fund 6s
♦6s assented
"l3H
27
24
♦Seo extl
♦Sec extl
1952
13H
12H
F
...Jan 1961
26 H
13H
12H
6
9H
25
F
♦Ry extl s f 6s—
26H
i
♦Extl sinking fund 6s..Feb 1961
♦6s assented....
"80H
O
♦7s assented...
—.1942 UN
♦External sinking fund 6s... 1960 A O
♦6s assented
1960 A
♦6s assented
15H
....
54
103.14
9
30-year 3s—
30-year 3s
1947
80
68
23
4 Hs external debt
105 20108.21
J
s
27
28
96
105 22108.24
101
6H
12 H
*22
96
3
J
♦External
27H
*101
4
♦Antloquia (Dept) coll 7s A... 1945
J
♦External s f 7s series B
1945
s
27 H
3
O
A
1948
External
O
A
F
....1947
♦Gtd sink fund 6s
sec s
Oct 1961 A
Jan 1961 J
1928
A
108.22
*103.10 103.14
102
28
27 H
17H
13
Municipal
Agricultural Mtge Bank (Colombia)
♦External
of
♦6s of 1927
A
Transit Unification Issue—
/ D
27 H
5
F
City
8% Corporate stock—— —1980
27
1949 F
108.14
/ 103.11 103.11
D
*103.2
27
13 H
8H
3
ser A
108.11
108.2
11
External loan 4Hs ser C
*103.10
108.2
9
102 28107.1
108.21
108"n
14
101 13 100.15
106.11
Af N
10
UK
108 10
106.3
105~23
106 13110
103.2
J
...1942-1944
2Ha series O
♦6s
♦Colombia Mtge Bank 6Hs
♦Sinking fund 7s of 1920
106.18 109.13
103.4
14
10 H
Colombia
1
Home Owners' Loan Corp—
8s series A....May
1951
♦Coiogne (City) Germany 0Hs. 1950 Af 8
(Republi s of)—
16
9
11
8H
D
13H
1
*0H
J
10
21
......
109.9
3
UK
-
32
♦Chinese (Hukuang Ry) 6s
13 H
9
11H
UK
11H
109.9
"~3
—
1
High
16H
UK
rnmmmmm
10H
D
110.14
9H
11H
Copenhagen (City) 5s
108.15
19
8
103.15110 18
108.16
10 K
11H
m
1
—.1960 M
♦7s assented
10 %
6
11H
1
20
108.7
*11K
UK
i'lVs
....
Low
11H
UK
10H
UK
110.18
*110.11
15
*UK
11H
Jan.
11H
110.6
May 15 1944-1949
J
3
Jan
16 1942-1947
M 8
Mar
1 1942-1947
3s—
1961 A O
..1902 AfN
1962 AfN
8ince
No.
Low
D
Range
OQ<%£
11H
110.7
108.15 108.15
A
Asked
High
Bid
8
D
8
Price
1
g2
♦Chilean Cons Mutdc 78—1960 M
103 13110.8
J
Mar 15 1944-1964
3s
♦6s assented
27
D
Friday's
D
—...
110.8
Federal Farm Mortgage Corp—
3 Ha
♦6s assented
110.3
M
Range or
D
♦Guar sink fund 6s....
iib".3~
J
Week's
Last
♦0Hs assented-—.—...1961 / D
♦Guar sink fund 0s—.......1901 A .O
J
1954-1956
Treasury 2s
1947
Treasury 2s....——1948-1060
Treasury 2s_—
.....1963-1965
*a.
—1957 J
♦6Hs assented—
♦Sink fund 6Hs of 1920
D
M 8
s
.—1957 J
1961 J
♦Chile Mtge Bank 6H>
J
Treasury 234 s
h
Foreign Govt. & Munle. (Com.)
J
1051-1953
Treasury 2Hs
122.18
108.7
..1941
3H&-.
—1943-1946
314s......
1944-1946
3Hs.—
1946-1949
3 Ha
1949-1962
8s....———1946-1048
3s...
1961-1966
2Ha.......... 1966-1960
2Hs—..—.—1945-1947
2Hs
1948-1951
2Hs.——1961-1954
2Ha..........1966-1969
2Ha.......... 1968-1963
2Hs.——1960-1966
2H«
1946
2Hs..—
1948
2Hs..._——.1949-1963
2Hs._..
1960-1982
Treasury 3H*..........
Treasury
No.
D
Af 8
........1941-1943
1943-1947
Treasury 3Hs
High
J
—.1944-1964
1946-1966
Treasury 3^8
•»
*> «
A
—1947-1962
rreasury 4H«
Treasury 4s
Friday
Sale
Week's
Last
BONDS
A
O
A
O
AfN
AfN
13 H
2
"l"2H
12H
12H
26
"f2H
♦13H
12H
"l2 H "~35
♦13H
"l2H
12 H
♦13H
12H
"12 H *"~3
12H
10H
12H
10H
2
"12H
6
17
14H
10 H
H
14H
4s s f extl loan.
28H
8H
9 K
8H
9 H
*48
70
*46
49
62
5
—
K
*27 H
33
—
—
-
-
—
—
4H
4H
12H
12 H
mm*
44
71H
40
—
71H
33 H
90 H
26 H
Volume 151
New York Bond Record—Continued—Page 2
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Foreign Govt. & Mun.
Oriental Devel guar 6s
Extl deb 6*s
Price
ser
A
42*
43
6
39*
♦26*
40
9
J
L>
♦Nat Loam extl • f 6s 1st ser.—1960 J
♦Nat Loan extl s f 6s 2d ser....—1961 a
{♦Poland (Rep of) gold 6s
*
~60""
62*
14
7*
6
53
6H
A
8*
1941 a O
....1947 p a
•Rhloe-Maln-Danube 7s A..—....1950 M S
♦7s municipal loan..
Rome (City) extl 6 Ha
O
724
A
7*
12
11*
21
41*
"22
10*
8*
9*
9*
9
11*
10*
7
13
9*
a
5*
5*
"59"
"58""
10*
9*
f...........1957 M N
e
......1936 J
5
g
0Hs
—1946 J
16
seo
/
1947 r
Sydney (City) if SHs—...
1955
Taiwan Elee Pow st 6Hs
1971
Tokyo City 5s loan of 1912...
1952
External s f 5Hs guar
...1961
♦Uruguay (Republic) extl 8s
1946
♦External a 16s...............1960
♦External s f 6s...............1964
13
4*
15*
45
39
40*
2^1
27*
27*
3
4*
20*
12*
8*
*27
J
J
25*
16
15*
40*
27*
26*
ccc4
34
36
133
15*
z
cc
3
33*
12*
14
187
87*
16
3
59
60*
25
40
44*
46
46
32
52
52*
12
46*
95*
96
14
89
101
4
54
70
2
64
72
-
Feb 1 1960 P
to Jan 1
bb
bbb3
Con ref 4s......—.1951
4s stamped............1951
Telep of Pa 5s series B..1948
1st A ref 5s series C
39*
21*
35*
21
21
41
51*
89
62*
f
a
53
65
42
63
48
63
♦52*
50*
*49*
AfN
39*
40*
♦
D
o
36*
44*
51
34
50
8
13*
3
3*
48*
22
41*
7*
69
Week'*
Friday
Last
Range
Range or
Friday't
Sale
Price
51*
56*
56
*
*3
a
53
31*
38*
42*
*25
48*
55*
33
*12*
*3
82*
24
42*
*46*
J
27
39
38
a
40*
"50*
39*
AfN
Bid
A
10-year deb 4*s stamped. 1946 F A ybb 1
O z cccl
♦Adriatic Elee Co extl 7s
.1952
D x aa 4
Ala Gt Sou 1st cons A 6a
1943
D ill 4
1st cons 4s series B......1943
O y b
2
O yb
2
O x bbb3
6s with warr assented.... 1948
Alb A Susq 1st guar 3*8—..1946
Alleghany Corp coll trust 5s. 1944
Coll A conv 6s....
..1949
A y bb
D y b
O y cc
48*
♦101*
1
Since
Ask
Jan. 1
2
108
*30
♦107*
108*
58*
♦40
*46
81
81
95*
95*
80*
80
61*
59*
68*
Allls-Cbalmers Mfg conv 4s. 1952 M 8 XI
♦Alpine-Montan Steel 7s
..1955 M S y b
Am A Foreign Pow deb 5e—.2030 M 8 y b
Amer IG Cbem conv 5 Hs. -.1949 AfN
5*8.1949 /
x
3
39
111
♦5s stamped....—.....1950
2
Allegh A West 1st gu 4s
1998 A O ybb 2
Allegh Val gen guar g 4s
1942 Af S x aa 2
Allied Stores Corp deb 4 *s.. 1950 A O y bbb2
A y bbb2
108""
♦110*
3
F
27* 60
97* 104*
98* 104*
100
108*
,30* 80*
109
110*
51
103
♦100*
108
*104
102
101*
101*
108*
108*
105
17
104*
J yb
61
68*
87
180
69
88
58
97*
81*
26*
62*
81*
97*
81*
62*
401
68*
8
•
— -
—
2
102
80
109
56
68*
104* 107*
99
102*
59
89
102
40
106* 111
17* 26
44
68*
100* 105*
91
105*
104"m 104*«m
126
10417<tl09*
110*
110*
80
104
79
103* 110*
93* 107
96
110*
"Si"
"BB"" "54
104
104*
101
"hi
60
46
2
2
bbb3
108*
45
50
104*
101*
102
63
Amer Telep A Teleg—
20-year sinking fund 6 *8 .1943 UN
x
3*s debentures.........1961 A O
8*8 debentures...—....1966 J D
Am Type Founders conv deb. 1950 J
Am Wat Wks A Elec 6sser A. 1975 UN
x
Anaconda Cop Mln deb 4 *8.1950 A
O
x
aaa3 1041#«
aaa3 110*
an)
y
bb
3
*103
y
bbb2
110
110*
x bbb2
105
106
♦Anglo-Chilean Nitrate—
8 f income deb..........1967 Jan y cc
{Ann Arbor 1st g 4a
1995 Q J ybb
Ark A Mem Br A Term 5a..1964 M 8 X bbb4
Armour A Co (Del) 4s B...1955 F A x aa
f 4s ser C (Del) ....1957 J
x aa
Atchison Top A Santa Fe—
General 4s
.........1995 A O
Adjustment gold 4s......1995 Nov
.
Stamped 4s
.1995 MN
Conv gold 4s of 1909.....1955 J D
1065 J D
Conv gold 4s of 1910.....I960 / D
Conv deb 4*8——..1948 J D
110*
x aa
x
48*
105*
105*
108
bbb3
xbbb3
x aa
x aa
x aa
Rocky Mtn Dlv 1st 4s ...1965 J
"87*
97*
97*
D
aa
x a
105
33*
49*
99*
106
105*
106
107*
108*
""16
27
87*
95*
95*
88*
97*
97*
27*
41
32
50
97*
99*
""57
31
140
"23
11
9
•in*
101*
111*
111*
x aa
111*
""29
4
111*
15
111*
4
J xbbb3
"98*
98*
1st 80-year 5s series B....1944 J
Xbbb3
100*
100*
101* 108*
77* 88
76* 89
92
97*
90* 97*
96
100
105*
99
101*
108
111*
104* 111*
114
—
-
-
-
56*
66*
66*
55*
56*
*
x
x
aaa3
b
♦Deb sinking fund 6*8—1959
1965
z
b
z
b
♦Berlin Elee El A Undergr 6*s '56
Beth 8teel 3*s oonv debs..1952
Cons mtge 3*s ser F
Consol mtge 3s ser G—
x a
Consol mtge 3*s ser H—.1965
Big Sandy 1st mtgs 4s
/
1944
92
93
x
F
ine mtge
xbbb3
yb
8*8—1966
.
5
5
_
cccl
x aaa4
A Xbbb3
AfN x a
3
F
99
105
107
65
102
107
108
109*
72
zb
z
y
bb
Ul*
72
70*
18*
64
------
9
9*
94
105*
111*
♦109*
♦3*
Calif-Oregon Power 4s
1966
Canada Sou oons gu 5s A...1962
x
a
x
bbb3
Coll trust 4*s
5s equip trust ctfs
— —
— —
—
y b
——
^
£
_
91*
x aa
x aa
96*
97*
x aa
x
"93*
x
94*
105*
aa
aa
96*
97*
96*
93*
94*
105*
"101*
a
a
64*
£
z
ccc3
M S
x
a
"105*
£* N
y
b
99*
Cart A Adlr 1st gu gold 4s...1981
Celanese Corp of America 3s 1955
£ A
a
y
bb 4
z
ccc2
{♦Cent of Ga 1st g 5s
Nov 1945 f A
{♦Consol gold 58..—..—.1945 MA
♦Ref A gen S*s series B..1969 4 £
♦Ref A gen 5s series C....1959 A O
♦Chatt Dlv pur mon g 4s—1951 £ d
z
ccc3
z
cc
z
c
t
c
cc
/ £
Cent Hud G A B 1st A ref 3*8 '65 3f 8
Z CC
2
z
aaa3
4 O
{♦Cent New Engl 1st gu 4s—1961 J 3
{♦Central of N J gen g 5s—.1987 £ £
s
aaa4
z
b
45
78
4*
3*
70
....
43*
67*
107*
92*
12
20
61
*
♦4
z
ccc3
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♦109*
111*
50
49*
13*
13*
J
z
ccc3
12
A O
F A
x
a
y
bb
2
12
108*
66*
108*
66*
♦
"39*
38
♦51
Central Steel 1st g s 8s
1941 MN xbbb2
3
Certain-teed Prod 6*s A...1948 Af 8 y b
3
46*
7
2*
65*
32*
46*
100
6*
70*
47
68
107*
65
72* 103*
98*
96*
95*
95*
9
6
„
71*
65
93
20
75*
75*
74*
72*
72*
38
71* 103
87
10
7
88*
22
105*
103*
113*
69*
89*
87* 108*
31
57 *
54
84*
55
48
79
35
105*
99*
100*
107*
107
35
"64
6
45
102* 105*
90
100*
40
8
-
63*
98*
73*
8*
99*
26
136
80)
5*
1*
26
15
1
56
*
*
4*
90*
19
4
6
4
5
1
8
4!
109
106
109* 111
111*
51*
14*
27
37
64
29
12
20
13*
12
10*
18
108*
68*
65*
41*
7
105* 110
48
67*
73
69
66
'184
31*
64
60
62
55
106ui«112
89*
36
105*
103*
106
103*
6
88*
88*
25*
12
106"»al06"u
M 8 xbbbS
107*
109* 112*
107* 109*
20
53*
99*
*
115*
08*
95*
97*
98*
45
4*
113*
5
♦25*
2
Through Short L In gu 4s. 1964 A O 7 bb
Guaranteed g 5s......... 1960 FA y b
Central RR A Bkg of Ga 5s2l942 AfN y b
Champion Paper A Fibre—
S f deb 4*s (1936 issue)—1950
S f deb 4*s (1938 Issue)—1960
Chesapeake A Ohio Ry
General gold 4*s—1992
Ref A Imp mtge 3*8 D—1996
Ref A lmpt M 3*s ser E..1996
Ref A lmpt M 3*8 ser F..1963
Potts Creek Br 1st 4s....1946
R A A Dlv 1st con g 4fl
1989
....
102
88*
♦12*
2
Cent Illinois Light 3*s
Central N Y Power 8*s
1962
Cent Pae 1st ref gu gold 4s—1949
5
110
36
99
2
<1
102
2
2
z
♦General 4s.............1987
8
21
105*
97*
99*
x
1966
106*
111*
68
♦49
3
yb
F A
£ £
/ J?
1946
84
10
76
*30
Carolina Clinch & Ohio 4s..1965
♦Mobile Dlv 1st g 58
41
53
69*
63*
70
59
107
101
70
x
Carriers A Gen Corp 5s w w—1950
Celotex Corp deb 4*s w w..1947
♦Cent Branch U P 1st g 4s—1948
5
79*
74*
23*
6*
12*
LOS
110*
88* 107*
111*
113*
95*
51
51*
x a
x
£
13
....
75*
y bbb2
x aa
J
&
66*
94*
96*
x aa
A
42
107*
x aa
x aa
D
*68*
— — -
60*
107*
92*
^
£ £
M A
1946
1944 J
Coll trust gold 6a..Dec 1 1954 J
Collateral trust 4 *s
1960 £
{♦Carolina Cent 1st guar 4s.1949 J
—
----
55
4
42*
4
—
110*
-
111
42*
76
19
113*
105*
101
92
13
*103
"94"
2
yb
£
1
19
79
17*
cc
Consolidated 5s..........1956
Bush Term Bldgs 5s gu
1960
0
100*
72*
70
cc
Bush Terminal 1st 4s
£
—
78
110*' 110*
------
27*
27*
27*
103* 112
100
107*
9
106*
modified (interest
AfN
at 3% to 1946) due
1957
{Burlington Cedar Rapid A Nor—
{♦1st A coll 5s
1934 A O
♦Certificates of deposit.
Canadian Nat gold 4*s——1957 {
Guaranteed gold 6s—July 1969 £
Guaranteed gold 58...Oct 1969 A
Guaranteed gold 5s
..1970 £
Guar gold 4*s—Jane 15 1955 £
Guaranteed gold 4*s
1958 F
Guar gold 4*8—
Sept 1951
Canadian Northern deb 6 *s. 1946 J
4
11*
13*
31
------
1957 AfN Xbbb3
F A x aa 4
Buffalo Gen Elee 4*s B
1981
Buff Nlag Elec 8*s series G.1967 / D x aa 4
Buffalo Rochester A Pgb Ry—
1952
87
"14* *27*
107*
18*
AfN xbbb3
/ D ybb 3
z
3
105
""70*
J ybb
AfN y ccc3
1st lien A ref 5s series B
Stamped
13
71
y b
z
----
107*
78*
y b
{♦Boston A N Y Air L 1st 48.1955 F A
AfN
cons M
127* 135*
IVFH
103*
--
1960 J
4*8 ser A. July 1970
10
135*
-----
27*
*109*
100* 100*
aaa2
72*
112
3
89
65
101* 106*
102
104*
U S
z
bbb3
Af 6
x
aaa4
129*
129*
130
MN
x
aaa2
x
aaa2
104*
104*
104.
F
J
x
aaa2
104*
104*
110
J
J
x
aaa2
♦
Ill
109
x
aaa3
*117*
120*
113* 118*
2d consol gold 4s......1989 J
Warm Spring V 1st g 5s.. 1941 Af S
♦Chle A Alton RR ref g 38—1949 A O
x
aaa3
*107
x
aaa2
Chic Burl A Q—111 Dlv 3*s.l949 J
Illinois Division 4s
1949 J
General 4s.————1958 Af S
x
1st A ref 4*s series B.—.1977 F
1st A ref 5s series A
1971 F
A
ccc3
aa
2
x aa
x a
8
2
104*
♦108*
8
3
"85*
bbb4
72*
91*
95*
85*
72*
A xbbb4
81*
81
A
x
91*
104
94
130
104*
79
94
104*
103
107*
12
118
109
106
9
92*
96*
86
74
82*
111
7*
27
16*
27
90*
71
93* 102*
68
37
83
93
23
71
76
84*
64
90
99
6
D
45
67*
-
27*
27*
107*
107*
i
104*
106*
x a
A
Blaw.Knox 1st mtge 3 *s___ 1950
Boston A Maine 1st 5s A G..1967 M S
1st M 5s series II.........1955 AfN
1st g 4*s series JJ
..1961 A O
1st mtge 4s series RR
107*
------
a
x
1960
49*
60
22
27*
27
------
xbbb3
1959
-
27
j
1
cccl
z
-
27
------
27
-
113*
27
61*
37
84
134*
*105*
------
♦Debenture 6s........
45
.
------
z
7*
114
"98* "l5
*112
Atl A Chart A L 1st 4*s A..1944 J
95* 106
95
106
95
104*
101*
107*
2
♦96
104*
102
111
2
92
"164*
x aa
x
33*
48*
♦98*
105*
*.
x aa
Trans-Con Short L 1st 4s..1958 J
Cal-Arlx 1st A ref 4*s A..1962 Af 8
1946 J
110*
110*
—
1960
Bklyn Union El st g 5s.....I960
Bklyn Un Gas 1st oons g 6s. 1945
1st lien A ref 6s series A..1947
Debenture gold 5s.......1950
39
•
Belvldere Del cons 3*8—1943
♦Berlin City El Co deb 6*8.1951
Bklyn Edison
47*
{{♦Abltlbl Pow A Pap 1st 5S.1953 J D uc 2
Adams Express coll tr g 4a
1948 M 8 ybb l
Albany Perfor Wrap Pap 0s—1948
52
y
x
27
4
60
51*
D ybb
45
Bangor A Aroostook 1st 6s—1943
3
4
21
39*
12*
b
z
1947) due—.1950
Can Pao Ry 4% deb stk perpet..
...1947 J
A
S'west Dlv 1st M (lnt at 3 * %
14*
5*
5*
companies
Atl Knox A Nor 1st g 6s
37*
z
6*
3*
railroad And industrial
Conv 4s of 1906
15*
aaa3
o
Rating
.
199
Bell
a
Elig. &
s
35*
12*
M S
BONDS
1st m
33*
113*
87
63
N. Y. STOCK EXCHANGE
Am Internat Corp conv
34*
9
Bamc
4*8 debentures.........1951
ccc4
7
3*
♦4Ha assented..
..........1958 v a
Yokohama (City) extl 6s..
.....1961 J D
Coll trust 4s of 1907
41*
z
15*
*53*
a
See
18
7
a
1952 UN
.1958 r a
Week Ended Nov, 29
156
7*
4
external conversion..........1979 AfN
♦Warsaw (City) external 7s
40*
7
D
...1984 /
1952 a
38*
7*
v
S*-4*-4»iis extl oonr——1978 J
4-4 H-4 Ha extl read]
1978 P
38*
aaa3
16*
16
D
3*8-4-4Hs ($ bonds of *87)
external readjustment........1979 AfN
8*-4-4*s (S bonds of *37)
8 Hs extl readjustment
Venetian Prov Mtge Bank 7a
♦Vienna (City of) 6a
6
15
♦4Ha assented................. 1958 / D
♦Sileslan Landowners Asan 6a
13*
16
extl............1962 AfN
♦Silesia (Prov of) extl 7s.—. ....1958
12
32
15*
39*
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl—..............1962 AfN
♦7s aeries B
ccc4
x
10*
16
8
17s.....
♦Sinking tun
25*
25*
16*
—....1940 a O
♦Saxon State Mtge Inst 7s_........1945 J D
s
37*
z
*75
12
5
10*
9*
\ 16*
25 H
♦8s external
♦Secured
75*
15*
bbb4
San Paulo (State of)—
..............1950 J
♦7s extl water loan...—........1956 M
♦6s extl dollar loan
1968 J
55
x
80
53
206
------
53*
74*
73*
------
9*
56 *
36
b
22
5
71
71
bb
5*
3
106*
95*
35*
bb
22
58
7
23* 34*
62* 76*
102* 107*
82
96*
71
y
27
5*
41
2
34*
z
y
12
2
28
ccc4
O
y
12
7
27
5*
5*
70
1
73
Battle Cr A Stur 1st gu 3s—1989
Beech Creek ext 1st g 3*s—1951
11*
5
7
4
65
75
61
5*
8
J
S
29
76
31
66*
71
•
32
30
30*
Sao Paulo (City of. Brazil)—
♦8s extl secured s f.............1952 AfN
{♦88 extl loan ot 1921
71
3
62
61*
Ref g 4s extended to..1951 MN ybb
27
5*
4*
38
3
bb
77
41
75
95*
3
64*
13
29
.
75
33
106
—
-
Pgb L E A W Va System
98
15
--
69*
52*
70*
High
z
♦Conv duo
103
59
5
75
3
3
ybb
D
1946) due..1995
Ref A gen ser C(lnt at 11-6%
D
to Deo 1 1946) due...1995 1
Ref A gen ser D (lnt at 1%
to Sept 1 1946) due..2000 M S
Ref A gen ser F (lnt at 1%
to Sept 1 1946) due—1996 M 8
27*
8*
7*
8*
8*
♦February 1937 coupon paid
s
1st mtge g (lnt at 4% to
Oct 1 1946) due.July 1948 A
Ref A gen ser A (lnt at 1%
J
to Deo 1
13
27
9
91
10
8H
8H
1952 a o
♦Saarbruecken (City) 6s..........1953
Santa Fe extl 8 f 4s
......1964
♦6Hs extl secured
6
29
1
No. Low
60
Stamped modified bonds—
11
8*
O
33
—
-
Toledo Cln Dlv ref 4s A..1959
10 *
.....1967 / D
M
6*
3
62*
7*
J
15!
July 1948 A
1st mtge gold 4s
33
3
Jan.
High
67*
61*
69*
65*
3
Rince
Ask
A
67*
62*
69*
65*
2
b
y
Bid
low
2
J y b
Atlantic Refining deb 8s——1953 M S x a
J
Austin A N W 1st gu g 5s—.1941
ybb
Baltimore A Ohio RR—
11*
27*
7*
P
P
6
J
Second mortgage 4s..—..1948
Atl Gulf A W ISS coll tr 5s—1959 J
3
6
35
A
♦Roumanta (Kingdom of) 7s ......1959
"5
e27
*27
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 a o
♦6s extl s f g
...
.......1968 J X>
♦7s extl loan of 1926.
1966 M1V
3
ybb
5s..May 1 1945
LAN coll gold 4s...Oct 1952 MN ybb
J y b
Atl A Dan 1st g 4s..........1948
Range
Friday'$
Sale
Price
See a
■5-p
Range or
Last
ha Elig. A
Rating
Rallread & Indus. Cos. (Com.)
Atl Coast L 1st cons 4s. July 1952 M 8 X bbb3
D ybb 2
General unified 4 *s A—..1964
AfN
10-year coll tr
3
8*
26*
26*
89*
62*
O
"~8
9
8*
Queensland (State) extl s f 7s
25-year external 6s
♦Rio de Janeiro (City of) 8s...—...1946
♦Extl see 6 Ha
......1953
3*
8*
11
10*
10*
8*
10*
16*
9*
4*
8*
3*
9*
5
3*
8*
3H
J
......1952
""3
3
J
49
....
♦3*
J
10*
4*
"4*
4*
♦13*
a
"98
6*
♦5*
♦Extl loan 7Ha
J
..........1966 J
♦Prague (Greater City) 7 Hs .......1952 Af N
♦Prussia (Free State) extl 6Hs
1951 M S
...
7
53
4*
5*
7
♦6*
6*
6*
6*
D
♦Stabilization loans f 7s..—....1947 a
♦4Ha assented
.........1968
♦External sink fond g 8s
1950
♦4 Hs assented.—
......1963
♦Porto Alegre (City of) 8a
...1061
74
"~6 *
60
High
39* 65
37*
58
19* 75
96* 105*
59* 82
50
74*
28*
104*
104*
..1940 a
.......1958 A
♦4 His assented...
f 6s
Low
44
♦Ctfs of deposit (series A)
♦Pernambuco (State of) 7s
1947 M~8
♦Pern (Rep of) external 7s———1959 M S
s
No
40
.1963 Af N
—1963 M N
1963
—-
♦Stamped assented—
♦External
High
-1958 MAT
1955 A O
—1953
N. Y. STOCK EXCHANGE
Week Ended Nov. 29
Jan. 1
-1953 M S
..
.
BONDS
Since
Ask
a
Low
(Concl)
Oslo (City) • 14*s..
♦Panama (Rep) extl 5 His.
♦Extl s f 5a
Range
Friday'$
Bid
Week's
Friday
Bank
Range or
Sale
Week Ended Nov. 29
3203
Week' a
Friday
100*
100*
▲
I
For tootnotHH
page
3207,
Attention is directed
to the new coiuno
incorporated in tnls tabulation pertaining to
I
bank eligibility and ratios ot fwnda.
bee «.
STOCK
Y.
gr Elig.
EXCHANGE
Ended Nov. 29
Week
See
*«-
Co«. (font.)
A East III 1st 0k-J93f
{♦Chic A E 111 Ry geD 6s
1951
♦Certificate# of deposit-.
Chicago A Erie 1st gold
{♦Chicago Great West 1st 48.1959
{♦Chic Ind A Loulav ref 08—1947
♦Refunding g 5s series B—1947
Week's
Last
Range or
Sale
Friday's
Ask
Bid
a
A
Rating
Price
a
ib
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m
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102
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2
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20
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26
18
18
18%
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A —May 1 1989
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Mtge g 5s series A
.-1976
♦Conr ad J 6s
Jan 1 2000
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♦
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2
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2
./
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2
Chic Ind A
m m,
w
6
6%
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—
15
19M
108%
3%
3%
63
69
*08
—....
1
....
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6
m **
m
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19
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10
86
27%
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124%
19%
10%
117
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18
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34
17
31
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ccc3
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15 M
31%
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z
cc
c
1
16%
29M
(Cont.)
1971
1969
1909
Raliroad & Indus. Cos.
650
3%
7%
1
408
%
1st A ref
4Mb
1st mortgage 4 Ms
M N
J 987
♦General 4s
"*J3M
ccc2
ser
1905
F
Gen A ref mtge 3 Ms ser G.1900
4sl948
Ed El 111 (N Y) 1st cons g
18%
Electric Auto Lite conv 4s... 1952
2
12
18%
11%
10M
18%
13
10
11
Fed lnc tax—1987
M N
ccc2
14
14M
33
stamped
---]987
§ ♦Secured 0%s—————1930
♦ 1st ref g 6s
—May I 2037
♦ 1st A ref 4^8 stpd.May 12037
♦ 1st A ref 4%s C-May 1 2037
♦Conv 4%s series A
1949
{ •♦Chicago Railways 1st 6s stpd
M N
ccc2
13M
13X
4
10M
8M
17 X
10
27
10
6
11%
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18
0
30
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1
IX
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17
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J
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cc
9
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bb
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deposit
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guaranteed
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1st mtge
Chic A West
J
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1944 A
1963 J
1951 M
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07
2
18
40
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28
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48
63%
40
64
3
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x
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m
x
mm
m
—
m
103
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43
,
—1938
|*3d mtge 4 Ms
z
c
O
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J
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J
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A
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Federal Light A Trac 1st 6s..1942
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s
f 6s stamped
1
x
4
S
x
bbb2
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x
36
23
27
69
10
13%
Francisco Sugar coll trust 08.1950
11H
m'rn—
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....
....
....
18
112
112
112
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....—
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109% 111M
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76
.....
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104 M 110 M
107
112
85
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D
x
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m
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J
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—
*■
70
91
81
37
68%
M
109
109 X
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s
109M
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x
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x
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....
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—
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15
83
83
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85
18
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67 M
68%
57
/
D
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F
A
bbb3
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b
b
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....
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107
107
79
79
3
100% 109 M
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mm- mm
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6
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88
14
12
J
J
1949
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J
m
J
J
w
67
0
A
A
78
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/
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60
81%
mmm
mmmmm
100%
109 M 109%
107
107
107% 107%
103 M 100%
00
83%
90%
04
82%
66M 74%
106% 108
102% 107
72
66
12
83
34%
w
w.1940
Columbia G A E deb 6e.May
104 X
104 %
AfN xbbb3
1962
6s—..Apr 16 1952 A O x bbb3
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Jan 16 1901 / J x bbb3
Columbus A H V 1st ext g 4S.1948 A 0 x aaa3
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Income deb w w
Apr 11969 May yb
Commonwealth Edison Co—
D x aa 4
1st mtge 3Ms series I.....1908
Jx a
3
Conv debs 3 Ms
1968
O x bbb3
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x aa
Conn Ry A L 1st A ref 4 Ms—1951
x a
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—1961
x aa
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1961
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x aa
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1940
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8 Ms debentures
8Mb debentures
1948
.1960
1968
aa
x
J
J
J
100
110M 110%
39 X
39X
43 M
141
27 M
43%
107M
107M
113%
110M
41
106%
109%
88 M
115M
111%
130%
100
113%
♦108
*109 M
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132
115
99X
99%
2
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----«
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-
-
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—
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119
108M 110
.
109%
107
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105
105
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103
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11
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101
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100
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100
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1940
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J
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bbb3
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1949
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Hoe (R) A Co 1st mtge
1944
{{♦Housatonlo Ry cons g 68.1937
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1964
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8
f 4Mb
;
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64
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39
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1948
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1950
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1973
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17
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18M
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31
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35
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17
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1952 /
18
D
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a
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aa
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J
1948
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Dayton P A L 1st mtge 3s...1970
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1
105%
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J
cc
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J
1
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1946
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14
54
1st gold 3 Ms
cccl
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1952
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z
J x bbb4
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1951 Af S x bbb4
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1956 MN ybb 2
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1952 J
J ybb 2
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1953 M N ybb 2
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1965 MN ybb 2
2
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..I960 J D x bbb4
Litchfield Dlv 1st gold 38—1951 /
J x bbb3
LoulsvDiv A Term g 3 Ms. 1953 J
/ ybb 4
Omaha Dlv 1st gold 3s
1951 F A y bb 2
St Louis Dlv A Term g 3s..1951 J
/ ybb 4
Gold 3 Ms
1961 J
/ ybb 4
Springfield Dlv 1st g 3 Ms 1951 / J xbbb3
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♦Cuba RR 1st 6e g
For footnotes see page
—..
99
97% 105 M
113
114%
74
33
x aaa2
4Msl941
J
D
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Gt Cons EI Pow (Japan) 78—1944
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.1960
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/
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69
99 M 105%
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1966
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.——.I960
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May 1 1966
1st mtge 3M#
......1967
1st mtge 8Mb
1970
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1906
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—1909
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Crucible Steel 4 Ms debs
1948
♦Cuba Nor Ry 1st 6 Ms
1942
104 M
104M
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x aa
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104
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104%
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43 M
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1947
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1946
J
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..1948
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62
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J
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J
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I960
x
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55
77
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76 M
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81
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Gas A El of Berg Co cons g 6s 1949
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17
80
80
D
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mmmm
111
Chic A St Louis Ry—
mtge
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64
—
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101X 103 X
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31X
♦108M
ybb
S
90 X
91
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1st coll trg 4s—
1970
Cleveland Eleo Ilium 3s...
1942
Cleve A Pgh gen gu 4 Ms B.
1942
Series B 3 Ms guar
.1942
Series A 4 Ms «uar
.1948
Series C 3 Ms guar
.1960
Series D 3 Ms guar
.1977
Gen 4 Ms series A
.1981
Gen A ref 4 Ms series B
.1901
Cleve Short Line 1st gu 4 Ms
.1972
Cleve Union Term gu 6%s.
.1973
lst s f 5e series B guar...
.1977
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.1945
Coal River Ry 1st gu 4s—
.1943
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D
90 M
DOM
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a
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.1993 /
.1993 /
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29 X
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30
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(Amended) 1st cons 2-4s—1982
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J~"j
Fort St U D Co 1st g 4 Ms—1941
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110
371
—
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99% 102%
87
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104
100 M 107
1974
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38M
.—I
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Af
101 M
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110
61
36 M
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60
98
96
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1942
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1942
J
D
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30-year deb 04 series B
1954
A 0 x a
4
Firestone Tire A Rub 3Ms—1948
1st lien
16
60
80 M
b
F
103 M
31
2
Af
1954
.1950
102
33
b
J
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106%
78M
38M
108
90 M
33
2
30 H
12
100 M 109 M
141
"77
78
101
105
99
58X
c
Af S
107 M
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105 X
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103
40 M
25 M
88
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55
17
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"90"
aai
1971
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107%
2
A
/
x
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2%
80%
67
54
X
%
09
48%
MN x aaa4
1st gu 3%s D—
1909 F A x aaa4
1st mtge gu 3
ser E——
1943 /
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Cln Un Term
Income
♦N Y A Erie RR ext 1st 48.1947
mmmm
40 X
J1
D..
Ohllds Co deb 6s..---——-
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18
mmmm
~~53X
1962 }
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1902 M 8 x a
1943 A O yb
1952 AfN z cc
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Fairbanks Morse deb 4s._.
53
J
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Cincinnati Gas A Elec 3%s—
1907 J D
1st mtge 3 Xb
1942 MAT
Cln Leb A Nor 1st con gu 4s.
Cleve Cln
♦Erie A Jersey 1st s f 0s.. 1955
19%
♦Ernesto Breda 7s
48%
b
S
1907
|Ref A lmpt 6s of 1930... 1975
8%
77
bb
1953
4s series D
17X
*"
cccl
conv
7%
mm
3
4
107
108 H 113
30M
9
106 X
16
5
74 X
105 M HOtt
107 M 111M
20
101
106M
2
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♦Gen
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*
x
cccl
4%
X
m
bbb3
aa
38
98
x
ybb
12
45
♦107M
cccl
3%
75
m
O
112M
106 M
106 H
z
59
■■
A
108M
6
16
aaa4
z
169
%
*64""
4
ccc2
x
1953
♦Series B
6
*--.
aa
z
8
49 M
14
100
1953
♦Conv 4s series A
51
8%
7%
x
J
73
♦21M
2M
4
3X
....
112
2
J
IX
X
106 M
105M
♦34
cc
5%
5X
bb
D
10 M
a
5M
46
5
4M
11M
11X
3X
5M
108M
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4
5
D
.1903 J
F__-.
M 4 X* series
1st A ref
m
x
1M
85
M
3
ybb
{♦Fla Cent A Pennln 5e_—..1943
J
{Florida East Coast 1st 4 Ms.1959
Guaranteed 4s
—
1st mtge 3%s series E
3%s
m
aa
20
4M
106
z
105
5M
D
J
M
m
x
O
1M
73
3
z
251
5%
\"""x
/
J
m
j
5
aa
2
*4
ccc2
x
6M
H
1905
{♦Erie RR 1st cons g 4s prtorl990
♦1st consol gen lien g 4s...1990
6
5M
!
cc
AfN
1900
Orleans 6s—1951
June 16 1951
Memphis Dlv 1st g 4s...-1961
Chic T H A So'eastern 1st 5s .1900
Income guar 6s
Dec 1 1900
9M
5%
5X
cc
z
z
Gold 3 46s
14
*11
MB
Ch St L A New
12M
36M
33
42
DM
z
O
A
Chicago Union
4
1
2
42
1
z
{♦Refunding gold 4s
1934
♦Certificates of deposit—...
Ms
631
21%
z
5s stamped
♦
Feb 1940
♦Conv g 4
9
12M
100 M 109 M
2
Af 8
11%
♦4 Ms
19%
2
350
6
1M
8 x aa 3
D yb
3
D z ccc2
F
108M
5M
4%
2
cc
8
Elgin Joliet A East Ry 3Ms. 1970
A
El Paso AS Wist 6S
1905
13
14M
58.1995
100
"ix
A O x aa 2
MN xbbb3
J
/ x aaa4
18
13
♦Certificates of
1950
10
14M
c
A
{{♦Dul Sou Shore A Atl g 5s. 1937
/
Duquesne Light 1st M 3 Ms—1905
10
M N
14
z
58—1995
J
♦Second gold 4s
1995
AfN
Detroit Term A Tunnel 4 Ms. 1961
A
0
Dul Miss A Ir Range Ry 3 Ms 1962
2
M N
♦Gen 5s stpd
M
38
♦Stpd 4s n p Fed inc tax. 1987
♦Gen4%sstpdFedlnctax 1987
cccl
ddd2
z
A
109
104
6
zddd2
J
Detroit A Mac 1st lien g
High
107
5
6
z
1978
{♦Des M A Ft Dodge 4s ctfs.1936
Af
{♦Des Plains Val 1st gu 4 Ms.1947
F
Detroit Edison 4Mb ser D—1901
Low
1
104 X
108 X
3
cccl
z
13M
13
aa
No.
High
108
104 M
3
z
Since
108
3
aa
x
13 X
13M
ccc2
aa
♦Ref A lmpt 6s ser B.Apr
East T Va A Ga Dlv 1st 6s
M N
See i
_
2%
X
Jan. 1
Bid
Price
x
{|*Den A R G 1st cons g 4s..1936
{♦Consol gold 4 Ms
1936
{♦Denv A R G W gen 5s Aug 1955
♦Assented (sub) to plan)
East Ry Minn Nor Dlv 1st
A North Western Ry—
♦General g 3 Ms—.......1987
1 Chicago
Range
Friday's
A
Ask
Sale
Rating
x
/
4%
3%
4X
z
X
Range or
Last
Elig. &
<5°-
Del Power A Light 1st 4 Ms..
Gen A ref M 4s
tChlc
is
EXCHANGE
STOCK
Loto
NO. Low
48
Y.
Week Ended Nov. 29
Jan. 1
mm
z
C—.1947
6# serh» A--.1900
0a ser B__May I960
•Refunding 4a series
mm-
N,
*106
bbb2
;
Af N
M 8
J J
*124M
cccl
y
mm —
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cccl
Z
Af N
2
Since
05^
High
Low
Railroad & Indus.
ff ♦Chicago
BONDS
Range
is
1940
Week's
Friday
Bank
Friday
Hank
I
BONDS
N.
Nov. 30,
New York Bond Record—Continued—Page 3
3204
41M
40
42 X
33
38
36 X
38 X
30
38
19M
30M
99 M
99 X
64
69 M
tabulation pertaining to bank eligibility
68X
68X
14
14
and rating of bond#.
47
8M
17 M
See a.
Volume
Bank
Y.
Friday
Week's
Last
Range or
Rating
Sale
See a
EXCHANGE
STOCK
Price
Week Ended Nov. 29
Railroad
&
Indus.
Low
Cos. (Cont.)
B.1988 M S
J
1948 J
X
O
x
aa
y
bb
2
O ybb
3
f Industrial Rayon 4%s
Inland 8teel 1st mtge 3s ser F1961 A
Intenake Iron conv deb 4s__1947
x
bbb2
{♦Int-Grt Nor 1st 6s ser A. .1952
J
z
cccl
♦Adjustment 6s ser A.July 1952
♦1st 5s series B
1956
o
z
cc
s
Internat Paper 5s ser A &
Ref
8
102% 107%
89
103%
97%
7%
71
78
58
7
%
%
28
%
6%
6%
11
6%
96%
7
7%
%
6%
6%
14%
37%
74%
{(♦Mid of N J 1st ext 5s
53
76%
3
99
103%
y
b
3
3
104 Vi
102%
105
27
*78
90
90% 105%
95
70%
*85%
95
82
23 hi
23
24%
223
24%
26%
130
22
z
1
%
cccl
D ybb
M S ybb
56%
2
3
b
104 %
bbb4
z
1
A
'~29%
*5%
No
100% 106%
112%
35%
90
109
O
*66%
33
*64
3
107%
3
88
67
106%
26%
90
95
55
67%
107%
97
107%
26%
ccc2
b
ccc2
z
z
1934 M N
♦
1st A ref gold 4s
1949 M 8
♦Ref A ext 50-yr 6s ser A. 1962 Q F
z
cc
2
7%
7%
z
c
2
1%
1%
z
c
2
*%
1
8
ccc3
*15
37%
15%
27%
ccc3
*23%
12%
1961
73
1%
Plain
1961
13
16%
8
"4% "8%
1%
%
2%
2%
8%
6%
8%
2%
28%
66%
108%
(♦Laclede Gas Lt ref A ext 5s 1939
Ref A ext mtge 5s
1942
Coll A ref 5 %s series C
1953
Coll A ref 5 Vis series D...1960
Coll tr 6s series A..——1942
Coll tr 6s sertee B
1942
A
y
A
y
a
50
70%
26
105
109%
103%
104% 107%
50
50
75
68
F
A y
F
A y
F
A y
F
A y
x
bbbl
bb 2
b
2
b
2
b
2
b
2
D
x
2
a
bb
Mlssourt-Kansas-Texas
ser
J
J
1954
♦1st A ref 8 f 5s.
1964 V A
♦6s stamped
—1964
♦1st A ref s f 5s
1974 F A
♦5s stamped
1974
J
♦Sec 6% notes extended to 1943
♦6s stamped
1943
bbb3
y
b
3
y
1962
1978
A._ Jan 1967
{Missouri Paciflo RR Co—
♦
1st A ref 5s series A
1965 F
ccc2
A
Af'fi
♦General 4s
1975
85
♦1st A ref 6s series F
168
cc
1977 M S
105% 108
♦1st A ref 5s series G
100% 106%
101
105%
♦Conv gold 5%s
♦1st A ref g 6s series
1978
M*JV
ccc2
MN
A
O
1%
4%
1981
♦1st A ref 6s series I
F
A
58%
59%
42
38
62%
58
58
59
15
38
61%
♦Montgomery Dlv 1st g 5s 1947 F
55
55
60
3
33
60%
♦Ref A lmpt 4%s
66
56
56
A
1
39
61%
(♦8ecured 5% notes
36%
x
1948 F A
1952 J D
F A
1953
A
x
aaa4
Monongahela Ry 1st 4s ser A 1960
Monongahela W Penn Pub Ser
42
70%
68%
Gen A ref
8
s f
1st mtge 4%s
x
a
1965
f 5s series A
95
38
30
41
Gen A ref
a
8
x
bbb3
x
bbb3
deb 78..—1944
A
0
x
56%
27
35
Constr M 5s series A
22
36
Constr M 4%s series B
34
23
35
34%
20%
35
24%
20%
35
34%
35%
50
80
"37%
34%
46%
48
49%
73%
27
30
48%
5
30
61
F
A
x
aa
J
J
x
bbb3
8
x
aa
x
163
8%
21%
24%
60
9%
10%
56
14
28
40
109
106%
122%
129
129
14
9
3
99
aa
118
106%
121% 127%
120% 131%
90
101
104% 106
31%
93
100% 105
73%
28%
7
105
93
108%
5
8
109
30
♦
97%
97%
22%
23%
25%
68%
106%
104%
104%
30
19
63%
89
98
"97%
98%
'<34
97%
98%
23
85%
87
110
93
95%
99%
99%
122%
85
3
122%
5
120% 126%
128
3
M
M 8
20%
128%
3
120
85%
10
75
6
106
85
110%
*110%
3
111
112
108
129%
86%
111
111%
Natl
bb
bbb3
x
bbb3
x
2003
2003
1st A ref 3%s series E..
2003
Unlf mtge 3%sser A ext..1950
Unlf mtge 4s ser B est
1960
1st A ref 4 Via series C
1st A ref 4s series D
104%
104
99%
99
bbb3
x
a
3
a
3
108%
Af
S
3S...1980
M 8
1945
J
J
South Ry Joint Monon 4s. 1952
AfN
Atl Knox A Cine Dlv 4s.. 1955
F A
•Lower Aust Hydro El 6%s.l944
Mob A Montg 1st g 4 Via..
A
O
63
93
104% 108%
*106
bbb2
a
3
86
a
3
*112%
87%
bbb2
88
aaa3
z
a
*15
ccc.
x
*107
2
105%
103
72%
101
107%
86
78
114
112
106%
88
113
'
88%
108%
26
00
105%
104
5
251
73% 88%
104% 107
25
15%
102% 105%
81
104%
D
104%
105%
38
107%
35
100% 107%
105%
105%
11
102
AfN
z
b
D
x
aaa3
J
z
cccl
1983 J
1956
of deposit
1974
1978
46
extended^to 1947
3-year 6% notes
1941
1950
b
b
2
z
ccc3
z
b
y
1
86
1
*20"
A
2
122
5
128%
122 %
129%
60%
60%
70
"e
68
19
105% 109
64%
78%
64
45
15
102% 105%
101% 106%
105%
104%
28
68%
14
55
29%
1
21
33
25
30%
23
39%
37%
7
31
36
"32
24
37
71%
28%
37%
28
37
2
23%
36%
30
30
1
29
32%
36
37
32
27
40
32%
33
5
25
34%
"33"
*36%
32%
*113
111
115%
"108
38%
113
44%
65%
*63%
62%
63%
bb
89%
74
91%
57
340
38
b
56%
63%
89%
55%
90%
b
62%
63%
237
43
60%
66%
bb
60
60
61%
94
42%
64%
86
85%
86%
99%
101
68%
88
85
99%
64%
53%
66
*69%
59%
48%
61
70%
196
45%
56%
70%
58%
296
38%
73%
61%
86
86%
17
73
88%
94%
95
40
80%
95
89%
90
70
66
93
79%
80%
2
77
80%
3
99
99
*
A y bbb2
y
43%
31%
2
108
63
71
124%
43%
33
*
33
aaa2
bb
bbb2
O ybb
M 8 y bb
A
3
70%
3
A
bbb2
A
O
bbb3
A
O
J
I)
1946 F
1st mtge 3 %s
6s debentures.....i
93
1
64%
86
90%
7
66
45
33
b
7
bb
1
89%
91%
52%
*3
57
79%
*80
"77"
ccc2
b
36
2
35
*
1
z
119
41%
43%
126%
129%
22
93
3
y
Stamped
34
1
y
Mich Cent coll gold 3%s.. 1998 F
29
(♦Market St Ry 7s ser A April '40 q"j
(Stamp mod) ext 6s..—.1945 Q A
b
67
29%
*28%
29%
106
63
N Y Chic & St Louis—
29%
15%
ccc2
y
MN y ccc2
21
b
z
"68"
1
y
Lake Shore coll gold 3%s..1998 F
104%
104%
ccc2
Conv secured 3%s.._. ..1952 AfN
J x a
N Y Cent A Hud River 3 %s.l997 J
J y bb
Debenture 4s...
1942 J
Ref 4%s series
"68
b
z
y
2013
62
62
105%
ccc2
y
1998
4s collateral trust.
*44
z
x
10-year 3%s sec s f
1946
Ref A lmpt 4 %s series A..2013
67
68
1
z
81%
*85%
b
z
1954 OA
*63
107%
107%
bbb3
z
56%
*17%
x
z
~F
39
1
4
J y bbb2
z ccc2
A
♦Certificates of deposit
70
S y aa
bb
0
A
41%
43%
126%
129%
aaa2
y
105»»2
*123
aaa2
x
J y bb 3
x bbb3
a'O
105%
cccl
x
O
D
1956 F
13
Af
z
A y bbb2
O x aa 2
J
105%
104%
*60
z
1954
C_
103
107%
12
{♦Man G B A N W 1st 3 %s,1941
A O
Marion Steam Shovel s f 6s..1947
25
107%
A
♦Certificates of deposit
Ref 5%s series A
70%
64
102
*101%
105%
53%
y a
1
Manila RR (South Lines) 4s.1959 AfN
J
J z ccc2
100% 101%
66
a
77%
25%
39
116%
a
52
8
24%
104% 110%
112% 120
aa
76
30
69
x
103%
D y b
33%
x
"53%
D ybb
J
44%
32
x
2
2
S y b
J
1960
Manatl Sugar 4s s f...Feb 1 1957
Manila Elec RR A Lt s f 5s.. 1953
56%
47%
27
*101%
{{♦N O Tex A Mex n-c Inc 6s 1935 A
♦Certificates of deposit
C
34%
19
bbb3
New Orleans Term 1st gu 4s. 1963 J
Ref A lmpt 5s series
35
37%
M N
mp4%sA'62 J
♦1st 5%s series A..
42%
35%
a
New Orl Pub Ser 1st 5s ser A.1952 A
1955 J
1st A ref 6s sertee B
♦1st 4%s series D
40%
41%
35%
32%
O
2
Af
Maine Central
43%
1949 M 8
N Y Cent RR 4s series A
103% 105
31
65
103% 107%
99% 106%
89%
17
25
*43
M N
Newp A C Bdge gen <ru 4 %s.l945
89
44
1
J
93%
108%
x
x
78
56%
44
*110%
116%
Light 1st 4 %s._. 1960
♦Certificates
83
14
105
x
y
92% 104%
108
x
Paducah A Mem Dlv 4s..1946
17
92%
88%
104%
bbb3
x
x
104%
86
44
aaa2
♦Certificates of deposit
x
62
b
N J Junction RR guar 1st 4s. 1986 F
A
N J Pow A
♦1st 5s series C
110%
113
95% 106%
79
MN
{♦New England RR guar 68.1946
J
♦Consol guar 4s
1945 J
New Eng Tel A Tel 5s A
1952 J D
AfN
1st g 4 %s series B
1981
♦1st 5s series B
103
84
b
{♦Naugatuck RR 1st g 4s.-.1954
N O A N E 1st ref A
105
5
91
*43
bb
Newark Consol Gas cons 5s. 1948 J
J
New Orl Great Nor 6s A
11
b
1954 J D
Supply 3%s
106%
87%
58%
107
*43
Nash Chatt A St L 4s ser A..1978 F A y bb
x bbb2
f Nat Acme 4%s extended tol946 J D
x a
Nat Dairy Prod deb 3%s w w 1961 M N
Nat Distillers Prod 3%s
112
106%
44
103
1
1956 M N
1966
Mountain States TAT 3%s.l968
Mutual Fuel Gas 1st gu g 5s. 1947
Mut Un Tel gtd 6s ext at 6% 1941
110%
112
3
*72%
bb
Morris A Essex 1st gu 3%s..2000
37%
*105%
110%
...
b
f 6s series D...1955
16%
18%
20%
129
aaa3
1951
Louisiana A Ark 1st 5s ser A. 1969
Louisville Gas A Elec 3 Via—1966
Lou A Jeff Bridge Co gu 4s..1945
Louisville A Nashville RR—
1st A ref 5s series B
...2003
79
48
54%
106%
*53%
bbb2
f 4 %s series C.1965
s
95
*117%
105%
122%
S y bbb2
Af S
21%
20%
21%
21%
60
78
106%
1955
79%
44%
3
Af
78
O y bb
6s series B...1955
Gen A ref
44%
3
Af
15%
O x a
........I960
debentures
93
34%
aaa3
O y bb
cccl
16%
21%
2%
12%
12%
12%
12%
*16%
*17
b
Montreal Tram 1st A ref 6S..1941
42%
*98
1
17
17%
aa
66%
......'*106
b
12%
12%
%
x
64%
:
y
67
24
17%
15%
ccc2
Montana Power 1st A ref 3%s '66
aaa3
x
26
%
17%
M N
92%
50
3
aaa4
O ybb
17%
17
*16%
37
39%
36%
16%
18%
20%
bbb4
MAT
"l7*
4
b
27
92
O y bbbl
A
1951
Lion OH Ref conv deb 4%s.. 1952
12%
y
65%
63%
92
44%
44%
x
21%
21%
24
27%
79%
86%
x
21%
17
15
30
87
J
12%
25
91
*72
O
187
16
17
20
28%
91%
*72
O
20%
1%
cccl
97
b
a
21%
12%
cccl
88
b
ccc2
13
1
ccc2
82
z
x
13
152
z
69%
z
z
16%
8%
z
Nat lnal Steel 1st mtge 3s...1965
AfN
3
z
95%
91%
34%
ccc2
15%
367
A
88
*33
ccc2
19%
8
8%
7
11
1977 M S
1938 M S
4s. 1991 M 8
95%
34%
z
32%
7%
16%
1%
%
ccc2
{Mobile A Ohio RR
88
b
z
19
17%
15%
1%
17%
15%
c
♦Certificates of deposit..
(♦Mo Pac 3d 7s ext at 4% JuL'38 MN
97%
b
AfN
88
95%
34
AfN
3%
16%
16%
"l%
cccl
79%
zb
bb
11%
12
3
cccl
1949
1980
H
2
ccc2
♦Certificates of deposit
106% 108%
80
b
z
59%
91
cccl
♦Certificates of deposit
9
z
/
90
12%
cccl
♦Certificates of deposit
56
*34%
♦34%
a y bb
23%
11%
cccl
157
♦60
y
22%
11%
2
%
43
55
11%
ccc2
z
1%
7
80
c
y
95%
b
j
3
....
80
11
y
95%
b
z
1
%
54%
22%
ccc2
Prior Hen 4%s series D
40-year 4s series B
80
3%
z
z
*80 "
J D y b
80
108%
106%
106%
104%
z
zb
*53%
J y bb
J z b
1962
Gen A ref
x
1%
%
%
RR—
A
94%
57%
2
♦5s stamped
{♦McKesson A Robblns 5 Via 1950
RR 4s ser A.1945
1%
95
94%
2
O
1955
1
cc
80
107%
106%
106%
104%
cccl
J ybb
A
St Louis Dlv 2d gold
cc
z
6s
Lehigh A New Eng RR 4s A. 1965
M 8
Lehigh A N Y 1st gu g 4s
1946
Lehigh Valley Coal Co—
♦5s stamped
...1944
♦1st A ref a f 5s
1954 F A
5s debenture..
z
90
162
3
J
to..1950
1949
1949
...1949
J
Af S
1949
♦1st A ref 5 %8 series B
1978
{♦Mo-Ill RR 1st 6s series A. 1959
Mo Kan A Tex 1st gold 4s
1990
90
*75%
*75%
bbb3
ybb
Dec
J
Little Miami gen 4s series A. 1962
1946 J
5%s
Moh'k A Malone 1st gu g
Lehigh C A Nav s f 4 %s A—1954
J
Cons sink fund 4 %s ser C.1954
2003
♦General cons 4%s
2003
•General cons 5s
2003
Leh Val Term RyextSs
1951
Lex A East 1st 50-yr 5s gu.._1965
Llbby McNeil A Llbby 4s.. 1955
Liggett A Myers Tobacco 78.1944
3%
75
Lautaro Nitrate Co Ltd—
♦Gen cons g 4s
3%
43
♦Certificates of deposit
2d gold 5s
1941
Lake 8h A Mich 8o g 3%s...l997 J
Leb Val Harbor Term gu 5s..1954
16
15%
"79"
ry
M S
J
Lehigh Valley N Y 4%sext,1950
{Lehigh Valley RR—
17
8%
100
*107%
"7~o"
2
to ....1947 J
.
5%
7%
♦Cum adjust 5s ser
13%
103
102%
Lake Erie A Western RR—
1975
69%
*11
102%
3
a
50
35
38%
14
3%
MN
24%
20
2
M S
105
88
68
2
a
12
*16%
2
a
3%
5
♦25-year
aaa4
J
174
5%
8%
Prior lien 5s
bbb3
J
7
2
cccl
♦1st A ref 6s series A
107 %
J
8
cc
z
91%
68%
107%
1954
1954
Koppers Co 4s series A
1951
Kresge Foundation 3% notes 1950
{♦Kreuger A Toll secured 5s—
Uniform ctfs of deposit—1959
Kings Co Lighting 1st 5s
1st A ref 6^s
cccl
z
J
39%
65%
4%s unguaranteed
1961
A
Kings County El L A P 6s... 1997
z
J
84
65Vi
bb
J
(♦1st cons 5s
1938 J
(♦1st cons 5s gu as to lnt..l938 J
25
bbb3
J
58
93
x
J
38
105
28
bbb3
1
30
61
32
9%
56
56
2
67
94%
67%
94%
2
z
~30% "37
28%
J
Stamped
56%
7%
5%
18
z
{♦Minn A St Louis 5s ctfs
High
Low
"16
6%
z
104
1
1950
J ybb 3
Apr 1950 J
1960 / J x aaa4
Karstadt (Rudolph) Inc—
z cccl
♦Ctfs w w stmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943 MN
♦Ctfs with warr (par $925) 1943
M S
bb 3
Keith (B F) Corp 1st 6s
1946
J
J
a
3
Kentucky Central gold 4s—1987
bbb3
J
Kentucky A Ind Term 4%s.l961
3a
Gen mtge 4 Via series A...
Jan. 1
54
*45
♦{Con ext 4%s
1939 J D
{♦Mil Spar A N W 1st gu 4s. 1947 Af S
J
{♦Mllw A State Line 1st 3 %s 1941 /
*91%
29%
b
Ref A lmpt 5s
McCrory Stores deb 3%s
44%
47%
Si
6
112%
1940 A O
{(♦Mil A No 1st ext 4%s... 1939 J D
35
z
Kansas City Term 1st 4s
Lorlllard (P) Co
99
21
25%
x
4s stamped..
ddd2
84
O
Long Island unified 4s
Guar ref gold 4s
bbb3
z
32
O
Lone Star Gas 3 Via debs
x
30
73%
102 Vi
2
14%
Hioh
Since
©
106%
112%
3
♦Mlag Mill Mach 1st s f 7S..1956 / D z cccl
Mich Cent Det A Bay City—
Jack Lans A Sa" 3%s
1951 M S ybb 4
6%
A
♦Long Dock Co 3%s ext
aa
*106
bbb4
x
75
A
Lombard Elec 7s series A
16%
x
u
o
Ask
{ {♦MStPASS M con g 4s Int gu'38 J
A1961
Loews Inc s f deb 3 %s
97%
A
Low
4%s—1956 MS
Metrop Ed 1st 4%s series D.1968 M S
Metrop Wat Sew A D 5%fl..l950 A O
{(♦Met W Side El (Chic) 4s. 1938 F A
52%
cccl
4s 1990
5s debenture
106%
Friday's
Bid
Railroad & Indus. Cos. (.Cont.)
Mead Corp 1st niters
6%
z
1
{(♦K C Ft 8 A M Ry ret g 4s 1936
♦Certificates of deposit
♦1st mtge Income reg
105%
51%
71%
102%
104%
M S
{♦Iowa Cent Ry 1st A ref 4s. 1951
5s extended at 3%
19
J y ccc2
James Frankl A Clear 1st 4s.1959 J
Kan City Sou 1st gold
43
A y ccc2
J
1955 F
Kanawha A Mlcb 1st gu g
107%
101%
100
97
JKN y bbb2
F A ybb 3
5s B.1972
1947
Int Telep A Teleg deb g 4%sl952
Jones A LaughHn Steel 4%s
100
6%
.1955 M S
Int Rys Cent Amer 1st
1st Hen A ref 6 %s
Debenture 5s
160%
104
23
See i
51%
z
J ybb
B.1947
f 68 series A
High
4
105»S2
Price
Ranoe
Range or
Sale
Rating
cccl
J
1941
16s
No. Low
105%
105
it
^0,
o yb
3
o y ccc4
1956
•1st g 5s series C
Hioh
EXCHANGE
1st gold 3%s
...1952 M N x a
J ybb
Ref A lmpt 4%s series C..1979 /
Michigan Consol Gas 4s
1963 M S x a
J
Internat Hydro El deb 6s—1944
Int Merc Marine
1057s2
STOCK
Week Ended Nov. 29
107%
aaa2
Y.
Jan. 1
105%
3
Inspiration Cons Copper 4S.1952 A O
Ind Union Ry 3%s series
N.
Since
Last
Elig. A
BONDS
Range
Friday's
|
Bid
A
Ask
Week's
Friday
Bank
Elig. &
BONDS
N.
3205
New York Bond Record—Continued—Page 4
151
75%
90
79%
*23
94%
A
I
For footnotes see page
3207.
Attention Is directed to the new column
incorpo/ated In this tabulation pertalnlngjlobank
eligibility aid rating of bonds.
See
1.
Y. STOCK
WeeJc't
iMSt
Range or
Range
Sale
Friday'a
Bid
A
Asked
Since
N. Y. STOCK EXCHANGE
Jan. 1
Week Ended Nov. 29
8m
•Mft.
Ended Nov. 29
Week
Friday
Rating
EXCHANGE
Cot. (Cont.)
Dock 1st gold 4a
1961
Price
a
N Y
—1947
Y Edison 3%s ser D
1965
1st lien A ref 3 lis ser E—1966
Conv 6% notes
N
F
A 7 b
3
O 7 ccc2
A
O
A
O
A
1
110
110
aaa4
x
56 Ji
Pere Marquette 1st ser A 6s. 1956
60
104 Ji 110 J4
111
105
x
M N
z
cc
x
aa
2
-3
♦N Y L E A W Coal A RR 6%s'42
♦NYLEAWD1A Impt 6a 1943
Af N
Branch gen 48—1941
{♦N Y New Hav A Hart RR—
♦Non conv deb 4b
1947
♦Non-conv debenture 3 Ha 1947
M
117%
3
117Ji
9
2
MN
12514
124
aaa4
gold 3 %a
2000
N Y Lack A West 4a ser A—-1973
Ji
117 H
aaa4
x
(♦N Y A Greenwood
Lake 6el946
series B
M N
7
N Y A Long
MN
J
bbb2
bbb2
z
b
7
-
50 |i
56
56 H
J ybb
8 ybb
li
20
814
101 Ji
97
51
57
100J4
4314
60
"~3
20
50
64
7914
97J4
♦93
3
16
20
19
*100 H
51
120% 12614
11314 118J4
96
*87
105
65
86J4
*82
2
3
87
71
87
Phelps Dodge conv 3 lis deb. 1952
cccl
*14 Ji
18
11
8
cccl
*14 Ji
17
14
♦Non-conv deb
A
O
cccl
J
J
cccl
*14Ji
lSJi
15Ji
1614
♦Non-conv debenture
1914
1914
2014
x
aa
a
108
106Ji
10614
10614
35
110
10914
110
37
D
x
bbb4
x
aaa4
J
z
cccl
1654
z
cc
1
3 li
z
cc
1
f 4s—1937 J
♦Certificates of deposit
Phillips Petrol
aa
x
O
4J4s A '52
85
1814
914
35
214
5
27
354
8J4
104
105
2
106
104J4 10814
100
10614
111 Ji
108
414
10314
bbb3
12214
11414
112
5
2
10414
10414
x
108 Ji 110 Ji
11
454
105
105
z
65
354
*314
M 8
8
1654
1554
314
4
1948 M 8
conv 3s
conv
111J4
108
1949 M 8
J
♦Conv deb 6s
107
118
M 8
3J4S.1967
{♦Phlla A Read C A I ref 6S.1973 /
{(♦Philippine Ry 1st
6714
38
75%
51J4
11414
2
1967 J
Phlla Electric 1st A ref
45
109J4
12214
114|i
2
aa
45
63
110
2
aa
x
7
65 Ji
109
aaa3
1981 J D
6354
109
3
a
x
75 li
6414
109
x
A
1977 J
General 4 lis series D
Phlla Co sec 5e series A
63
High
63
"65|i
Ji x
...1974 F
General g 4 %a series C
NO. Low
High
4
4
"90
11214
103
10
93J4 10414
20
M
D
J
4s—1943 MN
General 5s series B
Pitts Coke A Iron
M S
ybb
1980 M S ybb
1
Jan.
74
74
3
3
3
ybb
1968
—
1st g 4J4a series C
Phi la Bait A Wash 1st g
RR
J D
N Y Gas El Lt H A Pow g 58.1948
P A
Purchase money gold 4s—1949
N Y A Erie—See Erie
N Y A Harlem
1st 4s series B
Since
Is
Asked
A
low
Railroad & Indue. Co*. (Cont.)
46 li
15
llOJi
110
Bid
Price
See A
Range
Friday's
Sale
Rating
5a.
46
12
58
57
57 H
.13
55 Ji
54
54 %
110
aaa4
x
I
Range or
Last
Elig. A
High
No. Low
High
low
Railroad & Indya.
BONDS
1940
30
Week's
Friday
Bank
Bank
Eltff. A
BONDS
N.
Nov.
New York Bond Record—Continued—Page 5
3206
3%s———1964
4a—1965
♦Non-conv debenture 4a—1968
♦Conv debenture 3%a——1956
♦Conv debenture 6a——1948
|*Collateral trust 6a.—1940
1957
♦
1st A ret 4 Ha aer of 1927.1967
{♦Harlem R A Pt Ch 1st 4a 1964
♦Debenture 4s
M N
15 H
16
cccl
/
J
cccl
/
J
cccl
O
cccl
A
MN
J
cc
D
M
10
2014
2
10
20
1214
1914
24 Ji
3614
15
19Ji
31
32
1
32
3Ji
"l7H
14
16
76
cons
68
76
Series J
S
z
cc
2
AH
4
4 Ji
41
D
z
c
2
1H
Hi
lli
6
1942
O 7 b
O y b
{♦N Y Prov A Boston 4a
4a. 1993 A
Lt A Pow 3 Ha '65 MN
J
N Y Rys prior lien 6a stamp. 1958 J
N Y A Rlchm Gas 1st 6a A—1951 Af N
J
N Y Steam Corp 1st 3 %a—.1963 J
J
{(♦N Y Susq A W 1st ref 58.1937 J
F A
(♦2d gold 4 Ha
1937
I ♦General gold 6a
—1940 F A
♦Terminal 1st gold 5a—1943 MN
N Y Telep 3%s ser B
,—1987 J J
N Y Trap Rock let 6a
1946 J D
2
2
*92
48
109
109
x
bbb4
*106
x
bbb3
aa
4
z
cc
2
z
c
2
x
z
bb
x
A
V
♦lllji
c
c
{(♦Norfolk A South 1st g 5s. 1941
2
139
11114
108 Ji
103 Ji
6
13
Ji
ccc2
z
73 li
6
23
1354
25
1941
4a—1996
North Amer Co deb 8 Ha
1949
Debenture 3%a
1954
O
A
x
x
a
126 H
125Ji
'ioih
aaa4
105Ji
104 li
A
F
A
x
a
4
1959 F
Debenture 4s
V
A
x
a
4
8
x
aa
2
Gen A ref 4 Ha series
{Northern Ohio Ry—
♦
lstgtdg 6s
8
x
aa
2
*110
O
1945
105 Ji
ccc3
z
O
ccc2
17
104 Ji
105 Ji
34
10214 10714
101
106J4
10214 108 Ji
19
114
107
ji
118
109
7214
45
40J4
Ji
4014
xbbb2
71 Ji
71 li
72 Ji
97
6914
75J4
2
2
2
2
2
42 H
41 li
42 li
33
3114
50 H
49 li
50 Ji
30
33J4
62 %
61 Ji
63
53 H
54
53 Ji
54
7
4014
46 Ji
55
6814
60
ybb
54
55
6
40
60
x
aa
4
110H
11014
x
4s—-1997
Jan—.2047
A—2047
Ref A impt 6s series B
2047
Ref A lmpt 5s series C
2047
Ref A lmpt 5a series D
2047
Northern States Power 3%s_1907
Northwestern Teleg 4 Ha ext 1944
North Pacific prior Hen
bbb3
Gen lien ry A Id g 3s
ybb
Ref A lmpt 4 Ha series
ybb
ybb
ybb
45
275
111
'
22
10514 111
96
95
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mtge 4s..
3H
108 Ji
C
a
Ontario Transmission
4
106 H
314
314
10854
854
10754 10814
106 Ji
*108
106 Ji
108 Ji
105
10114 11114
107J4 11014
a
4
J
a
4
llIJi
liili
D
a
4
109 Ji
109 Ji
D
bbb4
aa
3
102 li
105 Ji
103 Ji
aa
3
*100 li
117|i
109J4
aaa2
1948
aaa2
1946
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
1946 J
aaa2
.1961
Oregon RR A Nav con g 4s.
Ore Short Line 1st cons g 5s
aaa2
bb
2
D
b
1946
D
2
108 li
23
104
D
aaa2
1st A ref mtge 3 Ha ser I.. .1966
D
aaa2
bb
2
b
A
i*Pao RR of Mo 1st ext g 4a. 1938
J
(♦2d ext gold 5s
1938
O
Pacific Tel A Tel 3 lis ser B-1966
D
Ref mtge 3lis series C
1966
J
Paducah A 111 1st ef g 4 lis.. 1955
Panhandle East Pipe L 4s—1952 M 8
85 JS
8634
97
68
8614
62
6234
2
53
6214
112
Ulli
110%
3
11234
21
10954 113 Ji
Ulli
110 Ji
112
22
108
110 Ji
20
10614 111J4
81
80 li
*77
81
llOJi
liiii
11034
~~5
HlJi
9
*103 Ji
105 Ji
a
4
102 Ji
102 Ji
HI H
85
74
2
aaa4
11254
71
27
80
aa
aaa4
F
♦Paullsta Ry 1st s f 7a
Penn Co gu 3 Ha coll tr ser
Guar 8 Ha trust ctfs O
Guar 8 Ha trust ctfs D
Guar 4s aer E trust ctfs
1942 M 8
B. 1941 F A
1942 J D
D
1944
10314 110J4
104J4 112
10214 103J4
10254 105
1952 MN
1963
Pennsyl Glass Sand 3lis- .1960
Pa Ohio A Det 1st A ref 4 lis A '77
4lis aeries B.___
1981
Penna Pow A Lt 3 lis.....1969
4 lis debentures
—.1974
Pennsylvania RR cons g 4s.. 1943
Consol gold 4s
.1948
'4a sterl stpd dollar May 1 '48
28-year 4s
F
A
49 W
50
13
40
93 |i
97
118
76
97
44 li
96 H
45
4
36
47
121
126
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2
z
b
x
aa
aa
*105
x
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x
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5614
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108Ji
108 li
x
a
106 Ji
106 Ji
17
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3
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a
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x
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MN
x
aaa2
107 Ji
107 li
x
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114J4
11454
16
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2
11414
11414
96
3
MN
MN
7
84
F
A
F
A
O
3
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109 Ji
109
107 li
MN
{♦Providence Sec
Reading Co Jersey Cent coll 4a '51
1953 F
1955 A
6s_..1939
{(♦Rio Gr West 1st g 4s...1939 J
11034
109 li
"l5
z
b
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ccc2
111
81
115
9854
12%
27%
27%
2
13
27 %
27%
5
14%
27%
-
ccc2
z
cc
2
-
x
aa
2
«.
x
aa
2
wWWW mm
2
2
»
5%
.....
.....
w
w
-
w
♦109 %
no
%
♦Certificates of deposit
♦Prior Hen 5a series B
—-~
4%
7
4%
4%
4%
6
4
U y
89%
88
*
W W W w
#•'
*J09%
b
3
bb
2
66%
bb
2
18
....
....
9%
21
5
21
9
9%
98%
68
108% 112
—.
-----
65
*53
.—...
z
Hi
70
*55
2
....
64 %
66%
164
49%
64 Ji
65%
5
48%
20
20%
57
68%
60
41%
41
66 Ji
65%
J
......
J
m"s
20%
15
5
%
55%
69%
1
33
62%
cccl
cccl
cccl
z
cccl
67
7
14%
8%
014
37
6%
8%
14%
*8%
9Ji
1
7%
15%
8%
cccl
z
ft
8%
"""8%
z
0%
240
8%
7
9
8%
Ji
7%
7%
9%
....
16
7
10
14%
z
cccl
21
6%
bb
2
64%
65
16
y
54%
88
♦2d 4a lnc bond ctfa..Nov 1989 J
(♦1st term A unifying 5a..1952 J
J
z
b
1
32
32
5
25%
J
z
ccc2
14%
15%
43
38
21%
J
J
z
cccl
0%
38
8%
"15 "
8%
——
D
x
bbb2
/
J
z
cccl
3
F
A
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cccl
4
aaal
/
/
M
{♦Schulco Co guar 614s
♦Stamped
J
65
75J4
114J4
110J4 116
11714
50 Ji
117J4
111
11814
43
7%
13%
82
5%
3%
4%
114 %
20
3
52
4
114%
1
J
z
Oct
z
MN
x
1
36
51
51
2
50
51
33
*125
127
—
aaa3
O
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O
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cccl
8
110% 118
z
c
A
0
z
z
cccl
z
cc
z
cc
1
z
1
8%
25
0%
1
78
%
%
cccl
M~5
♦Certificates of deposit
9%
Js
1
{(♦Atl A Blrm lstgu 4s__ .1933
36
51
51
114% 125
18%
28%
29%
8 Ji
*8%
cccl
M~fl
i
70
54
107% 109%
21
34%
9%
2
A
1945
6s series A
5
""51
O
|F
♦Certificates of deposit.
cons
35
34%
^
cccl
A
g
60%
107%
34%
36
cccl
A
1
...
69%
107%
3
aaa2
z
O
......
8
15
*3%
w
"
*2%
4
4 Ji
WW
3%
5
77
2%
2%
4%
28
3
4%
4%
10
10
2%
....
i
9
15%
1%
6%
5%
8%
7%
15%
71
4314
J
z
A
Scioto V A N E 1st gu 4a
{Seaboard Air Line Ry—
(♦lstg 4s unstamped
♦1st
114
x
A
♦Stamped
(♦4a
x
J
♦Guars f6J4a series B
91
93
J ybb
S A A At Paaa 1st gu g 4a
Santa Fe Pres A Phen 1st 6s.
89 ?i
9854
J
12
13%
05%
85
*71
J
bbb4
*107 Ji
105
{♦St L S W 1st 4a bond ctfa. 1989 MN
x
18
108% 111
110%
2
66
4%
z
♦Certificates of deposit
♦Con M 4 lis series A
1978
♦Ctfa of deposit stamped
O
56
-
*27%
......
12%
131
-
■m+
7%
z
1950 J
(♦Refunding 4a
51
5%
—
7%
z
{♦St L-San Ft pr lien 4s A...1950 J
105
5
36
130
...-
.
110
40
20
50
6%
.....
10%
30
72
33 %
*109%
—
8%
.....
7%
J z ccc2
{♦St L Peor A N W 1st gu 6a 1948 J
8t L Pub Serv 1st mtge 5s
2
1959 M 8 y b
J y b
St L Rocky Mt A P 5s stpd..1955 J
2
89
*50 |i
103% 109
wWwwww
J ybb
♦Certificates of deposit
22
89
8
.....
31%
-
w'w'-
w.
www-
*30
z
♦(Rlv A G Dlv 1st g 4s...1933 MN
105
79
102
.
107
St Louis Iron Mtn A Southern—
104 Ji
96
22
27%
27%
'
32%
2
104 li
94
11554 12154
9414 10854
10014 116J4
21
15%
1
27%
107
WW-
a
105
10714 10914
110J4 115
145
27%
27%
1!
aaa2
3
97
35Ji
15
101
10454 110J4
100
10954
14
38
14
27%
—— -
x
a
a
bbb3
x
Jos A Grand Island 1st 48.1947 J
Lawr A Adlr 1st g 58—1996 J
2d gold 6s
1996 A
x
x
x
J
;
26
....
27%
Saguenay Pow Ltd 1st M 4 lis *66 A O
J
A
27%
5
35 Ji
27%
2
8914 105
F
5
36
«...
cc
6a
109
106%
98% 103%
....
*
-
35
27%
z
81
lis-1974
....
J
105
st 5
-
*27
f
ww
2
104 Ji
Peoria A Pekln Un
z
ww
c
104 li
51
»
36
m
cccl
3
cc
4ms*
4
104%
92
....
z
a
b
m.
-
WW-— —
W
W
W
103
....
z
x
b
»
....
z
J
O
z
bbb4
O
a f
1981
1984
1952
z
93
z
J
{♦Rut-Canadian 4a stmp
1949 J
{♦Rutland RR 4|is stmp... 1941 J
stamped
♦Adjustment 5a
z
106
2
bbb4
O
105
2
x
Apr
105Ji
cc
O
A
bbb3
aa
..1970
Apr 1990
85
aa
108Ji
II654
4s
106
-
W
*90%
-
105%
m m
8014
....
bbb2
z
108 |i
115
♦Certificates of deposit._
.....
65
x
121 Ji
♦Income
6
102%
81
89% 103%
90
102%
104%
x
115
{(♦Peoria A East 1st 4s stmpl940
72
65 J4
60%
62%
1
104%
z
gu
1948 A
■
x
debentures....1952 M 8
♦Rlma Steel 1st s f 7a
.1955 F A
J D
{(♦Rio Gr June 1st
108 li
117|i
*100
60
x
MN
a f conv
121 li
a
103%
z
3
aa
x
-w*www
99% 105
104%
105%
O
3
x
80%
102%
102%
102%
bbb3
110%
5
45
81
80%
bbb2
x
♦Cons mtge 6s of 1930
Richfield Oil Corp—
a
x
x
153
226
106
131
79%
103
140
214
9
65%
79%
113
www-
104%
bbb3
x
6
63%
63%
108
www-y
104%
„
65
91
2J4
—.
5
110%
62%
WW www
—w
-www
152
....
a
1947 M 8
J
-
220
....
x
Refunding gold 5s
bbb3
O y bbb2
J x bbb3
z
x
Peoples Gas LAC cons 6s..1943 A O
x
3
110%
109%
WWW.WWW
81 Ji
106J4 11014
79
97J4
12
*217
z
A x aaa2
A
J
A
90|4
—
94
110%
-
101J4
91
5814 100 Ji
*147%
4:
A
D
Conv deb 3lis
aa
w~
aaa4
x
ww
aaa4
x
-.1952 MN
D
General 4lis series D
Gen mtge 4lis series E
x
»,
«.
81J4
10714
81 Ji
97
*76
W*.'-w
w
♦Direct mtge 6s
♦Cons mtge 6s of 1928
1968
94 li
J
O
♦Rhine-Ruhr Water Serv 6a. 1953 J J
♦Rhine-Westphalia El Pr 7a. 1950 MN
.1965
Debenture g 4 lis
aaa4
Gen mtge 4 lis series C—.1956 MN
J
Revere Cop A Br 1st M 4%b 1956 /
J
♦Rhelnelbe Union a f 7s
1946 J
J
♦3Jis assented
..1946 J
General 4 lis series A
General 5a series B
97
x
Rensselaer A Saratoga 6s gu_1941 MN
Republic Steel Corp 4 lis ser B '61 F A
97 Ji
121 Ji
a
1
3
Remington Rand deb 4 lis w w '56 M S xbbb3
4%s without warrants....1956 M S x bbb3
J4s.l954
95
*2%
cc
b
D
Gen A ref 4 lis series A... 1997 J
Gen A ref 4148 series B—.1997 J
Gen mtge 3lis series O—.1970 A
Consol sinking fund 4lis.. 1960
x
9014
z
J
J
9214
...
*10954
"95"
3
z
guar deb 4a 1957
{♦Providence Term 1st 4s
1956 M S
10714
10414 10454
~23
x
x
72
9714
104 li
3
J
*90Ji
*101
aaa4
x
bb
99
104 li
a
J
6154
10014 10254
105 J4 106
102
10714
9914 108J4
1
J
59
6414
75
Paramount Broadway Corp—
A yb
2
1st M s f g 38 loan ctfs..—1955
Paramount Pictures 3 lis deb '47 M S x bbb3
Parmelee Trans deb 6s
1944 A O y ccc3
Pat A Passaic G A E cons 5s. 1949 M 8 x aaa3
104
101 li
10814
85%
aaa2
1st A ref mtge 3 lis ser H..1961
Pacific Gas A El 4a series G.1964
nT%
107Ji
3
1st mtge A 4 Ha. .1962
Paolflo Coast Co 1st g 5s
117 Ji
108 li
J
♦Ruhr Chemical
108
112 Ji 11814
113
119
78 Ji
10614
101
cccl
♦Certificates of deposit
Gen mtge 3lis series J....1969 M S
{(♦R I Ark A Louis 1st 4 Jia. 1934 M S
112
112
*11714
108 Ji
77 H
10614
"mil
cccl
112
90
11014 117
cccl
J
108J4
10554
93
105 Ji
64
40
*9914
cccl
♦1st con A coll trust 4s A.. 1949 A O
Rocb Gas A El 4 lis aer D...1977 M 8
Gen mtge 354s series H...1987 M 8
M 8
Gen mtge 3 lis series I
1967
10454 110
6314
40
192
bbb2
J
107
103
A
1st 6s .1946 MN
——
.1972 J
let mtge 3 Ha
—
Oklahoma Gas A Elec 3%s. .1966 J
.1946 J
4a debentures
Ontario Power N F 1st g 6s. .1943 F
Otis Steel
2
aaa3
3
26
*117
bbbl
J
Potomac El Pow lBt M 3lis. 1966
Pressed Steel Car deb 6a
1951
1st M conv 5
25
*105
7714
M 8
1950 J
6s '42 J
♦Certificates of deposit...
1942 /
mon
5514
1*814 10814
40
6314
3
♦6s stamped
4a
J
{♦Og A L Cham 1st gu g 4s_ .1948 J
Ohio Connecting Ry 1st 4a. .1943 M 8
Ohlo Edison 1st mtge 4s— .1965 MN
.1967 M 8
1st
aa
56
5414
3
74
69
99 Ji 11314
105
02
"56
5414
3
A
Pub Serv of Nor 111 3 lis
1968
Purity Bakeries a f deb 5e_..1948 J
11714 12814
11314
104 Ji
54J4
aa
79
1
113
119%
114J4 119%
99% U3I4
113
10314
110
115
11914
119J4
*10814
aa
6414
21
112J4
113
D
J
74
126 li
106
*118)4
3
1960
conv
105
*11814
2
112
10814 111
*109
aa
PubUc Service El A Gas 3lis 1968
1st A ref mtge 5s
2037 J
1st A ref mtge 8a
2037 J
113
*42
aa
1977
9714
*42
z
♦Certificates of deposit
ccc2
x
14
*70
z
A
1st 4 lis series D
Pur
♦1st mtge g 5s (stamped can¬
cellation of guarantee). 1945 A
aaa2
12
*118!i
M
A
1974
A.—1974
North Cent gen A ref 5s
M
4
x
13 li
74
74
ization manager)
aaa2
1962
{♦Porto Rico Am Tob
107J4 112
107
10914
9614 10414
8
1814
7J4
1714
aaa2
x
1948 J D
F A
Port Gen Elec 1st 4 lis
1st 6s extended to
614
x
A
1974 J D
ser
92
♦Ctfs of dep (Issued by reorgan¬
Norf A W Ry 1st cons g
Pitta Y A Ash 1st 4s
112
6214
aaa2
A
F
1960
1st gen 5s series C
14
*110
*11014
x
F
MN
1960
1st gen 6s series B
3J4
13 Ji
13
10414 110
108
110J4
1963
78
8
6li
"13%
*104
aaa2
1957
80J4
95 Ji
102 Ji
aaa2
x
mtge 4 Ha series C
12
106
5Ji
108 li
x
A O x aa 2
Gen mtge 6s series B
1975
J
J x aa 2
Gen 4 lis series C
1977
Pitts Va A Char 1st 4s guar. 1943 MN x aaa2
Pitts A W Va 1st 4 lis ser A. 1958 J D y b
2
A O
1st mtge 4 Ha series B
y b
2
1959
A O yb
1st
2
30
614
39J4
94 li
*12 Ji
MN
16
92
*111
...1945
109
4 lis
1964
Gen mtge 5s series A—...1970 J D
514
6%
"iovA
10714 10814
*11054
4 lis
9
"95 H
—1961
lzatlon manager)
18
59
*91
2
z
10814
10014 10614
101
10814
112
*56
z
105
23Ji
9
1
2
2
64J4
11014
9 Ji
aaa4
bb
ybb
y
85
43
107
108li
Ji
414
85
....
108 ji
7
cc
814
114
1
*5%
......
1
z
99Ji
*105 Ji
108 H
108 H
*21
6s stamped.
1946
2
{(♦N Y West A Bost 1st 4 Ha 1946 y~j z c
M 8 x aaa3
Niagara Falls Power 3%S—.1908
A O x a
4
Nlag Lock A O Pow 1st 6s A. 1955
MN yb
1
Niagara Share (Mo) deb 6 Ha 1950
{(♦Norf South 1st A ref 6s—1961
♦Certificates of deposit
♦Ctfs of dep (Issued by reorga.-
3
51
aaa4
x
N Y Queens El
*10654
aaa2
cons guar
J
N Y A Putnam let con gu
aaa2
guar
Series I
26
1814
76
aaa2
x
x
Series H cons guar 4s
23 Ji
108
105
x
MN
MN
1942
Series E 3 lis guar gold... 1949 F A
Series F 4s guar gold
.1953 J D
MN
Series G 4s
12
A
4a-1992
♦General 4s
614
2J4
A
—..1942
Series B 4 Jia guar..
Series C 4 J4s guar
Series D 4s guar
104
1955
{♦N Y Ont A West ref g
11
220
4
17Ji
3
b
17%
15
cccl
MN
14
24
18%
"im
1114
16 li
Pittsburgh Cine Chi A St Louis-
7054
10
10614 U0I4
314
5
110J4
<
I
For footnotes see oage 3207
1
\ttentlon la directed to ttie new column Incorporated In this tabulation pertaining to
4
1
bank eligibility and rating of bonds.
See A
Volume
New York Bond Record—Concluded—Page 6
151
Bank
BONDS
N.
Y.
Eliff. A
STOCK EXCHANGE
II
Week Ended Not. 29
Railroad & Indus. Cos. (Cora.)
{♦Seaboard All Fla 6a A etfs.1935 F
♦6s Series B certificates
1935 F
Shell Union Oil 2)4s debs... .1954 J
Shlnyetsn El Pow 1st 6 Ha... .1952 J
A
J
D
Sileslan-Am Corp coll tr 7s.. .1941
Simmons Co deb 4s
..... .1952
z
Range
Sale
Price
A
x
99J4
aa
..
"27""
27
68
67
103 H
Eioh
No.
334
334
45
100
155
50
8
"2734
70
aaa4
a
x
aaa3
x
aaa3
10834
bbb3
105
10334
104
22
10734
30
♦117
10934
10734
110
10834
105
Xbbb3
10234
10234
bbb4
*10634
3
105
2
12
Southern Natural Gas—
1st mtge pipe line 4 Ha
.1951 A O
So Pac coll 4s(Cent Pac coll). .1949 J D
bb
1st 4Hs (Oregon lines) A. 1977 M S
.1968 M S
.1969 MN
bb
.1981 UN
J
10-year secured 394s..... .1946 J
San Fran Term 1st 4s.... 1950 A O
Gold 4)4s
Gold 4Hs—
Gold 4
4s... .1955
....
.1955
b
3
bb
2
bbb2
40
3534
245
70
17
*
"62""
7534
8034
5334
7434
D
x
93
8154
64
82
82
77
110
10934
10934
25
7734
11034
10954
z
Standard OU N J deb 3s.... 1961
1953
2%a debenture..
D
x
107
x
aaa4
10654
10634
10634
/
10534
Studebaker Corp cony deb 6s 1945
J
z
bb
105
105
10634
10634
10034
10534
Superior Oil 334" debs
O
.1950
195<> MN
Swift 4b Co 1st M 314s
J
J
Tenn Coal Iron A RR gen 5s. 195
A
Term Assn St L 1st cons 5s
1944
Gen refund
s
aa
x
aaa3
x
aaa4
aa
Texarkana A Ft 8 gu 5 Hs A. 1950 F A
Texas Corp 3s deb......... .1959 A O
3s debentures
.1965 MN
1943 J
4
To534
10534
aaa4
D
bb
11334
11034
11334
11034
90
90
108
3
10634
10634
*76
4
a
1977 A
1979 A
O
bbb3
Gen A ref 5s series C
O
Gen A ref 5s series D
D
107
10734
67
bbb3
1980 J
Gen A ref 5s series B
Tex Pac Mo Pac Ter 5
Third Ave
Ha A 1964 M
Ry 1st ref 4s
♦Adl Income 5s
.
bbb3
8
1960 /
Jan 1960 A
a
y
2
y cccl
I ♦Third Ave RR 1st g 5s... 1937 J
Tokyo Elee Light Co Ltd—
ybb
yb
1
Tol A Ohio Cent ref A Imp 3 )4s '60 J
xbbb3
Tol St Louis A West 1st 4s..1950 A
ybb 3
Tol W V A Ohio 4s series O—1942 M S x aaa2
4
Toronto Ham A Buff 1st g 4s. 1946 j r x a
sec s
A
f 7—»—1952
z
s
{(♦Union Elev Ry (Chic) 5S.1945 A O
Union OU of Call! 6s series A.1942 F A
3s debentures
1959 F
A
1st A land grant 4s......1947 J
J
10234 10734
104
101
6
37
70
50
30
14
43
29
91
14
10834
10634
25
83
82
10734
6734
92
6034
21 34
105
it. es Moines Dlv 1st 4s..1939
119
11034
10734
4834
36
53
30
6034
5034
80
30
6034
4234
6334
8034
62
6534
68
"ii
20
9
21
1
40
465
83
9534
42
53
6154
7934
67
8434
7334
78
0
10834 112
102
10954
28
15
10134 107
10054 107
81
11334
100
10134
10354 10634
122
12834
11134 11534
10434 11134
7634 92
102
10834
10334 107
55
7634
10434 11034
6334
7234
6334 72
6334 72
8834
9734
45
6254
1134
95
2534
10034
40
6634
9534
15
75
8234
5534
b
z
1
Ref A gen 5a series D_...1980
64
Walker (Hiram) G A W—
Convertible deb 434s
Walworth Co 1st M 4s
63
1
2
5
*40
44
41
4
54
4
9)4
4)4
180
3)4
4H
4)4
42
9)4
9 H
104)4
79)4
1
104)4
78)4
bbb2
M S
2
104)4
78)4
57
2
....
4
89)4
53)4
9194
57)4
z
cc
y
b
3
*30
40
2
61
4s.—.1945 F A
Westchester Ltg 5s stpd
gtd.1950 J D
w°en mtge 334s..
West
..1967 J D
Penn Power 1st 6s E—1963 M S
*ntgo3 34s series 1—1966 J J
West Va Pulp A
Paper 8s... 1954 J D
x
aaa3
x
aaa4
......
x
aa
3
......
X aaa3
......
110 H
aaa3
x
-
w
•«.
-
37
60
2
70
106)4 109)4
108)4 109 Ml
....
127
127
4
120
109)4
109)4
114)4
0
104H 110 H
8
114H120
107)4 112
98
103)4
114 H
no H
16
111
104)4
104
4
x a
16
31
177
....
......
82
93
9194
5794
78
....
*108)4
aaa3
66
6394
51
61
x
101)4106)4
36
93
H
4
6
93
...—
Q M yb
A
13)4
13
38
4
91)4
F
6
29)4
4
4)4
2
A
51
PH
H
4)4
4
2
F
41
48
46
994
H
4)4
1
x
20
24
4
1955 A O y bb
A O y b
M S ybb
debentures.......
1955
Warner Bros Pict 6s
debs.-. 1948
{♦Warren Bros Co deb 6s
1941
Warren RR 1st ref gu g 3
34s.2000
Washington Cent 1st gold 4s. 1948
Wash Term 1st gu 3
34s
1945
1st 40-year guar
68 H
I09M
30 H
10)4
25)4
....
6
......
102
....
-
«
14
5H
1
D
-
80)4
54)4
41
13)4
z
cc
1945 J
6s
44 H
27 H
*46
cc
2
27 H
12)4
111)4
61H
70
....
69
♦11)4
z
40
42)4
12)4
42 H
......
Nigh
107
1
64
2
z
8
107)4
107
2
A
No. Low
H
88
*83)4
107)4
b
A O
O
47
Jan. 1
AQ«J
110)4
47 H •
gen
♦R^ A *en 4 *4® series C—.1978
moh
109)4
ICC
cc
Since
Ant
A
Low
ccc2
z
Range
Friday's
Bid
109%
2
b
z
z
g 4S..1941 M S ib
2
534s A '75 M S z cc 1
♦Ref A gen 5s series B
1976 F A z cC 1
{♦Wabash Ry ref A
82
63
Price
—tJ0^0 A Chic Div
9754 10234
3034
J
♦Omaha Dlv 1st g 334S...1941
106
95
6
92)4
97
101)4
108)4
13)4
13)4
109
74 H
128)4
\
Western Maryland 1st
4a..., 1952 A
1st A ref 534s series A
1977 J
.
—2? N Y A Pa
x
{♦Western Pac 1st 5s
♦5s assented..
ser
A.
1946
2
z
*107)4
13)4
12)4
13
12)4
74
72)4
......
cccl
z
1946
cccl
D y b
50
79
67
63 H
82)4
75)4
74
77
98
51
81
27
27)4
53)4
13
10 H
35
27 H
b
b
1
2
51)4
51)4
2
48
48
x
aa
3
x
{§♦ Wilkes-Bar A East gu 5s 1942
bbb2
2
68
64
ybb
ybb
Wheeling ALERR 4s
1949
Wheeling Steel 434« series.., 1966
34
78)4
3
3
z
2361
92)4
101)4
108)4
10)4
1894
10)4 1894
75)4
y
West Shore 1st 4a
guar...... 2361
72
79
107
77
2
ybb
♦Westphalia Un El Power 6s 1953
Registered...........""
aa
90 H
100 H
101
bbb3
x
...,
Sen gold 4s., 1943
Western Union Teleg g 434s
1950
25-year gold 5s.....
1951 J
30-year 5s.....
1960
92
xbbb3
......
......
106
49 H
115
H
54)4
50 H
110)4 116)4
90)4 106)4
10
106)4
115
100)4
44
69
32
1
9)4
1594
100)4 106*4
96
'0294
cc
x
bbbS
1947
Winston-Salem S B 1st 4s
{♦Wis Cent 60-yr 1st gen 4s"
z
1955
Wilson A Co 1st M 4s A
Conv deb 33*s
y bb
1960
x
ana?
......
1949
z
ccc2
28
28
13)4
30H
cccl
28
28
29 )4
28
90
z
4
14
29 )4
z
cccl
6
6)4
35
4
,•* Certificates of deposit.
(♦Su A Du dlv A1 er 1st 4s.
.1936 M N
♦Certificates of deposit.
Wisconsin Elee Power 334s.. 1968 A
Wisconsin Public Service 4s.. 1961
{♦Wor A Conn East 1st 4 34s. 1943
......
m,
-
-...
„
102
3
-
-
*114)4
6)4
7
100)4
102)4
106)4
26
110
....
115
H
10)4
1
6
6
2
3
109)4
110)4
7
106
a
4
109 H
109)4
6
107)4 IIOH
z
c
2
109)4
*5)4
S X a
Youngstown Sheet A Tube
Conv deb 4s.....
—1948 M
cc
aa
x
J
z
x
4
104)4
104 H
105
44
161)4 109)4
4)4
0
*
9
110)4
14
75
2
9534
*10534
"97"
*_
"96*" "9954
*12234
,10734
*
12134 125
10734
2734
*--.-'
7034
10754
734
10754
10634
73
104
734
3
10834
734
108
1434
8
21
1
2734
1334
30
aaa4
aa
9934 104
10134 10834
Sale
See A
I*lst gold 5a
1939 MN
|*2d gold 5s...
IIII-I939 F A
♦1st lien g term 4s....
J
...1954
♦Det A Chic Ext 1st
J
5S....1941
103)4
75
108
x
94
••
Range or
Rating
A.II1966
71
Week's
Last
Elig. A
STOCK EXCHANGE
Railroad A Indus. Co*.
(Concl.)
Va Elee A Pow
834s ser B...1968 M S x aa 2
Va Iron Coal A Coke 1st
g 58.1949 M S y ccc3
Va A Southwest 1st
J
gu 5s
2003 J
y bbb2
1st cons 5s_
—„195fl A O ybb 2
Ry 8 54S series
M 8 x aaa2
{Wabash RR Co.—
27J4
"75"
3
x
55
14 34
1234
43
1
cccl
26
45
73
z
67
44
cccl
f 7s
1945 M S yb
Union Electric (MoV 3)4s—1962 J
/ x aa
UJlgawa Elee Power
43
45
Trenton O A El 1st g 6s....1949 M 8 x aaa3
J ybb
Trl-Cont Corp 5s cony deb A.1953 /
1
1
♦Tyrol Hydro-El Pow 7)4s—1955 MN z b
♦Guar
3
11
111
6754
6754
5934
1934
*10134
2
11334
92
5934
2034
22
....
6634
"6634
3
1953 J
1st 6s dollar series
6634
6734
2
b
28
*127
aaa4
J
Texas A Pacific 1st gold 5s.. 2000 J
4
bbb3
.........
Texas A N O con gold 5a
10034
bbb3
x
J
f g 4s....... 1953
cccl
x
*118
179
J
2
175
5534
7634
{♦Spokane Internet 1st g 5s. 1955
aaa4
732
8034
aaa4
J x aaa4
1968
59
3J4
60
J y bbb2
.1951
182
46
5734
J y bbb2
So'western Bell Tel 3 Ha B.. .1964
235
6834
5734
4
9334 100
104
169
3434
4434
5434
bbb3
3634
4234
High
134
134
Y.
Week Ended Nov. 29
_
313
"92"
x
107
3734
3654
3634
35
ybb
/
Devel A gen 6Hs—
.1956
Mem Div 1st g 5s....... .1996
1st A ref 8s series C
3
33
3434
4034
3634
3534
3534
4534
6834
O y bb
O ybb
O
.1956
St Louis Dlv 1st g 4s
3
b
ybb 2
y bbbl
Southern Ry 1st cons g 5s.. 1994
Devel A gen 4s series A... 1956
Devel A gen 6s
2
b
...
So Pac RR 1st ref guar
1st 4s stamped
3
Low
115
105
x
11
72
31
10334
10754
x
BONDS
N.
Since
Jan. 1
10254
bbb3
x
Southern Colo Power 6s A.. 1947
Southern Kraft Corp 4)48.— .1946
Range
Aeh
_.
z
x
.1979
9934
4834
yb
z
Jbbb2
South A Nor Ala RR gu Ss.. .1963
South Bell Tel A Tel 3)4s
.1962
234
*234
c
Friday
Bank
or
Friday" 9
Bid
2H
c
z
y cccl
SkeOy OU 3s debs.......... .1950
Bocony-Vacuum Oil 8s debs. .1964
........
See a
3207
Week's
Last
Low
A
♦Siemens A Halske deb 6 Hs. .1951 M 8
♦Silesia Elee Corp 0Hs
.1946 F A
3s debentures
Rating
Friday
2134
60
9934
rCash sale; only transaction during current week
a Deferred delivery sale;
transaction during current week,
n Odd lot sale, not included In year's range
only
105H 109
I Negotiability Impaired by maturity,
107»«
3
734
9
10734 11254
tion
10654
25
10034 10634
84.8484.
110
9234
9234
10134
10454
5834
7534
per
200-pound unit of bonds.
t The price represented Is the dollar quota¬
Accrued
payable
Interest
at
rate of
exchange
Union Pac RR—
x aaa3
34-year334sdeb
1970A Ox aa 3
85-year 334s debenture... 1971 MNx aa 3
Ref mtge 334s ser A
1980 J D x aaa3
3
United Biscuit 334s debs...1955 A O x a
4
United Cigar-Whelan Sts 58.1952 A Of b
United Drug Co (Del) 6a
1953 M 8 y bb 4
U N J RR A Canal gen 4S...1944 M 8 x aaa4
11434
10034
10034
11434
10054
11434
10034
59
100
101
34
106
10534
10734
106
35
10834
56
9
69
13
8654
8734
71
88
54
*100
108
115
10034
101
10654
10834
7734
9034
11034
t The following Is
been called in their
*
♦
debentures—
.May 11941 MN
.50s
*9934
x
aa
x
aa
*100
x
aa
*100
x aa
10034
10034
*100
MN
MN
MN
MN
MN
x aa
*10034
x
aa
1944 MN
x
aa
10054
1.375s
1944 MN
x
aa
1.50s
May
1945 MN
x aa
1.625s
Nov
1945 MN
x
1.75s
May
1946 MN
x
Nov
«
*10034
May
Nov
,625s
......
,875s
.....
1.00s
1.125s
1.25s
Nov
May
Nov
May
...Nov
,75s
....
1
1
1
1
1941
1942
1942
1943
1 1943
101
10034 10034
100
10034
10034 10034
10054
100
*101
100
aa
10134
10154
10134
10154
aa
102
102
aa
10134
1946 MN
x
1.85s
May
1947 MN
x aa
10234
10134
Nov
1947 MN
x
aa
102
102
1.95s
May
1948 MN
x
aa
10234
10234
2.00s
Nov
1948 MN
x
aa
—May
1949 MN
x
aa
..—Nov
1949 MN
x
aa
*10234
May
1950 MN
x aa
2.20s .—.—.Nov
1950 MN
x
*10254
*10254
1951 MN
10134
10034 10134
10054 102
100
10234
10034 10134
10034 10234
10034 10234
10034 10234
10234
10134
1.90s
1.80s
2.05s
2.10s
....
2.15s
—May
10234
*10234
103
aa
103
103*
100
x
aa
103
103
1952 MN
x aa
103
103
2.40s
—Nov
1952 MN
x aa
2.45s
—May
1953 MN
x aa
1953 MN
x
aa
x
aa
......
226s
2 50s
......
Nov
2.55s
—
May
1954 MN
2.60s
Nov
1 1954 MN
2.65s
May 1 1955 MN
*10334
10334
10334
10334
*10334
*10334
*10354
3534
3534
3534
x aa
x
aa
♦Un Steel Wks Corp6 34s A—1951
z
..
♦334s assented A.......1951
♦Sec • f 634s series C
1951
z
z
♦334s assented O———1951
♦Sink fund deb 634s ser A.1947
♦334s assented A
1947
United Stockyds 434s w w—1951
Utah Lt A Trao 1st A ref 58.1944
x
1
Vandalla cons g 4s series A..1955 F A
Cons s f 4s series B—....1957 MN
z
s
"3534
*
xbbb2
x aa
x aa
A Bank Eligibility and Rating Column—x Indicates those bonds which we believe
eligible for bank Investment.
y
Indicates those bonds we believe are not bank eligible due either to rating status
provision In the bond tending to make It speculative
Indicates issues In default. In bankruptcy, or in process of reorganisation
or some
s
The rating symbols In this column are based on the ratings assigned to each bond
by the four rating agencies.
The letters Indicate the quality and the numeral immediately
following shows the number of agencies
so
rating the bonds.
In all cases the symbols
Where all four agencies rate a bond
will represent the rating given by the majority.
differently, then the highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are in default.
bearing ddd^ or lower are In default.
All Issues
103
101
Transactions
at
the
York
New
Stock
Exchange,
Daily, Weekly and Yearly
103
10054 10334
100
18
3534
3534
3634
20
20
3534
91
104
3634
3534
3634
8434
2034
3634
20
85
10
84
9354
10434
49
96
10434
10454
105
60
95
105
*11134
♦11134
Cash sale transacted during the current week and not included In the year's range.
Prussia 634s 1951, Nov. 28 at 31.
103
10334
10434
No sales transacted during current week
selling flat
103
10334
36
"96"
Xbbb3
Bonds
9934 10334
10034 10334
.
cccl
bbb3
103
Friday's bid and asked price.
under
10234
10334
10334
33
z
Utah Power A light 1st 56—1944
b
»
10234
10234
102
aa
1951 MN
May
...
2.30s
103
10034
10034
10034
10034
10034
10034
103
x
Nov
2.25s
10054
10034
100
New York Stock Exchange bond Issues which have
{ Companies reported as being in bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act. or securities assumed bv such companies.
United States Steel Corp—
Serial
a list of the
entirety:
Industrial Rayon 434s 1948, Dec. 27 at 105,
National Acme 434s 1946, Dec. 1 at 10134.
109
10934
109
109
Saturday.
Monday.
Tuesday.
— — .—
Wednesday
Thursday
Friday
Total...—
Total
Municipal
States
Bond
Bonds
Number of
Sharet
For'n Bonds
Bond*
Slate
527,735
3,201,365
832,666.000
Sales at
Sales
876,000
711,000
705,000
816,000
55,000
73,000
59,000
60.000
64,000
33,586,000
5,648,000
7,806,000
7,264,000
84,343,000
8327,000
837,336,000
3348,000
678,000
83.222.000
4,815,000
0,707,000
6,329,000
6,006,000
6,587,000
241,060
521,260
592,670
846,200
472,440
....
United
Miscell.
Railroad A
Stock*
Week Ended
Nov. 29. 1940
1,025,000
5,777,000
7,356,000
Jan. 1 to Nov. 29
Week Ended Nov. 29
New York Stock
Exchange
Stocks—No, of shares
Bonds
Government
1940
-488,807,461
244,862,666
$327,000
$1,122,000
5,491,000
27,422.000
$36,601,000
1,220,913,000
$307,020,000
230,610,000
1,338,428,000
$34,035,000
$1,454,436,000
4,343,000
32.666.000
Total
1939
3,704,410
Railroad and Industrial....
In this tabulation
^'^1940
3,201,365
State and foreign....—...
Attention is directed to the new column incorporated
1939
$37,336,000
pertaining to bank eligibility and rating of
bonds.
196,922,000
See note * above
$1,876,058,00
weekly range are shown In a
30, 1940
unless they are the only transactions ot the week and when selling outside
No account is taken of such sales In computing the range for the year
sales are disregarded In the week's range
footnote In the week In which they occur.
NOTICE—Cash and deterred delivery
of the regular
Nov.
Exchange—Weekly and Yearly Record
New York Curb
3208
Exchange for
It is complied
security, whether stock or
following extensive list we furnish a complete record of the transactions on the New York Curb
beginning on Saturday last (Nov. 17, 1940) and ending the present Friday (Nov. 29, 1940).
entirely from the daily reports of the Curb Exchange itself, and is intended to
every
bond, in which any dealings occurred during the week covered.
In the
the week
include
Week's Range
for
Sale
of Pricet
Low
High
Share*
Aero
Class
21%
22%
Jan
July
22%
Mar
20%
6%
1,300
6%
7 Yh
11%
1V*
600
4
Jan
May
100
10
Jan
11%
1%
200
4%
"~]66
""""%
102
Bell
»i«
Apr
Bell Tel of Pa 0
r58
June
84 %
90
Oct
108%
82
May
17
10%
21% 22%
Xl55% 162%
118M
117% 118%
157
200
125
1,650
750
Nov
8
May
Feb
17
July
138 %
108
Jan
May
May
4
17%
Nov
23
Sept
192 %
79
350
97
97
50
%
34%
4%
35
■
Apr
119%
Nov
20
Nov
6%
X76
May
11%
42%
May
90
Sept
110%
109%
Feb
Mar
4%
7ie
Oct
1%
Nov
49%
Apr
7%
Apr
2d
100
May
7%
%
*
7%
7
.1
1
11%
H
Apr
Breeze Corp common
au
Jan
Brewster
12
Nov
20%
Jan
June
%
80
Mar
%
May
28
28
100
25% June
22% June
% June
Jan
33%
Mar
7%
isfioo
1%
Apr
Jan
37%
Nov
20
May
39%
Apr
35%
18%
17%
19%
3.800
8%
May
19%
Apr
'it
'it
H
4,300
*j«
Nov
®i6
Jan
11
12
9%
29
30%
7.300
26%
May
May
39 %
Apr
Jan
118% 114%
3%
3%
250
107%
July
114%
Nov
800
275
2%
22%
May
May
31%
30
300
31 %
14%
4
Apr
Mar
11H
May
16%
Jan
27%
May
29%
Jan
May
May
73
%
June
%
%
2,500
31%
32%
200
23
175
% June
65
Aug
73
5%
5%
2,000
May
4%
3H
25%
36
Jan
Jan
....
$0
June
48
June
75
May
17
Mar
Jan
1,700
0
3
1,000
2% May
3%
Feb
2%
400
1
2%
Nov
1*18
600
May
Jan
400
1% May
100
8
1%
1,000
112%
810
108
2%
Tsoo
2
2%
2,500
8%
.10
2
8%
8%
800
Jan
20%
98%
13%
1,800
16
May
""260
20%
98%
13%
400
800
60c
Vot trust ctfs
Am dep 5%% pref shs
%
£1
2
Feb
Calamba Sugar
Apr
115
Jan
10%
C&lllte Tungsten Corp
Canada Cement Co Ltd..*
Canadian Car A Fdy Ltd—
Estate..20
1
Feb
%
Jan
May
May
2%
Apr
7% partlc preferred
2%
Apr
Can Colonial Airways
8%
Apr
2%
1,000
Jan
Class A
1
5
5%
5
50
14
4%
5%
9%
July
3,900
4%
Nov
June
*16
%
1,700
%
May
8%
8%
•V100
6%
May
Nov
11%
Aug
Canadian
4
May
6%
Mar
Capital City
4
Mav
6%
Jan
Mav
8H
Feb
>16
Oct
si6
Jan
>16
Nov
%
Jan
May
6%
Jan
Carrier Corp common
Apr
%
Carter (J W) Cocommon.l
£1
%
Carlb Syndicate
25c
Carman A Co class A....*
"35% "35%
"ioo
19%
...»
Class B
A
%
>19
%
1%
1%
100
llt
preferred.
Assoc Laundries of Amer *
$6
3,300
23,000
1%
1
1
*
Common
%
>16
1
%
A...*
Atlanta Birmingham A
*
27
May
*
111
111K
30
97%
May
*
106 % 106 %
10
80
May
1
1
9%
1,500
5%
7%
200
5%
8%
200
0
May
50
15
June
Feb
»ii
*
8
2%
Apr
Castle (A M) common..10
21
'T—
Casco
Products.
Oct
68
Apr
0% pref 100
108
Oct
7% 1st partlc pref...100
Celluloid Corp common.16
3%
1,100
Celanese Corp of America
July
21
3%
1
Catalln Corp of Amer
60
'"2% "2% ""160
Atlantlo Coast Fisheries.. 1
Atlantic Coast Line Co..60
.1
Atlas Corp warrants.......
com...6
*
Auburn Central Mfg
*
mm
mm
JAustln Silver Mines
4%
15%
3%
>
>16
5
200
1% June
12
3%
0% preferred w w
0% preferred x-w
200
114
3%
3.50C
1%
1%
Axton-Flsher
Jan
$7 dlv
Feb
1st partlc
6
preferred
pref..:
*
*
Mar
Cent Hud G A
'5
Nov
May
19%
May
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
Sept
2%
E com
900
3%
17%
17%
"l7%
150
Nov
%
Jan
Cent Pow A Lt
1%
6%
Jan
Cent States Elec com
7%
Mar
%
>*I6
Aug
20
Mar
Jan
July
18
Sept
%
2%
Aug
15
1,400
21,800
3% May
3% May
Corp_..l
'mm
3%
3%
4%
Cent Ohio Steel
Prod
96%
6%
7%
preferred
preferred
Conv preferred..
'<«
'16
Baldwin
Rubber Co com.l
1
Stainless Steel... 1
Bards town Distill Inc
Barium
6%
mm
mm
mm'
1%
6%
3,200
1,950
6%
>
>16
$1
20 conv A com
Bath Iron Works
Corp.__l
mmm.mmm
7
5%
100
"m'%
107%
100
96
May
150
65
June
2%
6
8%
34%
May
Nov
Chief Consol Mining..
7%
Apr
Apr
Nov
200
4%
May
400
Tii
July
%
2,500
H
Mar
1%
10%
10%
17%
6%
17
7
18%
8
May
11%
Oct
2,300
3%
May
7 %
Jan
9,800
9 %
150
May
CbUdaCo preferred
3213
70
$0
preferred
18%
Nov
"""'it ""%
1
•
70
4%
325
5%
5%
84%
80%
6
84 H
3,100
2,200
8
300
July
Sept
May
*1* June
2,000
8%
8
May
June
10
6
100
Cities Service common..10
7
Aug
4
Jan
49
May
4%
May
B
*
8
$6 preferred BB
♦
77
81
80
45
May
Cities Serv P A L $7 pref.*
99
100
50
85
May
92
10
75
May
$6
92
preferred
City Auto Stamping
For footnotes see page
May
5%
60c preferred
5
3
Charls Corp common... 10
Barlow A Seelig Mfg—
Basic Dolomite Inc com.. 1
Jan
»ll May
Jan
53
>>16
1%
125
May
May
%
6%
1 %
3%
3
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
May
%
*16 May
May
4%
18
3,900
50
Cberry-Burrell common..5
Chesebrough Mfg...
25
34%
%
100
Apr
6
*16
%
%
100
100
Apr
33
1,400
'A
3%
•
*16
8%
118
Jan
Nov
May
%
30 %
6%
50
6%
95%
%
May
34
""406
%
Ayrshire Patoka Collieries 1
.*
30
1,400
90
100
Baldwin Locomotive—
preferred
Nov
Conv pref opt ser '29.100
Strip Co..
Purch warrants for oom.
Jan
12%
106%
87%
Chamberlln Metal Weather
Jan
18 %
69%
13H
8%
Jan
60
Apr
May
7%
96%
Feb
3
~~26% "26% ~27% "i",606
May
2% June
20%
4%
34
Babcock A Wilcox Co
1% May
98
200
94
117
May
1%
Tobacco—
A common
600
12%
100
100
10
Class
5%
42
87%
90
7% pfd 100
1
425
132
40
Cent A South West Util 60c
Feb
131
5%
"42
1
3%
Jan
June
14%
mm
131%
•
%
"l% """166
8%
------
25
26
Warrants
Apr
May
2
15 %
Avery (B F) A Sons com.6
Aviation A Trans
4%
23%
>16
2%
2%
5
Automatic Voting Mach..*
Oct
*16 May
1,600
600
June
I
Products
%
mm
5
mmmmmm
170
17
3%
3%
Atlas Drop Forge
Plywood Corp
16
+ m
May
9%,
7%
9%
Apr
Feb
100
Automatic
May
preferred..
$0
Coast RR Co pref...100
Atlas
May
Carolina P A L $7 pref
May
*ii
*
t c common
Atlantic Rayon Corp
Nov
18%
4%
"l9%
""100
Carnation Co common
fAssoclated Gas A Eleo—
Atlanta Gas Lt
Feb
Apr
Products...*
Marconi
10
100
Associated Eleo Industries
Nov
May
•
1
voting
200
5%
Sept
1
14
25
1
100
10
5%
■
Aug
6%
QH
10
...J
Art Metal Works com....6
1%
17
Canadian Indus Alcohol—
99
7I6
% June
% May
15
14 ay
90% May
9
May
% June
May
Mav
6% May
July
Cables A Wireless Ltd—
1%
1%
87
Arkansas P A L $7 pref...*
Nov
28
60c
>16
1%
1%\
1%
60
38
Camden Fire Insur Assn..6
112
112
Nov
""% "'%
13%
May
%
8%
May
5%
Burry Biscuit Corp.. 12He
Cable Elec Prod com
Jan
July
16
8
1%
25
*
1st preferred
July
7% June
2
38
50
Buff Niagara A East Pow—
$5
July
May
1% May
30
June
Line
$1.00 preferred..
May
May
8
*
1
Brown Rubber Co corn
Apr
May
200
Bruoe (E L) Co common__6
Buckeye Pipe
Apr
%
2
»
preferred
1%
20
1%
%
360
179
Dlstlllers.l
Brown Forman
May
18
16%
Burma Corp Am dep rets..
9%
%
Angostura-Wupperman ..1
Apex Elec Mfg Co com...*
Appalachian Elec Power—
$7 preferred
...*
lArcturus Radio Tube
1
Arkansas Nat Gas com...*
Common cl A non-vot..*
Class A preferred
Apr
29
16
Bunker Hill A Sullivan 2.50
300
7%
*
Mar
2
8
7H
May
13,300
950
ord reg__ 10s
Am dep rets
British Co! Power cl A
May
1% May
7%
£1
£1
6%
2%
....
reg
8
400
British Celanese Ltd—
109%
10%
'it
%
ord
Aug
% Nov
2% June
3% May
10
Aug
4%
%
60%
400
1%
»
Am dep rets ord bearer
Sept
2%
10%
May
Apr
3%
47
British Amer Tobacco—
Am dep rets
June
4% May
10%
Jan
'
"%
Registered
1% June
28
30
%
62%
4
Apr
May
>'i6
40
•
2
25
30 %
_*
A
100
800
May
Class
1,600
2
British Amer Oil coupon..*
JBrownCo6% pref
200
May
Brtllo Mfg Co common
Brown Fence A Wire com.l
13%
69
5,600
1%
1
Mar
13% June
13 %
5%
15,200
12%
6%
11
3%
Nov
550
05
Chemical.*
1,500
43%
Nov
200
19%
13
Republics
10
Amer Seal-Kap common..2
Am Superpower Corp oom *
1st $0 preferred
*
$0 series preferred
*
American Thread 6% pf..6
Anchor Post Fence
.*
3%
8%
3%
20
21
18%
Co
3%
45%
17
20 %
11
27%
300
*
*
preferred
34 %
22
20%
21
"""166
%
100
Class B
34
114%
3%
%
30
30
100
Corp class A....
Apr
33% June
3% May
30
1%
*
Preferred
35
31
600
Aeronautical
Bridgeport Machine
Brill
"29"
500
7%
Bridgeport Gas Light Co.*
475
30
'"460
3%
%
3%
8%
Nov
29
%
100
1%
38
*
1st preferred....100
preferred
*
Nov
28
H
400
1,000
Aug
%
1,700
>>16
39%
9
May
2% May
Aug
%
%
2
4%
12
16% May
35
>16
""% ""% "'goo
28
39%
7%
1%
1%
700
100
12
%
"7%
"il"
Bourjols Inc
Bowman-Blltmore com
100
8%
"l2% '14% "3",800
14
25
Borne Scrymser Co
34%
4
*
common.....1
Blue Ridge Corp com
1
$3 opt conv pref
*
Blumentbal (S) A Co
*
Bohack (H C) Co com
*
7% let preferred
100
Mar
Sept
10H July
30M June
75
40
8%
*
Bliss (E W)
100
39%
40
»
common...
June
%
4,600
%
Foundry
65
It
12
American
V
Blauner's
May
Apr
100
Assoc Tel A Tel class
30
>66
Brazilian Tr Lt A Pow...*
1
Meter Co
*
Pneumatio Service.*
Class
23
25
37
%
%
1,600
com—*
Amer deposit rets
July
Apr
May
"""SO
23%
»
$2.50 preferred
Birds boro Steel
110
%
'18
Elec—10
4%% preferred
100
Amer General Corp com 10c
$2 conv preferred.
1
$2.60 conv preferred...1
Amer Hard Rubber Co..60
Amer Laundry Mach
20
Amer Lt A Trac corn
25
0% preferred
25
Amer Mfg Co common. 100
Ashland OH A Ref Co
1%
May
88
10
37
*
Blckfords Inc common
3
700
111
23%
Furnlture.l
July
13%
114
*
Conv preferred
Berkey A Gay
3
16% June
f.
American Gas A
Equipment Corp
22
4%
4%
111
100
Benson A Hedges com
Aug
Feb
2
Amer Foreign Pow warr...
Aro
20%
3% May
July
3,200
1,100
%% pf.100
Mar
July
Lt—
preferred
Apr
Tel of Canada
& Machine Co com
26
Class A with warrants.25
Class B
..1
Amer Cyanamld oiass A. 10
Class B n-v
10
Amer Export Lines com..l
0%
Nov
98
111%
% May
A-.
Amer Potash A
1
Bellanca Aircraft com
Apr
50
20%
4%
Bell Aircraft Corp com___l
Apr
2
10c
10c
S3 preferred
—.*
$5.60 prior pref
...*
Amer Centrifugal Corp—1
Amer
May
""4% "5%
1
Aircraft Corp
3%
111%
Common class B
Amer
14 %
50
Class A common
Amer Maracalbo
Beecb
30%
American Capital-
...
Nov
Feb
12%
Purchase warrants
Investment-....*
Allied Intl Investing—
S3 conv pref...
*
Allied Products (Mich)..10
Class A conv com
26
Aluminum Co common...*
0% preferred
100
Aluminum Goods Mfg—*
Aluminum Industries com *
Aluminium Ltd common.*
0% preferred
100
American Beverage com.. 1
American Book Co
100
Amer Box Board Co com.l
Preferred
3% May
3%' Nov
100
4%
4%
20
pref
May
%
Alliance
Amer Fork A Hoe
7%
250
92%
Class
SI
92%
83
m%
16
50 conv
May
7
103%
Southern..60
Co $7 pf.*
preferred.....
*
Allegheny Ludlum Steel—
7% preferred 100
100
AHesA Fisher Inc com—*
Alabama Power
Am Cities Power &
Baumann—See "Ludwlg"
Beaunit Mills Inc com..10
Jan
1% May
17%
—...
Low
Shares
'
6%
o%
1
comraon_.fi
Air Associates Inc (N J)..l
Air Investors common...*
Conv preferred
*
Class B
Alnsworth Mfg
Alabama Gt
May
13
200
High
Low
Price
Beau Brummell Ties Inc._l
21%
Warrants
of Price»
Par
Range Since Jan. 1. 1C40
for
Week,
Week'* Range
Sale
High
Low
190
Co common. 10
Supply Mfg—
Acme Wire
Last
(Continued)
Week
Price
Par
STOCKS
Range Since Jan. 1.1940
Last
STOCKS
Sale»
Friday
Salet
Friday
*
7%
7%
600
4% May
New York Curb
Volume 151
I
Friday
STOCKS
Last
Sale
(Continue®
Pat
Price
6
City A Suburban Homes 10
Clark Controller Co
oj Price*
High
6H
x6
1
Claude Neon I Igbt* rnc__l
Week'* Range
Low
4
164
4
for
164
100
«i«
Ilium
Cleveland Tractor
Nov
7
Pat
164
Mav
4
Jan
Mar
Equity Corp common..lOo
6
Oct
preferred..
FsqulreTno
484
74
Feb
Eversharp Inc
1
May
24 Nov
34 May
Sppt
6
Feb
Falroblld Aviation
1
Falrcblld Eng A Airplane. 1
Falstaff Brewing
1
May
May
84
Jan
Fanny Farmer Candy
300
24
44
Jan
Fansteel
Jan
Fedders
Colon Development ord
4
4
l
£1
preferred.
4
44
Patent Fire Arms .25
4
844
44
874
2,800
700
.1
Columbia Oil & Gas..
14
14
Warrants
14
3,700
he
14
24
Consol G E L P Bait com.*
694
44% series B pref
100
4% pref series C....100
Cousol Gas Utilities
100
24
150
Consol Retail Stores
1
14
...100
10
54
924
Coot G 4 E 7% prior pf 100
Continental OH of Mex
1
14
1,100
14
300
424 May
4
Aug
14 May
714
1,100
674 May
120
•it
14 June
384
Apr
4
Apr
18
105
14
54
914
"~5~
4
4
1
*
A
120
1124 Nov
24 May
394
Jan
6,300
100
100
10
134
*
44
44
T566
4
Jan
May
50
7
May
~~54
""356
4
14
500
300
May
9
300
9
94
400
19"
"l9~"
44
44
14
*»•
24
44
14
"""lOo
Nov
Aug
34 May
300
4
Jan
100
14 May
14
Jan
34 July
300
«n May
Jan
4 May
4
Nov
5
July
14 May
May
.....
.6
34
"ii4
1
36
""34
"""760
174
114
50
174
114
274
300
54
1.000
14
Nov
Apr
Jan
Jan
Apr
Feb
Feb
224 May
24
14
Stores..
1
Dennlson Mfg cl A com..6
$6 prior pref
......60
8% debenture...
100
Derby Oil 4 Ref Corp com*
A conv preferred......*
Detroit Gasket 4 Mfg
1
27 4
5
20
Common.
14
14
6% preferred A
Gen Water O A E
S3
Feb
10
14
11
200
184
1
184
14
200
24
4
22 4
300
14
24
1
4
10
22 4
500
Glen
Jan
Feb
Nov
Alden Coal....
Godohaux Sugars class A.*
Class
S7
B
300
100
De Vllblss Co common.. 10
S3
preferred
12
12
25
Nov
Non-vot
Oct
1
Sept
2
Sept
374
May
124
Nov
184
Nov
Jan
Not
Nov
Apr
Dlvco-Twln Truck com..l
74
74
300
Dominion Steel 4 Coal B 26
64
64
200
Dominion Tar 4 Chemical*
Draper Corp..
75
25
754
244
25
30
150
..100
Dublller Condenser Corp.l
100
"74"
Duke Power Co
Durham Hosiery cl B com *
Duro-Test Corp common. 1
""24 "24
74
4.
14
Duval Texas Sulphur....*
75
~2~,6()0
300
4
14
... —
Eagle Plcber Lead......10
East Gas 4 Fuel Assoo—
104
Mfg
common.. 10
"io~
"2"300
com
88
20
87
Nov
87
'
64
45
87
64
100
10
45
84
194
84
194
94
19 4
54
16,300
100
200
4
14
4
1J
564 June
204 May
1074 Mar
Grocery 8ts Prod com..25c
Guardian Investors......1
Gulf OIL Corp
25
S6
preferred
Lamp Co
BaramermlU
Hartford
6
Paper..
Elec Light
10
14
64
Jau
May
4 June
May
Brewing Co
Hare!tine
Hearn
®n
Feb
Nov
Corp....
June
18
Oct
31
600
18
June
31
Nov
June
8
Apr
44
Sept
114
Jan
May
1144
Apr
44
100
1284 129
4
4
100
300
200
14
14
354
s33
Heller Co common......2
Preferred w w........25
Apr
Jan
HeydeD Chemical
...10
Hires (Cbas E) Co......,1
13
May
28
14
May
28
Easy Washing Mach B
*
4
4
100
"is.
Economy Grocery Stores.*
preferred—
*
634
124
44
544
634
Elec P 4 L 2d pref A—
*
13
13
5
44
574
•
Option warrants.......
Etectrographlc Corp..... 1
14
»x«
124
44
574
24 May
Preferred
ex-warr
25
Bollinger Consol G M
Nov
Nov
Mar
24
4
254 June
1074 May
394
1114
1154
Nov
34
8,100
—
Horder's, Inc
Nov
Apr
Apr
A(M'
Apr
"84
T,3O6
250
64
Horn A Hardart Baking..*
Horn A Hardart
•
"
14
704
Apr
14
4
24
Jan
Feb
July
84
Apr
4
4
14
May
Sept
Nov
Jan
404
Apr
May
100
100
60
2,700
200
May
May
May
May
May
Sept
July
754
Oct
29
Jan
34
May
22 4 Sept
11
May
4
May
74
44
Jan
May
14
Apr
124
Apr
11
Jan
Mar
26
26
500
74 May
234 May
27 4
26
26
60
24
June
27
Jan
Mar
8
May
May
134
Nov
92
May
134
134
100
68
71
225
60
174
300
134 May
224
Apr
104
94
114
94
900
June
114
Nov
700
324
50
30
304
275
6
zBH May
94 May
144
Feb
294
Jan
24
Aug
120
30
112
113
40
Hussmanu-Lfgonler Co...
Jan
May
14 May
324
114
preferred....... 100
HubbelJ (Harvey) Inc....5
51
16
16
"76"
Jan
26
May
108
July
134 May
474 May
12
14
144
364
34
120
254
113
Jan
Jan
Feb
Apr
Apr
Jan
Apr
Nov
194
Apr
68
Jan
fHuylers of Del Inc—
134
150
14
200
74
4
200
24
20
34
Jan
824
844
110
84 4
85
125
57
June
Humble OU A Ref.....—*
Hummel-Rose Fibre Corp
Jan
Common.
14
Jan
30
Nov
7% pref stamped..—100
7% pref unstamped.. 100
54 May
804
Oct
884
Oct
63
50
174
614
64
174
63
64
50
2,500
500
44
Feb
8
64
Oct
he June
74
74
7
250
60
4
10 4
/uiy
104
Feb
Feb
24
Feb
3
Jan
6
14
Oct
14 June
Hydro-Electric Securities »
Hygrade Food Prod.....5
Hygrade Sylvanla Corp..*
28 H May
Illinois Iowa Power Co...*
34
3
26
57
May
554 June
89
Oct
5% conv preferred....60
284
91
Oct
Dlv arrear ctfs.........
64
June
91
Oct
26
Jan
54
34
30
74
2.800
6.700
5,200
94 May
84 June
44 May
.........I
204 Nov
274
24
20 4
64
124
100
26
26
56
3213
Jan
Sept
Nov
54
Feb
204 May
7
5%
Jan
Oct
82
part stock.*
274
24
20 4
64
......*
66
June
34 May
76
83
26
Horn (A C) Co common..!
Empire Gas 4 Fuel Co—
64% preferred——.100
7% preferred—.....100
8% preferred—.....100
June
44 May
Hormel (Geo A) A Co com*
May
Empire Dlst El 6% pf 100
834
102
62
26
26
Holophane Co common..*
Nov
12
21
preferred....—.100
Jan
Jan
Jan
May
3
5
42
65
34
Mar
50
16
34
44
174
84
10
29,700
1,100
1,800
104
4
14
Apr
Apr
14
....
12
124
604
404
144
Nov
64
U34 1134
'""84 "T
Jan
4
494
104
800
*11
34
135
Aug
June
4
'""560
""84
Rube ostein.....
July
50
,.*
1234 May
4,900
Class A—.....—...*
64 May
125
200
88
36
Hewitt Rubber common..6
4
Oct
II
98
.*
Jan
100
2,650
14
*!•
4
Dept Stores com..5
14
24
84
5*
Apr
Apr
Apr
175
44
!
Helena
Jan
114
106
Apr
Apr
Nov
284
14
B non vot common....!
6% conv preferred
60
Hecla Mining Co
...25c
34
794 May
Apr
May
54
64
94
82 4
Hat Corp of America—
Jan
Apr
Sept
49
Oct
25
Apr
17
650
39
Oct
Nov
Feb
Mar
74
30
"30
"1134
.
78
110
Aug
44
91
17
Gulf States Util Sfl 50 pf.*
324
17
60
14
18
Aug
Mar
1014
Jan
800
Mar
Oct
104
41
Feb
14
67
14
1
Harvard
Jan
Apr
Apr
1
"""260
Apr
Mar
July
64 Apr
54 May
"l'eoo
9 4
16
57
354
404
100
17
574
37
......100
44 May
600
64
48
Mar
Mar
25
4
4
•
1,200
44% prior pref.....100
Tor footnotes see page
150
*16
124
Apr
Ut
90
May
May
May
May
8
Northern Paper.....26
Greenfield Tap A Die....*
Hall
Mar
Apr
Apr
Aug' 106
82
Ui
Apr
June
Ui
05
Mar
Jan
Apr
125
1
Mar
Nov
41
81
404
99
98
7% 1st Preferred
..100
Greater N Y Brewery....1
Gypsum Lime&Alabastlne*
74 Apr
254 May
Aug
June
70
404
98 4
100
stock...
Apr
66 preferred Beries B
34
6%
Emerson Elec Mfg
•w
55
624
Hart man Tobacco Co..—*
4
154
174
Oct
Great Atl A Pae Tea—
Nov
$7 preferred series A...*
34
Eastern Malleable Iron..26
Elgin Nat Watch Co.
4
1
28
14 May
26
May
124 May
84 May
•u
Oct
preferred......
254
584
10
Hoe (R) A Co class A
.......*
Eleo Bond 4 Share com
20
30
Jan
200
700
Feb
100
30
134
June
Nov
Mar
Mar
54
Jan
14
14
4 June
50
May
May
May
Sept
Apr
67
Driver Harris Co.—. 10
Feb
Ui
14
54
54 % preferred..—. 100
Aug
May
65
154
Oct
34
254 May
1
Nov
154
Hartford Rayon v t 0
Dominion Bridge Co Ltd.*
9
10
82
Nov
13
Am dep rets ord reg—£1
Oct
4 May
100
82
"~14
23
Distillers Co Ltd—
common.
10
56 4
50
Gray Mfg Co
/10
July
78
July
914
Grand Rapids Varnish
Apr
Nov
90
25
14 June
12
new..24
Jan
Nov
""366
,
Gorham
12
1,400
-----
66 4
Mines.. 1
Jan
zlO
10
Diamond Shoe common..*
174
54
Goodman Mfg Co..,
Apr
Feb
1 %
Apr
Apr
29
44
........
Feb
14
24
Apr
344
544
1,400
preferred.——..
5
74 May
154 May
4 May
14
Feb
4 Nov
124 May
214 Sept
14
Gladding MoBean A Co.
Apr
29
w....20
25
Co
8
103
514
a-114
204
324
Jan
Nov
May
30
May
854
Feb
4
Gllcnrist
32
Feb
12
17
......
Oct
May
844
600
""50
....
Gilbert (A C) common.—*
Preferred
44 May
33
July
"32""
14
Georgia Power Sfl pref..
Sfl preferred........—*
Jan
Feb
Nov
1
194
14
18
14
*
/84 May
14
84 May
164 May
100
....100
com
preferred
Gorham Inc class A.....
Tii May
100
18
14
254
14
52
..*
Goldfleld Consol
300
194
.....—.1
Sfl conv preferred
Oct
June
Jan
Jan
General Tire A Rubber—
Jan
Feb
21
4 June
4
J#4
3
.....
Decoa Records common.
Dejay
Apr
124
Warrants
44
19
8
Jan
17
July
100
Investment com.l
July
64
Aug
24 May
16
174
84
800
Gen Rayon Co A stock
*j
General SbareboldlngsCorpI
Apr
May
112
84 June
4
514
preferred——..—*
Feb
14
4
84
104
Sfl
Feb
Apr
64
4
84
14
Oct
12
Gen Outdoor Adv 6% pflOO
Geo Pub Rerv Sfl pref.—.*
244 May
4
Feb
Gen Eieetrio Co Ltd—
Nov
Sept
Nov
70
Feb
200
16"
....—*
1
108
..6
General Alloys Co
64
May
Mar
19
34
4
Gellraan Mfg Co com—1
34 May
4 May
14
774
24
134
74
Nov
June
I
254
......100
General
114
......
6% preferred
Nov
Aug
Mar
94
Gatlneau Power Co—
May
«„
1-4
364
1154
23 4
•
334
55
25
94
Jan
514 May
844 May
18
4% conv preferred... 100
May
64 May
114
May
194
18
•
Game well Co Sfl conv pf.
June
54 May
4
Amer dep rets ord reg.£1
Gen Fire proofing com..—*
Gen Gas A El 6% pref B .*
700
SM
stock
Jan
200
54
conv
500
12
...........1
Nov
May
Nov
200
S3
8
4
234
partlc pref.—..16
Nov
4
2,600
Jan
Conv
4
3,900
54
Jan
Common.
Fruebanf Trailer C0.....I
Fuller (Geo A) Co 00m...1
Jan
98
114
114
100 free
..
174 May
33
•
94
18
Davenport Hosiery Mills.
Empire Power
310
9
..._*
114
114
100
30
4
*
preferred
Nov
84
U4
84
100
Detroit Steel Prod....
14
74
84
Curtis Light'g Inc com 2.50
Detroit Paper Prod
14
Oct
34 May
"266
S6 preferred.........10
Cuban Atlantic Sugar
.5
Detroit Gray Iron Fdy
Det Mich Stove Co com.
Nov
140
7% oonv preferred..—25
Crystal OU Ref com......*
A conv.....
34
105
934
100
Feb
May
300
15
2
Crown Drug Co com...26c
Dayton Rubber Mfg
14 May
75
200
■ii
Crowley. Mllner 4 Co
*
Crown Cent Petrol (Md) .6
Crown Cork Internet A..*
Cuneo Press 6 4% pref
Jan
June
14
68
X13
Croft Brewing Co..
Cuban Tobacco com..
14
18
64
Creole °etroleum........5
Nov
Feb
Apr
Sept
64
4
14
34
834
May
24
68
J
Crocker Wheeler Eleo
non vot
Feb
45
IU
60
5% conv preferred
Class A
Class B voting
Ford Motor of France—
Fox (Peteri Brewing Co..5
108
Courtaulds Ltd........£1
6%
64 May
104 Apr
28
Apr
9
Franklin Co Distilling
1
Froedtert Grain A Malt-
60
23
Oorrwoo (t Reynolds.....1
Cosdeo Petroleum com..
66
Sept
9
...
Feb
40
1114
14
14
304 30 4
24
24
4
Cornucopia Gold Mlues 5c
65
124 May
Nov
6
Oct
14
694
74
com...*
Eastern States Corp
May
34
2,100
14
114
84
*
Copper Range Co.......*
preferred
74
400
14
104 Sept
53 prior preference
Common...
4
64
254
14
400
1
preferred
600
4,400
U4
14
144
-♦
Roll 4 Steel
Cook Paint 4 Varnish.
7%
"254
104
34
64
24 4
Am dep rets ord ref...£1
Ford Motor of Canada-
100
105
Consol Steel Corp com...*
Dobeckmun Co
34
""l25
Jan
Apr
Apr
June
112""
Jan
22
Jan
2
1114
*11
Feb
Mar
31
1114
14
•11
254
54
Oct
Florida P A L 37 pref——*
Ford Motor Co Ltd—
*i«
111
6
7%
11
Fed Compress A W'b'se 25
Fiat Amer dep rots
.
High
11
Oct
Jad
May
.....5
Low
84 Mar
4 May
19
Aug
24 Sept
14
Feu
he
119
1
Consol Mln 4 Smelt Ltd
Distilled Llouors
1
Metallurgical...*
Mfg Co
Amer dep rets
14
14
w
100
24
144
S3 preferred.....—*
Conn Telep 4 Eleo Corp.. 1
Consul Biscuit Co...
1
6% preferred
1,000
704
214 June
4 May
he
1
V toextto 1946
Class
24
224
24
22
1
14 May
88
Conn Gas & Coke Secur—
Co (Mo)
Darby Petroleum com
350
June
14,300
14
he
Distribution. .1
Community Pub Service 25
Community Water Serv..l
Compo Shoe Mach—
Curtis Mfg
24
4,600
67
?4 May
Commonwealth 4 Southern
So preferred
com—....
4
204
•j«
20
Fire Association (Fhlla) 100
.—100
Cooper-Bessemer
he
May
May
May
Columbia Oae 4 Eleo—
Cont
Range Since Jan. 1,1940
for
Week
Share
51
Colorado Fuel 4 Iron warr.
preferred
1
2
Cohn 4 Rosenberger Inc.*
b%
1
20
Eureka Pipe Line com..50
Feb
—
34
64
4
34
34
24
Consol Royalty Oil
conv
200
24
Commonw
S3
*
100
Cockshutt Plow CO com
3.000
Price
Emsoo Derrick A Equip..5
*
Clinch field Coal Corp
Club Alum Utensil Co
5% preferred
of Price*
Low
High
Apr
May
4
Week'e Range
Sale
May
May
May
5
Colt
12
30
44
conv
54
Last
High
34 Mar
»
*
6%
Low
700
com
Sale
STOCKS
(Continue®
Sbaree
400
3209
Friday
Range Since Jan. 1,1940
Week
Clayton & Lambert Mfg__4
Cleveland Elec
Exchange—Continued—Page 2
8ale»'
24 Mar
214 May
44 Mar
Jan
474
Apr
54 May
334 Apr
94 May
Friday
Sales
Last
(Continued)
Far
'eel's Range
Sale
STOCK!
of Prices
Low
High
1 Friday
Price
*
•
Imperial Chemical Indue—
Am <Jep rcte regie
£1
Imperial Oil (Can) coup—'
Registered
*
Imperial Tobacco of Can.fi
Imperial Tobacco of Great
Britain A Ireland
£1
Indiana Pipe Line..—7 %
Indiana Sendee 6% pf-100
7% preferred--100
IndplB P A L 6 % % Pf—100
Indian Ter Ilium Oil—
Non-voting class A.---1
Class B
1
4
050
A
Illuminating Shares
June
03%
Mesabl Iron Co
Mar
Metal Textile Corp..
Partic preferred
12%
13%
Jan
Jan
Jen
Michigan Bumper Corp—l
Michigan Steel Tube.-2.50
July
24%
Feb
Michigan Sugar Co—-*
Preferred
10
3H
13
400
3
Sept
30
10
Mar
14%
14%
11117»» 113
10
Mar
102% May
4%
1,090
July
22
Apr
21%
10%
Apr
Jan
113
% May
Feb
July
Feb
%
Jan
%
10%
Ap.
Apr
78%
Apr
21%
19%
20
1,000
17% June
23%
Apr
Midwest Oil Co
500
6% May
Midwest Piping
5%
5%
50
Internat Industries I no—1
Internat Metal Indus A—•
Internat Paper A Pow warr
6
1,400
l%
1%
1
June
4% June
~~2% "1% "16366
1% May
2,400
8% June
9% June
International Petroleum
x9%
x9%
Coupon shares
io H
400
10%
10%
Registered shares
19%
Feb
6%
May
1%
Apr
Sept
%
%
10%
II .76 preferred--——
10%
100
Aug
8
3%
3%
700
23% May
2% May
8%
8%
900
0% June
100
9
$3.60 prior pref—
3%
Vitamin.—1
Interstate Home Equip—1
Interstate Hosiery MillsInterstate Power $7 pref-*
Investors Royalty
1
International
11%
11%
May
12
May
14
15
600
12
May
%
700
Apr
1% May
3%
May
2%
May
95%
%
100
2%
17%
%
May
99
100%
110
109%
80
97
103
May
90
109
100 %
23
18
June
25
23
13
Nov
200
7%
"""26
"79%
TSoo
""%""%
200
"60"
"80
Kobacker Stores Inc
"94"
94
Koppers Co 0% pref-—100
Kresge Dept Stores—
Jan
1*1,
Mar
13
13
13%
5%
5
Kreuger Brewing Co
1
Lackawanna RR (N J) .100
Lake Shores Mines Ltd
1
300
400
14
4
1*400
4
13%
Lakey Foundry A Mach..l
Lane Bryant 7% pref--100
Lane Wells Co common—1
May
100
Oct
11% June
4% May
30% Aug
9% July
2% May
x71
12%
"l2%
""166
Jan
9% June
•
—*
4
Conv preferred
2%
—.*
100
4
2%
25
11,800
3
%
%
"x9% "x9%
9%
Mar
Mar
13%
50
10%
2,000
11
Nov
96
Nov
75
Apr
*
%
25
27%
476
24
23%
25%
1,225
n
*
Ludwlg Bauman A Co com*
Conv 7% 1st pref
100
Conv 7% 1st pf v t c.100
Lynch Corp common
6
Manati Sugar opt warr
Mangel Stores.
$5 conv preferred
*
Manlschewltz(Tne B) Co.*
4%
3,100
105% 105%
x4%
13%
Transit
Jan
Mar
Nevada-California
May
New Engl
4%
100
12% May
3%
cum
0%
1%
May
87%
June
4%
4%
900
"7% "7%
"800
July
June
"10%
"600
2%
700
8%
"266
"8%
10
116
Feb
0%
Apr
New Jersey Zinc
New Mex A Ariz Land
7% May
Apr
'122%
'*14%
$0
1
53%
x4%
% May
10
24
June
23% Nov
1% May
3% May
7% pref..100
23%
350
24
%
>ii
300
New York Transit Co
Niagara Hudson PowerCommon...
2
Jan
Jan
June
%
1%
May
25
27
100
10%
10%
100
9%
2%
2%
100
2
May
2
Oct
39
Mar
18%
June
"*775
52%
18
""366
700
14%
15
600
69
3,150
1
100
31%
19%
500
7%
7%
115% 115%
100
80
Oct
17
Apr
Feb
July
500
2%
54
McCord Rad A Mfg B._
McWUllams Dredging—
Mead Johnson A Co
1%
1%
230
5%
1%
5%
800
140
20
141
123
3%
Feb
Jan
Apr
May
6%
May
Apr
4%
100
27%
27%
75
25
Mar
4%
100
2
May
%
!
100
87%
89'
175
11
Mercantile Stores com...*
May
3%
1
Participating preferred.»
4%
Warrants
6%% A preferred... 100
4%
%
50
Sept
9%
170%
Apr
July
May
18%
4
Jan
30%
5%
%
Mar
89
Nov
Jan
Oct
May
69
May
%
July
26
July
Feb
28%
Jan
9%
Mar
Jan
109
May
May
May
17
Jan
May
3%
May
Jan
23%
108
Apr
May
7%
29
Apr
Jan
6%
Jan
May
73
65%
02
Mar
Nov
87
Apr
»n
Nov
700
Hi
Apr
Apr
15
1)8%
11
150
Jan
Apr
May
May
98
23,200
3%
May
98
3%
76%
36
7
15%
40
3%
Sept
Apr
Nov
1%
103%
20
1
Feb
Feb
91
100
85
June
99%
Feb
Feb
62
64%
500
60
71%
May
300
8
May
Sept
9%
% May
2,000
4
3%
May
6%
8%
%
8%
%
1,100
1%
Mar
Jan
3%
3%
100
3%
May
5%
Jan
%
700
%
May
Mar
Apr
Jan
84%
85
100
67
May
1%
103%
22
23
600
15"
May
20%
26%
Jan
62%
Nov
Common
*
North Amer Rayon cl A—*
Class B common
*
22%
22%
100
16
51%
51%
190
44%
May
May
prior preferred...50
No Am Utility Securities.*
Nor Central Texas Oil
5
*u
%
400
*i«
Nov
800
2%
110
May
108%
2%
108% 109
118% 119
Sept
118%
6%
Nor Ind
PubSer0% pf.100
7% preferred
Northern Pipe Line
100
Northwest
Engineering..*
Novadel-Agene Corp
*
4
100
95
May
May
70
2%
"9%
21
"9% "10%
97
20
29%
3
23
31
3%
Jan
3%
Mar
May
119%
0
May
"l'.eOO
7
May
9%
16%
1,750
12
May
23
Nov
88%
May
3%
Aug
"
..10
rforthern Sts Pow cl A..25
Ogden Corp com
For footnotes see page 3213.
8%
15%
49
Nor Amer Lt A Power-
2%
Jan
Apr
June
%
Noma Electrio
Jan
64
Jan
25%
136%
.!
Jan
Apr
July
Jan
76%
5
5
May
May
4%
Memphis Nat Gas com..6
Merritt Chapman A Scott *
Sept
%
4%
13%
Nov
3% June
10% May
28
3%
62
42
preferred
June
91
100
N1 pissing Mines
$0
May Hosiery Mills—
$4 pref with warr
110%
108
76
Jan
Apr
800
22%
NOV
30%
% May
Nineteen Hundred Corp B1
May
Jan
21
Jaa
1
May
100
x#«
5
Class A preferred
Nllee-Bement-Pond
1%
Jan
12%
Apr
117%
84% May
25
68
Class A opt warrants
Class B opt warrants-
Jan
1%
21%
May
May
8%
Niagara Share—
Feb
1
30%
3%
10
4%
May
5%
70%
29
June
8
28
10
Class B common...
July
110%
108
6% 1st preferred
100
5% 2d preferred...—100
Oct
Massey Harris common..*
29%
Jan
Apr
Apr
Nov
1%
6
5
May
9%
...1
25
29%
1%
May
30
22%
N Y Water Serv 0% pf.100
25
20
1
100
Apr
Jan
20
24
preferred
Apr
2%
Aug
New York State El A Gas—
6%%
12%
May
*
Founders shares
Jan
May
122% 125
5
5%
18
115%
Jan
Feb
Mar
May
8%
Mar
Mar
June
27
Merchants A Mfg cl A
Jan
1
•
t o
0%
106%
Jan
Jan
Apr
Apr
92
Margay Oil Corp
Marion Steam Shovel
1%
48%
44%
2%
1
2
.10
Jan
Feb
May
8%
%
"55%
31%
1
preferred
Oct
May
June
4%
1
*69
25
Warrants..
N Y A Honduras Rosarlo 10
N Y Pr A Lt
6%
800
N Y Auction Co com....*
N Y Merchandise
Apr
0%
64%
11%
8%
3% May
8%
"54%
New Idea Inc common...*
Mar
Feb
400
30
30
New England Tel A Tel 100
New Haven Clock Co
•
Feb
1%
July
Jan
13%
3%
97%
3%
5
•
Mar
14% Nov
10% May
June
Jan
17%
Apr
47%
Apr
14% May
8%
8%
•
6%
%
22%
7%
10
2
N Y City Omnibus—
May
May
May
70%
%
100
10%
Apr
Feb
June
500
Eleo—
12%
Jan
11%
Nov
11
3
"~8%
4% non-cumlOO
preferred
31
600
*
Pow Assoo
Nov
84%
Corp.
preferred
Jan
%
11%
2%
88%
116
Neptune Meter class A...*
Nestle Le Mur Co cl A
11%
%
8%
25%
Nelson (Herman)
81%
May
May
July
700
2%
Navarro Oil Co
Oct
May
%
'400
xio
Nebraska Pow 7 % pref. 100
Nehl Corp 1st preferred..*
Nov
Apr
Mar
"10% "lT%
30c
Nat Union Radio
Mar
10
5%
12.60
Apr
17%
24
"7%
Apr
May
May
16
500
142
June
6
15
14%
2%
4%
7% June
Ma pea Consol Mfg Co...*
i
59.000
11%
Nat Tunnel A Mines...
r0%
21
Louisiana P A L $0 pref..*
Master Electrio Co
%
11%
88
•
New Process Co
8,000
%
25
100
100
Louisiana Land A Ezplor.l
v
11%
N Y Shipbuilding Corp—
Common
Mass Util Assoc
200
35
"l6%
National Sugar Refining
National Tea 5 % % pref. 10
44%
Long Island Lighting—
7% pref class A
0% pref class B
Loudon Packing
13%
National Refining com..
Oct
13
9%
May
2%
73%
Jan
Jan
10
13%
._*
May
July
0%
100
6%
14%
Feb
21%
125%
300
8%
50
preferred
%
%
6
Lone Star Gas Corp
12
20
11%
14%
76
National Container (Del).l
National Fuel Gas
*
3%
*
Locke Steel Chain...
0% May
*
35%
100
16
16
25
Lit Brothers common
"366
4%
May
%
National Candy Co
National
Jan
Nov
13%
com
95
10%
8%
Jan
% May
May
*
Nat Mfg A Stores com.
National P A L16 pref
15
Jan
30
4%
100
*
preferred
May
21
5
26
22
500
16
May
%
500
Le Tourneau (R G) Inc.. 1
Llpton (Thos J) Inc—
0% preferred
15%
Apr
4% Aug
%
Apr
2% Nov
1% May
May
July
Jan
171
6
135
$2
Lefcourt Realty com.——1
May
2%
2%
National Steel Car Ltd—*
76
139%
2",700
16
11%
Jan
Jan
Apr
Jan
Apr
Aug
Jan
Apr
May
Apr
May
6%
134
1%
July
Sept
1
2%
7%
% May
1% June
%
•
common
Murray Ohio Mfg Co
2%
Sept
Apr
Sept
200
5%
Jan
9%
47%
%
Mountain Sts Tel A Tel 100
June
10%
8%
3%
11%
Jan
""25
'"3% "4
5%
Nat Rubber Mach
Langendorf Utd Bakeries
Line Material Co
3%
10
Jan
May
May
5% May
140
(Mountain States Power—
conv
Apr
24%
400
105
%
Mountain City Cop com.6c
$3
Feb
6%
"23% "23%
2
1
49
4% conv 1st pref.—100
Kress (8 H) special pref. 10
Lehigh Coal A Nav
Leonard Oil Develop
Nov
Apr
112%
8
4%
4%
500
Stmp.l
National City Lines com.l
Oct
'""160
Co com..*
Klelnert(I B)Rubber Co. 10
Knott Corp common
1
%
117%
Nov
15%
Mtge Bank of Col Am shs..
0%
Feb
3
2,800
164
165
Moody Investors part pf.*
Nat Bellas Hess
1
0
1% June
"ik "1%
Klrkl'd Lake G M Co Ltd. 1
Nov
National Breweries com..*
Jan
Nov
94%
8
37%
%
Mar
7%
June
May
10
N achman-S prl ngfllled
0%
79
70%
May
6
Nov
Mar
May
65
"79"
May
May
May
100
34
Montgomery Ward A
•
Montreal Lt Ht A Pow..*
Mountain Producers
Nov
9%
43%
3%
Monogram Pictures 00m. 1
A.....1
Moore (Tom) Dlst
13
200
Monroe Loan Soc
Montana Dakota Util
Nov
Apr
May
"366
13
"50%
7%
7%
39%
June
*11
Breweries
1
Kings Co Ltg 7% pf B-100
6% preferred D
100
Kingston Products—.1
Klrby Petroleum
1
Kingsbury
8%
Oct
Apr
107% June
1
Nov
27%
6
111
Kimberly-Clark 0% pf-100
2%
3%
*
Muskogee Co common
120
3% May
7%
Jan
0% May
Jan
Jan
7%
Mar
90
Oct
113
pref-100
Kennedy's Inc
6
Ken-Rad Tube A Lamp A *
121
1%
1,500
8
"i«
%
*u
Oct
3~566
"3l"% "35%
33
100
Kokenge com.
May
"166
Jan
19
%
12.50
Apr
Sept
109%
•11
May
"50"
Muskegon Piston Ring.2 %
Johnson Publishing Co.. 10
-
Apr
Mar
Jan
Jan
Oct
Feb
July
May
Feb
80
%
2%
*
1
preferred.—-—100
preferred
100
Class B
10%
13%
1
1
Class A
July
6%
800
Jersey Central Pow A Lt—
5%% preferred
—100
Kelln (D Emil)
4%
%
18%
18
Jeannette Glass Co
Kansas G A E 7%
Jan
Mar
%
%
16%
Mar
Jan
Jan
37
Mar
3%
'"260
%
17%
Iron Fireman Mfg v t c.
Julian A
%
18%
%
700
1
9%
Apr
6
Class A
12
13
*
Monarch Machine Tool—*
International Utility-
18%
50
97
*
Minnesota P A L 7% pf 100
Mississippi River Power
0% preferred
100
Common
4%
9%
5
7%
Mining Corp of Canada..*
Molybdenum Corp
July
Mar
June
700
900
Mock Jud Voehringer—
Sept
%
500
*i(
B.*
2%
Apr
Apr
June
300
18%
Minnesota Mln A Mfg
Missouri Pub Serv com
9
"1% "1%
10
A Sup
Nov
4%
60c
Feb
19%
May
3
International Products. .
15%
Jan
2%
Apr
12%
Jan
5% May
0%
3%
•«
%
6
*
Midvale Co
Nov
6%
*
Mid-West Abrasive
Jan
Apr
1%
6%
3%
'it
Midland Steel Products—
$2 non cum dlv shares.*
60% May
Nov
July
100
Midland Oil Corp—
$2 conv preferred
1
8
•i«
6%
0%
-1
0
1,200
9
Pref 13.50 series
Jones A Laughlln Steel.
v t
72
70%
71%
Internat Hydro Eleo—
7%
B
Jan
Jan
Feb
3%
3%
Middle West Corp 00m..5
common.—-..—-1
preferred
100
No Am .10
International Cigar Macb *
A
3,900
Middle States Petroleum—
Class A v t c
1
Class
Jan
108%
Aug
% May
4% May
""300
1
Mlcromatlo Hone Corp
42%
103
*
preferred
12%
6% May
7% June
V t o
Irvlng Air Chute
$6
6% June
7%
Jacobs (F L) Co.
..16
100
%
Oct
Sept
35
Metropolitan Edison—
1,100
Oct
1%
7H
3%
12%
•n
3,400
26c
Jan
High
Low
Shares
%
'a
uc
7%
0
Ill"*
Price
1
7%
Insuranoe Co of
Italian Superpower
Week
z6%
xe%
1940
30,
Range Since Jan. 1,1940
for
of Prices
Loto
High
Par
6
Jan
Industrial Finance—
Class B
Week's Range
Sale
Nov
9
Aug
5%
—
Internet Safety Razor
Last
High
Low
Shares
8
Sales
I
STOCKS
(Continued)
Range Since Jan. 1, 1940
for
Week
65
7%
Illinois Zlno Co
0%
Nov.
New York Curb Exchange—continued—Page 3
3210
800
4,600
20% June
1% June
Apr
Jan
New York Curb Exchange—Continued—Page 4
Volume 151
Friday
STOCKS
Last
Sale
(Continued)
Par
Price
Ohio Brass Co d B com..*
Ohio Edison $6 pre!
*
Ohio Oil 6% preferred—100
Ohio Power 6% prel
100
Ohio P 8 7% 1st pref
100
S3
$5X
eonv
21X
for
Range Since Jan. 1,1940
113)4 113)4
115)4 116
6)4
21X
49)4
prior pref.—*
115)4
1
Overseas Securities
*
Pacific Can Co common..*
May
24 X
50
95
May
110X
94
June
111
30
110)4 May
117
Sept
St Lawrence
20
104
May
116X
Mar
June
109
100
2,700
2)4
2)4
250
300
50
Price
Par
High
17
6)4
49
Sale
(Continued)
Lot1
325
21)4
49)4
115)4 117
4)4
4)4
20)4
Last
STOCKS
Week
Shares
250
111
3211
Friday
96
110
15
Omar Inc
High
109)4 109)4
110
50
com.
preferred
Week's Range
of Prices
Low
21
6% 1st preferred
100
Oilstocks Ltd common...5
Oklahoma Nat Gas
Sales
Ryan Aeronautical Co
1
Mar
Ryan
•
Nov
Ryerson A Haynes com.. 1
May
Oct
Consol
Petrol
Corp Ltd
Class A $2 conv
Sales
Week's Range
of Prices
Low
Range Since Jan. 1,1940
for
Week
High
Shares
4X
4X
200
2X
X
2X
X
1,000
200
pref..50
Oct
8X
Apr
21X
Nov
Salt Dome Oil Co..
60
Mar
Samson United
117
Mar
Sanford Mills
2X
.._.*
Feb
Savoy Oil Co
Feb
Sohlff Co common
2
Feb
4X
Jan
2X
2 X
9,500
*
200
IX
July
Feb
"34)4
L800
13 X
28
31)4
700
8X
3X
7%
preferred
15X May
Scovlll
78
100
.1
3X
2
May
71S
27
350
48 X
3X
716
3,500
3X
200
ht
27
10
27
X
9
29
25
30 X
400
Nov
22 X
July
15X
Apr
4X
Apr
81X May
9X May
IX
Jan
Sept
81X
3X
Corp com.l
Mfg
Aug
May
5
5X
July
2X
9
5
13)4 May
May
100
May
4)4 Nov
39
High
IX
X
•
St Regis Paper com
Low
4X Aug
IX May
X May
$5
Aug
May
14
Jan
34
May
May
Nov
Jan
Jan
1
34)4
6X% 1st preferred...25
"34"
31
107)4 108
50
81
83
20
4
4
200
SI.30 1st preferred
*
Pan tepee Oil of VenezuelaAmerican shares
3X
3)4
3%
6,600
May
May
34 X
Nov
Scran ton Lace common..*
20 X
20 X
20 X
200
19
29 X
Mar
31X
Jan
100
June
108 X
Feb
Scran ton Spring Brook
Water Servioe $6 pref—*
70
70
70
175
44
June
71X
Nov
72
May
Jan
Sculln Steel Co
4
May
20
Pacific Q & E 6% 1st pf.25
Pacific Lighting $5 pref—*
Pacific P & L 7 % pref—100
Pacific Public Service
*
May
July
Feb
26 X
*
95 X
0X
20
Feb
Feb
May
13 X
Nov
"ix
IX
IX
400
*ii May
IX
X
X
X
400
X
Oct
1
June
40
Nov
Apr
Apr
Mar
•
00m
11X
Warrants
Securities Corp general...*
Seeman Bros Inc
.*
400
12
4X
35
2X June
Sept
May
Feb
Segal Lock A Hardware..1
•u
Paramount Motors Corp.l
X
4,200
X
Jan
3
3X
Jan
4 X
4X
3X
May
8
12 X
Feb
Selberllng Rubber com...*
Selby Shoe Co
-•
400
Parker Pen Co—
8X
8X
50
8X
Nov
6
May
10 X
Jan
Selected Industries Ino—
20
May
May
35 X
54
Nov
Convertible
18
Nov
27
May
May
30 X
$5.50 prior stock
Allotment certificates
30
May
33
10
Parkersburg Rig A Reel. 1
Patchogue-PlymouthMills*
Pender (D) Grocery A...*
300
_
Class B
52)4
17)4
53)4
18
190
41
250
*11
X
•
X
700
"2k "2%
'8^806
Peninsular Telephone com*
SI.40 preferred
—25
Penn-Mex Fuel
60c
Penn Traffic Co
2X
Jan
May
Oct
3,200
X
75
75
77
600
Apr
08 X
Oct
5% cum pref ser AAA 100
114
113X 114
50
May
114X
38X May
Sherwin-Williams of Can.*
6X
May
11X
8
May
15 X
Apr
19
Jan
25 X
Nov
6X
IX
Oct
Apr
Mar
111X
184
192
14
14
54X
184
Pennsylvania Sugar
com 20
Penn Water A Power Co. *
3
Sept
Mai
3
%
4)4
Jan
Feb
Simmons H'ware A Paint.*
150 rl58X
25
10 X
May
192
Nov
Apr
Simplicity Pattern 00m.. 1
Simpson's Ltd B stock..
Jan
Singer Mfg Co
Oct
16 X
72 X
400
63 X
91
150
53
May
May
91
Nov
26
150
22
May
28 X
Mar
4
May
4X
4X
1,300
Phlla Eleo Co $5 pref
*
Phila Else Pow 8% pref.25
il7X
U7X
10
Phillips Packing Co
"~3X
4)4 June
113X June
29 X
1
ICO
"""366
July
3X May
1
7X
7X
1
Feb
5
May
15 X
Mar
20 X
May
47 X
Apr
16
300
9X
Jan
18 X
May
IX
2,100
1
June
7X
100
6
May
39
May
"60 X
"""890
43
300
May
May
96 X
13 X
98 X
1,100
2X
2X
1,300
60
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
~62~
62
13 X
""2)4
7.60
June
65
IX May
X
X
200
5
"166
6
Power Corp. of Canada..*
*
22
Premier Gold Mining.—.1
Prentice-Hall Inc com..
X
22
200
X
X
H
4)4
500
8)4
7)4
400
16
May
X May
32
Prosperity Co class B
*
Providence Gas..
*
X
4)4
8)4
Prudential Investors..._.*
7)4
45 X
99
June
7% prior Hen pref... 100
104X June
*
103 X
47
Puget Sound Pulp 4 Tim *
Pyle-National Co com...5
X
X
300
..100
60
Mar
167
Feb
170 X
Mar
Mar
Southern Phosphate Co. 10
4X
May
Nov
Southern Pipe Line.....10
4X
Oct
6X
11X
Apr
2X
Jan
104
2X
100
39)4
16)4
"T
7
156"
*
Common
5X
100
14X
Feb
Jan
Apr
Jan
5X
IX
400
6
Jan
July
200
IX
Sept
8X
10
8
May
Spanish A Gen Corp—
Am dep rets ord reg—£1
IX
7i» June
6X
9X
9X
103
Jan
Feb
Apr
5
Oct
107
May
Mar
59 X
May
111
Nov
113X May
58
May
105 X
Nov
48X
6,575
13 X
May
16)4
200
11X
7X
Jan
48 X
29
Nov
May
May
10 X
4X May
7X
Apr
Mar
5X
5X
Spencer Shoe Corp
1
Jan
May
Stahl-Meyer
1
Nov
1x«
Inc
Standard Brewing Co
X
*
Standard Cap A Seal com.l
Conv preferred
10
4
12X
Standard Dredging Corp—
Common
10X
19X
Standard Oil (Ohio) com 25
$5 preferred
..—.100
31X
"~"x
Common class B
•
94
June
126
Feb
157X
Nov
Sterchl Bros Stores
100
May
X
H
7)4
*11
3,100
900
Oct
6X June
X June
14)4
14)4
200
X
*
X
21
X June
X May
10 X May
1
200
21
21
600
4X
it
18
Oct
10 X
Oct
24
Mar
2X
200
2X
14 X
Nov
Nov
11
Mar
50
13
10 X
10X
19X 20 X
35 X
31X
109 X 110
X
X
X
X
100
10
4)4
...1
4)4
14
Rice Stlx Dry Goods
*
Richmond
1
5)4
14
alwo
Nov
May
July
4
12X June
3X Aug
IX May
May
20 X
600
26 X
May
41X May
150
June
200
100X
X
200
ht
IX
2X
Feb
26 X
Jan
6
Jan
Jan
X
Feb
6X
Apr
19 X
Mar
z5X
2X
Jan
18
Oct
4)4
1)4
200
200
500
Apr
8X
0
106)4 106)4
'""166
26
29 X
Roosevelt Meld Inc
5
Root Petroleum Co
10
For footnotes see page
600
X
12 X
3X
7
X
"lX
IX
3X
9 X
7X
X
IX
3X
2)4
900
IX
Jan
Mar
Aug
3X
3X
7X
11X
"l4"
12
100
*64)4
64)4
""50
3)4
100
4X
X
42
2X
Aug
Apr
*i»
50
300
100
1,000
IX
IX
"26"
2
"26"
23X
24X
9X
9X
5
Tllo Roofing Ino
Jan
Feb
Mar
May
6
Mar
Fob
7h May
21
Feb
IX
Jan
10X June
Tobacco Prod Exports
Tobacco Secur Tr—
Ordinary reg
1
15
>
4 X
ADr
May
Jan
0
May
9X
May
Jan
9X
Apr
6X
40
Feb
Oct
X
Aug
2
Jan
IX
2X
May
3X
Feb
May
4X
X
Jan
Jan
150
""300
200
Mar
7X
6X
May
May
8
May
4,400
IX
100
33 X
21
4
113
4
Aug
Feb
15
Nov
13 X
15
2
Apr
Apr
Jan
40 X
Apr
May
36
Jan
Jan
13
Jan
9X
Jan
113
July
100
2X
May
1,100
3,600
23X
Nov
86 X
Jan
8X
16 X
114
Feb
103
May
May
2
May
3X
May
24X
Apr
July
15
Apr
Apr
20
100
19
18X
19
350
8
300
8
7X
12X
7
X
Oct
48 X
May
3X
*
May
10 X
£1
*
Feb
2
X
Def registered..—...6s
Todd Shipyards Corp
02
100
Tlsbman Realty A Constr *
Tobacco A Allied Stocks._*
66
IX
May
5
9X
Oct
June
40 X
Jan
1,000
....1.
23X
Feb
Feb
May
*u
"14"
Swan Finch OH Corp....15
Taggart Corp com
1
Tampa Electric Co com..*
Thew Shovel Co 00m
Jan
19
Apr
Oct
Jan
13
July
12 X
Jan
IX
1,000
common
Nov
May
3)4
Class B
104 X
106 X
May
5)4
5)4
3213
—
May
6
Rossla International.....*
2)4
12X
3X
9X
....
May
600
1
2)4
*
(Hugo) Corp
5
Co
Sullivan Machinery..
Sun Ray Drug Co
1
Sunray Oil
.....1
6X% conv pref
50
Superior Oil Co (Calif)..25
Superior Port CementStroock (S)
94
Ufi X
14 X
Jan
Jan
33
3X
Texas P A L 7% pref.. 100
Texon Oil A Land Co....2
Feb
27 X
10X
Stinnes
Jan
11
10
...20
X
1
'11
IX
6
Sterling Aluminum Prod
Oct
116X
X
X
May
15 X
7X
95
Rochester G4E10 % pf C100
Rochester Tel 0 X % prf 100
Roeser A Pendleton Inc..*
Rome Cable Corp com
X
1,600
Oct
June
Aug
Mar
20
400
Fob
III
1
26
20
Sterling Ino
Stetson (J B) Co com——♦
Nov
Sept
8X May
7 X June
10X
60
Sterling Brewers Ino
16 X
May
1,700
100
20
Technicolor Ino common.*
4)4
1)4
1
100
6% 1st preferred
6% 2d preferred
Feb
Rio Grande Valley Gas Co-
Voting trust ctfs
*
Feb
45
1
39X June
X
ht June
1,500
Reliance Elec A Engrav—5
1
May
200
1
Reeves (Daniel) common.*
Relter Foster Oil Corp..50
Republic Aviation...
0X May
34
Jan
Mar
X
Jan
3X
Ordinary shares
10 X
Feb
Jan
*n May
Stein (A) A Co common..*
May
8
Feb
Mar
2
12 X
c.l
142
60c
*
v t
50
10)4
Jan
2X
Steel Co of Canada—
270
•
Reed Roller Bit Co
Corp
Anr
*ii
700
phate A Acid Wks Inc.20
Starrett (The)
10
May
Apr
Mar
Phos¬
157)4
X
Red Bank Oil Co
Wholesale
7X
2X
1.400
8X
Standard Steel Spring....5
1
20
4X
Standard Sliver Lead—..1
Standard
Jan
4X May
13X
20
Preferred..
Apr
3X
13
$1.00 conv preferred—20
Jan
2
72
12X
2
Standard Invest $5X pref
Standard Oil (Ky)
10
*104)4
13
Nov
8X
Spalding (A G) A Bros—.1
6% 1st preferred—...•
8X
81X
24 X
X
IX
25
Southland Royalty Co
156
7)4
•
preferred
pref
Preferred A
Jan
Apr
Jan
1,925
Railway A Utll Invest A.l
conv
5X
...
IX
4X
Raymond Concrete Pile—
$1.20
Southern Union Ga
""706
X
....
Royal Typewriter
Russeks Fifth Ave
7% preferred
""7)4
10)4
Radlo-Kelth-Orphuem—
Option warrants
Ry A Light Secur com...*
0% preferred D
Southern Colo Pow cl A.25
IX
105)4
99
Oct
South New Engl Tel—.100
26
103
Pyrene Manufacturing..10
Quaker Oats common
*
Radiator..
Feb
Standard Tube cl B
..*
Rheem Mfg Co
Jan
35
Nov
Puget Sound P A L—
Raytheon Mfg com
44
Aug
Nov
108 X May
10
May
21
Southern Calif Edison—
Standard Products Co-
111
28
150
Nov
113X
May
2X
500
14
June
35
Nov
200
38X
23X
IX
73 X
May
175
IX
IX
35X
Mar
May
47
Apr
Apr
Jan
5
Nov
8X
May
May
48
100
67
2X
3 X
30 X
300
175
Jan
100
31X
Feb
96
Jan
IX
May
Mar
111
94)4
44)4
IX
400
21X
38X
Southwest Pa Pipe Line. 10
Standard Pow A Lt—....1
95
6% prior lien pref...100
conv
25
_
Feb
Aug
IX
3X
May
Public Service of Okla—
$3
Penn Oil
IX
3X
.
27
109
.*
6% preferred
Quebec Power Co
South
May
X
•i«
Jan
2X May
105 X Mar
X
Feb
35
Public Service of Indiana—
$5 prior preferred
$0 preferred
1
South Coast Corp com...1
95
July
24X June
Public Service of Colorado
*
Aug
IX
800
10
100
99
500
42
rl04X May
500
300
July
100
390
IX
9X
155
29X
May
4)4 May
May
Mar
46 X
30 X
May
95
June
29X
X
2X
$6 preferred
Jan
X
46 X
30 X
4X
Pressed Metals of Am..
Producers Corp of Nev._20
IX
30 X
Feb
700
IX
200
900
1
29 X
15
July
50
46 X
June
July
Jan
Mar
6X% pref series C
Jan
4
Apr
Apr
Jan
Apr
5% original preferred.25
6% preferred B
25
11
65
100
62X June
106
8X
6X
18 X
100
Apr
Sept
X Aug
X May
2X May
Sept
May
May
8X
46X
10
10
5H
3X
10
Mar
Jan
2
7
25c
25X
Z2X
108 X 110
Amer dep rets ord
Sonotone Corp..
Boss Mfg com
350
7X
200
1,000
9X
*2X
X
...100
Singer Mfg Co Ltd—
Feb
31X
0X
Pltney-Bowes Postage
Meter
5
1
15X
zlX
Pioneer Gold Mines Ltd.. 1
25X
pref
Solar Mfg Co
37
2,500
conv
Jan
Jan
36 X
7X
$3
Jan
8X
8X
120
6 X
May
Simmons-Boar dm an Pub—
reg.£l
Sioux City G A E 7% pf 100
Skinner Organ..........5
Phoenix Securities—
Conv S3 pref series A. 10
Pierce Governor common.*
6
common
Nov
56
1
Mining
2
Philadelphia Co common.*
*
1
Seton Leather common...*
113 X
112
25 X
1
Serrick Corp
Nov
May
May
90
Pepperell Mfg Co—100
Perfect Circle Co
—*
$7 prior preferred
$6 preferred
Mar
June
X
0% 1st preferred
7% 1st preferred
Apr
IX
2X
100
97 X
Pratt A Lambert Co
Jan
12 X
103 X
1st preferred
May
*1
1
12X
20
6%
37
*4X
25
com...
100
6
600
Polaris Mining Co
48X
Shawl nig an Wat A Pow..*
113
Potero Sugar common
Powdrell & Alexander
47
1
Jan
Jan
Apr
X
6X
59 X
60
Shattuok Denn
110
Pneumatic Scale
35
Oct
113
Plough Inecom
150
Apr
*
Pleasant Valley Wine Co.l
600
22 X
*
Pitta Bess & L E RR
Aug
Nov
May
4,400
May
IX May
11X
Jan
SO preferred
Penn Salt Mfg Co
Common
X
2X
718
2X
48 X
2X
Sllez Co
14)4
Penn Pr A Lt $7 pref
Pilaris Tire A Rubber
47"
Sentry Safety Control
*18
47
bherwin-Williams 00m..25
12 )4-
*
50
2X
25
04
2h
14
.*
—*
common
S18
...5
X
Pennsylvania Gas A Eleo—
Class A
.....1
stock
Jan
Jan
Mar
Pennsylvania Edison Co—
S5 series pref
$2.80 series pref
Common
IX
8X
II
33
Pennroad Corp com
1
Penn Cent Airlines com.l
X
2X
6X
77
80
470
55
Mar
6
IX
6X
10 X
X
80
Mar
Oct
Jan
59
Apr
May
Jan
May
Jan
Apr
Nov
(iConcluded)
Week't
Last
SaU
Par
Bangs
Shars*
High
Low
Price
7%
38*4
1958
6*4
6*4
Apr
♦Maranhao 7s
1958
Feb
♦Medellln 7s stamped
1951
{114
8*4
Nov
•it
Jan
x8%
Jan
{21
4%
May
10H
39%
Jan
♦Issue of Oct 1927.
{23
2,000
May
Jan
Jan
♦Parana (State)
May
6%
Apr
♦Rio de Janeiro 014s .1959
H
Nov
Nov
1%
Feb
13 %
Jan
64%
15%
65
2%
Jan
79
10
4
A
1,900
28%
24 %
24
hi
10,100
he
16% May
dH
Apr
20
May
27
Apr
Feb
75
Oct
800
May
5%
2455*
Jan
1%
Apr
H
100
6
Nov
7%
Apr
2,775
64
May
44
39 %
June
83 %
40
Jan
Sept
0
630
7%
7%
5
5%
3% May
100
900
3%
May
8
59 4
725
June
2%
3%
1,600
24%
600
20
30%
30%
100
1% May
19% June
26
May
1
1%
2H
1,600
3
3%
700
"it
100
1%
900
14
1%
"l0%
4%
2,300
Ton "io%
"ioo
3%
78%
200
""% '"he
76%
'""766
76%
in
Jan
%
July
Aug
Jan
0
H
Apr
2% May
0
Sept
May
2
Mar
6%
Mar
2% May
14
preferred
22 4
31
*
14
23*4
32*4
94
1,900
Aug
r48%
May
23%
May
2
80*4
Nov
July
29
Apr
100
63*
3%
♦
•
June
July
•it
1,200
14
"*24 " "2
July
4
14
"""466
400
12% May
Oct
1%
1
"2*4
2*700
54
1,200
5*4
1*4
May
Apr
1*4
Feb
15*4 May
4
Jan
2
Jan
May
102
Feb
1% May
3% May
3
Nov
"
"24
44
24
Apr
May
92
1
20
3%
Oct
7*4
6*4
Apr
Apr
31
1
Williams (R C) A Co
•
HI..*
77
Oct
100
17
17
14
May
9% May
Sept
10
6%
6%
'34
3%
1
150
6%
6%
3%
6%
1,100
200
Wilson Products Inc
1
Xll%
12
*
7%
8
500
113
10
Wisconsin P A L 7% pf 100
113
150
!
5%
5%
5%
5%
2
1,800
5%
6
400
Petroleum
x4%
1,800
5%
108
121
129
bbb3
45
3
47*4
12*4
12*4
12*4
12*4
2,000
11
30
13*4
28,000
10
264
14
72,000
10
28 4
10
28 %
10 4
344
53
75
b
x
ddd!
z
dddl
12*4
x
dddl
12*4
x
dddl
12*4
12*4
13*4
65.00C
z
dddl
13
13
13*4
4,000
y
b
3
61
61
63*4
12,000
x
a
x
aa
{106*4 106*4
{109*4 109*4
1947
1947
y
bb
al02*4al02*4
y
bb
0s.........1960
x
b
1957
I960
.1998
x
aa
t
aa
111
aa
152*4
111*4
152*4 152*4
30,000
x
*4s-—-1908
Birmingham Gas 6s
1959
x
bbb3
101*4
101 *4
22,000
90
101*4
y
bb
9,000
89
104
1954
.—1963
y
bb
10,000
95
1034
x
a
79*4
79*4
12,000
65
100 %
1942
Cent Power 5s ser D
1957
Cent States Eleo 5a
1948
5 *4s
1964
Cent States PAL 5*4s—.1953
x
a
71*4
71*4
20,000
63
83%
y
b
81
1927
z
bb
41*4
y
y
Avery A 80ns (B
5e without warrants
100
Convertible
Bell Telep of
1st 6e series B
C
Steel 0s
Birmingham Elec 4
River Pow 5s
Canadian Pac Ry 6s
A -.1952
......--.-1955
Cities Service 6s
1900
Conv deb 5s
1960
Debenture 5s.......— 1958
Debenture 6s
...1969
Cities Serv P A L 5 *4a
1952
116*4 117*4
116*4
26%
1951
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
26%
101*4
103*4 103*4
102*4 103*4
80*4
75
102*4 102*4
31*4
28,000
y cc
30*4
30
52.000
254
414
80*4
31*4
81
17,000
644
83
41
43
37
50
bb
92*4
92*4
28,000
2,000
77
93*4
bb
93*4
93*4
1,000
78*4
95 4
X8%
85*4
87
82*4
84*4 178,000
82*4
84*4
82*4
82*4
84*4
b
93*4
93*4
95*4 108,000!
76*4
93*4
93*4
95*4r 95,000,
16,000
99*4 100*4
75*4
y
99*4
1957
y
bb
1951
x
aaa4
x
aaa4
1971
1909i* aaa4
aaa4
1954 *
1943
b
4
1958
1944
y
bb
4
y
b
1955
x
a
2
1959
4s.....I960
3 *48..-1905
Elec Power A Light 5s
2030
Elmlra Wat Lt A RR 68-1956
El Paso Eleo 6s A
1950
El 5s
Tobacco
5s
1014
26%
26%
1955
1953
{20
Danzig Port A Waterways
♦External 64s
1952
♦German Con Munlo 7s *47
{8
1952
1,000
2,000
26%
26%
26%
3213
1014
106 4 106*4
4
103
104*4 104*4
y
b
45
a
109
114
1952
Empire Diet El 5s
0 *4a series
Nov
Nov
1953
—1967
Federal Wat Serv 5*4s
Jan
Jan
45*4
109
y
b
1901
I960
1954
y
cccl
x
bbb3
x
bbb3
105
1044 105*4
y
bb
1014
101 4
x
a
y
b
12*4
Feb
Florida Power A Lt 5s
6*4
Jan
1014
1014 1014
{38
40
1054 106
Gary Electric A Gas—
—1953
1950 y bb
% ccc2
A——1948
Gen Wat Wks A El 5s
1943 y bbb2
a
Georgia Power ref 5s
1967
4
Georgia Pow A Lt 5a.
1978 y b
z b
♦Gesfruel 6s
1953
Glen Alden Coal 4s...
1905 y bb
Gobel (Adolf) 4*4a
1941 y ccc4
a
Grand Trunk West 4a
1950
x a
Gr Nor Pow 5e stpd..—1950
x aa
Green Mount Pow 3%B—1963
Grocery Store Prod 0s
1945 y b
Guantanamo A West 08.. 1958 y b
Guardian Investors 56—1948 y c
idd
I
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
Sept
Aug
28*4
Feb
12
Jan
20*4
Nov
14
12%
15
Jan
Feb
26*4
Nov
Aug
26*4
Nov
Jan
May
52
May
49
Mar
6
Mar
12
8,000
2.000
3,000
3,000
106*4
69
106*4 107 4
74*4
884
1074 112
70
87*4
110
1254
102*4 106
101*4 105*4
4Q
91
1064 109*4
102*4
89
22 4
33,000
71,000
1,000
37,000
97 4 102
*7 4
56
94
24,666
102
83
1014
674
"8,666
73,000
59
75
18
28
65*4
794
4.000
78*4
50,606
70
70
1,000
70
7S?4
79
4,000
58
110
1,000
1,000
100
106
106
57
57
{25
29
274
27
75
101
89
1034 107*4
32
794
110
57
98*4 1064
105*4
100
72*4
69
{274
"78*4
107
3,000
91
79
1104
99*4 106
52
634
294
16,666
53
23
42*4
{26
Nov
26*4
1014
76*4
78 4
{1004 101
101*4 1014
{65
72
100
1004
♦General Rayon 0b
20%
2*666!
Residential Mtge
Banks 6s-5s stpd
June
Feb
9,000
104
87*4 194,000
{1244 125
1964
Finland
3% June
29
1014
86*4
stemped—
1944
Gstin»au Power 3*4s A—-1969
5*4
5*4
Sept
614
93
1074 1074
103
94
80
95*666
884 227,000
5,000
87
97
75
45
Ercole Mare 111 Eleo Mfg—
A
Erie Lighting 5s
20
3,000
101
a
Jan
1244 1294
28,000
143,000
53
bbbi
18
10,000
93
bbb3
Edison El 111 (Bost)
Nov
A St Ry 6*4s
1947
90
1
7*4
.....
18
26%
26%
96
{49
2
A stamped...
ser
95*4
1114
105
5,000
129*4 129*4
95*4
90*4
97
964
1014
1044 1114
Consol Gas Utll Co—
y
81
1254 135*4
x
Mar
85
5,000
1,000
111*4 111*4
1104 1104
x
Nov
60
{128*4
86 4
9*4
85
:
4
2
85*4
66
50,000'
b
12*4
65 4
82,000
Consol Gas (Bait City)—
08
88
70
85*4
82*4
82*4
y
3% May
4% May
7% June
9%
26%
26%
125%
♦Prov Banks 6s B..1951
18,000
41
254
y b
y b
Y b
J b
Consol Gas El Lt A Power—
Cuban
954 103 4
30
Conn Lt APr7s A
Gen mtge 4 *4a
155
30*4
Community Pr A Lt 5S—
(Bait) 3*48 8er N
1st ref mtge 3sser P
89*4 117
138
102*4
"874
20
Cent Bk of German State A
4,000
1074
May
"
lToOO
110
2,000
2
%
Agricultural Mtge Bk (Col)
24
130*4
88
aaa4
%
{21
95
81.000
110
3
1949 y b
„
30,000
111
bb
......
6*48..
92 4 100
y cc
y
series B
105
95 4
110
3
Canada—
bb
Week
2,000
10,000
4,000
100
Baldwin Locom Works-
bbb4
for
22
1034 110
x
Safet
22
1044 108*4
F)—
6s with warrants
Gen Pub Utll 0*4s A
22
57,000
y
Sept
Mar
102*4 108
38 4
62 4
45
y
General Pub Serv 5s
BONDS
"l9"66o
105*4 106
x
GOVERNMENT
For footnotes see oage
103 4
bbb3
5s ex-warr
MUNICIPALITIES
Apr 1946
Jan 1947
42,000
103*4 104*4
{127*4 130
bbb3
x
Eastern Gas A Fuel
7*4
5
54
x
90*4 105*4
...1977
Assoc TAT deb 5 *4s
A *55
Atlanta Gas Lt 4 %n
1955
Atlantic City Eleo 3*48
'64
Florida Power 4s ser C
5s
106*4 111*4
Delaware El Pow 5*4s
Woolworth (F W) Ltd—
Wright Hargreaves Ltd.."
36,000
106*4 107
100*4
Apr
4%
Wolverine Portl Cement. 10
Wolverine Tube com
3
Sept
Feb
7*4
May
{111*4 112*4
101*4 102*4 119,000
11*4
Jan
98
106
109*4
108 4 1104
6,000
106
17*4 May
July
7% May
5% May
104
107*4
106
10*4
7*4
5%
3%
200
1
1
3% May
102*4
x
♦Conv deb 5*4s
Cudahy Packing 3*4s
Wilson-Jones
Co....
May
106*4
106*4
98*4 104 %
5s.........1968
♦Debenture
Cont'l Gas A
20
a
|*Chlo Rys 5s ctfs—
%
Wloblta River Oil Corp. .10
♦Secured 08....
x
1903
Debentures 4*4s
.1948
Appalac Power Deb 08 ....2024
Arkansas Pr A Lt 5s......1956
Associated Eleo 4*4s—
1953
|Associated Gas A El Co—
♦Conv deb 4*4s
.....1948
♦Conv deb 4*4s
1949
♦Conv deb 6s..........1950
1st mtge 4s
Cincinnati St Ry 5 *4s
Apr
Weyenberg Shoe Mfg
Ext 5s
bb
Nov
Aug
•
Danish 54a
aa
y
Jan
Nov
10
44
...10
♦6 series A
x
....2016
Am Pow A Lt deb 0s.
109
{109*4 109*4
Appalachian Eleo Pow—
32*4
Ry—
♦Baden 7s...
106
aa
May
75
Common
♦20-year 7s
♦20-year 7s
aa
x
May
Apr
200
2,200
1st preferred
100
Western Tablet A Statlon'y
FOREIGN
x
105*4
Co.—
2*48 8 f debs
3*48 8 f debs
3*4s sf debs
1*4
May
230
9 4
84
7%
AND
..1950
1900
1970
American Gas A Elec
2%
6
Amer deprcts
102*4
105*4 105*4 29.000
102*4 102*4 100,000
99
bbbl
May
21
Wayne Kntttlng Mills
WUliams Oil-O-Mat
bbbl
y
May
74
Westmoreland Coal
y
%
•
Westmoreland Inc
103
Jan
•
Western Maryland
104*4 107 4
*11
Apr
Western Grocer com
105
2.000
June
6*4
Western Air Express
3,000
6.000
Broad
Apr
Mar
Jan. 1
105
Canada Northern Pr 5s
38^
Since
%
107*4 108
106*4 106*4
Jan
Apr
May
West Va Coal A Coke
Range
for
Week
1
Feb
600
88*4
1*4
Range
1
1%
66%
3
5
WeUlngton OH Co...
1
Wentworth Mfg
1.26
West Texas Utll 30 pref..*
Price
of Prices
Low
High
1
1*4
10
84
44
1
Weeks'
Sale
a
Feb
Sept
1
Sale*
Last
A
Co—
May
9*4
Class B
Oct
a
Apr
1
12
Walker Mining Co
Mar
a
5s series
July
Watt A Bond class A
Feb
17*4
11
15
x
Bethlehem
100
7% preferred
*4
x
Mar
100
94
—♦
Oct
Sept
x
Mar
May
87
*4
1946
13
May
Wagner Baking v t c
Power
24
7
88*4
"""8*4
Mar
Jan
1st 5s.
May
6%
7% pref..100
Vogt Manufacturing.....*
..1
Vultee Alrcrait Co..
Mar
10*4
1st 4 ref 58
May
1,100
4
4
Mar
10*4
Friday
Bank
'
4
1*4
92
Petroleum... 1
Waco Aircraft Co..
Alabama
1%
...7
6
Van Norman Mach Tool.6
Woodley
Apr
1% June
Aug
3%
Utility A Ind Corp com..6
Valspar Corp com
40*4
*4
4
See A
Aug
Utility Equities
Va Pub Serv
Apr
%
35 %
May
Jan
1%
1
com—10c
60 priority stock
1
Utah Radio Products
Venezuelan
28
5%
%
14% May
"""400
"lH ""i
Utah Pow A Lt 37 pref..
Oct
Jan
*4
Rating
Elig
BONDS
15
Universal Products Co—*
6
Feb
Feb
%
"i %
0
Apr
2%
....»
C....1
Universal Insurance
8
Universal Pictures com.—1
Universal Corp v t
Mar
2%
3
2
71
May
1
.
*is
Universal Cooler class A..*
34 conv
Apr
Feb
%
May
♦
Feb
7%
May
100
common.—60c
Nov
9%
3
50
7
23 4
preferred
Feb
Nov
Feb
55 %
United Stores common.60c
{114
1967
43 %
U 8 Rubber Reclalming.
m m
1st A ref 4*4s
544
8
mm m
1st A ref 5e
"554
34
m
Apr
June
5
17,000
,
Mar
9*4
1,000
'is
{4
1st Are! 6s
%
—-*
<m <+■
Jan
%
58
m
*
Jan
1%
Nov
hi Sept
'1, 25
.
5is
«.
Mar
14*4
13
74
4
^
»
1951
1950
1908
Jan
%
7
—
Feb
89
May
4%
"S %
.1949
'
RAILROAD anil INDUSTRIALS
July
hi
82
6
mm
m
Oct
June
11
Jan
113%
Nov
•it
239
S5 1st pref with warr.
Conv
%
8%
87% June
•it
Utah-Idaho Sugar
♦5*48
♦Santiago 7s
Jan
200
44
'm
.
Apr
70
23*4
'
— m
•»
Mar
900
1,100
24
7i«
*
Jan
26*4
26*4
20*4
T,66o
114
'
Apr
1%
17,000
*
he
♦
SO 1st preferred
*
United Milk Products...*
S3 partic pref
... *
United Molasses Co—
Am deprcts 3rd reg
United N J BR A Canal 100
United Profit sharing, ,26c
10% preferred
10
United Shoe Mach com.25
Preferred
—-.25
United Specialties com... 1
US Foil Co class B
1
U 8 Graphite com
—.6
U 8 and Int'l Securities..*
16
Jan
6%
uu May
1084 109
82
m
Sept
20
Feb
% May
hi Nov
*
1
109
Common class B
May
....
.....
Mat
15
7*4 June
May
69% May
*is
Apr
13*4
8
5,666
Feb
3%
1,300
7,400
5
•i«
10*4
June
5,000
84
Jan
Jan
m
—
Govt 0*4s. .1919
.1921
♦Russian
Jan
Oct
5%
8%
United Lt A Pow com A..*
B
1*
4
7% May
2H Mar
100
United Wall Paper
Jan
64%
Option warrants
1st 17 conv pref
Mtge Bk of Denmark 5s "72
.1958
7s.
3%
8
3%
1
"2*500
"34 """24 "34
*X5
U 8 Radiator com
♦Mtge Bk of Chile 6s .1931
May
May
ht
4
Plywood..
1 % conv preferred
♦6 *4 s stamped
1%
6H
1,500
*16
4
Nov
17
20
100
44
26*4
40
{154
74
Jan
5*4 May
27
Feb
{21
114
Nov
12
28
27*4
1947
Jan
Mtge Bk of Bogota 7s
♦Issue of May 1927
Apr
134
3%
200
74
44
"I H
*
United Gas Corp com
1
1st 17 pref non-voting.*
36
Apr
May
*16
100
1*4
74
Elastic Corp
Class
Apr
2
1*4
38 4
Corp warrants
U 8 Stores
lu
'11
1%
11
1,000
3,000
26
Apr
Oct
""560
1*4
*
Unexcelled Mfg Co.....10
Union Gas of Canada....*
Union Investment com...*
UnStk Yds of Omaha.. 100
United Aircraft Prod
1
United Chemicals com.—*
S3 cum A part pref
*
Un Cigar-Whelan 8ts._10c
U
26
High
Low
I
274
26
.
May
600
■
Works.—1
U 8 Lines pref
274
1939
(City) 7s.
♦Hanover (Prov) 04a 1949
Lima (City) Peru—
'Hanover
z8%
H
preferred——*
United G A E7% pref.
Jan
2,600
"""74 "8 4
Inc.—*
Corp.—1
Series B pref-.—
United
115
%
%
24
•it
Udyllte Corp
——1
lUlen A Co ser A pref
*
United
May
1,100
2
Trunz Pork Stores
A
Mar
hi
1
Pranswestern Oil Co—-10
rrt-Contlnental warrants
PiflilM
109
200
*15
*15
I
IYans Lux ''orp
Tung-Sol Lamp
May
104
108% 1084
6% pref 100
preferred
100
Tonopab-Belmont Dev. 10c
Tonopab Mining of Nev.J
Toledo Edison
Tubize Cbatlllon
High
95
100
Wttk
Low
Price
Rang1 Sine* Jan. 1, 1940
for
Range
of Prices
High
Sale
(Continued)
Low
Week's
Last
BONDS
Jan. 1, 1940
Rang$ Sine*
for
Week
of Priest
1940
30,
Salt*
Friday
Sola
Friday
STOCKS
80c conv
Nov.
New York Curb Exchange—Continued—Page 5
3212
7% May
7% May
27
1938
x
cccl
{26*4
15 4
26*4
Oct
Attention Is directed to the new column in
this tabulation pertaining to
bank eligibility ind
rating of bonda.
See t.
New York Curb Exchange—Concluded—Page 6
Volume 151
Fan*
Friday
Last
Fltg. A
BONDS
Sale
Rating
Sales
Week's Range
for
of Prices
Week
Range
Rig
Since
Par
Houston Lt A Pr 334s
1966
x
♦Hungarian Ital Bk 734s.__1963
By grade Food 6s A
1949
z
c
I
y
b
2
1949
y
b
2
1967
x
aa
3
10734 10754
"2".66O
x
bbb3
10734
107
10734
28.000
101
1954
x
bbb3
10654
2.000
x
bbb3
10654
10534
106 34
1966
1055* 106 3*
35.000
Idaho Power 3%%
III Pr & Lt 1st 6s ser A
1st A ref 6 34s ser B.
1st A ref Seser C
8 f deb 5 34s
May
Indiana Hydro Elec 5s
Indiana Service 5s
aa
3
Low
High
11054 11054
15
74
1,000
74
10634 11134
1950 y b
2
7434
1963 y b
2
73
1952
z
bb
1
833*
1965
y
b
*"1934
*■1934 *■1934
1,000
64
81
66
7.000
79
Power
Corp(Can)434sB
1959
x
2
a
1954 z b
Public Service Co of Colo—
1st mtge 3 348
1964 x aa
8
f debs 4s
1949
X
98 54
107
96 3*
87
106 3*
10134
93
1013*
1949
y
bb
3
10134
1st A ref 5s ser C
1950 y bb
1st A ref 434s ser D
1950 v bb
Queens Boro Gas A Elec—
3
100 34
3
99 3*
Puget Sound PAL 6348
—
57
7434
29.000
56
11,000
60
735*
9934
1952 y bb
4
89 54
4,000
173*
43 34
♦Ruhr Gas
1953
1
29
2.000
21
49 34
♦Ruhr
1958 z cccl
1934
47 3*
7134
Safe Harbor Water 434s...1979 x aa 3
San Joaquin L A P 6s B
1952 x aaa2
♦Saxon Pub Wks 6s......1937 z cccl.
Corp 034s
Housing 0t*s
z
b
44,000
1,000
103
106 34
♦Scbulte Real Est 6s
103
100 34
109 3*
Scrlpp (E W) Co 6 34s
1943 x bbb2
Scullin Steel
1951
10,000
48,606
51
1958
x
aa
Elec 7s
1952
y
b
26
26
26
3,000
26
62
Italian Superpower 6s
1963
y
cc
36
345*
36
39,000
2934
42
10,000
39
53 34
Isarco Hydro
Jacksonville Gas
—
6s stamped
1942 ib
J
Kansas Elec Pow 3 He
1966
*
2
Kansas Gas A Eee 6s
aa
453*
443*
453*
1106
110
2022
x
a
2
Lake Sup Dlst Pow 3 34s—1966
x
a
4
♦l eonard Tleta
1946
z
cccl
J31
Long Island Ltg 6s
1945
x
bbb3
104 3*
Louisiana Pow A Lt 6s
1957
x
a
Mansfeld
♦7a
1063*
734s
128 34 12834
109
109
4
10734
1,666
1025* 107 3$
117
12834
1,000
104 3*
"
35
30
105
"8,606
10754 108
13,000
10:134
33
1033* 100
103 34 108
Mln A Smelt—
mtgesf
I
*30
35
69
70
19
23
8,000
6834
7134
5,000
4,000
99
McCord Rad A Mfg—
1948 yb
Deb 4 Me
1962
x
bbb2
Mengel Co cony 434s
1947 y b
Metropolitan Ed 4a E
1971
x
aa
1965
x
aa
Middle States Pet 634s
1945
y
bb
Midland
1943
y
bb
1967
x
bbb2
—1978
x
bbb3
1955
x
bbb3
Mississippi Power 68—.—1955
x
bbt>2
Miss Power A
1957
x
bbb3
1951
x
aa
4s series G
Valley RR 5s
Mliw Gas Light
1st A rel 5s
Lt 5s
Miss River Pow 1st 58
Missouri Pub Serv 6s
57
4
2
2030 y bbb2
1978|*
1981 lx
x
aa
Nelsner Bros Realty 6s ..—1948
x
.
6s series A
Nevada-Calif Elec 6s
New Amsterdam Gas 5b..
1948
.
N E Gas A El Assn 68
gg
x
3
aaa2
1947 y b
4
1948 y b
.............
Conv deb 6s
bbb3
1956 y bb
4
—..1950 y b
New Eng Power 3)*s
1961
x
Debenture 634s
4
aaa3
New Eng Pow Assn 5s ...*1948 y bb
95
10134
------
108
------
------
8534
------
bb
3
y
bb
1949 y bb
8,000
13.000
13,000
3,000
983* 1043*
102 34
107
"4",000
90
1045*
18,000
13,000
97
10534
12.000
1083* 110 34
86
98
95
102 34
109
11334
10734 108
8,000
101
108
26
26 34
11054 11054
12734 12734
1108
10834
85
86 54
121
121
12,000
1,000
1,000
102
62
873*
115
122 H
61
7134
52
713*
7134
9754
98
663*
6754
10934 109 34
28
85,666
9534
68
20
1085* 11134
128 34
110
2,000
25,000
7,000
41.000
1,000
31,000
673*
4
915* 10134
70
513*
98
10534
2,000
6734
663*
111
28,000
663*
------
106
11354 11354
665*
3
'Income 6s series A
95
94
96
101 34 10234
------
983*
y
1942
58
------
903*
1964
57
------
3
6s stamped
1085* 1085*
9934 10134
81
1013*
10434 109 34
"8",000
------
-------
2
94?*
1106 34 109
10534 10534
104
1043*
110734 1093*
10454 10454
1035*
1035* 10454
1093* 10934
aaa2
2022
Nebraska Power 4^8—
1013* 1013*
94
10134
1960 y bb
f'Nat Pub Serv 58 ctfs—
— — —
-------
2026 y bbb2
Deb 5s series B
—
------
Nassau A Suffolk Ltg 6a.—1946 x bb
Nat Pow A Lt 6s A...
-
2
2
120
51
105
883*
93
110
9954
10034
985*
71,000
1013**1013*
104?* 104?*
1,000
10254 103
105
10534
13,000
10234 1055*
10934 10934
10654 10054
1,000
4,000
1043* 110
102
10654
1115* 1153*
New Orleans Pub Serv—
New
York
10034 1035*
1,000
97
104?*
7,000
81
103
Penn A Ohio—
'Ext 4Mb
y
bbb2
x
a
4
196*
x
a
4
2004
x
aaas
x
aa
stamped.....1950
1980
N Y State EAQ 4)48
1st mtge 35*s
N Y A Westch'rLtg4a
.......1954
Debenture 5s
10254
105
------
10654
3
------
1953 lb
Nippon El Pow 0J48
No Amer Lt A Power—
1
44
y
bb
2
x
aa
4
104
y
b
3
fN'western Pub Serv 68...1957
x
bbb4
475*
1043*
Ogden Gas 1st 5a
y
bb
2
1945
x aa
44
443*
x
a
3
1955
x
bbb3
Okla Power A Water 5s...1948
x
bb
1941
x
aaa2
1942
x
1025* 1025*
1,000
7,000
104
1.000
10834 10934
10734 10734
3,000
47,000
2,000
5,000
15,000
19,000
1,000
1035* 1035*
aaa4
Okla Nat Gas 3348 B
104
1,000
1053* 10534
9,000
48
465*
1043* 1043*
112
4
.1962
334a....1968
Ohio Public Serv 4s
2
137
10134
2
2
8534
2
8634
Sheridan Wyo Coal 6s
1947 y b
2
8ou Carolina Pow 5s......1957 y bbb2
Southeast PAL 0s
2025 v bb 4
Sou Counties Gas 4
34s
Sou Indiana
.......1961
So'west
8'west
Ry 4s
Pow A
Pub
1968 x aa
6s
40
65
113
1103* 11034
109
10734
4
94
1033*
103?* 106
35
101
10734
1033*
1035*
10434
10034
10534 10954
1043* 10754
70.000
493*
10034
113
1105*
1095*
86
102
11,000
83
10134
45,000
81
10134
90
2,000
80
29
1,000
18
9934
13", 000
3,000
99
29
25
1334
105?*
109 ^
127
13734
12
"43"
23
10134 10134
76
74?*
87
8534
11.000
10034
2634
39
104
9,000
57
21,000
64
98 34
8634
873*
12,000
04
975*
91
13.000
87
102 34
102 34 103
111
11054 112
1035* 10434
47
2
7,000
81
95
903* 103 34
54,000
102
17,000
10334
113 34
105?*
bbb4
47
1,000
37
10154 103
110554 108
5,000
90
105 4
105
53
1989 z b
2
47
47
"5,660
40
108 54
60
1948 y b
3
71
703*
72
26.000
49
745*
70 3*
70 3*
715*
14,000
4934
745*
7234
56,000
48
7454
72 34
16.000
48
745*
7234
33.000
48
72
32,000
49
7454
745*
20
7034
703*
703*
19?*
2134
5,000
1454
2434
453*
4434
4534
10,000
27
43
43
000
41
46
31
3234
10,000
18
38 34
2734
28
x
y
b
3
703*
y
b
3
70 3*
3
705*
6s gold debs
1957 y b
3
70 3*
Standard Pow A Lt 6s
1967 y b
3
703*
♦Starrett Corp Inc 5s
Stlnnes (Hugo) Corp—
1950
(stamped).1948
Debentures 6s
1951
z
♦7s2d stamped 4s......1940 *
♦Ctfs of dep....
7s 2d stamped 4s
Hydro
161
Electric—
(stamped)
♦Ternl
128
91
4
y
1946
Spalding (A G) 6s
6s
745*
3
bb
2022 y bb
Lt 0s
Serv
El
ccc2
..
1940 z
0 34s
1963 y b
1
i960 x bbb4
0s series A
107
1956
Texas Elec Service 5s
Texas Power A Lt 5s
10754
x
a
2
28
2022 y bbb2
Tide Water Power 5s
1979 y bb
1
8.000
10654 107
10734 107 54
34.000
16.000
47
213*
40
1015* 107
104 3*
108 34
109
1118)4 120
3
99
99
9954
25",000
1203*
8834 10334
4
60
60
61
12,000
60
734
8
11754 118
7,000
Tieti (L) see Leonard—
Twin City
Rap Tr 5 348—1952
I'Ulen A Co—
y b
Conv 6s 4tb stp
United Elec N J 4s
...i960
z
...1949
x
United El Service 7s
...1956 y bb
aaa4
I
♦lstsfOs...
b
Debenture 0s
1975 y b
Debenture 634s
1st lien A cons 534s
2
2
1959 x bbb3
United
z
233*
34
1
1946
6,000
22
34
133
233*
♦United Industrial 634s_..1941 z cccl
35
29,000
63*
114
69
1234
11854
2034
453*
10
34
16
2.000
343*
73
893*
945*
Light A Pow Co1974 y b
Un Lt A Rye (Del) 5 34s... 1962 v bb
United Lt A Rys (Me)—
0s series A
3
85
8634
8934 91
11073* 1085*
85
91
'9334
1952 x bbb3
Deb 6s series A
..1973 V b
2
Utah Power A Light Co—
1st lien A gen 434s
1944 x bbb3
Deb 0sseries A..
2022 x bb 2
Va Pub Service 634 A—...1940 y bb
1st ref 6s series B
1950 y bb
Deb s f 0s
3
3
102 34
102
1946 T b
9,000
7434
10454 110
138",000
8434
78
8.000
93
11834 11854
8434
10.000
110
4.000
85
10134 10134
101
10234
10154 102
10254 103
1015* 1015*
965*
119
723*
89
9534 10134
2,000
18.000
85
37,000
993* 104 54
59,000
95
104
3,000
94
103
10234
Waldorf-Astoria Hotel—
♦5s Income debt
2
4
Washington Water Pow 334s'64 x
Elec 5s
West Penn Traction
West
Newspaper
45*
aa
...2030 x bbb3
5s..
1960
x
aa
2
Un 6a__.1944 y bb
Wheeling Elec Co 5s
...1941
Wise Pow A Light 4s.....1966
|*York Rys Co 6s
1937
♦Stampedes—...
1947
2
x aaa2
x bbb3
z bb
I
rbb 2
68
4
1054
1109
11034
107
109 34
5109
1954 z cc
1951 x aa
Wash Ry A Elec 4s
West Penn
1956
Ohio Pow 1st mtge
1153* 1153*
,
No Bost Ltg Prop 3^8—1947
Nor Cont'l Utll 53*8
1948
634s series A
cc
Debenture 0s.—Deo I I960 y b
4
Memphis Comml Appeal—
4)48
Minn PAL 4)48
Inc 3s
z
yb
Conv 08
6s stamped.
—.1951
985*
10754 108"
13734 13734
126)4
8haw!nlgan WAP 4 348... 1967 x a
1st 4 3*s series D
1970 x a
Standard Gas A
...1941 idd
913*
2634
1043* 108
126
.
5134
3534
10554 10554
110554 106 34
106 34
1063* 106 34
7,000
1073*
1013* 10134
10034 lOO?*
22,000
29
3
158
158
1106
37 34
1957 y bbb4
30,000
4
6454 127,000
1961 y bbb4
2.000
106 3*
3
6134
6e series B
3034
01
14
20,000
71
109?*
a
22
Iowa-Neb LAP 6s
Range
106
106
x
634sseries A.
Iowa Pow A Lt 434s
70 34
y aa
245*
223*
3734
Jan. 1
.1966
is series A.
245*
643*
Since
%
109 54
2
bbb4
1967 y b
1952 y ccc2
Week
High
126
1952 yb
-1957 y b
7034
1
♦7s series E
Debenture 6s
for
of Prices
Low
Public Service of N J—
6% perpetual certificates
Pub Serv of Oklahoma-
Sales
Week's Range
Sale
♦7s series F
Interstate Power 6s
Last
Price
107 5*
International Power Sec—
6 He series C
Friday \
See i
'Prussian Electric 6s
"5",000
101
1013*
1013* 1013*
7334
7434
7234
735*
83
833*
'Indianapolis Gas 5s A
Jan. 1,
30
73
170
73
1957 y bb 3
1958 y bbbl
lBt Hen A ref 5s
$
Rating
(Concluded)
10534 109 3*
1953
6s series B
Price
i
A
BONDS
(Concluded)
see
3213
Rank
111
1073* 10934
1043* 10834
1073* 117
5
434
71,000
1106)4 108
11654 1165*
50 34
583*
1101
43
102
1073* 1073*
100
3,000
11,000
105
"7:660
603*
106
10234 1075*
1,000
100
1005* 10054
90
100
8,000
94
101
109
105
Pacific Gas A Elec Co—
1st 6s series B
Pacific Ltg A Pow 6s
1053*
*10754 108
Pacific Pow A Ltg 58...—1956 y bbbl
Park Lexington 3s........1964 z ccc2
"9534
x
bbb2
105"
bbb2
Penn Cent LAP
4348
1977
108
108
aa
2
x
aa
2
0s series A
1950 y bb
4
Deb 6348 series B
1959 y bb
1947 x aa
4
2
'10734
Penn Pub Serv 6s C
—1981 * bbb2
10334
1961 * bbb2
1035*
86
39
1055*
x
x
1962
.....
44",000
31,000
4,000
2,000
1979
5s series H
96
*37
3934
1045* 10534
10554 106
1055* 1055*
1971
1st 5s
Penn Electric 4a F
95
1053* 11034
10654 112
1083*
20,000
10854
10734
1073*
108
8,000
7,000
5,000
10334
1033* 104
11234 113
1025* 103
295* 3034
53,000
12,000
3,000
4,000
5,000
2,000
13,000
3,000
1,000
14,000
4.000
9734
4334
903* 10534
101
10734
100
10634
10454 1085*
Penn Ohio Edison—
1954 * aa
6s series D......
10834
10734
1073*
*107
10434 10934
1015* 1083*
106
1083*
105
10834
♦
Peoples Gas L A Coke—
4s series B......
4s series D
Phlla Elec Pow 634s
1972 x aa
1962 y bb
0348—1960 J b
Pittsburgh Coal 6s.......1949 y bb
Pittsburgh Steel 6s
—1948 y bb
'Pomeranian Elec 0s—. 1953 * b
Phlla Rapid Transit 0s
♦Pledm't Hydro El
3
4
1
3
2
2
1
2
4
—.1961 * a
4
1947 * ccc2
107
1033*
Stamped.* bb
434s series F
Potrero Bug 7s etpd.
1966 * a
107
1025* 1033*
27
♦Portland Gas A Coke 58—1940 y bb
Potomac Edison 6s E
103
27
9334
9334
8334
109
10834
8334
8434
109
109
10834
110
6,000
50
1,000
50
No par value,
a Deferred delivery salea not lnoluded In year's range,
d Ex
n Under the rule sales not Included In year's
range,
r Cash sales not In
91
103 J4
Interest,
95
104
eluded In year's range,
11034 115
92
24
103
99
13
105
4834
107
1045*
27
7834
94
75
90
10034 10934
10754 111
45
6334
z
Ex-dlvldend.
t Friday's bid and asked price.
♦
No sales being transacted during eurrent week
Bonds being traded flat.
f Reported In receivership.
5 Called for redemption:
Northwestern Pub. Serv. 6s 1957, Jan. 1, 1941 at 104.
e
Cash sales transacted during the current
week and not lnoluded In weekly or
yearly range:
No Sales.
v
Under-the-rule sales transacted during the current week and not Included In
weekly or yearly range:
No sales.
v
Deferred delivery sales transacted during the current week and not lnoluded In
weekly or yearly range:
No sales.
Abbreviations Used Above—'"cod," certificates of deposit; "cons," consolidated
"cum,** cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock
"v t c," voting trust certificates; "w 1," when Issued; "w w," with warrants; "x-w"
without warrants.
iBank
Eligibility and Rating Column—xIndicates
those bonds which we
believe eligible for bank Investment.
y
Indicates those bonds
we
believe are not bank eligible due either to rating
status or some provision In the bond tending to make it
a
speculative,
Indicates Issues In default. In bankruptcy, or In process
of reorganisation.
The rating symbols In this column are based on the ratings assigned to each
bond by the four rating agencies.
The letters Indicate the quality and the numeral
Immediately following shows the number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all four
agencies rate a bond differently, then the highest single rating Is .shown.
A great majority of the Issues bearing symbols ccc or lower are
Issues bearing ddd or lower are In default
Attention is directed to the
new
column In this
tabulation pertaining to bank eligibility and rating
of bonds.
See note A above.
AlUn default.
& Financial
The Commercial
3214
30, 1940
Nov.
Chronicle
Other Stock Exchanges
Sales
Friday
Baltimore Stock
Nov. 23 to Nov.
29, both Inclusive, compiled from
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Par
16*
■
■
^
"~37~c
2.35
482
72
897
69
118
119
26
108
7
400
35c
100
6*
6*
Chemical com—1
Apr
Apr
Aro Equip
5*
Feb
Asbestos Mfg Co
Apr
Fidelity A Guar Fire
Mt Vern-Woodb
Preferred.
Bastlan-Blesslng Co com.*
6
Sept
11
100
Belmont Radio Corp.
x5
5
22
38* June
75*
Nov
688
12* June
1.00 Sept
17*
Apr
1.45
Jan
July
Oct
95*
Nov
72*
Jan
Mar
75
Feb
725
1.10
12
65
71
85*
54*
.71
5
35
40
35
Nov
14* May
915
40
Apr
23*
Jan
23
May
36*
Nov
30
36* $14,000
12.000
41*
May
42*
Nov
10
*
Bendlx Aviation com....5
Berghoff Brewing Corp___l
Binks Mfg Co cap
1
Bliss A Laughlin Inc com.6
5
Week
High
Low
High
Low
Shares
Jan
2
1*
100
1*
Apr
1,674
144*
Mar
8
May
Jan
176*
hi
*
Jan
July
103
1*
lll
9*
mm-mmmm
35
100
100
110
9*
278
31*
32*
44*
46
248
19
19
19
385
Common
1
1
1
Prior
5
5
1*
1*
3,110
ha
80
200
20*
22*
2,000
17
20*
..5
cap—*
Brown Fence & Wire A prf*
Bruce Co (E L) com
5
Burd Piston Ring com
1
Butler Brothers..
10
17
Pub"Ser" §6
stamped—100
preferred
..100
St...100
Class B 1st pref st
100
Class C 1st pref st... 100
Class D 1st pref st—100
Boston Pers Prop Trusts.*
Boston & Providence...100
Calumet A Hecla
6
pref I1 *
89%
8
93
Nov
36*
Sept
Mar
Jan
1*
352
10c
10c
22
"
mm
2*
2*
3*
231
3*
2*
Mar
3*
Nov
Mar
40c
300
12*
12*
30
18*
18*
6
5*
310
40c
5
5
60c
60c
133
71c
372
24*
122*
mm*m
***.
m.
25*
4*
Mergenthaler Linotype..*
NarragansettRacg Assnlnc 1
New England Tel A Tel 100
N Y N H A Hart RR..100
4*
140
122* 125*
hi
*
265
4* May
Feb
3* May
6*
Nov
Cunningham Dg Sts cm2*
Decker A Cohn (Alf) com 10
Preferred
100
Nov
Ddxter Co (The) com
26
May
12* May
Deere A Co
60
Diamond T Mot Car ooui
Apr
Dodge Mfg Corp com
1.50
Jan
6*
Mar
Apr
Apr
Fairbanks Morse com
Feb
Feb
60c
12
hi
*
Apr
1,850
35o
Aug
92o
May
50
4c
Nov
25c
Sept
20c
18
.
12*
12*
6
22
23*
517
Reece Button Hole.......
9
9
10
Shawmut Assn TC
7*
Torrington Co (The)
*
30
29*
30
Union Twist Drill Co
5
34*
34
35
55
55
56*
United Shoe Mach Corp.25
35
Oct
84*
Jan
Hlbb Spen Bartlett
Oct
*
117
300
46
39* June
50c
35o May
8*
8*
*
*
1*
"29"
(3D)
185
1*
6*
1
10
1
Hein-Werner Mtr Prts cm3
Helleman Brewing cap
Sept
"13%
*
70*
17*
18
$700
67*
July
74*
Aug
3,700
70
17*
Nov
23*
Aug
Eastern Mass St Ry—
102* 104*
1948
15,050
86
June
104*
Nov
*
Sale
Par
Stocks—
Price
of Prices
High
Low
for
Range Since Jan.
1,1940
Low
Acme Steel Co com.
Adams (J D)
For footnotes see page
""3*
3217
53*
10
25
Mfg com...*
Advanced Alum Castings.5
52
61*
53%
3*
315
50* May
52*
100
34* May
10*
230
3*
650
7* May
2* May
70*
58*
11
4*
Jan
Nov
Apr
Oct
Apr
Jan
49* Apr
2*
May
66*
6*
Apr
Apr
Apr
May
12*
Feb
May
25
Apr
12*
Feb
8
7*
120
12*
27*
Jan
20*
Feb
10
Feb
10
100
17*
900
9* May
16
Sept
13*
450
9* May
9
150
8
May
9
900
7
June
July
10*
20
34*
14
50
10* May
15*
32*
150
30
Jan
13*
100
9
May
50
14
35*
16*
19*
17*
8*
250
12*
13
450
18*
19
45*
,
45*
244
100
Jan
Apr
50
Apr
40
550
4
400
1,100
6*
150
7
422
1
1*
450
80
50
*
7*
7*
1,900
10
Mfrs Sec—
Mlckelberry's Food oom.l
5
Midland United conv pf A*
5%
4
5*
5*
3*
hi
600
20
8*
Apr
6*
49*
Apr
May
June
3*
*
2*
Sept
July
1*
Jan
4*
Mar
5
June
8
Sept
5
May
9
Apr
1
Nov
3*
Apr
5*
3*
38
2*
15*
May
May
Aug
Jan
Jan
Jan
26
9
May
14*
Apr
8*
May
16*
Nov
3* May
7*
Jan
Apr
24* June
Jan
4
30
3*
Jan
Jas
5*
Nov
9*
Jan
Aug
100
May
1* Mar
ha
Jan
100
3* June
5*
2,150
3*
6*
3,200
6*
4*
hi
Nov
23*
100
3*
Jan
18*
Nov
600
28
Oct
Nov
62*
July
2*
3*
27*
Nov
Nov
17
6*
*
38*
17*
3*
23*
) 4
43
6*
1
May
June
50
3*
16
Nov
6*
550
1*
3*
'l%
1* June
i
17
8
1*
Apr
May
2*
4
Jan
Jan
28
9
48*
7*
3*
48
13*
20*
605
90
Feb
1
5*
6* May
18* May
300
3*
21*
88*
55*
17*
Apr
Apr
Apr
Apr
May
2
394
28
Jan
hi May
Apr
Mar
42
39
18*
650
6*
* June
*
ha
llenlOO
100
3%
3*
3%
3*
3*
50
3*
June
6*
Jan
9*
10*
370
3*
Jan
10*
Nov
25
25*
150
17*
May
Nov
Montgomery Ward com .*
36*
38*
739
32
May
26*
55*
Springfilled com*
9*
10*
200
7
May
11*
Apr
Midland Utll
High
6
3* May
2* Sept
38
100
8
18*
12*
6%
7% prior Hen
Abbott Laboratories com *
3*
160
Nov
34*
185
12*
15*
Common
Week
Shares
2,309
17*
Middle West Corp cap
Sales
Week's Range
540
1* May
1,200
Lion Oil Ref Co cap.....*
Marshall Field com
•
both inclusive, compiled from official sales lists
Nov
Jan
2*
35*
50*
4*
*
com
Feb
Oct
8
Feb
17*
10
Lincoln Printing Co com..*
$2 cumul part pref
May
3
11*
25*
18
54
*
*
$3* preferred
Feb
57*
85*
5
Class A
3* June
14* May
3*
B) Co (new) capl
com
Oct
6*
12*
1,150
35* May
20*
LlbbyMoNeillALibby com7
Chicago Stock Exchange
29* June
2* May
49*
Apr
155
"20%
Merch A
Apr
Nov
Oct
100
Indianapolis Pr A Lt com.*
Inland Steel Co cap
*
International Harvest coin*
Le Rol Co Com
CHICAGO
Nov
16*
7*
Leath A Co
Municipal Dept. OGO. 621
18
4*
31*
1*
900
5
14*
54
27*
McCord Rad A Mfg A..
Last
25*
35
May
Jan
Apr
Feb
Nov
9
500
7
10*
11* May
200
~28~~
La Salle Ext Univ com
Principal Exchanges
Friday
1*
4* May
100
41*
6*
Feb
30
23*
5*
205
Ken-Rad Tube A L'pcm A*
Bell System Teletype
Nov. 23 to Nov. 29,
May
Kellogg Swtcbd A Sp—
Unlisted
La Salle St.,
21
Mar
Aug
4
350
Joslyn Mfg A Supply com-5
Paal H.Davis &©o.
10 S.
850
»ia
Ky Utll Jr cumul pref...50
Kerlyn Oil Co com A
5
Members
31*
3*
Common
Trading Dept. OGO. 406-406
Jan
®18
Jefferson Electric Co com.*
Listed and
3
Indep Pneumatic Tool cap*
Indiana Steel Prod com... 1
Jarvis (W
SECURITIES
600
3*
Iron Fireman Mfg com
CHICAGO
150
1
Illinois Brick Co cap
mmm
100
4
10
Hupp Motor Car com
Illinois Central RR com 100
1960
—1970
Aug
13* May
13*
17*
Hubbell Harvey Inc com.5
Maine RR—
23
31*
Houdaille-Hershey cl B
Bonds-
10
Jan
Feb
2*
13*
Hormel A Co (Geo A) com *
Nov
Feb
19
* May
14*
7*
Nov
30
May
1
39
14~~
1*
July
24*
12
18
9
.....
9*
July
25
'17%
75c
May
10
20
9*
29
29
13* June
17
com.25
Horders Inc com..
44*
Nov
225
13*
33*
50 0
5
250
10
25*
43*
Jan
* June
450
150
8
Hall Printing Co com
25
Waldorf System..
Jan
Mar
Apr
* May
40
17*
Jan
Utah Metal A Tunnel Co.l
Warren Brothers
Goodyear T A Rub oom—•
Feb
Jan
8
145
4*
Goldblatt Bros Inc com..*
9*
May
33
4*
8*
49
Gillette Safety Razor com *
Apr
Mar
65
May
26
3
12*
1,623
Jan
3*
4*
16*
49%
Nov
Mar
6* May
6* May
20
41*
6*
6*
.....
52c May
12
*
5
22
com..10
7* May
5* May
22* May
457
11*
91
52*
335
8*
1,500
3 5*
21*
30
General Outdoor Adv cm.*
16*
July
6*
2* May
200
9,500
26
5
515
770
10
7*
2*
Feb
4
1,050
6
109* 109*
19*
20*
15*
16*
2
1*
2*
34*
25*
July
75* May
Apr
24
Gossard (H W) com
*
Great Lakes DAD com..*
10
9
9*
7*
..*
10c
June
7* May
63* May
Mar
General Foods com
Gen Motors Corp
7* May
14* May
64
150
565
116*
General Finance Corp coml
May
137
4c
22
*
9*
79*
July
0%
Feb
Nov
6*
Jan
June
Apr
1*
Apr
27*
May
4*
108
84
99*
*
Brewing com 5
Fuller Mfg Co com
1
Gardner Denver Co com..*
General Amer Transp com 5
Mar
2.75
Nov
Feb
June
10
31
Fox (Peter)
Jan
37
55
19*
26
Four-Wheel Drive Auto. 10
8*
July
1*
25* June
100
May
Fltz SlmonsAC DAD com*
4*
May
Jan
May
3*
18
50c
*
4,000
18
25
Feo
May
„
8*
14*
11* June
25c
4* May
20*
4*
15
38c
20c
25
1*
Elgin Natl Watch Co...15
Eversharp Inc com......l
Sept
Feb
Oct
77
2
Eddy Paper Co (The)
*
Elec Household Utll Corp.6
2*
Jan
120*
11*
10
*
Apr
Nov
40
Nov
*
105
2
7*
26*
10c
*
170
5
Aug
2*
4c
...50
Nov
Jan
16*
.-...*
com
16* May
36c
38c
2,60
25
Crane Co com..
Jan
Old Colony RR—
Ctfs of dep
Continental Steel—
Preferred
....100
Apr
255
Nov
Mar
*
19*
8*
Nov
'
.*
V t c
16
11* June
9
647
95*
Consumers Co-
45
1,365
26
100
100
1
5*
5%
Consolidated Oil Corp.—*
1*
12*
9*
4*
May
28*
28
28
26
Capital.
18
39*
71
Commonwealth Edison—
Apr
2*
Club Alum Utensil com...*
50*
5*
1*
24*
Apr
230
*
71
9*
75
4*
3*
Apr
19*
40
71
Common
15*
36*
23*
10* May
Chicago Towel Co—
pref part shares..50
23*
17* June
125
250
Chicago Flex Shaft com..5
Common part shs v t c B*
4*
150
*
71
Container Corp of Amer.20
24*
37
Mar
Jan
150
29
70
Jan
218
Feb
4*
7*
600
1*
1
28
May
May
59*
11*
4*
140
20*
Apr
May
500
8
2*
58
Feb
7
10*
100
Apr
20
108
May
5
Jan
22*
*
1* Nov
1* Nov
1* May
6
Jan
25*
Sept
6
6*
23*
May
1%
......
May
13* May
14* June
7* Nov
5* June
2* July
92
120
42
Nov
37
Apr
May
Nov
31*
38* May
16* May
7
Mar
10
Chrysler Corp common..6
Cities Service Co com...10
12*
Oct
5*
70
Prior lien pref..
Oct
36*
11*
41
Chicago Yellow Cab cap..*
May
66*
92
Oct
Oct
109
265
58
Apr
May
May
41
Preferred.............*
1*
1*
9
4*
Apr
*
hi
5*
12*
""9*
Apr
*
1
50c
2*
39
Jan
*
8*
Central A S W—
July
Employers Group Assn...*
Georgian Inc (A) pref...20
Gillette Safety Razor....*
Serit* B 5s
90*
14*
88*
1
58
4%
350
14*
5*
19*
5
4*% prior pref..—.100
6% preferred..
100
Eastern SS Lines—..._.*
1st Mtge A
250
2*
5*
19*
2*
1*
1*
1*
1*
Copper Range....
-.26
East Gas A Fuel Assn—
4*%
50
10*
10
5% cumul conv pref..30
Campbell-W A Can Fdy—
100
7*
7*
Mar
Maine-
Class A 1st pref
500
19*
18*
Chicago Corp common...!
165* 167*
165$*
250
Aug
Cent States Pow A Lt pref *
Range Since Jan. 1, 1940
of Prices
8*
5*
8*
Common...
Common
for
800
33
32
32*
"~5%
400
Borg Warner Corp—
Common
lists
Sales
Week's Range
5*
4
7
Central 111 Secur Corp—
Exchange
45*
Boston A
May
Belden Mfg Co com
92
Warren
May
Nov
89*
6% cum pref.
12
Mar
89*
31*
Stone A Webster
May
Convertible preferred.
*
Boston A Albany
...100
Boston Edison Co (new) .25
Boston Elevated
100
Boston Herald Traveler..*
Pennsylvania RR
150
4*
55*
41*
Price
Bird A Son Inc
Pacific MUls Co
11
29*
95*
35
Bigelow-San Carp pref. 100
Old Dominion Co
18*
72*
17*
41*
6% non-cum pref.... 60
100
Co cl A.l
North Butte...
May
17
35
Amer Tel A Tel
Mass Utilities Assoc
400
70
Assoc Gas A Elec
Common
17*
Bracb (E J) A Sons
Par
.
17%
1.15 June
Pneumatic Service Co
Maine Central pref
17*
20
Sals
Hathaway Bakeries cl B
Loew's Theatres
11*
11
Last
A
19
May
29*
4*
Friday
Boston
May
15*
8*
12*
7*
3*
24*
7*
3*
13*
May
50
1%
9* Aug
26* June
both inclusive, compiled from official sales
Stocks—
2*
1,100
28*
4*
Boston Stock
Amer
6,800
10*
1
Barlow&Heellg Mfg A com 5
Cent 111
Nov. 23 to Nov. 29,
4*
18*
20
71
flat...1975
1975
A 60 flat
3%
10*
19*
20*
1.10
Apr
4%
Apr
55
1*
18
19*
95*
17
1,950
695
160
Oct
5*
3*
Bonds—
Bait Transit 4s
Apr
May
May
Apr
4*
21*
7*
10
Nov
3
35
4
200
*
Aviation A Transport cap.l
21*
1,200
10
1%
Barber Co (W H) com
2
5*
4%
3*
Jan
1.10
Mar
50
Feb
55
Jan
175*
100
Apr
Apr
100
May
*
31*
25
May
3*
130
32*
Aviation Corp (Del)
73
146
%
May
26* June
14* June
Jan
180
549
Q4.
3%
1
June
50
Guar
8
Sept
180
36
167*
Jan
16
Northern
5% preferred
Nov
*
17*
Central Ry—50
Pow com.*
PbllliDB Packing Co preflOO
Seaboard Comm'l—
21*
41*
50
650
70
Penna Water &
11* May
22* May
10
101
me*
1
Nor Amer Oil Co com
Feb
21*
T%
30
20*
CKwuaJtyl
20*
4*
1
Corp com
100
19
M com 100
100
Oct
93
136
17
30*
30*
Houston Oil
New Amsterdam
May
10
165
30*
17
120*
pref
100
Merch A Miners Transp..*
Monon W Pen P 87% pf 20
8
250
Atbey Truss Wheel cap...4
Automatic Washer com..3
65c
Jan
119* 120*
17
1
2010
Preferred vtc
Fidelity & Deposit
U 8 Fidelity A
2 60
May
Assoc—
Eastern Sugars
Co.
83*
1.35 May
Jan
Feb
850
13
21*
34*
25
Sept 119*
293
2.20
70
21*
14
13
12
12
AmerlcanPub Serv preflOO
Amer Tel A Tel Co cap-100
Armour A Co common...6
May
July
23c
37c
2.25
70
1st pref vtc
.100
Consol Gas E L A Pow...*
4*% pref B
11
377
High
Low
Shares
12%
xl2%
com__l
A
Class
High
Low
1, 1940
Range Since Jan.
Week
Allied Products Corp—
Week
17*
Low
Price
Par
Allied Laboratories com..*
Allls-Cbalmers Mfg
•
Arundel Corp
*
Bait Transit Co com v t c •
Davison
Stocks {Continued)
Aetna Ball Bearing
1. 1940
Range Since Jan.
Last
Stocks—
official sales lists
Sales
Friday
of Prices
High
Sale
Exchange
for
Week's Range
Last
pr
Miller A Hart Inc conv pf*
Modlne Mfg com
Nachman
*
3*
6*
Jan
Jan
Volume
The Commercial & Financial Chronicle
151
Friday
Sales
Last
Stock* {Concluded)
Week's Range
of Prices
Week
Price
Par
Friday
for
Sale
Natl Cylinder Gas com
1
National Standard com.10
Noblltt Sparks Ind Inc cp-5
Loto
High
Range Since Jan. 1, 194o
Low
29
150
23
33
33%
200
20% May
4%
11%
99
10%
11%
N'west UtU 7% pr Uen.100
54*"
12%
Nov
c
May
4%
July
50
1,500
150
12% May
22%
54
59%
120
45
June
70
Jan
140
3
Feb
June
16
8%
May
10%
10%
50
9%
Aug
9
9
20
8
Peabody Coal 6% pref.100
45
45
10
Penn Gas A Elec cl A com.*
%
21%
%
50
23%
700
Peoples G LtACoke
cap 100
Perfect Circle (The) Co__*
Pressed Steel Car com
1
Nov
43%
Nov
29
Mar
Goodrich (B F)
2%
105%
850
103
510
95
157
157
100
141
% June
% June
1
%
May
30
Nov
June
123%
Feb
157
Oct
Harbauer Co
9%
50
75%
1,651
1%
250
15%
15%
50
12%
July
17% May
24
Aug
31
27%
Feb
6
33%
65%
2
25%
25%
7%
7%
34%
17%
21%
37%
5
Sunstrand Mach T*1 com.6
"mi
Swift International cap..16
Swift A Co
25
Texas Corp capital
*21%
26
com
25
5
Union Carb A Carbon cap •
United Air Lines Tr cap..5
70
U S Gypsum Co com...20
United States Steel com..*
pref
May
65
June
1
May
100
18
15%
760
333
17
17%
4
535
1
282
50% June
41% May
103% May
111
1
Jan
60% June
12% May
4,482
Utah Radio Products coml
June
17% May
May
413
68% 69%
66%
70%
127% 130
Jan
33
650
72
Oct
20% May
2%
Feb
1,950
39
16%
14%
16%
«33
a33
al02
Great Lakes Towing
c
100
*
Industrial Rayon com..*
Interiake
Steamship
24%
*
"16""
2,388
68
14%
16%
a33%
25
369
al02
150
Common
5
%
7
1%
*
com
com
»
Westn Union Teleg cm. 100
Westnghs El A Mfg com.50
Wiebolt Stores Inc com
*
Cumul prior pref
6%
*
95
Williams Oi!-OMatlc com *
Wisconsin Bank shares cm*
%
1,450
1,050
%
19
650
30
76% June
4
May
88% June
200
20
1
150
5%
5
5
%
Aug
3% May
3% May
72% May
2,550
150
Wrlgley (Wm Jr) Co cap.*
80
80
81
400
Zenith Radio Corp oom.
Bonds—
16%
15%
17
2,205
•
.
Commonwealth Ed 3 Mb'58
113% 114% $30,000
Jan
16% May
14% June
258
6%
Jan
1% May
70
95
%
6%
2
com
%
1%
1%
28% 29%
21% 21%
19%
21%
104% 104%
14% Nov
12% May
26% May
al5% al5%
al4% al4%
al7% al8%
21
21%
105% 105%
3%
4
24%
25%
41%
42
98
Aug
10
11
May
71
10
May
56
12% May
Apr
7
Mar
14%
16%
72%
43%
Nov
Mar
36
May
20
Nov
Jan
Jan
Jan
41
Jan
106
May
Jan
Jan
19%
20%
24%
Apr
Apr
90
13%
50
95
June
105%
Mar
3
Jan
5
Nov
16% May
34% May
12% July
29
Jan
44
Apr
17%
Feb
155
95
20
20
25
1
1
100
16
17%
21%
112
16
190
Feb
22
Nov
Mar
Jan
Feb
Mar
Apr
9
*
Midland Steel Prod
*
a39%
Miller Wholesale Drug...*
National Acme..
c
c
a39% a40%
10
May
14
Nov
26
May
35
May
13%
May
%
Nov
10%
1%
40%
8%
23%
105
23% May
7
7
100
a21%
a23%
210
4%
13%
100
13% May
2%
2%
2%
622
%
%
%
705
al4%
1
a21
Natl Mall St Cast com..*
National Refining (new)..*
National Tile
*
20
80
•
a22
al4
N Y Central RR com...*
8%
May
110% May
Jan
Jan
2
July
%
May
23
9% May
Otis Steel
*
a9% alO
35
7
Patterson-Sargent.
*
11
11%
30
a21% a23%
474
May
Nov
Apr
Nov
Apr
Oct
27
Jan
3%
1%
18%
12%
Apr
14%
24%
40%
Mar
Jan
Jan
Jan
Feb
38%
32%
Nov
25%
Mar
47%
Apr
5%
Apr
Thompson Prod Inc.....*
Twin Coach com
1
Jan
Union Metal Mfg
Feb
88
23%
c
*
Republic Steel com
U S Steel
a22%
*
Rlchman Bros
37
~a32%
c
Jan
Upson-Walton
1
Nov
Van Dorn Iron Works
*
Nov
West Res Inv Corp pref
130
com
4%
a9%
25
25% May
6% May
14
*
Apr
75%
May
a9%
*
87%
31
115
a33
14
639
37%
a32
15
29
12
423
42
a66% a70%
5%
6%
4
4%
50
100
Jan
1%
July
May
Nov
Mar
38 %
Apr
13%
15%
76%
5%
Mar
50
4
Aug
300
3
May
5
20
50
June
Mar
Nov
65
50
50
al5
al5
al5%
103
a40
a39% a40%
235
White Motor
10%
Oct
May
Youngstown Sheet A Tube*
% May
Utility A Ind Corp—
Convertible pref
17%
Jan
12% May
9
14
Nov
2%
28%
22
18
35
80
650
17
14
Apr
,1*
%
1,700
26%
17
34
Mar
33%
5
5%
69%
15%
67%
20% May
40
7%
May
*
Apr
2%
40
37%
26
697
66%
Nov
200
900
20
26
a34
McKee (A G) B
_._.*
Medusa Portland Cement *
Apr
10%
1% May
450
May
May
Leland Electric
30%
%
2%
27%
Oct
12
*
88
May
7%
66
8%
46
Jaeger Machine
20% June
6
May
950
126
8ept
62
10
31
%
Standard Dredge com....1
Standard Oil of Ind
26
Woodall In dust
Feb
1%
550
300
7
*
Stewart Warner
Walgreen Co
May
6
27%
"33%
a4%
a9%
16%
High
70
Hanna (M A) $5 cum pref *
June
23
Inc common.....2
St L Natl Stkyds cap
Viking Pump Co
Jan
*
com
14%
2%
1%
10
Low
45% May
4% Nov
2,562
*
% May
200
40
71%
a34%
70%
*
23% May
450
16%
71
*
Goodyear Tire A Rub
May
25
150
630
%
a9%
General TAR pref....100
c Glidden Co com
*
May
Faultless Rubber
Metro Paving Brick
Preferred
cum
General Elec
9%
74%
1%
15%
Sou Bend loathe Wks cap 6
South Colo Pow A com. .25
7%
Firestone TAR com..10
c
5
75
*
Thompson (John R)
c
Jan
23
1
Spiegel
Nov
2%
25%
239
%
%
Cl Graphite Bronze com 1
Cleve Ry
100
Cliffs Corp com
1
5
45
12%
2%
a4%
Range Since Jan. 1, 1940
Shares
a48% a50%
c
Jan
15
6%
Price
Jan
26%
%
Schwltzer Cummins cap__l
Sears Roebuck A Co cap..*
Signode Steel StrapCommon
Jan
*
Nov
%
Week
1
Cl Cliffs Iron pref
12
38%
6
*
Serrick Corp class B
Nov
Clark Controller
22%
12%
37
%
Rollins Hosiery Mills com 4
Jan
May
35
for
of Prices
Low
High
Amer Home Prod com._l
Oct
12
Raytheon Mfg 6% pref- .6
Common
50c
May
5%
12
25%
37%
Process Corp (The) com..*
2%
Quaker Oats Co oommon. * *103
Preferred
100
157
com
Apr
4%
15
8angamo Electric
36
11%
22%
7%
Week's Range
Brewing Corp of Amer...3
City Ice A Fuel
*
7% preferred
100
Nunn-Bush Shoe com..2 %
Ontario Mfg Co com
*
...60
Par
Oct
22
Northwest Bancorp com.. •
Northwest Eng Co cap
*
Penn RR capital
Stocks (Concluded)
High
11%
28%
North American Car com20
Sales
Last
Sale
Shares
12%
3215
7% May
26% June
16%
48%
Nov
July
Jan
Nov
Jan
Jan
%
2%
29%
Apr
Nov
Detroit Stock
Exchange—See
3175.
page
23% May
Jan
28%
Jan
117%
8
Oct
95
Apr
Jan
1%
5%
6%
93%
17%
Nov
Apr
Apr
Aor
131
Apr
Cincinnati Stock Exchange
Nov. 23
to
Nov. 29, both
inclusive, compiled from official sales lists
Friday
Sales
Last
Stocks—
Par
Am Laundry Mach
for
of Prices
Low
High
Shares
Price
20
Baldwin
Week's Range
Sale
18%
18%
19%
8
Cin Gas A Elec
3
4
4%
6%
1%
*
6%
1%
5
pref
50
Cincinnati Telephone
Cin Union Stock Yds
50
*
Feb
8%
Jan
8%
2%
July
24
5%
Jan
1%
325
1%
Oct
180
100
June
10
77% June
420
1% May
96%
108
12%
4%
100
Apr
110
Feb
96%
4%
Nov
May
100%
Mar
May
May
85%
11%
3%
1%
6%
44
Jan
Mar
.10
10
Formica Insulation
*
22
22%
121
Gibson Art
*
26
27%
110
25
May
Kahn
*
13
13
3
12
June
Nov
14%
7%
2%
12%
22%
29%
15
Crosley Corp
*
*
Dow Drug
Eagle-Picher
Kroeger
4%
1%
*
50
Little Miami gtd
Lunkenhelmer
*
102%
21%
*
54%
*
Rapid
13%
%
53%
538
2
60
56
974
20%
5
Jan
June
%
Jan
34%
102%
22%
1%
71%
Jan
Feb
Jan
Nov
Apr
Feb
Apr
Nov
Nov
235
Apr
Apr
Sept
Feb
23
Apr
39
52% June
224
May
18
5
5
32
32
10
14
15
485
4% May
27% June
8% June
4% June
17%
5%
Mar
100
6
13
Mar
4
U S Printing pref
*
10
50
Western Bank—
10
5%
5%
Wurlltzer
10
6
6
U S Playing Card
May
16
100
20%
Aug
23% May
92% June
40
%
230
228
100
8%
Randall A
140
29%
102% 102%
21%
21%
%
Procter A Gamble...
35
1%
10%
27%
2.50
Magnavox
1%
15
50
Sept
Feb
8%
Apr
Jan
Sales
Last
Par
Stocks—
Aircraft Accessories
50c
Bandlnl Petroleum Co—1
Barker Bros Corp com...*
Blue Diamond Corp
2
Broadway Dept Store Inc-*
Week's Range
for
Sale
of Prices
Low
High
Week
Price
2
2
a7%
1%
6%
6%
315
lc
lc
10,000
al2% al2%
al8% al9%
60
6%
Chapman's Ice Cream...*
1
al9
10
Chrysler Corp
5
a76%
Consolidated Oil Corp
*
6
Consolidated Steel Corp..*
5%
*
15%
5%
*
4
Farmers A Merchs Natl 100
General Motors
com
10
9%
1
30
1.069
.
175
10
167
1
100
.25
Mill
14%
14%
4%
4%
49%
*
Columbia Gas—...
!io
General M otors
540
16%
9% May
4% May
37% May
1,169
5
160
50%
18%
7%
56%
Nov
6%
957
7
May
June
a78%
9%
a78% a81
9%
9%
50
400
400
50%
6
Lincoln Petroleum Co.. 10c
15c
Lockheed Aircraft Corp..l
29%
5
749
15
50%
50%
4%
5
al8% al8%
340
17c
29%
265
29%
5
5
66
225
1
41c
4lC
41c
100
1
2%
2%
2%
4,301
Oceanic Oil Co
1
31c
31c
31c
100
Pacific Fin Corp com—10
11
27%
34%
40
Pacific Western Oil Corp 10
a7%
Puget Sound Pulp A Timb*
al6%
1%
Republic Petroleum com.l
37
77%
Oct
8% May
375
6,000
15c
430
Menasco Mfg Co
Pacific Gas A Elec oom..25
Members Cleveland Stock Exchange
Jan
4
Pacific Indmenlty Co—10
Pacific Lighting Corp oom *
Ohio Listed and Unlisted Securities
1
100
018%
25
Apr
326
Goodyear Tire A Rubber.*
6% 1st pref
Nov
6%
Oct
3% May
400
11
May
38%
Mar
Jan
12
Mar
1
00%
8
17%
Nov
6
88%
10%
smssssmssmsmssmsmmsmmsmmmmmm
66
Apr
6%
24%
Apr
Jan
25o
Aug
23% June
3% May
41%
6%
Apr
Sept
7o
39c June
6O0 May
1
%
Jan
4%
Oct
47c
Feb
9% May
13%
Apr
26% May
34%
Mar
34%
Nov
40
Nov
27%
34%
39%
27%
34%
744
218
29
40
355
30
37
37
May
May
547
37
Nov
o7%
07%
al6% 016%
25
6
June
25
12
Jan
1%
100
4,648
1%
Oct
49%
8
8%
9%
9%
9%
4%
9%
518
4%
1,815
a42%
042% a43%
40
42
Oct
85
26
May
52%
33%
10
8%
2%
4%
23%
27%
24%
May
May
9%
4%
Union Commerce
Binding, Cleveland
Telephone: OHerry 5050
1
4
26%
6% pref B
26
6%% preferred C
25
So Cal Gas 6% pref cl A.25
Exchange
30
30
30%
924
29%
29%
34%
8%
29%
34%
483
323
30
May
8%
7
May
18
19
1.070
1,745
Southern Pacific Co
*
34%
8%
Standard Oil Co of Calif..*
Sales
Last
for
of Prices
Week
Price
Par
Stocks—
Week's Range
Sale
Low
High
Range Since Jan. 1,1940
Shares
Low
18
Sunray Oil Corp
Taylor Milling Corp
Transamerlca Corp
Addressogr'h-Mul
Akron Brass Mfg
Amer Coach A
10
50c
com
Body
15%
5
For footnotes see page
3217,
15%
4%
8
15%
4%
8
-
45
100
50
4
6%
May
Jan
19%
4%
8%
1%
1%
1%
300
*
11
11
11
148
5
5
5
1,810
Transcon A Western Alr__5
High
12% June
1
225
1,089
2
al8
0I8
019%
13%
2,686
8%
301
Union Oil of Calif
c
2,340
6%
So Calif Edison Co Ltd..26
both inclusive, compiled from official sales lists
Friday
Ol0% al0%
4
3%
6%
6%
27%
26%
May
7%
Jan
3% May
Sontag Chain Stores Co..*
A. T. Sc T. CLEV, 565 & 566
Cleveland Stock
Nov. 23 to Nov. 29,
Solar Aircraft Co
al0%
6
68
26
13%
1%
8%
13%
8%
1
8%
8%
8%
516
Wellington Oil Co of Del-.l
2%
2%
2%
150
Jan
Vega Airplane Co
Apr
Vultee Aircraft Inc
Apr
12
Jan
Jan
7
Apr
Apr
Mar
Sept
Apr
May
7
May
30%
Apr
May
31%
Nov
May
29%
34%
15%
Jan
26%
Jan
1%
11%
Nov
16%
Oct
1%
Oct
7% June
4% May
17%
May
28% May
Jan
2%
9% Nov
10% Aug
9%
30
Feb
27c
150
30
Apr
Mar
Apr
4%
30
Apr
405
Safeway Stores Inc
*
Security Co units ben int.*
Shell Union Oil Corp
15
RUSSELL co.
Jan
Nov
Ryan Aeronautical Co—1
GILLIS
Jan
Jan
7%
Roberts Public Markets..2
Richfield Oil Corp com...*
Jan
26
June
3% May
14
11
1%
Feb
2c
67% May
16
Jan
Nov
6%
215
6%
3
14%
225
5%
15%
4%
7%
Jan
lc
6
6
3% May
10% May
16% May
8% May
a74% a79
Apr
Apr
July
5%
Gladding McBean A Co..*
Los Angeles Investment. 10
2% May
6%
Oct
1% May
3% June
1%
lc
Douglas Aircraft Co
Electrical Prods Corp
800
3
2%
a7%
al2%
High
2
1%
Byron Jackson Co..
*
Calif Pack Corp com
*
Central Invest Corp—100
Preferred
Low
500
2%
2%
a7%
Buckeye Union Oil v t c..l
Creameries of Amer vtc.l
Range Since Jan. 1, 1940
Shares
Mascot Oil Co
Unlisted—
Am Rolling
Friday
Nov
June
2% June
6%
3%
Angeles Stock Exchange
Apr
4
95
20
10%
3%
23
108
3%
96%
12%
7
200
107
107
20
Cincinnati Street
Los
Nov. 23 to Nov. 29, both inclusive, compiled from official sales lists
High
13% June
18
95
100
C N O A T P
Low
523
8
3
*
Cin Advertising Prod
Cin Ball Crank
8
*
Burger Brewing
Churngold
Range Since Jan. 1, 1940
Week
Aug
May
4%
Jan
6% July
1% Sept
Apr
Jan
Oct
Apr
7
Mar
18
Sept
17%
14
9%
3%
Jan
Apr
Sept
Jan
Stock*
High
Low
Shares
High
Low
Price
Par
{Concluded)
for
Week
Low
840
Old Mng.10
Alaska Juneau
54
54
VAc
ColOc
Cardinal Gold Mining Co 1
Calumet Gold Mine*
14c
4% May
100
54
14c
6%
Jan
2c
29%
29%
30 4
1
73c
70c
73c
540
50c
7
Apr
Magnavox Co Ltd
Jan
%c
10.000
19 A
June
4
May
5c
1,000
a7A 0.7 A
a43% o43 A
30
1604 m%
a26% 027
al7% al84
a23% a23%
a4% ah\i
a32% a32%
445
148
May
174%
90
19
July
31%
15
24%
Apr
Magnin A Co (I) com
Marcbant Calcul Mach.
t
N atom as Co
Std 8anl__—*
Smelting A Refining.
a43%
Amer Rad &
Amer
166 h
..100
.
50
Atchsn Topk A S Fe RylOO
Atlantic Refg Co (The)-.25
Aviation Corp (Del).-—-3
Bendlx Aviation Corp
5
Bethlehem Steel Corp—..*
Borg-Warner Corn.-6
Canadian Pacific Ry——25
Co.
Amer Tel A Tel
a26%
Anaconda Copper.
Caterpillar Tractor Co
Co com
M#>iui*co Mfg
Undated—
o7A
al7%
a23%
a4%
a32%
250
-
1,930
12 4
May
19 4
Apr
2.40
2.40
2.60
1,625
1.75
Jan
44
May
10
2,750
Aug
4A
Sept
a47V» a48H
138
1
1
Apr
51%
4%
7%
194 June
1.35
254
June
344
Apr
34?*
May
344
Nov
1st preferred
25
1st prefer red... 2 6
28 A
30?*
304
1,172
254
May
Pacific Light Corp com...*
"37?*
374
374
993
34
May
1074
20
100
44
384
6%
5 4%
$5 dlv
Nov
107
..*
......
"4%
Pac Public Service com...*
4
153
Paraffine Go's pref
100
July
Jan
*
Sept
29?*
Plg'n Whistle pref
90c
1.35
Feb
50
04%
175
24% June
4% June
102 4 102 4
90c
90c
102 4
Mar
44
1,167
1.50
Apr
44
Nov
a3%
25
Pacific Tel A Tel com
Preferred
Jan
8
34
3%
R E A R Co Ltd com..
40
Jan
Feb
*
1
20?*
Apr
a204
% Nov
20% June
1%
38%
Nov
Jan
Rheem Mfg Co
Intl Nickel Co of Can....*
Oct
4%
Jan
Richfield OH Corp com...*
9A
8?*
Aeronautical Co
.1
Schleslnger Co (B F) com.*
4%
32%
a
20
a204 028 A
2
100
2
2
2
a354
400
1
1
1
a29%
a37%
45
10
a38%
188
Apr
35%
a37
Oct
47%
4%
20
11
July
24 4
Mar
17
174
708
14
May
294
May
27
28
410
24 4
May
374
May
14
14 4
496
124
May
194
Jan
94
2,498
54
May
94
Nov
4%
44
925
34
May
7
1.50
1.50
168
54
54
16
Apr
38%
2%
100
3%
May
13%
3%
134
13%
335
9%
May
17 %
18
815
15A
Aug
3%
al64
16 %
18%
Jan
26
Apr
June
23?*
Apr
7?*
Nov
al6% 017%
300
75
5% May
a6%
00 %
a6%
«3 X
03 H
a3%
90
2%
May
9%
9%
458
5A
0.22A a23%
53
19%
May
July
4% June
7A
a22%
181
5
5
5
4
Mar
9%
Nov
25 A
Apr
;;
14%
May
24%
Nov
Thomas AHec Corp
223
08% June
87H
Apr
Tranaamerica Corp
9%
6%
1,050
8%
6%
7% May
12?*
Apr
Jan
100
6
May
a34%
85
30
June
43?*
Feb
a8A
a8%
96
8
July
12
Jan
8%
8%
1%
183
c34
a8 4
*
Studebaker Corp
.,1
Superior Oil Corp (Del) 1
Swift A Co..
-25
Texas Corp (The)
—25
a2l%
a37%
a21% 022
a37% a38%
48
33 %
Union Carbide A Carbon
*
a70%
a70% a.71 A
150
03 %
Transpt.6
5
al6%
a 16%
32
12%
May
23?*
Apr
a454
a45% a45%
32
34
Aug
51?*
Apr
24
69%
315
18
Aug
38?*
385
45
May
76?*
2% May
4?*
Feb
Nov
Apr
Mar
3?*
Apr
United Air Lines
84
United Aircraft Corp
24
U 8 Steel Corp....
69%
solicited
Order*
Apr
82*4
111 Broadway,
Exchanges, which are
Price
Par
Stocks—
—60
10
Alaska-Juneau Gold
Angeles
44
May
100
5%
5%
105?* 105%
11%
11?*
404
4%
.
Atlas Imp Diesel Engine—5
A..80
...20
Calaveras Cement com...*
Calif Art Tile class A
*
Calif Packing Corp com..*
Preferred
50
Bank of California N
Calamba Sugar com
200
5
250
"2" lo
2.10
7
100
*19?*
19
1,456
100
2.10
27
47?*
48?*
"3%
com.l
-
.
■f
1940
55
28?*
24?*
225
569
13?*
6% pfd '27100
74
Feb
125
Jan
Oct
19
Mar
104
Mar
2.00
com.-*
Idaho Mary Mines
3.50 May
Matson Navigation Co
General Motors com
Genl Paint Corp com
Golden State Co Ltd
4
Aug
Aug
84
44
Apr
24
264 May
354
Apr
a54
0324 a334
60
1.25
1,692
134
134
381
90
1.20
57
274
33
Jan
Mar
Apr
Apr
264 May
Apr
Jan
133
5
May
104
570
34
Nov
May
84
Jan
144
204
May
18?*
44
254
35
48?*
170
36
July
99?*
94
77
May
31
444
334
Feb
1.00 June
2.20
17
Sept
20
54
o9%
30
04
304
334
490
20
174 May
22
56
Apr
19
.
Jan
204
Oct
25
Aug
5
June
7
Apr
384
Oct
July
44
37
Nov
May
35
May
14
200
244
130
22
384
4
5,500
1,553
1,100
0224 a224
30
19
June
26
al8
50
14?*
May
70
184
Sept
264
234
Feb
al64 al64
1.05
1.15
497
1.00
Aug
1.50
Mar
404
404
50
July
414
314
44 May
74
Apr
325
3
June
84
Nov
18?* June
294
America...*
Schumach WaU Bd com..*
""4%
*
"29"
Radio Corp of
al8
44
5
8
8
...25 "30 A
294
25
0% pref
54% pref
Standard Brands Inc....*
"a7%
1
Studebaker Corp com
1,223
5?*
425
44 May
74
Feb
9
9
262
74 May
114
6c May
50
29
14
Texas Corp
o374
com.......25
Title Guaranty Co pref
*
"43%
United Aircraft Corp cap.6
United Corp of Del
*
1
""80c
140
15?*
722
53c
100
12
May
50c
1.75
2.50
35
1,800
50c May
33
104
6
6
June
144 May
650
'
654
Jan
24
May
44
Apr
39
Apr
Jan
Jan
Oct
20
7
May
124
Jan
612
24
May
304
May
304
402
25
May
31
Oct
294
290
264 May
304
Apr
May
74
Apr
54 May
124
Feb
150
5
464 May
354
50
17
May
20
434
133
39
June
614
Apr
al4
50
14 May
24
1.15
Apr
May
764
Nov
May
44
Feb
Aug
16c
Jan
75c June
1.55
Jan
434
al4
80c
80c
70
600
1,852
34
100
12c
12c
88c
55c May
424
2
300
80c
12c
Aug
30
Westates Petroleum com.l
1
Preferred
730
8c
Jan
Jan
Philadelphia Stock Exchange
Nov. 23 to Nov. 29,
both inclusive, compiled from
official sales lists
June
154
204
76c
44
Apr
Jan
Sales
Frldai
Last
Sale
Par
Stocks—
American Tel & Tel
*
—
Barber Co
Price
Week's Range
of Prices
High
Low
144
1464 May
84 June
1754
Jan
154
Apr
1214
113
1134
1254
54
265
3
May
6
274
34
May
84
Mar
764
74
784
554 June
67
904
44
Jan
14
324
504
304
941
Apr
Apr
Apr
3
600
14
24
320
1204
Budd (E G) Mfg Co..
Budd Wheel Co
*
54
5
Jan
Feb
Mar
Oct
84
34
Apr
64
704
64
Apr
Nov
...5
Chrysler Corp
Curtis Pub Co common..*
314
314
2.75
15
200
114
May
164
Feb
484
484
Langendorf Utd Bak A—.*
Preferred
50
15
Elec Storage Battery— .100
10
General Motors
40
40?*
150
34
June
41
Oct
Horn & Hard (N Y) com.*
304
304
43
43
160
354 June
24
24
10
44
*
28?*
28?*
120
21
35
May
—
Apr
Lehigh Coal & Nav
Jan
Lehigh Valley
Apr
94 June
25
200
Bell Tel Co of Pa pref. .100
1.15
1940
518
Feb
4.00
1,
High
Low
114
10%
Feb
174
for
Week
Shares
14
—10
120
July
July
July
Range Since Jan.
1664 1664
104
104
114
.100
100
2.75
Jan
Nov
0374 a374
184
184
664
34
5
American Stores
450
6
12c
374
Mar
53c
Apr
8c
100
Preferred
Jan
204 June
254
1.15
Pacific Port Cement com 10
Preferred
Jan
41
Apr
ol64
Apr
15
49?*
80
55c
36
17
018
Feb
38
20?*
49?*
5?*
3217.
355
Mar
284 June
110
125
Apr
114
May
25
34
Apr
Oct
July
74
0224
I
Apr
17
2.20
For footnotes see page
Mar
09
Mar
20?*
Inc...1
May
%
5
National DIstlHers Prod..*
Oct
194 June
350
12?*
LeTourneau (R G)
04
32 4
44
617
"T%
Nov
504
50c
Salt Co
Feb
A June
21?* Nov
6
350
Feb
484
100
1.25
2.10
Leslie
Sept
Apr
291
1.20
P2
Jan
904
4
800
Jan
2
May
70
234
o54
0
Apr
144
a54
244
2
Jan
May
94
214
25
Apr
Feb
Nov
6?*
3?*
11?*
Mining Co
June
75c
30
a8
11%
IXL
50
a7%
4
64
500
4
48
Nov
17
Hutchinson Sugar Plant. 15
Mar
a64
*2" 10
*
10
Jan
94
a64
42
10
254
Oct
304
294
41?*
Preferred
May
119
264
HoUy Development
1
Home F & M Ins Co cap. 10
Hunt Brothers com.
14
a7
80 Calif Edison 00m....26
15?*
Honolulu Oil Corp cap
1,010
184
o64
Jan
*
Hawaiian Pine Co Ltd
4.00
524
31
Hale Bros Stores Inc
May
Aug
98?*
.
1.50
84
274
48?*
"49%
120
284
84
14
10
»
*
2.50
*
18?*
43?*
Galland Merc Laundry...*
Aug
Copper...6
Warner Bros Pictures
25
124
354
United States Steel com..*
Preferred
Sept
374
34
U S Petroleum Co
"48%
34
7c
May
Co..25
Food Machine Corp com 10
Foster & Klelser com
2%
1,107
7c
May
Fireman's Fund Ins
34
54
149
25
1
6
Emporium Capwell com..*
Preferred (ww)__.
50
Fireman's Fund Indm
10
Apr
34
130
354
*
95
3?*
314
14
21
6
Aug
0
June
3A
174 4
184
24 4
124 May
*
94
June
955
*
Inter Tel A Tel Co com
Mar
July
419
Shasta Water Co com
45
Feb
27 4
Feb
Mar
9
May
74
01674
*
754 May
pref—.100
22
25
20
Corp..l
Int Nick Co Canada
182
El Dorado Oil Works
224
May
334
410
100
June
26 4
Oct
Apr
Oct
15
15
May
64
14
30
20
304
*
"a9%
15?*
.
Sept
94
15
al44 al44
1
91?*
5?*
Nov
Nov
15
545
a54
*
15?*
5?*
Aug
4
21?*
90?*
Preferred
May
7
44
Jan
8
220
o54
Co com.. 10
•
Crown Zellerbaoh
Di Giorgio Fruit
1.20
com...6
Creameries of Am Ino coml
3
90
032?*
Montgomery Ward A Co.*
May
103
874
27?*
24
*
Cons Chem Ind A
May
34 May
24 May
138
Apr
20
34
Nor American Co com...10
57?* June
434 Aug
274 Nov
28?* June
194 May
28?*
'
Apr
14
100
a5
North Amer Aviation
44
79
10
Jan
300
18
o6?*
Feb
55
47?*
Sept
44
2.50
"3?*
*
Argonaut Mining Co.
5
Atchison Top&Santa FelOO
Atlas Corp com
5
Aviation Corp of Del
3
Aviation & Trans Corp
1
Nov
947
3?*
3?*
64
112
21
Copper Mln. .50
Anglo Nat Corp A com
July
27
78?*
Jan
639
234
74
84
May
47?*
27?*
5
10
Coast Cos G & E 1st pref 25
Commonwealth Edison.25
Feb
Mar
174
19?*
American Tel A Tel Co. 1(H) al65?* 01654
26
Anaconda
64
244 June
Chrysler Corp com
60c
04
May
21
23
20
74
800
Clorox Chemical Co
Oct
May
1,050
15
8?*
3 4
494
662
40c
84
4
4
144
64 June
50
27
CaterpiUar Tractor com..*
Feb
44
12
1,391
ft*
%
Jan
20c
3.75 May
10
51
51
Calif Water Service pref.25
Central Eureka Mln
Aug
1,222
84
264
July
5c
6.346
8
Jan
Oct
164
10
40c
5
13 4
Jan
Jan
6
June
5
300
5C
84
General Eiectrlo Co com..*
High
Low
2.00
5?*
4,301
44
Kenn Copper Corp 00m..*
7?*
4%
194
8
M J A M & M Cons
6?*
54
27
Oct
6c
Nov
lc
200
40c
CurtlBs Wright Corp
Range Since Jan. 1,
7?*
7%
Anglo Calif Natl Bank..20
Assoc lusur Fund I no
10
lc
134
*
Am Rad & St Sntry
Mountain City
Aircraft Accessories
154
4?*
Consolidated Oil Corp
300
2.00
2.00
35
May
13?*
....
Cons Edison Co of N Y—*
Sales
Shares
May
6 4
5c
Domlnguez OH Co
for
Week
101
284
2,550
1
Hawaiian Sugar Co
of Prices
Low
High
954 June
110
84
Claude Neon Lights com.l
Francisco Stock Exchange
29, both inclusive, compiled from official sales lists
Week's Range
Oct
133
34 4
101
Unlisted—
Cities Service
San
Sale
May
54
25
Union Sugar com
25
Vega Alrplai e Co
1%
Victor Eouip Co com
1
Preferred
5
Vill tee Aircraft
1
Walalua Agricultural Co 20
Western Pipe A Steel Co. 10
Yel Checker Cab Co ser 150
Cal Ore Pwr
Co.
San Franclsoo and Los
Last
Mar
42
18
18
6
Blair A Co Inc cap
1
Bunker Hill A Sullivan .2 4
New York
Friday
304
May
lc
cl A..*
2
Goodrich (B F) Co
Nov. 23 to Nov.
May
21
8?*
Bendlx Aviation Corp
Oortlandt 7-4150
Private Wire to own offices in
22
900
Feb
York Stock Exchange
Members New
'
474
1%
Schwabacher
.
Oct
June
Standard Time (2 P. M. Saturdays)
until 5t30 P. M. Eastern
open
Apr
Feb
20
100
Stock
Coast
Pacific
on
Feb
2%
23?*
May
1%
18
225
3 %
3%
3%
5
Westlnghouse El A Mfg.60 al02 4 al02%al04%
2%
2%
24
Willys-Overland Motors..!
Warner Bros Pictures
12?*
Aug
June
5%
33
183
a 17%
23%
694
10
•
US Rubber Co
1%
14
120
23
344
Union OH Co of Calif
7?*
64
a34
26
100
Spring Valley Co Ltd
*
Standard OH Co of Calif—*
Jan
6 4
22?*
22%
100
25
Si»iirhern Pacific (Jo
.100
So Pac Gold Gate Co A...*
Preferred...
So Cal Gas Co pref ser A
Texas Consol OH Co
Apr
May
44
Mar
1.90
1.50 May
26
26
Signal Oil A Gas Co A...*
Soundvtew Pulp Co com 6
50
Nov
7 A
25
7% nreferred
821
84
Stone & Webster Inc
...1
22 H
224
a74% a7Q%
22 4
a74%
Standard OH Co (N J)—.25
20
May
July
18
Socony-Vacuum Oil Co..15
Standard Brands I no — .
•
100
Preferred
Feb
24 %
22
38
June
a354 a35%
a29% a.29%
Jan
Nov
Rayonfer Incorp com..._1
Preferred...
25
Ryan
9
154
100
114
47?*
1
Pennsylvania RR Co—-.60
Radio Corp of America.--*
Republic Steel Corp
♦
Sears Roebuck A Co—*
June
96
20% May
Nov
Paramount Pictures Inc..
142
15
100
Oct
Sept
Co.—.*
Ohio Oil Co
—*
Packard Motor Car Co..*
Mar
Aug
% May
May
North American
Feb
138 4
10
153
54
June
34
6%
12 A
10
Jan
May
113
17 A
27
Nor American Aviation.
Jan
50
100
37
RR_.
Jan
50
215
25
York Central
314
1084
<z204 o204
9A
9 A
a27H a27%
200
New
May
96
120
605
Corp..*
*
Loew's Inc
Montgomery Ward & Co.*
Mountain City Cpr Co..5c
-
120
14%
Kennecott Copper
Jan
50
5.493
32%
International Tel & Tel.—*
May
1
2,002
a\4%
—
Oct
54
«May
95c May
34 4
a34% 035%
Motors
960
274
al4K
Graham-Paige
3
1.341
274
34
o34%
Goodrich (B F) Co.
Jan
35
27
Apr
1%
11
27?*
Jan
June
61
185
5
Apr
6
May
264
1.35
1.35
28
74 June
5
Jan
4.00
Nov
600
4%
5
Mar
10 M»
May
June
94
26?*
Occidental Insurance Co. 10
Oliver Utd Filters cl B—
Pacific Coast Aggregates 5
Pac O A E Co com.....26
7 4
15
150
21
9
-
2.25
17
2.25
2.25
21
Apr
24 A
9?*
10
.100
Nov
90
June
15%
1
94
a27%
a3%
32 y%
Apr
Apr
68 A
5
«204
8%
34%
4%
4
5
Commonwealth & South..*
Continental Oil Co (Del) .5
Curtlss Wright Corp.—
I
Cia«8 A
1
Electric Power & Light.—*
General Electric (k>
*
General Food* Corp
*
Aug
25% June
40
o87 %
a3%
May
60
113
180
a85
Mar
Jan
84
18 4
8
North American OH ConslO
6% preferred
94
174
*
....
Apr
1.30
"18%
*
.6
1
No Amer Invest com... 100
Jan
22
20% June
19
a20% a21%
a3%
a47%
Jan
47**
July
35%
a.3%
a85 %
.
10
5% May
50
a20%
Columbia Gas & Electric.*
-
Apr
Jan
July
200
Apr
M ay
6c
5o
High
414
23% June
Lockheed Aircraft Corp.. 1
Mining—
Jan. 1, 1940
Range Since
Shares
of Prices
Low
High
Price
Par
Stocks {Concluded)
Week's Range
Sale
Week
of Prices
Sale
Last
1, 1940
Range Since Jan.
for
Range
Week's
Last
1940
30,
Sales
Friday
sales
Friday
Nov.
& Financial Chronicle
The Commercial
3216
24
140
14
Apr
Oct
Jan
Jan
Jan
25
June
425
38
May
125
27
June
334
554
354
May
34
Oct
14 May
34
Feb
Volume
The Commercial & Financial Chronicle
151
Sales
Friday
Last
Week's Range
Sale
Stocks (Concluded)
of Prices
Law
High
Price
Par
3217
for
Week
Range Since Jan. 1,1940
Shares
Low
Toronto Stock Exchange
High
Sales
Friday
Nat Power & Light
*
Pennroad Corp vtc
1
Pennsylvania RR
6%
50
Phila Elec ot Pa $5
22
Salt Dome OH Corp_
Scott Paper
*
_
_
1
_
Tacony-Palmyra Bridge.
*
*
_
Transit Invest Corp
*
Preferred..:
230
2%
23%
3,386
21%
pref..*
..25
Phil a Elec Pow pref
Phila Insulated Wire
7%
2%
2%
_
United Corp common
Preferred
*
*
1%
27%
United Gas Imp com
Preferred..
♦
10
Westmoreland Inc.
*
*
27 X
30X
10%
We
113%
5,455
117% 118 H
31
31X
14%
14%
3H
3%
38
37%
45
46%
%
X
X
X
1%
IX
41
278
10
126
25
353
Apr
Last
3
Oct
Sale
May
June
25%
120%
31%
June
Stocks
Nov
207
24,574
16
49
Mar
Feb
i*
2%
Jan
41%
Feb
Jan
Nlplssing
Feb
'8*
Apr
Sale
Stocks—
Par
Low
22%
1%
*
Preferred
100
Blaw-Knox Co—
8%
9%
*
*
Byers (A M) Go com
Col Gas & Elec Co...
*
Duquesne Brewing CO---5
Electric Products
High
10%
4%
12
8%
9%
10%
4%
*
Low
310
9%
125
10%
10
16
1% May
24
6%
5
374
250
1%
5%
1%
1,100
99%
100
65
Apr
Koppers Co pref
95
95
96
75
75
Jan
5%
..100
Lone StarGas Co com.
*
170
4
4
9%
4%
100
Mt Fuel Supply Co-.---10
Natl FireproofJng Corp... *
5%
5%
5%
1,593
Pittsburgh Brewing com.. *
1.25
McKlnney Mfg Co
9%
1%
~
—1
Preferred
80c
*
85c
1.25
31
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt.. *
1%
31
1%
97%
1%
97%
~
-
Jan
Jan
May
36%
Apr
San
Feb
1%
104%
8%
Feb
Apr
1%
5
66
7%
91
3%
'«•
3%
175
June
4% May
2% Aug
5
,*
•
-
-
39
»
40
340
2%
2%
10
21%
22%
135
-
21%
28
41
May
3%
28%
2% Nov
15% May
2
1
2
15
3
1% May
85c
1.60
70,085
50c June
1.81
Jan
77c
80c
600
60c June
1.35
Apr
15c
16c
3,289
11c June
34c
4%c
5%o
106%
8,000
1.45
8,000
80- June
2.35
8c
2%c May
2c July
20c May
10 %o
Jan
10c
Apr
4%C
106
106
1.40
8C
8c
3%c
1.70
4c
25c
26c
2,000
1,500
11,100
9,200
'""25c
1.67
1.83
15
15
40
2.20
2.35
1,390
1 45
1.06
1.12
1,700
I,550
60c
...I
14%c
15c
1,500
12c
25
21%
2%c
145%
7%c
700
18
163
Aug
5%C
Jan
July
July
1.24
Jan
1.1*
Jan
l%c
1%C
'"90c
90c
90c
400
80c
80c
80c
84c
4,412
1,311
60c
7.00
7.50
♦
7.25
50c
July
45c
73
75
"75
10,960
II,400
21
72
25
Preferred
4.00 June
July
21
21
Jan
Jan
6
9%c. 101,750
75
25
105
60
Nov
15c
79
52c
8c
2.66
57c
110
41c
Feb
Aug
5c
148
49c
41c
210
10c June
6
97
9%c
__*
1.25 June
100
5%
"97"
1
47c
8.75
Jan
7%
105
Mar
95c
Oct
6lo
Jan
9%c
Nov
20
Mar
61% June
28%
86%
63
83
Oct
May
Jan
12,700
1.05
June
3 10
Apr
3c
July
8%c
20 %o
Apr
Mar
4%c
5%c
32,000
1
20c
16c
20c
1,500
Sudbury Basin
Sudbury Contact
*
1.35
9c June
1.35
450
85c
July
2.05
Jan
3%c
4c
1,500
3%c
Nov
8%c
Feb
61c
62c
1,625
50c June
1.02
Jan
2.75
Sylvanlte Gold..
2.80
350
June
3.45
Feb
11
Apr
1 90
90
8%
July
12
3.30
3.40
1,975
2 40
June
4
1.30
1,26
1.30
200
1.00
9%
Postal Long Distance
A. T. T. Teletype STL 593
10%'
3.30
9%
104%
10
9%
2.25 May
13% Mar
15
July
Nov
Sept
1.50
400
.....
Texas-Canadian
Chicago Stock Exchange
11
...l
1
Tamblyn com
Teck Hughes..,.
Phone
TIpTop Tailors
15
Jan
110
100
104
.........1
Toronto Elevators pref..50
44
44
65
37
Aug
80
80
156
70
Julv
90
76
75
Jan
49
Preferred
Toburn
1.50
Toronto General Trusts 100
Toronto Mortgage
50
Exchange
Jan
1.68
Sturgeon River
Transcont'al
7
12c 12 %c
33c
35c
1,000
35%c
37c
5,000
14%
100
1.00
87,500
]
Resources..*
Sept
73
1,100
33c
35%c
14%
Towagmac...
both inclusive, compiled from official sales lists
Apr
20o June
2%c June
1.57
Be
CEotral 7600
St. Louis Stock
Feb
1.58
*
Members
Nov. 23 to Nov. 29,
Mar
l%c
42c
1
Jan
190
10,634
1,900
13,550
2,000
70
40c
aoo
Mar
2.66
2.55
5%c
40c
...1
St. Louis Stock Exchange
New York Curb Exchange Associate
July
July
2.55
pref
6%c
1,500
5%C
—1
Jan
28
9%c
1
_50c
...
Jan
57c
July
Nov
—1
...1
.
1.42
June
-.1
...
.....
Steep Rock Iron Mines...*
LOUIS
75c
6
9c
9c
...1
Antonio.—...
163
163
.100
....
22
Sullivan
Building, ST
Nov
14 %C
Steel of Canada
Securities
Feb
3.40
...1
3%C
Jan
12%
35
23,980
3%c
4 25
June
9%
3.20
22
Jan
Feb
1.30 June
90c
*
Jan
2 12
24
Nov
9%
IIIi
53o
Nov
3.05
.....
....
Jan
2 19
90c
90C
Jan
2 45
"3ll0
*
Oct
111
July
Aug
A
A
Straw Lake
Investment
July
July
1.10
Stedman......
Boatmen's Bank
Nov
2.20
...
SIscoe Gold......
Sladen-Malartlo..
1922
June
1
.
Slave Lake
Established
1 01
15
A
Silverwoods
Edward D. Jones & Co.
July
Jan
7c
2%o June
90
Gold.—.....
Sigma-....
St. Louis Listed and Unlisted Securities
90
2 12
Sheep Creek
Nov
Oct
15c
7,445
Simpsons pref
Pennroad Corp vtc
Apr
3.05
Sberrt tt-Gordon.
Jan
Feb
1.30
Feb
2.95
River..
Senator-Rouyn
Shawkey
Unlisted—
9.85
Feb
Jan
7c
62o
"2l95
Royal Bank.
St Anthony
Apr
Nov
60c
78%
Oct
30c June
3%c
.1
Roche LL_
Nov
7.25
100
643
59
77c
Riverside Silk
'
39
200
1,250
...
Reno Gold...
Jan
Sept
Jan
1.00
*
Sand
July
28
50
277
6%
Pittsburgh Steel Fdy com. *
Vanadium-Alloys Steel
*
Waverly Oil Works cl A..*
Westing house Air Brake... *
1.50
2.75
1,060
Nov
7.45
A
Preston E Dome
Sept
Apr
1.45
200
1.10
1.22
Pressed Metals
6% May
4%C
1,500
A
Premier
90c
533
1.25
6
lc June
85o June
43
July
50c
.1
___
Powell-Rouyn.
10% May
37 HO
4%c
A
Pioneer
7% May
1% July
4% May
60c Sept
Feb
July
120
%C 33 %c 173,150
2c
2c
3,500
50c
1.40
Nov
96
Jan
193
56%
I
Cons
Pickle-Crow.
Mar
Apr
Nov
6%
1%
100%
Jan
69
Oct
1.00
Photo Engraving.
99%
1
June
4c
"*
Perron
Jan
Feb
99%
_
Fort Pitt Brewing...
Mar
July
85
160
50c
m*
....
Apr
Jones&Laughlin St pfd 100
26%
22
6
10
24%
*
8%
Apr
Mar
'.1
11%
13%
Paymaster
Mar
8%
.1
Feb
7%
Nov
1.09
....
Oct
14
Apr
4%
7.25
2%
4% May
9% June
4% May
2%c
42
29
~I
_
5% May
6% Aug
340
12
Jan
July
Aug
56%
Palcalta Oils
26% May
May
25
Apr
80
lc
160
1
Page-Hersey
Pamour Porcupine
Pandora-Cadillac.
Partanen-Malartlc.
High
282
1.10
Canada....I.I*
Omega....
23%
1%
8%
12
Ills
Okalta Oils.
Shares
2o
9,000
1,000
1,115
25
June
42
O'Brien
Range Since Jan. 1. 1940
for
Week
of Prices
Price
Allegheny Lud Steel com.*
Arkansas Nat Gas com
Range
5
24%
30c
Northern Empire
Northern Star
Sales
Week's
High
Low
210
160
100
2c
Northern
both inclusive, compiled from official sales lists
Last
20
Nor an aa Mines
Nor don Oil
9% May
Jan
2%c
1%C
5
*
30
270
2%0
1%C
2%c
Newbec
15%
180
Range Since Jan. 1,1940
High Shares
270
270
.1
National Trust..
Nay bob
197
Friday
__1
National Grocers.....
Preferred
National steel Car..
Apr
48%
loo
Murphy
Jan
8% May
May
107% June
Low
for
Week
of Prices
Price
Par
Moore Corp B
Morrls-Klr kl and..
10
1,151
Week's Range
Jan
Jan
Pittsburgh Stock Exchange
Nov. 23 to Nov. 29,
(Concluded)
% May
1% June
26% June
295
12 X
12
8%
Mar
14% Nov
3% Nov
34% May
38
May
H Mar
400
115
113
June
5X
IX
14 X
112%
28%
Oct
10c
1.90
98
Nov
Feb
35C
July
35
Jan
May
May
Jan
44
Nov
Soles
Week's
Range
of Prices
Stocks—
Par
'.ow
High
Range Since Jan
for
American Inv com.-_.___l
12
Oct
260
28
May
16%
Jan
United Steel
1
1.79
1.58
Ventures
*
3.25
3.20
3.25
335
Vermilata
1
5c
2%C
5c
7,500
Jan
32%
25%
Oct
34
Apr
40c
2.00
Jan
Columbia Brew
224
11%
Nov
19%
Mar
345
12
Nov
27
5
corn
Ely & Walker D Gds com25
Emerson Electric com
9
10
4
Aug
Nov
410
2%
Aug
Falstaff Brew com.......
150
6%
Sept
Grlesedieck-West Brew cm*
598
20%
Oct
93
25
100
Hydraulic Prsd Brick pf 100
100
International 8hoe com... *
35
Key Co com..
Laclede-Chr Clay Prod cm*
__.*
Meyer Blanke com
Midwest Piping & rfply cm*
25
Huttig S & D pref
15
160
9
25
10
216
*
"3%
July
6%
40
St L Bank Bldg Equip cm *
Scull In Steel
June
4%
6%
*
Rice-Stlx D Gds com..
13
Sept
Aug
Aug
14%
Mo Ptld Cement com...25
National Candy com
Nov
5
110
14%
June
50c
25% May
Sept
3% May
150
Jan
Sterling Alum com
97
Nov
2.00 May
Jan
5%
Jan
21% May
9
Jan
44%
20%
Nov
June
26c
5,000
1%
20
1%
Western Grocers pref.. 100
Apr
14
No par value,
a
4%c
War
Nov
..100
Loans
.1952
100%
55
May
69%
Nov
Last
12
4,000
8
May
12%
Jan
Sale
v
Ex-rlghte.
e Admitted
Cash sale—Not Included
• Listed,
t In default.
Par
t Title changed from
7.00
7.10
3,605
4.70
July
Julv
4%c
4%c
2,000
4c
Nov
87
100% 100%
DeHavllland
Toronto Stock Exchange
of Prices
Par
_
Low
27c
*
MeWatters.
-
6%
6%
22c
22c
53 %c
55c
1
...»
27c
53 %c
45
_.*
——1
27c
High
Shares
Range Since Jan. 1. 1940
43
6%
45
1,175
125
900
3,950
288
5
18c
37%c
34%
June
Oct
July
June
Jan
Jan
7c June
Feb
97
100%
Nov
Range Since Jan. 1, 1940
for
4
30
4%
40
IjOW
High
1,421
50
40
Nov
3% Aug
5
May
4%
3%
May
Nov
40
6%
6
Feb
May
15%
Jan
8%
Apr
68
Apr
Aug
17
Apr
75
75
10
75
Nov
92
May
27%
27%
35
22
June
40
75c
80c
1,900
1.05
Jan
9c
9c
1.500
7o
July
18c
Apr
8c
8c
700
6c
Sept
13%c
Jan
29%
120
25% June
31%
Feb
1%C
1,000
2 Me
Mar
10
*
...i
78C
,
-
-
.
-
-
*
*
20
1 1
29
....
l%c
6%
30o June
l%c
July
Jan
♦
2
2
100
2
Nov
4
Mar
inn
28
28
5
19
Sept
35
Mar
4%c
4%c
1.85
2.00
.....
-.1
—1
1.85
...*
2%
58c
Jan
Rogers Majestic A
12%
Apr
30c
Jan
Super test ord
Temtekamlng Mining. ...1
93%c
Jan
Apr
48
115
*
Ontario Silknit.
*
*
4%
4%
Oslsko Lake.....
High
2gc June
300
8.1«
Week
Share*
7
........
Preferred
Low
July
335
•
*
Oils Selections.......
Week
Price
July
99
4%
Pend-Orellle—
(Concluded)
64
950
6%
*
Montreal Power.
Sales
Sale
9%
76
$100
5
7
ion
pref
Foothills........
Mandy
for
Range
High
*
Canada Vinegars
Kirkl&nd-Townsite
Week's Range
Low
4%
—*
Can Bud Brew
Dominion Bridge
3219)
Last
40
oate*
5
—
DeHavilland
Canadian Markets
Moore Corp.
8c
of Prices
Corrugated Box pref.. .100
Friday
Apr
645
8,200
Week's
Price
*
Bruck Silk
Consolidated Paper—
page
16
99
11%
91 %
10c
to unlisted
In range (or
Inc.
(Continued from
July
June
11%
112
both inclusive, compiled from official sales lists
$7,500
*
Jan
Apr
July
Apr
Oct
Toronto Stock Exchange—Curb Section
Nov. 23 to Nov. 29,
69
Odd lot sales, o Ex-stock dividend,
The Wahl Co. to Eversharp.
Mo net a
105
87
'Y.OB
68%
d Deferred delivery.
xEx-dlvidend.
Mercury Mills
Model Oils
5
Friday
trading privileges,
Stocks
110
29c
5
47
Bonds—
Uchl
Stocks—
year.
21
8%c
l
12
68%
...1964
Income.
•
15
88
11%
91
100
Bonds—
St L Pub Serv 5s..;..1959
6c June
IX June
July
28
Feb
Nov
Nov
1.60
586
110
110
»
Preferred.
3.65
27
..100
Westons
21c
21c
.....1
Preferred.....
Apr
30
545
Wagner Electric com.... 15
6.05
June
16%
Nov
485
7%
2.70 June
29%
236
7
May
May
3,233
3.60
Wright Hargreaves—•
Ymir Yankee...........*
70c May
Jan
17 %c
19%
Apr
5%
Jan
Nov
44
8
2%
6%
1.74
4.35
19
Wood-Cadillac
14% Nov
12% Mar
Jan
6%
4% May
July
Oct
43
Jan
15% May
13% Nov
May
56o June
19
Wendigo
36%
3
Mar
43
Preferred—
Western Canada Flour...*
Apr
225
Feb
10
*
Walkers...
Sept
45
Jan
Mar
._.._*
♦
Walte-Amulet
June
Apr
260
3%
3%
,
4
100
1
4
•
.....
10
10%
170
J*
com...
Warrants...
6
270
10
Aug
3%c
Nov
32
200
39
17
Auv
1.95
39%
1.12
May
12
Upper Canada
May
825
Dr Pepper com
25%c June
Apr
29
Collins-Morris Shoe com.l
50
450
Aug
14
36%
.
United Fuel cl A pref....25
Class B pref
25
Coca-Cola Bottling com.. 1
*
Gas
14%
39%
7%
4%
1.85
High
340
1
....
Uchl Gold
Union
Low
225
Brown Shoe com
Burkart Mfg com
Preferred.....
1, 1940
Week
Shares
No par value.
2
2%
26
5%c
26
5%C
5%c
2,000
3%c
Oct
10c
1,525
1,375
99c
May
2 35
Jan
1%
July
3%
Apr
50
1,000
26
Nov
2%e June
34
8%c
Jan
Mar
Jan
The Commercial &
3218
1940
30,
Nov.
Financial Chronicle
Canadian Markets
LISTED AND
UNLISTED
Montreal Stock Exchange
Bonds
Industrial and Public Utility
Ask
Bid
Ask
Alberta Pac Grain
Algoma Steel 5a
68
70
73
Gt Lakes Pap Co 1st 5s
68 X
69X
70 X
64
1949
Gen Steel Wares 4X8.1952
71
5s..1953
6s..1946
-.1948
49
66
67X
Federal Grain 6s
'66
Lake St John Pr A Pap Co
British Col Pow 4X8-1960
69X
71 X
Canada SS Lines 5s... 1957
67
73 X
69
Canadian Vlckers Co 6s '47
37
39
74
100
53
69
16 X
Jan
June
96 %
Feb
Sept
6.00
Jan
Preferred
94
10
6
6
1.50
155
2X
2
10 %
Feb
May
96
Feb
July
4X
60
78
20
94 X
4
Sept
10 %
Feb
2% May
5X
Mar
3
8%
Apr
64
66
70
72
Gypsum Lime A
Hamilton Bridge
'63
58
60
Holllnger Gold
—.6
Howard Smith Paper
•
14 X
14X
55
67
69
100
99 X
99 X
140
85
May
106
67
69
27
27 %
180
19X June
34
10%
1,528
69X
71
14
1,208
7
1,760
1962
Quebec Power 4s
Saguenay Power—
55
4XS..1951
May
80
88
94
10
85
11
88
62
Gurd
4X
(Charles)
"3%
3X
3%
*
4%
4%
4%
Hudson Bay Mining.
13%
*
9%
9%
13 X
Imperial Oil Ltd
*
Imperial Tobacco of Can 6
Preferred
£1
71
4X
Alabas..*
Preferred
72
Co—
1966
Donnacona Paper
125
11
11
.....
High
Low
Shares
64
N Scotia Stl A Coal 3Xs
76
70
1956
1951
Price
Par
6X8
1961
Massey-Harris 4 X»—1964
McColl-Front Oil 4XS 1949
Power Corp of Caa
Dom Tar A Chem 4 Xs
Week
4Xs '69
Price Brothers 1st 5s.. 1967
71
Canada Cement 4X*-1951
Dom Steel A Coal 6 %$
for
of Prices
Low
High
6% preferred..—...100
Rights..
General Steel Wares
•
Gatlneau
Abltlbl PAP ctfs
47
Week's Range
Sale
(Concluded)
1,1940
Range Since Jan.
Last
Stocka
Bid
Sales
Friday
Nov. 29
Closing bid and asked quotations, Friday,
(American Dollar Prices)
13X
175
75
a
185
13%
May
July
9.60
11X May
15
Jan
23 X
Apr
Apr
Jan
June
15X
Jan
June
16 X
Feb
6%
Sept
Sept
18 X
8X
12
Municipal Issues
4 He
July
50
Apr
Aug
23
Feb
23
23
25
20
June
28 X
Feb
34 X
34 X
37 X
2,207
27 X
May
46X
Jan
17X
17X
15
17X
Sept
23 %
Apr
78%
355
51
May
80
Apr
15
335
15
.100
"77"
*
*
Preferred
Ask
Bid
14%
1 1942
50
6s
Oct
47
48 X
6s
~82~~
*
16%
86
89
Massey-Harris
102X 103
6s
1 1963
81X
May
1 1959
97
98
McColl-Frontenac Oil
4s...
June
1 1962
87X
89X
Montreal Cottons
92
94
89
90 X
15 1965
2 1950
Mar
4X8
Montreal Tramways
Jan
Jan
Jan
40
42 X
175
34
June
69
Jan
56 x
56X
58%
627
22 x
22 X
24
705
43 X
20
10
10
20
83
85
National Breweries
•
86
88
Natl Steel Car Corp
•
"46"
Noranda Mines Ltd
—*
Ogilvle Flour Mills
*
Ontario Steel Products
*
1
Apr
15 1946
1 1951
Nov
Oct
5Xs
83
81
16 1961
63
Ottawa Car Aircraft
*
"Yx
4Hfl
Sept
16 1962
87
89X
Ottawa Electric Rys
6s
Mar
1 1960
91
93
Ottawa L H & Power
*
100
"io"
4X8
Province of Nova Sootia—
66"
Railway Bonds
Bid
4s perpetual
Ask
Canadian Paclflo Ry—
52
debentures.
53
Sept
4Kb
1 1946
74%
76
6s
Sept
16 1942
70
71X
6s
Deo
1 1964
69%
70 h
4Kb
Dec
July
16 1944
1 1944
67
68X
4 Ha
July
1 1960
63x
64 h
6s
101X 102
Ask
Bid
1 1961
92 X
93X
11946
Feb
1
1966
93
July
1
1967
93
6HS
July
94
3s
1 1969
95
96
1
1969
96
1 1970
96
99
35
90
June
102 X
236
6
May
11X
Jan
1,270
9
May
24
Jan
30
13
June
17X
6X
6
12H
13
15X
7%
Jan
July
9%
1 1962
Jan
91
88
80 X
82
97 X
Jan
Jan
35
3
June
6
Feb
17
15
10
July
17
Jan
Jan
90
12
Sept
19x
13
50
12
June
19 x
95
95
25
90
Oct
102
Jan
105
105
105
1
100
May
108
Sept
2
May
18
18 X
42
42
42 X
17%
17%
18
lix
11X
10
99
99
45
100
Saguenay Power pref-.100
St Lawrence Corp..
2X
*
A preferred
5
17
60
"99"
325
2%
10 x
72
75
29 X
29 %
1,249
25
72
75
282
10X
•
25
1,065
5
Co of Canada
Wabasso Cotton_......._*
111
111
18
Jan
10 X
May
21
Apr
20
May
52 X
Apr
16
May
7
May
80
May
9X June
Jan
24 X
Mar
15
103 X
Apr
Jan
15
Jan
76
62
July
86
35
63
May
83
Jan
100
22
Aug
37
Mar
10
106
June
111
Nov
50
>
16
111
18
pref.. 100
6X
Jan
18
X
May
24 X
1.00
1.00
170
90c
Aug
2.50
..*
1.00
1.00
429
1.00
July
2H
100
6%
6%
3
8%
8%
25
Wllslls Ltd........
*
Zellers
Apr
Jan
Jan
July
12
Apr
8X June
13
Apr
6
97
6s
1 1962
Jan
4s
6s__._, ....Oct
225
Preferred
105%
Grand Trunk Pacific Ry—
94
4X8...
Feb
1
10
ClassB
105
95
4X8—
Nov
12
Winnipeg Electric cl A...*
93 X
4X8... ....June 16 1966
12
16
Jan
13
—
Westn Grcrs Ltd
Canadian Northern Ry—
Canadian National Ry—
Sept
Vt..
Preferred
Ask
Mar
13
*
Rolland Paper pref
Steel
6% June
13X
13
Rolland Paper.
Simpsons pref
...100
Southern Canada Power..*
(American Dollar Prices)
4Xb...
"i?"
25
Sherwin-Williams of Can.*
Bonds
Apr
5
Knitting.i
preflOO
Shawinlgan Wat A Power.*
Closing bid and asked quotations, Friday, Nov. 29
Bid
*
St Lawrence Paper
Government Guaranteed
Dominion
12
10
15
12%
•
Preferred
Bid
Ask
Canadian Pacific Ry—
~~6%
Quebec Power
Regent
8X
Jan
8X June
June
99
of Canada...*
Price Bros A Co Ltd
Closing bid and asked quotations, Friday, Nov. 29
(American Dollar Prices)
8X
20
77 X
33 X
July
12
Ottawa L H & Pwr pref. 100
Power Corp
Feb
56 X
1958
4kb
Jan
Mar
31X
38X
1 1961
•»*»
81
45
1
m
May
June
Feb
May
'
Jan
25
June
Feb
67
60
June
48
67
5
5
25
4X8
16 1943
150
1,895
5%
61
29 X
Jan
40
78
June
Nov
6X
9X
40
78"
5s
53
5
76
Prov of Saskatchewan—
Oct
2X May
13
76
87
Jan
50
21
3 X
412
2 1969
85
27
38
Dec
16 1960
May
29 %
June 16 1964
Apr
14
50
6fl
6s
Jan
Feb
29
6s
Prov of New Brunswick—
6
94
50
Aug
-
Sept
June
38
'56"
4 His
-
55
2
70
10
16X
61
40
100
Montreal Telegraph
Provlnoe of Quebeo—
87
1 1941
Feb
24
10
20
16%
29
29
12X June
Feb
30
88
5%
*
100
10
3H
80
3%
Montreal L H & P Cons..*
4X8......Jan
83
Provlnoe of Manitoba—
14 H
55
100
*
Lindsay C W pref
101
100
Sept 15 1943
77
3H
100
Intl Power pref
Lake of the Woods
Provlnoe of Ontario—
12 1949
Oct
4Kb
Apr
14
International Power
48
1 1966
Oct
50
200
Inter Pete Co Ltd
Ask
Prov of British Columbia—
Be
Aug
5
16
Int Paper & Power
Nov. 29
Closing bid and asked quotations, Friday,
(American Dollar Prices)
province of Alberta—
6s
--..-Jan
1 1948
18%
50
16
7
7
.._*
100
Indust Accp Corp
Intercolonial Coal
Provincial and
Bid
18H
50
16
Intl Nickel of Canada...
75
73
..1966
4Xs series B
Famous Players
7 x
29
International Bronze....*
Preferred
25
4s
6s
....July
....Feb
Banks—
Commerce...........100
Montreal Stock
Nov. 23 to Nov. 29,
Exchange
Last
Sale
Price
Par
Agnew-Surpass Shoe
9h
Algoma Steel
Asbestos
Corp
•
Associated Breweries..
Preferred
"l4X
of Prices
High
Telephone
100
.....
Brazilian Tr Lt & Power.*
9x
Low
9
June
12X
10
HI
7
May
16X
Apr
7
25
5
Oct
8X
Feb
15x
1,142
15x
402
5
168
4%
13
580
159
151
5
1,415
26
26
347
5
5
5
390
Building Products A (new)
16 H
•
Preferred
""Yx
Canada Steamship (new).
6% preferred
16 x
....26
15X
July
3X
23
June
Aug
1.25
12
Oct
10
169
10X
30
3.00
Jan
Mar
Apr
Mar
Mar
May
17X
Jan
May
3X May
23X
8X
Feb
Jan
80
June
101
Nov
9x
9x
25
9
Oct
18
Jan
4%
525
16
17 x
652
4%
38
25
8X
9
670
21%
22
265
»
30
30
31%
585
125
124
125%
Cndn Foreign Invest
10
*
"~5%
8X
Mar
21X
Apr
29
June
45
Jan
6
May
16 %
Jan
May
28 X
Jan
12 X
20
May
195
106
June
40
14
May
10
12
100
1.90
1.90
120
1.75
1.90
Class B
Oct
June
2H
9X
18
104 x 104 x
Cndn Foreign Invest pf 100
Ry.._26
6X May
130
45
18
Paclflo
Feb
100 X
Canadian Converters.. 100
Cndn Ind Alcohol.......*
May
112X
140
100
Celanese
Preferred 7%
1.75
35
5%
5x
2,251
37 X
128
Feb
Mar
19X
Feb
5 June
14%
Mar
Aug
1.65 May
1.75 May
104 X
Nov
3X
Jan
3X
Jan
98
4
May
9
Aug
Cousol Mining A Smeltlngd
40
43%
1,020
29
May
48 X
Jan
Crown Cork A Seal Co...*
27X
27 x
15
21
June
32
Apr
925
19X
May
28
Nov
Distillers Seagrams......*
Dominion
26
26
27%
*
27 x
27 x
27 x
26
20 x
20 x
21
100
126 x
Dominion Steel A Coal B 26
9X
Bridge...
Dominion Coal pref
Dominion Glass..
126 x 126 X
9x
10
22X June
40 X
Jan
240
16
May
22
Feb
31
113
June
129
Sept
47
1,508
6X
*
5%
5%
155
Dom Tar & Chemical
*
4%
4%
18
3
Nov
May
Apr
100
Electrolux Corp
*
1
English Electric B
*
...
Foundation Co of Can
87
87
87
5
80
July
90
Sept
85
Preferred
Dry den Paper
Jan
15%
6%
8X
June
3X May
Dominion Stores Ltd..
Dominion Textile
281
34
277
Oct
311
Mrr
Mar
163"
163
163
60
150
June
190
Mm
Sales
Par
Week's Range
for
Sale
Stocks—
86
210
70
June
90 X
Mar
6
6
135
4
May
11H
Jan
7h
7x
July
12
Feb
5%
15%
of Prices
Low
High
Week
Price
Shares
High
Low
6%
cum
375
6X
6%
109 X 114
738
2
June
17 X
110
197
80c June
1.45
100
125
125
100
pref..
80c
6%
7X
5
5
304
3
May
12
12
155
6
May
Apr
Jan
Apr
105
115X
Jan
125
Bathurst P & P Ltd cl B__*
2X
2X
200
IX
May
5
Beauharnois Power Corp.*
5
5
192
3X
Jan
5
5
105
4
May
July
6X
Brewers A Dists of Vane. .5
5X
Feb
23 X
Jan
6%
cum
pref
Brit Amer Oil Co Ltd
18X
*
125
18 X
540
15
May
19 X
Nov
Jan
Jan
British Columbia Packers.*
12X
12X
7
10
July
Canada A Dom Sugar Co. *
28 X
28 X
29
345
24
May
35
Jan
Canada Malting Co Ltd..*
39
37 X
40
116
30
June
40
Nov
Can North
98
96
98
51
95
Juiy
111
Feb
7
Nov
25%
25 X
7%
cum
pfd 100
7
Canada Starch Co Ltd .100
Canadian Breweries pref.
Cndn General Invests
*
7%
7%
7
10
25 X
95
7%
50
6 X
22
7 X
Feb
May
Oct
31X
9X
Apr
Feb
preflOO
168
168
50
163
Aug
175
Mar
CndnIntlInvTr5%cm pflOO
45
45
50
30
Aug
45
Apr
Cndn Inds
7%
cum
Canadian Marconi Co
95c
1
3X
Canadian Vlckers Ltd....*
Catelll Food Products Ltd.
2
May
8X
Jan
34
48
May
52 X
Feb
100
10
June
18
Feb
200
1.55 May
1.75
3.50
Mar
6
6
July
6X
Jan
4X
4X
1,236
3X May
8X
Apr
80c
80c
10
75c June
3 76
Jan
*
1.50
1.50
40
1.00 May
3%
20
8%
8X
10
4
Feb
Feb
3X May
5
Preferred
Consolidated Paper Corp.*
Cub Aircraft Corp Ltd
*
Dominion Woollens
Preferred
4X
8X
4%
B
925
Jan
3
May
8X
Jan
135
3
May
Apr
2
June
8X
6X
7X
7X
3
3
3
105
Fleet Aircraft Ltd
*
5%
6
305
Ford Motor of Can A
•
Fraser Cos vot trust
*
5%
17
17 X
140
11X
11X
190
20c
200
20c
Jan
22 X
Feb
7X June
21X
Jan
60c
Jan
20c May
1
Lake St John P A P
*
Mackenzie Air Service
*
1.00
1.00
1.00
4,160
10c
July
MacLaren Power A Paper *
lex
16 X
17
1,055
9
May
12
market.
12
15
Jan
10
July
3X June
13 X
Intl Utilities cl B
r Canadian
10
50
310
6
No par value,
9X
4X
Falrchiid Aircraft Ltd
"IIx
May
5X
7 X
7%cmpfl00
5
4%
5%
Donnacona Pap Co Ltd A *
Eastern Dairies
Apr
15
10
1.75
Commercial Alcohols Ltd.*
1.40
300
41
10
10
70c May
95c
3 X
41
Cndn Westinghouse Co...*
•
Feb
0.50 June
2H
85c
*
Abltlbl Pow A Paper Co..*
Aluminium Ltd
Feb
5
1,1940
Range Since Jan.
Last
Jan
19 X
Sept
100
342
21«
*
Ondn Car & Foundry
Canadian
6
"""sk
Canadian Bronze
Preferred
14 x
38
4H
60
15x
5%
26 X
Sept
14X May
12X
109X
100 x
100
Can Northern Power
Canadian
6
15x
14x
6
Ma,
212
both Inclusive, compiled from official sales lists
Oct
26
Bulolo
176 X
July
Friday
5
14 x
12%
Nov. 23 to Nov. 29,
High
11
British Col Power Corp A •
ClassB
Canada Cement......
July
171
»
Montreal Curb Market
Range Since Jan. 1, 1940
for
15H
"12 %
100
Aug
139
281
100
;
Apf
137
129
188
146
157
188 x
Week
Shares
109% 109 %
*
^..100
Bathurst Pow & Paper A.*
Bell
Week's Range
Low
7
Amal Electric Corp
Royal
164
21
24
189
157
Sales
11
*
100
....
Nova Scotia....
both inclusive, compiled from official sales lists
Friday
Stocks—
Montreal
158
146
100
Canadlenne
12
June
28
1.00
22
Jan
Nov
Jan
Volume
The Commercial & Financial Chronicle
151
3219
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Last
Par
Week's
Sale
Stocks (Concluded)
of Prices
Low
High
Price
McColl-Fr OI16%em prflOO
Melchers Dists Ltd pref.10
44 K
41
Provincial Transport Co..*
Reliance Grain Co Ltd
*
44 X
106H 108
94
95
44
Low
510
100
101H
Apr
3H May
6H
15H
Mar
May
Jan
Canadian Breweries pref.*
Cndn Bk of Commerce. 100
June
47 K
Apr
Canadian Canners
July
Aug
111H
Jan
106 H
Mar
5H
36 X
30
91
12
91
41
25
Oct
41H
7
2,110
4
25
4
2
7
7
50
H
50
103 H 104
104
Apr
7H
Nov
2
47 H
Feb
May
3
%
25
10
3.00
95
June
Feb
13H
1.80 May
5
Jan
Jan
Nov
112
Feb
2
2
65
75c
Apr
3.00
9
30
6
Jan
12
Apr
43
43
19
19
25
Walker-Good A Worts(H)*
$1 cum pref
*
43
K
230
70
29 H
44 H
June
16H June
Nov
13H June
Breweries.
Arno Mines Ltd
*
15c
15c
1,400
35c
Jan
lc June
4c June
lOHc
July
Canadian Celanese...
Preferred.
Class B
*
*
*
5K
*
------
lc
lc
900
3c
July
9c
28,000
Castle
2,000
5Hc
Nov
16 Ho
11c
Jan
6c
Feb
Central Patricia
Bouscadillac Gold...
1
3c
3c
500
2c
July
4Hc
Feb
Central
5c
1
*
Duparquet Mining
1
5c
1,000
24 H
lc
lc
2.90
3.05
3,100
35c
35c
35c
...1
Falconbridge Nickel..._.*
2.65
175
Jan
21c
Mar
Jan
Sept
29H
2Hc
1.95 June
4.10
25c June
1.25
Jan
Cons
5.05
He
Jan
Conlaurum
»
Jan
Consolidated
Smelters.
67c June
1.45
Mar
July
1.82
Jan
Dist Seagrams
2c June
10HC
Jan
Jan
Dominion Bank
500
Perron Gold Mines
1
1.80
59c
5,750
1.25 June
Pickle-Crow Gold Mines .1
3.00
3.00
100
2.46 June
4.15
Jan
Preston-East Dome
1
3.20
3.20
100
1.40 June
3.45
Nov
Sherrltt-Gordon Mines
75c
2.11
82c
322
55o
July
1.15
Jan
50c
50c
2,500
470
Oct
95c
Apr
44c
44c
100
20c June
61o
Jan
"61c
61c
61c
1,800
47c June
1.00
Jan
3.30
3.25
3.35
700
2.48 June
10c
9c
10Hc
17,300
8c June
4.15 ''Jan
31c
Jan
Oil—
Gas
150
*
1.50
100
1.10 June
2.35
14 He
14Hc 14Hc
Petroleum
Denlson
500
14c June
-
—
Apr
9c
May
9c
May
Eastern Steel
9H
4
1.75
2.55
14,100
1.30
May
3.10
Jan
80c
100
60c
Aug
1.34
Apr
Royalite Oil Co Ltd
*
22 H
22 H
100
Jan
Federal-Kir kland
High
Low
Acme Gas
8c
Nov
Highwood
*
Jan
HInde & Dauch
*
Jan
Hollinger Consolidated. ...5
July
38o
Jan
Home Oil
16H
60
*
9H
9H
1
lHc
1 He
9H
lHc
4,000
55c
55c
60c
6,800
2.55
2.55
122
Anglo-Huronian
Astoria
Aunor
9c
5,499
1
11c
11c
lie
Bank field
8 He
Honey Dew
6 He
Jan
Howey
1.03
Jan
Hudson Bay
3.00
Jan
Huron & Erie
100
July
17c
Jan
Imperial Bank
100
2c June
1.40
4,125
6,600
-
8c
1
8C
4c
Aug
4Hc
Jan
Imperial Oil Co
2.68
Jan
Imperial Tobacco ord_. ..5
3c June
14c
Nov
5c
July
28c
Jan
190
190
119
170
July
211
Mar
282
282
1
269
Aug
315
Feb
240 ~
240
245
42
200
July
268
2H
100
2
lOHc
lOHc
11c
3,500
100
Bank of Nova Scotia...100
+
100
Bank of Toronto.
---
—
Barkers
Metals
•
Bathurst Power cl A
*
Bear Exploration
------
12H
13
5Hc
5Hc
1,500
1.10
1.15
1,700
__1
------
Seattle Gold
1
1.10
Beauharnois
....*
4
158
Bell Telephone Co
100
Bidgood Kirkland
1
12 He
Big Missouri
1
5c
Blue Ribbon
4
158
*
160
12 He 14 He
5c
5H
6Hc
5H
37
39
Bob jo
i
7 He
7 He
8Hc
Bralorne
*
10
10
10
Brazilian Traction.
•
5
Brewers & Distillers...
5
British American Oil
*
Brit Columbia Power A
*
Blue Ribbon pref
.50
Class B
-
-
5H
18H
------
4H
5H
•5H
5H
18H
18H
26
27
80
14
Preferred
B uffal o-Ankerite
Canada Bread
Class A
Canada Cement
Preferred
Canada Malting
Canada Packers...
Canada Steamships
Preferred
Canada Wired A
2,500
lc June
12,500
25c May
8o June
6c
5,000
54
12
30
Feb
3 K
3K
20 K
104
13
June
27 M
Jan
2 K
100
IKo
Nov
3Hc
Mar
11
Sept
14 H
Apr
K
11
37c
40c
10
2,700
31 Ho June
2H
May
He June
6.45
300
4H
3K
4H
4h
185
3
100
2
1.00
1.00
1.07
3,060
4c
4Hc
4,000
3K
------
------
10 H
------
2.22
16
26H
------
------
9K
------
27c
3k
Apr
64o
Jan
6H
3Hc
Mar
Jan
H
July
7.75
Feb
July
5.00
8H
Apr
July
4H
Jan
65c May
3c Aug
1.48
Jan
10c
Jan
19Hc
500
7c June
10 K
io h
60
7H June
16
Jan
13
13 h
1,600
9H June
15
Jan
2.22
2.55
13,880
1.30 May
3.10
Jan
llHc 11 He
Jan
67
15H
31c 34Hc
15,663
21 Ho
July
26H
27 k
597
19 H
34
Jan
57
57
May
July
74 H
Jan
200
201
July
8H June
220
15H
9K
14
27c
16
8
54
11
1,819
14 H
27c
376
100
170
10
102
102
Oct
150
10 H
10
102
8
12
Oct
17c June
25
40 Ho
Mar
Jan
Feb
15H
Jan
16 H
41c
Apr
15H
Apr
5
May
90
June
114
Apr
2,200
27 H
May
47
Jan
994
12H
June
24
10
Jan
2c
500
lHc
Aug
3,500
lHc
Aug
19c
Jan
1 He
4,000
He June
4Ho
Feb
Mar
Kelvinator
*
July
74,100
10c
July
52 Ho
Apr
Kerr-Addison
4c
Sept
14c
Jan
Kirkland Lake
130
35
5
20
34
.
July
Aug
9K
42
14 H
23 K
Aug
IK
3
15
100
June
9H
Jan
10,457
1.20 June
3 70
Nov
3,100
70c June
1.54
Jan
675
20
20
20 H
16H
16H
16 K
55
5.00
5,00
194
7Hc
8c
11H
330
Jan
51c
4,300
88o
Jan
2.25
1,805
1.71
May
3.40
Jan
251
May
28 H
Jan
25H
26
20 H
20
May
26 H
12
Nov
12
50c
•
(Marcus)
1,540
1.00
June
2.39
Jan
Maple Leaf Gardens...
1
25c
25c
30c
3,100
18c June
47c
Jan
Maple Leaf Milling
3.95
4,565
2.39
2.55
5,51?
17,400
27,200
20 Ho
July
70c
54c June
1.45
Mar
16
6H
Jan
10
Nov
185
1H
July
173
3H
»
5H
Jan
Preferred
1
58c
56c
63c
..1
1.15
1.15
1.25
10
10
------
*
Jan
Maralgo
8K
Jan
Massey-Harrls
*
100 K
Nov
4K
1
22
Mar
40
Nov
Preferred
McColl
40
185
86
86
20
65
June
Mclntyre.
134
46
117
July
104 K
150
Apr
131
Mar
McKenzle
4H
514
2K
June
8H
9K
June
21H
Apr
65
Apr
100
5
2H
5
lHc
1 He
3H
30 K
3 k
150
33
230
6
*
2.25 June
4.75
Feb
1.00 June
2.70
Nov
Nov
5H
Jan
May
9H
Jan
lc June
1,500
5%
30 K
*
100
2H
4H
4 He
Jan
July
6H
Jan
25
July
69 H
210
5
June
9H
Jan
Feb
50
80
June
101
Apr
37 H July
85o June
58
Jan
96
95
96 H
48 H
48 H
49H
615
1.23
1.21
1.35
5,400
Mar
235
McColl pref.
Jan
Nov
12
3.70
#
105
36
12
2.39
Mines
F)
117
41© June
3.75
100
1.55
40H June
Jan
13
27 H
1.40
29K June
an
22 Ho
2.15
1.40
June
July
June
27 H
•
12
5c
9
2.25
Malartlc (G
5
Jan
7.25
27 H
1
Madsen Red Lake
17
Jan
27
15
*
McL Cockshutt
June
32
15 H
•
—
a
Jan
78
July
July
4.75 June
6,300
11H
5
Leltch
Jan
5
Jan
Loblaw
Jan
June
5c
Little Long Lac
8.60
3
Nov
Jan
14
110
42c
Apr
17 H
July
17c May
Mar
July
July
17,850
5H
May
IK
35c
23 H
30
June
90
28c
97c
11H
6K
10
Apr
8H
7 He
2.75
15
Jan
1.09
3.60
1
12
3
65c
July
96c
3
290
100
Aug
65c
8
Laura Secord (new)
450
3
15c
100
3.45
*
1
470
100
100
1.00
96c
♦
Apr
Feb
30c
1.00
3.45
Lamaque (G).
Lapa Cadillac
11.00 May
52
14 H
30c
Lake Woods
7.40 June
1,100
1,117
14H
------
Lake Shore
115
10H
37 K
Jan
11HC
June
May
May
35H
Apr
3 He June
33i
35H
Apr
13,300
25
Jan
lHc May
57 H
2 He
4.90
63
Oct
26c
July
2c
11
63
5c
Ho
51H July
2H June
2c
15H
__*
Jan
lHc
4.75
17 H
Nov
1
10 H
17
Jan
30c
22o
20c
1
15H
....50
23o
Sept
7Hc June
20 H
28c
•*.75
2Hc
Jan
1
60c
11
4H
6Hc
2,100
44,100
3,200
69c
J M Cons
19Hc
4H
3,700
15c
Jan
2Hc May
Jelllcoe
1,500
*
18c
30c
10 %c
Feb
Apr
Jacola
...
B
37H
6
10 H
10 He
Jan
Macassa
38 H
IK
Feb
Nov
Loews
133""
July
July
Jan
-----
79
1.25
Apr
*
10
9 He
Nov
_*
86
July
3H
Can Permanent Mtge--100
Jan
Feb
July
88c
17
July
70c
Nov
------
10
2H May
28c May
Canada Foundry class A..*
185
Jan
70c
16 H
97
19c June
11
2Hc
6 He June
100
7,400
I Jan
Jack Waite
15
6
5K
100 H 100H
48c
Apr
10 H
Apr
53,635
6
45c
6Hc
15H
11c
*
22 H
440
May
7
87c
100
lHc July
3H June
13H Juiv
205
Island Mountain
IK
*
7,300
6
17 k
Jan
Apr
Mar
International Utilities B .-1
15H
_
4Hc
4c
30
Jan
1K
100
6.00
20H June
Feb
1
...
June
1,363
Apr
83c
Calmont
1 76
27 H
27
Jan
Jan
33c
10 He
Calgary & Edmonton
2,353
6
6H
84c
*
2.70
33
July
Oct
...»
........
Building Products
2.51
Sept
3H
25
Jan
July
7c
10 He
Burlington Steel
1.23
47c
*
100
23,300
841
21c June
6,100
4.10
•
Internationa] Nickel...
Internationa] Petroleum ..*
l
*
.
1
Int Metal A..........
*
Broulan-Porcuplne
Brown Oil
*
Inspiration
6K
169
228
36c
1 He
31Hc
*
June
91c
2H
Bank of Montreal
*
Apr
Sept
lc
2,000
2.10
7H June
•
41c June
61,700
4c
1.98
8c
1
....
Mines
Bagamac
Base
7 He
2.05
1
Que
Gold
3Hc
1
Arntfield
Jan
35c
40c
------
■
.1
Nov
Mar
2c
*
22 He
36
*
Feb
11 Ho
4H
1.95 June
5.10
July
Amm Gold
July
18 H
250
3c June
Algoma Steel
2o
Apr
Aug
Sept
54
*
Co
8H
3.50
10
May
79,000
10He June
Anglo Canadian
July
3
3%
500
10c
3
8
2Hc
1,000
10,300
Jan
25
3H
20c
14Hc 15Hc
Jan
15H
June
1.00 May
Jan
36 H
100
lHc
7Hc
15c
210
3
2c
Hard Rock
Aldermac Copper....
Jan
3.10
37c
Harker
20
3
NOV
2P
12
3H
Jan
100
97,650
25,925
1
Apr
30
12Hc
•
2.60
20c
585
952
lHc
Halcrow-Swazey
17H
7Hc
July
May
6H June
91
1.90
8 K
11
June
30
19
Jan
28
3
*
June
-
5
150
535
807
Apr
2.86
Greening Wire
50o
im-
4
18 H May
16
June
18
K
10
1.50
2
2
—
24
460
1,085
186
9H
*
575
7 He
25
42c
■*
370
-
27 H
1
90c
-
26 K
24 K
Oct
6K
-
Jan
Apr
July
July
85c
*
Feb
8o
1H
6H
_._-_l
178
Nov
4H
3Hc
90c
....
AJax O & G_—
Jan
3c
3 He
6c
..........
49
500
3 He
15
..50
.
Jan
Feb
35s
25
Eagle
.......
Jan
19
Aug
3,000
6H
Alberta Pacific Grain prflOO
141
6K
•
preferred
July
May
July
lOHo
26c
Harding Carpets
6%
1.00 June
12 H
28 H
4 He
...100
Abltibl
Nov
8,500
17Hc
Hamilton Bridge
High
Nov
80o
9H
1.98
31c
IK
I f allnor.
Shares
1.47
July
3H May
13c
Gypsum
Week
of Prices
Low
41c June
14c 15Hc
Great West Sadd
Range Since Jan. 1, 1940
for
Jan
Jan
6K
*
Sept
Jan
*
1
Gunnar
Week's Range
119
14c
86
Goldaie
Sales
Friday
Apr
Aug
5c
10 K
Golden Gate
both inclusive, compiled from official sales lists
Apr
2.67
3.75
46c
pref
Oct
22
75c
4c
v t
5H
Mar
31H
5K
Great Lake vot trust..
Jan
Apr
8H
70o June
16 K
Gold Belt
Exchange
21
2.55
*
Great Lake
Toronto Stock
85c
19H June
5K
...
Mar
25
♦
Goodyear pref
Jan
2.50
Nov
50c
7
...*
Goodflsh
Jan
3.62
1,000
16 K
•
Gold
June
Nov
90c
4 He
God's Lake
NEW YORK, N. Y.
136
158
26
*
General Steel Wares..
2010 Royal Bank Building, Toronto. Canada
Sale
615
Gillies Lake
Members The Toronto Stock Exchange
Price
43 H
...*
Glenora
Par
40 H
150
5
Gatlneau Power pref.. .100
Macdonald & Bunting
Stocks—
51
5
2.51
Rights
Last
750
28
....
Gatineau Power
Quoted in U. S, Funds
Nov. 23 to Nov. 29,
1.40
14 H
5
27 K
Francoeur
HEAD OFFICE.
1.37
32
Feb
1.45 May
420
28
•
a
114
Jan
Jan
37 H
126
Nov
May
1.65 June
31,700
28
*
...1
Fleet Aircraft
H
16H
29
Feb
12
------
_
Fanny Farmer
3
July
May
May
13 H
10,240
80c
5%
10c
2.86
Falconbridge..
80c
& Industrial Stocks
110
5
2.25
Ford
100
400
1.33
11c
...1
Eauitable Life
80c
36
.
74c
35c
2~25
June
4
5H
7
_
*
18
12
100
3%
118H 118H
8K
*
_
»
BROAD STREET,
2.25
24
24
*
Dominion Woollens...
Dominion Woollens pref.20
Home Oil Co Ltd
30
19 %
2.15
185
100
*
Dominion Foundry..
Dominion Steel class B -.25
*
Dominion Tar
English Electric cl A
33c
100
-
26 K
Eldorado
8c
-
-
24 K
Okalta Oils Ltd
Canadian Mining
3H
19 K
July
32c
345
5H
14c
♦
Duouesne Mining
East Malartlo
9H
1.65 May
1.65 June
1,830
18
5K
90c
...1
Jan
8c
Petroleums
2,700
26
Easy Washing Machine..*
Foundation
40 H
Dome
20c May
15,835
7c
Davies Petroleum Ltd
—*
-
...5
6,100
1.16
1.50
58c
14H
1.37
*
1.24
7c
*
52c
1.25
------
*
1.02
Calgary & Edmonton
50
79c
Davies
1
Teck Hughes Gold Mines.1
Wood Cadillac Mines....1
10
1.75
1.23
Cochenour
Feb
2.27 May
15H
20
2.00
16,500
4.80
1
1
May
10c
2.28 June
Pandoa-Cadlllac Gold
Sullivan Cons
104
9c
500
O'Brien Gold Mines
50c
5
*
1.15
82c
126
9c
♦
3.95
1
May
May
1,785
Cub Aircraft
3.90
1
------
Porcupine
Bakeries
5H June
12 H
5,150
*
Feb
20
55c
Cockshutt Plow
14
50
17H
Feb
May
7H
140
2.00
Apr
Feb
22
1.95
Cosmos..
1
1
385
Apr
31H
178
July
31
50c
Consumers
Macassa Mines
Siscoe Gold Mines Ltd
SK
2.75
10 X
22
30
1.90
Jan
25
Sladen-Malartic Mines
95
50c
Jan
20 H
1.70
10 K
1.90
Apr
20 H
1~70
10
1
68c
1
17
1
31H
100
500
*
1.15
100
Trethewey
July
2.65
46 He 46 He
Francoeur Gold
Lake Shore Mines
Mai Gold Fields
Nov
17
2.25
Chestervllle
20c
Aug
1,000
Eldorado Gold
25
Carnation pref..
June
8c
1,500
~2~ 90
East Malartlc Mines Ltd.l
5c
500
15c
14c
24 k
------
i
8c
July
15
18
18
*
5Hc
6
20
52c
C P R
Wlrebound.
4
6K
1.75
------
Cariboo
June
17 H
*
Canadian Oil
135
126
*
1
Century Mining Corp
6K
High
Aug
21H May
35
160
8H
mo
Canadian Malartlc
201
Low
1.05
21
22
------
.
1
Cent Cadillac Gold Mns__l
10 H
*
Canadian Dredge
Cndn Indust Alcohol A
100
1.15
19H
Can Car A Foundry..
Preferred
..25
Big Missouri Mines
Dome Mines
6K
Range Since Jan. 1, 1940
Shares
25 K
25H
158
158
*
Arntfield Gold Mines
8c
1.1«»
*
Canadian
*
Week
•
Canadian Wineries
Mines—
Aldermac Copper...
for
of Prices
Low
High
_
Canadian Canners A.. ..20
*
Class B
Oct
9
Canadian
Week's Range
Price
Par
June
82
7,833
.
Stocks (Continued)
High
3
6
*
cum 1st pref
H
41
6H
Sarnla Bridge Co cl A
*
So Can Pow6% cum prf 100
Thrift Stores Ltd
*
6H%
5H
10 H
Sales
Last
Sale
Shares
20
10
10 H
Range Since Jan. 1, 1940
for
Exchange
Friday
i
Week
95
5
Page-Hersey Tubes Ltd..*
Pwr Cpof Cn 6%cmlstpf 100
6% n c part 2d pref
50
Rogers-Majestic cl A
Range
95
Mitchell (Robt) Co Ltd..*
Moore Corp Ltd
__*
Toronto Stock
Sales
Friday
No par value.
(Concluded on page 3217)
2H
1.47
Jan
The Commercial &
3220
Quotations
Rid
a2*« July
1
16 1972.
a 3«
Jan
1977.
101* 102*
04 *s Apr
June
1980.
101* 102
a4*s Apr
1976.
105* 100*
Ct4*B June
1964.
04 KB Feb
1970
109* 111
110
111*
110
111*
110 * 111 *
a 4«
May
1967.
116
a4a
Nov
1968.
a4s
May
1969.
116*
115* 117
110
117*
a4a
May
1977.
120
a 48
Oct
1980.
121
1960.
16
Continental
16 1976.
1 1977.
16 1978.
<14 KB Jan
04*8 Nov
124*
124* 125*
125
120*
125* 120*
126
1981.
127
1974.
1
1
04*8 Mar
Par
1967.
121
1967.
1963.
A Trust
1966.
86
1967.
121*
04*8 Dec
126* 127*
128
129*
1960.
120
1962.
120 * 122
04*8 Dec
266
New York State Bonds
61.80
61.90
World War Bonus—
leas 1
38 1981
less 1
Improvement—
1958 to '07
Highway
62.00
148
Can A High Imp 4*8 1966
145*
Par
Bank of Manhattan Co. 10
2-3
40
85
100
33
35
Bank of Yorktown__66
-
174
At*
Bid
Ask
1st
4s
1 *75
ser Mar
3 *s 2nd ser May 1*76
3s
4th ser Dec 15 '70
Holland Tunnel 4*8 ser E
1941
MAS
3*8 5th Ber Aug. 15 '77
6.25
100
M AS
Chemical Bank A Trust-10
3*8
s
-
2*8 serial rev 1946-1952
100
68
Apr
6s
105
101*
Feb
107
1955
108
1952...
5*8 Aug
1941
105*
105
July 1948 opt 1943.
121
108
15
17*
Irving.*.. ..........
.10
82
Kings County...
100 1510
.25
3s 1966 opt 1945
JAJ
3a 1956 Opt 1940
JAJ
1946....MAN!
3a 1950 opt
,
39
52*
54*
60
111*
10
12
Title Guarantee A Tr.
.12
2*
13*
15*
Clinton Trust
Preferred
.......
48*
49*
49
United States
3*
16
Trade Bank A Trust.. ,.10
100
Underwriters..
46
20
Empire
Par
...
112
•
108
■
90
80
100 1505
1555
109
I
A lk
22
York Mutual Tel..25
New
18
Telegraph—25
*
15
31
33*
25
32
35
100
114
Pac A
Atl
Peninsular Telep com
113
Preferred A
118* 120*
...
Rid
Ask
Bid
112
100
Bell Telep of Pa pref—109
Cuban Teleph 0% pref. 100
Par
|
112*
110
com
18
43
Rochester Telephone—
Emp * Bay State Tel.. 100
Franklin Telegraph.... 100
Ask
Ask
Bid
,...100
J)
5% preferred
Bell Telep of Canada...
110*
Conversion 3a 1947
108* 109* 3*8 1955 opt 1945..MAN
JAJ
109* 109* 48 1940 opt 1944
JScJ
110
illO*/ 4s 1904 opt 1944
74
Mtn States Tel A Tel.. 100
$0.50 1st pref
46
132
28
«■»
25
New Eng Telep—100
136
Sou
20
17
So A Atl Telegraph
*><i»
160* 164
109»i« 110*i«
111* 112
111* 111*
Chain Store Stocks
Joint Stock Land Bank Bonds
Atk
Bid
Ask
Bid
31
108*
Int Ocean Telegraph... 100
Rid
1500
37
.20
Manufacturers
102
99
12*
11*
28
.25
111
Federal Land Bank Bonds
I
302
.20
Am Dlst Tele* (N
U 8 conversion 3s 1940
118
116
Hawaii 4*8 Oct I960.
220
297
77
........
New York
Ask
118
4*8 July 1952
68
200
Guaranty
35
127
125
Govt of Puerto Rico—
110
100
100
60*
58*
Ask
Bid
Par
Fulton
350
62.30 3.00%
61.35 2.20%
102* 103*
....
Companies
Ask
Bid
341
Telephone and Telegraph Stocks
U 8 Panama 3a June 11901
99* 101
28*
51*
Colonial
107
105
1952
|
26*
130
25
Continental Bank A Tr.10
101
104
Bid
Ask
Bid
Philippine Government—
4 *8 Oct
1969
Tr 25
Sterling Nat Bank A
1720
30
Corn Excb Bk A Tr
1980
f revenue
3s serial rev 1963-1976-
...
55
31*
49*
...
6.25
MAS
20
Central Hanover
104
United States Insular Bonds
4*8 July
35
100
County
104*
Trl borough Bridge—
Inland Terminal 4*8 ser D
1941
MAS
1942-1960
Bronx
Brooklyn.........
General A Refunding—
110* 111*
48
Lawyers..
10
Bank ere
Port of New York-
4s September 1970...
1942-1960.
100
Bank of New York
Authority Bonds
San Francisco-Oakland—
12*
10
29*
Peoples National
Public National
New York Trust
Par
Bid
28*
720
Fifth Avenue
113
Barge C T 4*8 Jan
California Toll Bridge—
45
10*
10
50
17*
Penn Exchange
180
100 680
First National of N Y..100 1680
Merchants Bank
100 120
Ask
40
20*
Bank...50
National City
12*
National Safety Bank.12*
National Bronx
17
15*
Bid
Par
Ask
Bid
Bensonhurst National...50
148
Public
38*
139
11946.
36 *
139
to'07
4s Mar A Sept
...
Canal Imp 48 JAJ *60
Highway Imp 4*8 Sept '63
Canal Imp 4*8 Jan 1904..
61 00
4*8 April 1941 to 1949.
Canal A Highway—
A Mar 1964 to *71
At*
Bid
38 1 974.
FRANCISCO—
SAN
New York Bank Stocks
13.56
Commercial National.. 100
133*
132
Ask
524
274
Chase
Bid
306
515
89
.100
—
125* 127
a4*s Mar
296
100
Illinois Natl
Bank A Trust... .33 1-3
First National
121* 122*
124* 126
121*
122*
04*8 Mar
04*8 June
04*8 July
a4*s Sept
Harris Trust A Savings. 100
Northern Trust Co
230
220
127*
128*
122*
04*8 May
04*8 Nov
16 1971.
1 1979.
Ask
Bid
Par
Ask
Bid
American National Bank
123
1966.
a8*s July
a3*s May
a3*s Nov
a3*s Mar
a3*s Jan
Ask
Rid
121* 122*
122
123*
1 1964.
04 *8 Mar
a3s
1964.
Chicago & San Francisco Banks
City Bonds
sk
100
99
1940
30,
Over-the-Counter Securities—Friday Nov. 29
on
New York
1969
16
Nov.
Financial Chronicle
Atlanta *8. l*s
Atlantic l*s, 1*8
99
Lafayette *a, 2s
Lincoln 4 *s
99
Burlington
r7
9
Lincoln 5s
87
Chicago
r2
2*
Lincoln 5 *s
99*
Atk
New
mm-*-
B /G
88"
80
York 5s
1*8..
99
40"
r35
Oregon-Waahl ngton
Ask
Bid
Foods Inc common.. *
2*
3*
Kress (d
U) 6% pref... 100
•
I*
19*
2*
Reeves(D.o el) pref... 100
Pennsylvania l*s, 1*8...
99
Phoenix
First New Orleans—
99
Is, 2s
mmmm
99
First Texas 2s, 2*8
m m m
90
Bohack (H C) common...
100
7% preferred
22
United
H) Co Inc..*
7
$5
8*
Cigar-Whelan Stores
*
preferred
18*
_20*
98*
101
5s
Phoenix
14
13
Flshman (M
First Montgomery—
3s, 3*s
•
84
North Carolina *s,
99
1*8, 2s
Par
Bid
Par
89
Denver 1 *s, 3e
First Carolina—
99
4*s
101
Potomac l*s
.....
99*
First Trust Chicago—
Fletcher
99
*s, 3*s
■
St. Louis
mmrn
San Antonio *s, 2s
Iowa 4*8, 4*8
6s
98
14*
84
99
Virginian Is, l*s
*>•**»
FHA Insured Mortgages
99
rl3*
Union Detroit 2*8
99
Southwest (Ark)
99*
100
Indianapolis 5s
...
Southern Minnesota..
70
Fremont 4*s, 6*s
Illinois Midwest 4*s, 5s_.
23
r21
mwtm
99
Is, l*s
Bids and
Offerings Wanted
FISCHER
WHITEHEAD A
Joint Stock Land Bank Stocks
Par
Par
Bid
Ask
Atlanta
100
80
84
New York
..100
1
5
Atlantic
100
48
52
North Carolina
—100
95
102
Dallas
100
80
84
Pennsylvania
-100
35
New York, N. Y.
44 Wall Street,
Ask
Bid
40
100
56
62
Potomac
..100
115
100
65
00
San Antonio........
—
100
115
125
100
14
18
Virginia
Fremont......
100
2
6
Lincoln....... .......100
5
9
WHitehall 3-6850
130
Des Moines
First Carolinas.
Telephone:
Denver...
5
Virginia-Carolina
...100
2*
3
FHA Insured Mortgages
90
80
Bid
Federal Intermediate Credit Bank Debentures
Bid
At*
Bid
Ask
Feb
Mar
Apr
District of Columbia 4*8.
*% due.....Aug 1 1941 6 35%
*% due
Oct 1 1941 6.40%
*% due
Nov 1 1941 6 .40%
1 1941 6.30%
1 1941 6 .30%
Florida 4*8..
101
Georgia 4 *a
Illinois 4*a
101* 102*
North Carolina 4*s
101 * 102*
Pennsylvania 4*8
101* 102*
102
103*
101* 103
101* 102*
102
103*
Rhode Island 4*s
102
South Carolina 4*8
101* 102*
Tennessee 4*s......
101* 103
Louisiana 4 *8
Maryland 4*8
Ask
Bid
Ask
...
Indiana 4 *s
Obligations of Governmental Agencies
Bid
Massachusetts
102*
102
4*8
Home Owners'
Commodity Credit Corp—
Aug
Nov
1 1941 100.11 100.13
15 1941 100.27 100.29
May
May 15 1941 100.9
*8
102* 103*
A servicing fee from
100.1
2s
Deo
1 1940 100
28
Apr
1 1943 102.28 103 2
Federal Natl Mtge Assn—
2s May 16 1943—
Call May 10 *41 at 100* 101.20 101.26
notes July 20 1941
*%
Nov
1 1941
*%
Jan
16 1942
1%..
July
1 1942
*%
maturities
n
a
101.13 101.15
1*% notes Feb 11944
101.26 102
100 3
100 5
102.30 103.1
Interchangeable.
6 Basis price,
tci When issued
d Coupon,
a Ex
r In recelvorshlp
Quotation shown
w-s With stook
x Ex-stock dividend.
Nominal ouotatlon.
c
Interest
is for al)
Now selling on New York Curb Exchange.
♦
Quotation not furnished by sponsor or Issuer.
on
based
on
...
102*
103
interest rate.
SPECIALIZING
F.H.A. INSURED
$84 50
Sept. 25 and 5% In Oct.
of
prlnoipal
MORTGAGES
for Banks and Insurance
Circular
on
amount
STORMS AND CO.
Phone Atlantic
5% was paid on July 2,
Co's.
request
s
PITTSBURGH, PA.
Commonwealth Building
1170
102*
101
100.23 100.25
100.27 100.29
Now listed on New York Stock Exchange,
? Quotation
Virginia 4*«
101
101 *
-
U 8 Housing Authority—
y
5*%
101* 103
Mtges 4 *s
*% to *% must be deducted from
The bent "Hedge" security
No par value
103*
100.17 100.19
*% notes Nov 1 1941..
1*8 Jan 3 1944—
Jan 3 1941 at 101*
*
103
Corp—
Federal Home Loan Banks
/Flat price,
102
103
102
Virginia 4*8
West
100.11
Reconstruction Flnanoe
11943 100.30 101
101
4 * allIII
York" State
I nsure l Farm
101* 102*
Minnesota 4*8..
Loan Corp
Now
(Metrop area) 4*8—
102
Y
N
Texas 4*8
103
Michigan 4*8
*%
1%
*%
101* 102*
4*8
Delaware 4*8
*% due
*% due
103
104
5s...
May 1 1941 6.35%
June 2 1941)6.35%
*% due
2 1941 6 .30%
I 1941 6.30%
H% due
*% due
New Mexico
Asked
103*
101* 102*
102
103*
2 1940 6.25%
Dec
Jan
102
4*8
New Jersey
102
Arkansas 4*8
5«.
*% due
*% due
Bid
Asked
101* 102*
101* 102*
Alabama 4*s.._.
Volume
3221
The Commercial & Financial Chronicle
151
Quotations
Over-the-Counter Securities—Friday Nov. 29 -Continued
on
Insurance
Guaranteed Railroad Stocks
1283* 1323*
523*
543*
29
273*
.10
Aetna
2X
Homestead Fire.....
20 X
71 X
72
22
23J*
Jersey Insurance of N Y.20
42
44 X
18?*
10?*
203*
Knickerbocker
6
8X
9X
Amer Fidel A Cas Co com 5
etor
123*
Lincoln Fire
5
IX
.10
4?*
6?*
.1
Bonding 4 Ins..123*
IX
2X
2X
62 3*
653*
..5
American Home
GUARANTEED
NEW YORK
IX
18X
American Equitable
Tel. RE
32 3*
10
763*
American Alliance..... .10
JT^-
"
34 X
5
10
Ins Co of North Amer ..10
.26
Agricultural
Mtmktn 7\lrw ~T*rk Sink Excktag*
D**lcr* In
Alt
Bid
Par
Home Fire Security
Home
803*
Aetna Life
3o$epb Walkers Sons
120 Broadway
Companies
Ml
Rtd
Par
Aetna Can A Surety
Maryland Casualty
Mass
13
143*
American
Re-Insurance .10
433*
453*
Meroh
American
Reserve
.10
153*
17
Merch 4 Mfrs Fire N Y..6
10
26
29
62 X
643*
American of Newark— 23*
2-6600
STOCKS
Sine* 1855
Automobile
48?*
50?*
National Casualty
10
—
39
41
National Fire
10
National Liberty
2
20
83*
73*
Baltimore American... 23*
Guaranteed Railroad Stocks
Bankers A Shippers
.25
100
103
National Union Fire
Boston
(Guarantor In Parentheses)
100
613
633
New Amsterdam Cas
73*
63*
26
American Surety
50
46
Fire Assur com—5
7X
8X
1463* 151
17X
163*
2
Camden Fire
Ailed
Bid
6.00
70
1(H)
Albany 4 Susquehanna (Delaware 4 Hudson)
10.50
110
77
80
2.00
31
33
8.75
893*
913*
Boston 4 Providence (New Haven)
.100
8.50
Canada Southern (New York Central)
.100
3.00
36
40
Carolina Cllnchfleld 4 Ohio com (L 4 N-A C L)_. .100
5.00
89
91
(N Y Central). .100
Cleveland 4 Pittsburgh (Pennsylvania)
6.00
70
74
3.50
833*
853*
2.00
48
51
100
5.50
63
100
9.00
151
4.00
Michigan Central (New York Central)
100
50.00
Morris 4 Essex (Del Lack 4 Western)
..50
New
Northern Central
3.875
273*
383*
6.00
Western (D L 4 W)... .100
York Lackawanna 4
513*
54
4.00
943*
96?*
..60
4.50
36
40
..60
1.50
44
47
(Pennsylvania)
Oswego 4 Syracuse (Del Lack 4 Western)
Pittsburgh Bessemer 4 Lake Erie (U 8 Steel)
16
8
9
23
25
Northern
34
363*
North River
Revere (Paul) Fire
63*
24?*
62?*
Seaboard Surety
36 X
83*
38X
..5
45
47
Security New Haven
10
10
35
37
9
10
Globe A Rutgers Fire.. .16
10
13
Springfield Fire 4 Mar. .25
Standard Aocldent
10
Gibraltar Fire A Marine. 10
Glens Falls Fire
Globe A Republic
6.64
59
62
6.00
138
143
3.00
68
100
6.00
140
United New Jersey RR 4 Canal (Pennsylvania)... .100
.100
Utlca Chenango 4 Susquehanna (D L 4 W)
10.00
246
249
6.00
47
50
Valley (Delaware Lackawanna 4 Western)
6.00
57
Vlcksburg Shreveport 4 Pacific (Illinois Central). .100
6.00
58
61
65
Amer
Stuyvesant
6
3
4
29
Sun Life Assurance
100
230
280
12
Travelers
100
402
412
American Cyanamld—
All
61.00
0.50
Missouri Pacific 43*8
61 50
1.10
61.50
1.10
Nash Chat A St Louis 2 3*s
62 00
1.50
61 50
1.10
Boston A Maine 6s
62.10
62.00
1.60
Canadian National 434s-5s
64.65
4 00
N Y Chic A dt Louis 4s
63.00
2.50
Canadian Pacific 4 3*8....
64.60
4 00
NYNH& Hartford 3s...
62.35
1.80
61 25
0 75
2Xs
3.75
North Amer Car 4 3*8-53*8
64.25
Central of Georgia 4s
64.00
3.00
Northern Pacific 23*8-23*8
61.75
1.35
Chesapeake A Ohio 43*8--
61.25
0 80
No W Retr Line 33*s-4s
63.25
2.60
Chic Burl A Qulncy 2 3*8..
Central RR of N J43*s.
61.50
1
Chlo Mllw A St Paul 5«
62.50
1.76
Chic A Northwestern 4 3*8.
61.90
1 25
Cllnchfleld 23*8
62.00
1,50
Del Lack A Western 4s
62.50
1.50
Denv A Rio Gr West 43*8.
62.00
1.25
Erie 43*s
61.75
1.25
15
2?*s series G4H
0.50
1.40
61.80
E
61.00
61.90
Pennsylvania 43*s series D
4s series
1.40
Pere Marquette—
61.85
Reading Co 43*8
1.35
61.45
23*8-23*8 and 4 3*8
1 10
1.40
St Louis-San Fran 4s-4 3*8-
61.90
61.40
1.10
St Louis S'western 43*3
61.75
1.25
64.00
3.00
Shippers Car Line 6s
63.00
2.00
Great Northern Ry 2s
61 50
1.15
Southern Pacific 43*8
61.60
1.20
Illinois Central 3s
61 80
1 50
62 40
1 80
3s
Lehigh A New Engl 4Ha..
62.00
1.50
Southern Ry 4s
61.35
1.00
61.65
1 25
Texas A Pacific 4s-43*s
61.50
1.14
Long Island 4 Ha
62 00
1.50
Union Pacific 23*8
61.75
1.25
61.75
1 25
Western Maryland 2s
61 90
1.20
62.25
1.75
Western Pacific 5s
62.00
1.50
West Fruit Exp
43*8-43*8.
61 50
1.15
Wheeling A Lake Erie 23*8
6150
1
Fruit
Growers
Express
4s, 43*s and 43*8
Grand Trunk Western 5s_
Kansas City Southern
Louisiana A Ark
_
__
33*8
Maine Central 6s
Merchants
Despatch
1 25
61.50
2 3*8. 4 3*s A 6s
23*8
15
Boston 4 Albany 43*s—
1946
1946
1944
1943
1955
...1956
.....
...
Cambria 4 Clearfield 4s
Chicago Indiana A Southern 4s.....
.......1951
1961
Chicago St Louis 4 New Orleans 5s
Chicago Stock Yards 5a
Cleveland Terminal 4 Valley 4s
1995
1951
1960
Connecting Railway of Philadelphia 4s
Cuba RR Improvement and equipment 6s
Florida Southern 4s
Hoboken Ferry 6s
Illinois Central—Louisville Dlv 4
Terminal 33*8
Indiana Illinois 4 Iowa 4s...................
Kansas Oklahoma 4
Gulf 6s
Memphis Union Station 5s..........
1945
..1946
1953
.......1950
1978
.............1959
4s
.....
1940
Northern Income 6s
2032
4 Harlem 33*8
...............2000
4 Hoboken Ferry 6s
1946
Connecting RR 33*s
.......
......—.1965
Philadelphia 4 Norfolk 4s
1948
New London Northern
New Orleans Great
New York
New York
New York
Norwich 4 Worcester
1947
43*s
Pennsylvania 4 New York Canal 6s extended to
.....1949
PbUadelpbta 4 Reading Terminal 5s.....
.....
1941
Pittsburgh Bessemer 4 Lake
Erie 5s
Portland Terminal 4s
Providence 4 Worcester
.....
4s
Richmond Terminal Ry 33*8
...—.....1947
1961
1947
...
1965
Georgia is............—........1957
Terre Haute 4 Peoria 6s — ...
.....
.....—...1942
Toledo Peoria 4 Western 4s
1967
Toledo Terminal 43*s
1957
Toronto Hamilton 4 Buffalo 4s
.....
1946
United New Jersey Railroad 4 Canal 33*s
1951
Tennessee Alabama 4
43*a—...............................1940
Vlcksburgh Bridge 1st 4-6s............................1968
Vermont Valley
Washington County Ry 33*s
West Virginia 4 Pittsburgh
4s
Alb
Preferred
20
oom...l
5% preferred
.50
New Britain Maohlne
*
12H
13
123*
3%
52X
25X
27
Pan Amer Matoh
*
16X
183*
Peoel-Cola
American Mfg 6% pref 100
74 X
793*
Permutlt Co
Arden Farms com v t o
IX
35 X
15
133*
163*
923*
6
5
24?*
273*
45
47
4%
50 X
133*
873*
Muskegon Piston R1ng.23*
National Casket
*
25
Amer
Hardware
Maize
Products..
$3 partlo preferred
283*
Mills
100
Art Metal Construction. 10
Arlington
"23*
Botany Worsted Mills cl A5
2X
3X
.*
643*
283*
30
Skenandoa Rayon Corp..*
...20
Standard Screw
1073* 109
43*
53*
X18X
Talon Ino com
•
♦
60 X
Indus Corp
Taylor Wharton Iron 4
26
8X
com—10
54
1
Sylvanta
63 X
23X
Pub
5
56
54
Htromberg-Carlson
21X
58 H
43
403*
25
•
*
Stanley Works Ino
6 3*
7 3*
193*
213*
12X
Manganese.2
93 conv pref
Dentists Supply
5X
61 X
Tampax Ino com
Columbia Baking com...*
63*
*
Singer Manufacturing..100
63 X
xlOX
3~~
113*
Manufacturing..25
Remington Arms com
Scovlll
Consolidated Aircraft—
Cuban-Amer
Exploration
Manufacturing..-*
33*
Safety Car Htg 4 Ltg...50
5X
Brown 4 Sharpe Mfg—60 xl8lX 1853*
20 X
22 X
Buckeye Steel Castings..*
Cessna Aircraft
1
3X
2%
35
37
Chlo Burl 4 Qulncy
100
Chilton Co common
10
4X
3X
6X
5X
City 4 Suburban Homes 10
4X
59
X
3*
2X
Pollak
Coca Cola Bottling (N Y) •
113*
9X
15
13$*
187
175
63*
53*
3
1
Pilgrim
Crowell-Colller
1
Conversion... 1
Phllco Corp
15
91 cum preferred
Corp..25
*
Petroleum Heat 4 Power.*
Petroleum
23*
193*
10
Co
37 X
31
17X
13X
91-25 preferred
•
Ohio Match Co
10
Autocar Co com
•
Steel common
9X
Tennessee Products......*
61X
Thompson Auto Arms—1
Time Ino...
*
16
!
563*
23*t 33*
11X
103*
Tokhelm Oil Tank 4 Pump
Devoe 4 Raynolds B com *
14
Dictaphone Corp
*
Dixon (Jos) Crucible... 100
Domestic Finance cum pf. ♦
28
31X
29
32
Trloo Products Corp.....*
28X
31 X
Triumph
71 X
32
35
23*
23*
273*' 293*
,129
125
75
*
Draper Corp
com—*
Federal
6
Common
133*1 143*
363*
33*
383*
2
United Artists Theat com.*
3*
13*
73*
83*
53*
63*
Explosives
U
13
26
30
Amer shs •
5
6
Packings com...*
57
59
Veeder-Root Ino com
1BX
Welch Grape Juioe com
/493*
51
Foundation Co
/493*
51
Oarlock
583*
Gen
883*
Gen Machinery Corp com
57
88
102
104
68
69
72
75
Fire
1954
1990
xl4X
23 X
623*
1H
3X
♦
Knight com
100
Great Lakes 88 Co com..*
1113*
15
1
Humor Corp
Preferred
43*
5X
Ice Maohlnery
7%
623*
43 X
20
Great Northern
Paper..25
42
78
80
xl4
48
52
Harrlsburg Steel Corp
6
Interstate Bakeries com..*
preferred
60
613*
68
69
King Seeley Corp com—1
92 3*
953*
Landers Frary 4
90
100
100
Brown Co 53*s ser A..
15X
Carrier Corp 43*8
2
41
1003*
1023*
/66
683*
43 3*
933*
Crane Co
.1950
23*8
18X
100
78
81
t NY World's Fair 4e. 1941
Old Ben Coal 1st mtg 6s *48
Maflory (P R) 4 Co
_•
Martin Rockwell Corp...l
Merck Co (no common..1
14
153*
Revere Cap 4
55 X
57
Scovlll
77 X
793*
Western Auto Shop
95
preferred
96
100
preferred
83*
1961
1946
1948
29
33*
/41 3*
913*
43*
1013* 1023*
/503*
183*
Deep Rock Oil 7s
1937
Stamped.
Dow Chemical 2 3*s...l950
183*
Minn 4 Ont Pap
6s—1945
/4l 3*
13 3*
102
37
1003*
1013*
IX
Lawrence Portl Cement 100
/12H
6 3*
63*
453*
283*
lox
•
173*
55*
42
27
Clark..25
153*
108
43
26 X
9
•
preferred
613*
Bonds—
Amer Writ Paper 6s..
95
23*
59
46 X
45
13*
100
Worcester Salt
York
3*
3*
60
100
*
Wilcox 4 Glbbs com
163*
3X
57
fl9
115
23*
100
preferred
7%
25
•
Wick wire Spenoer Steel..*
..2
Machine Tool
Good
Graton 4
|
Extinguisher...*
Gidalngs 4 Lewis
103
603*
2X
*
Class B
*
United Piece Dye Works.*
Preferred
...100
Class A
3
•
30
Bake 8hops
Long Bell Lumber
New York
2%
333*
12
Preferred
Baltimore 4 Ohio 4s secured notes
Bid
Pa
Ast
Nat Paper 4 Type
Farnsworth Telev 4 Rad.l
A sled
ma
6s
36 X
United Drill 4 Tool-
Railroad Bonds
63*s
18
•
series
Dun 4 Bradstreet
Akron Canton 4 Youngstown
31
*
6% conv pref 1st ser_.10
Atlantic Coast Line 43*8..
1.50
23*
*
Bemberg A com
American
New York Central 4 3*s
723*
34 X
58?* (Westchester Fire
Bid
Par
Mills Ino
American Arch
Baltlmore A Ohio 4 3*s
1.10
22 X
51 X
70
Industrial Stocks and Bonds
-
Alabama
Bid
49?*
10
2.50
Amer Distilling Co 5% pflO
American Enka Corp...
All
21 X
U 8 Fire
,U S Guarantee
-
...
Equipment Bonds
61.50
91
56?*
Hartford Steam Bolier. .10
2d
Bessemer & Lake Erie 23*8
13?*
28
88
Co..2
4
U 8 Fidelity 4 Guar
123*
.10
Hartford Fire
58
Bid
52 X
50 X
60
26 3*
10
Hanover
27
Railroad
1183* 122
10
Halifax
---
56
254
55
..5
.100
3.00
23*
244
273*
2d preferred
-
West Jersey 4 Seashore (Penn-Reading)
27 X
4
St Paul Fire 4 Marine..25
Great Amer Indemnity. ..1
•
24
27 X
26 X
-5
.•
Seaboard Fire 4 Marine..6
9
"rnrnmm
3.50
263*
10
10
Republic (Texas)
8X
7
Reinsurance Corp (N Y) .2
27
Great American
179
5.00
37 X
42
82
Preferred..
15
353*
.10
24
160
Warren RR of N J (Del Lack 4 Western)
13
40
176
61
91
87
5
10
7.00
Tunnel RR St Louis (Terminal RR)
41
10
P ro vld enco- W ash lngton
983* 101
-6
Georgia Home
7.00
-
1223*
38 X
103*
323*
3.00
Second preferred
1303*
119
Preferred Accident
693*
67
5
Pittsburgh Youngstown 4 Ashtabula pref (Penna). .100
.100
Rensselaer 4 Saratoga (Delaware 4 Hudson)
8t Louts Bridge 1st pref (Terminal RR)
125
25
303*
Firemen's of Newark
Pittsburgh Fort Wayne 4 Chicago (Penna) pref... .100
Preferred
National.25
Phoenix
523*
125
26 X
253*
Pacific Indemnity C0-.-10
93*
503*
120
Fireman's Fd of 8an Fr.25
2 50
Pacific Fire
7?*
5
1043* 109
12 50
Northwestern
55
5
Excess
23*
13*
23*
Employers Re-Insurance 10
4
5
Northeastern
6
•
Rhode Island
800
600
47 X
143*
Hampshire Fire
New York Fire....
General Reinsurance Corp 5
433*
413*
45 X
6
Franklin Fire
155
.100
36 X
10
Fidelity A Dep of Md_. .20
.10
Fire Assn of Phila
66
Georgia RR 4 Banking (L 4 N-A CL)..
Lackawanna RR of N J (Del Lack 4 Western)
34 X
New
Federal
50
48
2.00
Delaware (Pennsylvania)
Fort Wayne 4 Jackson pref (N Y Central)
10
29?*
243*
Eagle Fire
13
8
Betterment stock
New Brunswick
22?*
Continental Casualty.. ..5
6.00
Cleve Cln Chicago A 8t Louis pref
223*
283*
.10
Connecticut Gen Life.. .10
115
Allegheny 4 Western (Buff Rocb 4 Pitts)
Beech Creek (New York Central)
Boston 4 Albany (New York Central)
201*
.10
City Title
73
Alabama 4 Vlcksburg (Illinois Central)
-6
Carolina
City of New York
Dividend
Par in Dollari
Brass33*8'60
Mfg33*« deb.. 1950
31*8*55
Yngstn Sheet4
118
T33*81960
53
1043*
42 J*
18?*
183*
51 5*
493*
102
1023*
104
107
108
993* 100
1043* 1043*
100
Sugar Securities
63 3*
62
101?*
117 H
Rid
Bonds
913*
Par
StOrJti
Alt
86
Aotllla Sugar
105 3*
70
65
107
.«•
-
101
6s
~
m
109
111
92
95
80
51
64
473*
49
1954
/3I 3*
33
112
133*
....1940-1942
/20
23
5s
...
For footnotes see page
3220.
Assoo com
Bid
6
17
1
53*
30?*
All
7
193*
13*
63*
32
Vertlentes-Oamaguey
I
Nlquero Sug tr—
813*
48
62 H
133*
1989
6s
33<s
95
fil2
Estates—
1947
Bar aqua Sugar
Haytlan Corp 4s
New
106
Estates—
1951
1
Preferred.......
1
Haytlan Corp com...... *
Punta Alegre Sugar Corp.*
Savannah Sugar Refg—I
Eastern Sugar
1
Sugar Co
West Indies Sugar
....5
Corp .1
2
33*
2 3*
The Commercial &
3222
Bought
Preferred Stocks"
Sold
.
Investors Fund C__
Funds
Corp..*
123*
Keystone Custodian
Series B-l
Curtis
■
Bankers Nat
7.00
16.27
10.62
11.71
Series S-2
12.53
13.75
Series 8-3
8.81
9.72
3.58
3.95
5.73
6.31
Series B-4
Series K-l
Series K-2
21.32
19.61
Series 8-4
53*
4
53*
...
♦5% preferred
1
Knlckbocker Fund
3.44
10
13.84
British Type Invest
14.88
.26
Maryland Fund Inc... 10c
Mass Investors Trust
1
A..
21.27
23.99
12.44
13.64
2.65
Century Shares Trust...♦
Chemical Fund
1
25.16
27.06
Ask
Bid
17 pref..*
Amer Utll Serv 6% pref.25
Arkansas Pr A Lt 7% pf._*
Atlantic City El 8% pref.*
Alabama Power
1023* 1043*
63*
53*
New Eng
W
843*
13.60 prior
863*
503*
52
$6
S6
preferred..50
New
preferred
1103* 113
80
823*
*
7% pf 100
Central Maine Power—
86
7%
100
100
preferred.
preferred
7% pref
_.
1123*
'
1173* 1193*
56
10.10
Commonwealth Invest...1
3.38
3.67
113*
133*
(Colo) ser B shares
*
(Md) voting shares..25c
National Investors Corp.l
1
68
693*
633*
66
93*
73*
21
*
Light—
*
$6 cum preferred
1053* 1063*
1163*
303*
273*
*
583*
603*
100
833*
85
$4 preferred—
Northern States Power—
pref
933*
64
663*
-
7% pf„100
Pipe
Line Co
*
Penna Edison s5 pref
*
Penn Pow A Lt $7 pref...*
35
323*
111
1133*
823*
803*
Eastern
Panhandle
633*
65
Gas...*
25
27
Peoples Lt A Pr 13 pref.25
Philadelphia Co—
Supply...*
P A L 7% pf..l00
32
34
373*
393*
653*
32
293*
17.22
15 cum
Jer Cent
X77H
80
*
% 100
pref-100
Kansas Pow A Lt 4 J*
Kings Co Ltg 7%
1093* 1113*
943*
97
3.35
773*
243*
....100
preferred..
G A E—
6% preferred.......100
793*
143*
2
53*
100
6% preferred D
82
Mass
193*
*
preferred
203*
Utilities Associates—
28
853*
933*
783*
43*
25c
No Amer Tr Shares
18.61
17.51
10.82
96
13 pref
Utah Pow A Lt *7
283*
7% pref—15
20
Equity Corp $3 conv pref 1
Fidelity Fund Inc
•
First Mutual Trust Fund..
203*
16.60
17.56
20}*
163*
1093* 1113*
56
563*
'
*
«
-
-
pref—*
1123* 1143*
5.99
6.64
243*
253*
763*
273*
79
Co—
units
Penn Power com...*
Texas Utll $6 pref..*
Participating
West
183*
193*
26
27
Amer Gas A Pow 3-58.1953
Amer Utility Serv
6S..1964
Associated Electric 6s. 1961
*3.13
3.48
Bid]
1
Ask
106
Kansas Power Co 4b..
92 5*
Kan Pow A Lt 33*8...
503*
Kentucky Utll 48
4 3*8
1964
1969
105
1970
1966
603*
49
6.45
Selected Amer
103
100
8.92
9.42
3.46
3.86
'
8.73
Fixed Trust Shares A... 10
3.50
4.0(
Fundamental Invest Ino.2
15.42
16.7c
4.38
-♦
4.01
5.14
'•'
-
-
-
Sovereign
Genera]
2.19
5.24
Trustee Stand Invest
4.63
8.84
5.08
5.60
5.76
6.34
8.09
8.89
...
Building shares
shares
Electrical Equipment
3.71
shares..
4.29
3.55
3.92
5.28
Tobacco shares....
5.81
4.41
shares
♦State St Invest
Shs—
1
.1
Trustee Stand OH Shs—
♦Series A
1
♦Series B
1
Trusteed Amer Bank Shs—
Class B
25c
Trusteed Industry Shs 25c
♦Series
C._
...
♦Series D
2.17
2.11
5^16
4.70
5.85
3.89
shares
5.36
5.31
Mining shares
3.03
4.87
shares
4.09
2.74
Investing shares
Steel
633*
AA..1
Super Corp of Amer
8.04
shares
Aviation shares
RR Equipment
21
Corp...*
4.96
4.20
Investors Trust. 1
Agricultural shares
Merchandise
Utilities Ino. 50c
28.97
4.55
Group Securltlee—
Automobile
13.70
26.94
•
3.78
5.86
♦
4.76
Corp
8.20
Investors... 10c
Spencer Trask Fund
Standard
General Capital
80.49
Shares..23*
Selected Income Shares.. 1
.49
.74
A...
143*
1
U 8 El Lt A Pr Shares
13.41
1.83
B
Fund..
4.86
Wellington
.08
.28
1.29
investors..6
14.85
2.01
2.24
Investment
13*
♦Blair A Co
A..*
*
♦First Boston Corp
10
♦Schoellkopf Hutton A
Pomeroy Tnc com... 10c
♦Central Nat Corp cl
♦Class B
Institutional Securities Ltd
.98
Bank Group shares
Banking
Corporations
1.40
13.81
1.09
20
1
153*
1063* 1073*
1u3* 112
Insurance Group shares.
1.23
1.36
Investm't Co of Amer.. 10
17.12
18.51
1053* 106
1978
/13J*
/13»
n4
/14
/24
/26
143*
Lehigh Valley Tran 6s
1960
60 5*
625*
145*
833*
853*
15
Lexington Water Pow 6s'68
Marion lies Pow 3 3*s.l9AO
108
Michigan Pub Serv 4s. 1965
1033* 104
273*
Montana-Dakota
>*
Water Bonds
143*
Income deb 3^8...1978
Income deb 3)*s...
Income deb 4s.___.1978
1978
Income deb 4)*s
...1973
Conv deb 4s
Conv deb 4)*s
1973
Conv deb 6s
1973
/28
293*
Conv deb 6)*s
1973
/28
30
/ 55
57
Cons ref deb 4)*s...1958
P
1954
43*8
G A E Assn 6s '62
NY PA NJ Utilities 5s 1956
N Y State Elec A Gas
Assoc Gas A Eleo Co—
n
10
1983
n
10
Public Service 35*8.1969
8f lno4)*s-6)*8
1986
n
10
66
93
69
Sink fund Inc 6-6S..1986
n
10
Northern
1968
Cent Ark Pub Serv 5s. 1948
Old Dominion Pow
1093*
101
6s. 1952
Wat A Pow 33*8 1964
3348
1970
Peoples Light A Power—
I Penn
5)*g—1946
95 m
1st Hen collt rust 68.1946
97
Cent 111 El A Gas 3 H s. 1964
105
97
|
985*
1055* !
Central IUlnols Pub Serv—
1968
1073* 1083*
Cent Maine Power 3)*s '70
108 H 1093*
Central Pow A Lt 3)*8 196b
107
1st mtge 3%s
Parr Shoals Power
1023*
Central Gas A Eleo—
1st Hen coll tr
'70
58.1951
Northwest Pub Serv 4s
Biackstone Valley Gas
A Electric 3)*s
1964
33*8
1st Men 3-6s
1961
Portland Electric Power—
1950
4s 1969
Pub UtU Cons 63*8... 1948
6s....
Pub Serv of Indiana
Cities Service deb 6s_.l963
n
833*
23*
84 5*
1st 5s series C
1st mtge 3)*s
197
Cons Cities Lt Pow A Trac
108
913*
1962
1962
68 series B.
...1962
Crescent PubHc Service—
Consol E A G 6s A
1085*
573*
105
803*
1055*
823*
1043* 107
1083* 109
108
1085*
Indianapolis P A L 3)48 *70
995*
JopUn W W Co 5s
/17 5*
183*
1075* 1073*
873*
87)*
92)*
1946
90
95
1966
107
109
733*
76
773* 795*
913*
935*
1043* 105
1083* 1095*
105)*
105)*
...
--
56
1085* 1093*
78
Iowa Southern UtU 4s. 1970
1950
'65
/683*
705*
5 >*s
1950
5s.
1965
1053*
5s series B
1951
100)* 103)*
1951
102
104)*
New York Water Service—
99)* 102 )*
1033* 1055*
107)* 109)*
132
Ore-Wash Wat Serv 5s 1957
100
1954
For footnotes see page
1013* 1023*
3220.
10234
101
104
—
103
1956
5* series C....—... 1960
6s series A
..1949
102 H
101
1952
103
5s series B
W'msport Water 5s
1083* 1093*
1063* 1083*
Wichita Water—
107)*
10854,1093*
1951
1950
103
1952
5s
Ohio Water Service 4s. 1964
Western Public Servloe—
5l*s_...
Westmoreland Water
1st mtge
Ohio Valley Water 5s.
1043* 1053*
4s.. 1961
Western N Y Water Co—
58series B......... 1950
1st mtge 58
1083*
1053*,106
'51
W Va Water Serv
1951
75
1958
108
io«n
1950
Union Water Serv 53*8
1025* 1033*
1970
100
Texarkana Wat 1st 5s.
1970
West Penn Power 3a..
100
1023*
105)*
1960
53*b
B. 1961
103
105)*
New Rochelle Water—
5s
West Texas UtU 35*8.1969
1073*'i073*
Shenango Val 4s ser
1961
1967
102
80
1053* 1063*
1073*
1043*
1063* 1073*
543*
101
Springfield City Water—
4s A
1956
Utlca Gas A Electric Co—
63*8 stamped
1952
Iowa Pub Serv 3Hs.. 1969
1958
Scranton-Sprtng Brook
5a
102
dei'S 33*8
1957
4s ser A 1966
Water Co
1st A ref 5s A
.
1st mtge 3 3*s
5s
1951
Muncle Water Works—
102 3* 1043*
United Pub UtU 6s A. 1960
Ontario
South Bay Cons Water—
1063* 1073*
1093*
f
1053*
Rochester A Lake
Scranton Gas A
102
Kokomn W W Co 5S..1958
Morgantown Water 5s 1965
Toledo Edison 1st 33*sl968
8
107
Water Service 5s_
Kankakee Water 4)* a. 1959
1033*
1043* 1045*
107
101
103
St Joseph Wat
1957
1043*
1951
6->.
Water 5s
89
1958
Texas PubHc Serv 5s. .1961
Tel Bond A Share 5s..
Inland Gas Corp—
Gen Mtge 434s
1946
IndianapoiLs Water—
1st mtge 3)*s
102
Plainfleld Union Wat 5s '61
---
X
5)*s
»' wester n
111
>->
Community Water Service
51*8 series B
6s series A
102
Richmond W W Co 5s 1957
oo
43*8
673*
Dallas Pow A Lt 33*8-1967
Ry A Term 6s. 1951
Federated Utll 63*8
1957
Houston Natural Gas4s '55
33*8...1970
1958
Gas A El 3 3* 8 '70
553*
109
Dallas
1951
Sou Calif Gas
1964
Jersey Cent P A T, 3
..1957
4s. .1985
Pinellas Water Co 53*s.'59
Phlla Suburb Wat
1013*
Pittsburgh Sub Water—
Ry Lt Ht A Pow
Sou Cities Utll 5s A
Cumberl'd Co PAI. 3**s'««
109)*
Monongahela Valley Water
4^ja
.......1947
Sioux City G A E 4b..1966
Sou Calif Edison 3s ..1965
573*
56
65
Coll Inc 6s (w-s)
Collateral 5s
108
1113* 1123*
Republic Service—
St Joseph
Columbus A Sou Ohio Elec
5s
City Water (Chattanooga)
6s series B
1954
Monmouth Consol W 5s '56
*52
1st consol 5s
108
1075* 1083*
1948
1948
1948
1st consol 4s
Prior lien 5s_.
Calif Water Service 4s 1961
107
Central Publlo UtilityIncome 5)*s with 8tk
105)*
1st A ref 5s........ 1950
943*
Nor State* Power (Wise)—
Sink fund inc
103 )*
Butler Water Co 5s._. 1957
Peoria Water Works Co—
105)*
1053* 1063*
Indiana—
4)*s_.1983
Sink fund Inc 6s
Ashtabula Wat Wks 5s *58
Atlantic County Wat 5s '58
Corp
1966
4s
Bid
As
Bid
10854
Utll—
New Eng
10
8s without warrants 1940
I
.41
13.39
Scudder. Stevens and
Clark Fund Inc
Independence Trust Shs.*
Utility Bonds
59)*
905*
.36
5.50
lOe
x2.25
stock
♦Huron Holding Corp—l
Assoc Gas A Elec Corp—
Quarterly Inc Shares
5% deb series A
993* 1013*
22
Ask
2.03
10c
series... 10c
Bank
Incorporated
Bid
...
....
2.43
2.50
Income Foundation Fd Inc
Public
■-
2.48
Representative Tr Shs.. 10
Republic Invest Fund
Food shares
223*
1.99
12.52
Plymouth Fund Ino
Putnam (Geo) Fund
Fiscal Fund Ino—
Petroleum
17
483*
West
Narrag El 4J*% pref...50
Nassau A Suf Ltg 7%pf 100
213*
173*
Washington Ry A Ltg
15
-.-*
1053* 107
30
463*
Mountain States Power...
*
*
12.75 pref
53*
Series 1958
ctfs.
1953. ♦
1
1
1
11.49
28.14
Stock Fund
Eqult Inv Corp (Mass)—6
42%
No Amer Bond Trust
26.17
7.59
6.88
5.60
1.20
Series 1956..
Balanced Fun.d.
Chemical
7% pf.100
United Pub Utilities Corp
Texas Pow A Lt
81
6.38
Steel
■ri"w~w
Howard—
B
29
83
Monongahela West Penn
6% preferred
Southern Nat Gas
8*western
6% conv partlc pref..60
Mississippi Power 86 pref.*
87 preferred
*
Mississippi P A L 86 pref.*
Missouri Kan Pipe Line..6
Pub Serv
com...*
com.7 3*
G A E 6% pf.100
Sierra Pacific Pow
Associates
Mass Pow A Lt
2.90
5.77
1.09
163*
43*
Republic Natural Gas
Rochester Gas A Eleo—
27
7.18
2.63
4.95
Foundation Trust Shs A.l
Queens Borough
108
107
Long Island Lighting—
7%
$7 prior lien pref
8.85
7.34
6.50
Railroad
----
•
Fundament'! Tr Shares A 2
Jamaica Water
8.03
....
Railroad equipment....
2.69
1
1
2.50
Shares..
10.78
Oils
Insurance stk series. 10c
*
preferred
EatonA
7.90
9.79
6.65
Metals
Diversified Trustee Shares
D
8.64
7.16
equipment...
...
Deposited Insur Shs A
5.90
7.83
Machinery
----
9.11
5.33
Insurance stock
4.23
67
1123* u43*
18
193*
Pub Serv Co of Indiana—
Hartford Electric Llght.26
8.26
Series 1955
1103* 1123*
1151* 117
1193* 1223*
5.16
11.77
supplies
Building
15.93
Delaware Fund
4.67
Chemical
1123*
7.81
7.08
Bank stock..
Electrical
100
5.71
12.09
10.69
Aviation
--
-
303*
♦Crura & Forster Insurance
Dividend
preferred
100
preferred
100
Okla G A E 7% pref—100
6%
7%
Pacific Pr A Lt
333*
313*
86 cum preferred
Interstate Natural
2.51
100 1193*
♦7% preferred
5.31
Automobile—
283*
Cumulative Trust Shares. •
V.21
1.07
11.22
Agriculture
-
'
Ohio Public Service—
913*
pref..*
*
preferred...*
pref..*
WW-
2.51
..1
♦Crura A Forster com..10
C
1073* 1093*
Florida Pr A Lt 87
2.09
Series ACC mod
10.15
3.39
1
Fund
9.33
9.29
N Y Stocks Ino—
2.09
♦Common B shares... 10
115
New England
2.19
1
♦8% preferred
8.68
Fund10
Mass Investors 2d
Mutual Invest Fund
Corporate Trust Shares..!
Series AA
1
Accumulative series... 1
Series A A mod
233*
1103* 1123*
preferred
(Del) 7%
Federal Water Serv Corp—
86.60 cum
54
7% cum preferred...100
N Y Water Serv 6% pf .100
Northeastern El Wat A El
11
9
Consol Elec A Gas 86 pref.
Derby Gas A El 87
1053*
103
100
*
Consumers Power 86 pref.*
Continental Gas A Elec—
7% preferred
100
Cent Pr A Lt
22
6% pf 100
New York Power A
Carolina Power A Light—
$7
G A E 63*% Pf-*
19
Pub Serv Co—
prior lien pref
*
prior Hen pref
*
cum preferred
•
Orleans Pub Service.*
17
Cent Indian Pow
53*
New Eng
17
Birmingham Elec 17 pre!.*
Birmingham Oas—
Ask
43*
National Gas A El Corp. 10
New Eng Pr Assn
90
873*
1223*
Bid
Par
4.50
19.48
Nation .Wide Securities—
9.33
♦Continental Shares pf 100
Utility Stocks
3.45
18.12
3.45
Broad St Invest Co Ino.
Bullock Fund Ltd
Public
7.39
6.69
Manhattan Bond Fund Inc
.11
Inc
Boston Fund
1-1600
14.59
14.84
5
Canadian Inv Fund Ltd..l
Teletype N. T.
7-1600
Tel. B Are lay
22.78
...
6.36
11.54
43*
4
♦Common
New York City
<
Series B-3__.
Investing—
Basic Industry Shares..
115 Broadway
Series B-2
6.79
10.73
Axe-Hough ton Fund Inc..
Avlatlon Capital Inc
1
.
3.20
6.15
Inc..
AssocStand OU Shares...2
Amer Foreign Invest
Jackson &
133*
2.90
Amer Business Shares
.v/-:.:;:-established 1879
.
Members Pnncipal Stock and Commodity Exchanges
9.85
30.92
1
2.88
28.24
13.30
9.35
2.63
9.23
20.74
8.60
♦Amerex Holding
Ask
Bid
Par
Ask
Bid
Par
Securities...
Affiliated Fund Inc
13*
Aeronautical
Quoted
•
1940
30,
Securities—Friday Nov. 29—Continued
Quotations on Over-the-Counter
"Public Utility
Nov.
Financial Chronicle
105
103
Volume
The Commercial & Financial
Chronicle
151
Quotations
on
Over-the-Counter Securities—Friday Nov. 29 —Concluded
If You Don't Find the Securities Quoted Here
In
which
our
have interest,
you
vtu
wiii
are
Real Estate Bonds and Title Co.
Mortgage Certificates
Bid
Alden Apt 1st mtge 3s_1967
Beacon Hotel lnc 4s..1958
In this publi¬
/18
.
carried for ail active over-the-counter
Atk
/33
B'way Barclay lnc 2s. 1956
B'way A 41st Street—
probably find them in
monthly Bank and Quotation Record.
cation quotations
3223
and
bonds
The classes
Companies—
of securities covered
Out-of-Town)
i-ederal Land Bank
1957
/10
12
Chanln Bldg 1st
mtge 4s *45
Bonds
Railroad Bonds
Industrial Bonds
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
Investing Company Securities
Joint Stock Land Bank Securi¬
Title Guarantee and Safe Deposit
Stocks
ties
Mill Stocks
U. S. Government Securities
Mining Stocks
U. S. Territorial Bonds
Quotation Record
50
2
Tel
Harriman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
Hotel St George 4s
1950
8H
/5)4
6s
37
31
European situation
some of
the
Atk
Anhalt 7s to.
1946
/26
mmm
Antloqula 8s
1946
/63
bid
mmm
Bank of Colombia 7 %
7s
1948
/21
/21
Barranqullla 8s*35-40-46-48
/26
Hungarian ftal Bk 7)4s '32
Hungarian Discount A Ex¬
change Bank 7s
1936
PQX
/3
/3
-1947
Cities 7s to
1946
Bogota (Colombia) 0)$s '47
8s
..1945
(Republic)
Boliva
8s. 1947
■
mmm
/5
/10)4
/1534
/5
7s
1958
74
78
1969
6s
1940
P
/4)4
6s
1940
British
1962
Brown Coal Ind
17
—Porter
Koholyt 6)4s
1943
Land M Bk Warsaw 8s '41
554
4X
4)4
Leipzig O'land Pr 6)4s '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Water 7s
/26
/3
/26
f2QH
1948
2QX
Mannheim A Palat 78.1941
'mmm
mmm
mmm
mmm
MX
for
/13
15
20
25
24
26
Merldlonale Elee 7s..1957
750
Montevideo
32
/36
scrip
...
Munich 7s to
726
...
Munlo Bk Hessen 7s to '45
/26
/26
Municipal Gas A Elee Corp
Recklinghausen 7S..1947
Caldas
(Colombia) 7Xb *46
Call (Colombia) 7S...1947
(Peru)
7)48...1944
Cauca Valley 7)48
1946
1945
35"
•
••
mmm
mmm
1947
745
16
79
MX
/26
mmm
/63
/60
717)4
74)4
79
71)4
(C A D) 4s... 1948-1949
Nat Central Savings Bk of
9)4
20
Hungary 7)4s
1962
National Hungarian A Ind
Mtge 7s
1948
6
9)4
first
/3
Syracuse Hotel
Cordoba 7s stamped.. 1937
Costa Rica funding 5s. '61
732
711
13""
Costa Rica Pac Ry 7)4s '49
714
711
78
13
1949
Cundlnamarca
6)4s..l959
Dortmund Mun UtU6)4s'48
mmm
1952
1956
/26
/I
1968
many) 7s.
(Ger¬
1946
6s
9
Dulsburg 7% to
726
into
a
tion
of
6)48
1963
European Mortgage A In¬
vestment 7)4s.....1966
7)4s Inooaie
1966
7s
728)4
726)4
720)4
1941
Rio de Janeiro 6 %
1933
Rom Cath Church 6Hs '46
R C Church Welfare 7s '46
...
Farmers Natl
French
72
Mtge 7s. '63
l94o
Nat Mall 88 6s
7s 1957
PX
/26
/26
/25
/25
/7
/26
/26
mmm
mmm
—
73
mmm
mm-
rnmm
German Atl Cable 7s.. 1946
736
mmm
1948
88 ctfs of deposit
1948
8%
1947
Santa Fe 4s stamped. 1942
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s.
1943
Saxon Pub Works 7s.. 1946
Building A Land
6)48
1948
28"
mmm
mmm
Agricultural 6s
1946
German scrip..........
Graa (Austria) 8s
-.1964
Hanover Hari
.....1948
Water
6s
726
...
Bldg 1st 4-6s'46
40
43
11
13
32
35
2 Park Ave
70
76
Walbrldge Bldg (Buffalo)—
29
31
Wall A Beaver St Corp—
40
65
3s
1951
18
19)4
1948
32
40
Westlnghouse Bldg
II
.
1st mtge 4s
has
NOTICES
been
formed
by R.
W.
Porter,
formerly
of
the
2,400
new
publication,
arranged
pages
now
in preparation,
three sections.
in
The
will be
first
a
section
arrangement, while section three will be
principal manufacturing companies in each major
a
classifica¬
industry in
States.
Mr.
Porter
stated
long neglected field.
that
his
leading personalities in
on
publication
new
manu¬
is
designed to cover
Its two basic editorial policies, he said, will be
selectivity in the acceptance of
names
for
listing and
authenticity
of
in
published.
—Hugo A. Oswald, Treasurer of Standard Brands, Inc., on Nov. 28 was
of honor at a luncheon given by 39 of his fellow executives in
guest
Hotel
Madison
in
recognition of having completed 45 years of service
Thomas L. Smith, president of Standard Brands, made
with the company.
a
brief
address of congratulation and
on
behalf of his
Mr. Oswald with
presented
a
remem
colleagues.
—The annual Christmas party for members of the Bond Club of New
Jersey and their guests will be held this year on Saturday, Dec. 21st, at
the Downtown Club in Newark, Kenneth
Spear of Julius A. Rippel, Inc.,
president of the club, announced.
Lee W. Carroll of John B. Carroll & Co.,
vice-president of the club, will be in charge of arrangements.
and
Undernourished
same
name,
31
43""
*"
79
/8X
/8
/69
/12X
8
9
50
Hambirg Electric 6s
1938
726
mm
-
mmm
14
8%
mmm
200
WX
—Arthur-
»
Corporation
Stock
of
the
bond
firm
of
the
Directors, and Charles
Exchange,
was
elected
to the
the association with its Chicago
announces
Weisenberger & Co.
fecting Aliens" which analyzes
and New
persons
York
State
income
has
some
issued
Childs & Co. for six years.
booklet
a
entitled
"Taxes
Af
of the important provisions of Federal
laws
tax
whom the law classifies
—Newburger, Loeb
mmm
mmm
Mtge Bk Jugoslavia
1956
/io
18
1956
/io
f26X
and
particularly those of interest to
announce
Hotel
that
& Co.,
alien taxpayers.
W. Donald
as
members
of
New
the
Sutherland has joined
Commodore, New York
York
Stock
Exchange,
their organization, in their
City office.
18
—August Fuchs, formerly with Surto Bros. & Co., is now assocated with
George B. Wallace & Co., 15 William Street, New York City, where he is
1955
63
Toluna 7s
1947
/16
Unterelbe Electric 6s.. 1953
Vesten Elee Ry
mm
Lebenthal
of the Board of
'mmm
Uruguay conversion scrip..
726
8.
York
been associated with the Chicago office of C. F.
mmm
/26X
Toho Electric 7s
Wks
1963
Louis
Chairman
office of Charles W. Rose, who will specialize in U. S. Government securities.
Mr. Rose has had wide experience in U. S. Government
securities, having
-mmm
18
in
charge of the trading department.
—The
1957
Girls,
elected
member of the New
—Blair Securities
\mm
6
3)4
38
a
Presidency of the Institution.
126 X
Stettin Pub Utll 7s... 1946
72
712
was
...
2d series 5s
30
Haiti 6s
1960
1st 4)4s w-s
edition
mmm
5s
Office
Funding 3s
Guatemala 8s
26
...
1951
Saxon State Mtge 6s.. 1947
6Hs
State
1938
Conversion
25
/24
,
mmm
m-m
Siem A Halske deb 68.2930
726
German Centra! Bank
German
23
1939
Santa Catharlna (Brazil)—
j
725)4
I5X
1X
88
...
...
35
bank
1958
1951
some
the
facture,
bianco
/25
P
1957
4s scrip
...
6*
German
43
Salvador
72
716
1967
Frankfurt 7s to
Saarbruecken M Bk 6e.'47
...
7s ctts of depoelt
716
1967
7s Income..
76
Trinity Bldgs Corp—
1st 6)48
28
geographical
Davis,
Eleotrtc Pr (Ger'y) 6)4s '60
..1955
Textile Bldg—
let 3-5s
—At the annual election dinner of the Ella Fohs Camp for
Underprivileged
Duesseldorf 7s to.....1945
East Prussian Pow 6s. 1963
22
mmm
/50
Prov Bk Westphalia 6s '33
6s 1936
10
726)4
726
1946
mx
Poland 3s
73
68
1946
Porto Alegre 7s
Protestant Church
73
1946
19
20
(Syracuse)
1st 3s
mmm
mmm
m — -
1953
Budapest 7s
/26
Oberpfals Elee 7s
City Savings Bank
17
1957
approximately 20,000 short biographical sketches of leading manu¬
facturers.
.Section two will bring these names with the
principal affiliations
the
Panama City 6)4s
Panama 6% scrip
Colombia 4s
of
formation
/3
1945
7s to
Jtvyz
1950
stock
will list
this
Oldenburg-Free 8tate—
Central German Power
1934
with
39
Publications, Inc.
the United
(A A B) 4s-.1946-1947
720)4
30
...
Central Agrlo Bank—
see German Central Bk
Madgeburg 6s
3s
Pointing to the dearth of information
1953
Buenos Aires scrip..
Burmelster A Wain 6s. 1940
Ceara (Brazil) 8s
3 )4s with stook
616 Madison Ave—
25 years
The
...
Nassau Land bank 6)4s '38
Nat Bank Panama—
—
1947
Broadway Bldg
president of Poor's Publishing Co., to publish "Who's Who in
Manufacturing," a volume of information regarding the key men in
American manufacturing.
Offices will be in the It. C. A. Building, Radio
City, New York.
Corp—
6Hs
1st 3)4s
...
10
mmm
33)4
28)4
76)4
17
mmm
6X
10)4
...
10
726
73
34
CURRENT
Hungarian Bank
7HB
Callao
/26
733
"
31
76 M
8
6)4
f9X
60 Park Place (Newark)—
For footnotes see
page 3220
...
volume
Brandenburg Elee 6s. 1953
Brazil funding 5s.. 1931-61
Brazil funding scrip
Bremen (Germany) 7s. 1936
64
...
Jugoslavia 2d series 5s. 1956
/25
36
20
Atk
Jugoslavia 6s funding. 1966
mmm
64
62
1947
/28
Bavaria 0)$s to
1946
Bavarian Palatinate Cons
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
61
..1957
1952
1st 5s (Bklyn)
1st 5s (L I)..
Bid
...1943
Savoy Plaza Corp—
Ludwlg Baumann—
uominal
Income
38 with stock......1956
Sherneth Corp—
1st 5)4 e(w-e)
1950
Apts—
1st A gen 3-4s
68)4
1961
1st mtge 4s
11)4
33
Lexington Hotel units....
Lincoln Building—
Income 5)4s w-s..,1963
London Terrace
quotations shown below are
29
33
flOH
/25
1948
Lewis Morris Apt
Bldg—
1st 4s
1951
Foreign Unlisted Dollar Bonds
Due to the
20)4
28
'68
Roxy Theatre—
Lef court state
Bldg—
1st lease 4-6)4 8
HAnover 2-6422
3
PX
54
1961
8eos f ctfs 4)4 s(w-
61
CO.. INC.
58 %
49
15
34
Lefcourt Manhattan
Bldg
1st 4-5s
..1948
&
37 H
66 H
46 H
Realty Assoo Sec Corp—
Graybar Bldg 1st lahld 6s '46
52 William St., N. Y.
53
35)4
5)4s stamped
13
1946
1st 4s stamped. ....1948
BRAUNL
50)4
series F-l.........
series Q
103 E 57th St 1st 68... 1941
165 Broadway Building—
3
32
Broadway Bldg—
Fuller Bldg debt 6s... 1944
1st 2)4-4s (w-«)
1949
Inactive Exchanges
series BK
series C-2
Ollcrom Corp v to
Park Avenue—
2d mtge 6s
Bldg—
Foreign Stocks* Bonds and Coupons
5)4
Prudence Secur Co—
Film Center Bldg 1st 4s '49
40 Wall 8t
Corp 6s... 1958
42 Bway 1st 6s
..1939
1400 Broadway
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
H
34
52d A Madison Off
Bldg—
1st leasehold 3s. Jan 1 '52
Your subscription should be sent to
4
19)4
28
29
Eqult Off Bldg deb 6s 1952
Deb 5s 1952 legended
1st income 3s
500 Fifth Avenue—
Is published monthly and
5)48
6)48
5)4s
5)4s
23
6)4s (stamped 4s)..1949
The Bank and
sella for $12.50 per year.
15
29)4
18
Hotel units
Stocks
13)4
N Y Title A Mtge Co—
25
Court A Remsen 8t Off Bid
1st 3)4s
1950
Dorset 1st A fixed 2s..l967
Eastern Ambassador
Railroad Stocks
68
48)4
Colonade Construction—
1st 4s (whs)
1948
Public Utility Stocks
Bonds
27 X
Cheseborougb Bldg 1st 6s '48
Public Utility Bonds
65)4
28
1955
N Y Majestic Corp—
4s with stook Btmp. .1956
27
65
3s
Canadian
Canadian
Foreign Government
25
62
Domestic
1946
N Y Athletic Club—
Brooklyn Fox Corp—
Municipal Bonds—
Domestic (New York and
8 f deb 6a
20
1st leasehold 3)4-5s 1944
Broadway Motors Bldg—
are:
A tk
Metropol Playhouses Ino—
5)4
1948
stocks
BanKs and Trust
Bid
36
/4)4
/35
/20
7b
1947
/26
Wurtembersr 7« to
1945
725X
Wall
Pan-American
Street,
mmm
mmm
mmm
Federman
is
New
York
Barter
City,
sole proprietor.
Co.,
to
has
been
conduct
an
formed,
with
investment
offices at 120
business.
Heinz
Nov.
Chronicle
The Commercial & Financial
3224
1940
30.
and Investment News
General Corporation
RAILROAD-PUBLIC UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
it is not always possible to arrange companies in exact
reason*
However, they are always as near
FILING
OF
alphabetical position
The last
REGISTRATION STATEMENTS UNDER
in
SECURITIES ACT
additional registration statements (Nos. 4582
inclusive, and 4596) have been filed with the
Securities and Exchange Commission under the Securities
Act
of
1933.
The amount involved is approximately
alphabetical order.
possible.
as
previous list of registration statements was given
3078.
issue of Nov. 23, page
our
The following
Abbott
4594,
to
Laboratories—Expansion Program—
Company has started construction on a new plant addition at its North
Chicago headquarters, at an estimated cost of $75,000. The new building
will provide enlarged warehouse space, necessitated by sizable increases in
production and sale of Abbott products over the past few months.
Company's November sales are understood to be maintaining the sub¬
stantial gains over last year which were reported for September and October.
Notwithstanding the exceptionally high level of drug sales in September of
1939, attributed to war conditions and talk of possible increases in drug
prices, Abbott's sales in September of this year ran about 10% over the like
1939 month. October distribution also established a record for that month
in the firm's operations, running between 10% and 15% above October,
1939. levels.—V. 151, p. 3078.
$181,747,730.
(David) Pender Grocery Co. (2-4582, Form A-2) of Norfolk, Va. The
of the registrant will become Colonial .Stores, Inc. upon merger with
Inc., and the following data is shown as though
merger was completed and the name was changed.
The registration covers
58,000 warrants for $5 par common stock and are attached to the preferred
stock and are non-detachable, 58,000 shares of $50 par 5% cumulative
series A preferred stock with warrants and will be offered by issuer through
underwriters, and 133,000 shares of $5 par common stock. 58,000 shares of
the common stock are reserved by issuer for the warrants. 35,000 shares of
common stock will be offered by issuer through underwriter and the re¬
maining 40,000 shares of common stock will be offered by National Food
Products Corp. through underwriters.
Issuer's part of the proceeds will be
used to retire class A stock of (David) Pender Grocery Co. and the preferred
and participating stock of Southern Grocery Stores, Inc., and for working
capital.
Hunter C. Phelan is named as President,
Underwriters to be
named by amendment. Filed Nov. 20, 1940.
name
Southern Grocery Stores,
Abitibi Power & Paper Co.,
Month of
Ltd.—Earnings
—
1937
1938
1939
1940
October—
Profit after general exps.,
but before deprec.
and
bond interest.a$702,460
a
$431,931
$370,117
$544,827
Includes $131,393 received as premium on
U. S. exchange.
basis were $6,626,885
For the 10 months ended October, earnings on above
against $2,466,237 in corresponding 10-month period of 1939.
Shipments of newsprint in October according to G. T. Clarkson, receiver
and manager, amounted to 37,210 tons compared with 36,697 tons in
September and 37,246 tons in October, last year.
Present indications are
shipments of newsprint in November, 1940, will be about 35,000 tons against
38,668 tons in November, 1939.
Shipments of sulphite pulp in October, 1940 amounted to 5,152 tons
against 6,268 tons in September, 1940, and 5,193 tons in October. 1939.
Giddings & Lewi* Machine Tool Co. (2-4583, Form A-2) of Fond Du
covering 100,000 shares of $2
stock. Proceeds of the issue will be used for manufacturing
facilities and working capital.
H. B. Kraut is President of the company.
Hornblower & Weeks and Paul H. Davis & Co. and others to be named by
amendment will be underwriters. Filed Nov. 20, 1940.
Lac, Wis. has filed a registration statement
par common
Railway & Light Securities Co. (2-4584, Form A-2) of Boston, Mass.
a registration statement covering $4,000,000 of 3M% collateral
due 1955. Proceeds of the issue will be used toward
the redemption of the 4lA% convertible collateral trust bonds 11th series.
James H. Orr is President of the company.
Stone & Webster and Blodget,
Inc., et al, have been named underwriters. Filed Nov. 22,1940.
shipments of sulphite pulp in November will amount
compared with 5,195 tons in November, last year.
has filed
Present indications are
trust 12th series bonds,
to about 6,000 tons
—V. 151,p.3078.
Apartment* Corp., voting trustees, (2-4585, Form F-l) of
New York, N. Y. have filed a registration statement covering 10,835 voting
trust certificates for the no par common stock. Charles G. Edwards, et al,
30 cents per share on the class B
payable Dec. 23 to holders of record Dec. 6. This compares with
25 cents baid on July 15, last; 20 cents paid ,on Dec. 22, 1939, and 12H
cents paid on Dec. 23, 1938 and on Dec. 23'. 1937, this latter being the
Aero
the voting trustees.
are
stock,
Filed Nov. 22, 1940.
initial dividend.—V. 151, p. 2338.
Appalachian Electric Power Co. (2-4586, Form A-2), of Roanoke, Va.,
filed a registration statement covering $70,000,000 of 1st mortgage
bonds, series due 1970, and 300,000 shares of cumulative preferred stock,
$100 par.
Filed Nov. 23, 1940.
(See subsequent page for futher details).
Agricultural Insurance Co.—Extra Dividend—
has
Directors have declared an extra dividend of 25 cents per
stock, both payable Jan. 2 to holders of record Dec.
Motor
Reduction
Air
:--'
2482.
p.
Canton & Youngstown
Akron
1940
October—
Gross from railway
Net from railway
Net ry. operating
FromJan. 1—•
Sroceeds will be usedPresident of the company. Stephenson, Leydecker &
iloyd A. Johnson is for bank loans, plant expansion and working capital,
income
Gross from railwas.
..
N et from railway-
Filed Nov. 25, 1940.
Net yr. operating income
—V. 151, p. 2482.
Lawrence Warehouse Co. (2-4588, Form
A-2), of San Francisco, Calif..
has filed a registration statement covering 10,600 shares of $25 par 6%
cumulative convertible preferred stock, and 4,000 shares of no par com¬
mon stock.
The preferred stock will be offered at $25 per share and the
common stock will be reserved for the conversion of the preferred stock.
The proceeds of the issue will be used to retire the $10 par 6% cumulative
convertible preferred stock, and for payment of bank loans.
A. T. Gibson
is President of the company.
O'Melveny-Wagenseller & Durst have been
named underwriter.
Filed Nov. 25, 1940.
Alabama
$182,267
59,906
56.876
30,412
29,526
1,948,662
650,557
370,532
1,680,424
513,444
237,230
1,351,800
1.844,076
631,538
301,195
1940
_
Net from railway.
registration statement covering 120,000 shares of $1 par common
stock.
The stock registered will be offered for the account of William B.
Chase, trustee.
113,000 of the shares registered will be offered to the under¬
writers at $3.9975 per share and will be resold by the underwriter at $4,875
a
Net ry. oper. income
—V. 151, p. 3078.
2,007,684
Alabama Power
per
Gross
Operating expenses...
866,068
Ta
289,947
;
xes
.
.
.
_
for
Prov.
.
.
6,282,835
5,561,219
1,307,131
1,080,374
1,765.575
1,061.336
1940—12 Mas.—19S9
$2,020,416 $22,735,998 $21,612,292
694,106
8,486.320
6,709,710
318,567
3,487.446
3,348,522
217,690
2,818,660
2,612.280
1940—Month—1939
$2,000,958
revenue
1,458,444
$647,040
159,291
107,314
Co.—Earnings—
Period, End. Oct. 31-
be resold at $3.9975 first to employees under stock
unsubscribed portion will be offered to employees
6,343,232
1937
1938
$707,208
264,918
212,839
1939
6,764,559
2,190.330
1,364,516
.
24,095
$760,383
279,662
215,658
v
.
292.683
R R.—Earnings—
$797,785
282,790
171,024
Net from railway..
Shatterproof Glass Corp. (2-4589, Form A-2), of Detroit, Mich., has
share, and 7,000 shares will be offered to registrant at $3.9975 and will
purchase plan, and the
who will be designated
by present.
William B. Chase is President of the company. Alison & Co.
has been named underwriter.
Filed Nov. 25, 1940.
$172,200
Great Southern
oper. income
From J a n. 1—_
1937
1938
1939
$219,568
73,698
71,698
Gross from railway.,
Net ry
Ry.- -Earnings—
$219,558
78,820
V
51,081
October—
Gross from railway __.
filed
Vanadium Corp.
below.—V. 151,
Inc.—Invests in
Co.,
of America Securities—See latter company
preferred stock registered will be offered by issuer through underwriter,
and will be offered first to stockholders at $23,125 per share and the un¬
subscribed portion together with 8,000 other preferred shares will be offered
to the public at $25 per share.
4,916 shares of preferred stock will be offered
by certain stockholders through underwriters and to the public at $25 per
share, included in the 4,916 shares are 1,016 shares which underwriter will
offer only if stockholders agree to sell such shares.
Issuer's part of the
Co. has been named underwriter.
share in ad¬
dividend of 75 cents per share on the common
20.—V. 150, p. 1127,
dition to the regular quarterly
Bearing Co., Inc. (2-4587, Form A-2), of Oakland,
Calif., has filed a registration statement covering 14,916 shares of $1.56
cumulative convertible preferred stock, no par, and 67,122 shares of com¬
mon stock, no par, including scrip for fractional shares, and the common
stock is reserved for the conversion of preferred stock.
2,000 shares of the
National
Supply Mfg. Co.—30-Cent Dividend—
Directors have declared a dividend of
Walnut
.w.'. —'
238,180
depreciation
National
Dairy Product* Corp. (2-4590, Form A-2), of New York,
Y., has filed a registration statement covering $55,000,000 of 3H%
debentures, due 1960, and $15,000,000 of serial debentures, maturing
$750,000 each June 1 and Dec. 1, 1941 to 1951, incl.
Filed Nov. 25, 1940.
(See subsequent page for further details).
Gross income........
N.
Int. & other deductions.
Net
Divs.
income....
on
preferred stock.
$606,763
404,212
$790,054
405.468
$ 7,943,572
4,846,747
,>8.941,780
4.867.449
$202,551
195,178
$384,586
195,178
$3,096,825
2,342.138
$4,074,331
2,342,138
$7,373
$189,407
$754,687
$1,732,193
Chain Stores Depot Corp. (2-4591, Form A-2) of Columbus, Ohio has
filed a registration statement covering 2,768 warrants for 2,768 shares of
common stock of no par value.
The warrants are to be given to holders of
—V.
$461,400 principal amount 6% first mortgage collateral income bonds, due
1940, registered under registration statement 2-4329 (see "Chronicle" of
Marcn 2, page 1417, and Aug. 24, page 1139), who deposit such bonds
under plan of extension, and the holder of $1,000 principal amount bonds
redemption on Dec. 2 at 102.
will receive six shares of
common
stock
or warrants
for six shares of common
stock.
There was also registered 2,768 shares of no par common stock
which will be reserved for warrants and the stock will be supplied, at no
additional cost, by the President.
Leslie L. LeVeque is President of the
company.
Bitting,
Filed Nov. 26, 1940.
Jones & Co.,
et
Corp. (2-4592, Form A-2) of Wilmington,
Del. has filed a registration statement covering $10,000,000 of 10-year 2 \i%
debentures, due Dec. 1, 1950.
Filed Nov. 27, 1940.
(See subsequent page
details).
General Industries Co. (2-4593, Form A-2) of Klyria, Ohio has filed a
registration statement covering 81,520 shares of common stock, par $4.
37,000 shares will be offered by issuer through the underwriters, and 44,520
shares will be offered for the account of Schroder, Rockefeller & Co., Inc.
Issuer's part of the proceeds will be used for bank loans, building, and
equipment additions and for working capital. W. A. Neracher is President
or the company.
Schroder, Rockefeller & Co., Inc., and others to be named
by amendment will be underwriters. Filed Nov. 27, 1940.
Cuneo Pre**, Inc. (2-4594, Form A-2) of Chicago, 111. has filed a re¬
gistration statement covering 21,000 shares of $100 par 4H% cumulative
preferred stock.
16,763 shares will be offered first in exchange for 16,763
shares of $100 par 6H% cumulative preferred stock, on a basis of one share
stock for one share of new preferred tock plus cash, and the
unexchanged portion together will 4,237 other shares registered will be
offered to public through underwriters. Proceeds of the issue will be used to
redeem the $100 par 6 H % cumulative preferred stock, and for working
capital. John F. Cuneo is President of the company. Hemphill, Noyes &
Co. and Lehman Brothers have been.amed underwriters.
Filed Nov. 27,
of old preferred
1940.
Pittsburgh Steel Co. (2-4596, Form A-2) of Pittsburgh, Pa. has filed
a
registration statement covering $6,500,000 of 4\i% first mortgage bonds,
due 1950.
Filed Nov. 28, 1940
(See subsequent page for further details).
...
151, p. 2482.
Alberni Pacific Transport
i
A total of $25,000
Co., Ltd.—Bonds Called—
first mortgage 6% bonds due 1942 has been
Alleghany Corp.—Receives Payment for
called for
Terminal Units
—See Missouri Pacific RR.
al, have been named underwriters.
Beneficial Industrial Loan
for further
Balance.
$475,781 Cash to Purchase Bonds—
The Marine Midland Trust Co., New York, trustee,
is notifying holders
20-year collateral trust convertible 5% bonds, series of 1930 due
y*pril 1, 1950 that it nas on hand $475,781 in cash which corporation has
elected to apply to the purchase of these bonds.
Beginning on Dec. 9,
1940, the trustee will purchase bonds at prices not in excess or a maximum
of the
price to be determined in accordance with provisions of the indenture, and
is inviting tenders for their sale.
All bonds offered for sale should carry the
April 1, 1941 and subsequent coupons and should be
3078.
offered flat.—V. 151,
p.
Alpha Portland Cement Co.—75-Cent Dividend —
Directors have declared
a
dividend of 75 cents per share on the common
stock, payable Dec. 21 to holders of record
Nov
Aluminium Ltd.—To
Previously regular
151, p. 2338.
30.
quarterly dividends of 25 cents were distributed.—Y.
Pay $2 Dividend—
share on the common stock,
Dec. 20 to holders of record Nov. 30. Dividend of $4 was paid
on Dec. 19, 1939 and initial dividends of 25 cents in cash and 10% in stock,
were paid on April 28,
1939.
This brings payments for 1940 to $8, four
regular quarterly payments of $1.50 having been declared, the last of which
is payable Dec. 5.—Y. 151, p. 2931.
Directors have declared a dividend of $2 per
payable
on
Aluminum Co. of America'—Common Dividend—
on Nov. 23 declared a dividend of $3 on company's common
Nov. 30. This compares with
$1 paid on Sept. 10, June 11 and on April 15, last.
Cash dividend of $6
Directors
stock, payable Dec. 12 to holders of record
Volume
and
a
The Commercial & Financial Chronicle
151
stock dividend of
one
share of Niagara Hudson Power
(or each three shares of Aluminum Co.
Corp.
Note—Provision
common
common held, were paid on Dec. 27,
computed in
Act of 1940.—V. 151, p. 2932.
^2~92the f'ret dividen<is paid on the common shares since
1928
American Safety Razor Corp. (&
Subs.)'—Earnings—
Aluminum Industries,
Inc.—Expansion Program—
Company has begun
plant expansion program which when completed
will give it about 500,000
square feet of floor space and increase
company's
personnel about 70%.
a
Construction will begin immediately
150,000
Period End.
Net profit
x
square feet of floor space and will be used for
fabrication of alum¬
and magnesium alloy
castings for aviation industry.
Construction of other units
comprising another 300,000 square feet of
manufacturing and machine shop space and a general office building will
follow soon.—V.
151, p. 1712.
Gross
1938
$1,652,243
509,351
220,094
$1,480,360
Net ry. oper.
—V.
151,
p.
164,452
13,563,872
2,431,707
income— defl86,437
2632.
13,723,013
3,321,957
610,062
12,822,241
2,713,881
46,276
a dividend of 50 cents
per share on the common
value, payable Dec
27 to holders of record Dec. 12.
Like
paid on Dec. 27, 1939, and compares with 50 cents paid on
Dec. 16, 1937, and 25 cents raid on
July 22, 1937.—V. 151, p. 3079.
418,262
stock,
American Service Co.—Accumulated Dividend—
Directors have declared a dividend of $2
per share on account of accumula¬
on the $3 cumulative
preferred stock, payable Dec. 23 to holders of
record Dec. 12.
Dividends of $3 were paid on Dec. 20, 1939 and on Dec.
tions
$1,419,051 to build trucks
After depreciation
Or
and
Federal
American
normal
1938
1937
$1,483,135
b Loss.
tax.
Oct. 31,
1940, the company had on its books business amounting to
Of this about $22,000,000 represents busiress in the line
ordinary activities of the company and its subsidiaries—the manu¬
facture
and
articles.
sale
of
railroad
equipment,
carburetors,
and
miscellaneous
At
tnis time there are evidences of renewed
activity in railroad
equipment buying, and for the handling of such business ample facilities
have been reserved, despite the fact that over
$93,000,000 of "war work"
is being carried out for the United States and for Great
Britain.
The major part of this "war work" is for the United
States—light combat
tanks, shell forgings and fuzes, bridge pontoons, demolition
bombs, and
miscellaneous articles.
The contract for the tanks was awarded late in
October. 1939.
Five months later they were in actual production.
Two
months later the first completed tanks were delivered to
the Government.
Since the award of the original contract, additional orders for such
tanks
have
been
placed,
aggregating 3,454,
of
291
which
have
delivered.
already been
The United States has also ordered forgings for 800.000
artillery shells
of 155 mm. caliber.
In addition to this, substantial contracts have been
received from Great Britain for shell forgings.—V. 151,
p.
1940—5 Weeks—1939
1940—10 Mm*.—1939
$9,131,033 $11,342,541 $104,925,341 $95,336,573
Telephone
& Telegraph
Co.-—$140,000,000
Nov. 27 announced
that it had sold direct to 14 insurance
companies $140,000,000
of 2%% 30-year debentures at
98^2The cost of the
money is 2.8% per year.
The face amount of the debentures
sold to each of the insurance companies is as follows:
Aetna
Life Insurance Co., $5,000,000; Connecticut General
Life
Insurance Co., $2,000,000; Connecticut Mutual Life Insur¬
ance Co., $3,000,000; Massachusetts Mutual Life
Insurance
Co., $4,000,000; Mutual Benefit Life Insurance Co. (N. J.),
$8,000,000; New England Mutual Life Insurance Co.,
$5,000,000; New York Life Insurance Co., $30,000,000;
Penn Mutual Life Insurance Co.,
$7,500,000; Phoenix
Mutual Life Insurance Co., $1,000,000; Provident Mutual
Life Insurance Co., $4,000,000; Prudential Life Insurance
Co., $50,000,000; Sun Life Assurance Co., $7,500,000;
Travelers Insurance Co., $10,000,000; Union Central Life
Insurance Co., $3,000,000.
$115,611,801.
of the
.....
1884.
Debentures Placed
Subs.)—Earnings—
1939
$823,655 b$l,746,679 b$1.893,494
2179.
Period Ended Nov. 2—
Co.—Obituary —
American Car & Foundry Co. (&
p.
Sales....
—V. 151, p.
Herbert A. Baker, President of the
company since October, 1936, died
Oct. 25, in the New York
Hospital after a month's illness at the age of 59.
M. J. Sullivan,
formerly Vice-President in charge of the Pacific district
ofthecompany, has been made Executive Vice-President.—V. 151, p. 1467.
a
23,
151,
American Stores Co.—Sales—
on
1940
par
was
1938.—V.
Company recently received a contract totaling
for the U. S. Government.—V.
151, p. 3252.
6 AIos. End. Oct. 31—
Net profit....
no
amount
American Bantam Car Co.—Government Contract—
a
This
taken
2931.
Privately—Company
American Colortype Co.—Preferred Dividend—
Nov. 19 declared
new capital for plant expansion and was under
than had been expected because of the increased
construction
From available records
a
standing 5%
preferred stock, payable Dec. 20, 1940, to stockholders of
12, 1940. Like amounts were paid on
Dec. 20, 1939, Dec. 23, 1938 and Dec. 24, 1937.—V. 151,
p. 2483.
record at the close of business Dec.
American Cyanamid
-
Co.—Special Dividend—
American Enka Corp.—Holder of
Certificates Sues—
yarn, had received no
compel
the turning over to the certificate holders of 40,000 shares of American
Enka stock held by Kuhn, Loeb & Co. for the Nederlandsch Administratie-
en-Trustkantoor of Amsterdam.
held 25 "Dutch certificates," representing 250
deposit with Kuhn, Loeb & Co., and that he sued
He asked the appointment of a
receiver to take over and vote the 40,000 shares pending trial of the suit.
The "Dutch certificates" were issued in 1928 in exchange for deposited
stock of American Enka which was registered in the name of and voted
by
Steinhart said
shares of the stock
he
on
behalf of himself and other holders.
on
Dutch trust
which received the dividends and paid them to
the American holders of the "Dutch certificates" after deduction of ex¬
the
concern
American Enka is controlled by the Algemeene Kunstzyde Unie.
151, p. 1131.
penses,
—Y.
American Export Lines, Inc.—Initial
Jan. 1.
son
the
5% preferred stock, payable Nov. 15 to holders of record Nov. 8.
x
1939
$216,631
Before adjustments as provided in the Merchants Marine Act.—V. 151,
539.
p.
American
Finishing
Co.
(Memphis,
American Water Works & Electric
have been called for
years
redemption
on
follows:
1940
1939
.58,570,000
54,923,000
58,153,000
55,518,000
58,981,000
54,914,000
59,261,000 *54,011,000
Week Ended—
Nov.
2
Nov.
9
Nov. 16
Nov. 23
*
1938
44,293,000
44,359,000
45,582,000
*43,862,000
1937
46,531,000
44,513,000
44,631,000
*40,793.000
.
1936
48,431,000
47,728,000
47,134,000
46,495,000
Includes Thanksgiving Day.—V. 151, p. 3079.
Anderson-Tully Co.—Earnings—
(Including Subsidiary Companies and Affiliated Common Law Trust]
Years Ended July 311940
1939
1938
1937
Gross profit.
$919,779
$645,087
$546,351
$907,913
178,467
168,975
Depreciation
155,228
135,939
Depletion
94,845
84,345
62,748
87,306
239,927
Selling & adminis. exps.
221,481
211,823
221,757
Net profit from opers.
bonds dated June 1, 1932
Dec. 1 at 100.—V. 122, p. 753.
$406,540
$170,286
41,447
$116,551
36.005
43,468
'$462,910
106,955
$442,545
111,734
$211,732
170,531
$160,020
137,924
$569,866
129,426
$330,811
135,345
8,955
$41.202
37,537
33,492
$22,096
48,523
8,380
440,439
330,475
72,613
$204,421
$37,157
def$18,047
$182,577
890,117
Gross income
Other income charges—
American Public Service Co.
Co., Inc.—Weekly
'
852,960
871,007
688,430
$890,117
$852,960
$871,007
Other income
j
All of the outstanding first refunding 6 M %
Output—
Output of electric energy of the electric properties of company for the
week ending Nov. 23, 1940, totaled 59,261,000 kilowatt hours, an increase
of 9.7% over the output of 54,011,000 kilowatt hours for the
corresponding
wocic oi 1939
Comparative table of weekly output of electric energy for the last five
Tenn.)—Bonds
Called—
meeting of the board of directors held Nov. 19, Thomas I. Parkin¬
a director to fill the vacancy caused
by the death of Hale
elected
.j—V. 151, p. 3079.
Power
Pref. Dividend—
9 Months Ended Sept. 30—
1940
Net profit after charges and Fed. income taxes,«_x$5,894,955
,
Mr. Lawrence will succeed Vice-President Cleo F. Craig who will
was
Holden
Directors have declared an initial quarterly dividend of $1.25 per share
on
Officials—
take charge of the Department of Personnel Relations upon the retirement
of VicePresident Karl W. Waterson next March.
dividend payments and were in "grave danger that
the German Government will attempt to expropriate" other
rights, Frank
Steinhart Jr. has brought suit in the New York Supreme Court to
P Mr.
New
Frank P. Lawrence, Vice-President and General
Manager of the Man¬
hattan area of the New York Telephone Co., was on Nov. 20 elected VicePresident of this company in charge of the Long Lines Department effective
At the
Declaring that since the German conquest of the Netherlands American
holders of "Dutch certificates" of the corporation, manufacturer of
rayon
on
wide distribution.
Directors have declared a special dividend of $1.50 per share on the class
A and class B common stock, payable Dec. 20 in shares of the
company's
5% cumulative convertible preferred stock, third series, in the ratio of one
share of preferred to each 6 2-3 shares of common stock, to common stock¬
holders of record Dec. 6, 1940.
Fractional amounts will be paid in cash.
This is in addition to a quarterly dividend of 15 cents per share in cash on
the class A and B common stock
payable Jan. 2, 1941 to stockholders of
record Dec. 12, 1940.—V. 151, p. 2633.
previously anticipated.
hand, this is the largest single
private placement ever negotiated by any corporation.
It
also marks A. T. & T.'s first such private
placement.
In
the past company and its subsidiaries have done their
financing through regular investment banking channels with
dividend out of consolidated
net earnings for the fiscal
year 1940, of $5 per share, on the company's out¬
on
on
financing is to provide
sooner
program of the Bell System over that
The board of directors
524,400
$1.07
currency into dollars.—V. 151, p. 1425.
14,172,342
3,357,626
709,898
American Can
$0.26
reports of foreign auditors and verification in respect of conversion of
foreign
$1,512,072
377,065
129,584
..
$0.13
$562,989
524,400
$0.54
After depreciation and Federal and foreign income taxes and reserve.
The 1940 figures, the
company states, are subject to verification of the
1937
$1,572,918
426,387
145,961
Net ry. oper. income.
From Jan. 1—
Gross from railway
Net from railway
$282,233
524,400
American Seating Co.—50-Cent Dividend—
1939
railway.._.
Net from railway
524,400
Directors have declared
1940
from
1940—9 Mos.—1939
x
RR.—Earnings—
October—
1940—3 Mos.—1939
$69,786
$136,516
ing (par $18.50)
Earnings per share
inum
Alton
Sept. 30—
Shs. cap. stk. outstand-
the first unit which will contain
on
3225
Federal income tax in the current periods has been
accordance with the requirements of the Second Revenue
for
(& Subs.)—Earnings—
Profit for year.
Period End. Sept. 30—•
1940—3 Mos.—1939
Operating revenues
$1,551,018
$1,555,576
Oper. expenses & taxes..
1,009,978
961,792
1940—9 Mos.—1939
$4,204,758
$4,170,615
2,805,467
2,635,499
Surplus charges—
Surplus credits..
Net oper. income
Other income (net)
$1,399,291
82,821
Earned surplus at begin¬
$541,040
27,582
Gross income
Int.
&
$568,622
$593,784
22,576
$1,535,116
65,933
Net income
307,625
$616,360
$319,596
$1,482,112
$929,414
$1,601,049
1,056,668
$260,997
other deductions-
$296,764
$552,698
Net surplus for year.
ning of year
$544,380
Note—Provisions for Federal income tax and charges in lieu thereof in
current periods have been computed in accordance with the requirements
of the Second Revenue Act of 1940, retroactive to Jan. 1, 1940.
This
reduced net income for the six months ended June 30, 1940, as
previously
Earned surplus at end
of year
Cash
Income—Dividends....
a Amortiz.
of profit..
1940—3 Mos.—1939
$169,118
$84,098
1,382
1,382
x
Other
340
Total income
$170,501
1,659
$85,480
1,727
387
7,356
408
$161,098
General & miscell. exps.
Taxes
„
Income taxes
Net income
a
On sale of bonds of
$252,294
4,147
$79,267
$443,339
$239,153
subsidiary company.
$193,691
397,793
13,287
1,144
9,157
1939
Notes payable
Accounts payable.
$525,000
$450,000
116,309
94,202
Pers'l injury claims
Due estate of C. J.
332
237,508
4,038
1,138,744
Tully, deceasedAccrued accounts-
9,764
133,856
1,288,569
Appreclat'n of land
2,295,869
2,278,177
167,308
142,787
30,780
33,302
Notes and accts.
to
tim-
Inventories
Property
Other assets
Deferred charges.
Total
x
After
Llabtlif.ies—
1940
-
$256,781
7,327
4,078
$472,502
11,561
1,200
16,401
1939
$185,363
receivable
y
1940
hand and
bermen
1940—9 Mos.—1939
$468,355
4,147
on
"
In banks
advances
Statement of Income (Company Only)
$1,094,538
Consolidated Balance Sheet July 31
Assets— '
published by $11,231.
Period End. Sept. 30—
_
_
$4,378,970 $4,028,249
reserve
for doubtful
1940 and $5,481 in 1939.
notes
and timber
3,215
80,240
275,723
280,041
Capital stock
2,168,137
Surp. arising from
acqulsit'n of own
stock
55,309
Earned surplus... 1,094,538
2,176,737
Total
53,694
890,117
$4,378,970 $4,028,249
and accounts receivable of $5,825 in
After reserve for depreciation and depletion
of $5,349,958 in 1940 and $5,089,337 in 1939.—V. 149, p. 3545.
y
Anaconda Wire & Cable Co.—Dividend—
have declared a year-end dividend of $1 per share payable
1940.
The company previously
this year made 2 payments of 25 cents each.—V. 151, p. 2633.
Directors
Dec. 17 to stockholders of record Dec. 6.
Andes
Copper Mining Co.—-25~Cent Dividend—
Directors haye declared a dividend of 25 cents per share on
the common
stock, payable Dec. 17 to holders of record Dec. 10.
Dividends of like
amount were paid on Oct. 18, June 14 and March 15, last.
Dividends
totaling 75 cents were paid in 1939.—V. 151, p. 2180.
gold and silver bullion
Revenue from other sources......
$100,123
584
...
.....
$100,707
71,533
operating profit before deducting depletion, deprec., &c.
$29,174
-V. 151, p. 836.
Arbor
Ann
RR.-
1937
1938
1939
1940
$365,382
94,837
57,203
$406,754
124,365
86,609
$308,679
47,169
13,889
3,435,783
688,183
317,789
3,257,231
2,842,901
379,676
43,060
railway
Net from railway
Net ry. oper. income...
From Jan, 1—
$314,533
48,566
16,989
3,340,742
599,542
267,216
.
Gross from railway
Net from railway
Net ry. oper. income
—V. 151, p. 2633.
615,101
265,363
District of
City; Ohio, F. W. Steinen, Cleveland; Pennsylvania (Eastern), J. Douglas
Kaufman, Reading; Pennsylvania (Western), Robert R. Gordon, Pitts¬
Seattle; West Virginia, E. S. TaloDtt,
Garfield, Colladay, Comstock and Grossman are members of
the committee.
Jack Lewis Kraus, II, is counsel.
David 8. Elkins,
76 William St., N. Y. City, is Secretary.
The
committee's report states: "The old management
(headed by
Howard C. Hopson, now on trial) sowed the wind in its relations, not only
with the Federal Government, but with the public service commissions and
securities commissions in State after State.
The trustees (of the company
and the corporation under reorganization in bankruptcy proceedings before
Federal Judge Vincent L. Leibell) are now reaping the whirlwind.
It is
because of what the old management did that such severe scrutiny is cur¬
rently exhibited by these regulatory
Calling attention to the fact that
-Earnings-
October—
Angeles: Colorado, Alden
Schatz & Schatz, Hartford:
Columbia, Edward F. Colladay, Washington Georgia, Joseph F. Haas,
Atlanta; Indiana and Kentucky, State National ;Securities Corp., Indian¬
apolis: Iowa, Smith W. BronJkhart, Washington; Maryland, F. H. Barclay,
Baltimore; Michigan, Donald N. Sweeney, Detroit; Massachusetts, Irvin
McD. Garfield, Boston; Minnesota, Decker, Barrows & Co., Minneapolis;
Missouri, Everett Paul Griffin, St. Louis; New Jersey, Harry Green,
Newark; New York, Louis K. Comstock, Moses H. Grossman, N. Y.
Messrs.
Total operating revenue......
Operating costs........
Gross from
California, Harry William Elliott, Los
T. Hill, Fort Collins; Connecticut,
1940
30,
Charleston.
Earnings for 3 Months Ended Sept. 30, 1940
Revenue from sale of
follows:
burgh; Washington, George Hemmen,
Anglo American Mining Corp., Ltd.—Earnings—
Net
Nov.
The Commercial & Financial Chronicle
3226
Appalachian Electric Power Co.—Bonds and Preferred
Stock
Registered with SEC—Hearing on Declaration and
Applications to Be Held Dec. 9 —
bodies."
Hopson and his assistants in the
old
management are now completely out, the committee states:
"It is not the purpose of this committee to try to place upon any particular
State or Federal agency the onus for the losses which you individuals, as
bondholders, are suffering.
The bondholders are not stockholders.
They
invested, at comparatively low interest yields, without the possibility of in¬
creasing their principal, in the belief that they were not speculating with
their money; but purchasing the supposed security of what you
to believe was a bond.
Nobody, not one Governmental agency,
were led
told you
anything to the contrary, or warned you away from so disastrous an in¬
vestment.
In the years that followed, while a marauding group of men
maintained in office by the stockholders, not the bondholders, gradually
consumed a portion of your principal, little was done to stop them.
It is
subsidiary of American Gas & Electric Co., on Nov. 23 filed
Exchange Commission a registration statement
(No. 2-4586, Form A-2) under the Securities Act of 1933, covering $70,000,000 of first mortgage bonds, Beries due 1970, and 300,000 shares of cum.
preferred stock ($100 par). The interest and the dividend rates are to be
furnished by amendment to the registration statement.
A joint application (File 70-202) regarding the financing was also filed
under the Holding Company Act by the company, American Gas & Electric
Co. and the Peakland Corp.
The SEC has ordered that a hearing on the
declaration and application be held Dec. 9.
The company proposes to offer to holders of its outstanding $6 and $7
preferred stock, other than American Gas & Electric Co. and The Peakland
Corp., the privilege of exchanging their stock for the new preferred stock
on a share for share basis plus cash equal to the difference between the
redemption price of the outstanding preferred stock and the initial public
offering price of the new preferred.
Shares not taken under the exchange
particular governmental agency, State or Federal, which is responsible.
The fault, if fault there was, can be laid at the door step of neither the
legislative, the executive, nor the judicial branches of national or local
government, exclusively.
Today, however, the difficulty is that many of
these branches are simultaneously coming to life in attempt to remedy in
one fell swoop all of the evils, abuses and deficits accumulated over a long
period of years.
We hope that you and they will alike realize that the
gamblers, as distinguished from the investors, are responsible for what has
occurred.
Efforts to protect the consumers should not sacrifice the in¬
vestors, whose money was utilized to furnish consumer facilities."
Appealing to consumers, as well as official bodies protecting their in¬
terests, "to realize that the stringent imposition of regulation literally affects
the windows, the orphans and the aged, whose money was invested,
the
committee adds: "A new day will have dawned for consumer and investor
alike when these factors are Doth understood and given recognition.
Your
committee's acts are directed toward hastening this day."
The committee's report also reveals that: "The nine issues of fixed
interest debentures represented by the committee are held by approxi¬
offer will be offered publicly.
mately 27,500 persons.
Company,
a
Securities and
with the
underwriter for
Bonbright & Co., Inc., New York will be the principal
both the bonds and the preferred stock.
The
net
proceeds from the sale of the bonds and preferred
stock, to¬
to be
Accrued
or
for other corporate purposes.
and accrued dividends will be paid by the company
interest
out of its treasury funds.
The price at which the
names
securities are to be offered to the public, the
the underwriting discounts or commissions
provisions are to be furnished by amendment to the
of other underwriters,
and the redemption
registration statement.
The prospectus states that to facilitate the offering it is intended to
stabilize the price of the bonds and preferred stock. This is not an assurance,
it states, that the price will be stabilized or that the stabilizing, if com¬
menced, may not be discontinued at any time.—V. 151, p. 2932.
Arkansas-Missouri Power
Directors
on
Nov.
Corp.—40-Cent Common Div
22 declared a dividend of 40 cents per share on
the
stock, payable Dec. 16 to holders of record Nov. 30.
This com¬
pares with 20 cents paid on July 15, last: 50 cents paid on Dec. 15, 1939,
35 cents paid on Dec. 23, 1938 and an initial dividend of 25 cents paid on
Dec. 24, 1937.—V. 151, p. 2633.
common
Arkansas Power & Light Co.—Earnings—
Period End. Oct. 31—
1940—Month— 193 9
1940—12 Mos.—1939
179,331
360,439
123,872
$9,825,279
4,094,481
1,366,251
Property retirement re¬
serve appropriations..
121,000
120,000
1,289,000
1,277,715
$226,629
913
$307,993
842
$3,075,547
11,784
$3,237,955
13,249
$227,542
146,411
19,092
Cr400
$308,835
146,373
7,586
Cr322
$3,087,331
1,756,463
335,946
Cr3,304
$3,251,204
1,756,600
$155,198
the period
$998,226
949,265
$1,397,844
949,265
1,961
$448,579
$856,885
329,925
Net oper.
(net)
...
Gross income
Interest
on
mtge. bonds.
Other interest and deduc.
Int. charged to construe.
Net
i
$912,304
Corp. reports that for the week ended Nov. 22,
of the Associated Gas and Electric group was 105,-
electric output
3,831,656
1,228,200
income...
$62,439
Divs. applic. to pref. stocks for
100,924
Cr4,164
-V. 151, p. 2484.
Co.—Extra Dividend—
Associates Investment
dividend of $1 per share in addi¬
quarterly dividend of 50 cents per share on the common
stock, no par value, both payable Dec. 31, to holders of record Dec. 9.
—V. 151, p. 2933.
Directors
on
Nov. 15 declared an extra
tion to the regular
Atchison Topeka & Santa Fe Ry.—Equipment Trusts
Offered—A banking group headed by Harriman Ripley &
Co., Inc., Nov. 26 won the award of $10,000,000 series D
134% serial equipment trust certificates, maturing $1,000,000
each Dec. 5, 1941-50, inclusive, on a bid of
100.5437.
The certificates were immediately reoffered at prices ranging
from 97.69 to 102.45, to yield from 0.20 to 1.50%, according
to maturity.
Other members of the banking group are:
Blyth & Co., Inc.; Drexel & Co.; Goldman, Sachs & Co.;
Alex. Brown & Sons; R. L. Day & Co., and Washburn Co.
The certificates, issued under the
to be
Philadelphia plan, are to provide funds
$12,500,000.
by the Atchison, Topeka & Santa
Fe Ry. Co.
York, trustee.
In the opinion of counsel, the certificates
investments for savings banks in New York
a dividend of $1 per share on the class A and
payable Dec. 20 to holders of record Dec. 5.—Y. 151, p. 2340.
Directors have declared
extra dividend of 15 cents per
share in addition
to the
regular quarterly dividend of 15 cents per share on the common
stock, both payable Dec. 31 to holders of record Dec. 15.
Similar pay¬
ments were made on Sept. 30, June 30 and March 31, last. Extra of 35 cents
Dec. 31, 1939, and
1939.—V. 151, p. 1133.
was
paid
on
an extra
of l5 cents was paid on Sept. 30,
Panhandle & Santa Fe Ry.]
1940—10 Mos—1939
$16,525,594 $138859,248 $i32837,663
11,466,207 107,152,219 104,149,326
1,810,405 14,660,007 13,062,855
Crl59,156
CV703.970
Drl30,138
1940—Month—1939
Railway oper. revenues.$16,892,181
Railway oper. expenses. 11,419,074
Railway tax accruals—
2,071,485
Other debits or creditsCr251,677
income. $3,653,298
3081.
Net ry. oper.
-V. 151, p.
Atlanta Birmingham
Appeals to Federal and State Commissions Not to
Sacrifice Investors in Effort to Protect Consumers—Announces
Regional Representatives in 18 States and District of Columbia—
mittee
Electric Co.,
in a report (No. IV) to securityholders, Nov. 23, appealed to the various
Federal and State public utility rate and security regulatory bodies not to
"sacrifice" investors in their efforts to "protect" consumers.
Copies of the report were sent to the Securities and Exchange Commission,
the Federal Power Commission and to the commissions concerned in the
General Protective Committee of Associated Gas
&
20 States in which the Associated System operates.
The
General
Protective
regional representatives in
of
18 States and the District of Columbia, as
Committee
announced
the
appointment
$15,495,344
& Coast RR.—Earnings1938
1939
$309,093
60,016
20,085
defl3,990
Net ry. oper. income
From Jan. 1—
^
$3,408,138 $17,750,993
1940
$292,326
30,979
October—
Gross from railway
1937
_
Net ry. oper.
def62,488
defl76,477
151, p.
1940
October—
Gross from railway.
Net from railway...
—
Net ry. oper. income—
From Jan. 1—•
Net from railway._
Net ry. oper. income
—V.
32,954
def5,416
68,344
28,752
2,811,557
286,978
—V.
$299,407
$310,379
2,907,806
398,757
2,837,373
249,577
income... def 214,821
2634.
Gross from railway
Associated Gas & Electric Co.—General Protective Com¬
The
,
Earnings for October and Year to Date
Atlanta & West Point RR.-
Asbestos Corp., Ltd.—Extra Dividend—
an
Guaranty Trust Co., New
meet the requirements as legal
and certain other states.
[Incl. Gulf Colorado & Santa Fe Ry. and
Gross from railway
Directors have declared
The par value of the
represents about 80% of the total cost of the equipment, which includes:
2,000 50-ton steel box cars; 300 70-ton ballast cars; 450 50- and 70-ton
steel gondola cars; 50 70-ton steel flat cars; 20 lightweight steel passenger
train cars; 10 4-8-4 steam passenger locomotives with tenders, and two
2,000-horsepower diesel-electric passenger locomotives.
The certificates are guaranteed unconditionally as to principal and divs.
Net from railway.
Armstrong Rubber Co.—Initial Dividend —
B stocks,
under construction,
certificates
applied toward the purchase of equipment now
estimated to cost at least
Net from railway
Balance..
of 11,148,488 units or 11.8%
ago.—V. 151, p. 3080.
631,431 units (kwh.).
This is an increase
above production of 94,482,943 units a year
Period End. Oct. 31—
revenues..."
Other income
nearly 27,000 are
$1,000 bonds
Weekly Output Shows 11.8% Increase—
net
$9,575,526
Direct taxes
Operating revenues
Operating expenses
Of these, the investments of
$10,000 eqch.
The vast majority of investors have
hundreds have savings of $100 or even less."
The Utility Management
deposit with the corporate trustee cash required for
the redemption prior to Feb. 1, 1941, at 106%, of $57,000,000 4% first
mortgage bonds, series due 1963:
$9,573,750 to deposit with the trustee cash required for the redemption
prior to Feb. 1, 1941, at 10314%, of $9,250,000 4^% sinking fund debs.,
series due 1948;
$17,013,848 to purchase from American Gas & Electric Co. for cancel¬
lation 136,770 shares of $7 preferred stock and 34,805 shares of $6 pref. stk.;
$62,000 to purchase from The Peakland Corp. for cancellation 570
shares of $7 preferred stock and 50 shares of $6 preferred stock;
$17,971,756 to deposit with the redemption agent cash required for the
redemption prior to Feb. 1, 1941, at $110 a share, of 134,343.6 shares of $7
preferred stock and 29,036 shares of $6 preferred stock;
$13,656,625 to discharge open account indebtedness to American Gas &
Electric Co.;
$8,000,000 to deposit with the corporate trustee of the mortgage under
which the new bonds will be issued cash which may be used to redeem out¬
to
standing bonds
under
and many
gether with a part of a total capital contribution or $30,670,474
received from American Gas & Electric Co., will be used as follows:
$60,420,000
no
3,122,819
359,544
def21,573
-Earnings1937
1938
1939
$178,229
43,889
17,566
$188,780
41,825
1,575,083
245,197
5,363
1,508,942
234,384
def7,266
$158,388
27,745
3,596
$164,524
51,534
16,684
26,071
.
1,382,486
129,006
defl08,269
1,523,710
196,890
.def 18,607
151, p. 2634.
Baldwin Locomotive
Works—Value of Orders—
The dollar value of orders taken
in October by the company
and sub¬
sidiary companies, including the Midvale Co. was announed Nov. 26 as
$42,858,498 as compared with $6,653,553 for Oct., 1939.
The months'
bookings brought the total for the consolidated group for the 10 months of
1940 to $110,014,104 as compared with $53,197,156 in the same period of
1939.- ■
Consolidated shipments,
as
ments for the
aggregated $4,Consolidated ship¬
compared with $28.-
including Midvale, in October
compared with $4,585,485 in Oct., 1939.
10 months of 1940 were $42,033,231 as
353,141 for the 10 months of 1939.
666,361
M
Volume
On
Oct.
The Commercial & Financial Chronicle
151
31,
1940,
consolidated
unfilled
orders,
All figures are without
intercompany eliminations.—V. 151,
$1, previously declared, will be paid on Dec. 14
holders of record Nov. 20.
Extra of 50 cents in addition to regular
quarterly of $1 was paid on Oct. 1, last.
See V. 151, p. 980 for detailed
record of previous dividend payments.—V. 151, p. 2794.
Midvale,
including
amounted to $111,665,414 as compared with $44,215,799 on Jan.
and with $38,423,892 on Oct. 31, 1939.
p.
to
1, 1940
2634.
Atlantic Coast Line RR.—Abandonment—
Bendix Aviation
The
Interstate Commerce Commission on Nov. 14 issued a certificate
permitting abandonment by the company of a branch line of railroad
extending northwest from Latta to Clio, 19.78 miles, in Dillon and Marlboro
Counties, S. G.
The adoption of a plan for the issuance of not to exceed 65,000 additional
shares of common stock to be disposed of under options to a limited number
of principal executives and of tne more important; employees was recom¬
mended by directors March 1, 1940.
The plan was adopted by the stock¬
1940—Month—1939
1940—10 Mos.—1939
$4,134,385
$3,714,756 $40,608,628 $39,016,907
3,119,690
2,953,250
32,868,118
30,231,589
_—
$1,014,695
325,000
$761,506
$7,740,510
300,000
3,900,000
Operating income..,.
Equip. & jt. fac. rents..
$689,695
147,119
$461,506
89,655
$3,840,510
1,873,080
Net ry. oper. income.
—V. 151, p. 2634.
$542,576
$371,851
$1,967,430
holders April 10, 1940.
Under the plan the option price of the stock is $30 per share.
$4,935,318
$3,003,673
Taxes.
$8,785,318
3,850,000
1,931,645
No one optionee can get an option for more than 6,000
The option of any optionee terminates
option (and not theretofore taken up and paid for)
on his death or on the termination of his employment with the corporation.
On the granting of his option the optionee must sign a declaration to the
effect that he seeks to acquire the stock under his option for invest ment
only.
Under the plan 25 executives and employees have been determined to
be eligible to participate and to receive options for the purchase of 31,200
non-assignable.
shares
as
Baltimore & Ohio RR.—President Willard Reelected—
Earnings for October and Year to Date
Period End. Oct. 31—
Freight
Mail
1,019,190
316,587
176,515
490,689
revenues
revenues
Express
revenues
All other oper. revenues_
Ry.
oper. re venues... $16,745,765
Maint. of way & struc.
Maint. of equipment
1,741,057
3,667,401
421,656
5,442,941
142,137
445,807
.
Traffic expenses
Transportation expenses
Miscellaneous operat'ns.
General expenses.
Transp. for invest.Cr.__
Net
rev.
from ry. oper.
925,233
263,147
183,309
451,726
8,664,117
2,689,057
1,372,416
4,492,906
364
14,432,299
33,295,110
4,140,989
51,316,170
1,324,504
5,111,002
9,194
apportioned
_
amortisation of leaseholds and improvements.
$1,134,889
881,359
129,852
$6,032,022
...
Interest paid,
$12,390; provision for contingencies, $150,000;
charges on real estate not used in the business and on surplus
plant, $51,906; miscellaneous deductions, $265,706.
480,003
Provision for Federal income taxes
1,256,601
Net income
Earned surplus at the beginning of year
Total
________
$4,295,419
2,611,878
...
_.
........
,__
$6,907,297
Dividends paid
1940—10 Mos.—1939
$1,047,516 $10,400,152
836,191
8,676,012
$5,902,171
...
Gross income
Co.—Earnings—
1940—Month—1939
570,585
...
Net profit from operations..
Other income
[Including Baltimore Coach Co.]
Period Ended Oct. 31—
Operating revenues
Operating expenses
_
Cost of sales, selling, service, admin., patent, devel. & gen. exps.
and provision for possible losses on receivables and inventories 22,636,991
Provision for depreciation of plant buildings and equipment and
$4,037,755 $24,480,310 $20,626,698
Baltimore Transit
1940 (Incl. Domestic Subs.)
Gross sales, royalties and other operating income, less discounts
and returns and allowances.
;
$29,109 ,747
$5,451,938 $37,952,898 $33,501,285
960,808
9,673,158
8,868,062
305,742
2,326,632
2,593,491
147,633
1,472,798
1,413,034
Net ry. oper. income.
—V. 151, p. 3082.
Shares of stock as to which options
Income Account for Six Months Ended June 30,
12,388,192
27,748,936
3,935,461
46,539,658
1,258,076
4,752,036
7,327
$4,885,130
1,026,359
264,130
168,144
than 3,000 shares.
more
japse or terminate may be available for options to others.
3,944,172
$3,426,497
Railway tax accruals
Equipment rents (net)..
Joint facil. rents (net)__
the three-year period.
Of the amounts so apportioned, options for a total of 24.550 shares have
been actually granted to 24 of those persons.
No one of them has been
9,102,462
2,578,751
1,377.279
$17,273,468$147,563,7781130,116,497
1,608,763
3,780,855
410,809
5,393,198
134,695
493,210
over
to all stock then under
shares.
1940—Month—1939
1940—10 Mos.—1939
$14,742,784 $15,450,053$130,345,282$113,113,833
revenues.
Passenger
All options
expire before May 1, 1943.
Options heretofore issued actually ex¬
pire Dae. 29, 1942.
The options are to be granted to such executives and employees to pur¬
chase this additional stock for investment only.
They are personal and
must
At the meeting of the directors held Nov. 27, Daniel Willard was reelected
President of the company.
As on previous occasions, the board declined to
accept Mr. Willard's resignation as President of the company.
_
Corp.—Listing, &c.~—
The New York Stock Exchange has authorized the listing of 65,000
additional shares of common stock (par $5) on official notice of issuance,
upon the exercise of options, making the total number applied for 2,162,663
shares.
Earnings for October and Year to Date
Period Ended Oct. 31—
Operating revenues_
Operating expenses
3227
A special dividend of
$9,722,877
8,287,872
Earned
2,097,605
surplus June 30,
1940.
$4,809,691
Consolidated Balance Sheet
Net oper. revenues...
$253,530
125,221
Taxes
$211,324
94,829
$1,724,140
1,026,349
$1,435,005
906,184
June 30 *40 Dec. 31 '39
Assets—
$
Cash
Operating income
Non-operating income..
$128,309
1,074
$116,495
1,887
$697,791
17,749
$528,822
20,513
Gross income
Fixed charges
$129,383
5,466
$118,382
7,174
$715,539
53,465
$549,334
65,434
$123,916
$111,208
$662,074
352,827
June 30 '40 Dec. 31 '39
Liabilities—
$
7,582,822
3,429,659
Tr. notes, accepts.
$
$
Accounts payable. 1,206,574
Customers* depos. 6,018,070
2,020,946
699,485
1,677,780
&accts.rec.(net) 5,560,311
5,296,992 Taxes, payrolls.&o. 2,207,471
(net). 11,734,427 9,458,035 Fed., Dom. & State
inc. & social se¬
4,647,180 4,164,006
Plant, land, bldgs.
curity taxes
2,553,256
1,127,945
& equipment—.12,500,409 11,906,309 Res. lor contlngens
746,645
686,646
Leaseholds & impts
14,161
15,193 Cap. stk. ($5par) .10,488,315 10,488,315
Min. int. in cap.
Prepaid royalties,
stock & surplusinsurance, Ac...
41,290
39,742
788,291
638,830
1 Capital surplus...15,756,289 15,756,289
Pats., goodwill, &c
1
Earned surplus... 4,809,691
2,611,878
Inventories
Net income
Interest declared
on ser.
A 4% & 5% debentures..
Remainder.
$309,247
*
Total inv. <fc advs.
$483,900
352,840
$131,059
Note—Interest on series A debentures is at
and 1 % % on the 5s—declared payable July 1.
H rates—IH% on the 4s
Interest for the 4 months
July to October inclusive, at the full stipulated rates, for which no deduction
is made above, is approximately $313,631.—V. 151, p. 2486.
Total
Total
42,827,600 34,909,024
.42,827,600 34,909,024
-V. 151, p. 3083.
Bangor & Aroostook RR.—Preference Dividend Passed—
Beneficial Industrial Loan
Directors at their meeting held Nov. 27 voted to defer payment of the
Jan. 1 quarterly dividend of $1.25 a share on the 5% preferred stock.
In a
Corp.—Registers with SEC<—
Corporation on Nov. 27, filed with the Securities and Exchange Com¬
a
registration statement (No. 2-4592, Form A-2) under the Se¬
curities Act of 1933 covering $10,000,000 10-year 2H% debentures, due
mission
statement sent to holders of the stock, the road says:
"During 1940 the entire dividend of $5 per share was paid on the com¬
pany's 5% cumulative convertible preferred capital stock.
The board of
directors has deferred payment of the Jan. 1, 1941 quarterly dividend of
$1.25 per share on account of the unusual situation surrounding the Maine
potato crop.
Although the current crop is normal, the United States
1
Dec
1950
The net proceeds to be received by the corporation from the sale of the
are to be placed in its general funds.
In this connection, the
debentures
company
fund
Department of Agriculture estimates being 45,135,000 bushels as compared
47,600,000 bushels in 1937, 40,500,000 in 1938 and
38,250,000 in 1939, the present conditions In the marketing of potatoes
are such that from Aug.
1 to Nov. 26, 1940 actual movement has been
substantially less than during the corresponding periods in 1937, 1938
states:
"It is the present intention of the corporation to
use
such
primarily for investments in or advances to subsidiaries for use in
with approximately
their businesses or to reduce outstanding bank loans or for both of such
and 1939.
not determinable since they are dependent upon the needs of the sub¬
sidiaries.
If bank loans are reduced other or additional loans may be ob¬
tained in the future as circumstances require."
The names of the underwriters and the amount of debehtures to be
underwritten by each follows:
Eastman Dillon & Co., $3,000,000; Smith
"The
49,570
purposes.
1937, 1938 iand 1939 crops produced respectively approximately
41,924 cars and 38,919 cars of which the Bangor & Aroostook
cars,
Barney & Co., $1,250,000; Blair & Co., Inc., $850,000; E. H. Rollins &
Sons, Inc., $650,000; Ladenburg, Thalmann & Co., $500,000; Riter & Co.,
$450,000; Alex. Brown & Sons, Hayden, Stone & Co., Hemphill, Noyes
& Co., Merrill Lynch, E. A. Pierce & Cassatt, $400,000 eachjBean Witter
& Co., $350,000; Jackson & Curtis, $300,000; Hornblower & Weeks, $250,000: Whiting, Weeks & Stubbs, Inc., $200,000; Putman & Co., Piper,
Jaffray & Hopwood, MItchum, Tully & Co., Rogers & Tracy, Inc., $150,000
handled from the total crops 38,267 cars, 28,835 cars and 27,674 cars. From
Aug. 1 to Nov. 26, 1940 total shipments from Maine have been 3,545 cars
compared with 5,598 for the same period in 1939, 4,777 cars for the
same period in 1938, and 11,435 cars for the same period in 1937; of these
respective total shipments Bangor & Aroostook handled 27,93 cars in 1940,
4,143 cars in 1939, 3,698 cars in 1938 and 8,790 cars in 1937.
"Dividend action will be considered after the voiume of potato traffic
actually has developed and the earnings of the company definitely
as
each
the underwriting discounts or commissions will be furnished by amendment;
To facilitate the offering, the prospectus states that it is Intended to
stabilize the price of the debentures.
This is not an assurance, the pros¬
marks the first break in the dividend record on the
present 38,280 shares of preferred stock since its issuance in 1936 for the
purpose of redemption of the 7% preferred stock previously outstanding.
Quarterly dividends of $1.25 a snare have been paid regularly on the 5%
preferred, and the 7% preferred, issued in 1917, had an unbroken dividend
pectus states, that the price of the debentures will be stabilized or that the
stabilizing, if commenced, may not be discontinued at any time.—V. 151,
p. 2933.
record.
A year ago at this time dividends were
common stock.—V. 151, p. 3082.
Bath Iron Works
discontinued
on
the 141,792 shares
Bessemer & Lake Erie
Gross from railway.
Net from railway
a
Beacon
which
Boston, on Nov. 18, filed
reorganize under Chapter
Beaumont Sour Lake & Western
Operating revenues ...—
Operating expenses
Net from railway.
Net ry. oper. income...
—V. 151, P.
Direct taxes
Prop, retire, res. approp.
of limited-term
Ry.—Earnings—
1939
1940
Net ry. oper. Income—
From Jan. 1—
Gross from railway
1938
$217,484
85,351
1937
$206,518
47,361
$225,826
85,533
31,767
$232,506
91,758
37,058
35,698
defl0,380
2,286,526
931,289
2,285,443
920,747
2,286,267
910,523
2,453,226
979,753
401,370
385,861
403,145
364,538
investments
,
7,692,685
declared
dividend of 25 cents per share in
addition to the regular quarterly dividend of $lper share on the common
stock, both payable Jan. 2 to holders of record Dec. 10.
1940—Month—1939
$676,523
$681,934
413,076
438,172
94,246
88,095
50,000
50,000
1940—12 Afos.—1939
$7,831,455
5,108,003
1,004,298
600,000
$7,709,564
4,938,679
981,440
600,000
309
-
Net oper. revenues—
Other income
Gross income.
Int. on mortgage bonds.
Other int. & deductions.
Net
Beech-Nut Packing Co.—Extra Dividend—
16,524,587
9.190,486
1,666,328
6,241,688
Amort,
2634.
Directors on Nov. 20
6,872,163
2,107,258
8,294,925
Birmingham Electric Co.- "Earnings-
Among the liabilities are notes payable on first mortgage bonds due
July 31,1940, $94,425; first mortgage bonds 5%, due Aug. 1,1944, $944,250
and second mortgage, 5%, due May 13, 1939, $88,818.
Net from railway
10,982,740
4,950,744
3.977,558
15,286,101
—Y. 151, P. 3083.
and operates the building at 31 Milk St.,
a petition in Federal Court, Boston, seeking to
10 of the Bankruptcy Act.
The corporation
Period End. Oct. 31—
Gross from railway...—
1937
$1,474,285
739,801
564,857
owns
admitted it is insolvent.
October—
1938
$1,285,363
756,239
631,721
1,013,834
Gross from railway
Net from railway—...
Net ry. oper. income
Building Corp., Boston—Bankruptcy Petition—
The corporation,
1939
$1,927,681
1,247,042
1,009,252
1,439.188
Net ry. oper. income
From Jan. 1—
paid on July 1, last, this latter being the first dividend paid on the
shares since Dec. 30, 1937, when a stock distribution of 3% was
made.—V. 151, p. 2933.
/
was
common
RR.—Earning
1940
$2,201,246
October—
Corp.—50-Cent Common Dividend—
dividend of 50 cents per share on the common
stock payable Dec. 18 to holders of record Dec. 2.
Dividend of 25 cents
Directors have declared
#
The redemption provisions, public offering price of the debentures, and
ascertained."
This suspension
of
The amounts of such funds to be devoted to such purposes are
income
Dividends applicable to
an extra
Balance
—V. 151, P. 2635.
310
3,710
3,722
$93,796
$130,453
$1,185,723
4,672
368
317
$1,115,444
4,613
$94,164
45,750
5,191
$130,770
45,750
4.349
$1,120,057
549,000
54,270
$1,190,395
$80,671
$516,787
429,174
$588,754
429,174
$87,613
$159,580
$43,223.
preferred stocks for period
549,000
52,641
The Commercial &
3228
$19,000 first mortgage secured 6H%
has been called for redemption on Jan. 1 at 103.
A total of
Years End.
bonds dated July 1, 1930
sales,
&c
Federal and State taxes
Gross
/
Bon Ami Co.—Extra
Dividends—
t
declared an extra dividend of $1.50 per share on the class
A stock, and an extra of 75 cents per share on the class B stock, both payable
Dec. 16 to holders of record Dec. 2.
Regular quarterly dividends of $1 and
62H cents per share were paid on the respective issues on Oct. 31, last.
—V. 151, p. 2934.
1939
$5,395,592
ances,
$6,037,015
2,543,294
2,797,777
2,568,758
2,539,126
$2,852,298
$3,239,238
1,354,853
$2,880,420
$2,847,722
1,532,413
$1,884,384
715,272
253,372
$1,565,900
r
516,769
240,713
$1,315,309
$622,417
CY42.938
$915,741
Cr62.692
$808,418
CY65.355
$655,736
Cr74,316
3,359
170,000
25.081
8,818
11L890
yl44,934
xl 12,780
$553,465
435,000
$805,074
435,000
$703,757
543,750
$608,453
217,532
$0.76
$1.11
.
Net sales
1,481,458
Cost of saies_——
$1,370,840
profit on sales..
748,422
Sell., adv. & gen.exp.,Ac
Contract—
Borg-Warner Corp.—Government
i
Ingersoll Steel & Disc division of this company recently received a
totaling $7,614,630 to manufacture artillery ammunition com¬
U. S. Government.—V. 151, p. 2934.
The
ponents for the
Profit from operations
idle property,
of $1 per share on account of ac¬
have declared a dividend
$2 cumulative class A stock, no par value,
Nov. 26 to holders of record Nov. 19.—V. 150, p. 3965.
cumulations on the
Net
dividend of $2.25 per share on the common
payable Dec. 31 to holders of record Nov. 30.
This compares with
Directors have declared a
$2 paid on Sept. 30, last; $2.50 on June 29. last; $2 on March
$2.25 paid on Dec. 21, 1939; $2 paid in September, 1939; $2.50
1939 and $2 per share paid on March 31, 1939.—V. 151, p. 981.
30, last;
in June,
Offered—F. S. Moseley &
Co. and The First Boston Corp. offered after the close of
the market Nov. 25 5,200 shares of capital stock at 32.
The sale of these shares does not constitute new financing
All of this stock has been sold.
for Proposals for Purchase of Bonds—
by the company.
Invitation
of an issue of $53,000,000 first
Proposals for the purchase as a whole
series A, due 1970, will be received at the office of the
company,
182 Tremont Street, Boston, Mass., up to
11 o'clock Eastern Standard Time on Dec. 2.
The bonds are to be dated
Dec. 1, 1940, due Dec. 1, 1970, with interest payable semi-annually on
June and Dec. 1 in each year at a rate either of 2or 3%, to be deter¬
mined after proposals have been received, and are to be issued under a
proposed indenture of trust and first mortgage to be made to State Street
Trust Co., Boston, Mass., as trustee.—V. 151, p. 3083.
V
mortgage bonds,
Treasurer of the
Elevated Ry. Co.—Earnings
Boston
Subway, tunnel and
Interest on bonds
—--
rapid transit line rentals
Dividends-
329,374
99,497
7,647
-
—
Excess of cost of service over
-
$2,172,964
1,585,051
132,396
329,374
99,497
6,806
accruals
Miscellaneous items
—"V. 151, P.
$2,262,661
1,642,216
■,
141,896
3,761
235,490
—
4,185
233,630
special dividend of 40 cents per share in ad¬
quarterly dividend of like amount on the common
stock, no par value. The special dividend will be paid on Dec. 10 to holders
of record Dec. 2 and the regular quarterly dividend will be paid on Jan. 2
to holders of record Dec. 20. Special of 40 cents was paid on Dec. 8, 1939.
Directors have declared a
the regular
which depreciation provided for
1940—10 Mos.—1939
1940— Month—1939
$4,499,178 $39,084,051 $38,245,901
,
2,971,695 28,441,285 27,374,470
$4,247,862
2,956,910
$10,642,766 $10,871,431
3,023,764
3,055,635
2,134,053
2.121,014
106,335
157,177
$747,776
79,933
$946,571
83,186
$5,378,614
966,246
$5,537,605
973,917
$827,709
$1,029,757
$6,344,860
380,879
623,603
5,111,167
$446,830
$406,152
$1,233,693
.—
security
24,990
2,250,000
Earned surplus
360,004
x Treasury stock..
Z>r75,000
Net income
-
-
plant A
1940
31—
Net profit after pro v. for
deple., doubtful accts.,
10,491
10,445
Ltd.—Earnings—
1939 *
1938
1937
$227,343
698,069
6,459
paid
def$8,146
795,296
457
$268,117
582,482
$748,004
49,936
$787,607
50,142
$850,599
51,243
$ 882,698
Total surplus—-
$8,889
737,465
1,650
$931,871
49,172
Prev. earned surplus
on shs. redeemed-
Disct.
$698,068
$737,465
$795,296
4,060
debits—
Balance, surplus--
Balance Sheet Aug. 31
Liabilities——'
1939
1940
1940
1939
8% cum. 1st pref.
Land, bldgs., ma-
chln'y & equip__$l,202,521 $1,206,797
572,061
Cash
391,935
669,483
Inventories
1,157,566
360,111
359,177
5,190
7,289
prepaid
$955,225
600,000
600,000
80,000
Nov. 30.
This com¬
with dividends of 50 cents paid in three preceding quarters; $2 paid
1939; $1 on Sept. 15, 1939 and regular quarterly dividend of
25 cents per share paid on June 15,1939.—V. 151, p. 2343.
pares
on
Dec. 15,
Inc. (& Sub.)—Earnings—
Brown Shoe Co.,
Net sales
412,850
412,850
1939
g
Deductions—
Int.
on
15-yr. 3 H% sink¬
Common stock—
25,765,456
24,655,380
28,283.644
108,263
3,000
136,500
6,000
140,479
6,377
22,599
107,300
28,300
156,000
191,471
793,251
7,525,127
f53,436
106,000
profits
(estimated)...
10,000
—
Netprofit
surplus.
Sundry surplus credits
b70,000
1
Total surplus
773,589
7,275,793
c384
498,132
7,378,110
-
7,784,067
dl77,656
13,823
8.371,814
744,375
41,193
7,432,957
246,000
7,378,110
247,000
7,275,793
247,045
7,586,246
247,000
$2.02
$3.13
$0.77
$3.21
Profit & loss surplus—
share on com.
160,000
8,914
871,439
868,332
882,697
Earned surplus
698,068
b Adjustment of reserve for prior years' taxes on
income,
c Profit on sale of 100 shares of company's own stock purchased
during the year,
d Premium paid on 15-year 3%% sinking fund debentures
called for redemption as of April 13, 1939, $176,000 and expense in con¬
nection with retirement of 15-year 3H% sinking fund debentures $1,656.
e After deducting sundry interest expense (net), $11,218, less income from
sundry investments of $4,376; balance, $6,842.
f Proportion of the pro¬
ceeds of 2,500 shares of treasury common stock sold during the year to
the President and other employees,
g Cost of material, labor and selling,
admin, and general exp., incl. depreciation and interest charges, bad
debts, &c.
h Includes sundry interest income—net of $6,670 ($8,284 in
1938) and income from sundry investments of $3,123 ($4,761 in 1938).
i Proportion of the proceeds of 400 shares of treasury common stock
sold during the year to employees,
j Proportion of the cost of 1,000 shares
of common stock purchased during the year and placed in the treasury.
of $439.
1940
1939
$
$
x
Represented by 80,000 no par shares.—V. 149, p.
3547.
Period End. Oct. 31—
1940—Month—1939
Gross earns, from oper— $3,388,106
$3,000,970
1,626,444
Operating expenses
x
x
Before
$1,761,662
Net earnings
1,447,866
1940—10 Mos.—1939
$31,066,977 $31,255,519
15,345,528
14,950,229
$1,553,104 $15,721,449 $16,305,290
depreciation and amortization.—V. 151, p. 2635.
equipment, Ac- 2,573,149
2,642,247
L Accrued accounts'.
1
Tradenames, Ac..
1
1
384,931
186,729
424,018
Cash
1,226,331
Accts. receivable..
4,601,139
Inventories
7,428,192
Deferred charges..
11,979
Inc.—To Pay $1 Dividend—
declared a dividend of $1 per share on the capital
payable Dec. 11 to holders of record Dec. 14.
This compares with
31,1939; 40 cents paid on Dec. 17,1938; 50 cents paid
on Dec. 21, 1937 and an initial dividend of 30 cents paid on Dec. 30, 1936.
Company's net sales, may reach $4,000,000 in 1940, J. F. Lucas, VicePresident, estimates. The company is a manufacturer of parts for aircraft.
The directors have
stock
5o cents paid on Dec.
Sales this year to Nov. 1 amounted to $3,550,015, Mr. Lucas said. He also
said that Breeze has installed equipment for fabricating armor plate, with
special emphasis on
production for the aircraft industry.—V. 151, p. 2343.
Bridgeport Brass
declared a dividend of 50 cents per share on the common
20 to holders of record Dec. 6.
Dividend of 25 cents
Sept. 30, last and one of 10 cents was paid on Dec. 17, 1937.
3083. a
—
Directors have
stock, payable Dec.
was
paid on
—V. 151, P.
Co.—50-Cent Dividend—
163,874
1,319,178
4,832,496
6,396,082
13,402
c
Reserve
for
16,412,451
Total
46,750
45,521
120,196
225,743
3,000,000
10-year note pay'le 3,000,000
85,099
Reserve.
Contributed surp.
Total
76,288
.——.
b Common stock—
Capital surplus
15,791,2971
729,096
1,404,536
in¬
come taxes
Earned surplus
971,031
247,000
3,118,508
971,031
7,432,957
7,378,110
246,000
3,105,882
16,412,451 15,791,297
depreciation of $3,490,018 in 1940 and $3,373,971 in
1939) shares of no par value,
c
($107,300 in 1939 and prior
years' of $14,196 ($118,443 in 1939).—V. 151, p. 2795.
a
Breeze Corp.,
$
$
Fed. A State pay¬
roll taxes)
Securities, Ac
Light & Power Co., Ltd.—Earns.
Liabilities—
Accounts payable
Real est.,
Invest, in subs
Brazilian Traction,
1939
1940
I
build¬
ings, machinery,
a
Lasts
$3,531,337 $3,226,492
-
494,450
Includes dividends from common stocks of $11,241 and sundry interest
income net
Assets—
other taxes
Total
i6,350
8,049,766
494,000
Consolidated Balance Sheet Oct. 31
accr'd charges—
Res. for deprec'n—
$3,531,337 $3,226,492
7,586,246
7,946,242
492,850
j20,435
Shs.com.8tk.out. (no par)
incl.
pay,,
$
82,800
sale of factory
Surtax on undist.
a
1937
$
24,958,028
ing fund debentures. _
Prem. on debs, retired..
Prov. for losses and loss
on
1938
$
a25,644,961 H26,780,207 h25,017,651 ©29,389,752
15,952
stock
x
'
|1940
finished prod¬
uct to customers
Prov. for Dom. &
Trade marks, pat.
Total
SI. 50 Dividend—
have declared a dividend of $1.50 per share on the common
Directors
80,000
15,275
7% cum. 2d. pref.
Accts.
prem.,
$921,925
stock
$2,979,910 $2,913,805
Total
stock, par $25, payable Dec. 16 to holders of record
Earns, per
income & other taxes-
164,013
Z>r75,000
b Represented by 750,000 shares par value $3.—V.
;
\ 7w
:V;-
-
Other prof. & loss chgs
Brantford Cordage Co.,
24,990
2,250,000
1,966,187
$2,979,910 $2,913,8051
x 25,000
shares,
151, p. 3083.
Common dividends
151. p. 2342.
Years End. Aug.
239,397
169,997
.
b Capital stock
Add—Previous
interest, &c.)
2,715
return¬
on
Res. for contings.
in¬
Total
pay.
able containers.
Estimated income taxes.
Total deductions (rentalsJ
rights & goodw.
Depos.
1,542
equipment (net) 2,068,570
Prepaid exps. and
deferred charges
16,974
Other assets
9,924
$311,339
Total income
insur.
5,100
officers A emp'ls
6,200,183
Other income
Fire
5,100
accts.
& accrued exps.
Advs. & due from
$6,511,522
income.
Bills A accts. rec—
179,518
income tax.
$
$1,527,483
315,672
252,437
12,803
Assets—
Other
215,350
106,553
Prov. for est. Fed.
42,528
RR.—Earnings—
$1,290,952
298,399
Taxes
235,908
Equip, rents—Dr
8,869
Joint facility rents—Dr.
1st pref. divs.
Miscellaneous
45,213
Marketable secure.
Property,
170,000
48,803
130,586
tax stamps
Notes, accts.. Ac.,
Inventories
1939
833,852
114,555
Accrued liabilities.
receivable (net).
approxi¬
580,696
51,952
Accounts payable.
$616,949
$520,435
Fed. & State excise
result of
in effect the
1940
Liabilities—
1939
1940
Assets—
Cash A cash items.
Years Ended Oct. 31—
Period, Ended Oct. 31—
Operating revenues
Operating expenses-—
—V.
the year ended Sept. 30, 1940, is
mately $32,000 less than would have been provided at rates
previous year.
Balance Sheet Sept. 30
—V. 151, p. 2342.
Boston & Maine
ended Sept. 30,1940, include
depreciation for certain equipment and containers, as a
rates of
Bristol Brass Corp .—To Pay
Herald-Traveler Corp.—40-Cent Special Div.—
Net ry. oper.
Consolidated.
x
Charges to costs and expenses for the year
$220,516 for depreciation; $44,323 for maintenance and repairs; and $85,426
for taxes, other than excise and Federal income taxes.
Note—Due to a controversy which is pending with the Internal Revenue
Bureau with respect to depreciation rates, the company has reduced the
2635.
Boston
dition to
profits,
Includes $11,500 surtax on undistributed
y
$218,816
$196,380
receipts---
472,918
186,655
$0.97
$0.84
undistributed profits
Includes $98,363 normal tax, $10,210 surtax on
vestments (net).
1939
1940
Total receipts
—
Total operating expenses
Federal. State and municipal tax
Rent for leased roads
x
and $4,207 excess profit tax.
Other
—
Month of October—
profit—
Dividends paid
Earns, per share on cap.
stock outstanding
a
Co.—Stock
Edison
Boston
Ac
Prov. for Fed. inc. taxes.
payable
Albany RR.—$2.25 Dividend—
Boston &
stock,
Interest, discount, &c—
a
1,314,521
Int., discount, maint. of
Inc.—Accumulated Dividend—
Bornot,
Directors
See
Deprec.of bldgs. & equip
contract
$5,386,848
$5,449,178
Directors have
Gross
zl937
zl938
1940
Sept. 30—
less allow¬
1940
30,
-Earnings-
Brewing Corp. of America
Corp.—Bonds Called—
Blethen
Nov.
Financial Chronicle
After deducting
b Represented by 246,000 (247,000 in
Consists of current year's taxes of $i06,000
1939.
Brooklyn Union Gas Co .—Dividend Omitted—
Clifford E. Paige, President of
the company, announced on Nov. 25 that
the company's capital stock.
He
directors had omitted the dividend on
omission to the attitude taken by the New York State
Public Service Commission regarding the company's depreciation account.
attributed
the
So far this year
Brooklyn Union has made three dividend payments of 25
being on Sept. 3.
cents each, the last
Mr. Paige, in what he termed an amplification of the directors'
said witnesses for the Public Service Commission at a hearing on
decision
Oct. 31
of the company's depreciable
property amounted to $21,186,000.
The company, Mr. Paige added,
''belives this amount to be excessive and has retained the engineering firm
indicated
that
the
accrued
depreciation
Volume
&
Colpitts to make
study of the company's property, its
a
Canadian National Lines in New
value and depreciation."
It therefore, Mr. Paige continued,
will pay, dividends until the matter
Burlington Mills Co.—May Increase Stock
will vote,
Net ry. oper. income
—V.
1,164,716
def87,825
def542,024
1,137, 755
defl29, 787
def549, 622
119,319
def2,660
def37,767
$
1,236,809
def48,582
def484,204
151, p. 2636.
Canadian National Ry.
—Earnings
—
Earnings of the System for the Week Ended Nov. 21
1940
1939
Gross revenues...
$5,114,656
$4,838,150
—V. 151, p. 3084.
—
6, on a proposal to
authorize 130,000 shares of cumulative preferred stock issuable in series, and
to increase the authorized amount of common stock from
700,000 to
1,200,000 shares.
/
Of the new preferred stock 80,000 shares designated as cumulative con¬
vertible preferred stock, $2.75 series, are to be issued and sold for cash
under agreements already entered into, to a group of underwriters headed
by Lehman Brothers, Commercial Investment Trust, Inc., and Wertheim
<fc Co., for resale to the public, after registration becomes effective.
Proceeds of the sale will be used to provide the corporation with ad¬
ditional working capital, and with funds to effect expansion and improve¬
ment of its present plants, and the acquisition of an additional hosiery
finishing plant heretofore leased.
The new preferred stock, public offering of which is expected to take
place around the middle of December, will be entitled to receive $50 per
share and accrued dividends in case of any dissolution, and the series to be
issued and sold will be redeemable at $55 per share on or before Jan. 1,
1944, and at $53.75 per share thereafter, plus accrued dividends in each
case.
The conversion privilege of the new preferred, $2.75 series, is to be at
the price of $21 per share of common stock taking the preferred stock at
$50 per share.
J. Spencer Love, President of this company in his letter to stockholders,
reveals that consolidated net sales for the first nine months of 1940 were
$36,840,900, compared with $28,781,722 in the same period of 1939, an
at a special meeting
1,321,278
def85,935
def621,565
def6,801
Gross from railway
Net from railway
1937
1938
$122, 450
defl2, 901
def56, 692
1939
$131,382
_
Net ry. oper. income
From Jan. 1 —
Co.—10% Wage Increase and Bonus—
Stockholders
def50,394
Gross from railway
Net from railway.-
Company has increased wages and salaries, including officers, 10%
beginning the week of Dec. 21. Ic has slightly more than 2,000 employees.
In addition directors voted a bonus equal to 40 hours of wages at the rate
prevailing Dec. 6 to all employees continuously employed from Jan. 2 to
Dec. 17 and half that amount for employees continuously employed from
May 31 to Dec. 17. Others will receive $5 each.—V. 151, p. 3083.
Earnings—
England
$113,852
def23,127
def66.625
1940
October—
"appears doubtful that the company
of depreciation is determined."
He
explained that an increase in accruals for depreciation of more than $350,000
was made in December. 1939, retroactive to Jan. 1, 1939.—V. 151, p. 2636.
Bullard
3229
The Commercial & Financial Chronicle
151
of Coverdale
Dec.
Canadian Pacific Lines in
45,465
7,885
750,407
Net ry. oper. income
—V. 151, P. 2636.
427,492
$143,995
def4,234
24,943
6,867
def22,472
1,871.323
242,601
1,982,298
def49.442
1,849,934
307,088
37,714
2,441,307
Gross from railway
Net from railway
1937
1938
$131,534
1939
$153,612
33,194
12,785
$193,340
Net ry. oper. income
From Jan. 1—•
$276,506
Maine—Earnings—
1940
October—
Gross from railway
Net from railway
Increase
48,674
325,680
Canadian Pacific Lines in Vermont- —Earnings—
1937
1938
1939
1940
October—
Gross from railway
Net from railway.
$83,288
defl4,005
def39,782
Gross from railway
Net from railway
Net ry. oper. income--—V. 151. P. 2336.
$74,059
def24,518
def54,597
$95,310
def8,029
def26,977
984,178
def95,730
def375,528
Net ry. oper. income
From Jan. 1—
$105,189
def4,132
def31,455
822,816
def238,216
def491,356
687,131
def367,792
def632,026
971,169
defl09,315
def364,350
increase of 28%.—V. 151, p. 690.
Canadian Pacific Ry.—Earnings
Burlington-Rock Island RR.—Earnings—
October—
Gross from
$107,027
11,250
def5,486
$152,672
40,660
20,645
$137,688
35,871
11,374
From Jan.
Gross from railway..
1,033,757
52,754
defl05,454
1,135,642
113,009
def38,841
1,212,907
144,935
def44,613
1,138,602
161,151
def86,206
—V. 151, p. 2636.
Burnham Stoepel Land
A
$25,000 first mortgage bonds dated June 1,
called for redemption on Dec. 1 at 100.—V. 120, p. 334.
(Philip) Carey Mfg. Co. —Dividend Arrears Paid Up—
,
Directors
1933 has been
4,187
Depreciation.
Federal and State income taxes
Net income
Earns, per share on 264,635 shares common stock.
After all operating expenses.—V. 151, p.
19,462
-
$288,284
$0.71
$655,168
$0.98
Carolina Power & Light
468,115
171,411
2795.
Period Ended Oct. 31—
Operating revenues
Operating expenses
Direct taxes
90,000
90,000
rl ,080,000
1,080,000
$437,588
$5,851,905
$449,900
29,587
1,198
60,039
2,374
$607,392
2,260
1,019
21,469
$4,667,314
19,987
Int. on mortgage bonds.
Other int. & deductions.
$609,652
143,750
Cr3,283
$438,607
191,667
6,040
$5,873,374
2,234,893
49,602
$4,687,301
2,300,000
71,636
$240,900
for the period
$3,588,879
$2,315,665
Divs. applicable to preferred stocks
$342,157
507,779
$269,411
431,628
$228,716
420,329
$356,703
317,280
Dividends paid
$849,935
241,575
$701,039
193,260
$649,045
217,418
$673,983
253,654
Surtax
on
$302,615
29,502
2,892
40,226
1,279
undist. profits
Net income
-
B rands .formulae &
.
$469,185
income
Net
-V. 151, P.
1,255,237
1,255,237
$2,333,642
Balance
good-
$1,060,428
2636.
Carpenter Paper Co.—Earnings-
xl85,898
Surplus Sept. 30
-Earnings—
Net oper. revenues..Other income (net)
1937
1938
Previous surplus
(net)
Prov. for Fed. taxes
Co.
1940—12 Mos.- -1939
1940—Month -1939
$1,104,583 $14,058,845 $11,915,699
$1,399,480
411,431
5,360,673
4,276,842
590,311
165,564
1,766,267
1,891,543
111,777
Inc.—Earnings —
1939
$378,318
29,220
19,257
60,431
Miscellaneous
in addi¬
Property retirement re¬
serve appropriations--
1940
$470,163
31,903
19,153
76,950
Depreciation
Quartz Mining Co., Ltd.— Extra Div.—
quarterly dividend of four cents per share on the common stock,
both payable Jan. 2 to holders of record Dec. 3.
Like amounts were paid
on Oct.
1, July 2, April 1 and on Jan. 2, 1940.
Extras of one cent were
paid on Oct. 2, July 3 and April 1,1939.—V. 151, p. 2184.
tion to a
$1,294,694
...
California Ink Co.,
12 Months
$1,275,232
$432,720
80,818
63,618
income
Years End. Sept. 30—
Profit from operations..
quarterly back dividends of $1.25
ten
dividend on Dec. 31 to those of record of Dec. 20.—V. 151,
Cariboo Gold
3 Months
$428,533
Total income..
x
22
Directors have declared an extra dividend of two cents per share
Period Ended Sept. 30, 1940—
Profit from operations
Other
Nov.
on
3084.
P.
(A. M.) Byers Co.—Earningsx
declared
each to clear up arrearage on the concern's 2,455 shares of 5% preferred
stock.
They also authorized the $1.25 payment for the current quarter.
Back dividends are payable on Dec. 20 to shareholders of record of Dec. 10,
and the regular
Co.—Bonds Called—
total of
$187,000
$3,668,000
—V. 151, p. 3084.
1—
Net from railway
Net ry. oper. income...
$3,481,000
Traffic earnings
Decrease
1939
1940
$134,369
13,514
defl8,839
railway
Net from railway
Net ry. oper. income—
—
Earnings for the Week Ended Nov. 24
1937
1938
1939
1940
$507,778
$422,462'
$420,329
$431,628
Shares capital stock out¬
Earnings for 9 Months Ended Sept. 30, 1940
Net sales.
—
___
Net income after all charges
96,630
96,630
$2.37
96,630
96.630
$3.54
standing (no par)
Earnings per share
$2.79
$3.69
Brands, formulae, 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 (as above) $185,898.
Earns, per share on
—V. 151, p. 3084.
——
$7,895,085
182,161
$1.74
93,369 shares common stock (par $10)
x
Balance Sheet Sept. 30
Assets—
$483,550
$377,324
acc'ts receivable
Investments
x
750,232
$120,979
T
76,950
1,632,000
Capital stock
389,623
394,893
680,398
48,663
Inventories
Accounts payableFed. Inc. taxes.
Customers' notes &
1939
1940
Liabilities—
1939
1940
Cash
Paid-in surplus
62,210
$149,263
60,430
1,632,000
Earned surplus—
422~462
Brands,
and
Other
assets,
485,775
550,435
55,541,334
47,203,099
40,703,j640
(inventory
estimated)
$13,308,304
Depreciation
2,533,909
371,673
34,127
$9,317,348
2,518,981
$5,905,123 $15,974,575
2,370,784
2,136,901
.$10,774,396
$6,798,367
198,960
118,109
280,810
25,406
$3,534,339 $13,837,674
419,673
503,081
9,851
5,870
38,064
Total
$2,252,392 $2,535,247
profit before Fed'l
$10,855,249
3,137,119
$7,053,771
1,498,362
$3,944,162 $14,334,884
1,040,484
2,534,974
~$77718,128
$5,555,408
$2,903,678 x$l 1799,910
become due for
$2,252,392 $2,535,247
$747,026 in 1940 and $712,632 in
Represented by 96,630 shares of no par value.—V. 151, p. 3084.
California Water Service
Profit
Interest earned
Interest paid
Co.—Earnings —
Net
1940
after charges
$461,394
taxes
1939
$476,380
12 Months Ended Oct. 31—
Net income
Provision for Fed. taxes.
—V. 151, P. 2636.
Netprofit
Cambria & Indiana RR.Gross
from
railway
Net from railway
Net ry. oper. income
1939
x
1937
1938
$150,064
47,684
81,462
$149,630
48,976
94,159
$118,708
$126,323
51,544
97,513
from
71,672
1,274,832
1,148,494
397,108
745,896
945,546
266,625
650,735
1.082,401
415,632
788,081
railway
Net from railway
Net ry. oper. income—
—V. 151, P. 2636.
Balance Sheet Oct. 31
58,228
444,969
765,491
Pats.,
Canadian Colonial Airways,
x
After all
Sept. 30, '40 June 30, '40 Mar. 31, '40
$103
$14,762
loss$l,209
charges.—V. 151, p. 1887.
865,658
941,120
2,831,951
1
1
expenses
sented for red.
&c.20,334,365 19,900,609
24,175
56,290
53,213,236 54,054,281
Total
Sept. 30. '40
$13,661
x
in
y
38,576
4,000,000
11,207,300
Common stock..
9,411,200 9,411,200
13,733,577 13,733,577
y
Total
18,745,603
14,789,052
.63,213,236 54,054,281
depreciation of $14,939,292 in 1940 and $13,607,693
Represented by 1,882,240 no par shares.—V. 151, p. 2488.
After reserve for
1939.
-
Notes pay. (bank)
Capital surplus
Earned surplus
9 Months
282,969
1,083,716
1,292,181
Pref.stk. (par $100)
Prepaid Insurance,
taxes, &c
$
Pref. stk. not pre¬
buildings,
equipment,
Inc.'—Earnings—
3 Months Ended
Period—
trade-mks.,
Land,
Dividend payable.
8,589,716
15,381,813
1939
2,254,285
&
Res. for Fed. taxes
7,174,360
and goodwill—
x
2,645,550
Accounts payable.
Accrued payroll
18,770,945
less reserves
Ltd.—Extra Dividend—
dividend of 40 cents a share on the
common stock, together with the regular quarterly dividend of 25 cents.
Both dividends are payable on Dec. 31, to stockholders of record Dec. 17.
Extra of 50 cents was paid on Sept. 30, last.—V. 151, p. 2345.
10,125,852
Notes & accts. rec.
Inventories
Canadian Celanese,
Net income
6,909,390
$
Liabilities—
$
$
Cash
1940
1939
1940
*\.QSCt3
Directors have declared an extra
x
which may
undistributed earnings—carried to surplus.
Before deducting provision for any amount
surtaxes on
1—
From Jan.
Gross
-Earnings-
1940
October—
50,176,545
Gross profit
Less allowance for depreciation of
y
1940
1939
1938
1937'
$68,849,638 $56,520,447 $46,608,763 $66,151,120
Cost of sales, oper. exps.,
less miscell. income
lncl.
Total
x
Caterpillar Tractor Co.—Earnings—
12 Mos. End. Oct. 31—
formulae,
goodwill
deferred charges
1939.
21, 1938.—V. 151, P. 2637.
507,779
60,345
60,325
Plant and equip.
Like
record Dec. 10.
$1.25 paid on June 20,
last; 50 cents on March 20, last; 60 cents on Dec. 20, 1939; 15 cents on
Sept. 20, 1939; 40 cents on June 20, 1939: 15 cents on March 20, 1939,
and dividends of 10 cents paid on Dec. 20, Sept. 20, June 20 and on March
Net sales.
and notes
x
dividend of 50 cents per share on the
stock, par $5, payable Dec. 20 to holders of
amount was paid on Sept. 20, last and compares with
185,775
U. S. Govt, bonds
Pay 50-Cent Dividend—
Carpenter Steel Co.—To
The directors on Nov. 26 declared a
common
The Commercial &
3230
dividend of 15 cents per share on the common
2.
Dividend of 10 cents
Dec. 15, 1939 and one of
Dec. 15,1936.—-V. 151, p. 2488.
stock, payable Dec. 16 to holders of record Dec.
was paid on July 10, last; 15 cents was paid on
40 cents was paid on
Central Arizona Light
Direct taxes
Property retirement reserve appropriations..
Amortization of limitedterm investments—-
Int.
445,000
432.300
1,919,434
774,597
2,913
2,913
34,960
34,960
$82,966
$1,118,040
17,271
$1,051,959
$1,135,311
227,500
9,543
$1,072,508
$85,272
15
bonds-
15
$85,287
18,959
*
on mortgage
$82,981
18.959
705
interest
Other
$4,213,250
25,000
721
Gross income
$4,683,304
2,210,313
874,991
25,000
Net oper. revenues...
Other income (net)
™
20,549
those years unless and until the taxing authorities of
the properties.
The railroads have paid 60% of the
Earnings for October and Year to Date
Gross from
$836,370
^
108,054
108,054
$728,316
Co .—Extra Dividend—
Central
2489.
Inc.—Stock
Co.,
Products
Fibre
common
26
per share and the common at $8 per share.
None of the
proceeds from the sale of the stock will accrue to the com¬
pany inasmuch as the securities do not represent any new
financing.
' * "j:,:
<,056,441
27,512,110
7,453,734
1,146.0<5
1.497.417
railway
Net from railway
24,189,883
6,367,133
558.537
27,508,131
7,680,1/4
2,289,009
Net oper.
$8,772,833
5,782,574
$2,990,260
4,987
$3,340,962
12,015
$8,026,289
17,695
$8,709,184
24,339
$2,995,247
864,981
186,455
29,371
$3 ,352,977
987,661
161,582
25,897
$8,043,984
2,607,310
559,347
98,237
$8,733,523
3,222,578
407,774
73,178
28,748
5,102
702,310
15,889
626,245
70,400
22,459
2,142,742
58,926
1,985,066
income
(net)
Other income
Gross income
debt& exp
General interest (net)—
Amort, of pref. stock re¬
Int. on long-term
Amort. of bd. disc.
funding expense
deductions
Other
a
Divs. paid or declared.
Bal. of div. requirem'ts
not
Subs.)—Earns.
1940—9 Mos—1939
$8,882,733 $24,710,763 $24,176,308
5,541,771 16,684,474 15,467,123
739
140,298
2,218
315,858
$1,177,540
$1,395,404
$2,541,270
$2,670,142
paid or declared--
Company was organized as a
1931.
packing eggs.
In addition to the plants operated by it, the company owns a plant in
Denver, Colo., which is presently inactive.
Company owns 75% of the outstanding common stock of Inland Paper
Box Co., Denver; 54.9% of the common stock of Pomeroy Mfg. Co.,
Vincennes, Ind., and 66 2-3 % of the outstanding common stock of Chippewa
Arrow Paper Co., Chicago.
Company also owns 100% stock interest in
Wholesale Board Mill Supplies, Inc.; Paper Mill Laboratories, Inc., and
Tama Water Power Co., such companies not now being engaged in active
operations.
Capitalization—Company's present capitalization consists of 200,000
shares of 6% pref. stock ($25 par) (cumulative if earned), of which 161,160
shares are issued and outstanding, and 350,000 shares of common stock
(par $5), of which 213,603 shares are issued and outstanding.
The 200,000
shares of 6% pref. stock ($25 par) were authorized by amendment of the
company's articles of incorporation effective Nov. 22, 1940, to replace
50,000 shares of 6% pref. stock ($100 par) theretofore authorized.
Net
Pref.
Stock
for
Div.
Divs.
End. June 30
Requirements
$241,740
-
to
per
Oct. 19, 1939—al60,231
19,1940—b236,327
Stock
Common
Share
$464,619
242,344
114,293
470,484
322,935
$2.18
$0.93
1.13
0.93
85,849
161,946
2.20
0.40
1.25
1.51
0.88
0.53
0.40
None
0.76
None
After Federal income taxes computed at the rate of 17.1%.
Federal income taxes computed at the rate of 28.6%.
Terms of Offering—This offering does not constitute any new
a
b After
financing
the part or the company.
Cherry-Burrell Corp., one of the principal stockholders, has entered
aD agreement with Brailsford & Co., by the terms of which Brailsford
& Co. is granted an option to purchase all or a portion of 24,826 shares of
common stock at $6.50 per share, and all or a portion of 13,250 shares of
6% pref. stock at $18 per share.
The option extends for a period of 90
days after the option shares shall have been qualified under the Illinois
securities law as securities in class C unless theretofore terminated by
on
Into
Brailsford
& Co., provided
beyond Feb. 28, 1941.
that in
no
event
shall such
option extend
Comparative Balance Sheet
June 29'40 July 1 '39
Assets—
Cash.
$246,666
Acc'ts & notes rec_
579,340
Inventories
855,787
508,090
317,190
Investment
trust-
Miscell. assets
Fixed assets (net)Deferred charges..
3,908,860
29,282
$433,422
427,571
650,934
380,251
316,860
3,914,758
38,985
June 29'40
Liabilities—
Accounts payable.
Acer, property and
$172,029
inc. taxes, &c—
Purch. contr. pay.
Purch. contr. pay-
281,202
51,714
27,214
Res. for
July 1 '39
$101,308
100,000
conting—
Preferred stock
Common stock
years' dividend arrearages on the preferred stocks of certain sub. cos.
(2) Provisions for Federal income taxes and charges in lieu thereof in
current periods have been computed in accordance with the requirements
of the Second Revenue Act of 1940, retroactive to Jan. 1, 1940.
This re¬
duced net income for the six months ended June 30, 1940, as previously
published, by $104,933.
The effect, if any, on the above statement be¬
cause of the excess profits tax provisions of the Second Revenue Act of 1940,
is not known at this
4,029,000
1,068,015
28,689
Capital surplus
Earned surplus.687,353
time.
Statement
Divs.
Divs.
on
on
$6,445,216 $6,162,781
Total
51,714
78,928
4,029:606
1,068,015
182,461
485,010
$6,445,216 $6,162,78
1940
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
1939
1938
1937
$1,440,451
296,490
190,285
$1,397,890
$1,278,062
281,128
175,706
p.
10,006
10,721
$393,949
12,902
Total
$133,380
7,184
2,388
$1,146,582
7,089
37,391
$764,563
20,163
13,585
19,173
$1,041,524
$711,642
2,278
16,265
Taxes
Income taxes
Int.
Net
a
on
431
$123,377
$362,504
10,500
Gross income
funded debt-.-
60,577
26,678
2,993
270
interest
income
$123,377
$351,734
-
246
$1,011,853
$711,642
Including $10,111 paid to parent company on temporary financing in
nine months of 1940.
Note—Provision for Federal income tax in the current periods has been
computed in accordance with the requirements of the Second Revenue Act
of 1940—V. 151. p. 2935.
Central States
Life
Insurance
Co.—State of Missouri
Company's Business—
turning over to the Missouri State Insurance Department
this company, which has about $60,000,000 of insurance
force, was granted at St. Louis Nov. 26.
This action followed the filing
of a petition for a receiver by Ray B. Lucas, State Superintendent of Insur¬
ance, alleging that the company was insolvent and that further transaction
of business would be hazardous to policy holders, creditors and the public.
Central States was not mismanaged, Mr. Lucas said, but had put too
in
much money in real estate years ago before the present management took
charge.—V. 143, p. 1553.
Chain Belt Co.—2B-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 12 to holders of record Dec. 2.
was paid on Oct. 25, last, and previously quarterly
per share were distributed.—V. 151, p. 2637.
Dividend of 50 cents
dividends of 25 cents
Chain Stores Depot Corp.—Registers with SEC—
first page of this department.—V. 151, p. 1139.
See list given on
Ry.—Earnings—
Charleston & Western Carolina
Gross from
$207,479
48,703
31,130
railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
-
Net ry. oper. income-..
—V. 151, p. 2637.
1938 "
$182,531
48,266
1939
1940
October—
2.155,556
596,277
342,451
1937
32,561
2,068,067
663,899
411,155
$194,549
46,327
28,283
1,802,645
421,641
209,796
$220,667
55,961
35,386
2,121.988
690,324
427,748
Chesapeake-Camp Corp.—Bonds Called—
13,621,614
1,794.875
12,812,702
1,677,710
494,194
12,301,065
1,425,549
157,996
14,187,199
2,024,548
882,181
bonds due 1947 have been
144, p. 927,
All of the outstanding first mortgage 4 H%
1 at 105.—Y.
Chesapeake & Ohio Ry.—Earnings—
October—
1940
1939
1938
1937
..$10,964,352 $13,801,817 $11,738,030 $12,315,190
4,657,574
7,343,523
5,897,873
5,914,371
3,160.524
5,717,762
4,460.982
4,873.205
income.
Gross from railway
Net ry. oper.
From Jan. 1—
Gross from railway
—
.
.112,079,062
49,955,310
33,963,638
96,978,245
40,392,460
28.972.622
87.374,932 108,760,854
34,075,418
47,851,473
23,602,840
36,517,697
def37,450
53,420
Net from railway
Net ry. oper. income.
—V. 151, p. 3085.
Chicago
Net ry. oper. income
151,
67
3,301
called for redemption on Jan.
$1,607,776
376,253
247,729
October—
Net from railway
1
166,345
Central of Georgia Ry.— Earnings—
Gross from railway
287
7
3,251
Net from railway
Total
$1,136,288
61
"
Gen. & admin, exps—_
Other
$753,528
$130,009
102
bonds—-
Other income
a
1940—9 Mos.—1939
$390,596
stock—
pref. stocks-
on com.
Interest
(Company Only)
of Income
1940—3 Mos.—1939
Period End. Sept. 30—
Income—From sub. cos.
consolidated:
A court order
16 weeks ended:
Oct.
held by the public.
consolidated net income, amounting to approximately
$770,000 and $520,000 in the respective nine months' periods, is not avail¬
able for distribution to Central South West Utilities Co. because of prior
Notes—ui
the management of
Com.
on
74,381
74,381
__
___
Provision for dividend requirements for the period on preferred stocks
a
of subsidiary companies
Paid per
Sh.
Common
241,740
241,740
241,740
241,740
$706,359
484,084
1939
356,033
1940
712,224
4-year average—» 564,675
1937
1938
—
Appl.
income
Divs.
Earned
Net
Avail.
Fiscal Year
Net
to Handle
Earnings and Dividend Record
-
—V.
1937
$2,849,518
801,783
273,159
1940—3 Mos.—1939
30—
Operating revenues
Oper. exps. and taxes—
incorporated in Delaware Feb. 21*
result of the merger of seven predeT
cessor companies on March 7,
1931.
The predecessor companies were*
Waterloo North Star Co., Waterloo, Iowa; Indiana Board & Filler Co.,
Vincennes, Ind.; North Star Straw Board Mills, Quincy, 111.; Quincy North
Star Co., Quincy, 111.; Hutchison Egg Case Filler Co., Hutchison, Kan.;
Coffeyville, Kan., plant of Creamery Package Mfg. Co.; Tama, Iowa, and
Peoria, III., branches of Cherry-Burrell Corp.
All of the merged companies were engaged in the manufacture of paper,
paper board and egg case fillers, and the jobbing of produce house supplies.
All were successful companies which were engaged in the business for a
number of years and the merger was effected principally for the purpose of
reducing the general selling and administratvie overhead and reducing
freight equalization which each of the companies had allowed on shipments
in the other territories.
Subsequently the company purchased the paper
board mills of United Paper Board Co. at Mount Carmel, 111., and the
Colorado Paper Products Co. of Denver, Colo.
Company presently operates five plants located in Quincy, 111.; Tama,
Iowa; Vincennes, Ind.; Mount Carmel, III., and Hutchison, Kan., in which
it manufactures paper board, egg cases, fillers and fiber wall board. Company
is also engaged in jobbing produce house supplies.
It buys its wood pulp
direct from Northern mills, its straw from farmers and waste paper from
paper stock dealers.
It also maintains sales agencies in Chicago, St. Louis,
Kansas City, and Denver, selling direct to paper box manufacturers,
many other users of paper board, jobbers, produce dealers and retailers.
Company is also exclusive sales agent for the Mapes Cup-Flat used in
688,879
1938
$2,762,498
835,708
127,658
Central & South West Utilities Co. (&
Period End. Sept.
a
History and Business—Company was
29,635,513
1,380,008
Net ry. oper.
From Jan. 1—
of
The pref. is priced at $20
stock of the company.
$3,477,123
Gross from
Offered—
Co., Chicago, made public offering Nov.
of 13,250 shares of 6% pref. stock and 24,826 shares
Brailsford &
1939
1940
$3,280,584
899,117
income.-289,045
railway
Net from railway
Net ry. oper. income.—
—V. 151, p. 2637.
dividend of 25 cents per share in addi¬
dividend of 12 H cents per share on the
common stock, the extra will be paid on Dec. 20 to holders of record Dec. 10
and the regular quarterly dividend will be distributed on Dec. 16 to holders
p.
New Jersey revalued
levies.
for those years include:
Lehigh Valley RR.; Central RR. of New Jersey; Erie RR.; New Jersey Sc
RR.; New York, Susquehanna & Western; Delaware, Lacka¬
& Western RR., and New York Central System.
The Pennsylvania
RR., although contesting the taxes, has already paid them in full.
It is expected that the railroads will file a petition for a writ of certiorari
with the U. 8. Supreme Court to review the Circuit Court's decision.
Directors have declared an extra
151,
the greatest amount
owe
wanna
tion to the regular quarterly
of record Dec. 5.—V.
which
carriers
October-—
—V. 151, p. 2489.
Central Cold Storage
27 ruled that
levied by the
New Jersey Federal District Court which last January granted an injunction
restraining the State from collecting more than 70% of the taxes levied for
227,500
8,638
$791,377
Balance..
Philadelphia on Nov.
Jersey myst pay in full the taxes
the years 1934, 1945 and 1936, amounting to $11,270,000, in
addition to the $25,000,000 already paid.
The decision written by Judge Oliver B. Maris overruled a decision of the
New York
$899,431"
$65,607
$63,317
Dividends applicable to preferred stocks for the
period
-1
Net income.
State to Pay in
The U. S. Circuit Court of Appeals at
The
Cr 1.163
Int. charged to construe.
Jersey Rails—Decision Requires Carriers in
Full Taxes Levied for 1934, 1935, and 1936—
railroads operating in New
1940
State for
—
1940—12 Mos.—1939
1949—Month—1939
$358,985
$319,466
135,511
165,967
79,833
73,076
PerU)d Ended Oct. 31—
Operating revenues
Operating expenses
-Earnings
& Power Co.
30,
J.-—Appeals Court Rules Against
Central RR. Co. of N.
America—To Pay IB-Cent Dividend—
Catalin Corp. of
Directors have declared a
Nov.
Financial Chronicle
2637.
418,360
Release—
.
.
Burlington
& Quincy RR.—Gets Land-Grant
>.
Approval of a land-grant claim release submitted by the company,
first of the nation's larger railroad systems to receive such authorization,
Volume
under which it may take advantage of increased rates for Government
freight and passenger business provided by the Transportation Act of 1940,
was announced Nov. 25 by Secretary of the Interior Ickes.
Involving land-grant territory in Missouri, Iowa and Nebraska, the
release granted to the road writes the concluding chapter to negotiations
through which the C. B. & Q. played an important part in the early devel¬
opment of that section of the country.
Records of the General Land Office reveal that in 1852 the Hannibal
&
St.
Joseph RR. and the Burlington & Missouri River RR., two
which later became part of the C. B. & Q. system, received grants of
in aid of their construction amounting to 2,983,324 acres.
land
these land grants were settled
roads
public
All of
and closed many years ago.
assumed by Citizens Utilities Co., a Delaware corporation are being noti¬
fied that the Citizens Utilities Co. is considering the expenditure of not to
Gross from railway
Net from railway
$9,838,455 $10,217,984
3,792,764
3,700,383
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
Net ry.
To
$9,358,832
3,306.475
Bondholders desiring to sell their bonds
ing to the
1937
$9,840,989
3,120,503
2.597,315
2,597,234
2,072,275
not
price, and the serial number and principal amount of the
sale
76,440,145
20,321,270
9,090,420
a
8,944,883
10,440,709
dividend of $2 per share on the common stock,
$1,421,646
398,086
195,269
1939
$1,622,206
617,916
414,008
$1,412,354
451,300
244,750
1937
$1,450,488
360,847
192,688
12,834,439
2,645,740
544,677
12,625,585
2,777,137
695,988
11,659,646
2,288,964
299,853
the rate of 5H%
date
on
per annum on
Net ry. oper. income
From Jan. 1—
Clinchfield
Net ry. oper. income
151. P. 3085.
—V.
1938
Chicago Great Western RR.—Earnings—
1940
$1,908,470
734,065
356,176
Gross from railway
Net from railway.
Net ry. oper. income.-From Jan.
15,166 256
4,031,634
1,065,694
Gross from railway.....
—V. 151, p.
1939
$1,815,539
1938
$1,730,597
670,339
316,534
578.469
251,400
15,043,115
4,163,190
1,260,681
14,075,504
2,988,610
231,935
15,719,068
3,596,282
589,548
2638.
1939
$413,008
1940
$449,691
178,169
Net from railway
164,943
1938
Nov.
on
the
on
$297,035
83,071
115,625
Gross from railway
Net from railway
Net ry. oper. income
122,657
52,334
common
share have already
2,854,889
783,179
489,153
3,274,202
1,053,314
717,809
—V. 151, p. 2639.
on
$841,482
\l 267,152
133,436
Net ry. oper. income—
From Jan. 1—•
$1,002,321
393,228
276.958
7,726,946
1,461,899
*184,072
7,827,343
2,338,113
Gross from railway
Net from railway
984,819
Net ry. oper. income
—V. 151, P. 2639.
Ry.—Earnings—
1937
1938
1939
1940
October—
Gross from railway
$813,442
199,917
52,636
6,847,266
960,945
def403,926
$834,928
96,230
def42,665
8,501,079
1,254,283
def9,804
Pacific RR.—Earnings
1939
$11,308,099 $11,241,952
3,793,481
3,518,492
2,714,572
2,319,812
1938
1937
$9,770,152
2,336,569
1,158,445
$9,996,171
2,181,052
984,518
1940
October—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
-'
Net ry. oper. income---
the
94,312,812
21,475,420
10,353,205
88,565,051
16,520,797
5,279,839
been paid this year, and this makes a total of $2.75 a
paid during the year 1940.—V. 151, p. 1275.
Colorado & Southern
81,976,406
14,751,201
3,271,025
Ry.—Earnings—
90,698.530
17,505,696
7,806,215
income--.
2937.
$684,971
159,066
34,295
5,364,096
1,302,019
364,219
5,332,898
1.060,505
90,747
6,556,242
1,576,682
709,273
Arms
Fire
Patent
Directors announed on Nov. 22 an extra
1939.
decided
distributed in
also
directors
to
employees as extra compensation
Gross from railway
Net from railway
Net
Net
panies:
-Kilowatthour
Nov.
2
1940
138,017,000
147,933,000
143,260,000
142,167.000
-
2,932,808
2,042,689
3,142,055
2,385,844
1,937,374
1,054,698
77.008,670
15,988,439
income.-_
7,617,955
72,725,178
12,262,137
67,194,454
7,752,658
4,410,742
def819,365
Ry.)
Net from railway
Net railway operating income
—V. 151. p. 2936.
1939
1938
$7,661,624
2,109,335
1,331,979
$7,210,148
1,680,721
942,119
67,146,488
14,885,851
6,139,717
income
—V. 151, P.
65,744,688
12,890,182
4,298,018
65,009,243
10,479,965
1,473,268
Omaha Ry.—Earnings
Chicago St. Paul Minneapolis &
October—
railway
Net from railway
Net ry. oper. income
1940
$1,751,068
453,910
214,148
1937
$1,671,499
349,649
1939
1938
$1,832,777
544,392
290,206
$1,555,013
59,729
105,003
14,686,523
2,180,268
def62,552
13,886,976
1,891,334
15,045,837
1,678,446
def268,011
302,764
1—
14,981,285
2,492,426
Gross from railway
Net from railway
212,728
Net ry. oper. income
def308,847
—V. 151, p. 2639.
Chicago Yellow Cab Co., Inc.
(& Subs.)—Earnings—
1940—3 Mos.—1939
$74,635 loss$28,557
Period End. Sept. 30—
profit.
$0.25
Earnings per share—
After taxes and charges,
y
Nil
1940—9 Mos.—1939
$175,548
$24,315
$0.58
$0.08
On 300,000 shares common stock (no par).
1939 are the result of ex¬
Company stated that increased earnings over
tended operation of old cab equipment which
had not been previously
anticipated.—V. 151, p. 1139.
Cincinnati New Oceans & Texas
1940
$1,665,911
664,092
October—
Gross from railway
Net from railway
468,083
Net ry. oper. income.--
Pac. Ry.—Earnings—
1939
$1,704,187
1938
$1,425,455
738,230
618.228
539,679
416,141
15,143,814
5,746,618
Gross from railway
Net from railway
14,647,013
5.589,722
4,037,685
4,173,148
Net ry. oper. income
12,454,674
4,013,080
3,101,586
1937
$1,393,868
512,555
358,323
14,534,86
5,731,830
4,166,975
2936.
Citizens Utilities
Co.'—Tenders—
collateral 20-year 4-5H% (originally 6K%)
United States Territorial and Foreign Series of 1948,
by Public Utilities Consolidated Corp., an Arizona corporation, and
mortgage
convertible gold bonds,
5,Ogo
Percent.
Output
Increase
1939
131,524,000
133,761,000
134,406,000
136,860,000
4.9
10.6
6.6
3.9
3086.
Commonwealth & Southern
The directors on Nov.
Corp.—Accumulated Divs.
26 declared a dividend of
75 cents per share on the
preferred stock, $6 series, payable Jan. 2 to holders of record
payment of like amount (which is one-half of the regular rate)
each of the preceding 22 quarters.
Dec. 13. A
was made in
«
1940—Month—1939
1940—12 Mos.—1939
Gross revenue
$12,947,295 $12,137,285 $150200,880 $138417,635
Operating expenses
5,353,108
4,778,530 60,179,276 53,464,783
Taxes-.--—
2,337,082
1,832,851 22,712,153
19,098,667
Prov. for depr. & amort1,509,879
1,390,911 17,936,278 16,304,822
$3,747,227
3,008,129
Net income
a
Divs. on pref.
a
$4,134,993 $49,373,172 $49,549,363
$739,098
Grossincome
Int. & other deductions-
$1,063,523 $13,122,254 $13,100,498
749,815
stock
Balance
Gross from
132'n93
Period End. Oct. 31—
Ry.—Earnings—
1940
$7,848,089
2,426,260
1,670,312
Gross from railway
1,083,008
Commonwealth Edison Co.—Weekly Output—
the following summary of weekly kilowatthour
to show general business conditions of
outside of territory to other utility com¬
$8,312,669
1,807,579
976,549
Net from railway
163,022
Company has furnished
$8,217,403
(Includes Chicago Rock Island & Gulf
267,645
output of electric energy adjusted
territory served by deducting sales
$9,470,083
October—
997,486
158,162
94,703
$126,051
5,841
def8,886
28,812
21,439
151, p. 2639.
—V.
$9,620,272
Gross from railway.
$125,618
1,189,441
railway—978,891
from railway
165,910
ry. oper. income
56,203
-
Chicago Rock Island & Pacific
1937
1938
$145,926
38,413
26,827
17,577
Net ry. oper. income
From Jan. 1—
9
Net ry. oper.
—V. 151, p. 3085.
Earnings
1939
1940
$125,691
40,706
Nov. 16
76,008,918
6,988,202
(ief-,5,119
dividend of $3 and the regular
distribute among the company's 4,200
63^% of their earnings in 1940.
Earlier
for the first half
Columbus & Greenville Ry.October—
Nov.
Gross from railway
Net from railway-
Co.-—Extra Dividend-
this year compensation amounting to 7 % of their earnings
of 1940 was given to the employees.—V. 151, p. 2937.
1937
Net ry. oper. income
From Jan. 1—
Mfg.
quarterly dividend of 50 cents on the common stock.
Both dividends will
be paid on Dec. 21 to stockholders of record of Dec. 2.
These dividends
will bring total payments for the year to $6 a share, compared with $4.50
1938
Holders of first
$614,726
174,402
51,885
Bonus—
Nov. 23
V
1937
1938
1939
5,292,807
748,594
defl30,493
Gross from railway
1939
Gross from railway
Net from railway
P-
Ry.—Earnings$659,608
208,411
106,342
Net from railway
Net ry. oper. income.
From Jan. 1—
Colt's
1939 and on May 8, 1939.
$624,061
159,757
81,784
Gross from railway
1940
October—
*
$1 per share on the common stock,
Dividend of $2 was paid on
1940
Week Ended—
Chicago & North Western
151,
final year-end dividend of $1.25 per
a
common
October—
151, p. 3085.
From Jan.
declared
28
stock, payable Dec. 24, 1940 to stockholders of record
13.
Three interim dividends of 50 cents a
Gross from
Chicago Milwaukee St. Paul &
Net railway operating
From Jan. 1—
5,821,119
2,756,115
2,698,896
Colonial Ice Co.—$1 Dividend—
The
Net from railway
4,804,040
2,064,270
1,727,413
Directors have declared a dividend of
48,655
3,100,219
911,638
691,899
Chicago Indianapolis & Louisville
5,868,682
2,975,000
2,616,568
close of business Dec.
at the
—V. 151, p.
1937
$343,296
80,938
3,828,355
1,308,668
951,038
Net ry. oper. income—
From Jan. 1—
$584,286
250,458
269,750
Cluett, Peabody & Co., Inc.—Final Dividend—
Directors
share
Net ry. oper.
Chicago & Illinois Midland Ry.—Earnings—
October—
$589,870
309,649
299,017
6,998,251
3,618,053
2,960,439
Net ry. oper. income
—V. 151, P. 2639.
Net from railway
Gross from railway
$746,375
.429,992
389,057
From Jan. 1—
Gross from railway
Net from railway
$1,764,979
518,506
157,221
1937
1938
1939
1940
$671,886
351,104
301,959
railway
Net from railway
Net ry. oper. income
1937
1—
Net from railway
Net ry. oper. income.—
ssued
On
specified sale price.
-Earnings—
payable Nov. 20 to holders of record Nov. 15.
March 6, last and $1 was paid on Nov. 20,
—V. 151, p. 408.
.
October—
RR.-
October—
share
Gross from railway
Net from railway
—V.
interest"
the principal amount of the Bond or
1, 1940, to the
which the company makes payment of the
Gross from
13,663,842
3,176,843
1,084,147
1940
Gross from railway
Net from railway
x
does not
meutions
each bond accepted by it, the company will pay such accrued interest in
addition to and concurrently with the specified sale price.—V. 151, p. 2639.
Chicago & Eastern Illinois Ry.—Earnings—
October—
y
bonds.
The sale price specified in each offer should be a figure which
include any accrued interest.
Regardless of whether the offer
accrued interest, each offer will be deemed to be "plus accrued
83,656,651
20,576,174
Pay $2 Common Dividend—
Net
writ¬
1,741,360
79,366,486
19,867,719
payable Dec. 24 to holders of record Dec. 14.
Dividends of like amount
were paid on Dec. 26,
1939, Dec. 24, 1938 and Dec. 28, 1937.—V. 151,
p. 2638.
x
shall deliver their offers in
at its office at 821 Marquette Ave., Minneapolis,
later than Dec. 10, 1940.
Such offers shall specify the
company
Minnesota,
Bonds offered from the last semi-annual interest date, Oct.
79,719,299
20,210,504
oper. income.__
9,432,769
Directors have declared
—V.
collateral
entertain
exceed $40,000 of its funds for the purchase in the open market of
4-5H% bonds above described.
To that end, the company will
offers from bondholders for sale of their bonds to the company.
at
Earnings for October and Year to Date
1940
1939
1938
October—
3231
The Commercial & Financial Chronicle
151
3,071,470
36,250,918
749,801
8,997,720
36,448,865
8,997,550
$313,722 $4,124,534 $4,102,948
for full preferred stock dividend requirement at the
def$10,717
-
Reflects deduction
share per annum.
Dividends were paid in full to Jan. 1,
1935, and at the rate of $3 per share per annum since that date.
Note—The consolidated net income includes the entire net income of the
rate of $6 per
consolidated subsidiary
companies applicable to the securities owned by
all of which was not distributed in dividends. Net income
corporation alone for the 12 months ended Oct. 31, 1940 amounted o
$6,866,282, or $4.58 per share on the outstanding $6 preferred stock.
this corporation,
of the
The
electric properties of Tennessee Electric Power Co.
Power Co. were conveyed on Aug. 15, 1939 to
Tennessee
and Southern
the Tennessee
"Valley Authority and other public agencies, and those companies have been
dissolved and are in process of liquidation which will involve a substantial
loss.
Accordingly, the income accounts of said companies, and all interest
and dividends received from them by Commonwealth & Southern Corp.,
have been eliminated for all periods from this statement of consolidated
income.
Weekly Output—
The weekly
kilowatt hour output of electrical energy
of subsidiaries of The
Commonwealth & Southern Corp., adjusted to show general business con¬
ditions of territory served, for the week ended Nov. 21, 1940 amounted to
171,252,137
as
compared with 156,635,310 for the
1939, an increase of
corresponding week in
14,616,827 or 9.33%.
Monthly Output—
Gas
output
of The
month of October was
Commonwealth & Southern Corp. system
1,404,068,100 cubic feet as compared with
for
1,316,-
10
929,600 cubic feet for October, 1939, an increase of 6.62%.
For the
months ended Oct. 31, 1940, the output was 14,681,216,800 cubic feet as
compared with 12,613,177,500 cubic feet for the corresponding
1939, an increase of 16.40%. Total output for the year ended Oct.
was 18,053,795,600 cubic feet as compared with 15,741,011.700 cubic
for the year ended Oct. 31, 1939, an increase of 14.69%.
Electric output of The Commonwealth & Southern Corp. system for the
month of October was 819,400,429 kilowatt hours as compared with
088,774 kilowatt hours for October, 1939 an increase of
period in
31,1940
feet
726.12.85%. For the
ended Oct. 31, 1940, the output was 7,245,865,821 kilowatt
compared with 6,392,750,492 kilowatt hours for the corresponding
as
Seriod in 1940 was 8,698,285,689 kilowattTotal output for thewith 7,653,1939, an increase of 13-35%. hours as compared year ended
»ct. 31,
090,181 kilowatt hours for
13.66%.—V. 151, p. 3086.
the year ended Oct. 31, 1939, an increase
Light Co. (& Subs.)—Earnings —
Operating
Operation
revenues..—
Maintenance
General taxes..
—
35,302
23,495
Fed. and State inc. tax
$4,768,809
2,051,480
218,539
$5,106,740
2,124,524
175,499
18,958
35,287
9,851
181,113
—*■;
241,345
413,809
164,218
395,713
104,126
671
$2,162,844
17,949
$1,998,952
1,602
$210,187
50,825
$228,553
49,688
$1,280,793
512,098
$2,004,711
476,493
$159,362
1,250
66,076
$178,865
1,365
66,076
$1,668,695
18,680
792,915
8,379
5,349
87,362
56,147
...
1,027
1,027
Other income charges...
2,021
2,463
12,327
28,727
12,324
34,360
$80,608
preferred stocks:
$102,584
$731,559
dividend of 75 cents per share in addition
semi-annual dividend of 50 cents per share on the capital
Dec. 31 to holders of record Nov. 30- Extra
15. last, and extras ol $1 were paid on Dec. 30,
J939and Dec. 31, 1938-—V. 150, p. 101.
Directors have declared an extra
the regular
to
108,587
2,089
102,653
1,837
$620,882
$1,608,428
$1,491,893
848,554
822,035
on
bonds—Public..
Int. on ad vs. from parent
company.
and
expense
Net income
Dividends on
To
The Baltimore National
Dec. 27 receive bids for the sale to
.
Consumers Power Co.—Earnings—
1940—Month—1939
1949—12 Mos—1939
$3,442,151 $44,498,918 $39,787,987
Period End. Oct. 31—
$3,854,437
Gross revenue
1,472,112
17,658,432
694,248
413,731
6,030,259
4,374,617
1'rov. for depreciation..
430,000
390,000
5,080,000
4,571,000
Operating expenses
To parent company
Interest
Net
$796,667
285,389
65,278
pref. stock
pref. stk. exps.
$783,760 $10,953,591
285,389
3,424,819
65,278
783,339
$9,425,266
3.424,822
783,339
$446,000
income..
on
Amort, of
$433,093
$6,745,432
$5,217,105
Balance
applicable to parent company.....
companies d ecu ted above:
Income from subsidiary
Interest earned
—
Interest not earned.
...—-
Preferred dividends.........
Discount on bonds
Common dividend from G. P.
U., Inc
Other income
—
Total
Expenses, taxes and other
deduc. from income...
•V. 151, p.
Continental-Diamond Fibre Co.- -Earnings—
Period End. Sept.
No provision has been
retirement reserve accruals.
a
269
$1,408,157
$1,356,334
$4,259,865
$4,068,089
1,050,179
1,052,220
3,121,755
3,163,059
Sell., Admin. & gen. exps
125,029
to
$759,874
made for Federal excess profits tax.
'
221,885
231,039
667,523
699,397
$136,093
12,300
7,196
$73,074
$470,588
6.050
32,157
$205,633
14,138
Profit
$669,857
b Before
Other income, net
Profit on sales.
Div.
Congoleum-Nairn, Inc.—Extra
excluded, except
Dividend—
Connecticut River Power
Other income.
Total gross
.
.
.
.
..
$4,077,430
$4,148,624
5,645
Dr3,464
$3,099,362
$4,083,075
534,449
87.378
488.323
345,000
345,000
429,963
64,940
258,750
579,758
61,414
Maintenance...
258,750
.....
mun. taxes
Bal. before cap. chgs.
$1,754,659
540.084
770,800
$1,846,987
$2,368,830
551,184
722,323
$2,411,367
737,850
81,016
117,922
108,274
157,646
81.256
Int. on funded debt—
*
129,670
a747,419
a600,008
_
118,116
10,024
Other charges.........
Bal. before dividends.
Pref. divs. declared
Bal. for com. divs.
$1,005,180
54.000
13,232
16.537
72.000
72.000
_
York, Inc.—Changes
meeting of the board of trustees held on Nov.
organization were made to bring about further
25 numerous changes
combination of electric
of the company, William Cullen Morris, Vice-President
Operations, and Howard W. Leitch, Vice-President in
Charge of Electric Operations, who have passed the company's retirement
age, were relieved of all administrative duties.
They will act hereafter as
consultants on special assignments from the President.
Three new vice-presidents were elected. Hudson R. Searing, Engineer of
Operation in the electric field, became Vice-President in Charge of Electric
and Gas Operation and Electric Production.
James F. Hunter, Assistant
Vice-President, became Vice-President in Charge of Technical Service and
Gas Productoin.
Leland B. Bonnett, Engineer, Design and Planning,
became Vice-President in Charge of Design, Inventory, Purchasing and
Stores.
Six new Assistant Vice-Presidents were elected:
Harland C, Forbes,
System Engineer in the electric field, was made Assistant Vice-President
and Planning. Porter C. Savage, Purchasing
F'airman, Electrical Engineer, became Assistant
George L.
Knight, Engineer of Construction and Vice-President of Brooklyn Edison
Co., and Earl L, Griffith, Engineer of Gas Maintenance and Construction,
were made Assistant Vice-Presidents for Construction and Shops, and Colin
O. Simpson, Engineer of Gas Distribution, became Assistant Vice-President,
Operation and Electric Production.
The effect of these promotions and changes in duties is to bring together
at the top of the various functional divisions of Consolidated Edison Syr,tern
men whose experience has been in the electric or gas fields of operation
leaving only one such division, gas production and holder stations, which
will handle matters in the gas end of the business alone.
These changes become effective Dec. 1.
for Research, Development
F.
Vice-Presidents for Design, Inventory, Purchasing and Stores.
Electric Output
to
as
$2,635,500
at
Sept.
compared with 143,800,000 kilowatt hours for the corresponding week of
1939, an increase of 2.3%.—V. 151, p. 3086.
Consolidated
1940 of the domestic companies
$568,600 represented cash.—V. 151,
30,
of which
Crown Zellerbach Corp.
(& Subs.)—Earnings—
1940
1939
1938
$32,988,236 $27,736,702 $24,725,448
Gross income
....
Costs and expense.
Gold
Fields
of
South
Africa,
Ltd.—
Final Dividend—
have recommended
payment
of
a
final dividend of Is. 3d.
Nov. 26,
and the annual general meeting held at the Chartered Insurance Institute,
London, on Dec. 5.
Transfer books will be closed Nov. 25 to Nov. 27. incl.
—V. 144, P. 1104.
Consolidated Investment Trust—To Pay Special Div.—
19 declared a special dividend of 25 cents in addition to
a
regular quarterly dividend of 30 cents per share on the capital stock, both
payable Dec. 16 to holders of record Dec. 2.
Specials of 10 cents were paid
in three preceding quarters: a special dividend of 20 cents was paid on Dec.
15, 1939, and a special of 15 cents was paid on June 15, 1938.—V. 151,
p. 1140.
302,953
234,465
234,465
.$34,301,612 $28,568,715 $25,262,866
19,908,425
21,152,456
24,174,257
1,933,115
2,669,804
2.266,605
435,849
283,326
168,231
114,962
30,555
Other expense (net).
;
.
Net profit.
Earnings per share on common stock _
394,297
38,659
3,710,027
967,191
62,002
21,949
562,918
$3,836,975
$3,662,982
$ 1.03
$2,338,608
$0.44
$1.11
adjustments.
For quarter ended Oct. 31, 1940, net profit was $1,886,215 after Federal
income and excess profits taxes, equal to 54 cents a common share, com¬
paring with net profit of $1,933,108 or 56 cents a common share in the
October quarter of 1939.
Net profit for the quarter ended July 31, 1940,
revised to give the effect to new Federal income and excess profits taxes,
was reported at $1,950,660 or 57 cents a common share.
In a previous
statement for the quarter ended July 31.
1940, company reported net
profit of $2,501,522 or 81 cents a common share.
The above 1940 earnings include Canadian subsidiaries in equivalent
United States dollars with adjustments to convert the working capital of
those companies at end of the respective period to United States dollars at
90 cents per Canadian dollar.
After giving effect to the net exchange loss
amounting to $30,772, and providing for minority stockholders' equities,
the net profit of Canadian subsidiaries for six months ended Oct. 31, 1940
was $334,927, of which $327,027 was received by Crown Zellerbach Corp. in
form of dividends on Nov. 1, 1940.—V. 151, p. 1430.
x
Includes Canadian exchange
Crucible Steel Co. of
America—Dividend—
quarterly dividend of $1.25 per share
5% preferred stock for the quarter beginning Oct. 1, payable Dec. 30
Initial quarterly dividend on the 5% preferred
stock, which was issued in accordance with capital adjustment plan, was
Directors
on
to
holders of record Dec. 16.
paid
on
New
Kurt
p.
have declared regular
the
Nov. 20 for the quarter beginning
July 1.
Secretary—
R.
Vogel has been elected Secretary
of this company—V. 151,
3086.
Cuban-American
Manganese
Corp.—Initial
Common
Dividend—Preferred Stock Called—
A dividend of 50 cents a share, the first payment on the common stock
of the corporation (subsidiary of the Freeport Sulphur Co.), since the start
the undertaking to develop low-grade Cuban manganese ores, was
of
Dec.
declared Nov. 27, payable Dtc. 27 to holders of record
23.
In addition, the directors voted to call the preferred stock for redemption
on Jan. 15 at par, $2
per share, plus accrued dividends of 4 cents per
share.
The corporation on Oct. 31 had
per share on the ordinary shares, less income tax at 6s. 2.82d.
It was stated that the report and accounts will be posted on
597,54 8
234,464
.
Interest
Minority interest
1,078,912
.
....
Depreciation and depletion
Shows 2.3% Increase—
Company announces production of the electric plants of its system for
the week ended Nov. 24, 1940, amounting to 147,100,000 kilowatt hours,
Trustees on Nov.
assets
current
2640.
Income and excess profits taxes...
a
Directors
$191,379.
6 Months Ended Oct. 31—
x
reduced scale of opera¬
present time, and the
30, 1940
the French subsidiary as at Sept.
Net sales
$951,180
James
English subsidiary is undamaged and
Other operating income (net) —
Dividends from Fiberboard Products
and gas operations
in Charge of Gas
and
was
$1,397,095
54,000
our
book value of our investment in
13,232
$1,364,050
received,
the occupied area, is undamaged and operating on a
tion.
Detailed information is not available at the
P.
"$1,0^633
Consolidated Edison Co. of New
Agent,
From information
is operating at
Control Board
operating at a profit, but information is not available at this time as to the
net result for the period ended Sept. 30, 1940.
Information had been received that our French subsidiary, located in
155.408
in Personnel—
At
$49,499
John P. Wright, President, states:
Based upon statements received, our Canadian company
profit and under the present regulations of the Exchange
dividends may be declared and paid.
amounted
$1,029,633 $1,292,050 $1,325,095
a No provision is included in tax expense for Federal excess profits tax,
if any, applicable to the 1940 period as such determination can not be made
except at the end of the calendar year.—V. 151, p. 1718.
in the
$331,556
Canadian subsidiary.
a
107,782
&
surplus
$22,607
sales to French subsidiary and
includes $11,200 extra for first six months.
Note—Provision for taxes made in this report is estimated on the basis of
the recently enacted excess profits tax law, but will be subject to revision
if further changes are made in the tax law prior to rendering tax returns to
Net
Amort, of debt discount,
exps. & prems. (net)-Other inter est expense —
on
155,606
14,669
y
$4,145,160
348,926
earnings.. $.3,104,794
Profit
101,000
41,067
deprecia'n
the Government.
1940—12 Mos.—1939
1940—9 Mos.—1939
$3,100,960
$3,096,315
3,834
3,047
Operating cos js
Depreciation
Fed., State &
Co.—Earnings-
x
$219,771
$554,276
121,720
y44,400
$79,124
52,104
4,413
$84,086
for
Net profit
dividend of 25 cents per share in addition
regular quarterly dividend of 25 cents on the common stock, both
payable Dec. 16 to holders of record Dec. 2.
Extra of 50 cents was paid
on Dec. 15, 1939.—V.
151. p. 545.
30,631
$169,553
Provision
Directors have declared an extra
Period End. Sept. 30-
before deprec'n
20,900
13,964
Prov. for income taxes..
to the
Gross oper. revenue..
from Can. sub.
rec.
Profit
...
Note—General Public Utilities, Inc. and subsidiaries are
the extent of dividends received.—V. 151, p. 2937.
1940—9 Mos.—1939
1949—3 Mos.—1939
30—
Sales, less returns allow¬
ances, &c
Cost of sales
x
Net income.,
2493.
15.502
1,837
6,393
$1,166,307 $15,730,226 $14,157,376
382,547
4,776,635
4,732,110
$1,181,319
& other deduc'ns
384,652
Gross income..
Divs.
public
Balance
16,684,994
1,548,871
Taxes.
Parent company
Amort, ot debt disc,
of $1 per share on the $1.75 cumula¬
5 to holders of record Nov. 22, leaving
151, p. 1140.
Consolidation Coal Co.—Tenders —
Bank, of Baltimore, Md., will until 1 p. m.,
it of sufficient 25-year 5% sinking fund
bonds, due July 1, 1960 to exhaust the sum of $137,390 at prices not ex¬
ceeding redemption price.—V. 151, p. 2937.
833,560
Gross income*
Int.
Corp.—Accumulated Dividend—
tive preferred stock, payable Dec.
arrears of $3.56>£
per share.—V.
$509,301
860,352
19,925
2,089
6,393
98,514
272
Consolidated Steel
Directors have declared a dividend
$613,791
accruals
5,759
Smelting Co. of Canada, Ltd.
stock, par $5. both payable
ol 50 cents was paid on July
$1,528,218
15,805
792,915
b Gross income
Retirement res.
$227,882
$208,585
b Utility oper. income
Other income (net). — -
1940
30,
—Extra Dividend—
1940—12 Mos.—1939
1940—Month—1939
$468,111
$467,477
30—
of
<
Community Power &
Period End. Sept.
a
Consolidated Mining &
months
10
hours
Nov.
The Commercial & Financial Chronicle
3232
355,873 shares of common stock
outstanding
preferred stock.
Holders of Cuban-American preferred stock may convert their stock into
common stock any time up to and including Jan. 5, 1941 at the rate of one
share for one share of preferred.
If holders convert prior to the close of
business Dec. 16 they will receive the 50-cent common dividend voted
Nov. 27 instead of the 4-cent quarterly preferred dividend payable Jan. 15,
Mr. Williams said.
The Freeport Sulphur Co., which holds 95% of the
preferred stock, signified its intention to convert all of its holdings.
In making the dividend announcement, Langbourne M. Williams Jr., said
that the corporation has repaid in their entirety the substantial loans made
to it by the Freeport Sulphur Co. during the 10-year struggle to develop for
the first time a process for economically concentrating low-grade manganese
and 594,127 shares of
8% convertible
Volume
The Commercial & Financial Chronicle
151
to the
ores
grade required by the American steel industry.
The CubanAmerican company is now in a strong cash
position, Mr. Williams said.
The loans made to keep the
undertaking going during its darkest days
in addition to the
were
Freeport company's stock investment of more than
gave Freeport ownership of approximately 90%
$3,000,000, he said, which
of Cuban-American
common
and preferred
stock.
,
"An important consideration in
embarking on this venture and in con¬
tinuing it despite all difficulties," Mr. Williams said, "was the knowledge
that a large, nearby source of
manganese was thus being established as an
aid to national defense.
Army officials had repeatedly emphasized the
importance of this aspect.
"With
this and
other factors in mind," Mr. Williams added, "our or¬
kept intact and research efforts to reduce costs were con¬
engineering difficulties, three floods, an earthquake, a
revolution and a 50% reduction in our tariff protection
during the early
years."
'
Except for the year 1934, when a very small profit was earned, Cuban-
ganization
tinued
was
despite
American operated at a loss until 1937, when the operation became com¬
mercially successful, he pointed out.—V. 151,
Cuneo
The
1141.
has filed with the Securities and Exchange Commission
covering 21,000 shares of 4H% cumulative preferred stock
The stock is to be offered initially to holders of the
company's 16,763
outstanding shares of 6}4% cumulative preferred on an exchange basis.
The new stock not used in exchange is to be offered to the
public for cash
and the proceeds, to the extent necessary used to redeem outstanding 6
H %
preferred.
It is planned that all outstanding 6H% preferred not exchanged
for new stock shall be redeemed on or about Feb. 15,
1941, at $107.50 a
share plus accrued dividends.
Holders
share, for each share of old stock held.
The public offering price and other
amendment to the statement.
Hemphill,
Noyes
&
Co.
and
be
furnished
Bros,
named
are
Years End.
Sept. 30—
Total
1939
1938
1937
$8,839,982
5,661,283'
$9,238,159
5,950,245
$3,642,332
108,442
$3,418,052
94,686
$3,178,699
78,001
$3,287,914
64,763
profit
advtg., w'house,
del., gen. & adm.exps.
$3,750,774
$3,512,738
$3,256,700
$3,352,677
2,949,066
z2,861,680
y2,600,803
x2,533,139
Operating profit—
(net)..
$801,708
31,954
160,863
$651,059
7,242
122,000
$655,897
47,463
$819,538
43,417
88,000
124,506
45,000
-
—
Sell.,
Income deduc'ns
Normal income taxes...
Surtax
undist. prof—
on
34,000
Net profit
r
led
Earned isurplus, balance
at Oct. 1
$608,891
$521,816
$486,434
$606,616
1,917,815
1,609,280
1,394,046
1,097,991
$2,526,706
15,963
2,658
190,798
$2,131,095
19,818
2,664
190,798
$1,880,481
29,877
2,823
238,501
$1,704,607
21,159
$2,317,287
$3.10
$1,917,815
$1,609,280
Total
Divs.on cl. Apr.pref .stk.
Divs.on cl.B pref. stock.
Divs. on common stock.
Earnedsurp. Sept. 30.
b Earnings per share
$3.05
$2.61
Includes provision of $88,358 for depreciation,
y
3,198
286,203
Includes provision
for
depreciation in the amount of $96,977 and provision of $46,930 for
amortization of improvements to leased
properties, x Includes $25,000
provision for expenses in connection with 50th anniversary,
a Consoli¬
dated.
b On 190,798 shares common stock (par $2.50).
Note—Provision for depreciation for the year amounted to $161,777;
amortization for the year of improvements to leased property amounted to
$65,948.
|i» The company's equity in the net profit for the year of a wholly-owned
subsidiary not consolidated amounted to $1,562, which amount has not
$27,595
23,515
1,959
$331,774
282,180
24,720
$328,912
282,180
24,851
Net income.
$2,090
$2,121
Dividends applicable to pref. stock for period-
$24,874
103.901
$21,881
103,901
Balance,
$79,027
1940
z
Cash
on
►
deposit
z
$730,322
exps.& payrolls.
36,532
1,403,478
40,318
1,482,765
Accrued expenses.
Federal
taxes
on
160,191
87,810
income (est.)...
Notes pay. to bank
Other assets
Property,
1939
1940
Accts. pay. for pur.
$955,028
Inventories
plant
1,920,741
1,944,468
1
equipment.
Due
1
Goodwill
101,469
108,105
expenses.......
to
sub.
$062,759
53,949
$682,618
al63,362
122,000
41,181
7,000
100,000
7,000
91,128
Res've for exps. in
connection
60th annlvers'y.
25,000
330,200
6% non-cum. cl. B
44,200
44,400
476,995
476,995
500,126
498,810
2,317,287
pf.8tk.(S100 par)
($2.50
1,917,815
Com. stock
par)....
Capital surplus
y
$4,584,078 $4,387,153
—
Earned surplus..
$4,584,078 $4,387,153
Total
After allowance for
depreciation of $816,169 in 1940 and $712,217 in
Surplus is restricted in the amount of $58,290 ($2,790 in 1939),
representing the par of reacquired stock,
z Consolidated,
a Includes
$8,362 additional taxes for prior years.—V. 151, p. 1430.
y
Dallas Power &
Period End, Oct. 31—
Light Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$596,842
230,295
$619,288
216,249
$6,995,630
2,664,367
$6,827,605
2,559,749
136,358
110,124
1,277,316
1,152,355
Prop, retire, res. approp.
1,195
72,668
314,834
442,370
Net oper. revenues._.
Other income
$228,994
$220,247
5,217
$2,739,113
Dr4,577
$2,673,131
5,238
$228,994
46.667
1,825
$225,464
46,667
$2,734,536
560,000
a44,444
b278,592
$2,678,369
560,000
b512,811
~~ $180,502
$134,353
applicable to pref. stock for the period—_
$1,895,944
$1,605,558
507,386
507,386
$1,388,558
$1,098,172
Operating revenues
Operating expenses
Direct taxes..
Gross income
mtge.
bonds
k deductions.
a
deficit
..
Dividends
$727,307.
stock
was
accumulated and unpaid to Oct. 31, 1940,
Latest dividend amounting to $1.75 a share on
paid
on
Nov. 1, 1933.
Dividends
on
this stock
$82,020
amounted
7%
are
to
preferred
cumulative.
Public Plant Forces Withdrawal
of Issues from Market—
The financing program carried out Nov. 19
by the company through the
public offering of bonds, preferred stock and common stock was canceled
and withdrawn from the market Nov. 22.
This unusual step was taken
following the filing of a petition, understood to have been signed
electors of Danbury, asking for a special
meeting of the electorate
consider the whole program. It is believed in
banking circles that the
of voters signing the petition were supporters of a
plan to establish a
cipally owned electric system, which, if created, would operate in
competition with the properties of the company.
The
usual
formalities
between
by 20
to
re¬
group
muni¬
direct
the
company and the underwriters of
exchanging the securities for the cash were scheduled to have taken place
Nov. 22. The company issued the
following brief announcement concerning
the failure of the deal to be consummated:
"The Danbury & Bethel Gas & Electric Co. announces that the
closing
for the sale of its securities set for
today, has not been completed.
underwriters felt that the filing of a petition,
The
purporting to oe signed by the
required 20 electors of Danbury, requesting a special meeting of the elec¬
torate, created a temporary situation under which they should not
proceed."
Public offering was made by First Boston Corp., Putnam & Co. and
Charles W. Scranton & Co. of $720,000 gen.
mtge. 3% bonds, due Nov. 1,
1970, at 103, and 9,600 shares of 4H % cumulative preferred stock at $52
a share.
The financing also involved the offering of
144,000 shares of
common stock of the company at $17.50 a
share, which would have repre¬
sented complete liquidation of holdings of common stock of the
company
by its present parent, the Cities Service Power & Light Co.—V. 151, p. 3086.
Dayton Union Ry.—Bonds Offered—Morgan Stanley &
Co., Inc., and Kuhn, Loeb & Co. on Nov. 29 offered $3,900,000 gen. mtge. bonds, consisting of $1,500,000 series A
offered at 100 and int. for all maturities (see
below), and
$2,400,000 series B 33^s, offered at 1013^ and int.
The series
A
bonds
are
dated Dec.
1, 1940 and mature $150,000 each
Dec. 1, 1941-1950 incl.
They bear interest respectively as follows: 1941,
0.375%; 1942, 0.65%; 1943, 0.90%; 1944, 1.125%; 1945. 1.375%; 1946,
1.625%; 1947, 1.875%; 1948. 2.00%; 1949 2.125%; 1950, 2.25%.
•
Net income
Balance
Includes amount required to amortize debt discount and expense over
debt, plus additional amortization of $26,472; also
required to amortize preferred stock commission and
the life of the charter, plus additional amortization of $12,528
b Includes, in excess of normal amortization requirements, additional
amortization of debt discount and expense and preferred stock commission
and expense of $213,130 and $447,000 for the 12-month periods ended
Oct 31, 1940, and Oct. 31, 1939, respectively.
Debt discount and expense
and preferred stock commission and expense were fully amortized at Oct. 31,
1939, and April 30, 1940, respectively.—V. 151, p. 2641,
life of the outstanding
amount
expense over
Curtis Publishing Co.— Suit Filed Opposing Plan—
legal move to upset the recapitalization plan of the company on the
ground that it is unfair to non-assenting preferred stockholders was made
A
are dated Dec. 1, 1940 and mature Dec.
1, 1965.
Both
guaranteed unconditionally as to principal, interest and sinking
fund payments, by agreement and by endorsement,
jointly and severally
by Baltimore & Ohio RR., New York Central RR. and Pennsylvania RR.
The issue, guaranty and sale of these bonds are
subject to the approval of
are
the ICC.
are
redeemable at option of company at any time (but
not less than all of any maturity), on 30 days' notice, at principal amount
thereof and interest plus a premium of M % for each 12 months period or
fraction thereof from date fixed for redemption to date of maturity.
Series B bonds red. at option of company as a whole at any time, or in part
on any int. date, but, except for sinking fund,
only in amounts of not less
$150,000 principal amount at any one time, on 30 days' notice, at
following percentages of their principal amount: to and incl. Dec. 1, 1945,
at
105H%; thereafter, to and incl. Dec. 1, 1950, at 104%; thereafter, to
Dec. 1, 1955, at 102M%; thereafter to and incl. Dec. 1, 1960, at
101%; and thereafter at 100%; in each case together with accrued interest.
Company—Company owns the union passenger station and approxi¬
mately 1.86 miles of elevated right of way with main tracks and appurtenant
and incl.
258,400
pf.stk.(S100par)
includes
1,959
than
with
6% cum.cl.A prior
on
$27,564
23,515
mortgage bonds_
deductions
Series A bonds
150,000
cos.
for capital stock
Res. for contlng..
Prepaid & deterred
Other int.
on
Other
issues
Liabilities—
1939
hand and
Trade accts. rec..
Total
Gross income
Int.
Series B bonds
Balance Sheet Sept. 30
Assds—
1939.
458
,
been included herein.
a
$311,245
17,667
$27,106
$1,394,046
$2.43
....
Divs.
$320,857
10,917
Operating income
Other income.
Danbury & Bethel Gas & Electric Light Co.—Offering
of Securities Indefinitely Postponed—Threat of Rivalry from
6,751,343
Gross profit
Other oper. revenues—
Int.
$26,304
1,291
15,505
—V. 151, p. 2494.
$9,544,905
6,126,853
al940
Cost of goods sold
x
$497,308
186,063
$42,611
consider authorizing
less disc'ts
&'allowances-.$10,393,675
returns
and
$506,920
186,063
res. approp.
Net oper. revenues
Rent for lease of plant-
by
principal
as
Cunningham Drug Stores, Inc.—Earnings—
x
$41,809
15,505
Prop, retire,
a
Lehman
21,000 shares of 4j^% cumulative preferred stock.—V. 151, p. 2938.
on
$3,095,661
2,158,262
200,674
239,417
_
information will
underwriters.
See also list given on first page of this department.
Stockholders at a special meeting on Dec. 10 will
Gross sales
1940—12 Mos.—1939
$3,149,141
2,222,157
207,031
213,033
of the
outstanding preferred will oe given opportunity of ex¬
changing their stock for the new shares on the basis of one new share plus
an
unspecified sum ih cash plus unpaid accrued dividends on each old
CoEarnings—
1940—Month—1939
$298,423
$278,862
203,573
187,990
17,674
16,210
34,565
32,853
revenues
company
($100 par).
x
Dallas Ry. & Terminal
Period End. Oct. 31—
Operating
Operating
expenses
Direct taxes.
Press, Inc.—Registers with SEC—
statement
a
p.
3233
by one of that group in a suit filed in United States District Court at Phila¬
delphia Nov. 27.
The plan was approved by the stockholders at a meeting
held July 2 last and was declared operative
by the directors on Aug. 16.
The suit was filed by Norman Johnson, New York.
He asks the court
to declare the plan null and void
because, the suit asserts, it strips the
preferred shareholders of many of the vital rights they held to benefit the
common stockholders who would have not
received any benefits had the
company gone into liquidation.
Mr. Johnson also asks the court to issue an
injunction restraining the
directors of the company from paying or declaring
any dividends .due
Jan. 1 on the company's new prior preferred stock or Interest on the new
15-year 3% debentures pending a final hearing in the case.
Judge J. Cullen Ganey set Dec. 9 for a hearing on the injunction motion.
—V. 151, p. 2799.
facilities for accommodation of passenger and freight traffic in Dayton, Ohio.
Under the terms of an operating agreement, dated Jan. 2, 1940, each of the
guarantor companies agrees to use in perpetuity the union station as Its
principal station for all its passenger trains serving Dayton and each agrees
to pay its proportion of the company's operating expenses and fixed
charges
and also to make advances to enable the company to meet its debt maturi¬
ties and sinking fund payments.
Upon failure of any guarantor company
to make such
payments or advances, the other guarantor companies,
agrees to pay or advance the defaulted amount.
Upon such default con¬
tinuing for 60 days the company may exclude the defaulting guarantor
company from the use of the property; except that Little Miami RR. or
Dayton & Western RR., or both (each lessors of property operated by
Pennsylvania RR.), in case either or both of them shall cease to be operated
as a part of the Pennsylvania RR.
system, shall have the perpetual right
(which may not be assigned to a part in default under the operating agree¬
ment) to use that part of the property necessary to maintain the continuity
of the Dayton, Xenia & Belpre RR. and Dayton & Western RR.
upon
payment of reasonable compensation for such use.
Purpose—Net proceeds will substantially all be used for partial payment
of indebtedness to the three guarantor companies (including interest
thereon)
incurred in connection with the company's track elevation and extension
program.
Mortgage—Subject to the lien of the mortgage securing $100,000 first
mortgage 4% sinking fund bonds due July 1, 1949, so far as it attaches,
and subject to the rights of the
guarantor companies under the operating
agreement, the general mortgage is secured by a lien on all presently owned
property of the company (except three parcels of land not used or useful
for railroad purposes),
including the company's rights under the operating
agreement, and on all after acquired property used in connection therewith.
The principal amount of bonds authorized by the general mortgage is
limited to $5,000,000 at any one time outstanding.
Additional bonds
be issued up to 100% of capital expenditures.
Sinking Fund—Sinking fund payments, beginning June 1, 1951, sufficient
retire annually $160,000 principal amount of Series B 3 H% bonds
due 1965. are to be applied to the purchase, or redemption by lot at the
then current redemption price, of such bonds.
Sinking fund payments
may be made in cash or in series B bonds or both.
The sinking fund is
calculated to retire all series B bonds prior to or at maturity.—V. 148,
p. 2580.
may
to
Davidson-Boutell Co.—Bonds Called—
A
10-year sinking fund 5% debentures due 1946 has
redemption on Dec. 1 at 100Yi.—V. 148, p. 4026.
total of $29,000
been called for
Nov. 30, 1940
The Commercial & Financial Chronicle
3234
(L. A.) Darling Co.—To
October—
$269,145
86,407
63,896
$272,726
82,223
62,924
$188,607
4A'££3
23,024
$246,419
ol'ooi
25,383
2,236,744
GroS?romnraih^ay
Delaware Fund, Inc.—Year-End Dividend—
Directors have declared a year-end dividend of 20 cents per share on the
common stock, payable Dec. 15 to holders of record Dec.
1. Previously
regular quarterly dividends of 15 cents per share were distributed.
In
addition extra dividend of 20 certs was paid on Dec. 20. 1939, and extra
of 10 cents was paid in December, 1938.—V. 151, p. 844.
1,964,315
1,573,799
2,514,713
82,700
aei»2,04i
Net from railway
Net ry. oper. income...
.
_
_
1940
$2,360,680
764,249
income—
560,414
0cu>ber~
railway
Gross from
Net from railway....-
Net ry. oper.
Grossfromnrailway
4,719,394
4,573,964
1937
$2,147,361
363,618
17,248,812
3,934,078
2,427,825
884,613
21,037,847
6,609,079
Netry. oper. income-V. 151, P. 2641.
21,364,201
3,958,528
2,583,084
^pgr.
Delaware Lackawanna & Western
RR.—Earnings—-
*4.805 811 *5.0U.«21 *4.095,829 *4,410,940
1,477,793
1,647,742
961,21/
l,u»3,0i9
1,011,561
1,173,677
565,888
669,885
43,121,022
Net from railway
9,906,299
Net ry. oper. income...
5,116,977
V. 151, p. 3087.
41,572,633
9,700,908
4,777,556
36,148,711
6,364,451
1,758,079
42,293,139
9,570,529
income—.
Net ry. oper.
Gro2fromnrailway
Denver & Rio
5,167,890
1938
$2,810,554
917,485
1937
$2,983,237
§?1,568
Net ry. oper. income—
From Jan. 1—*
775,447
766,303
551,820
412,645
Gross from railway—...
21,407,856
4,212,258
1,579,927
income
2641.
Net ry. oper.
—V. 151, p.
...
20,515,545
3,560,844
912,597
18,953,694
3,388,463
22,580,680
1,998,488
def560,095
def334,318
v
Dwicrht IMfg Co,——«51 Dividend~~~
Tave
dee.artd aXSd of *1 per Nov. 20. the capital
holders of record share on Dividends
27 to
29, 1939; Dec. 30, 1938; and on
stock, par $12.50, payable Nov.
Gf 50 cents were paid on Dec.
Gross from
railway
^
dividend of $1.12J^ per share on
the 4J^%
have declared
a
608,230
Period End. Oct. 31—
Railway oper. revenues.
Railway oper. expenses.
143,305
82,240
181,203
126,303
1,865,663
1,686,076
423,734
2,214,961
526,058
Ne^ry.oper.2income.-
678,570
595,981
r,
.
;.
R%r
Mantinan
o
Detroit & Mackinac Ry.
October—
Gross from railway—.
Net from railway
Net ry. oper. income—
From Jan. 1—1 ■
Gross from railway—
Net from railway
Net ry. oper.
—V. 151, p.
r*
income...
2641.
453,675
629,502
Fnvvii'>nna
Earnings
1937
$97,289
34,123
22,215
1938
$116,472
58,916
688,850
176,605
701,570
162,788
721,841
187,443
100,642
79,727
114,366
769,722
184,256
98,917
1940
$82,873
1939
$16,878
$0.14
$0.01
.
47,896
Fnvtrirmo
Earnings
31—
Earnings per share on common
V.1 1, p. 1891.
Fed. inc. taxes, &c.
stock
$676^727
$683^780
$464^715
$512'925
3541488
34o!230
182',648
189',579
219,962
231,659
124,894
126,725
Net from railway—....
6,089,327
2,811,716
5,342,571
2,313,912
3,981,502
1,297,616
6,368,179
3,028,862
—vriMOPDr'264Cl°me"""
1,807,265
L524,555
769,091
1,943,052
'
'
,
Detroit & Toledo Shore Line
n
1n.A
,
.
1940
October—•
Gross from railway—.
^frrv0I^nr«rilTnJon;«-"-
$309,973
moT
1937
$355,906
1938
$333,827
$286,384
88-833
}no'nn7
109,007
55,641
1,181,718
416,777
856,774
209,260
$133,131
$1,544,468
$1,585,976
$159,799
41,790
$138,569
45,355
$1,636,897
458,206
95,290
$1,594,180
428,128
849,525
x$2,076
$316,527
$221,685
686,547
85.200
Depreciation.
a
Before provision
for retirement losses,
.
......
_
.
HS'fg?
1,754,353
910,429
signed in order to form their own corporation to deal in United States
Government securities and bankers' acceptances.—V. 151, p. 2799.
Dividend—
Directors have declared dividend of 50 cents per share on
Drl0,571
$241,840
$257,114
$2,916,186
$3,007,788
Balance
Gross income
$175,350
36,142
1,290
Balance
$137,918
Surest & amortization.
Miscell. deductions...—
151,
p.
Balance
Ar>nlioahl« tn minnrirv intorest
——
.
o-nd
309,824
309,824
ll,892,112
14Q
$1,968,992
1
$1,742,526
Total income
tPtttyatira&
'$1,582,288 $1,659,168
——
Applicable to E. U. A
Non-subsidiary income—
$1,835,330
189
and surplus....
*1,742,337
*
' v' ^vo'
Electric Power & Light Corp.
PpriodEnd
Sent
iutidtiLr&\—
1
Maintenance""-
25,761,551 114,095,075 105,543,267
1439 797
1 437 945
440*232
3*821*587
'
'
4
Taxes
retire""& denied™
'
'
45*887
35 648
Oil
17 184 243
'
759
15*124*855
R>,1^,800
******
4,149,542
4.200,619 17,810,518 16,030,522
6,636,491
6,385,706
32,436,820
29,415,055
62,516
65,381
424'°42
5"'482
102,201
88,083
468,957
373,624
6,596,806
2,983,699
6,363,004
3,Oa2,097
32,391,905
11,955,259
29,640,9i3
12,142,708
510,174
211,910
503,716
2,023,575
290,265
Cr2,712
1.325,251
Cr30,592
7,886,472
2,004,244
1,345,974
1
including taxes
Gross income
0tioansln&c^!-——..
when earnings have permitted.
Thus, they declare $1
in 1939 and 1938, $2
jn 1937 and 1936, $1.60 in 1935 and $2 in 1934.
In
addition, company paid a 25% stock dividend in 1937.—V. 149, p. 3554.
deductions..
Int. charged to constr'n.
Other
Duluth Missabe & Iron Range
1940
193Q
1Q38
1Q37
$4,358,790
3,257,224
$3,005,716
2,697,983
1,801,234
$1,323,802
790,550
683,085
$2,330,043
1,381,224
1,080,945
25,117,458
16.639,847
16,351,408
12,024,517
7,047,289
8,572,804
2,936,175
2,203,906
26,329,920
17,301,881
14,053,681
9,185,289
Cr43,968
7,886,473
1,971,618
59,337
431,773
807,291
528,683
8,800,167
6,031,596
8,800,167
6,031,596
_
273,886
*
a
Net equity
Electric Power & Light Corp
—
Net equity
807,291
528,683
Other income
Ry.—Earnings—
2,088,291
Cr2,621
1,971,633
—
Pref. divs. to public
Portion applicable to
minority interests..114,720
years
1940—12 Mos—-1939
$
$
S
Operating revenues— 26,493,879
*1,835,330
(& Subs.)—Earnings—
3 Mos—1939
1940
30
Int. on long'term debt
Directors have declared two extra dividends of $1 each in addition to
dividend of 75 cents, making a total declaration of
$2.75 per share.
The regular dividend and one extra are payable Jan. 2
to holders of record Nov. 30, and the other extra is payable Dec. 13 to
stock of record Nov. 30.
It has been the custom of directors to declare year-end extra dividends
Gross from railway
166,oo^
14U,030
Expenses, taxes and interest—
$670,302
$1.68
the regular quarterly
Net ry. oper. income—
—V. 151, p. 2642.
'
„ofi
#1
Net oper. revenues—
Draper Cor p.—Extra Dividends—
Net from railway
77,652
$1,685,413
26 245
Z4,U20
Applicable to minority interest
2494.
—Y. 151, p. 1892.
Net ry. oper. income...
From Jan. 1—
77,652
$1,606,313
24 026
Preferred dividend deductions, B. V. G. & E. Co.
This compares with
Earnings for 6 Months Ended June 30, 1940
October—
65,808
784,636
770.858
$191,306" $2,131,551 $2,236,930
36,067
436.419
4f2.276
2,289
11,166
11,589
$152,950 $1,683,965 $1,763,065
66,490
Retirement res. accruals
b
the common
Net income after all charges
Earns, per share on 400,000 shares
Gross from railway—
$3,018,359
26,356
reser™ appropriatloas
share was distributed.—V.
Net from railway
n
$2,889,830
Dominguez Oil Fields Co. (& Subs.)— Earnings—
recent
v
Prl,826
fi5™f«nd panid°Sn th5e
in
,
$258,940
Treasurer, were accepted.
At the same meeting Philip W.
Claflin was elected an Assistant Treasurer.
It was stated that Messrs. Briggs, Schaedle and MacFarlane have re-
.
«
Dr2,131
Assistant
,
Loss.—V. 151. p. 2939.
$243,971
Balance available for dividend,
cents per
x
,«
.
Eastern Utilities Associates (& Subs.)—Earnings—
Period End. Oct. 31—
1940—Month—1939
1940—12 Mos.—1939
Operating revenues
$802,286
$780,633 $9,133,911 $8,896,689
Operation
384,797
367,854
4,436,406
4,257,690
Maintenance
34,420
42,161
403,098
407,167
Taxes (incl. inc. taxes)..
139,099
111,678
1,404,577
1,213,474
Amount not available for dividends and surplus..
Corp. of New York—Officials Resign—
stock, payable Dec. 24 to holders of record Dec. 14.
957,006
1 •
■
1
$32,809
Net income
Balance.
Doehler Die Casting Co .—Common
50,921
49,712
5,438
——
—V. 151, p. 2641.
Discount
^120 $Hlljll $*568*,221
5,311
^
moo
— on
1939
53-824
Netry. oper. income...
S>2 154 197
$154,488
...
Gross corp. income...
Int. onfd. (ft., rents, &c.
RR.—Earnings—
rftuw^yw1,607^508
From.
N6t from
3,650,051
i!9 158 848
Net. oper. revenues-.
railway—II—
Gross from railway
3,786,504
41QQ 9^1
Non-oper. income (net).
RR.—Earnings—
^^Imjlm'l^0™'''
Net from
374,935
987
$271*,799
v
Detroit Toledo & Ironton
Grosfffrom railwav
372,443
„nn-
■
Net income after deprec., int.,
$4.12
Ry.—Earnings—
1940—Month—1939
1940—10 Mos.—1939
$598,730
$574,186 $5,945,352 $5,804,248
Other income....—
<
1939
$104,866
42,370
31,621
Detroit-Michigan Stove Go.
3 Months Ended Oct.
_,r
Net after taxes
•
1940
$99,585
49,144
38,635
Cfn..A r_
.
$1,014,994
$13.49
requirements
Eastern Massachusetts Street
651,628
ff'/i
$3,322,899
—
—V. 151, p. 2495.
143*305
1,839,937
460,931
PrZi
Gross from railway
481,510
4,235,039
2,878,356
626,396
1,224,619
4,235,983
2,749,697
interest....
Debt discount and expense
126*303
Net from railway......
$9,236,295
...$12,141,428
Total consolidated income
.....
...
Federal income taxes (estimated)
.....
Depreciation and depletion
.......
20?
1K1
1939
1940
\2 Months Ended Oct. 81—
1937
$366,509
R9 240
1941, to stock of record Dec;
declared on the same stock payable Jan. 1,
12, 1940, out of accumulated net profits.
1938
$259,768
^
Nov. 26,
19?J:
193J andon^E11^0^?!0—^V' lio%&8Z85°
Paid on Uec- Sl> 1935- dC<1 on JaEiy3°- v* Aau' p* 0<50'
Eastern Gas & Fuel Associates—Dividends —
1939
$327,809
1940
$210,492
$8,071
—v. 150, p. 2421.
Earned per share of 4H% prior pref. stock
Ry.—Earnings—
Denver & Salt Lake
def9.562
charges and Federal and State taxes
Net income available for div.
October—
def272,617
SffaKSffiSJffSSM:'2\
1939
$3,011,559
1,064,434
Net from railway—
def77!033
def6.022
Earnings for Three Months Ended Oct. 31, 1940
Trustees
1940
$2,893,576
1,012,614
October—
Gross from railway
1,197,846
230,945
Subs.)—Earnings—
Duro l esicuorp.
Grande Western RR .-Earning,-
Net from railway
914,852
def58,190
def29,718
11,411
■
Duro Test Corn, (&
1937
1938
1939
1940
October—
Grr/rom™U»ay
1 088 717
def6,523
income."-
sqo
3117,532
$137'38?
def9,836
1 237 032
1,237,032
—V. 151, p. 2495.
«}??
kqo
S§|.582
woo'??!
$129,687
rJZ^ramraAlwa.v
la?
J%%9000
1940
October—
,
earnings
Duluth Winnipeg & Pacific Ky.
252,608
i&i.ooz
'
Rv—Enrninas—
Jtr p.rifir
r\..i,,*.u
Net profit after
Net from railway..
289,017
—V. 151, p. 2642.
Net from railway.
1938
$2,114,981
789,895
658,851
1939
$2,790,171
1,152,838
22,212,176
6,574,562
Net from railway...
478,217
Gross from railway
_
A2£9™„
1940
,
Gross from railway
Net from rail way.
Net ry. oper. income
P'3406'
Delaware & Hudson RR.—Earnings—
Ry.—Earnings
Duluth South Shore & Atlantic
Pay 25-Cent Dividend—
declared a dividend of 25 cents per share on the common
Nov. 25 to holders of record Nov. 18.
This compares with
15 cents paid on May 25, last; 20 cents on Nov. 25, 1939: 10 cents on
May 25, 1939 and 15 cents per share paid on Nov. 25, 1938.—V. 149,
Directors have
stock, payable
12
6
a
Total
...
Expenses, incl. taxes
Int. & other deductions'
Bal. carried to consol.
earned surpius
807,303
528,689
.??'???
411,137
a??qqT
414,991
310,274
60,931
3,2
.
8,803,450
6,032,645
i
i
6,850,278
4,121,683
rSI'oq?
1,648,234
Pf'iffi
1.6o7,516
,
a Of Electric Power & Light Corp. in income of subsidiaries.
b Does not include maintenance incurred in the production of crude oil'
gasoline and sulphur.
Such maintenance, together with all other costs,
Volume
;
'
The Commercial & Financial Chronicle
151
is transferred to
inventory and subsequently, upon sale, is included in cost
of product sold in the
current period.
Notes—(1) No provision has been made in the above statement for possible
losses
resulting from pending
against United Gas Corp.
and certain of its subsidiaries
(arising principally in connection with gas
and oil producing
properties).
It is the practice of the companies to record
any such losses when and as settled.
(2) No consideration has been given in the above
statement to require¬
ments of the excess profits tax
imposed by the Second Revenue Act of 1940,
enacted Oct. 8, 1940.
Statement of Income (Company
Only)
Period End. Sept. 30—
_
1904—3 Mos.—1939
Gross income—
From subsidiaries
$646,467
12
6
$809,344
85.892
Expenses, incl.
Interest
a
taxes
:
Amortization
c
Other int. deductions
Net
income..
$312,315
$3,310,529
3,283
$2,357,669
1,049
$3,313,812
304,938
1,550,000
58,179
38,974
1,033
$2,358,718
253,446
1,550,000
64,591
38,974
2,811
1,140
$178,715
Premium
a
$1,360,640
$447,756
48
On
gold debentures, 5% series due 2030.
b On Power Securities Corp.
collateral trust goxd bonds, American
6% series,
c Of debt discount and
expense on gold debentures,
d And expense on Power Securities
Corp.
bonds retired.
a
Balance Sheet Sept. 30
1940
Assets—
1940
$
184,516,757
184,603,929
5,345,828
...
(Company Only)
1939
$
Investments
4,126,911
142,757
145,374
Cash
Special cash dep.
Accts. receivable
4
5,599
Dlvs. rec. (asso¬
ciated cos.)_-
167,661
63,710
Other cur. assets
800
553
1939
$
Liabilities—
$
Capital stock.155,044,139 155,044,139
Long-term debt. 31,817,125
31,926,431
Accts. payable.
17,194
10,615
Accrued accts__
326,779
359,829
y
Other cur.llabil-
xReacq.cap.stk.
103,109
Total
156,219
122,759
156,269
6,287,505
.
1940, the kilowatt-hour system
input
of the operating companies which are
subsidiaries of American Power &
Light Co., Electric Power & Light Corp. and National Power &
Light Co.,
as
compared with the corresponding week during 1939, was
_
,
„
.
Operating Subs, of—
1940
American Power & Light Co-_129,214,000
Electric Power & Light
Corp65,371.000
National Power & Light Co.
b
.
1939
of 20 cents per share were
7,276,000
1,889,000
6.0
3.0
15,419,000
20.4
Claude E. Murray has been appointed Vice-President and
General Man¬
Willard Storage Battery Co., subsidiary of this
company after
30 years' service in the Willard organization.
He succeeds S. W. Rolph,
time ago was promoted to Vice-President of the
parent company,
Philadelphia.—V. 151,
p.
1720.
Electrolux Corp.—Final 25-Cent Dividend—
Directors
Period End. Oct. 31—
Loss
common
Elgin Joliet & Eastern Ry.—Earnings—
October—
1Q40
.
1Q3Q
IQqg
1937
$2,141,691
902,639
523,393
Gross from railway
Net from railway
Net ry. oper. income
$2,063,035
974,276
63U.518
$1,234,940
395,384
270,743
$1,497,774
275,054
95,769
17,661,649
6,391,670
3,719,480
13,966,337
9,214,643
1,502,420
467,280
19,283,810
6,256,230
3,884,531
K From Jan. 1—•
Gross from
railway
Net from railway
Net ry. oper. income.
-
—
..
4,058,801
2,192.967
—V. 151, p. 2643.
Elizabethtown Consolidated Gas Co.—Extra Dividend
Directors have declared
an extea dividend of $1
per share on the common
2 to holders of record Nov. 26.
Regular quarterly
dividend of $2.50 per share was paid on Oct. I, last.—V.
146, p. 1874.
stock, payable Dec.
Equitable Credit Corp., Albany, N. Y.—Debentures
Offered—Bean Brothers & Co., Inc., Albany, N. Y., recently
offered at 100 and int. $300,000 6% debentures.
The offer
is limited solely to residents of New York State.
Dated Jan. 1, 1940; due Jan. 1, 1960.
Interest payable Q.-J. Coupon
$1,000 and $500, and fully registered bonds $50 and multiples
Interest payable at First Trust Co., Albany. N. Y. Red. at
option
of corporation in whole or in part upon 30 days notice on any int. date at
bonds
thereof.
following prices with accrued int.: On or before Jan. 1, 1945 at 105; there¬
after, to and incl. Jan. 1,1950 at 103
thereafter, to and incl. Jan. 1,1955at
101M', thereafter, to and incl. Jan. 1, 1958 at 100and thereafter at 100.
Corporation—Incorporated in New York in Sept., 1936. As of Feb. 13,
1940, name changed from Upstate Capital Corp. to Equitable Credit Corp.
Charter is perpetual and, among other powers, authorizes the corporation to
invest in securities, especially but not exclusively, in the securities of
per¬
sonal finance and commercial credit corporations and in commercial
paper
generally. Included in the holdings of the corporation is the entire issue of
common stock of Upstate Personal Loan Corp.
Through the latter corpora¬
tion, company is engaged in the business of making small loans to families
and individuals. The Upstate Personal Loan Corp. has had a total volume
of loans and renewals since its commencement date April 1, 1935, to and
incl. Dec. 31,1939, of $3,312,584. For the year of 1935, the total volume of
loans and renewals amounted to $119,338, compared to $3,376,006 for 1939.
Since Dec., 1938, the corporation has been active in the
purchasing at
discount, notes from dealers secured by chattels on dairy cows. These notes
and chattels originate by virtue of the fact that a large proportion of sales
made by live stock dealers are on an instalment credit basis.
During this
time the volume of these notes and chattels purchased by the corporation
amounted to over $300,000.
Capitalization—
D/fl
UcUOiivlUOTt
uuc oau.
Authorized
x
«
iwo-«-
Outstanding
40,000 shs.
*40,000 shs.
25,000 shs.
$100,250
24,152 shs.
16,235 shs.
17,639 shs.
— — -
Prior preferred stock ($5 par)
Preference stock ($3 par)
Common stock (lc. par)
..
*23,006.8 shares reserved for the exercise of 23,006.8 warrants out¬
standing.
Purpose—Proceeds realized by the corporation from the sale of these
debentures will be used to expand operations and for other corporate pur¬
poses.
"
.
Income
Statement
6
Months
Total income
Expenses
Net
profit
t.
1940—3 Mos.—1939
$6,824
26,393
1940—6 Mos.—1939
$19,218
$38,385
52,786
59,946
151,
p.
$19,033
29,860
$33,217
Depreciation
$48,893
$72,004
$98,332
2351.
Period End. Oct. 31—•
Operating
Operation
f>-
Ended
June
revenues
_
Maintenance
_
_
_
1940—Month—1939
$77,439
$75,555
43,276
40,553
5,302
6,242
16,791
14,669
Net oper. revenues
$12,070
Balance
Retire, res've accruals
Net
1940—12 Mos.—1939
$952,956
504,724
63,565
182,069
$202,599
$14,091
$912,549
484,078
65,670
163,344
$199,458
30,
'
1940
$35,920
20,313
-$15,607
12
$202,611
60,000
$199,510
60,000
$7,070
$9,091
574
_.
$14,091
5,000
518
$142,611
7,745
$139,510
9,837
$6,496
$8,573
$134,866
119,126
$129,673
109,199
charges
income.........
Dividends
declared
p.
151,
52
$12,070
5,000
...
—V.
_
2496.
Fanny Farmer Candy Shops—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in addition
the regular quarterly dividend of 37
cents per share on the common
stock, both payable in U. S. funds on Dec. 20 to holders of record Dec. 5.
Extra of 25 cents was paid on Dec. 20, 1939.—V.
150, p. 3820.
to
Federal Bake Shops—Extra Dividend—
Directors have declared a dividend of $1 per share on the common
stock,
consisting of the regular of 25 cents and an extra of 75 cents a share,
payable
Dec. 31, 1940, to stockholders of record Dec.
14, 1940.
This makes a
total
Nov.
25 declared a final dividend of 25 cents per share on the
stock, payable Dec. 23 to holders of record Dec. 5.
Like amount
was paid on Nov.
15, last; dividends of 30 cents were paid on June 15 and
March 15, last; 20 cents paid on Dec.
15, 1939, 30 cents on Sept. 15 and
June 15, 1939, and previously
regular quarterly dividends of 40 cents per
share were distributed.—V. 151, p. 2643.
on
paid in preceding quarters.—Y. 151, p. 2940.
Exchange Buffet Corp.—Earnings—
Interest
Storage Battery Co.—New Vice-President—
with headquarters at
Co.—Options —
Ex-Cell-O Corp.—65-Cent Dividend—
%
ager of the
some
3221.
Gross income
follows:
Increase
Amount
121,938,000
63,482,000
75,524,000
90,943,000
as
appearing in both periods.—V. 151, p. 3088.
who
3088.
p.
Directors have declared a dividend of 65 cents
per share on the common
stock, payable Dec. 27 to holders of record Dec. 10.
Like amount was paid
on Oct. 1 last, and
compares with 60 cents paid on July 1 last; 40 cents
paid
on April 1 last; 30 cents
paid on Dec. 22 and Sept. 30, 1939; and dividends
The above figures do not include the
system inputs of any companies not
Electric
151,
Non-oper. income (net).
Inc.—Weekly Input—
21,
72,224,518
21,078,550
13,327,286
Eureka Vacuum Cleaner
-
Nov.
57,124,159
10,518,096
2,137,199
17,928.843
9,510,219
Fall River Gas Works Co.—Earning s-
——.193,771,783 192,598,3921
Total
193,771,783 192,598,392
Represented by 973 shares of $7 preferred stock and 902 shares of
stock,
y Represented by 515,135 shares of $7 pref. stock, 255,430
shares of $6 pref. stock, 75,439
(78,389 in 1938) shares of 2d pref. series A
($7) stock, and 31452,189 (3,440,389 in 1939) shares of common
stock.—
V. 151, p. 3088.
ended
66,706,045
2,321,670
1,594,303
Company has notified the New York Stock Exchange that on Oct. 18,
1940, an option was granted to A. W. Gardes to purchase, in whole or in
part, 5,000 shares of its common stock at $4 per share while in the
employ
of the company or in any event within two
years. The company also reports
that the option granted to W. H. Oaks for the purchase of
2,500 shares
was canceled as of Oct.
18, 1940.—V. 151, p. 2496.
28,547
week
71,216,573
20,207,542
11,256,275
Net loss
x
the
1937
$7,610,333
4,978,350
Earned surplus
common
For
p.
—V.
Ebasco Services
1938
$7,247,686
2,232,866
1,314,833
Directors have declared an extra dividend of $1
per share in addition to
dividend of $1.50 per share on the common
stock, both payable Dec. 2 to
holders of record Nov. 15. Dividend of $1.50 was
paid on June 1, last and
dividends totaling $3 per share were distributed
during 1939.—V. 148,
3,520,659
13,181
1939
$8,819,313
3,316,229
2,323,636
From Jan. 1—
Gross from railway..—
Net from railway
1__
Net ry. oper. income
103,109
3,481,685
122,821
Reserve
Unamortiz. debt
disc. & exps._
Defeired charges
1940
$8,783,851
3,199,934
2,186,892
Essex Co.—Extra Dividend—
$646,473
52,767
387,500
15,467
9,744
2,219
387,500
13.893
9,744
b Interest
(Including Chicago & Erie RR.)
Gross from railway
Net from railway
Net ry. oper. income.__
—V.
61
Total
RR.—Earnings—
October—
1940—12 Albs.—1939
$809,332
Other
Erie
and claims
suits
3235
distribution
of
$1.50 per share for
9 Months Ended Sept. 30—
Net income after charges &
the year,
against $1
last year.
1940
1939
estimated income &
profits taxes
Earns, per share on common stock
excess
$138,382
$1.19
....
$128,482
$1.10
—V. 151, p. 1279.
.
Fift^h Avenue & Twenty-Eighth Street
Inc.—Plan Approved by Court—
,
Realty Co.,
The plan of sale and distribution dated July 15, 1940, has been
approved
by the New York Supreme Court, pursuant to an order dated Nov, 13.
Such plan has also been approved and adopted
by the protective committee
acting under the terms of its deposit agreement.
The plan will become effective upon approval
in
by holders of two-thirds
principal amount of the bond certificates.
Subject to its terms, the
plan is to be consummated under whichever of the alternative methods of
consummation provided for therein receives the vote of the
majority in
principal amount casting votes for either method.
The Court has fixed a voting period which expires Dec. 20.
1940, "within
which votes on the alternative methods of consummation must be filed.
Those desiring to dissent from the plan must do so by
withdrawing their
bond certificates from deposit on or before Dec. 20, 1940, upon
payment of
a withdrawal fee which has been fixed
by the committee at 1.62% of the
face amount withdrawn, representing their pro rata share of the committee's
(which amount, in the event of the consummation of the plan,
will be returned).
All holders of certificates of deposit who do not dissent
expenses
by so withdrawing from such deposit agreement will be conclusively
to have assented to the plan and will be bound
thereby.
deemed
Brief Summary of Certain Provisions of Plan of Sale and Distribution,
Dated July 15, 1940
The plan provides for a sale of the premises by the trustee to a new
com¬
pany to be organized for and owned by the holders of the bond certificates,
now outstanding in principal amount of
$1,750,000, and for pro rata dis¬
tribution to the certificate holders of the entire proceeds of
sale, including
all the stock of the new company.
The plan contains two alternatives
designated method A and method B, under which the treatment accorded
bond certificate holders will be as set forth below.
Distribution is to be made to the holders of bond certificates
(and cer¬
tificates of deposit therefor) upon surrender thereof, as follows:
Under Method A—
.
(1) Cash equal to 23% of the principal amount of the present bond
certificates (to be raised by placing a $400,000 new first
mortgage on the
property).
(2) New 20-year second mortgage 4 % income bonds of the new company
in principal amount of 50% of the present bond certificates.
(3) Capital stock, par value 10c. per share, of the new company, at the
rate of five shares for each
tificates
$1,000 principal amount of present bond
(the capital stock to be affixed to the
new
cer¬
bonds).
Under Method B—
(1) New first mortgage 20-year 4 % income bonds of the new company in
principal amount of 75% of the present bond certificates.
(2) Capital stock, par value 10c. per share, of the new company, at the
rate of five shares for each $1,000 principal amount of present bond cer¬
tificates (the capital stock to be affixed to the new bonds).
Consummation of the plan under method A is subject to the ability of the
new company to obtain, at the time of consummation of the
plan and for
the purpose of making the cash distribution, a new first mortgage loan of
$400,000 on the terms provided for in the plan.
A commitment for such
loan has been obtained from the Troy Savings Bank, Troy, N. Y., subject
to consummation of the plan prior to Jan. 24, 1941.
Should method A
receive the required vote and should it prove impossible for the new com¬
pany to obtain the new loan prior to consummation of the plan (whether by
reason of inability to consummate prior to Jan. 24,
1941, or otherwise),
the plan is then to be consummated under method B, in which event the
indenture securing the new bonds is to require the new company to obtain,
as soon as it becomes feasible for it to do so, a first mortgage loan for not
less than $350,000 nor more than $525,000, the proceeds thereof to be dis¬
tributed pro rata to the holders of the new bonds in reduction of the principal
amount thereof, and the new bonds thereby to become second mortgage
bonds subordinated to the first mortgage given to secure such new loan.
TheCommercial &
3236
Should method B receive the
required vote, however, this provision will not
be included.
*
.
_
■
_
,
„
,,
,
commitment of the Troy Savings Bank which provides
for Interest at the rate of AH% and amortization at the rate of 2% per
annum, the charges for interest and amortization on such new first mortgage
loan proposed to be made in order to consummate the plan under mtehod A
will amount to $26,000 a year.
Such loan is to mature in five years.
If
the plan is consummated under method A, the new company will of course
at the expiration of five years be under the necessity of obtaining an ex¬
tension, renewal or replacement of the then unamortized balance, which is
expected to be $360,000; and. should this prove impossible of accomplish¬
ment, the equity of the bond certificate holders would be subject to the risks
Under the loan
time.
■
of the new company is to be vested in a board of five
Three members of the initial board, which is to serve for one
of foreclosure at that
„
_
The management
directors.
the other two, one is to be named by the
In the event the new first mortgage loan
method A is not obtained from
consummated under method B,
the place of Herbert L. Williams (representing such bank) on the initial
board of directors is to be filled by some other person to be designated by
the committee.
After the first year the board is to be elected by the stock¬
holders.
Subject to the approval of the court, the new company is to enter
into a one-year management contract with Adams & Co., Real Estate, Inc.,
who have been the managing agents for the property since 1932.—V. 151,
year, are named in the plan.
Of
committee and one by the court.
to consummate the plan under
the Troy Savings Bank, or, if the plan is
necessary
3088.
p.
(Wm.) Filene's Sons Co.—Acquisition—
Collins & Fairbanks Co., an old established quality
Company has bought
men's clothing and furnishings shop near company's Boston store.
Announcement by Filene's states: "Papers were signed on Nov. 19,
through which Wm. Filene's Sons Co. acquired the stock, name and
Collins & Fairbanks will operate the
of the year,
without any change up to the end
be transferred to the Filene store.
1940,
goodwill
business
after which the business will
of the Collins & Fairbanks Co.
"Filene's plans to operate one or wore Collins & Fairbanks shops in the
Filene store, probably managed by employees of Collins & Fairbanks and
former have been famous
selling exactly the same merchandise for which the
for
generations. This shop or shops will open early in January."—V. 151,
Inc.—JEarnings
First National Stores,
-6 Months-
-3 Months
$1,062,455
$1,033,809
242,439
.
Depreciation
247,720
196,943
129,705
474,851
373,017
485,020
270,838
$623,073
$656,384
$1,287,639
818,566
818,066
$0.80
818,566
$1.57
$1,370,178
818,066
-
Federal income taxes.-.
L
Net profit
Shares
28, '40Sept. 30, '39
$2,135,506 $2,126,036
Sept. 28, '40Sent. 30, '39 Sept.
Period Ended—•
Operating profit
common stock
$0.76
Earnings per share
—V. 151, p. 1142.
First Security Corp.
$1.67
fOgden)—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in
addition
regular semi-annual dividend of 50 cents per share on the class A
and B stocks, all payable Dec. 10 to holders of record Dec. 2. Like amounts
were paid on June 10. last.
Extra dividend of 15 cents was paid on Dec. 15,
1939, and 25 cents paid on Dec. 15, 1937.—V. 150, p. 2724.
Flint
Mfg. Co.—Preferred Stock Called—
Florida East Coast
October—
Gross from railway
Net from railway
Net ry. oper. income...
From Jan.
stock has been called for redemption on
Ry.—Earnings—
12,694
def90,292
8,006,651
2,212,216
839,645
47,025
def,37,728
8,848,583
1,946,899
696,396
1937
$574,071
18,707
1938
$531,017
35,206
def70,247
7,703,860
1,826,118
598,762
1939
$591,128
1940
$744,617
116,311
7,625,385
1,770,928
542,940
-
1—
Gross from railway
Net from railway
.
Net ry. oper. income
—V. 151, p.2643.
Detroit—Bonds Offered—
offered at 100 and
Depot Co.,
Fort Street Union
1940
30,
Morgan Stanley & Co., Inc., on Nov. 27
int. $1,329,000 1st mtge. 3%% bonds.
Dated Dec. 1, 1940; due Dec. 1, 1965.
Interest payable J-D. Red. in
whole or in part, at the option of company, on any interest date upon 30
days' notice, and on any other date on 60 days' notice, at following redemp¬
tion prices: to and incl. Dec. 1,1945 at 105%; thereafter, to and incl. Dec. 1,
1949 at 104%; thereafter, to and incl. Dec. 1, 1953 at 103%; thereafter, to
and incl. Dec. 1, 1957 at 102%; thereafter, to and incl
Dec. 1, 1961 at
101%; and thereafter at 100%; in each case together with accrued interest.
Issu^ and sale of the bonds are subject to authorization by the Interstate
Commerce Commission.
,.
„
.
Company—The property of the company consists of lands in the City of
a passenger depot building located thereon, used by the Pere
Marquette Ry., Wabash Ry. (in receivership)and Pennsylvania RR. with
appurtenant station tracks and about 1 % miles of main track approaches,
about a mile of which are on an elevated structure. The approach tracks in
addition to serving the passenger depot provide the only access to the Pere
Marquette's freight house and the Pennsylvania's freight house and principal
team tracks in the City of Detroit.
Approximately 68% of the company's
capital stock is owned by the Pere Marquette and one of its subsidiaries and
Detroit and
approximately 31% by the Pennsylvania.
Lease and Operations—The passenger station
....
facilities of the company are
Pennsylvania railroads (in the
the period of 990 years from
1893, and in the case of the Pennsylvania for the period of approximately
96 years from 1920).
Taxes and net operating expenses are paid by the
users, who in addition pay an aggregate annual rental of $117,778 which is
available for interest charges. Annual interest charges during the 10-year
period ended Dec. 31, 1939, amounted to $61,450. Annual interest charges
on $1,329,000 first mortgage 3%% bonds are $49,838.
Purpose—The net proceeds to be received together with funds provided
by the company, will be used to pay off or retire all of the present funded
obligations of the company, as follows:
(1) $1,000,000 1st mtge. 4H%
bonds due Jan. 1,1941; (2) $2,000 of 1st & 2nd mtge. 5% bonds due July 1,
1915, extended to April 17, 1941; and (3) $327,000 three-year mtge. ex¬
tension 5% notes due July 1, 1918, extended to April 17, 1941, which notes
are collaterally secured by $327,000 1st & 2nd mtge. 5% bonds due July 1,
1915, which bonds will be retired.
Security—In the opinion of counsel for the# company the bonds upon
issuance are to be secured (1) by a first lien (subject to any liens of taxes and
assessments not yet due) on all real estate and franchises now owned by the
company and (2) by a first lien on the rights of the company under the
above-mentioned leases to the Pere Marquette, Wabash and Pennsylvania
leased to the Pere Marquette, Wabash and
case of the first two companies named for
railroads.
The indenture will not
permit the issuance of bonds under the indenture
amount thereof to be presently issued,
other than the $1,329,000 principal
except for bonds issued in lieu of lost, stolen or
destroyed bonds.
of the indenture with certain exceptions therein specified
be modified by the company and the trustee with the approval of
holders of 66 2-3% in principal amount of outstanding bonds.
Capital Stock—The capital stock of the company is held as follows: Pere
Marquette Ry. and subsidiary 6,761 shs.; Pennsylvania RR., 3,108 shs.;
The provisions
may
to the
All of the outstanding preferred
Dec. 2 at 110.—V. 137. p. 3333.
Nov.
Financial Chronicle
other
stockholders,
shs.
131
Sinking Fund—Company covenants that so long as any bonds are out¬
1941 and on each Dec. 1
the sum of $27,000 plus an
standing it will pay to the trustee on Dec. 1,
thereafter as and for a sinking fund for the bonds
equivalent to 3 % % on the aggregate principal amount of bonds
previously acquired through the operation of the sinking fund. Sinking fund
payments may be made in cash, or in bonds at the then applicable redemp¬
tion price or at the cost thereof to the company, whichever is less, or partly
in cash and partly in bonds. Cash sinking fund payments are to be applied
by the trustee to the purchase (from the company or otherwise) for can¬
cellation, of bonds, if the same can be purchased at not exceeding the
redemption price then prevailing. If on April 15 in any year the cash in the
sinking fund is $10,000 or more the same shall be applied on the next June 1
to the redemption of bonds drawn by lot.
Oeneral Balance SheeCSept. 30, 1940
amount
Liabilities—
Assets-—
property..—...$2,356,564
lav. in road
58,057
60,000
Cash
Time drafts <fc deposits
....
'
Capital stock.
Long-term debt
Audited accts. & wages pay...
$1,000,000
1,329,000
56,835
Special deposits
Florida Power & Light
Period Ended Oct. 31—
$1,069,180 $15,558,771 $14,005,977
$1,102,786
Operating revenues
1940—12 Mos—1939
1940—Month—1939
.......
Operating expenses
Direct taxes
$1,102,786
450,475
151,573
Property retirement re¬
serve appropriations..
$1,069,180 $15,558,771 $13,953,988
468,982
6,167,566
6,185,478
99,348
1,753,727
1,180,009
133,334
116,666
1,566,668
1,400,000
$384,184
$6,070,810
$5,188,501
221
221
2,651
2,651
$367,625
$384,405
13,032
$6,073,461
435,343
$5,191,152
548,869
$6,508,804
2,600,000
1,320,000
215,268
Cr22,845
$5,740,021
2,600,000
1,320,000
233,910
(net)
Operating income
19,044
Other income
$386,669
216,667
110,000
17,682
Cr7,317
Gross income
Int.
on
mortgage bonds.
Int.
on
debenture bonds.
Other int. & deductions.
Int. charged to construe.
Net income.....
$397,437
216,667
110,000
15,156
$49,637
$2,396,381
1,153,088
$55,614
Divs. applicable to pref. stocks for the period
$1,243,373
Balance..........
$1,586,111
1,153,008
$433,103
Oct. 31, 1940, amounted to
$5,934,989.
Latest dividends amounting to $2.18 a share on $7 preferred
stock and $1.88 a share on $6 preferred stock, were paid on Oct. 1, 1940.
Dividends on these stocks are cumulative.—V. 151, p. 2643.
a
Dividends
accumulated
Fonda Johnstown
Period End. Oct. 31—
Freight revenues..
Passenger revenue.....
All other revenues
Total ry. oper. revs..
Railway oper. expenses.
Railway tax accruals
Dividends matured unpaid...
27,468
Unmat. interest accrued
15,363
Materiel and supplies
Other current assets
and unpaid
to
& Gloversville
RR.—Earnings—
1940—Month—1939
$16,091
19,894
3,695
$39,680
33,409
2,947
$20,782
19,915
3,868
$44,565
34,659
3,061
427
522
$2,897
1,228
$6,323
Net rents
1940—10
$175,220
213,344
32,036
$412,994
333,774
30,159
5,230
$420,604
332,198
29,671
4,067
$43,830
20,463
270
Taxes accrued—
66,617
Working fund
50,000
874,628
16,100
Unadjusted credits ..........
Corporate surplus
Total
-V. 130, p. 2954
-..-$3,436,281
Total...—
....$3,436,281
—
J'
Fort Worth & Denver City
Ry.—Earnings—
1937
1938
1939
1940
October—
$537,839
181,483
106,885
$572,608
186,151
102,396
$553,893
192,045
113,785
$574,487
169,811
83,420
4,910,558
1,394,488
686,288
5,004,593
1,378,260
5,487,353
1,626,003
774,579
6,134.728
2,301,568
1.573,192
Gross from rail way.....
Net from railway
Net ry. oper. income
<
From Jan. 1—
Gross from railway
Net from railway
...
Net ry. oper.
—v. 151. P.
income
2644.
607,037
-v,
Franklin-Adams
Electric light and
.;y\:
Co.—Earnings—
1940
Years Ended Aug. 31—
Income—Rentals
-
...
miscellaneous
-
-
1939
$283,688
$284,104
19,462
18,252
$303,149
$302,356
...
Total
-
911
375
146,738
78,887
93,945
39,000
149,558
74,456
93,945
39,000
$56,332
$-54,978
Provision for doubtful accounts.
Operating expenses
.....
_
Estimated accrued real estate taxes..
___.
bonds...
Prov. for int. accumulation on income
Provision for depreciation
Net loss.
Mosl.—1939
$175,022
206,251
31,721
834,383
......
51,989
$367,404
Net oper. revenues—
Rent from lease of plant
a
......
——
.
Balance
Interest matured unpaid
78,506
21,690
343
Unadjusted debits
Deduct rate reduction re¬
serve—
27,738
Miscell. accounts receivable..
Co.-—Earnings—
Balance Sheet Aug. 31,
1940
Liabilities—
Cash in banks
$102,454
x5,532
Accrued and unpaid expenses.
3,582
...
Accts. & notes receivable
Unpaid & accrd. real est. taxes.
Accrued social security taxes..
Prepaid expenses..
$54,668
30,420
y2,326,867
Fixed assets
Deferred charges.
1,889
.
Stock trustees' fees payable
Int. pay. Dec.
$4,223
462
91,530
834
1, 1940 on 1st
mtge.s.f.5% cum.incbds..
5,386
Liab. to non-dep. bondholders
of Adams-Franklin Building
Net ry. oper. incomeOther income
...
837
Corp. 2d mtge. bondholders
17
1st M.S. f. 5% cum. inc. bonds
1.878,900
Accum. int. on 1st M. sk. fd.
Total income
Miscell. deduc. from inc.
Inc.
avail,
for
$4,125
1,106 *
$7,160
1,809
$64,294
23,293
$85,088
21,739
fixed
charges
$3,019
$5,351
$41,000
550
550
11,883
11,908
493
493
5,808
113,851
4,928
$9,906
$7,600
$83,587
Rent for leased roads
Interest deductions
Other deductions
$63,349
5,555
119,348
4,928
$66,481
—V. 151, P. 2351.
Fontana Union Water Co.—Bonds Called—
All of the outstanding ($1,054,000) first mortgage 6% serial bonds due
1942 to 1953 inclusive have been called for redemption on Jan. 1, 1941
at following prices: Bonds due 1942, 100^; 1943, 101; 1944, 101M; 1945,
102; 1946, 102M; 1947, 103; 1948, 103^; 1949, 104; 1950, 104 H; 1951,
105; 1952, 105; 1953, 105.—it. 151, p. 3089.
Fort Kent Water Co.—Bonds Called—
and refunding mortgage 5H%
called for redemption on Jan. 1 at 103.
All of the outstanding first
1951, have been
bonds due
195,640
434,198
.
_
.;
Earned surplus (deficit)......
$2,440,304
Total
x
After
reserve
147.
p.
$7,681.
252,071
..._._$2,440,304
Total.
for doubtful accounts of
ciation of $233,133.—V.
Net deficit
81,183
5% cum. Income bonds
Capital stock (par $5)
Paid-in surplus
y
After reserve depre¬
3762.
(Peter) Fox Brewing Co.—To Redeem Preferred Stock—
Company will call for redemption its 6% cumulative convertible preferred
on Dec. 21", 1940, after which date only a common stock issue will be
stock
outstanding.
standing.
A total of 2,820 shares of the preferred stock is now out¬
capitalization which,
called for Dec. 23, 1940,
Under terms of the pro¬
posed recapitalization, the company's authorized stock issue will be changed
from the former 25,000 shares of preferred stock and 150,000 shares of $5
par common (of which 125,000 were issued) to a total of 250,000 shares of
Directors have
approved an increase in company's
if authorized by stockholders at a special meeting
will split the present common stock two for one.
new common
stock, $5 par value.
^
Volume
The Commercial & Financial Chronicle
151
Subject to approval of the recapitalization plan by stockholders and by the
Securities and Exchange Commission and various exchanges where the new
stock
will
dividend
151,
p.
be
as
listed,
soon
directors expect to declare a 100% common stock
the plan is accomplished, about March, 1941.—V.
as
2499.
The proceeds from sale of the 37,000 shares are to be used by
"
The Interstate Commerce Commission Nov. 18 authorized the company
to extend from Dec. 28, 1936, to on or before Dec. 28,
1941, the time of
payment of $226,915 of 5% secured promissory notes.—V. 138, p.
Galveston Wharf
1556.
In this connection the City of Galveston has been
authorized to issue $6,250,000 of wharf and terminal facilities revenue
bonds.—V. 151, p. 2497.
company.
General Railway
V.
151,
Game well Co.—No Common Dividend—
conserve
*
Industries, Inc. (& Subs.)—Earnings
y
Earnings
per
1940
z$377,376
$0.47
share.
Directors
1939
$92,289
$0.12
1938
loss$42,552
Nil
After depreciation, interest and Federal income taxes,
y Earnings per
share on 800,000 shares (par $3) of common stock,
z After provision for
profits taxes.—V.
151,
p.
Directors have declared
dividend of 55 cents per share on the common
Dividends of 25 cents
a
share
Sept. 16, last, and previously quarterly dividends of 10 cents per
distributed.—V. 151, p. 2800.
on
were
General
American
Investors
Co.,
Inc.—To
General Telephone
declared
on
Dec. 28, 300 shares of its $6
cumulative convertible
shares
closed
on
an extra
dividend of 15 cents per share, both payable on Dec. 14,
3089.
Provision for
on
preferred stock at $100 and dividends.
Transfer
Nov. 23 and dividends will cease to accrue on these
359,084
-
Provision for Federal income tax
(estimated)
Net income
not
dividends have been received.
(2) Net income is stated exclusive of losses on sales of marketable securi¬
charged to earned surplus account.
(3) The provision for Federal income tax by the subsidiaries does not give
effect to increase in normal income tax or for the excess profits tax provided
in the Second Revenue Act of 1940.
ties
Consolidated Balance Sheet Sept. 30
Directors have declared
an extra
ft
dividend of $1 in addition to the regular
$2 against $1.75 in 1939.—V. 151, p. 2645.
1940
Liabilities—
$
$
482,642
year-end dividend of 10 cents per share on
Dec. 16 to holders of record Nov. 15.—V. 150,
95,476
securities
tax
less reserves
Inventories
rec.
Deferred credit...
Charles W. Appleton, Vice-President in charge of general relations with
public utilities, has retired because of ill health, it was announced Nov. 27.
He has been associated with General Electric for 21 years.
Frederick H. Babcock, who entered the employ of General Electric in 1911
and since 1927 has been assistant to Vice-President C.W.Appleton, has been
appointed manager of the Central Station department of the New York
District of the company.—V. 151, p. 3089.
Co.—40-Cent Dividend—
Directors have declared a dividend of 40 cents per share on the common
stock, no par value, payable Dec. 16 to holders of record Nov. 30.
Divi¬
dend of 15 cents was paid on Sept. 16, last, 10 cents paid in two preceding
Dec. 11, 1939, and regular quarterly dividends of 10
previously distributed.—V. 151, p. 1280.
quarters; 30 cents on
Nov. 20 elected a director of this corporation
1940—12 Mos.—1939
$6,324,590
$5,999,756
221,445
209,900
2,664,898
2,522,641
16,203
63,525
57,430
20,265
15,291
59,065
57,233
9,400
225,297
730,250
648,148
140,920
212,954
644,087
595,382
108,180
$142,829
Dr4,863
$154,701
2,342
$1,915,077
$1,916,412
35,261
Provision for retirements
General taxes
Federal normal inc. tax_
Net oper.
income
Non-operating income-Gross income
25,417
$137,966
$157,042
$1,940,494
$1,951,673
31,198
30,612
368,766
362,242
71,353
71,353
856,238
856,238
8,605
6,822
Charges of subsidiaries..
Int. on 1st mtge. & coll.
6^% bonds
1,122
Other interest
$34,293
Net income
on
Subs.)—Earnings—
1940—Month—1939
$521,698
$505,591
Maintenance
Divs.
53,870
Consum.&oth.dep.
92,966
1,021
Pref. stks. of subs.
290,000
91,836
1,115
290,000
11,764
3,814,400
11,580
3,814,400
Com. stk. (par $1)
217,622
Paid-in & cap. sur. 3,237,739
Earned surplus...
634,919
3,260,688
$55,077
$706,884
$726,371
3,242
3,242
38,910
38,910
$51,834
$667,974
$687,461
$5 pref. stock._
Bal. avail, for common
stock & surplus
$31,051
—V. 151, P. 2498.
General
Industries
-
Co.,
Ohio—Registers with
SEC—
The company has filed with the Securities and Exchange Commission a
registration statement covering 81,520 shares of common stock ($4 par).
Of the total. 44.520 shares are owned beneficially by Schroder, Rockefeller
in com.
c
20,937,738 21,147,415
Total
a
With trustees for
Pref .stk.In treas.
Total
c
547,604
£>r55,700
20,937,738 21,147,415
redemption of bonds of subsidiaries,
by 76,288 no par shares,
stock.—V. 151, p. 2193.
217,622
7>r55,700
b Represented
Represented by 1,114 shares of $3 preferred
RR.—Earnings—
Georgia & Florida
—Week Ended Nov. 14
Jan. 1 to Nov. 14
1940
1939
1939
1940
$23,825
$24,675
Oper. revenues (est.)-—V. 151, p.3089.
$1,003,265
$1,041,355
Georgia Power Co .—Earnings—
Period End. Oc^. 31—
Gross revenue
.
-
-
-
-
1940—Mon.h—1939
1940—12 Mos.—1939
$2,777,952 $33,298,198 $30,947,400
$2,956,687
1.373.457
operating «per™
$864,290
544,860
Gross income
Interest and other
Net
Divs.
deduc.
$4,134,119
2,950,350
$5,343,758
2,950.350
$173,589
$1,183,769
$2,393,408
2498.
Earnings—
Georgia RR.
1940
1939
1938
1937
$406,344
112,998
91,064
$384,643
$344,757
96,937
84,678
$296,461
8,232
def3,381
3,346,055
671,179
572,398
3,103,453
604,990
567,572
2.911,982
3,136,014
512,288
527,351
Gross from railway
Net from railway
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
income—
2646.
Net ry. oper.
Georgia Southern &
30,463
392
2,124,413
416,408
1,902,171
130,224
43,557
income
Gross from railway
railway
Net ry. oper. income.-—V. 151, P. 2646.
9
Giddings & Lewis Machine
Voted—Dividend—
Stockholders at
a
485,388
438,298
•Earnings—
Florida Ry.
1939
$187,380
24,011
Net from railway
Net ry. oper.
124,550
110,067
1940
$249,501
70,299
October—
Gross from railway
Net from
Directors
at
1938
$187,098
1,673,628
2,034,721
384,432
150,530
def42,632
15,507
def4,491
was
paid
on
179,372
Tool Co .—Stock Increase
increase
...
»
18 declared a stock dividend of
of 75 cents per share, both
h°Cash divSend of°50 emits
per
1937
$167,269
7,413
def 9,741
special meeting held on Nov. 18 approved an
stock from 100,000 to 400,000 shares.
their meeting held Nov.
100% and a cash dividend
payable Dec. 6 to
Oct. 29, last; dividends of 37H
paid on July 25 and on April 25, last,
share was paid on Dec. 21, 1939.
cents were
3,162,500
$419,452
245,862
—
—V. 151, P.
3,440.000
$73,567
pref. stock
Balance
270.000
$1,029,832 $10,710,430 $11,940,048
610,380
6,576,311
6,596,290
$319,430
245,862
income
on
1.116.333 14.910,596 12 168 303
290,000
depreciation..
Prov. for
In authorized capital
.
Elyria,
Int.
b $3 cum. pf. stk.
October—
Period End. Oct. 31—
25,191
55,310
Mlscell. reserves..
741,590
718,235
charges
-V. 151, P.
Director—
the late Walter P. Chrysler.—V. 151, p. 2645.
Operating expense
26,355
28,707
ex¬
of subs
Vice-President Resigns—
Gross operating revenues
for
tensions
Mr. Wilson stated that the General Electric Co. now has a total of about
General Public Utilities, Inc. (&
redemption.
Contrlbs.
& def.
Co.—Profit Sharing Plan—
82,000 employees on its payroll, or 15,000 more than a year ago, not in¬
cluding employees of affiliated companies.
trust
for
stock and surplus
1940, a total of approximately $8,000,000 will be added to
of about 66,000 General Electric employees who are
eligible to participate under the company's general profit sharing and costof-living adjustment plans, President Charles E. Wilson announced on
Nov. 1. For the year 1939, the corresponding total was $5,019,000.
Based upon an estimate of the company's net income for 1940, about
$4,500,000 will be available for distribution to employees as general profit
sharing, and they will receive an additional $3,500,000 as a cost-of-living
adjustment of their earnings.
The corresponding amounts for the year
1939 were $2,566,000 and $2,453,000, respectively.
The regular earnings of eligible employees with five or more years of
service will be increased about 7 % as a result of the operation of these two
plans for the current year, compared with about 5% for the year 1939.
Robert T. Stevens, was on
5,075
4,025
Funded debt called
For the year
to succeed
5,139
43,731
100,897
24,894
the regular earnings
General Foods Corp.—New
74,849
pref.
265,728
264,944
29,813
98,294
18,455
-
Min.
General Fire Extinguisher
$
109,414
on
stocks of subs..
Accr'd receivables-
accts.
(est.)
Acer. divs.
3973.
General Electric
1939
$
Prov. for Fed. Inc.
Accts. & notes rec.
Pref. exps.
a
461,195
22,330
96,729
hand
Cash deposits—
Install,
General Crude Oil Co.—Year-End Dividend—
declared
on
a
Market,
payment of 25 cents per share on the common stock, both payable Dec. 20
to holders of record Dec. 2.
This brings 1940 payments on the common to
the common stock, payable
1939
1940
11,872,218 12,010,600
14,601,503 14,231,108 Funded debt
Investments
249,304
4,383,828
5,076,095 Notes payable..
407,500
96,763
102,342
Special deposits
243,295
84,371 Accounts payable.
Acer. Int. & taxes.
Cash In banks and
275,641
258,970
Fixed capital
General Cigar Co.—Extra Dividend—
share were
$405,887
The accounts of California Water Service Co., a subsidiary,
consolidated herein, income from the investment therein being
Notes—(1)
Assets—
Directors have declared an ex era dividend of six cents per share in ad¬
dition to the regular semi-annual dividend of $2 per share on the common
stock, both payable Dec. 20 to holders of record Dec. 2. Extra dividend of
two cents was paid on Dec. 20, 1939.—V. 151, p. 2645.
ceDts per
$1,056,015
322,309
247,354
72,874
7,591
$574,483
Other interest
bonds.
$829,144
226,871
$1,284,844
384,948
231,252
79,266
14,894
-
-
—-
Prior charges of subsidiaries.
Interest on 1st lien and collateral trust
1939
$2,215,268
1,163,344
222,780
$925,760
depreciation
Net operating revenue
Other
income
Dec. 28.
General Box Co.—Extra Dividend—
p.
Subs.)—Earnings
1940
$2,382,248
1,218,335
238,154
;
Payment will be made at the Commercial National Bank & Trust Co.
have
30—
Operating revenues
Operating expenses
New York.—V. 151. p. 2941.
Directors
the
included only to the extent that
Co., Inc., the former has elected to redeem
were
on
Previously
Corp.—Extra and Larger Dividend—
General Water Gas & Electric Co. (&
are
Under the terms of the 1932 merger agreement between the General
American Investors Co., Inc.. and the Second General American Investors
books
dividend of 50 cents per share
1940 to holders thereof of record at the close of business on Dec. 4, 1940.
—V. 151, p.
Redeem
Preferred Stock—
a
The Board of Directors on Nov.25 increased the regular quarterly dividend
the common stock from 30 cents per share to 35 cents per share, and also
Gross income
stock, payable Dec. 16 to holders of record Dec. 3.
paid
declared
15
payable Dec. 21 to holders of record Nov. 30.
on
1431.
Gaylord Container Corp.—To Pay o5-Cent Dividend —
was
Nov.
on
stock,
12 Months Ended Sept.
—
x
excess
2941.
p.
common
working capital for financing this increase in business
9 Months Ended Sept. 30—
Net profit
dividend of 50 cents per share on the common
a
regular quarterly dividend of 25 cents per share were distributed.—V. 151,
p. 2646.
without resorting to borrowing."—V. 151, p. 1895.
Gar Wood
Signal Co.—To Pay 50-Cent Com. Div.
Directors have declared
stock, payable Dec. 24 to holders of record Dec. 10.
Last previous dis¬
tribution was made on April 1, 1938, and amounted to 25 cents per share.
General Refractories Co.—50-Cent Dividend —
Directors at their meeting held Nov. 15 decided to take no action with
regards to payment of a dividend on the common shares at this time. Div.
of 50 cents was paid on Sept. 16, last; one of 75 cents paid on June 15, last;
50 cents on March 15, last, and 25 cents paid on Jan. 2,1940 and on Sept. 15,
1939, this latter being the first dividend paid on the common shares since
May 25, 1938 when 25 cents was also distributed.
V. C. Stanley, President said, "net earnings of the company for the five
months' period ended Oct. 31 are in excess of the same period a year ago.
Owing to the volume of orders booked during the past several months which
has so substantially built up the backlog of unfilled orders the Board deemed
it expedient to defer the declaration of a common dividend for the present
in order to
the company
to retire a $115,000 Dank loan, to purchase about $25,000 worth of addi¬
tional equipment, together with certain additions and remodeling.
Any
balance of proceeds will be added to working capital.
See also list given on first page of this department.
Co.—City to Acquire Terminal—
The City of Galveston, Texas, has been granted authority by the Inter¬
state Commerce Commission to acquire the railroad and other properties
the
& Co. and are being sold by that investment firm.
The remaining 37,000
are
being issued by General Industries Co. and will be offered
publicly with Schroder, Rockefeller & Co. as principal underwriter.
The public offering price and other information will be supplied by
shares
amendment.
Fredericksburg & Northern Ry.—Notes Extended—
of
3237
and a dividend of 75 cents
The Commercial & Financial Chronic^.
3238
Gulf Mobile & Ohio
Registers with SEC
first page of this department.—V. 151, p. 2800.,
See list given on
Gilchrist Co.—Suit Settled —
Judge Lewis Goldberg of Superior Court in Boston has, with consent
of and at request of all parties, entered a final decree dismissing the bill
in equity brought on May 12, 1939 by Abraham 8. Karff of Boston, as
minority stockholder owning 81 shares, against this company, and against
Felix Vorenberg,
President and Treasurer, Samuel Vorenberg, VicePresident and Secretary, and F. Frank Vorenberg, Vice-President, seeking
an accounting of moneys allegedly wrongfully withdrawn from the corporation.—*V. 151, P. 1897.
Nov. 22 declared a dividend of 35 cents per share upon the
stock, payable Dec. 16, to stockholders of record Dec. 2.
This
is the initial declaration upon the stock following the public offering last
month of approximately 71,000 shares by a group headed by A. G. Becker
& Co. Ownership was formerly closely held. Present capitalization consists
of the one class of stock, of which 267,000 shares are outstanding.
For the
40 weeks ended Oct
5, 1940, the company reported earnings of $670,292.
equivalent to $2.51 per share after income taxes and excess profits tax at
the rates provided by the Secoi d Revenue Act of 1940.
Directors also announced a number of advancements in the management.
Claude K. Swafford. Works Manager, has been elected to the board of
directors.
H. J. Homewood, formerly Assistant Secretary, has been made
Treasurer, and A. B. Morey, formerly Treasurer, has been elected a VicePresident.—V. 151, p. 2498.
Glen Alden Coal Co.—To
Pay 50-Cent Dividend—
dividend of 50 cents
payable Dec. 20 to holders of record Nov. 30. Dividend
of 37^ cents was paid on Oct. 21, last; 25 cents paid on July 20, last;
12 H cents on April 20, last, and one of 25 cents was paid on Dec. 28,1939,
this latter being the first dilvidend paid since Oct. 20, 1938, when a regular
quarterly dividend of 12
cents per share was distributed.—V. 151, p. 1897.
stock, no par value,
Note—-Figures
on Nov. 15 declared a dividend of 25 cents per share on the
stock, payable Nov. 20 to holders of record Nov. 15.—V. 151,
v.V
Gulf &
\:• Y'\'
market conditions.
$351,158 and the Government
asked judgment for three times that amount.
The Justice Department toid the high court it was entitled to sue as a
by
damaged "person" under the Act because it was the customer injured
combination.—V. 151, p. 2942.
the alleged illegal
Gorham Mfg.
The directors have declared
Gross from railway.-.
Net from railway
RR.—Earnings
Net ry. oper. income.
1938
1937
$2,316,600
$2,138,179
653.838
391,588
...
__
498,163
261,559
$1,822,924
341,201
150,352
$2,130,678
422,187
199,831
17,526,921
14,343,725
2,791,560
589,016
763,694 def1,303,699
20,695,538
4,812,146
2,328,622
1939; 25 cents paid in each of the three preceding quarters; 40 cents paid
Dec. 15, 1938; 25 cents paid in the three preceding quarters; 75 cents on
15, 1937; 60 cents on Sept. 15, 1937; 40 cents on June 15, 1937, and
25 cents paid on March 15, 1937, this last being the first dividend paid
since Sept. 1, 1931, when 15 cents per share was distributed.—V. 151, p.
Dec.
2942.
(William A.) Hart Investors
have
voted
simplify its corporate arrangement by
eliminating the wholly owned subsidiary, the W. T. Grant Go. or Mass., at
the close of business Jan. 31, 1941.
The action will not entail any exchange
of stock by stockholders.
After that date W. T. Grant Co. of Del. will be
the operating company for all of the Grant stores.—V. 151, p. 2800.
Commission and the Department of Justice
The Securities and Exchange
fraud provisions of the Securities Act of 1933 and of the mail fraud statute
in the sale of the Class A stock of William A. Hart Investors Group No. 1,
investment company.
an
eight counts and charged that from early in
1935 to Sept., 1937, Hart sold approximately 657,000 shares of the stock
for around $800,000.
It charged that 113,000 of these shares were over¬
issued and sold for more than $120,000 without
a
Pay 50-Cent Pref. Dividend
it further was
the
share was paid.
of the
sale
alleged that Hart made numerous false representations in
stock, to the effect that the company could and would
in investing funds
had been paid on
realized from the sale of its stock, that regular dividends
the stock, that a stockholder could at any time redeem
liquidating value, and that Hart would take as his
management fee only 25% of the net profits but would bear a like amount
of the net losses and all ordinary operating expenses.
On the contrary, the indictment charged, the company did maintain a
margin account from which large capital losses resulted; dividends were
paid in large part from capital surplus rather than from earnings, as was
Implied; the stockholders could not redeem their shares; and Hart took
larger profits than the amounts to which he was entitled and bore none
of the losses.
In addition, the indictment charged that Hart misapplied
and embezzled funds belonging to the corporation and to the stockholders.
his stock and receive its
Steam
Boiler
Inspection & Insurance Co.
—Extra Dividend—
Directors have declared
common
extra dividend of 40 cents per share on the
an
stock, par $10, payable Dec. 2 to holders of record Nov. 25.
Regular quarterly dividend of 40 cents was paid on Oct. 2, last.
Extra dividend of 40 cents was paid on Dec. 1, 1939, Dec. 1, 1938 and
one
of 20 cents
paid
was
Dec. 1, 1937.—V, 149, pi 3557.
on
Harvard Brewing Co.
(Del.) (& Subs.)—Earnings—
1940
1939
1938
$1,930,330
$1,787,816
$1,529,437
1,006,134
904,378
818,125
$924,195
$883,438
$711,312
469,073
30—
Gross
profit
.
501,121
1939
1938
.$11,641,488 $11,038,896
5,439,556
5,463,595
income..
3,140,832
4,102,997
Net ry. oper. income..
.
.
1937
$9,090,276
3,935,470
3,003,140
railway
Gross from railway
Net from railway
.
.
$9,881,581
4,193,542
3,028,246
12,099
86,650,095
32,662,186
20,328,801
77,812,867
26,679,048
16,481,492
66,121,042
20,369,494
11.397,118
83,018,438
30,339,096
21,980,336
on
Dividends
October—
1939
1938
1937
$173,226
20,588
$149,519
39,964
24,657
$132,071
30,257
10,218
1,441,766
393,273
183,624
1,414,686
405,115
176,413
1,275,668
327,242
140,723
1,435,557
390,333
230,296
47,872
From Jan. 1—
—V. 151. P. 2647.
(& Subs.)—Earnings—
Consolidated Earnings for the 12 Months Ended Sept.
Operating revenu es
Non-operating income (net)
on
hand
$296,193
$303,986
Total income
30,1940
—$529,058
$530,056
225,190
13,085
30,792
Operation
General taxes-Federal income taxes
360
Interest on long-term debt
85,700
10,716
;
-
145,142
13,799
Net income
$5,196
includes
Harshbarger
loss$32,403
2,290
208,554
199,763
6,048
6,497
255,879
220,416
8tampsonhand.
Inventories
340
$3,380
77,024
1,410
92,662
1,240
Beverage tax pay.
Dep. on containers
14,144
15,888
44,511
41,105
Fed.lnc.tax pay.
63,909
54,255
32", 146
Z26.875
28,619
a
Pref.
for
Notes receivable,
1939
$2,565
stock
called
redemption.
Accruals
1
1
1,133,528
1,113,158
1,211
2,200
Res. for coming's.
Preferred stock
100
75,000
1
1
38,870
624,900
257,000
544,900
40,321
Com. stk. ($1 par)
Paid-in surplus
257,000
Deferred charges.
33,952
35,773
Earned surplus
678,832
567,022
Investments
y Property
Uncompleted
6,647
-
$1,975,688 $1,921,006
Total
13,159
172,500
Mtges. payable
con¬
orders
Total
Notes payable,
not current
190,000
10,000
$1,975,688 $1,921,006
x
After reserve for doubtful accounts and notes receivable of $38,749
in 1940 and $37,926 in 1939.
y After reserve for depreciation of $483,709
in 1940 and $403,051 in 1939.
z Includes premium of $1,875.
a Includes
Federal income tax withheld at source of $7,498 in 1940 and $1,782 in 1939.
151, p. 1723.
Period End. Oct. 31—
Co.—Earnings—
Taxes
Net oper. revenues
$46,747
29,164
2,627
6,188
$563,433
358,419
32,994
79,335
$554,259
361,715
29,334
82,343
$6,115
$8,768
$92,685
$80,868
2
52
74
$6,115
2,917
$8,770
2,917
$92,737
35,000
$80,942
35,000
.$3,198
$5,853
$57,737
$45,942
44
45
562
901
$3,155
$5,808
$57,176
39,312
$45,041
39,312
$44,699
27,817
3,846
Non-oper. income (net).
Balance
Retire,
1940—12 Mos.—1939
1940—Month—1939
6,921
Operating revenues..
Operation
res
accruals
7/
Depletion and depreciation
Amortization of plant acquisition adjustment
Sept. 30. 1940.—V. 151, p. 2352.
loss$32,404
1940
Notes payable
Accounts payable.
Trade accepts, pay
Accts. and notes
Maintenance
Amortization of debt discount and expense
Other interest-
Liabilities—
1939
deposit &
Haverhill Gas Light
998
Maintenance
$117,538
149.941
Consolidated Balance Sheet Sept. 30
1940
Assets—
Cash
—V.
Hamilton Gas Corp.
statement
$168,964
5,000
27,245
,
Invent'y of suppl's
1940
Gross from railway
Note—This
stock
patents
$181,933
53,911
25,125
Net from railway
Net ry. oper. income
45,220
$194,924
3,124
89,990
preferred stock
on common
Trademarks and
Bay & Western RR.- —Earnings—
Gross from railway
$214,184
48,210
Net income..
Dividends
strue. Job
Net from railway
Net ry. oper. income
$283,911
69,727
$243,133
Federal revenue
—V. 151. P. 2647.
Green
$105,958
11,580
$273,730
10,182
...
not current..
.
136,281
$276,764
.
Provision for income taxes.
receivable
1940
Net ry. oper.
From Jan. 1—
136,763
$288,864
45,730
Profit from operations
Other income credits
x
Earnings for October and Year to Date
Gross from
472.946
146,310
Selling and delivery expenses
—
General and administrative expenses.
on
Net from railway
permit from the Corpora¬
deliver valid stock, that the company would not employ a margin account
dividend of 50 cents per share on the preferred
stock, payable Dec. 24 to holders of record Dec. 9.
This will be the first
distribution to be made on this issue since Dec. 20, 1937, when $2 per
October—
a
Commissioner of California, and with the knowledge that the stock
tion
therefore could not lawfully be delivered to investors.
to
Great Northern Ry. Co.—To
Directors have declared
Group No. 1—Promoter
reported on Nov. 26 that a Federal Grand Jury at Los Angeles, Calif., had
an indictment charging William A. Hart with violations of the
Income charges.
(W. T.) Grant Co. —To Eliminate Subsidiary—
directors
,7"
dividend of 50 cents per share on the com¬
a
—V. 151, p. 2499.
The
1,342,622
241,220
of 25 cents
Cost of goods sold (net)
1939
20,406,240
4,921,534
2,754,910
def17,612
stock, no par, payable Dec. 16 to holders of record Dec. 6.
Dividends
was paid in three preceding quarters; 50 cents paid on Dec. 15,
mon
Net sales..—
1940
Net ry. oper. income.
From Jan. 1—
998,374
16,465
def251,064
963,531
47,395
def203,017
1,037,011
73,463
defl92,450
"v
Years Ended Sept.
Gross from railway...
Net from railway
1937
$122,260
19,882
def4,004
Hamilton Watch Co.—50-Cent Dividend—
Hartford
value, payable Dec. 16 to holders of record Dec. 2.
Like amount
was paid on Nov. 15, last; dividends of 50 cents were paid on Oct.
15,
Sept. 16, June 15, March 15 and on Jan. 15, last.
A dividend of $1 was
paid on Dec. 15, 1939 and compares with 50 cents paid on Nov. 15, 1939;
dividends of 25 cents paid on Sept. 15, June 15 and March 15,1939; one of
$1 paid on Jan. 16, 1939; dividends of 25 cents paid on Dec. 15, Sept. 15
and June 15. 1938, and a dividend of $1.25 paid on Jan. 26, 1938.—V. 151,
p. 2646.
October—
1938
$95,815
2,593
def22,742
1939
$103,066
14,818
def9,429,
—V. 151,P. 2647,
par
Grand Trunk Western
•
;
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
Co.—$1 Dividend—
Directors have declared a dividend of $1 per share on the common stock,
no
-
•
-Earnings—
1940
$157,04 5
32,580
def2,344
railway.
Net from railway
Net ry. oper. income—
The indictment contained
its
suit to collect triple damages from 18 manufacturers of automobile tires
for alleged violations of the Sherman anti-trust law.
.
Included "among the companies involved are Goodyear Tire & Rubber
Co., the B. F. Goodrich Co., General Tire & Rubber Co., Lee Tire &
Rubber Co., United States Rubber Products, Inc., Firestone Tire & Rubber
Corp. and the Dunlop Tire & Rubber Corp.
The lower courts held that the Federal Government was not a "person"
within the meaning of Section 7 of the Sherman Act and consequently
could not maintain suit for triple damages for violations of the Act.
The Government's suit was the outgrowth of alleged collusive bidding
by the defendant companies for contracts to supply tires to the procure¬
ment division of the Treasury, the Government charging that on several
occasions the companies submitted identical bids not reflecting general
S. Government has been granted a Supreme Court review of
damages claimed amounted to
the nine months ended
Mobile & Ohio
October and
of
Ship Island RR.
October—
Gross from
in Tire Case—
Actual
month
the
returned
Goodyear Tire & Rubber Co.—Government Wins Review
The U.
for
Oct. 31, 1939, and for first nine months of 1940 include
RR. and Gulf Mobile & Northern RR.—V. 151, p. 2499.
Directors
2044.
15,493,722
3,928,835
1,730,985
-
Indicted—
Good Humor Corp. —25-Cent Dividend—
p.
247,108
15,436,743
3,447,652
1,150,127
railway.,
Net from railway
Net railway operating income
Gross from
on
share on the common
per
1939
$1,840,866
585,411
337,907
Net ry. operating income
From Jan. 1—
Directors on
Directors have declared a
1940
$1,813,000
487,183
railway
Net from railway
Gisholt Machine Co.—Initial Dividend—New Director—
common
1940
30.
Ry.—Earnings-
October—
Gross from
common
Nov.
Gas
Co.
from Jan.
1
to
Gross income.
Interest charges.
Net iDcome
Dividends declared.
—V.
151, P. 2352.
Volume
The Commercial & Financial Chronicle
151
Hawley Pulp & Paper Co.—To Retire Bonds—
Notice is being given that company will retire remaining first mortgage
sinking fund 6s at the call price of 102HCall is effective as of Jan. 1,
1941.
Funds have been deposited with Bank of California for immediate
redemption which also includes interest coupons which were due July 1,
1933, and Jan. 1, 1934.
These had been deferred at reorganization in
1934 until maturity of issue July 1, 1946.
Latest statement of company
showed $649,000 principal amount of issue remaining.—V. 150, p. 3977.
Cash
Sales and Earnings
3,959,176
3,741,907
a5,414,825
329,549
d Process, tax res.
,
941,973
Reserves
132,221
Min.int. in capital
Btock o f sub
13,370
15,050
1,455,400
1,455,400
6,116,586
6,116,586
Com. treas. stockier244,584
Dr244,584
137,947
137,171
.
Common stock..
y
.
Class A pref. stock
x
Prepaid expenses
Surplus
Total
4,928,540
3,426,806
Total
14,853,128
13,998,128
..14,853,128 13,998,128
Represented by 493,944 no par shares,
y Represented by 18,944 no
z After reserves for depreciation of $3,024,616 and reserve for
$93,991.
a After
continegncies, less
$132,979 appropriated reserves for revaluation of properties,
c Accounts
payable not due, including payrolls, employees' bonuses and other accrued
expenses,
d Reserve for undetermined liabilities in connection with in¬
validation of processing taxes.—V. 151, p. 1574.
revaluation of certain branch plants and feeder farms of
reserves for depreciation of $2,581,948.
b Reserve for
Hotel Barbizon,
Sales
j$et
Aircraft
Automotive
$250,847
$245,626
561,016
371,608
123%
51%
Net
Profit
Before Taxes After Taxes
$70,507
$57,807
155,354
77,654
120%
34%
.
1940.
Increase
Increase
On 333,000 shares of common stock outstanding.—V.
Combined
$496,473
932,624
88%
x Earned per
Com. Share
$0.17
0.23
151,
p.
3 Mos. End. Sept. 30—
income
1938
1937
$523,450
317,383
41,022
34,498
78,976
$790,318
325,795
89,577
*42,227
91,442
Depreciation
Deple'n of ore bodies—
36,712
Netprofit
y Earnings per share.
z$228.313
z$140,582
$51,570
$241,277
$0.23
$0.14
$0.05
$0.24
expenses
Taxes accrued
Includes other income,
On 1,000,000 shares (par 25c.) capital stock,
z
Before depletion,
a $98,709 current taxes, $7,600 increase in Federal
income tax due to change in rate—first two quarters, and $15,200 Federal
excess profits tax—year to date.—V. 151, p. 2943.
y
($73,000) general mortgage 6% serial bonds, due
1952 have been called for redemption on Jan. 1 at 103.
All of the outstanding
Hercules Powder Co.,
27
declared
Herman Nelson
a dividend of 25 cents per share on the common
Dec. 5 to holders of record Nov. 29.
A dividend of like
amount was paid on Dec. 23, 1939 and on Dec. 1. 1939. this latter being
the first disbursement made since Dec., 1936, when 20 cents per share
was distributed.—V. 151, p. 2199.
Heywood-Wakefield Co.—Dividend Payment—
share on the preferred B
Directors have declared a dividend of 94 cer ts per
payable Dec. 1 to holders of record Nov. 22.
This payment clears
dividend arrearages for the year 1938.—V. 151, p. 2801.
15,888
Deposits on leases.
1,461
1,353
1. 333,616
25,000
1,333,616
122,052
104,326
67
68
1,353
deb. bds., cost..
750
2,100
a
Prepaid expenses.-
8,413
7,878
Surplus
] ,383,104
76,730
equip...
39
Deferred charges..
4,936
1,391,730
First mtge.
y
due May 1, 1940
Real estate
$1,500,817
After
reserve
Common stock..
62,690
zFurn.&
Total
(Chem.
Bk. & Tr. Co.),
Inv.—World's Fair
428
$1,512,5031
$1,500,817 $1,512,503
Total
for doubtful accounts of $1,000.
After
y
preciation of $165,844 in 1940 and $145,125 in 1939.
depreciation of $66,670 in 1940 and $52,980 in 1939.
5.305H no par shares.—V. 148, p. 439.
z
a
reserve
for de¬
After reserve for
Represented by
Corp.—$1 Special Dividend—
Directors have declared a special dividend of $1 per share in addition to
quarterly dividend of $1 per share on the common stock.
The
special dividend will be paid on Dec. 9 to holders of record Dec. 2, and
the quarterly payment will be made on Jan. 15 to holders of record Dec. 31.
Special dividend of $1 was paid on Dec. 11, 1939 and on Dec. 6, 1938.
the regular
—V.
151, p. 2499.
Houston
Directors have declared
12,097
1,461
Rent security
Corp.—To Pay 25-Cent Dividend—
stock, payaole
23,330
Res., Fed. inc. tax
ac¬
counts receiv'le.
bonds
Household Finance
a
the common stock, no par value,
$4,053
4,328
23,727
Credit bals. in
243
and notes
Inc.—Year-End Dividend—
year-end dividend of $1.05 per Share
payable Dec. 20 to holders of record
Dec. 9.
Regular quarterly dividerds of 60 cents per share were distributed
in each of the three preceding quarters; year end dividerd of $1.65 was
paid on Dec. 22, 1939. and previously quarterly dividends of 40 cents were
paid.—V. 151, P. 2647.
Directors on Nov.
1939
$3,536
Accrued expenses.
11,922
Funds on deposit—
x
Hempstead & Oyster Bay Water Co.—Bonds Called—
deb.
63,666
1940
Accounts payable.
$34,090
10,102
Accr'dint., World's
Fair
$121,684
30
Liabilities—
1939
1940
$20,149
...
Accts. receivable
Notes receivable..
$603,636
381.942
44,413
36,698
Operating
$97,866
68,972
Operating profit.
Dividends paid
Assets—
1939
1940
$754,778
368,245
al21,509
74,361
36,800
Depreciation
x
$528,189
298,605
74,940
32,959
304,136
Total operating expenses
Interest and taxes
848.
1939
1940
$513,164
Total income
Balance Sheet Sept.
Mining Co.—Earnings-
Gross
Inc.—Earnings—
Years Ended Sept. 30—
Cash..
Hecla
on
2,270,919
797,647
b196,571
2,300,310
3,488,168
Prop., plant & eq z5,331,053
Sundry assets
93,660
for 3 Months Ended Oct. 31
,
,
1939
to
1,161,380
1,843,900
,
Accts. receivable
796,725
Prov.for inc.taxes
.
par shares,
Industries, Inc.—Earnings—
Company reports record quarterly sales for the three months ended
Oct. 31, 1940, with both the aircraft and automotive divisions showing a
sharp increase over the comparative period of the previous year.
Net
profit before provisoins for taxes showed a substantial gain for the period
over
the prior year, however, increased taxes held the net available for
common stock to a modest gain.
x
Oct. 28 '39
Liabilities—
$
S
x
Hayes
x
Oct. 26 '40
Accounts payable.cl.588,840
Oct. 26 '40 Oct. 28 '39
Assets—
Inventories
x
Balance Sheet
Condensed Consolidated
Hart, Schaffner & Marx—$1 Dividend —
Directors have declared a dividend of $1 per share on the common stock
payable Nov. 26 to holders of record .Nov. 22.
Like amount was paid on
Nov. 24, 1939 and dividend of 50 cents was paid on Nov. 26, 1937.—V. 150,
p. 690; V. 149, p. 3263.
'
19340
3239
Lighting & Power Co.—Earnings—
Period End. Oct. 31—
Operating revenues
Operating expenses
Direct taxes
Prop, retire, res. approp.
1940—Monlh—1939
1940—12 Mos.—1939
$1,082,093
$1,037,582 $12,803,265 $12,178,976
430,016
464,144
5,581.830
5,001,738
247,051
141,656
1,869,050
1,626,004
65,056
147,650
1,339,570
1,618,520
$4,012,815
22,149
$3,932,714
21,261
$289,946
80,208
18,132
$4,034,964
962,500
162,021
$3,953,975
962,500
174,734
$191,606
the period....
$2,910,443
$2,816,741
$339,970
1,594
-
$284,132
$341,564
Net oper. revenues
Other income
5,814
stock,
up
(Charles E.) Hires Co. (& Subs.)—Bal. Sheet Sept. 30$2,866,022
1,136,277
Perm't assets—$2 338,512
1 315,887
Cash
LlaWities—
1939
1940
Assets—
x
Capital
allowances)
Mdse. Inventory__
387,373
379,247
738,067
267,374
250,424
17,921
15,328
1
170,257
188,951
payable
Acer, salaries, com¬
676,078
Cash val. of life Ins.
Other assets
.
Deferred charges.-
1
26,520
20,753
135,644
235,650
for
210,760
S., &c,
foreign
13,456
exchange adjust.
Depos. on bottles.
64,901
4,224,877
coolers, &c
Surplus
z
$5,512,3281
61,116
2,458,766
.Drl.103,324
$5,235,391 $5,512,328
Total
x After
deducting allowance for depreciation of $2,058,604 in 1940 and
$2,065,226 in 1939.
y Represented by 90,000 shs. class A stock and 90,000
3.872 shs. of management stock,
z Represented
shs. of class B stock and
by 44,629 shs. class A.
income
The
aParSl.
statement
the year ended
for
Sept. 30 was published in
V. 151, p. 3089.
Holland Furnace Co.—Extra Dividend—
Directors have declared an extra
to the
-V. 151, p.
Corp.—25-Cent Dividend—
dividend of 25 cents per share on the common
payable Dec. 16 to holders of record Dec. 6.
Dividend of 25 certs
was paid on March 15, last, and dividends totaling $1 per share were dis¬
tributed during 1939.—V. 147, p. 1781.
Oct. 26.
Oct.
30,
'37
$60,344,087 $56,921,648 $60,759,586
59,477,050
300,107
57,307,067
54,761,760
376,515
337,799
al.012,227
010,523
zl,033,458
y748,484
26,046
42,031
$1,600,679
$1,601,001
86,724
$1,031,574
86,724
712,494
$767,387
86,722
950,000
86,724
712,502
475,000
'475,000
474,990
474,990
$3.19
$3.19
$1.98
$1.43
_
Portion of sub. loss appl.
Howey Gold Mines,
income
stock, par $1,
on
Hudson Bay Mining
& Smelting Co., Ltd.—Dividend—
Directors have declared a dividend of
$1 per share on the capital stock
payable Dec. 16 to holders of record Dec. 3.
Similar payment was made
on June 10, last and on Dec. 11, 1939, and dividends of 75 cents were
paid
on Ju ne 26, 1939, and on Dec. 12 and June 27, 1938.—Y. 151, p. 2500.
Hudson & Manhattan RR.—Earnings
Period End. Oct. 31—
-
Operating income...
Non-oper. income
—
1940—10 Afos.—1939
1940—Month—1939
$670,149
$663,073
464,401
448,194
$6,236,923
4,409,643
$6,213,352
4,370,613
$214,878
10,475
$1,827,280
102,193
$1,842,739
104,442
$1,929,474
1,547,842
1,198,712
$1,950,181
1,556,229
1,239,208
$205,749
10,082
Gross income
$215,830
Income charges
a Interest
155,923
$225,353
155,105
116,612
123,921
$56,705
$53,673
Deficit
X161.504
53,578
a
at
Net
Ltd .-Three-Cent Dividend—
share on the com¬
Dec. 31 to holders of record Nov. 30.
Dividend
of two cents was paid on July 2, last, and on Dec. 1, 1939; three cents was
paid on June 1, 1939; four cents paid on Dec. 1. 1938, and dividends of
two cents were paid on Aug. 2, 1937, July 14, 1936, and Dec. 14, 1935.
—V. 149, P. 2975.
Directors have declared a dividend of three cents per
mon
Cr39
minority interest—
charges—
The last
30, 1939.
Houston Oil Co.—Accumulated Dividend—
on Nov. 18 declared a dividend of $1.50 per share on account
6% cumulative preferred stock, par $25, payable
Dec. 27 to holders of record Dec. 13.
Similar payment was made on
Dec. 27. 1939 and on Dec. 26. 1938.—V. 151, p. 2801.
Oper. exps. & taxes
'40 Oct. 28, *39 Oct. 29, '38
sales
$62,252,959
Cost of prod. sold, selling
and admin, expenses.
59,105,387
x.a n
1 on
545,190
Depreciation
to
share on the common
Domestic Subsidiaries]
Net
Miscellaneous
per
of accumulations on the
Gross oper. revenues
(Geo. A.) Hormel & Co.—Earnings—
Prov. for Fed. inc. tax_-
$1.20
payable Dec. 20 to stockholders of record Dec. 14, 1940.
previous dividend was one of 20 cents per share paid on June
—V. 151, P. 1724.
stock,
Directors have declared a
Fiscal Years Ended—
Corp.—Dividend—
Directors have declared a dividend of
stock
stock,
[Including
$2,501,663
2647.
Houston Natural Gas
dividend of 50 cents per share in addition
regular quarterly dividend of 50 cents per share on the common
Dec. 20 to holders of record Dec. 5.—V. 151, p. 2943.
both payable
Honolulu Oil
315,078
$2,595,365
....
Directors
Class A «tock In
treas. (at cost).
$5,235,391
Total
315,078
on
sales
taxes
Prov.
Balance
131,737
<fcc
income
instalment
Res. for U.
Patents and copy¬
rights
missions,
Def'rd
$247,629
Net income
Divs. applicable to pref. stocks for
22,685
DIvs.
Accounts rec. (less
80,208
13,727
Other int. & deductions.
1939
1940
a$417,120 y$3490,983
201,508
134,586
stock
Accounts payable-
Gross income..
Interest on mtge. bonds.
Divs. on preferred stockDivs. on common stock-
Shs.com.stk.out.(no par)
Earnings
per
share on
com. stock (no par)—
474,990
Includes surtax on undistributed profits (estimated),
y Includes local
social security taxes of $492,206. provision for Federal and State
income taxes (less excess provision of $13,972 for prior periods) (estimated),
of $228,178, and surtax on undistributed profits (estimated) of $18,100.
z Includes local taxes of $233,747; payroll taxes of $302,222, and provision
for Federal and State income taxes, including additional provision of $13,984
x
taxes and
prior years, of $497,489.
a Includes local taxes of $263,154; payroll taxes of $313,890,
and pro¬
vision for Federal and State taxes on income, less excess provision of $36,167
for the preceding year, of $435,183.
for
,
On adjustment
$817,080
$845,256
of the public,
income bonds outstanding in the hands
5%.—V. 151, p. 2500.
Hyde Park Breweries Association,
Inc.—Dividend—
dividend of $1 per share on the common stock,
3 to holders of record Dec. 17.
This compares
with 50 cents paid on Oct. 1, and July 16 last; $1.50 paid on March 21,
last: $1 paid on Jan. 3, 1940; 50 cents paid on Oct. 4 and July 15, 1939;
$1.50 paid on March 24,1939, and $1 paid on Jan. 3,1939.—V. 150.P.4128.
Directors have declared a
par
$10, payable Jan.
Illinois-Iowa Power
The proposed
Co.—Plan Upheld—
recapitalization plan of the company has been upheld as
Illinois and the company s own charter
fair and in accordance with laws of
in a decision by Judge Casper Piatt
of the Danville Circuit Court
sitting in
111.
The decision was made in an injunction suit brought by
dissenting preferred stockholders who asked that the company be restrained
from carrying out the plan without retiring their shares at the call price of
Urbana,
$110 plus accrued
dividends.—V. 151, p. 2883.
The Commercial & Financial Chronicle
3240
Idaho Power Co.
Period End. Oct. 31—
Operating
revenues
Operating
expenses._
Direct taxes..*..------
—Earnings—
43,800
Gross Income.
Int.
on
41,700
520.800
466,700
$2,268,024
$2,317,423
213
$213,517
1,922
2.646
16,249
$192,924
56,250
10,617
_
$215,439
56,250
11,174
$2,270,670
$2,333,672
675,000
120,742
675,000
$192,711
Net oper. revenues
Other income (net)
1940—12Mos.—1939
$6,353,810
$6,042,863
1,875,773
1,949,943
1,615,043
1,382,967
„
.......
mtge. bonds....
Other int. and deduct'ns
Int. charged to constr..
0140
Net income
.
,
$126,197
'■
m
4*
*
■
112.258
CY3.236
'
$1,478,164
414,342
$1,546,414
414,342
$1,063,822
$1,132,072
-V. 151, p. 2648.
Illinois Central
1939
1937
1938
$12,144,406 $10,721,472 $10,400,584
3,588,812
4,704,390
3,973,263
2,526.335
3,509,523
2,847,046
2,554,100
Net ry. oper. income...
From Jan. 1—
.Anen.
93,743,402
21,866,940
12,082,391
Net ry, oper. income._.
86,691,690
23,175,413
13,219,586
95,040,605
23,145,248
13,879,241
1Q*3k
91,515,621
23,772,139
13,954,590
1937
1Q40
Gross from railway
Company sells electric appliances and cooperates with dealers in the sale
and
financing of major load-building appliances to its customers.
Mooresville Public Service
There are no privately owned electric public utility companies or munici¬
pally owned electric light and power plants in competition with the company
within the city.
Of the consolidated operating revenue of the company
and its subsidiaries for the 12 months ended Aug. 31,1940, totaling $12,671,-
061, approximately 90.23% was derived from the electric departments,
9.33% from the steam department, about 0.09 from the water
department, and about 0.35% from building rentals.
At. Aug. 31, 1940 the company and its utility subsidiary rendered electric
service to 128,943 customers in Indianapolis and adjacent villages, towns
.$81,160,316 $79,376,866
$74,792,991
..
18,206.970
10,516,269
.
Net ry. oper. income.
—V. 151, p. 3089.
.
20,145,080
12,383,988
Illinois Terminal RR. Co.
October—
19.379.043
11.489,115
1939
$617,066
268,014
192,830
5,049,339
1,703,963
960,661
Net from railway
Net ry. oper. income...
—V. 151, p. 2648.
$8,817,214
2.944,898
2,128.064
$81,532,151
18,644,431
11.351,861
1938
$492,992
155,476
104,362
4,857,725
1,629,007
1.005,580
4,377,128
1,232,837
628,748
Net ry. oper. income..^
From Jan. 1—
Gross from railway..—
-
-Earnings—
1940
$536,482
183,904
108,252
Gross from railway
Net from railway
1937
$557,638
194,653
107,997
5,227,966
1,919,439
1,272,783
Indianapolis Power & Light Co.-—Pref. Stock Offered—
Brothers; Goldman, Sachs & Co., and The First
Boston Corp. on Nov. 25 headed an underwriting group
that offered 14Bt591 shares of 5M% cum. pref. stock ($100
Lehman
par) at $107.50
share, subject to
an exchange offer by
of all outstanding 6^%
6% cum. pref. shares.
Other members of the offering
group included;
Glore, Forgan & Co.; Stone & Webster
and Blodget, Inc.; Blyth & Co.. Inc.; Harriman Ripley &
Co., Inc.; Lazard Freres & Co.; A. C. Allyn & Co., Inc.;
Blair & Co., Inc.; Bonbright & Co., Inc.; Hallgarten &
Co.; Hemphill, Noyes & Co.; Kidder, Peabody & Co., and
Lee Higginson Corp.
the company
per
to present holders
and
preferred and
prefor
each 6H% share, and plus cash of $4 for each
6% share now held. The
cash amount is equal to the excess of the redemption price per share of the
presently outstanding preferred shares (including accrued dividends) over
the offering price or the new 5)4% stock.
This exchange offer expired
Nov. 27, 1940.
The 5)4% cumulative preferred stock is redeemable at $112 per share
Elus accrued dividends.preferred stock will be entitled willreimbursement
The charter, as amended, to provide that
olders of record of the
for any personal property tax imposed upon them as such holders by the
Commonwealth of Pennsylvania or any taxing authority therein not
exceeding in the aggregate four mills per annum on each dollar of taxable
value thereof.
Transfer agent, American National Bank, Indianapolis.
Registrar, Union Trust Co. of Indianapolis.
Purpose of Issue—Net proceeds, together with treasury funds of the
company to the extent necessary, will be used by the company to redeem
the 115,777 shares of outstanding 6M% cumulative preferred stock and
the 24,814 shares of outstanding 6% cumulative preferred stock at the
redemption price of $110 per share plus accrued dividends to Jan. 1, 1941,
the date of redemption.
To Be
Capitalization—
cAmount
First mortgage bonds,
).
3H% series, due 1970... aUnlimited
2M% notes
514%
cum. pref. stock (par
Common stock (no par)
b$5,400.000
150,000 shs.
$100)..
750,000 shs.
Outstanding
$32,000,000
5,400,000
140,591 shs.
714,835 shs.
a Unlimited as to amount but limited
by the requirements of the instru¬
b $400,000 due Dec. 1, 1941;
$350,000 due each June 1 and Dec. 1, beginning June 1, 1942, to and
incl. Dec. 1, 1946; $750,000 due June 1 and Dec. 1, 1947.
c Authorized
by indenture or charter.
ment under which such securities are issued,
Summary of Earnings for Stated Periods
Year Rnded
Year Ended Dec. 31
1939
1938
Aug. 31,'40
1937
$12,537,293 $11,697,628 $11,042,567 $11,359,426
3,655,262
3,467,497
3,385,818
3,600,618
Power purchased4,000
4,000
19,674
Maintenance.
765,476
702,940
794,728
880,628
Amortiz. of rate case exp.
176,231
176,231
110,144
Provision for deprecia n
1,601,993
1,590,827
1,496,790
1,459.036
Indianapolis and surrounding towns and villages, and the remaining 9%
is in rural
In the
Operating income
1,462,231
$4,486,526
20,612
$3,765,901
$4,507,139
528,000
1,436,963
a
Other income (net)
81,319
$3,818,121
9,929
total consolidated electric energy sold.
Three of these customers were
also supplied with steam for heating and industrial purposes and in the
12 months ended Aug. 31, 1940 accounted for $262,560.90 of the steam
revenue.
Mooresville Public Service Co. is engaged primarily in the distribution
and sale of electric energy
in Mooresville, Morgan County, lnd. and 15
Morgan, Hendricks, Putnam and Owen Counties,
lnd.; and secondarily in the pumping and distribution of water in Moores¬
ville.
It purchases all its power from non-affiliated
companies.
Its
operating revenue for the 12 months ended Aug. 31, 1940 was less than 1%
of the consolidated operating revenue of the company and its subsidiaries."
Electric Building Co., Inc. owns and operates an office building at
17 North Meridian Street, Indianapolis, wherein the company has its
principal executive and other offices aDd sales room, occupying approxi¬
mately 73% of the rentable area.
Its operating revenue for the 12 months
ended Aug. 31,1940 was approximately 0.35% of the consolidated operating
revenue of the company and its subsidiaries.
other communities in
Underwriting—The
.
and expense
Other deductions
Net income
which
each
a
$3,847,221
$3,828,051
$3,811,148
$1,367,763
$1,393,750
$1,688,650
$1,875,450
218,083
51,641
137,324
67,266
86,925
$1,934,811
$1,751,688
$2,864,202
Company did not make any
because
the
tax
return
$2,183,745
97,084
provision for Federal income tax for 1938
filed showed
a
loss
after
making certain special
deductions relating to funded debt, including the redemption premium and
the unamortized discount and expense applicable to the first
mortgage
gold bonds called for redemption in that year.
If such deductions had not
been available, Federal income tax would have amounted to approximately
$355,000.
bThe provision for Federal income tax is approximately $450,000 less
than it would have been had there not been available certain special deduc¬
tions relating to funded debt, including redemption premiums and un¬
has severally
follows:
;
No. of Shs.
v.:No. of Shs
Lehman Brothers
12,751
Goldman, Sachs «fc Co
12,750 Kiser, Cohn A Shumaker, Inc.-12,750 Knight, Dickinson & Kelly, Inc.,
4,500 Lee Higginson Corp
First Boston
Corp
Glore, Forgan A Co
Blyth & Co., Inc
Stone A Webster and Blodget,Inc.
A. C. Allyn & Co., Inc
Bacon, Whipple & Co
Bear, Stearns A Co
A. G. Becker A Co., Inc
150
800
2,800
W. L. Lyons A Co
Laurence M. Marks & Co..
1,000
F. H. Moseley & Co
Paine, Webber & Co
1,350
1,350
1,000
1,000
Gavin L. Payne A Co., Inc
Arthur Perry & Co., Inc
1,000
Blair A Co., Inc....
Bonbright A Co., Inc
2,800
1,000
420
2,200
420
H. M. Byllesby A Co., Inc
2,500
Central
2,600
Republic Co
City Securities Corp.....
Paul H. Davis A Co
....
Otis & Co
150
Piper, Jaffray & Hopwood
420
Riter & Co
800
E. H. Rollins & Sons Inc
1,000
L. F. Rothschild & Co
Bosworth, Chanute, Loughbridge
& Co
420
4,400 G. M.-P. Murphy & Co...
800
2,800
2,800
Blair, Bonner & Co
1,000
Schoellkopf, Hutton & Pomeroy,
Inc
800
Schwabacher & Co
150 Shields & Co—..
420
2,000
...
1,35011. M. Simon <fc Co
,
420
800
800
1,350
2,800
Farwell, Chapman & Co
Field, Richards A Co
...
800
Smith, Barney A Co
Stein Bros. A Boyce
Stern Brothers A Co
Stern, Wampler A Co., Inc..
.....
....
Stifel, Nlcolaus A Co., Inc
Hemphill, Noyes & Co
W. E. Hutton & Co.
1,000
Wertheim A Co
The Illinois Co. of Chicago......
1,000
1,000
1,000
White, Weld A Co
—.
Hayden, Stone A Co
Indianapolis Bond & Share Corp.
Curtis
3,000
420
...
1,550 Tucker, Anthony A Co
1,000 Union Securities Corp...
2,800 Wells-Dickey Co
Harris, Hall & Co. (Inc.)
Jackson A
2,800
-
4,400
Lazard Freres A Co
Francis, Bro. A Co
Graham, Parsons & Co
Hallgarten & Co
Kidder, Peabody & Co
4,400
4,400
Harriman Ripley & Co., Inc
1,000
1,350
1,350
800
_
Dillon, Read A Co...
Kuhn, Loeb & Co......
1,350
1,000
1,550
2,000
5,000
5,000
Consolidated Balance Sheet as at Aug. 31, 1940
Liabilities—•
Assets—
Propety, plant and equip...$66 ,374,629
8 ,380,341
Investments
99,729
Cash In banks A on hand
4 ,134,833
Accts, receivable (net)
1 ,372,457
Unbilled utility revenue.....
393,421
Going value
....
667,486
Special deposits
2 ,147,095
Expenses in process of amortiz
6 ,507,178
96,832
Prepaid Insurance
113,183
Organization expense.
Mlscell. def. debits
Discount
on
39,032
1 ,082,414
pref. stocks
Expense of issuance of com¬
stock
14,890
QH% cum. pref. stock..
6% cumulative pref. stock
Prem. received
$11 ,577,700
2 ,481,400
sale of pref.
10,000
Common shares (no par)....
Funded debt..
37 ,960,000
on
Accounts
payable
Payrolls payable
Preferred stock
9 ,327,504
273.492
.....
76 362
dividends
225,359
359,182
Accruals
2 ,438,959
Instalment payable
70,000
Matured bonds, <fcc..
2 ,147,095
Deferred credits
586,816
14 ,318,631
Reserve for depreciation
Reserve for legal expenses—
1,920
Contrib'ns in aid of construc'n
270,323
Customers'
deposits
,402,485
701,449
,194,843
Cap'l surp. from appraisal...
Other capital surplus
Earned surplus
$3,703,647
107,501
47,688
....
of the several principal underwriters, and the
% cumulative preferred stock
agreed to purchase from the company are as
names
respective maximum number of shares of 5
Total.
.
1940, the 10 largest commercial and
from sales of electric energy, and used 105,379,120 kwh. or 20.59%
of the total consolidated electric energy sold.
No one of such 10 customers
in the 12 months ended
Aug. 31, 1940, accounted for more than 1.52%
of the consolidated revenue from sales of electric energy, or 4.50% of the
revenue
1,380,820
315.000
227,483
.
areas.
12 months ended Aug. 31,
industrial customers accounted for $915,579 or 8.04% of the consolidated
mon
1,501,803
b346,000
114,238 are classified as domestic,
by the company and its utility subsidiary is estimated to be approximately
468,692.
Of this total, it is estimated that approximately 91% is in
Materials and supplies
Operating revenue
Operating expenses
.
Of these customers,
as
one as an
$9,190,813
3,363,405
2,455,756
..
areas.
commercial and industrial, 11 as municipal street lighting, and
electric company.
At the same date, steam service was rendered
to 796 customers in Indianapolis.
The total population of the area served
14,693
IQ'^Q
$9,440,420 $10,434,250
2,827,021
4,004,987
1,998,279
3,049,946
...
Gross from railway...
Net from railway....
public utility operating in and about the City
a
of Indianapolis, lnd., and engaged principally in the generation, distribu¬
and sale of electric energy.
It also is engaged in the production,
distribution and sale of steam for heating and general industrial purposes.
tion
and rural
Earnings of Company Only
October—-
Net from railway
.
about
Gross from railway—..
Net from railway...,
Net ry. oper. income.
From Jan. 1—
Com¬
to excess
Company has two wholly-owned subsidiaries,
Co. and Electric Building Co., inc.
RR.—Earnings of System—
October—
1940
Gross from railway..... $11,191,181
Net from railway
3,587,075
2)4% dividend paid credit) and 24% for 1940.
believes that under the Second Revenue Act of 1940 it is not subject
profits tax for 1940, but a provision for excess profits tax, which
might have been substantial, would have been necessary if the abovementioned special deductions had not been available.
The annual interest on the $32,000,000 principal amount of first mortgage
bonds, 3X% series due 1970, and the $5,400,000 principal amount of 2H%
notes presently outstanding amounts to $1,040,000 and $135,000 respec¬
tively, or an aggregate of $1,175,000.
The annual dividend requirements on the 140,591 shares of 514% cumu¬
lative preferred stock to be outstanding upon completion of this financing
amounts to $738,102.
pany
Business—Company is
$148,015
...
1968, and serial notes
has been made on the basis of Federal normal income tax rates of 16 H%
for 1939 (19%, less
"
Dividends applic. to pref. stocks for the period...
Balance
1940
30,
discounts applicable to
due
1840—Month—1939
$552,494
$537,730
166.483
152,563
149.500
130,000
Property retirement re¬
serve appropriations.
Nov.
the first mortgage bonds, 314% series
called for redemption.
This computation
amortized
.....
.$91,423,523
Total
—$91,423,523
-V. 151, p. 3090.
Indiana Associated
Period End. Oct. 31—
Telephone Corp.—Earnings-
1940—\fonih—1939
1940—10 Mos.—1939
$149,033
$142,468
$1,459,738
Ur collectible oper. rev..
145
139
1,421
Operating revenues
Operating expenses.....
$148,888
79,722
$142,329
$1,458,317
75,454
783,340
$1,352,025
698,083
Net oper. revenues
for lease of oper¬
$69,166
$66,875
$674,977
$653,942
50
53
878
540
25,253
20,352
221,324
201,667
$43,863
32,639
$46,470
$452,775
33,892
336,717
$451,735
329,237
Operating
revenues.
$1,353,341
1,316
Rent
ating property
Operating taxes
Net oper. income.___
Net
income
—V. 151. p. 2944.
Volume
The Commercial & Financial Chronicle
151
Indiana Gas & Chemical
Kansas Oklahoma & Gulf
Corp.— Earnings—
Production sales_
Manufacturing
-
__
expenses
Administrative and selling expenses
Insurance
State and
Interest
Federal
$342,600
253 963
27 632
2^323
5^861
taxes
Wabash Coke &
on
Warehouse Co. mortgage
notell"
146
21,470
Depreciation
Net income before Federal income tax..
$31,206
Consolidated Balance Sheet
Mar. 20 declared
on
non-cumulative preferred stock,
1940 to Sept. 30. 1940
....
—
Ry.—$2 Dividend—
a dividend of $2 per share on the series C
payable Dec. 2 to holders of record Nov.
22.
Dividend of $3 was paid on June 1 last, one of $4 was paid in Decem¬
ber, 1939. and a dividend of $2 per share was distributed ir June, 1939.
Directors
[Including Wabash Coke & Warehouse Co.]
Consolidated Earnings for the Period July 1,
3241
Sept. 30. 1940
Assets—Cash, $181,457; cash on deposit for payment of dividends on
cum. pref. and common stock not yet exchanged under plan of reorganiza¬
tion, $811: special deposits. $26,050; accounts receivable, $182,501; inven¬
tories, $170,402; prepaid insurance, $5,326; accrued interest receivable,
$50; deferred charges, $43,177; miscellaneous investments, $3,822; cost of
work in process not allocated, $11,225; lands, buildings and equipment
(net), $1,761,031; total, $2,385,852.
Liabilities—Accounts payable, $72,829; dividends on cum. pref. and
common stock declared but unclaimed, $811; accrued liabilities, $23,995;
reserve
for maintenance and contingencies, $39,534; mortgage note of
Wabash Coke & Warehouse Co., $9,750; cum. pref. stock (23,400 no par
snares), $1,170,000; common stock and capital surplus, $963,691; earned
surplus, $105,242; total, $2,385,852.
Note—The Federal income tax on earnings for the first nine months of
the current year is estimated to be approximately $23,000.—V. 151, p.3089.
Inspiration Consolidated Copper Co.—50-Cent Div.—
Earnings for October and Year
to Date
1937
1938
1939
1940
October—
$212,697
131,765
83,318
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
■.
Gross from railway.....
Net from railway.
Net ry. oper. income
$252,919
152,229
94,379
$228,092
120,487
74,036
$249,747
1,856,972
1,001,900
2,316,175
1,267,154
826,202
1,919,235
927,173
565,866
2,023,061
1,087,692
708,344
607,800
146,145
102,631
—V. 151, p. 2649.
Kelsey-Hayes Wheel Co.—Expansion Program —
Company has purchased land near Plymouth, Mich., and will immediately
begin construction of a large plant which will employ approximately 2,000
men on production of Colt and Browning machine
guns for the British
Government.
Funds for construction and equipment of the new plant will
be
supplied by British authorities.—V. 151, p. 3092.
Corp.—Special Dividend—•
Kennecott Copper
of 75 cents per share (not $1
erroneously reported in last week's "Chronicle" page 3091)
in addition to the regular
dividend of 25 cents per share on the commn
sDjc.
ni
oir
valu3, both
payable Dec. 24 to holders of record
Nov. 29. Special dividends of 50 cents were paid on Sept. 30 and on June 29,
Directors have declared a special dividend
share
per
as
last.—V. 151, p. 2944.
Directors have declared
a dividend of 50 cents per share on the common
24 to holders of record Dec. 9.
Last previous dis¬
tribution was made on July 7, 1930, and also amounted to 50 cents per
share.—V. 151, p. 2500.
stock,
payable Dec.
International Great Northern
October—
Gross from railway. _i_.
Net from railway......
Net ry. oper. income.__
From Jan. 1—
1939
1938
1937
$1,043,330
224.714
92,679
$1,045,462
188,430
51,236
$1,051,664
165,147
14,655
$1,187,493
190,509
19,645
Net ry. oper. income...
9.988,700
1,127,929
def396,858
11,062.716
1,877.207
378,576
2648.
1940
$2,197,156
277,426
686,778
....
preferred stock
second preferred stock.
on common stock...
on
420,114
$1,234,292
_
Surplus
1&38
1939
$1,945,485
287,616
3,464
$1,232,953
first
Consolidated Balance Sheet
$745,217
259,344
8,322
...
$4777551
1940
$1,107,937
1,750.000
50,705
3,066,423
1939
$2,090,288
93,052
92,506
14,236,645
3,710
9,326,328
263,158
224,402
Other assets.
189,312
Real estate, buildings, machinery and equipment- 13,655,870
Treasury first preferred stock (at cost)56,858
12,128,045
Assets—
on
dep. in U. S. funds as coll. to notes pay..
Funds with insurance company
Drafts and accounts receivable, less reserves
Advances
on
grain in transit, &c_
Inventories
Due from associated company.....
Prepaid
expenses..
50,705
2,824,589
186,715
Liabilities—
assoc.
$7,200,000
1.268,372
$1,472,500
871,624
.......
1,270.776
99,642
34,267
361,416
76,012
1,009,164
81,503
35,841
67,261
.......
y500.000
1.500.000
1.500,000
6,148,312
5.752,825
co.—Term.Dk. & W'house Co., Ltd.
(incl. Am. & Can. income taxes)..
Taxes accrued
Accrued commissions, payroll, interest, &c
....
Accrued dividends on preferred stocks.._.__.....
Reserve for Canadian exchange, &c
First
mortgage bonds
10-year 2.7% note, due Aug, 15, 1949
Reserves
.....
2d pref. stock of Robin Hood Flour
1st preferred stock (par $100).
Mills, Ltdi
2.747
5,537,300
....
2.500,000
8,050,838
Common stock......
Earned surplus...
Amount set aside for retirement of 1st pref. stock..
'
...
...
5,734,500
2,500,000
7,733,966
88,381
.$34,473,668 $26,923,578
Total
x
of record Dec.
—V.
Represented by 277,316
(70.019 in 1938) no par shares,
y
Includes
$50,000 current instalment.—V. 149, p. 3559.
International Salt Co.—Extra Dividend—
an extra dividend of $1 per share in addition
quarterly dividend of 37 lA cents per share on the common
of record Dec. 2. Extra dividend
of 25 cents was paid on Dec. 15, 1939, extra of 50 cents was paid on Dec. 15,
1938, and one of 25 cents was paid on Dec. 15, 1937.—V. 151, p. 554.
Directors have declared
to the regular
stock, both payable Dec. 16 to holders
International Telephone &
Telegraph Corp.—Gain in
Phones—
Subsidiaries of this corporation operating in
10 foreign countries had a
gain of 7,415 stations during October.
During the first 10 months of
these same properties added 74,490 instruments to their lines,
bringing the number of telephones in operation as of Nov. 1 to 1,184.504.
The subsidiaries operating in Argentina, Brazil, Chile, Cuba. Mexico,
Peru, Puerto Rico, Rumania and Shanghai showed an increase of 5,290
telephones in October, compared with gains of 5.053 for the like month
last year.
In September these concerns added 3,924 telephones, against
4,956 in the corresponding month last year.
For the first 10 months of 1940, these companies, excluding the Spanish
unit which has no figures available to make comparison possible, had an
increase of 44.005 telephones in operations, against 55,462 last year.
The
Spanish Telephone Co. had a gain of 2,125 stations in October, against an
increase of 2,392 in September.
For the 10 months ended Oct. 31, the
net
this year,
Spanish concern added 30.485 telephones,
321,757.—V. 151, p. 2501.
bringing the total in operation
to
10.
Co.—Merges Subsidiary—
stock
Iowa Southern
Utilities Co. (Del.)—Dividends—
payments of arrears on
the former cumulative
preferred stock outstanding on Aug. 3. 1938 at the rate of $1.75 per
7% series, S1.62H Per share on the6M% series, and $1.50 per
on the 6% 83ries. all payable on Dec. 14 to holders of record Nov. 30,
of dividend arrears certificates.—V. 150, p. 2944.
for the
share
share
1940,
Iron Fireman Mfg. Co.—25~Cent Extra Dividend —
Directors on Nov. 19 declared an extra dividend of 25 cents per share
on the common stock, payable Dec. 20 to holders of record Dec. 5.
Regular
quarterly dividend of 30 cents which had been previously declared will be
paid on Dec. 1 to holders of record Nov. 9.—Y. 151, p. 3091.
Kansas City Southern Ry.—$1 Preferred Dividend—
Directors have declared a dividend of $1 per share on the 4% non-cumu¬
lative preferred stock payable Dec. 11 to holders of record Nov. 27.
Pre¬
vious payment was a similar amount made in December, 1939.—V. 151.
3092.
dividend of 25 cents per share in addition
Laclede Steel Co.—Notes Called —
3-year 2 %% notes due 1941 have been
called for redemption on Nov. 30 at 100]^—V. 151, p. 1899.
All of the outstanding ($750,000)
La Cumbre Mutual Water
called for redemption on
Lake Superior
1940
Net from railway
$505,220
380,223
1939
$531,078
406,890
a
1938
$191,292
111,040
1937
$349,619
229,489
104,302
320,414
91,806
175,304
3,199,791
2,130,551
2,490,026
1,560,149
1,257,507
1,049,323
971,607
143,085
def82,210
3,129,686
1,989,487
1,492,015
Net ry. oper. income
From Jan. 1—
Gross from railway.
railway..
income...
2649.
Net ry. oper.
bonds due 1946 have been
& Ishpeming RR,—-Earnings-
October—
Gross from railway.....
Net from
Co.—Bonds Called—
mortgage 6Vl%
Dec. 1 at 102
Corp.—Stock Offered—
New York, and Floyd D.
Cerf, Chicago, on Nov. 25 offered 35,000 shares of class A
stock and 35,000 shares of common stock in units priced
at $11.50 each, the units consisting of one share of class A
stock ($2 par) and one share of common ($1 par).
Salle
La
Industrial
Finance
Heinzelmann, Ripley & Co., Inc.,
class A stock at rate of 70 cents per
payable Q-M.
Red., all or part, on any dlv. date on
$11 per share plus divs.
In liquidation, dissolution or
winding-up, whether voluntary or involuntary, entitled to $10 per share
plus divs. before any distribution to holders of pref. stock or common stock.
Voting rights of one vote per share, and cumulative voting in the election
of directors, to holders of class A stock and holders of common stock,
Transfer agent, First National Bank, Chicago,
Company and Business—Company was incorporated in Delaware March
27, 1937, and is engaged in the business of lending financial assistance to
business enterprises through loans evidenced by notes and through the
purchase of accounts receivable.
Following incorporation, company on March 31, 1937, acquired all of
the assets and assumed all of the liabilities of an Illinois corporation, which
did business under tne name of La Salle Mortgage & Discount Co. from
date of its incorporation on May 20, 1935, until March 27, 1937, when its
name was changed to
La Salle Acceptance Co.
On April 30, 1938, the
company acquired all of the assets and assumed all of the liabilities of
Business Finance Service, a copartnership made up of Samuel J. Hoffman
and Pearl Kleinman.
Previously thereto Business Finance Service found
loans for the company and its Illinois predecessor and received a brokerage
fee on such loans.
On Aug. 5. 1940, the company changed its name from
La Salle Mortgage & Discount Co. to La Salle Industrial Finance Corp.
Over 50% of the receivables of the company is represented by notes
secured by chattel mortgages or conditional sales contracts on business
equipment and machinery.
However, during the last year there have
have been substantial increases in the purchase of accounts receivable
Preferential cumulative dividends on
share per annum,
30 days' notice at
anticipates a continued growth of this type
of 1% of the business of the company consists
and the company
Less than
of financing.
of unsecured
loans.
,
its own capital the company finances its operations by the
trust notes.
Such notes are issued under a trust
indenture dated Sept. 1, 1938, with First National Bank, Chicago, and
mature not more than nine months from the date of their respective issuance.
In addition to
of collateral
issuance
issued from time to time and are purchased by banks.
The
until after maturity but are sold at a discount.
As
1940, notes in the aggregate amount of $530,000 were out¬
standing.
Securing such notes was collateral deposited with First National
Bank. Chicago, as trustee, in the face amount of $785,300.
Ratios between
the issuance of notes and the amount of collateral on deposit are specified
They
are
notes
bear no interest
of July
31,
indenture.
all of the assets of the company are
Substantially
Commission on Nov. 28 granted an applica¬
tion filed by the company pursuant to the Public Utility Holding Company
Act of 1935, to merge its wholly owned subsidiary, Interstate Power Co. of
Nebraska.—V. 151, p. 2649.
Directors have declared
Co.—Extra Dividend—
regular quarterly dividend of five cents per share on the common
both payable Nov. 15 to holders of record Nov. 9.—V. 138, p. 1927.
to the
in the trust
Interstate Power
The Securities and Exchange
p.
dividend of 50 cents per share in addi¬
quarterly dividend of 25 cents on the common stock.
Dec. 26 and the regular quar. on Jan. 2 to holders
Extras of 25 cents were paid on Oct. 1 and July 1, last.
151, p. 2502.
—V. 151, p.
.$34,473,668 $26,923,578
Total
Notes payable
Accounts payable
Due to
to the regular
The extra will be paid on
All of the outstanding first
Aug. 31
Cash
Cash
Kimberly-Clark Corp.—Extra Dividend—
Directors have declared an extra
Directors have declared an extra
Milling Co. (& Subs.)—Earnings—-
Years Ended Aug. 31—
Net income after all charges.
on
stock,
K-W Battery
International
Dividends
Dividends
Dividends
9.485.886
1,227,959
defl59,855
3,378,808
1,161,932
def90,806
$2.50 Dividend—
dividend of $2.50 per share on the com¬
payable Dec. 20 to holders of record Dec. 10.
Dividend of
$L50 was paid on July 10 last, one of $2.50 was paid or Dec. 20, 1939, and
6ne of 50 cents was paid on July 10, 1939, this latter being the first divi¬
dend paid on the common shares since December, 1937.—V. 150, p. 3515. •
tion
Gross from railway.
Net from railway......
—V. 151. p.
RR.—Earnings—
1940
Keystone Watch Case Corp.—To Pay
Directors on Nov. 22 declared a
mon
July 31, 1940, current assets
current.
comprised $902,431 of total assets of
Thus at
$911,411.
substantially en¬
larged its operations, increasing its receivables from $213,868 on April 1,
1937, to $878,369 on July 31, 1940, and increasing its working capital from
$138,818 on April 1, 1937, to $338,208 on July 31, 1940.
Company has also enjoyed an increasing volume of business, as is shown
Since the
company
in the following
commenced doing business it has
tabulation:
^
Oct. 31, 1937—
Year ended Oct. 31. 1938...
...
Year ended Oct. 31, 1939
Nine months ended July 31, 1940—.....—.
Seven months ended
q{
S'nen
o'!?1m'o7q
2,451,278
sustained losses of collection
—
period the company has
2-lOths of 1% of the total volume
During the same
of less than
—
Capitali ation—The capitalization as at
($2 par)-...
($10 par)
stuck ($1 par). —
Class A stock
of business.
Aug.Aulhori ed was as follows:
10 1940
Outstanding
s£8'
4,152 shs.
250,000 shs.
Ri,a
1Qf'-Ion 8u8,
191,720 shs.
Company has agreed with the principal underwriters to apply the portion
necessary of the proceeds of the class A stock to the purchase at par and
cancellation of the 4,152 outstanding shares of preferred stock, and promptly
Preferred stock
Common
The Commercial & Financial Chronicle
3242
such purchase and cancellation to take such action as may be necessary
to eliminate the preferred stock as a part of its authorized capital.
In
the event of the sale of the 35,000 shares of class A stock offered and the
elimination of the preferred stock, the capitalization will be:
upon
.
■
.
Class A stock ($2 par)
Common stock ($1 par)
To Be
V
Authorized
100.000 shs.
.
Outstanding
35,000 shs.
191,720 shs.
250,000 shs.
Purpose—Net proceeds to be received by the
the class A stock
company from the sale of
at $285,958 after deduction of estimated
by the company as to the extent received,
estimated
are
expenses, and are to be used
for the following purposes:
(a) Approximately $41,520 to the purchase
of the 4.152 shares of preferred stock issued and outstanding: (b) the
as an addition to working capital.
Company will not receive the proceeds of any of the shares of common
at par
balance
stock.
Underwriters—Under agreement of Oct. 3, 1940, company and the
stockholders employ Heinzelmann, Ripley & Co., Inc., to participate with
Floyd D. Oerf Co. in the sale of the 35,000 units of class A stock and
common stock.
Heinzelmann, Ripley & Co., Inc., agrees to use its best
efforts to sell at least 17,500 units.
No commitment exists to take any of
the shares offered.
Income Account for Stated Periods
9 Mos. End.
■Year
End.
Oct.
1939
31— 7 Mos. End.
Oct. 31
'37
July 31 '40
$133,895
exps
63,901
$136,234
84,962
$52,421
36,166
$12,871
$69,994
$51,273
$16,255
$3,849
$70,099
17,218
$51,273
15,866
$16,255
9,372
$3,849
3,227
10,460
Operating income
Oper. gen. & admin,
7,050
$42,420
$28,356
Operating profit
Other income.
1938
9,022
105
Total income
.....
Other deductions.
Normal income & excess
profits taxes.
161
829 ■■■•:
Undistrib. profits taxes.
35
Nov.
30, 1940
Most of the cylinders purchased by the company during the year were for
the use of the oxygen
subsidiary rather than for the carbonic division of the
business.
It is expected that this will hold good also for 1941.
The contract for the purchase of Wall Chemicals, Inc. provided for pay¬
ment for the good will acquired with that business on a basis measured by
the earnings of the
subsidiary from date of acquisition, if any, in excess of
10% per annum on the company's investment therein.
The amount due
for 1940 under this contract was $28,401, which is included in the liabilities
balance
the
on
even
sheet.
Since the company does not capitalize goodwill
paid for in cash, this amount has been deducted from capital
though
surplus,
During the
capital expenditures amounted approximately to $1,080,trucks and
individual comment.
All properties
were
adequately maintained.
Charges to operations for repairs ,and
maintenancewere $610,837, in addition to depreciation charges of $802,546.
The company's Canadian subsidiary showed a substantial increase in
sales but owing to an Increase in income taxes, from $67,003 last year to
$169,866, both stated in Canadian dollars, net profits show a small de¬
crease from last year.
Its figures have been consolidated with those of the
year
651, consisting of plant changes, machine tools, cylinders, auto
similar items, none of which requires
parent company.
On Oct. 10, 1940, pursuant to call issued on Aug. 23, 1940, the companyredeemed at 104 its outstanding issue of 4 % debentures maturing on June 15,
1947, amounting to $2,914,000.
The funds required for this purpose and
working capital were obtained by means of an 8-year serial loan
$3,500,000 from the First National Bank, Chicago. The notes, which are
unsecured, mature $175,000 semi-annually beginning April 1, 1941, leaving
$1,050,000 to be paid on Oct. 1, 1948.
Interest rates on the various notes
run from l%% on the first two notes to 3% on the last note.
Notes are
redeemable at any time on 15 days' notice at a premium of 1
% for the
first year, the premium decreasing each year.
The final note, however,
or any part thereof, may be redeemed at any time at a premium of H%
for five years, thereafter at par.
The company considered this refunding operation a wise move because
it furnishes additional working capital, it provides greater flexibility in the
funded debt, it will effect a saving in interest over the period of something
to increase
of
$100,000, after deducting the premium on the debentures.
This
premium, amounting to $116,560, together with unamortized debenture
over
Net
income
.....
$425
$6,054
—•V. 151. p. 2802.
Lawrence Warehouse
Co.—Registers with SEC—
See list given on first page of thU department.—V. 142, p.
3513.
Lehigh & Hudson River Ry.—Earnings—
October—
1940
Gross from railway
Net from railway......
1939
$170,595
6.3,544
38,374
Net ry. oper. income...
PFrom Jan. 1—.
Gross from railway
1938
$159,471
59,803
28,780
$147,219
49,953
21,563
1937
$154,562
63,010
30,188
fsi f-z:
1,405,612
480,238
210,103
Net from railway
Net ry. oper. income...
...
1,317,874
418,301
151,682
1,187,699
333,088
76,206
1,394,593
440,833
188,648
discount of $52,383, has been charged to earned surplus as at Sept. 30, 1940.
Employees of the Liquid Carbonic Corp. at the present time number
3,540.
Of these 1,286 are employed in the company's Chicago factories
at hourly wages, 430 are salaried workers in the Main Office, 191 are
salesmen, 152 constitute the administrative staff and 1,481 are employed
in branch plants and offices throughout the country.
Of the total number
of employees, 49.5% have been in the service of the company for five years
or more, 27.5% for 10 years or more and 4.4% more than 25 years.
Consolidated Income Account for
/'.
&
England RR.—Equipment Certificates
Placed Privately—An issue of $640,000 1%% equipment
trust certificates, series L, was awarded Nov. 25 to Evans,
Stillman & Co., New York, on a bid of 103.688.
The
certificates have been placed privately.
Dated
Dec.
16,
1940, due $64,000 annually Dec. 15, 1941 to Dec. 15,
Philadelphia Plan.
Proceeds are
help finance purchase of 300 all-steel hopper coal cars being built by
1950, inclusive,
to
To be issued under the
Pressed Steel Car Co.
October—
1940
1939
$412,317
168,756
121,728
$2,385,562
441,076
420,588
377,288
$3,818,889
791,746
107,218
547,000
158,505
145,982
$2,777,400
706,445
149,781
18,821
290,000
58,854
$2,806,150
681,212
158,808
52,840
265,000
51,992
$3,342,990
700,603
51,014
88,055
400,000
183,985
186,596
123,765
139,374
126,260
187,116
186,727
170,842
123,329
30,835
100,000
84,636
21,045
20,107
13,878
$1,137,326
700,000
$1,265,976
875,000
$1,655,866
1,242,500
$844,558
$437,326
$390,976
$413,366
700,000
700,000
700,000
700,000
$2.20
Total income
Admin. & gen. expenses.
sale of disp.
LInterest, &c._
$1.62
$1.80
assets.
Res. for Federal
taxes..
>ss
Prov. for profit sharing.
Prov. for pensions and
group insurance
Net ry. oper. income...
From Jan. 1—
Gross from railway.....
3,695,629
1,371,633
992,600
Net ry. oper. income
—V. 151. p. 2649.
Lehigh Valley RR.
October—
3,570,066
1,359,953
1,075,718
1
$4,360,026
1,566,234
912,655
.
.
Net ry. oper. income..
From Jan. 1—
.
_
income.,
...
$320,514
84,027
69,652
Res. for foreign exchange
fluctuations..
—
Prov. for contingencies.
Prop,
2,799,682
691,119
550,969
3,109,433
757,677
663,101
Net
*_
37,403,124
10,155,613
5,669,969
$4,091,033
1,313,773
744,153
$4,215,756
1,142.770
701,660
33,822,777
7,705,742
2,863,486
j,';'..
divs. but before
chgs. prof, sharing.
41,134,880
9,884.759
5,041,878
—V. 151, p. 2649.
I,
i9,333
avail, for
divs. & prlf. sharing $1,544,558
Div. paid or declared—
700,000
1937
1
profit
curr.
1938
i
$2,965,702
applic.
Net prof, bal.aft.ded.
QQQ
$4,590,669
1,572,447
1,126,479
39,082,130
11,212,416
5,821,792
of profits
to min. interests
'
Earnings1940
Gross from railway
Net from railway
1937
$313,458
99,758
74,408
I
railway
Gross from railway....
Net from railway.
insurance tax.
1938
$446,440
208,237
160,078
•
Net ry. oper.
$2,336,324
476,728
Prov. for unemployment
Gross from railway
Net from railway
1937
$3,342,161
.—
Other inc., int. on rec.,
disc, on purchases, &c.
Earnings for October and Year to Date
Net from
1938
Gross profit on sales—
Net earnings..
New
Years Ended Sept. 30
1939
.—$19,123,556 $17,193,840 $17,363,919 $18,327,405
4,144,707
3,114,819
3,141,238
3,687,714
Depreciation charges—
802,546
778,495
755,676
722,012
x
—V. 151, p. 2649.
Lehigh
1940
Net sales.....
Shares
stock
com.
out¬
standing——.—.
Earnings per share before
profit sharing.....
$2.?
x After branch
selling expenses, but before charging depreciation,
eludes amortization of discount and expenses.
In
y
Note—No provision was made for Federal tax increases under the Revenue
Acts of 1940 inasmuch as these do not apply to the company's earnings until
the 1941 fiscal year.
r ,v ■v.
-
Line Material Co.—20-Cent Dividend—
/.•■Y-l-V.Y/Y'-"''-'-;
Directors have declared
stock, payable Dec,
a dividend of 20 cents
per share on the common
13 to holders of record Dec. 2.
This comnares with
dividends of 15 cents paid on Aug. 23 and May 15 last and on Dec. 20
.
Co.—Earnings—
Sept. 30—
—
Cost of sales..;
Gross profit
on
,
.
..
—
sales
1939
$8,107,018
4,419,804
.
$8,305,312
5,121,160
:*•
Liabilities—
&c_ 11,289,998
11,215,454
117,148
112,839
1,546,555
.....
1,502,474
Capital surplus... 2,709,665
4,566,602
Earned suplus
receivable
56,887
46,652
Inventories......
4,014,453
3,388,491
Res. for inc. taxes.
Deferred charges..
211,192
232,241
operating income
N on-operating income......
Goodwill, pats,, &c
1
1
_
.
_
Other assets
6,492,349
—
......
Amortization of debt discount &
Other int^r»st......
...
Other deductions.
Provision for income
...
expense.""!.
—
.
......
..I. .II!
taxes.....HI....Ill—"
■
2,746,227
3,903,786
819,438
$3,184,152
$904,628
312,476
$568,810
93,979
Miscell.
193,456
351,589
Min. int. in capital
$662,789
115,877
286,217
582,718
$1,217,104
........
Income before income deductions
Interest on bonded indebtedness,
844,092
cruals, &c
Cust. creditbal...
6,781,122
1,434,558
1,180,784
Reserve for profit-
sharing...
Sinking fund
Net
$
Accts. payable, ac¬
Notes and accts.
$3,687,214
1,501,143
1,281,443
Selling, general & administrative expense..
Depreciation, depletion & abandonments
1939
■■
$
Capital stock... 10,500,000 10,500,000
Funded debt.....a3,030,560
3,075,000
x
Cash
z
-
Land, buildings,
Investments
1940
.•
s
1940
1939
8
Assets—
y
equipment,
Lion Oil Refining
9 Months Ended
1940
an
July^20, 1939,^and an initial dividend of 20 cents paid on Jan. 15, 1939.—Net sales.
Comparative Consolidated Balance Sheet Sept. 30
105,599
29,211
103.289
1,466
161,554
159,000
.
stks.
61,049
pay.
due
& surp. of
157,333
subsidiaries.
reserve...
160,061
1,178,617
1,020,894
31,642
108-880
144
X518.213
8,069
$459,325
$398,177
$1.05
$0.91
Total.
a
24,017,358 22,990,499
Total
24,017,358 22,990,499
—
$2,914,000 debentures including premium of $115,560.
The deben¬
10, 1940, from proceeds of serial bank loan (see
tures were redeemed Oct.
text).
Net income.
_
Earns, per share on capital stock
x
Sale
of
company's East Texas producing properties in May, last,
resulted in financial gain of
approximately $270,000, but due to these
properties being acquired in a tax-free mergzr the tax cost basis was so
reduced
as
to
give
an
income tax gain
of approximately
$1,900,000.
At
increased tax rates an estimated $460,000 income
tax liability was created
by the sale.
Credits and deductions provided by the excess profits law now
in effect will be sufficient, it is
expected, to eliminate any excess profits
taxes on the 1940 net income.—V.
151,
p.
3092,
Liquid Carbonic Corp.— Annual Report—W. K. Mcin¬
tosh, Chairman, and C. G. Carter, President, state in part:
W. K, Mcintosh, Chairman and C. G.
Carter, President, state in part:
As reported a year ago, the
company during 1939 engaged in the business
of producing oxygen (for industrial and medical
uses) and acetylene, with
plants located in Chicago, Detroit and Buffalo.
The year covered by this
report was the first full year of operation of the company's
whoby owned
subsidiary in that field, Wall Chemicals Corp.
The management believes
that the results obtained during the year were
satisfactory and that the
outlook is encouraging.
Increased demand has made it necessary to enlarge
the company's oxygen production capacity.
A new oxygen plant is in
course
of construction at the company's main plant on
Kedzie Avenue in
Chicago, to which-the operations of the Chicago plant of Wall Chemicals
Corp. will be transferred.
During the year the company acquired for cash the assets and business of
Acetylene Gas & Supply Co. of Toledo, and additional distribution faciliies in Milwaukee, which were then consolidated with Wall Chemicals
Corp.
x
Represented by 700,000 no par shares,
y
After deducting reserve for
depreciation of $9,171,492 in 1940 and $8,650,724 in 1939.
z After reserve
against receivables of $555,049 in 1940 and $547,65° in 1939.—V. 151, p.
1283.
Loew's London Theatres,
52
Ltd.—Earnings-53
Weeks
Weeks-
52 Weeks
Aug. 29, '40 Aug. 31, '39 Aug. 25, '38 Aug. 26, '37
Gross ticket receipts..—
$147,998
$142,416
$158,792
$136,176
Period—
395
Total income
Theatre
exps.,
&c
wages,
Total
830
$142,553
$137,005
108,982
105,214
100,399
97,096
$50,204
Rent received
Income
137
$148,267
salaries,
—— —
Balance
Interest
269
$159,187
Sundry revenues
$43,052
$42,154
35
$39,908
■
■
—
-
*
—
6C
invests—
284
earned-——
332
842
979
957
$50,822
$43,894
$43,168
$40,926
37,905
29,611
24,309
22,188
5,209
2.467
3,136
3,142
$7,708
11,809
$11,816
$15,722
23,619
$15,597
from
revenue.
,
Taxes, insur., repairs, re¬
newals, &c
Prov. for Dom.
taxes.,
& Prov.
—
Net profit
Preferred dividends
...
5,905
5.905
Volume
Lone
Balance Sheet
Assets—
$27,453
Bal.
on
10,618
17,286
with
dep.
accrued charges-
5,400
2,900
pref. stock...
337,410
337,410
500,000
500,000
9,339
13,224
7%
rights, &c
516,827
Common
516,827
Dom. Govt, bonds
shares..
Earned surplus
and accrued int.
$5,096
$1,120
Prov. for taxes..-
booking
xReal est.,
Aug. 29'40 AugM'30
Accts. payable and
$20,743
Can. Trust Co__
Goodwill,
Liabilities—
Aug. 29 '40 Aug. 31 *39
Cash
Star.
These
consist of gas distribution properties in Dallas
Texas.
They will be acquired through the payment
cash and assumption of the liabilities applicable to
assets
and Tarrant counties,
of about $125,000 in
them.
will be dis¬
stockholder.—V. 151, p. 2946.
County Gas Co. will be liquidated and its remaining assets
tributed to Lone Star Gas Corp., the sole
Loomis-Sayies Second Fund, Inc.—Earnings—
Earnings for Nine Months Ended Sept. 30, 1940
15,041
bldgs.,
Ac
3243
The Commercial & Financial Chronicle
151
$170,179
Income—Dividends
269,358
286,620
Interest
9,045
...
12,060
Total
bonds...
on
17,791
...
Alter, to & renova¬
tion of theatre..
Prep'd ins. &
4,928
x
After
5,093
$853,269
$858,630
exp_
Total
for
reserve
1939.—V.
151,
$187,969
53,563
6,717
4,372
9,708
Management fee
$858,630
$853,269
Total
1940 and $196,027 in
depreciation of $204,526 in
Custodian and transfer agent fees and expenses
Miscellaneous expenses
Provision for Federal capital stock and
Mass. excise taxes.:
2502.
P.
Excess of income from dividends and interest over expenses.
Lockheed Aircraft Corp .—Acquisition—Backlog—
Net loss
Acquisition of the outstanding capital stock of United Airports Co. of
California, Ltd., for $1,500,000 was approved on Nov. 24 by the Civil
Aeronautics Board.
The stock is being purchased from United Airlines
Transport Corp.
The corporation for 10 months ended Oct. 31, 1940 reports net sales of
$33,812,742, compared with $28,264,519 in like 1939 period.
Backlog of unfilled orders as of Oct. 31, 1940 was $280,025,373, against
$28,525,900 year ago.
New orders received in 10 months of 1940 totaled
$267,900,064.
Lockheed and subsidiary, Vega Airplane Co., employed
17,034 workers on Oct. 31 last.—V. 151, p. 3092.
_
(Marcus)
Aug. 31 '38
Aug. 31 '39
Period—
Total
to
$208,638
Aug. 26 '37
52 Weeks
$188,448
$201,158
$203,161
Theatre exps., salaries &
10,350
10,650
10,550
10,500
192,138
97,630
$186,611
65,604
$190,508
64,961
$178,098
66,367
$94,508
748,733
$121,007
822,262
$125,547
753,930
$111,730
699,416
Preferred dividends
$843,242
91,546
$943,269
194,535
$879,477
57,216
$811,146
57,216
Earned surplus
$751,696
$748,733
$822,261
$753,930
Balance
Int., taxes, deprec., &c
Net profit
Previous surplus
Total surplus
,
$406,797
979,123
1,025,908
16,857
16,620
6,275
4,425
Aug. 28'40 Aug. 30'39
accrued charges.
Total.........$7,727,824
—V. 151, p.
(P.) Lorillard Co.—Dividends—
stockholders of record at the close of business
payable out of the current earnings of the company
1940.—V. 151, p. 557.
declared
year
Los
$7,606
$9,364
750,000
1940—Month
27,300
653,900
750,000
750,000
revenue
Other rev. from transp.
751,696
748,733
Prepaid ins. & exp.
86
8,932
$2,213,960 $2,187,540
Total...
meeting of stockholders called to pass upon a plan of merger
Pepsi-Cola Co. was adjourned on Nov. 22 to Dec. 6.
Officials an¬
additional time was needed for final adjustments with Federal
agencies concerned.
A spokesman said that proxies representing more than 75% of the out¬
standing stock were received in favor of the merger.
A meeting of PepsiCola stockholders scheduled for Nov. 22 was also adjourned until Dec. 6.
—V. 151. p. 2945.
nounced
'
1940
October—
$2,329,092
700,517
195,506
Gross from railway
Net from railway
Net ry. oper. income
21,237,550
Gross from railway
from railway
1939
1938
5,585,109
916,204
income
2650.
9 Mos. End. Sept.
$68,829
170
$382,764
2,118
$298,306
3,630
funded debt.
on
$50,695
66,347
$68,998
67,431
446
$384,882
666,460
3,800
$301,936
364
x$l,122
$285,378
$400,281
unfunded debt.
$2,080,267
513,923
20,618
$1,953,958
381,739
def20,933
_.
loss,
-V. 151, p.
Profit
21,017,522
4,273,321
19,592,193
4,808,816
70,025
21,837,963
5,718,282
533,397
defl8,l95
30—
Louisiana & Arkansas Ry .—Earnings—
Gross from railway.
:
operating income
Net railway
railway—
Gross from
$16,320
20,986
$56,533
13,018
$48,301
14,033
$37,306
14,142
$69,551
22,136
1,785
2,420
1,340
1,503
1,843
1,327
4,561
1,430
3,152
Management fee
3,273
1,781
8,725
Custodian & transfer agt.
and expenses
expenses.
Prov. for Fed. cap. stock
and Mass. excise taxes
p.
Louisiana Power &
31—
retirement re¬
appropriations.
Property
1,139
$32,698
y673,971
$35,372
$21,461
$64,34.5
$706,669
Net operating revenues
Other income (net)
24
xl,486
34,452
70,259
Net loss on securs. sold.
Total
Prov. for Federal income
(prior year)
Dividends paid...
tax
'
43,58I
_
y
Balance
816,134
743,264
$1,991,398
12,577
$1,948,079
11,374
$201,758
72,947
4,336
Cr 1,892
$2,003,975
875,269
96,837
Cr 1,764
$1,959,4.53
875,459
58,428
Crl 1,754
$101,648
$126,367
pref. stock for the period
$1,033,633
356,532
$1,037,320
356.532
$677,101
$680,788
602
72,928
6,389
Cr440
Dividends applic. to
30
Sept.
Liabilities—
Dividend payable.
$2,046,990
639,298
87,458
Provision
14,967
x
1939
1940
$14,967
$13,239
for Fed.
and State taxes.
deposit tor
receivable...
7,593
13,239
7,710
Accr'd int. recelv.
1,178
5,531
2,398,054
2,143,331
3,824
1,238
2,850
Capital stock...
2,880
Def'dexps. (capital
stock tax)
64,018
$200,712
i,046
$180,525
Net income
Securities at cost..$1,751,598
dividend payable
67,199
mtge. bonds ....
on
Balance....
—V.
151, p. 2503.
Louisville & Nashville RR.—Seeks Eauip. Trust Bids—
Dec. 2 will open bids on $6,770,000 equipment trust
certificates, series I.
They will not exceed 90% of the cost of the new
equipment, will be dated Dec. 15, 1940, and will mature in 10 equal annual
instalments of $677,000 each, beginning Dec. 15, 1941, and ending Dec. 15,
The company on
1950
Bidders will name a rate of
....
$2,415,871 $2,162,100
Represented by 29,843 (26,669 in 1939) no par
shares.—V. 151, p. 1726-
Total
x
$2,415,871 $2,162,100
*
1940—12 Mos.—1939
$8,206,585
$7,463,040
3,856,357
4,340,518
915,340
1,058,535
$179,923
Gross income..
y$636,410
Profit.
Sheet
1939
1940
y$28,408
$14,888
$8,209
.
Total
dividend to be borne by the certificates
Corp.—Subsidiaries to Merge—
Exchange Commission Nov. 16 announced the filing
applications (File 70-194) under the Holding Company
the proposed sale by County Gas Co., a wholly-owned sub¬
sidiary of Lone Star, of all of its assets at book value.
The greater part of the assets, consisting of gas distribution properties
in and around Dallas, Texas, will be purchased by The Dallas Gas Co.,
which is also a subsidiary of Lone Star.
The Dallas Gas Co. will acquire
the assets by payment of $12,522 in cash and the issuance at par of 10,470
shares of its common stock ($100 par).
It will assume all of County Gas
Co.'s liabilities applicable to the assets acquired.
The stock will be issued
to Lone Star as nominee of County Gas Co.
The assets of County Gas Co. not sold to The Dallas Gas Co. will1 be
The Securities and
of declarations and
Earnings for October and Year
Act regarding
acquired by
Community Natural Gas Co., which is also a
subsidiary of
in
multiples of H of 1% per annum and a price for the certificates.
The
railroad's invitation said that no bid will be considered for the certificates
offering to pay less than par and accrued dividends.
Bids are to be directed to W. J. McDonald, Vice-President, Louisville &
Nashville RR., 71 Broadway, New York, and must be received by the
company by 11 o'clock, a. m., on Dec. 2.
„
Lone Star Gas
151,
Light Co.—Earnings—
Int. charged to construe.
and
over
1,070,461
Co.—5-Cent Dividend—
1940—Month—1939
$724,894
$718,453
362,630
358,397
91,093
119,375
Other int. and deduct'ns
Includes $686 of 1937 tax.
Cash in bank
serve
Int.
income for period
Assets—
.36,325
1,935,343
2,194,135
1,269,515
Louisiana Arkansas & Texas Ry.—V.
a dividend of five cents per share on the common
16 to holders of record Dec. 2. Dividend of 10 cents
were paid in three preceding quarters; five cents was paid on Dec. 15, 1939,
and previously regular quarterly dividends of 10 cents per share were
distributed.—V. 151, p. 3092.
$21,866
y42,479
$36,511
£<?41,077
declared
$28,152
6,691
divs. & int. over exp
1,349,100
Land & Exploration
Louisiana
Directors have
Direct taxes
Excess of income from
6,817,171
2.414,359
stock, payable Dec.
Operating revenues
Operating expenses.
Cr3,653
$808,917
355,351
207,542
2049.
Period End. Oct.
Reduc. in prev. prov. for
Fed. capital stk. tax..
losses
— .
operating income.
Note—Includes accounts of
1937
1938
1939
$38,965
9,336
$60,996
17,128
bonds
Total income
Excess of expenses
-
.....
1938
$661,719
228.158
134,014
1939
$847,507
389,319
236,696
1940
October—
Net railway
1940
$57,939
3,057
697,199
5,019
2650.
Net from railway
Income—Dividends
Divs.
$1,085,157
786,851
$16,016
on
Int.
1937
$2,360,955
692.061
139.875
Loomis-Sayies Mutual Fund, Inc.- ■Earnings -
on
806,974
Net from railway
Net
Cash
$1,189,738
442
Gross income
Int.
x
1—
Net ry. oper.
x
$146,639
77,811
$50,253
Operating income...
Non-operating income.
'
$1,112,299 $10,414,560 $10,114,660
8,039,942
7,835,773
846,830
1,184,881
1,193.730
118,830
83,108
Net
Long Island RR, —Earnings—
realized
88,272
$133,361
A special
with
fees
1,208
72,945
117,862
.
Net oper. revenue...
Miscellaneous
811
9,396
$1,078,062
826,840
Operating revenue
Operating expenses
Depreciation . /
Taxes
Loft, Inc.—Meeting Postponed—
on
89
8,249
-V. 151, p. 1578.
Interest
$1,102,814 $10,340,803 $10,025,181
$1,069,727
and coach operations.
$2,213,960 $2,187,540
—V. 151, p.
1940—10 Mos.—1939
-1939
Revenue from other rail
Period End. Oct. 31
Passenger
24,000
Organization exps.
From Jan.
for the
-Earnings —
Angeles Railway Corp.
49.000
653.900
750,000
18,000
9,905
has been declared payable Dec. 20, 1940 to
Dec. 6,1940. These dividends
stock of the company
common
Common shares
book¬
ing rights..
.$7,727,824 $7,043,817
Total.
Company has declared by way of anticipation, a dividend of $1.75 per
on the preferred stock payable Dec. 20 to stockholders of record at
the close of business Dec. 6.
This dividend would otherwise he payable
on the first business day in January, 1941.
Final dividend for the year 1940 of 30 cents per share on the outstanding
Prov. for taxes....
50,135
$8,043,8171
1435.
Earned surplus
& accrd.interest
6,350
1,238
7% cum. pref. shs.
Dom. Govt, bonds
Total
41,116
Def. Fed. cap. stk.
Accts. payable and
$378,700
Real est.,leasehold,
&
deposit for
payable
Divs. receivable..
are
Liabilities—
Aug. 28'40 Aug. 30'39
bldgs.& equip..
$17,550
8,026,267
tpar
$10)...
share
Balance Sheet
Goodwill
on
div.
Capital stock
546,044
6,000
6,000
Assets—
Cash
4,079
7,682,629
State taxes
941,427
1,471,243
$41,116
Prov. for Fed. and
187,353
$6,191,095
tax
expenses
Cash
Dividend payable.
$6,341,599
Common stocks
Pref. stocks
Sept. 30 '40 Dec. 31 '39
Liabilities—
Sept.30 '40 Dec. 31'39
Assets—
Sees, at avge. cost:
Accrued Int. ree'le
;
wages, &c
Amt. written off reorgan.
$108,067
Comparative Balance Sheet
Cash In bank
Aug.28'40 to Aug.30'39 to Aug.31'38 Aug. 26 *37
revenue
514
124,563
dividends paid over in¬
Excess of expenses, realized losses &
come for the period
Bonds
Loew's Theatres, Ltd.—Earnings —
$113,609
96,598
_
cost)
Federal income taxes
securities sold (based on average
on
Net adjustment of prior years'
Dividends paid
October—
Gross from railway
Net from
railway"...:::
Net ry. oper.
income—
railway
from railway
Gross from
Net
Net ry. oper. income
—V. 151, p. 3092.
,
to Date
1938
$7,827,895
2,432,768
1940
$8,751,097
1939
$9,199,687
'21547J)73
1,672,137
'3;005;403
2,326,525
80,753,538
20,838,655
72,241,062
19,072,479
717,730
14.499,334
13,875,847
12,767,450
9,008,498
^
1,869,683
1937
$7,976,256
2,036,871
1,597,162
76.046,617
19,287,371
13,893,560
The Commercial & Financial Chronicle
3244
7
Luzerne County Gas & Electric Corp.—Bonds
f All of the
Period End. Oct. 31—
Non-oper. income
for redemption on Jan, 1 at 105 and accrued
made at the New York Trust Co.—V. 151.
■
Gross
.I..,-;
revenues
$3,289,072
21,731
$3,064,826
$285,877
company, have been called
interest.
Payment will be
' "
$3,310,803
$3,093,255
1,364,743
Operation
McCrory Stores
Corp.—Stockholders Approve 5% Pref.
21.988
Federal income taxes
31,431
14,447
28,229
Maintenance
Stockholders at a special meeting Nov, 25 approved an amendment to the
company's charter authorizing the issuance or a new 5% cumulative pre¬
Prov. for retire, res've..
ferred stock with common stock warrants.
Net
Proceeds of the issue, which totals 60,000 shares, will be used to retire on
Feb. 1, 1941, the outstanding 6% preferred, amounting to 50,000 shares, at
earnings..
on
mortgage debt..
Int.
on
serial notes
Amort,
of debt
disc.
& other
tions (net)..
80,197
201,089
$973,631
302,750
32,357
$980,593
21.,616
2,125
258,102
376,250
26,612
&
deduc¬
exp.
McGraw-Hill Publishing Co., Inc .—Final Dividend—
208,532
157,732
175,516
317,350
$81.854
31,354
22,604
2,808
28,429
1,452,072
234,501
17,887
$64,771
Int.
See also V. 151, p. 2946.
1940—12 Mos.—1939
$265,813
119,117
17,622
7,717
125.011
General taxes
Issue—
.fllOashare.
1940
1940—Month—1939
$284,211
$263,891
1,666
1,922
Total oper. revenues
i726.
30,
Marion-Reserve Power Co.—Earnings —
Called—
outstanding 20-year 7% sinking fund convertible gold bonds
due 1944 of the Luzerne County Gas & Electric Co,, former name of this
P.
Nov.
4,295
3,100
48,074
37,670
$35,064
13,461
$45,275
14,128
$590,450
162,864
$540,060
$21,603
$31,147
$427,586
$371,276
Directors have declared a final dividend of 15 cents per share on common
Net income
Div. accr'a on $5 pf. stk.
stock payable Dec. 27 to holders of record Dec. 16.
Like amount was paid
on Dec. 2, Sept. 3, May 1, and Jan. 16, last, Oct. 16, 1939 and on Jan. 3,
1939 and a regular quarterly dividend of 15 cents was distributed on Jan. 14,
Bal.avail.for
1938.—V. 151, p. 2650.
Authority
Accept Accountants' Offer—Latter Offers to Return $522,402
Representing Fee^Paid Them as Accountants—
They state that their work during the period of their relationship with
the McKesson & Robbins companies was conducted carefully and in accord¬
ance with generally
accepted practices and procedures. They express the
belief that they would be sustained in
any litigation seeking to impose
liability in connection with losses sustained by the drug concern.
Their
"As the result of the fraud practiced upon us
by the former President
Robbins, Inc. and others, we have from time to time
expressed opinions to the effect that various financial statements of the
McKesson & Robbins companies fairly presented their position and the
of McKesson &
results of their operations.
"These opinions have, with the discovery of the fraud, proved to
mistaken.
Notwithstanding the fact that the opinions were given
be
in
good faith after the performance of the work for which we were employed
with due care and in accordance with the highest professional standards,
we are willing, and hereby offer, to refund to you the sum of $522,402, the
total amount received by us from the McKesson & Robbins companies in
respect of all such opinions subsequent to Jan. 1, 1933."
^
^
The accounting firm states that the offer is subject to the execution by
the trustee of an agreement not to assert any claims against Price, Waterhouse for "any acts or omissions to act" occuring prior to the date of the
agreement.—V. 151, p. 3092.
Maine Central
RR.—Earnnings—
Period End. Oct. 31—
1940— Month—1939
1940—10 Mos.—1939
Operating revenues$976,697
$1,069,222 $10,090,020
$9,934,695
Operating expenses.—.
752,244
721,117
7,443,501
7,136,243
Net oper. revenues
$224,453
$348,105
$2,646,519
.....
Taxes
75,975
70,698
Dr5,950
27,144
830,647
rents......
Cr 13.969
Joint fac. rents—Dr....
20,397
Net ry. oper. income.
Other income.
$142,050
Equipment
Martin-Parry Corp. (& Subs.)—Earnings—
sa
Years End. Aug. 31—
Net sa.es
Dr80,497
212,624
&c.)_
$1,522,751
35,840
407,309
$1,729,831
390,145
$279,538
$1,930,060
$2,119,976
172,617
1,646,612
1,701,723
$283,448
$418,253
$14,891
$106,921
—V. 151. p. 2650.
Majestic Radio & Television Corp.—New President —
Corporation announced on Nov. 20 that Howard Gates, active in the
radio industry for 21 years, had been named
President, succeeding Walter
G. Scott, Acting President, who resigned.—V,
151,
p.
2196.
Directors have declared a dividend of 40 cents per share on the common
stock, payable Dec. 10 to holders of record Nov. 29.
Previously regular
quarterly dividends of 20 cents per share were distributed.—V. 151, p. 2355.
Manhattan Shirt Co.—Balance Sheet—
June 1
Assets—
'40
$
June 3 '39
investm'ts
1,962,771
687,411
1,731,336
19,602
57,102
Mtges. rec. on real
estate
to
&
Liabilities—
x
706,062
rec.
June 1
$
Land, buildings,
Loans
'40 June 3 *39
5
$
Common stock &
scrip
.....
5,536 ,940
5,588,726
Notes payable....
700 ,000
200,000
Accts., &c., payFederal and State
98 ,319
119,751
23,000
31,650
100,000
5,621
Res. for conting..
Earned surplus...
100 ,000
8,815
4,125 ,810
3,922,626
531,485
2,874,178
526,867
Capital surplus...
614 ,464
614,464
advances
employees...
Cash...
Inventories
Trademarks, good¬
will, &c
5,000,000
z Com. stock bal
113,672
Deferred charges.
63,460
_.
_
Total
taxes,
127 ,510
&c
65,286
2,410,559
253,835
y$951,883
$51,243
$60,995V
2,730
754
„
Total loss..
y$951,883
$50,489
17,122
180,000
8,260
y$754,761
...
Operating loss
$58,748
5,000,000
32,082
1940
Land, buildings,
equipment, &c..
Casn
....
Accts. receivable
Inventories
Prepaid
.
;
$58,347
y
$173,918
9,584
$183,502
Profit.
Liabilities—
1939
x
$898,603
1,286,024
$888,673
155,786
60,820
50,371
223,695
68,291
16,042
._
......
28,318
expenses.
Accr'd
liabilities..
Adv. pay. rec'd
$2,485,184 $1,191,3891
1939
263,863
14,526
on
uncompl. contr's
218,155
5-yr. 5% 1st mtge.
conv,
Total
1940
Capital stock...$1,432,733 $1,405,133
payable.
80,914
9,372
Accounts
bonds.
Surplus
250,900
Total
292,300
238,619 def529,942
.....
$2,485,184 $1,191,389
x Represented
by 199,550 (178,850 in 1939) shares no par value,
y After
deducting reserve for depreciation of $672,664 in 1940 and $661,680 in
1939.—V. 151, p. 705.
New Stock
on
—
Directors have declared
a dividend of 25 cents per share on the new com.
outstanding payable Dec. 1 to holders of record Nov. 23.
Stockholders recently split the common stock on a two-for-one basis.
Special dividend of $1 was paid on the old stock on July 10, last, and
regular quarterly dividends of 50 cents were paid in June and March this
year.—V. 151, p. 1149.
stock
now
,
Mead Corp.—25-Cent Common Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
stock, payable Dec. 10 to holders of record Nov. 29. This will be the first
dividend paid since Dec. 20, 1937 when a distribution of 50 cents per share
was made.—V. 151, p. 3095.
Melville Shoe Corp.—Sales—
Corporation on Nov. 22 reported retail sales for October, 1940, of $3,600,530, as compared with $3,360,577 for October of last year, or an increase of
7.14%.
The 10 months' sales for this year are $32,077,944, as compared
with $30,380,535 for the similar period in 1939, or an increase of
5.59%.—
V. 151, p. 2947.
Mergenthaler Linotype Co.—Government Contract—
Messer Oil Co.-— Debentures Called—
$34,000 6% debentures, series A, due 1947 has been called for
Jan. 1 at 102.
on
Michigan Associated Telephone Co.-—Bonds Sold Pri¬
vately—Company on Nov. 26 sold to nine insurance com¬
panies $2,950,000 3}^% bonds due 1970 at 104.92, retiring
$2,800,000 4% bonds due 1968 at 105, and providing $150,000
of new money; the former Michigan bonds were held bv the
public.
Company is a subsidiary of General Telephone
Corp.
-'VV:V-v:■
^A:':
Bonds Called—
^
'■
All of the outstanding first mortgage bonds, series A 4% due Nov. 1.
been called fpr redemption on Dec. 31 at 106 H and accrued
interest.
Payment will be made at the Continental Illinois National
Bank & Trust Co. of Chicago.—V. 150, p. 439.
Midland
..11,303.044 10,610,853
Par $25.
*
Valley RR.—Earnings—
October—
Gross from railway
1940
1939
From Jan. 1—
Gross from railway
Net from railway
$120,298
54,491
33,529
$134,322
61,927
1,109,098
Net from railway
Net ry. oper. income—
1,159,976
531,584
336,618
471,425
266,991
Net ry. oper. income
—V. 151, p. 2652.
38,318
1938
$156,463
82,360
60,554
1,138,184
1,287,828
588,625
418,398
492,211
308,624
Minneapolis & St. Louis RR.—Earnings—
1940
1939
" 1938
$1,164,508
Net ry. oper.
—V.
151,
p.
income
2652.
494,136
374,534
8,104,807
2,036,380
1,135,099
1937
$135,230
72,899
51,310
October—
Gross from railway
Net from railway
Total
$176,268
2,350
Consolidated Balance Sheet Aug. 31
Assets—
y
Net ry. oper. income...
From Jan. 1—
128,225
11,303,044 10,610,8531
-
$58,264
83,
Includes Martin-Parry Corp. of Canada, Ltd.
Gross from railway
Net from railway
y After depreciation and obsolescence,
z Balance due on
stocks purchased for sale to officers and subscribed for by them
The earnings for the six months ended May 31 were
published in our
issue of July 13, page 248.—V. 151, p. 2650.
x
387,725
1968 have
(P. R.) Mallory & Co. —40-Cent Dividend —
Sundry
422,637
redemption
$244,313
35,225
162.999
mach'y.
Accts. & notes
$77,567
1,430,393
The U. S. Government recently awarded this
company a contract totaling
$609,885 to manufacture fire control equipment. —Y. 151, p. 3095.
Deductions (rentals, int.,
Net income-
xl937
$2,798,452
664,046
Drl41,891
262,684
$177,890
Gross income.....
xl938
$326,730
Int. & miscell. charges..
Prov. for inc. taxes (inc.)
x
xl939
$371,395
Net operating loss
Other income
A total of
y
xl940
$2,382,276
Cost of goods sold, sell.,
admin. & gen. expense
May Hosiery Mills, Inc.—Dividend
letter continues:
168,785
income accounts.
to
Pi William J. Wardall, trustee, announced Nov. 22 that he will seek author¬
ity from the New York Federal Court to accept an offer of Price, Waterhouse & Co., former accountants of the drug concern, to return $522,402
representing fees and expenses paid them for examining the company's
books and accounts during six years of the former Coster-Musica regime.
The offer is the result of lengthy negotiations between the trustee and
Price, Waterhouse & Co.
It is conditional, Mr. Wardall said, upon his
agreement not to assert claims against the accounting firm for liability
arising out of the fact that their examinations failed to disclose the so-called
crude drug fraud perpetrated by the drug company's former President.
The fees which Price, Waterhouse & Co. have offered to refund cover those
paid in the years 1933 to 1938 inclusive.
In notifying intervening committees representing stockholders and credit¬
ors of his intention, Mr. Wardall furnished them with copies of a petition
submitted to the Court and a show cause order made by Judge Alfred C.
Coxe setting Nov. 29 as the date of a hearing on the offer.
He also supplied
them with copies of a letter dated Nov. 15 from Price, Waterhouse & Co.
making the offer and the agreement not to press claims against the account¬
ing firm.
Mr. Wardall pointed out in his petition to the Court that the success of
any litigation against Price, Waterhouse & Co. would be uncertain and
involve considerable expense for preparation.
He said that the offer of
the accounting firm, represented "a fair disposition" of his claim as trustee,
against Price, Waterhouse & Co. He expressed the belief that it was to the
best interest of McKesson & Robbins that the offer be accepted.
In their letter to the trustee, the accounting firm takes the position that
in the conduct of the limited examination for which they were employed,
they have not been guilty of any negligence, but were themselves "the
victims of the same fraud of which the McKesson & Robbins companies
were the victims."
.stk.
Note—No Federal income tax liability is anticipated for the current year.
However, provision for such tax computed at normal rates is included In
Adjustment of this accrual for the purpose of reflect¬
ing rates established by the Second Revenue Act of 1940 is made in the
October report; of the $3,1431 provided, $16,346 is applicable to operations
during the previous nine months.-—V. 151, p. 2504.
McKesson & Robbins, Inc.—Trustee Will Seek
■■
com
1937
$861,058
297,350
$967,272
275,032
169,826
7,647,824
1,716,799
833,234
7,517,561
1,457,183
534,706
7,147,204
1.159,846
311,393
$1,033,481
391,785
196,764
65,457
common
Marchant Calculating Machine Co.—Extra Dividend—
Directors have declared an extra dividend of 37H cents per share, in
addition to a fourth quarter dividend of 37^ cents per share, on the 226,642
shares of common stock outstanding, both payable Dec. 20 to stockholders
of record Dec. 5.
This action of the Marchant directors will bring the total
dividends paid in 1940 to $1.75 per share, and, according to
Edgar B.
Jessup, President, it places the company's regular dividend payments
basis of $1.50 per share per annum.—V. 151, p. 2650.
on a
Minneapolis St. Paul & Sault Ste. Marie Ry.— -Earnings
(Including Wisconsin Central Ry.)
October—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 151, p. 2652.
1940
1939
1938
1937
$3,113,264
1,038,211
684,350
$3,014,102
1,088,425
763,271
$2,398,419
595,310
280,824
$2,533,184
26,345,575
7,077,501
4,102,593
23,660,294
5,454,164
2,509,155
20,454,259
2.908,245
defl90,863
23,929,357
5,329,247
2.654,231
618,834
241,144
Volume
The Commercial & Financial Chronicle
IS J
Minnesota Power & Light
Period, End. Oct. 31-
Amort,
1940—12 Mos —1939
$7,397,415
$6,559,087
2.357,034
54,167
$638,320
159,105
111,991
75,000
1,295,834
691,667
1,849,399
1,094,562
583,333
574
572
6,885
$277,285
$291,652
$3,045,995
$3,024,937
31
40
115,133
res. approp.
limited-term
of
dividend of 50 cents per share on account
cumulative preferred stock, par $10, payable
Dec. 2.
Dividend of 25 cents was paid on
Aug. 15 and May 16 last; 50 cents on Dec. 15, 1939, and 25 cents per share
was paid Aug. 15 and May 16,1939, Dec. 15, Aug. 15 and May 16, 1938.—
declared
have
Directors
a
of accumulations on the 8%
6,856
$667,416
220,257
Direct taxes
Prop, retire,
Monolith Portland Cement Co.—Accumulated Dividend
Co.—Earnings-
1940—Month—1939
Operating revenues
Operating expenses
3245
Dec.
V.
16 to holders of record
151, p.
559.
"
investments
....
Net oper. revenues
Other income
864
1,888
Monongahela
1940
$310,057
162,566
"
41,942
Net from railway
Gross income
Int.
on
__
mtge. bonds...*
Other int. & deductions.
Int. chgd. to construct'n
Net income.....
_
"
$291,692
134,642
7,042
$277,316
133,850
7,068
Crl.099
Cr 154
$150,162
$137,497
Divs. applic. to pref. stocks for
$3,047,883
1,609,736
72,466
Cr4,715
$1,370,396
$3,025,801
1,620,005
69,477
Crl.430
$1,337,749
990,825
$379,571
Balance.
1938
1937
$364,783
324,283
205,367
237,514
133.545
$417,397
247,488
127,773
3.269,475
1.933.292
2,705,126
1.625.651
924.883
676.730
-
Monroe Auto
Equipment Co.—Earnings —
Earnings for 3 Months Ended Sept. 30, 1940
—V.
1940
1938
$86,547
17,503
6,046
$74,601
23,317
13,614
$87,155
14,747
3,016
655,358
713,073
72,891
def29,370
664,781
789,123
129,756
39,300
1—
Gross from railway
Net from railway
Net ry. oper. income
$16,894
*
$0.13
129.834 shares.
150, p. 3667.
1937
$85,708
31,135
19,443
Gross from railway
Net from railway
Net ry. oper. income
1939
3,833,872
2,237,170
1,049,715
—V. 151, p.2653.
Earns, per share on
RR.- Earning s-
Central
October—
27,535
def67,569
134,453
38,113
—V. 151,p. 2652.
Monsanto Chemical Co.—Pension Plan—
meeting to be held on Dec. 20
vote on a two-part retirement pension plan, according to a letter from
Theodore Rassieur and Walter W. Smith, pension committee of the board
of directors, which points out that until now no definite pension plan had
existed and that Federal Social Security applies only to the first $3,000 of
Stockholders will be asked at a special
to
employee's annual salary.
is to be paid
an
solely by the company and applies to all
of 30 and 65 and all female employees
shall have completed 10 years of service
prior to retirement.
Each employee participating in Part B of the plan,
which applies to persons between the age limits above whose salary exceeds
$3,000 a year, must contribute toward the cost of annuities for future
service 4A% of his salary in excess of $3,000 the year and the company
shall pav the balance of the cost of annuities for future service and the
Part A of the plan
male employees between the ages
between the ages of 25 and 60 who
Mississippi Power & Light Co.—-Earnings—
1940—Month—1939
Period End. Oct. 31—
1940—12 Mos.—1939
$7,624,258
$7,353,158
4,560,664
4,263,518
948,631
920,549
$662,281
391,415
115,799
65,000
$690,393
366,066
106,317
63.333
776,667
753,333
$90,067
$154,577
$1,338,296
48
33
5.920
$1,415,758
1,371
$90,115
$154,710
68,142
7,154
$1,344,216
131,765
$1,417,129
817,700
84,411
Net income...
$14,665
$79,414
a'Dividends applicable to pref. stocks for period..
$409,501
403,608
$515,018
403,608
$5,893
$111,410
Operating revenues
Operating expenses
Direct taxes.
Prop, retire't
1939
$503,172
Net income after all charges.
Mississippi
Jan.
4,198,701
2,512,549
1,215,703
Gross from railway
Net from railway
Net ry. oper. income
$346,918
-V. 151, p. 2506.
From
Net ry. oper. income
From Jan. 1—
990,831
the period-
-Earnings-
Ryv
October—
Gross from railway
res. approp
,
for past service.
become effective unless it is accepted by 75% or more
eligible on the effective date of the plan, the letter says.
The purpose of Part A is to supplement the primary insurance benefits
under the Social Security Act and to pay such additional amounts, if any,
as required to make adequate the total pension payments commencing at
normal retirement age.
The minimum schedule of pensions, including
the company plan and the Federal Act, will be 25% of annual wage or
salary for 10 years of service, 30% for 15 years and increases of 5% each
five years thereafter to a maximum of 50% for 35 years of service.
Under Part B, retirement annuities would be equal to 1A % of that portion
in excess of $3,000 of the average annual salary after joining the plan
multiplied by the number of years of service between the date of joining
the plan and the normal retirement age, plus 1% of that portion In excess
of $3,000 of salary for the year 1940 multiplied by the years of service prior
to the effective date of the plan after attaining the age 35 for males and
30 for females.
No remuneration in the form of bonus or commission and
no portion in excess of $30,000 a year of any salary shall be considered as
a basis for providing annuities.—V. 151, p. 3095.
entire cost of annuities
Net oper. revenues...
Other income
Gross income....
Interest on mtge. bonds.
Other int. & deductions.
F
66,667
8.783
802,950
...
Balance
a Dividends
accumulated and unpaid to Oct. 31, 1940, amounted to
$420,425 after giving effect to dividends amounting to $2 a share on $6
pref. stock, declared for payment on Nov. 1, 1940.
Dividends on this
stock are cumulative.—V. 151, p. 2506.
Missouri & Arkansas Ry.1940
October—
railway
Net from railway
Net ry. oper. income.*
From Jan.
Gross from
8.856
_
1937
1938
$106,870
27,247
14,432
$89,970
19,271
6,889
$121,754
42,433
26,997
Montana Power Co.
987,342
183,509
65,066
62,743
Missouri Illinois RR.
Earnings
$215,930
97,925
26,425
1937
1938
1939
1840
October—
Gross from railway
Net from railway
Net ry. oper. incomes
961,026
165,685
34,153
816,538
116,741
def2,320
900,357
204,513
railway
Net from railway.
$133,216
39,640
11,821
$107,520
28,191
12,643
$214,921
103,792
63,840
From Jan. 1—
Net ry. oper. income.
1,836,546
808,462
400,o72
870,060
156,635
11,830
1,870,763
880,448
524,324
1,283,635
410,621
195,862
Direct taxes..
Property retirement and
depletion res. approps.
151,378
141,384
1,751,349
1,605,270
Net oper. revenues...
Other income (net)
$356,431
1,546
$498,028
Dr5,250
$7,066,938
2,625
$5,981,265
Drl4,295
Gross income........
$357,977
157,170
44,125
40.062
0909
$492,778
$7,069,563
158,328
1,892,125
529,495
$5,966,970
1.909.303
Int.
mortgage bonds.
on
debentures
on
Other int. & deductions.
Int. charged to construe.
—V. 151, p. 2652.
02,601
44,125
34,910
Dividends
$117,529
$255,415
applicable to pref. stock for the period
Balance
—
Net income.*.**...-
Missouri-Kansas-Texas
Lines—Earnings—
1939
1938
1937
$2,641,342
755,040
302,705
$2,684,973
739,426
296,841
$2,577,350
677,984
235,632
$2,987,077
677,375
126,895
23,098,927
5,180,316
Net ry. oper. income-..
1,392,927
—V. 151, p. 3095.
23,669,442
5,000,413
1,161,321
23,321,482
4,579,745
711,565
27,178,645
6,915,580
2 752 776
Gross from rail way
Net from railway
Net ry. oper. income...
From Jan. 1—
Net from railway
Pacific
—V.
$3,114,974
957,533
957,528
$3,207,415
$2,157,446
151. p. 2653.
on
the
on
common
Nov. 22 declared an extra dividend of 75 cents per share
stock, payable Dec. 18 to holders of record Dec. 2. Regular
quarterly dividend of 50 cents was paid on Oct.
was paid on Dec. 16, 1939.—V. 151, p.2050.
Mountain City
-Purchases
RR.-
$4,164,948
(John) Morrell & Co.—Extra Dividend —
Directors
Gross from railway.....
529.495
421,675
08,477
485.596
.
1S40
October—
Missouri
$1,427,941
441,315
Operating revenues
Operating expenses
Int.
Gross from railway
Net from railway.
(& Subs.)—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$1,272,002 $17,305,959 $14,631,955
411,668
5,218,225
4,541,478
220,922
3,269,447
2,503,942
478,817
Period Ended Oct. 31-
1—
Net ry. oper. income—
—Y. 151, p. 2652.
f7
-Earnings1939
$122,954
29,117
Gross from
Part B shall not
of the employees
Terminal
Properties—
Extra of 50 cents
Copper Co.—To Pay 2iy-Cent Dividend—
dividend of 25 cents per share on the common
holders of record Dec. 6. Dividend of 15 cents
Directors have declared a
stock, payable Dec. 20 to
Law Suits Terminated—
25 last.
paid on Dec. 22, 1939, tnis latter being the first dividend paid
December, 1937 when 25 cents per share was distributed.—V. 149, p.
was
The company,
of the Alleghany
Nov. 25 acquired from Terminal Shares, Inc , a subsidiary
Corp., the entire properties and outstanding stock of the
Union Terminal Ry., and the St. .Joseph Belt Ry., for $400,000 in cash in
addition to $3,200,000 already paid for the stock of the two companies.
the sale Nov. 25 also marked the end of a series of law
suits brought by Guy A. Thompson, trustee of the Missouri Pacific, against
Terminal Shares, Inc., the Alleghany Corp. and the trustees of the Alleghany
The closing of
Corp.'s three bond issues.
Under the terms of an agreement reached last
March, the suits which arose out of the sale of the St. Joseph and North
Kansas
There
City properties, and were withdrawn by the MOP trustee.
still remains pending
a
(G. C.) Murphy Co.—Stock Sold—Shields & Co. have
completed the sale of 1,000 shares of common stock (no par)
through dealers at 70 plus commission.—V. 151, p. 2805.
Murray Corp. of
suit brought by the Chicago Burlington &
proximately $6,000,000 in the event of a settlement favorable to the Ter¬
minal Shares interests. The Burlington suit was decided in the lower courts
in favor of the plaintiff, but an appeal was taken and a hearing has not yet
p.
Alleghany Corp., through its subsidiary, Terminal Shares, will also
Terminal Ry. approximately $650,000 in cash, less
receive from the Union
expenses pertaining to the agreement plan, on that company's indebtedness
to the parent company.
While no figures have been published on the cost,
is
expected that Terminal
Shares will receive about $800,000 in cash
through the transaction, and will effect substantial savings
ment of the suits over the sale of stocks to Missouri Pacific.
Narragansett Electric
Net ry. oper. income
p.
Period End. Sept. 30—
1939
1938
1637
$8,601,795
2,354,163
1,407,969
$7,790,175
1,853,656
$8,285,720
1,922,877
1,035,709
71,437,699
15,624,165
7,178,495
68,536,290
14,192,413
5,383,471
874,339
Co.—Earnings—
1940—9 Mos —1939
1940—12 Mos.—1939
$9,613,793 $9,023,399 $12,965,476 $11,837,904
142.401
113.787
213,158
149.031
—
493.228
Depreciation
...
Fed., State & muni. tax.
1,019,633
al,291,647
$9,137,186 $13,178,634 $11,986,935
3,771.986
5,893,133
4,961.492
501,366
703.134
1,024.982
884,845
1,313,888
1.106,560
1.243.946
al,720.664
1.528,307
$2,547,072
875,569
$2,735,044
883,929
$3,547,815
1,169,063
$3,365,595
1,181,429
83,356
110,231
57,036
51.676
111.406
31.388
27.724
$1,708,646
$2,159,809
$1,999,225
Total gross
67,009,410
13,128,567
4,180,559
78,019,410
18,4.54,900
10,150,271
Maintenance.
2947.
Directors have declared a dividend of 25 cents per
share
on
the common
stock, payable Dec. 10 to holders of record Nov. 30.
Regular
dividend of like amount was paid on March 11, last.—V. 151, p.
Modine Mfg.
revenue
Other income
earnings..
Operating costs.
Mock, Judson, Voehringer Co., Inc.—25-Cent Dividend
quarterly
2518.
Directors have declared a dividend of 75 cents per
Interest on
-
fended debt.
$9,756,194
4,404,613
Amort, of debt dis. <fe exp
redemp. prem's
refunded bonds
<fc
on
share
on
the common
Sept. 20
25 cents
Other interest expense..
82,554
41.987
Other charges
Co.—Dividend—
stock, payable Dec. 20 to stockholders of record Dec. 10.
On
and June 20 last a quarterly dividend of 50 cents and an extra of
were
Gross operating
Bal. before cap. charg.
Gross from railway
Net from railway
151.
par
—V. 151, P. 993.
i
.
1940
Net ry. oper. income—
From Jan. 1—
—V.
no
through settle¬
$8,684,676
2,538,041
1,571,346
October—
50-Cent Dividend—
dividend of 50 cents per share on the common
value, payable Dec. 16 to holders of record Dec. 2.
This
comDares with 25 cents paid on Jure 15, last; 75 cents paid on Dec.
15,
1939, and 25 cents paid on June 15. 1939 and on Dec. 15 and June 15, 1938.
Directors have declared a
stock,
Earnings for October and Year to Date
Gross from railway..
Net from railway
3096.
Muskogee Co*-—To Pay
been scheduled for the appeal.
it
America—To Decrease Directorate—
proposal to amend the company's by-laws to provide for a board of
of nine members instead of eleven members, as presently con¬
stituted, will be voted upon by stockholders at the annual meeting Dec. 17.
With the exception of O. D. Hastings and Joseph C. Markley, the present
directors are proposed for reelection, while Charles R, Stevenson has been
nominated to fill the vacancy caused by the death of E. A. Potter.-—V. 151,
A
directors
Quincy RR. over the right of way to the North Kansas City properties of
Terminal Shares w hich the Missouri Pacific has agreed to purchase for ap¬
The
since
3878.
—
27,038
before dividends.
$1,519,924
stock.
100,125
~
$1,419,799
'
Bal.
Div. dec. on pref.
-,0,131
33.403
100.125
paid.—V. 151, p. 2518.
Mohawk Carpet
Mills, Inc,—50-Cent Dividend—•
Directors have declared a dividend
of 50 cents per share on the common
Dec. 13 to holders of record Dec. 2.
Previously regular
quarterly dividend of 25 cents per share were distributed.—V. 151, p. 993.
stock, payable
FurpliS.-C-°-nl--
-
$1,708,646
$2,059,684
$1,999,225
included in tax expense for Federal excess profits tax,
applicable to the 1940 period as such determination can not be
made except at the end of the calendar year.—-V. 151, p. 250/.
a
No provision is
if any,
The Commercial & Financial Chronicle
3246
Nashville Chattanooga & St. Louis Ry.
—Earnings—*
1940
1939
1938
1937
$1,488,175
356,591
204,546
$1,381,677
435,785
324,962
$1,305,578
406,977
300,096
$1,202,230
94,410
10,446
12,645,739
2,546,563
1,481,734
12,394,964
2,879,035
1,821,049
11,296,631
2,429,482
1,435,640
12,201,511
1,763,334
973,660
October—
Gross from railway
Net from railway-—-—
Net ry. oper. income- - From Jan. 1—
Gross from railway
Net from railway.-----
Net ry. oper. income--—V. 151, P. 2653.
National Acme Co.—50-Cent Dividend—
Nov.
30,
1940
On Aug. 27, 1940, the directors of the company authorized the purchase
of certain of the current assets (made up of cash on hand and in banks,
receivables, and inventories of raw materials and supplies, finished and
partly finished products) and the assumption of certain of the current
liabilities (made up of current trade accounts and current accrued wages,
commissions and other expenses) of the Chemical Lime Co., Inc., the
net aggregate of which is estimated to amount to at least $190,000; and
authorized the payment therefor by the issuance of 1,250 shares of the
company's $4.50 conv. cum. pref. stock at an agreed value of $100 per
share and the payment of an amount in cash not to exceed $65,000.
At
the same meeting the board, under authority given it in the company's
charter, authorized the issuance of the reauired 1,250 shares of $4.50
conv. cum. pref. stock.—V. 151, P. 2507.
have declared a dividend of 50 cents per share on the
stock, par $1, payable Dec. 16 to holders of record Dec. 6.
This
The directors
common
with 25 cents paid on Oct. 19 and on July 12, last; 50 cents
paid on Dec, 27,1939; 25 cents on Dec. 29, 1938; 50 cents on Dec. 20,1937;
National Automotive Fibres,
compares
25 cents
on
Nov. 15 and June 30, 1937, and on Dec. 22, Nov. 20 and Aug.
20, 1936, this latter being the first dividend paid by the
company
since
May 1, 1931, when a quarterly dividend of 20 cents was distributed.
Company has a $15,000,000 backlog of unfilled orders, the largest in
over 20 years, which at the present rate of operations will keep company
busy for about a year and one-half, according to Fred H. Cbapin, President.
—-V. 151. p. 2948.
National Aviation Corp . —To Pay
Directors have declared
a
Gross profit on sales
Operating expenses
Total income
-Registers $70,000,000
covering $55,000,000 of 3H%_ debentures, due Dec. 1,
1960 and $15,000,000 of serial debentures, $750,000 principal amount
maturing semi-annually June 1, 1941, through Dec. 1, 1950.
The interest
rate on the serial debentures is to be furnished by an amendment to the
registration statement.
The net proceeds to be received by the corporation from the sale of the
debentures will be applied as follows;
(1) $57,774,150 to the redemption, at 105%, of $55,023,000 principal
fl00 a shares of that company's $6 cumulative preferred stock of which
0,125 share,
outstanding (exclusive of 20,127 shares held by National
are
Dairy Products Corp., which are to be surrendered and canceled).
(5) The balance of the net proceeds will be used for general corporate
purposes.
The Serial Debentures will be offered to the public at 100% and the
underwriting discount will be % %.
The underwriting discount on the
3H% debentures will be 2% and the public offering price will be furnished
by amendment.
The 3)4 % debentures are redeemable as a whole, or in part by lot, after
at least 30 days' notice at 108% of the principal amount prior to June 1,
1941, with successive reductions in such price of M of 1% on June 1, 1941
and on each Dec. 1 and June 1 thereafter until Dec. 1, 1953, and of % of
1% on Dec. 1, 1953, and on each June 1 and Dec. 1 thereafter, to 100%,
together with accrued interest to the redemption date.
The serial debentures of each maturity are redeemable as a whole after
at least 30
days' notice at 100% of the principal amount plus H of 1% of
such principal amount for each six months or fraction thereof from t\ *»
redemption date to the interest payment date next preceding the respect'-*'*
dates of
maturity of serial debentures redeemed, together with accrued
to the redemption date.
The prospectus states that in order to
facilitate the offerings It is
in¬
tended to stabilize the prices of the debentures.
This is not an assurance,
it statej, that the prices of the debentures will be stabilized or stablizing,
if commenced, may not be discontinued at any time.
Goldman, Sachs A Co———$4,500,000
Lehman Brothers
4,600,000
_
A. C. Allyn & Co., Inc.——
Jackson A Curtis...—
400,000
...
Johnston, Lemon A Co
2,200,000
600,000
1,000,000
1,100,000
150,000
—
-
-
1,200,000
-
—-
...
... .... _
........
-
-
—
...
....
-
Dominlck A Domlnick.—....
400,000
Riter A Co
800,000
Drexel A Co...—^
E. H. Rollins A Sons, Inc
Eastman, Dillon A Co
260,000 L. F. Rothschild A Co
Emanuel A Co—350,000 Schroder Rockefeller
.
Equitable Securities Corp
Estabrook A Co.............
First Boston Corp...........
First Cleveland Corp.
First of Michigan Corp.
Francis, Bro. A Co
Gerstley, Sunstein A Co.—
Glore, Forgan A Co......
Graham, Parsons A Co—..
Hallgarten A Co...
Halsey, Stuart A Co., Inc....
Harriman Ripley A Co., Inc—
Harris, Hall A Co. (Inc.)
.
—....
160,000
750,000
2,400,000
150,000
100,000
160,000
150,000
1,000,000
400,000
500,000
1,100,000
2,200,000
A
Ino.—..—
Schwabacher A Co——
■
1,000,000
and
wholly
its
150,000
500,000
750,000
100,000
150,000
owned subsidiary,
In consolidating the income of the
Canadian subsidiary, no provision
has been made for the difference in rates of exchange.-—V.
National Motor Bearing
151, p. 2948.
Co., Inc.—Registers with SEC—
See list given on first page of this department.
National Power &
Period End. Sept. 30—
Inc. from subs.—Consol.
1940—12 Mos.—1939
$6,711,368
$5,911,633
130,220
96,155
55,181
Net oper. income.
— .
900
$1,677,040
164,337
$1,374,061
91,040
$6,841,588
494,532
$6,007,788
366,925
$1,512,703
256,361
$1,283,021
255,724
$6,347,056
1,021,631
$5,640,863
1,107,913
$1,256,342
Total income
Expenses, incl. taxes...
$1,027,297
$5,325,425
$4,532,950
Int. & other deductions.
Net
Light Co.—Earnings of Co. Only—
1940—3 Mos.—1939
$1,621,859
$1,373,161
Other
income...
Earnings
share of
stock.
$0.15
$0.11
Consolidated earnings for the 3 and 12 months
per
$0.66
$0.52
periods ended Sept. 30,
1940, and 1939 appeared in the "Chronicle" of Nov. 16, page 2949.
common
Balance Sheet Sept. 30
1940
liabilities—
$
§
Investments ...130,151,982
Cash
3,557,362
130,266,642
2,822,619
225,213
225,213
Temp, cash inv. 15,998,740
Spec, cash deps.
4,905
16,246,944
305,686
6,292
279,406
1,580
...
Accrd. int. ree'le
Other
curr.
__
assets
Unamort'd
.
_
__
tral Ry. A
Lt.
370,500
419,574
34,180
324,677
421,987
18,400
281,378
6,550,106
46,899
333,714
389,823
33,200
281,373
6.405,962
Total.... —.151,993,898
151,898,145
Co—
DIvb. declared..
debt
1,711,332
1,692,169
82,540
Other del. ch'ges
26,967
Accts.
payable..
Liquidat'n
Accrued
aect.
accts..
d Reserve
c
Reserve
__
Surplus...
Total.—.
$
.
b Lancaster Cen¬
Dlvs. rec. assoc.
companies.
1939
$
Cap. stk. (no
par value).
125,839,095 125,839,095
6% gold debs.
series A
8,775,000
8,775,000
5% gold debens.
series B
8,959,000
8,959,000
a
284,826
1,624
Accts. receivable
Company Only
1939
1940
A. s sdsmmmmm
151,993,898
151,898,145
414,500
419,574
a Represented
by $6 pref. stock (value in liquidation $100 a share),
279,716 shares; common stock, 5,456,117 shares,
b 5% collateral trust
mortgage gold bonds, c Appropriated from capital surplus,
d For retiring
minority interest in subsidiary liquidated.—V. 151, p. 2949.
/
National Pressure Cooker Co.—jEarnings—
1940
Cost of sales.™
—
Selling and general expenses-
....—....
Operating profit
100,000
200,000
150,000
100,000
Miscellaneous income (discounts, Ac).
200,000
200,000
750,000
150,000
State and Federal income taxes......
Total income.....—
x
Discount
...
sales
on
Net profit
—
Dividend paid—
Earns, persh.on 100,000shs. cap.stock (par $2)..
1939
$1,882,339
$125,260
5,366
$151,916
33,984
28,062
—......
—
$1,916,848
1,458,670
311,996
$146,182
5,733
Year Ended Sept. 30—
Sales (less freight, returns and allowances)
200,000
Co.,
Canadian
The provision for Federal and Canadian income taxes have been com¬
puted upon the basis of the normal tax, and no provision has been made
for excess profits taxes.
100,000
150,000
400,000
150,000
Shields A Co
500,000
Singer, Deane A Scrlbner
100,000
Smith, Barney A Co.——— 1,900,000
Starkweather A Co——
400,000
Stein Bros. A Boyce
200,000
Stern, Wampler A Co., Inc.—
200,000
Stone A Webster and Blodget,
Inc.————;
1,000,000
Swiss American Corp
150,000
Spencer Trask A Co——
200,000
Union Securities Corp
1,500,000
G. H. Walker A Co..
150,000
150,000
Watling, Lerchen A Co..
...
Inc.,
1,100,000
400,000
——
Fibres,
Automotive Trim Ltd., from Oct. 1,1939.
The records of the corporation
have not been audited for the period Jan. 1, 1940, to Sept. 30, 1940, and
therefore the statement is subject to ajustment.
100,000
Kidder, Peabody A Co——
260,000 Kuhn, Loeb A Co.....
W. C. Langley A Co———.
Inc
100,000 Lazard Freres A Co———
Baker, Weeks A Harden.——160,000 Lee Higginson Corp...—
A. G. Becker & Co., Inc
400,000 Mackubin, Legg A Co—
Blair & Co., Inc.————
800,000 Mellon Securities Corp...
Blair, Bonner & Co----.
150,000 Merrill Lynch, E. A. Pierce A
Blyth & Co., Inc
Cassatt
1,100,000
Boded & Co., Ino
300,000 Milwaukee Co.
Bonbright A Co., Inc.——-- 1,000,000 Mitchell, Hutchins A Co.....
Bond & Goodwin, Inc.
—
160,000 Moore, Leonard A Lynch.
F. S. Moseley A Co......
Bosworth, Chanute, Loughridge A Co—150,000 G. M.-P. Murphy A Co..—..
Alex. Brown A Sons.-—.—..
400,000 National Co. of Omaha..——
Frank B. Cahn A Co...
100,000 Otis A Co
Central Republic Co—
260,000 Paine, Webber A Co.;
E. W. Clark A Co.——.
150,000 Arthur Perry A Co., Inc
Clark, Dodge A Co——400,000 Piper, Jaffray A Hopwood..
Cotfin A Burr, Inc..—
600,000 R. W. Pressprich A Co.——Curtiss, House A Cq—.....
100,000 Putnam A Co.—
Dillon, Read A Co——. 2,200,000 Reynolds A Co.—
.
$736,161
$1.22
—
——
disct. andexp.
Ames, Emerich & Co., Ino—
Arohold and S, Blelchroeder,
.
income.
Automotive
Underwriters of the 3H % Debentures
-
—.
Earnings per share on 502,874 shares of common stock
3%% debentures, due 1951;
(2) $6,020,595 to the redemption, at $105 a share, of 57,339 shares of
7% cumulative preferred stock? class A;
7r
'
'
----?3) $4,343,850 to the redemption, at $105 a share of 41,370 shares of
7% cumulative preferred stock? class B;
(4) $2,012,500 to Western Maryland Dairy, Inc., a subsidiary, of which
amount $1,012,500 will be in payment of open account indebtedness and
$1,000,000 will be loaned to the subsidiary and used for the redemption, at
.
...
Note—The foregoing statement Includes results of operations of Natlona
The corporation on Nov. 25 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-4590, Form A-2) under the Securi¬
interest
$996,795
74,425
186,209
—
—
Deduction from income
Net
National Dairy Products Corp.
/f
$780,572
216,223
—
—
Provisions for Federal and Canadian income taxes.
Securities with SEC—
amount of
—
—
dividend of 50 cents per share on the common
stock, payable Dec. 16 to holders of record Nov. 30.
Dividends of 25 cents
were paid on July 12, last and on Dec. 15, 1939, July 14, 1939 and Jan. 14,
1939, this latter being the first dividend paid since Dec, 15, 1936, when
$1 per share was distributed,—-V. 151, p. 2507.
ties Act of 1933,
$1,444,185
663,613
.......
...
Net profit on sales
Other income
50-Cent Dividend—
Inc. (& Sub.)—Earnings
Earnings for the 12-Month Period Ended Sept. 30,1940
Gross sales less returns and allowances (exclusive of net sales
of cloth conversion department)
$7,222,886
Cost of goods sold
5,778,701
$130,627
40,755
21,608
$89,871
20,000
$0.90
$68,263
15,000
$0.68
1,528,211
228,867
-
......
x
Comparative Balance Sheet Sept. 30
Assets—
750,000
Frederic H. Hatch A Co., Inc.
300,000
Hayden, Miller A Co——
400,000
Hay den, Stone A Co.
1,000,000 Wertheim A Co
200,000
Hemphill, Noyes A Co
1,000,000 White, Weld A Co.—
1,000,000
Hornblower A Weeks.
400,000 Whiting, Weeks A Stubbs, Inc.
150,000
W. E, Hutton A Co..
1,000,000 Yarnall A Co.—
100,000
Illinois Co. of Chicago
100,000
—
1940
onband.™
Accts. receivable.
—
-
Inventories...
Cash
surr.
$102,244
177,167
215,816
$45,995
Accounts payable.
Accruals
121,113
250,198
Compens'n claim.
Cap. stock (par $2)
9,720
5,781
14,909
341,912
1939
$88,820
$88,790
9,249
13,154
342,634
value
(life ins. policies)
Treasury stock (less
1940
Liabilities—
1939
Cash in bank and
...
.....
Includes other deductions of $1,470 ($9,010 in 1939).
...
Surplus——
63,855
4,020
53,038
200,000
514,275
4,779
200,000
445,236
$870,971
$791,849
net payments on
purch. contract)
Deferred charges. .
x
Fixed assets.
5,615
Patents (less amor¬
tization)
...
3,421
3,891
$870,971
$791,849
...
—
Underwriters of the Serial Debentures
Goldman, Sachs A Co
52,500,000 Hemphill, Noyes A Co.
200,000
2,500,000 Kidder, Peabody A Co
500,000
500,000 Kuhn, Loeb A Co—— 1,200,000
1,200,000 Lee Higginson Corp....
700,000
First Boston Corp
1,300,000 Mellon Securities Corp.;
800,000
Halsey, Stuart A Co., Inc
500,000 Smith, Barney A Co
700,000
Harriman Ripley A Co., Inc.. 1,200,000 Union Securities Corp.......
1,000,000
Hayden, Stone A Co..
200,000
Lehman Brothers...
Blyth A Co., Inc..
Dillon, Read A Co
...
National Gypsum
New
York
Total.
$260,774 in 1940 and $329,074 in 1939.
...
151, P. 2948.
The
x After reserve for
depreciation of
—V. 151, p. 1903.
Natomas Co.—Extra &
......
—
—V.
Total
Stock
Co.-—Listing—
Exchange has authorized the listing of 1,250
additional shares of its $4.50 con v. cum. pref. stock (no par—non-voting)
upon official notice of issuance thereof as part consideration for certain
of the assets of the Chemical Lime Co., Inc., Bellefonte, Pa., making
the total amount applied for 61,550 shares.
Larger Dividends—
Company increased its regular common dividend from 20 cents to 25
share and declared an extra of 20 cents per share, both payable
Dec. 27 to stockholders of record Dec. 10, 1940.
The company recently
announced consummation of a deal to purchase a one-half interest in the
Colorado properties of the South Platte Dredging Co. for $750,000.
The
properties are located along the South Platte River in Colorado, with
approximately 80 million cubic yards of proved ground.
A new dredge is
now under construction for use on the new properties, the company stated.
—Y. 150, p. 2654.
cents per
Neiman-Marcus Co.—Preferred Stock Called—
outstanding 7% preferred stock has been called for redemption
All of the
i
on
Dec. 1 at 105.—V. 151, p.
3096.
Volume
Nebraska Power Co.
Period End. Oct. 31—
Operating
Operating
Earnings
1940—12 M6s.—1939
$8,403,561
S710,493
311,018
135,628
52,500
$673,833
316,811
103,821
52,500
$8,545,351
3,808,096
1,376,969
630,000
3,546,565
1,306,397
621,667
800
1,945
15,890
23,358
$210,547
$198,756
$2,714,396
$2,905,574
82
131
1,501
2,173
$210,629
$198,887
61,875
$2,715,897
742,500
$2,907,747
742,500
17,500
10,286
Dr3,021
210,000
112,771
Cr3,886
Drl ,788
$121,275
$106,205
applic. to pref. stocks for the period
$1,654,512
499,100
$1,843,466
499,100
$1,155,412
$1,344,366
expenses
Direct taxes
of
Amort,
res. approp.
Net oper. revenues
Other income
Int.
on
mtge. bonds....
Int.
on
deb. bonds
61,875
17,500
10,305
Other int. & deductions.
Int. chgd. to construct'n
Cr326
Net income
Divs.
dividend of 15 cents per share on the
Dec. 20 to holders of record Dec. 5.
Regular quarterly dividend of 15 cents per share was paid on Nov. 1, last.
Extra of 15 cents was paid on Dec. 15, 1939.—V. 150, p. 1447.
Directors have declared
common
210,000
109,993
Nevada Northern Ry.-
1938
1939
1937
$58,994
28,369
17,077
Net ry. oper. income
From Jan. 1—
Gross from railway
$64,849
33,277
24,538
$61,179
28,976
19,735
$66,886
612,613
>
Net from railway
Net ry. oper. income
537,962
255,929
167,651
456,601
179,476
117,325
573,266
282,176
211,699
336,983
218,548
34,017
26,499
—V. 151, p. 2654.
or
a
10,306,380 kwh.
This is an increase of 804,627
8.47% above production of 9,501,753 kwh. for the corresponding
year ago.
Gas output is reported at 105,627,000 cu. ft., an increase of
or
0.56%
week
a
591,000 cu. ft.,
in the corresponding
above production of 105,036,000 cu. ft.
ago.—V. 151, p. 3096.
year
New
1940—9 Mos.—1939
1940—12 Mos —1939
$9,419,307
$8,938,882 $12,608,199 $11,940,059
1,494
1,207
6,737
Dr9,809
Total gross earnings..
Operating costs
$9,420,801
6,235,454
216,021
480,000
Maintenance
$8,940,089 $12,614,935 $11,930,251
5,447,035
8,211,173
7,152,635
262,271
303,798
292,666
480,000
640,000
640,000
mu¬
a949,760
905,965
al,247,452
1,118,987
$1,844,817
241,861
$2,212,512
319,780
$2,725,963
322,867
32,098
19,279
7,798
32,294
15,575
8,469
42,941
24,426
7,779
42,768
19,943
$1,240,845
360,630
$1,546,618
360,630
$1,817,587
480,840
$2,325,453
480,840
$880,215
$1,185,988
$1,336,747
$1,844,613
& prems. (net)..
Other interest expense..
Other charges
Bal. before dividends.
divs.
Balance
declared
for
14,931
common
divs. and surplus...
No provision
is included in tax expense for Federal excess profits tax»
period as such determination can not be made
except at the end of the calendar year.—V. 151, p. 1729.
a
held
if any, applicable to the 1940
Seeks to Make $4,617,832
Newmont Mining
Corp.—$1 Year-End Dividend—
a year-end dividend of $1 per share on the capital
14 to holders of record Nov. 29.
Dividend of 37^
cents and extra of 12^ cents was paid on the new shares now outstanding
onlSept. 16, last. Stock dividend of 100% was paid on June 27, last.—V.
151, p. 2358.
New Orleans & Northeastern RR.--Earnings1940
Gross from railway
Net from railway
for
On bonds secured
a
under New Haven's own first and refunding mortgage,
of a coupon is being sought. A payment on this
larger disbursement to holders
since disbursements on the latter obligations
likely be figured on the basis of the supporting collateral.
payment of three-quarters
basis to the refunding bonds would mean a
of New Haven's collateral 6s,
would most
Earnings, for October and Year to Date
1940—Month—1939
1940—10 Mos.—1939
$8,164,080
$8,010,755 $70,003,131 $68,663,202
1,521,631
1,480,363
6,417,387
6,108,805
Period End. Oct. 31—
Total operating revenue
Net ry. oper. income.
Income avail, for fixed
1937
1938
1939
73,866
$309,038
137,990
66,213
$291,012
120,553
64,383
$303,457
98,224
30,248
2,698,049
985,282
418,228
2,560,274
962,611
392,291
2,561,764
875,339
326,350
2,772,866
1,076,325
$341,314
148,501
.
Net ry. oper. income...
From Jan. 1—
1,748,146
charges
Net ry. oper. income...
—V. 151, p. 2655.
Orleans Texas & Mexico Ry.$176,799
41,333
48,818
Net ry. oper. income—
From Jan. 1—
1937
1938
$193,669
29,454
26,111
$192,790
39,514
46,521
$187,202
40,292
51,944
1,949,071
530,773
Gross from railway—..
1937, and Boston & Providence RR. Corp., July 19, 1938.
b Effective as of these dates, no charges for the stated leased
included covering the
New York Ontario & Western
1940
October—
Gross from railway
4,601,517
164,637
1940
Gross from railway
151, p. 2949.
New York Central
railway.
Net from railway
Gross from railway
Net from railwayNet ry. oper.
—V.
4,040,080
3,023,513
7,064,476
303,609,180 278,363,006 242,023,064 310,240,195
74,627.168
69,011,812
47,972,829
73,870,657
9,620,322
28,418,491
35,178,568
Gross from railway
Net from railway.
Net ry. oper. income...
From Jan. 1—
Gross from railway.
Net from railway
Net ry. oper. income...
—V. 151, p. 2805.
2,710,781
893,051
309,237
Net from railway
1940
$4,463,474
1,768,915
1939
$4,772,484
2,148,784
1938
$3,520,273
1,271,760
1937
$3,502,070
1,062,283
1,112,030
1,524,402
806,962
35,122,521
11,616,222
29,622,375
8,068,605
35,807,226
11,892,964
6,498,431
6,583,987
3,589,269
7,110,862
3,729,129
4,180,210
734,404
175,407
income—
3093.
73,551
303,181
248,786
928,846
370,132
Earnings for October and Year to
1940
$248,131
161,415
October—
Gross from railway
131,798
Net ry. oper. income...
From Jan. 1—
2,117,950
1,437,783
1,116,978
1940—10 Mos.—1939
$8,860,303 $10,311,457 $83,797,64.5 $71,621,151
310,558
3,107,593
2,946,626
336,666
Pass, mail, & expr. revs.
34,018
37,252
314,262
292,511
60,352
Other transp'n revs
53,514
564,548
459,956
Incidental and joint facil.
$9,291,339 $10,712,782 $87,784,048 $75,320,244
Ry. oper. revenues—
Maint. of way & struc..
Maint. of equipment—
993,822
1,847,589
148,151
1,890,506
17,424
193,141
expenses
Transp'n rail line
Miscell. operations
General expenses
6,946
Transp. for invest.—Cr.
Railway tax
846,462
1,604,462
143,176
1,933.549
17,380
185,271
7,136
7,438,397
14,899,172
1,400.214
16,699,038
174,715
1,784,219
50,243
9,081,873
17,215,555
1,459,557
18,214,041
184,248
1,908,932
133,139
$4,207,653
accruals.1,787,970
$5,989,619 $39,852,980 $32,974,732
1,695,286
15,008,859 10,688,387
$2,419,683
Cr405,564
$4,294,333 $24,844,121 $22,286,345
Cr436,511 Cr3,310,459 Cr2,379,535
Drl 1,304
Drl41,467
Drl48,679
Ry. oper. income
Equipment rents (net) _ _
(net)..
Dr9,999
RR.—Listing—
Stock Exchange has authorized the listing
first mortgage 3H% bonds, series A, due Oct. 1, 1965.
The New York
Net from railway
$415,779
70,370
11,106
3,872,534
814,129
Net ry. oper. expenses
New York Connecting
$385,584
81,078
30,397
66,273
Freight revenues
612,846
37,963.426
12,111,683
1937
1938
1939
$455,444
136,509
3,784,854
695,410
Gross from
Net ry. oper.
—V.
151, p.
RR.—Earnings—
1940
$442,916
127,057
Joint facil. rents
Net ry. oper. income—
—V. 151, P. 2655.
779,026
66,104
151, p. 2655.
Traffic
Chicago & St. Louis RR.—Earnings—•
October—
Net from railway
2,467,655
838,174
200,749
revenues
income... 32,975,889
Gross from railway
2,500,841
Norfolk & Western Ry.—Earnings1940—Month—1939
151, p. 2950.
New York
$268,862
84,023
35,391
Period End. Oct. 31—
1937
$31,835,274
6,540,118
5,339,057
Net ry. oper. income...
From Jan. 1—?
$262,177
101,461
34,744
372,031
October—
RR.—Earnings—
1940
1939
1938
$34,304,738 $35,171,438 $29,312,752
9,461,064
11,380,617
7,881,883
October—
1937
1938
1939
$270,978
100,242
51,603
2,648,351
951,887
_
Net from railway
Net ry. oper. income
Directors have declared a dividend of 30 cents per share on the common
payable in 5% notes.—V.
5,534,243
658,385
defl09,075
$287,894
101,535
46,446
Net from railway.
railway
Net from railway
stock, payable Dec. 20 to holders of record Dec. 10.
Last previous dis¬
tribution was made on Oct. 26, 1937 and consisted of a 75 cent dividend
1937
$520,000
17,537
def38,000
Susquehanna & Western RR,—Earnings—
October—•
Net ry. oper. income—
From Jan. 1—
Newport Industries, Inc.—Common Dividend—
Gross from
392,125
Gross from railway
—V.
'
5,376,282
350,820
def522,789
5,213,677
505,729
def636,103
Gross from railway
Net from railway
Net ry. oper. income
—V. 151, p. 2655.
1938
$595,340
99,503
1,802
13,321
def53,248
Net ry. oper. income
From Jan. 1—
Gross from railway
—V. 151, p. 2655.
1939
Net ry. oper.
of $27,333,000
1938
$280,999
2,108,018
1,421,535
1,121,054
2,090,226
1,459,857
748,918
209,772
127,038
$4,719,539 $28,013,113
962
155,187
$24,517,200
$2,836,870
177,566
$4,720,502 $28,168,200
177.668
1,776,075
$24,737,786
~$2,6*59,303
$4,542,834 $26,392,224
$22,956,281
income. $2,815,247
21,623
Other inc. items (bal.)..
Gross income
Date
$227,218
152,683
148,662
1937
Western
Ry.- -Earnings-
1939
$447,358
$487,189
31,828
def49,393
„
Net from railway
780,909
810,886
606,220
rentals are
Old Colony RR., Hartford & Connecticut
RR., Providence Warren & Bristol RR., and Boston & Providence RR.
Corp. leases.
c For
the purpose of showing the complete account for the operated
system, includes charges for accrued and unpaid real estate taxes on Old
Colony and Boston & Providence properties, accrued and unpaid charges
against said properties for Boston Terminal Co. taxes and bond interest
unpaid subsequent to July 31, 1939.
x Deficit.—V. 151, p. 2655.
2,200,702
1,939,180
521,714
573,559
1,956,532
510,458
549,812
RR., Feb. 11,
July 31, 1936; Providence, Warren & Bristol
Western RR.,
Norfolk Southern
Net from railway
Net ry. oper. income...
rejected on dates stated
of the following companies were
The leases
Net ry. oper. income—
From Jan. 1—
Earnings—
1939
1940
October—
Gross from railway
Net from railway
496,208
1,691,138
8,042,283
7,860,333
c566,137 xc3,128,814 xc3,415,651
below but net railway operating income includes the results of operations
of these properties:
Old Colony RR., June 2,1936; Hartford & Connecticut
New York
Gross from railway.
Net from railway
c636,255
b Net after charges
Directors have declared
r" October—
Interest Payments—
petitioned the Federal Court at New Haven,
permission to make interest payments totaling $4,617,832.
Judge Carroll C. Hincks ordered a hearing Dec. 2.
The petition seeks payment of one coupon on each of the following
issues :Central New England Ry. first 4s, Harlem River & Port Chester
first 4s, Housatonic RR. consol. 5s, New Haven & Northampton ref. 4s,
Danbury & Norwalk RR. first ref. 4s, and New England RR. consol. 4s
The trustees on Nov. 22,
Conn.,
stock, payable Dec.
New
Application for listing was not made at that time in that they were
by a purchaser as a more or less permanent investment and their
Interest due Nov. 1, 1935, and subsequently, is in
The $1,217,000 Central New England Ry. 1st mtge. guaranteed 4%
50-year gold bonds are part of a total authorized issue of $25,000,000.
These bonds were assumed by the New Haven as of Jan. 1, 1927 upon
merger of property of the Central New Englnad Ry.
$11,967,000 principal
amount of such bonds were authorized for listing on the New York Stock
Exchange on June 14, 1911. The $1,217,000 of bonds, with the exception of
$127,000 in the hands of the public, are held by New York New Haven &
Hartford RR. and are pledged or held in escrow.
While most of the bonds
are closely held, it is deemed advisable to make this application for listing
on the New York Stock Exchange of such additional amount of $1,217,000
of the bonds. Interest due July 1. 1938, and subsequently is in default.
a
Amort, of debt discount,
Pref.
of
$8,399,000 were authorized for listing on the New York Stock Exchange on
June 8, 1921.
The $8,359,000 debentures presently applied for were issued to the
United Gas Improvement Co. May 1, 1920, in exchange for a like amount of
Providence Securities Co. 4% 50-year gold debentures maturing May 1,
a
$1,539,567
239,545
Bal. before cap. chges.
Interest on funded debt.
exps.
RR.—Listing
and 5s.
England Power Co.—Earnings—
Period End. Sept. 30—
Gross oper. revenue
Other income
Depreciation
Federal, State and
nicipal taxes
Hartford
The New York Stock Exchange has authorized the listing of (a) $8,359,000
4% gold debentures dated May 1,1920, due May 1,1957, and (b) $1,217,000
Central New England Ry. 1st mtge. 4% 50-year gold bonds, dated Jan. 1,
1911, due Jan. 1, 1961.
The $8,359,000 debentures are part of a total authorized issue of $16,758,000 debentures issued by the company in exchange for $16,758,000
debentures of the Providence Securities Co. maturing May 1, 1957 of which
England Gas & Electric Association—Output—
For the week ended Nov. 22, New England Gas & Electric Association
reports electric output of
week
&
Haven
New
Approved—
default.
Earnings—
1940
Gross from railway
Net from railway
kwh.,
extra
an
payable
listing was not required.
October—
New
$10,
par
York
Old Issues
1957.
Balance
-V. 151, p. 2507.
stock,
New
limited-term
investments
Co., Inc.—Extra Dividend—
New York Merchandise
—
1940—Month—1939
revenues
Prop, retire,
3247
The Commercial & Financial Chronicle
151
Int. on funded debt
Net
$166,706
106,145
39,852
To
income
220,586
1,781,504
Pay Extra Dividend—
dividend of $5 per share on the common
holders of record Nov. 30.
,
,
...
of $2.50 per share previously declared will
Directors have declared an extra
2,157,023
1,622,518
1,026,626
stock, payable Dec. 19 to
,
Regular quarterly dividend
be
paid on Dec. 19 to holders of record Oct. 22.
Extra of $5 per share was also paid on Dec. 22,
1939.—V. 151, p. 2806.
The Commercial & Financial Chronicle
3248
New York
Telephone Co.—Change in Officers—
Nineteen Hundred
Directors have declared
class B stock, payable
a
Corp.—2b-Cent Year-End, Dividend—
year-end dividend of 25 cents
share on the
Regular quar¬
per
Dec. 16 to holders of record Dec. 2.
terly dividend of I2p% cents was paid on Nov. 15, last. Year-end dividend
of 25 cents was also paid on Dec. 28, 1939.—V.
151, p. 2200.
North American
Directors
on
a
pares with 50 cents paid on
This
on
com¬
Dec. 15,
v?^.-5;rA;.;
Co., Inc.—Earnings—
3 Mas. End. Sept. 30—
1940
1939
$47,443
Oil royalties$57,005
Rentals from min'l rights
1,224
$49,131
$63,391
13,111
1.285
3.900
4,125
143
3,000
3.000
18.726
Legal & purch. expense.
Depreciat ion
w
Taxes, sundry
Depletion and properties
charged off
....
_.
.
16,229
20.827
24,617
234
11.979
1,078;
390
Net oper. income
Int. & divs. on securities
$24,025
$15,329
50
50
Net inc, bef. Fed. tax
$24,075
$15,380
$77,402
12.947
131
$35,092
Assets—
Cash
Accts.
1940
19,39
Liabilities—
Marketable
1939
Federal taxes...,.
$2,383
24
Accounts payable.
6
5
15,246
Deferred
1,9.50
Deferred assets,..
Deferred charges,.
Total
credits..
Com. stk. (par $5)
Treasury stock
53,245
1,350,000
1,350,000
Z>rl50,000 Dr 1.33,000
1,352,622
Capital surplus...
128.763
122,392
99
Earned surplus...
161,103
132,315
14,643
48,791
Total.
$1,507,502 $1,502,488
vfter reserve
$7,965 in 1939.—V. 151, p. 1437.
y
North Texas Co.
,
194(1—Monlh— 1939
revenues
$117,017
Operation
Maintenance
62.278
17,890
General taxes.
b Federal income taxes.
„
12,575
.
1940—12 Mos.—1939
$118,672
64,817
17,396
12,102
$1,353,944
751,451
199,993
146,622
8,605
$1,361,337
752,685
195,964
145,127
3,294
$24,357
$247,273
$264,267
1,900
Operating income..
$22,375
Other income (net).....
75
a
Gross
a
income,.....
Depreciation....
_.. ,
on
$24,357
12.843
$247,755
127,807
$264,289
149.971
$11,514
$119,948
$114,318
2,735
1,204
_
3,356
34.570
10.571
Balance.
on
$7,273
1st coll. lien bonds, 3% income
910
$7,248
$74,807
34,225
$63,541
41,221
$40^582
Net income
$22^320
Before depreciation;
b No provision has been made for Federal excess
profits tax pending determination of liability, if
any.—V. 151, p. 2656.
North West
The
for
Utilities Co.—To Change Stock,
dec.—
Securities and Exchange Commission on Nov. 22 issued an
order
on the declarations and applications filed
pursuant to the
hearing
ESPS? HW,?" Holding Company
Act of 1935 by the Middle West Corp.
I £ West Utilities Co. concerning the following:
mi.
«(i«n
eor
$260,531
it 260,531
.
to
its
West Corp.
proposes
subsidiary
company,
to make
North
a
capital
West
shares of
common
stock
contribution
of
Utilities
to, North West Utilities Co. for cancellation
the shares of Its common
stock now
Co., by surand retirement by
of North West Utilities Co., being all
outstanding.
To acquire (as a capital concommon stock now outstanding
of the par value of
$1 per share: (2) to change the shares of its
preferred
stock (now
consisting in part of shares without par value and in part of
a par value of
$100 per share) into an equal number of shares of
new common stock of a
par value of $70 per share; (3) to decrease the
capital ($8,346,031) of North West Utilities Co. now
represented by its
outstanding shares of preferred stock and common stock to
$5,932,850,
being an amount equal to the par value of 84,755 shares of
new common
stock of a par value of
$70 per share into which 84,755 shares of
preferred
stock now
outstanding are proposed to be changed; and (4) to eliminate
#
\west Utilities Co. proposes:
(1)
n anclreHre 260,531 shares of its
.u
o^mXlSi "g
c,t
North West Utilities Co. ($1,610,905 at Sept.
lu:
the capital surplus created by said reduction in capital.
w»Sf °? 8UC£ ®atter wiI1 l>e held on Dec. 6 at the offices of
8KC,
1
flirn
Washington, D. C.—V. 151,
p.
;
Output—
Electric output of the Northern States Power Co. system for the week
Nov. 23, 1940, totaled 30,854,687 kwh., as compared with 30,093,492 kwh. for the corresponding week last year, an increase of 2.5%.
ended
151,
3096.
P.
Period End. Oct. 31—
Operating
revenues..._
/Uncollectible
.
oper. rev..
$2,982,420 $30,029,764 $29,120,912
1,964,651
20,091,098
19,395,769
Operating revenues... $3,130,945
Operating expenses
1,977,837
Net oper. revenues...
$1,153,108
451,190
Net oper.
$1,017,769
362,413
$9,938,666
4,405,849
$9,725,143
3,776,409
$701,918
649,675
Operating taxes
$655,356
541,672
$5,532,817
5,044,658
$5,948,734
4,904,048
income....
New income
—V. 151, P.
Co.—Earnings—
1940—Month—1939
1940—10 Mos.—9139
$3,139,400
$2,988,054 $30,107,516 $29,199,276
8,455
5,634
77,752
78,364
1906.
Northwest
Engineering Co. —To Pay $1.25 Dividend—
dividend of $1.25 per share on the common
a
stock, payable Dec. 20 to holders of record Dec. 5.
This compares with
50 cents paid on Nov. 1, last; 25 cents paid in three preceding quarters;
50 cents on Dec. 20, 1939; 25 cents on Nov. 1, 1939, and in each of the
three) preceding quarters; $1 on Dec. 20, 1938; 25 cents on Nov.
and 75 cents paid on Dec. 20, 1937.—V. 151, p. 2054.
Northwest
Nazarene
College,
30,
v
Idaho—Bonds
Nampa,
1, 1941, to and incl. Aug. 1, 1945, bear interest
1, 1946, and
the rate of 4)4% per annum.
Bonds maturing Aug.
thereafter bear int. at the rate of 4%% per annum.
Dated Aug. 1, 1940; principal payable annually Aug. 1,
1941, to and
Interest payable F-A at office of Mutual Bank & Trust
Louis, Mo., corporate trustee.
Bonds in coupon form, $500
denom.
Any or all of the bonds may be prepaid on any interest date on
30 days' written notice at par and interest.
J. F. Tegeler, St. Louis, Mo.,
incl. Aug. 1,1950.
Co.,
St.
Northwest Nazarene College is the largest of five senior colleges and two
junior colleges of the Church of the Nazarene in the United States.
The
Church of the Nazarene has assigned to each college a definite territory.
The Northwest Education Zone which supports this college, includes six
conferences or districts,
which districts include the following States:
Washington, Oregon, Montana, Utah, Wyoming, North Dakota, South
Dakota, and Minnesota.
In these districts are approximately 15,000
Nazarene®.
No other Nazarene college will be permitted or given approval
in the territory west of Minneapolis and north of California.
The college enrollment is not confined to students of its denomination,
it now having enrolled students of 17 other denominations.
The enrollment
at the school for 1939 totaled 500.
,
The purpose of this issue is to provide funds necessary to refund out¬
standing mortgage indebtedness at reduced interest rate and provide funds
to complete the new dormitory building.
Northwestern
October—
•
Pacific
Gross from
—Earnings1939
1—
1938
-
Securities
16,513
$337,500
16,843
defl2,374
2,796,127
36,959
def244,160
2.563,190
def455,228
def768,840
3.271,778
263,581
def9,529
$331,430
2,761,799
36,914
def281.867
46.455
v
Gross from railway
Net from railway.
Net ry. oper. income
—V. 151, p. 2508.
•
—
;
cv?:...' >
v
;
Ohio Associated
Telephone Co.—Bonds Sold Privately —
Company on Nov. 26 sold to four insurance companies
$1,770,000 33^2% bonds due 1970 at 106 to retire an equal
amount of 43^% bonds due 1966 at a call price of 1073^,
the former bonds having been held by the public.
Company
is a subsidiary of General Telephone Corp.
First
Mortgage 4 lAs Called for Redemption—
Company has called for redemption on Dec. 31, 1940, all of its outstand¬
ing first mortgage bonds, 4^% series due 1966, at 107H and accrued
interest.
Payment will be made at the office of National City Bank,
Cleveland.
Holders are advised that they may present their bonds for
payment immediately, and receive the full redemption price with interest
to Dec. 31—V. 151, p. 2054.
Ohio Finance Co.
(& Subs.)—Earnings—-
Earnings for the 12 Months Ended SeptJ 30, 1940
Gross
earnings—Int., discount, &c
Oper. expenses (incl. prov. for uncoil, accts., less recoveries)__
..
Profit from operations...
has
Central RR
The balance of the stock will be offered
publicly at a price
to be specified by an
amendment to the statement.
Lee Higginson Corp.
is named
principal underwriter.
®.51eoH°i"eed8 t0 the company from sale of the stock will be used as follow:
$456,286 for the purchase of three 24-passenger
Douglas DC-3 aircraft,
together with necessary instruments, radio
equipment, shop equipment,
®Pare parts and accessories,
including two spa e Pratt & Whitney engines;
$27,222 for reduction of outstanding bank loans
proceeds of which were
used to purchase two used Lockheed
planes and partially to reimburse
company's treasury for amounts previously expected in the purchase of two
new and one used Lockheed
planes; balance will be used to reimburse com¬
pany's treasury for additions and improvements to facilities made since
March 1, 1937 from current receipts, and for addition to the
company's
general funds as working capital.
income
after
1940—10 Mos.—1939
stock
366
Gross income.
Income charges
.........
.
—V. 151, p. 2950.
.........
...
Provision for income and excess
Net income
...
profits taxes.
.....
Cash dividends paid—On 5% prior preferred capital stock
On preferred capital stock.
On common stock
Assets—
■
Cash.......
■
..
...
—.
receivable
$749,802
accounts
,
—
x!3,428,763
Miscell. accounts receivable.
2,021
Land, bldg., unamort., lease¬
Accrued int., taxes, &c
Dealer's reserves
136,624
.....
10-year
4H%
sinking
credits
prior pref.
(par $100)
Co.—Earnings—
Preferred
1940—12 Mos.—1939
cum.
$0.64
$0.76
2,450,625
1,243,414
conv.
stock
—......
1.000.000
stk. ($100 par)
2.530.250
1.000,000
....
888,256
$2,277,797
Total.....
$0.42
47,959
fund
debs., due Aug. 1, 1949
Deferred
49,375
193,041
47,860
Other current liabilities.....
y252,941
$4,890,260
229,111
..... .
Employees' savings accts
hold impts., furniture and
fixtures, &c., at cost......
Deferred charges..:
5%
$2,755,721
256,680
1940
Notes payable. .. ..........
Sink. fd. requirement for 1940
Earned surplus..
$1,913,767
...
Liabilities—
■
...
Instalment notes &
23,472
151.801
...
Consolidated Balance Sheet Sept. 30,
.
$1,027,144
239,584
177,042
$610,518
....
...
Common stock
-
$2,563,724
1,536,945
$1,026,779
Fed.
inc. taxes, deprec., int.
amort., &c
$2,303,449
Earns, per share of com.
1937
$311,071
25,352
def4,546
$334,638
45,185
12,566
railway...-.
Net from railway...7._
Net ry. oper. income—
From Jan.
RR.-
1940
.
the
and Exchange Commission a
registration statement
covering 128,8921 shares of common stock
($1 par).
Of the total shares
registered, 27,096 shares are to be offered for direct sale
by the company
to Central
Venmont Airways, Inc., Boston & Maine RR. and Maine
Period End. Oct. 31—
1, 1938,
Offered—Dempsey-Tegeler & Co., St. Louis, are offering
$75,000 1st mtge. serial bonds, due Aug. 1, 1941-50.
Other income credits
Net
order
1
3097.
Northeast Airlines,
Inc.—Registers with SEC—
rnZih^£?VlDaoy formerly known as Boston-Maine Airways, Inc.)
iiiea with the
Northern Indiana Public Service
an
outstanding capital stocks of
Chippewa River Power & Fibre Co., Chippewa Valley Construction Co..
41,097
9,681
1st collateral lien
bonds, 3% fixed,....
Int. on equip, notes, &c.
Int.
21
$22,4.50
11,238
Gross income....._
Int.
482
$11,212
,
(Del.)—Sells Subsidiaries—
individual trustee.
(& Subs.) —Earnings-
Period Ended * ct. 31
Operating
of $1,245,056 in 1940 and
for depreciation of $7,491 in 1940 and
9.666,061
in consideration of $1, of all the issued and
Bonds maturing Aug.
$1,502,4881
$1,507,.502
11,265.398
■
Exchange Commission on Nov. 23 issued
Securities and
at
*fteLr383rvefor depletion and depreciation
^939,
•
and United Power & Land Co.
15,432
106,841
55,479,925
Northern States Power Co.
The
27,530
secur-
ties (cost)
575
Mineral rights &
leases
1,286,012
y Furn. & fixtures.
758
a
?i
$83,569
17
x
*
1940
$98,654
recivable..
47,153,394
7,450,420
4,273,836
Directors have declared
C
$35,142
Comparative Balance Sheet S;pt. 30
:
53,300,916
10,881,359
7,569,613
permitting to become effective declarations and applications filed pursuant
to the Public Utility Holding Company Act of 1935 regarding the sale by
Northern States Power Co. (Del.) to Northern States Power Co. (Minn.)
50
r.
$25,075
1937
$6,318,870
2,047.733
1,606,777
1—
Net ry. oper. income...
—V. 151, p. 2656.
1,614
$25,025
50
>'
ry.
From Jan.
1937
$75,581
1,523
298
$58,410
9.874
1.650
235
Total oper. income..,.
Admin. & gen. expense.
„
1938
$62,120
1,037
180
1938
$5,648,976
1,494,466
1,117,636
Northwestern Bell Telephone
1,498
190
Lease operations
.
Net
Gross from railway
Net from railway.....
—v.
^
North Central Texas Oil
railway
railway.
oper. income.,
Net from
Electric
dividend of 75 cents per share on the
stock
payable Dec. 24 to holders of record Dec. 9.
July 1, last, and $1 per share paid
1939.—V. 151, p. 3096.
/
common
1939
$6,842,594
2,319,798
1,985,629
56,985,985
13,813,204
10,666,714
Gross from
Aviation, Inc.—lb-Cent Dividend—
Nov. 28 declared
1940
$6,846,100
2,098,003
1,770.001
October—
In charge of the Bronx-Westchester Area of the company,
was on
Nov. 27 appointed by the company's board of directors to take
charge of the Manhattan Area, beginning Jan. 1, 1941.
In that position
he will succeed Frank P. Lawrence who, on Nov. 20, was appointed VicePresident of the American Telephone & Telegraph Co. in charge of its long:
lines department.
Benjamin K. Boyce, chief engineer of the Manhattan area, was appointed
a Vice-President and will succeed
Mr. Hughes on Jan. 1 as the general
manager of the Bronx-Westchester area.
Walter W. Truran, chi >f engineer
of the Long Island area, will at that time become chief engineer of the
Manhattan area,—V, 151, p. 2950.
manager
1940
30,
Northern Pacific Ry.—Earnings—
f
Russell H. Hughes, who since April 1, 1939, has been Vice-President and
general
Nov.
$0.50
x
After
reserve
$14,570,151
for losses
Total..
of $209,740.
of $136,681.—V. 151, p. 2508.
y
.......
......$14,570,151
After reserve for depreciation
>
Volume 151
The Commercial & Financial Chronicle
Ohio Edison Co.
-Earnings—
**
Period Ended Oct. 31—
Gross revenue
1940—Month—1939
1940—12 Mos.—1939
$1,665,130 $20,141,979 $19,297,870
591,091
6,529,884
6,263,643
237.570
3,414,004
2,958,803
225.000
2,725,000
2,425.000
$1,754,530
570,933
Taxes
388,096
Prov. for depreciation..
225.000
Operating
expenses
Gross income
Int. & other deductions.
Net
Divs.
$570,501
288,114
Balance
—V. 151, p. 2508.
$7,473,090
$333,903
155,577
$4,086,780
1,866.923
$4,218,001
1,866,923
$126,810
preferred stock
$178,326
$2,219,857
$2,351,078
Oklahoma City-Ada-Atoka
Ry.
October—
Gross from railway
1940
Directors have declared an extra dividend of
$1 per share on the common
stock, no par value, payable Dec. 10 to holders of record
Nov. 30. Regular
Regular quarterly dividend of 25 cents
per share was paid on Oct. 15, last.
Extra of 50 cents was
paid on Dec. 15, 1939.—V. 151, p. 112.
Pan American Petroleum &
$611,470
277,567
$282,387
155.577
income
on
$7,650,424
3,432,423
3,386,310
x
y
$1.05
x
p
After depreciation,
depletion and Federal taxes,
Ci437m0n 8tock (par $5). z Exclusive of any
Pantex
-Earnings
Net ry. oper. income
1938
1937
$44,773
23,998
16,990
$44,994
16,774
8,109
$51,269
23,281
12,320
334,636
113,410
47,369
376,553
118,452
31,846
440,992
163,124
67,970
Oklahoma-Interstate Mining Co.—Initial Dividend—
an initial dividend of
$1.25 per share on arrear¬
of the class B preferred
stock, payable Dec. 16 to stockholders of
record Dec. 2.
They have also declared a regular dividend on the class A
preferred stock.
Dividends on the A stock are now
up to date and the
ages
Gross profit
596
.
$4,094,927
1,078,117
$3,535,737
-
on
$4,090,610
4,318
$4,773,317
1,237,580
-
$8,217,086
2,986.112
232,643
710,984
196,738
$4,772,721
-
Interest
long-term debt.
45,600
Crl.776
13,244
i-
tax free covenant securities.
on
$2,612,744
.
Preferred stock dividend requirements:
Convertible 6% prior preference
$5.50 convertible prior preferred
Preferred
$1,554,868
11,840
Preferred stock
Common stock
133,200
273,150
$2,039,715
-
$1,148,518
145,040
7,057
182,100
274,993
345,583
295,924
687,493
$3.71
"HZ'
per share of common stock
$2.09
Before retirement accruals.
a
1940
Net profit on oper
Other inc. less other
plant,
S
$5.50
46,512,164 43,793,738
6,159,988 13,337,475
Franchises
Organization
1940
exp.
Cash
144,614
1,210,090
Notes receivable
124,367
1,371,786
6,995
1,115
390,484
316,494
466,181
55,670
549,159
Miscell. inv. (cost)
Sees, redempt. fd.
deposits
29,740
5,375
1,175,333
Special deposits
Unamort. debt dis¬
7,233
6,418
Accounts receiv'le.
Mat'ta & supplies.
Prepayments
conv.
pref. stock
5,800,000
Preferred stock... 4,552,750
4,552.500
Common stock
8,249,790
8,250,000
Long-term debt
22,300.000 24,900,000
Accounts payable.
b Long-term debt
900,000
918,936
12.622
1.165.245
Taxes accrued
185.051
exp
390,742
1,329
intangible assets,
219.995
13,420
Oper.
6,693,443 11,323,927
25,449
25,601
reserve
reserves
Unamort. prem.on
161,035
3,049,978
Total
3,159,349
b Payments
63,356
54,990,564 61.246.761
due within
one
year.—V.
1940—9 Mos
$512,603
11,667
$497,515
7,628
$1,432,958
26,988
$1,602,858
21,836
Gross income
$524,270
59,420
$505,144
61,300
$1,459,946
180,770
$1,624,694
186,510
2,669
2,016
3,229
2,751
8,007
4,195
9,686
4,770
114,700
78,900
a329,900
262,000
53,296
53,296
159,889
159,889
$292,167
$0.63
$305,668
$0.66
$777,184
$1,001,839
$1.66
$2.15
amorc
Taxes
Interest
on
Amort,
of debt disc't
funded debt-
_
Netprofit
b Consol.
312,689
$4,474,205
1,923,001
121,883
520,356
306,107
pref. stock of
sub. company
earns,
persh__
1940
$800,758
5,174
Mines
Co.—Earnings—
1939
1938
$167,331
7,806
$147,807
30,613
called
and sold
1937
$1,042,527
33,015
14,632
17,536
18,982
$820,564
529,940
$192,674
222,849
$197,402
279,646
23.842
Total income
Mine opers. and gen. exp.
Property, tax & insurance
13,768
20,346
12,500
45,000
26,184
45,000
loss$73,943loss$147,590
$276,760
Est., accrued Federal and
$1,075,542
715,097
State income taxes.__
Deprec. (estimated)
22,500
Netprofit
$244,282
30,000
Note—No provision has been made for
depletion, Federal income, and
Utah Corporation Franchise and Net Proceeds taxes.
Comparative Statement of Net Working Capital
Current Assets—
Dec.
31 '39
$192,618
80,188
315.734
Cash
notes and bonds
HOLC and Federal L B bonds..
Sept. 30'40
$296,318
77,935
315,734
346,250
29,925
Total current assests
Current liabilities
Net working capital
Decrease in inventory
$1,051,238
$898,102
..
346,250
$964,715
66,613
Municipal bonds-
$956,539
15.000
94,699
841
$955,698
$57,596
Increase in working capital
—V. 151, P. 1437.
Corp.—Earnings—
Sept. 30—
1940
Net profit after interest, Federal income taxes, &c.
Shares common stock
-
share
per
—
$215,188
577,064
$0.30
1939
$192,002
581,679
$0.26
Note—The du Pont Film Manufacturing Corp. (of the common stock
of which Pathe Film Corp. owns 35%) had a net
profit after all charges
of $1,188,960 in the first nine months of 1940, as
compared with $1,244,230
in the
corresponding period of 1939.
The portion of these earnings which
to this corporation's 35%
common stock interest amounted to
$416,136 in first nine months of 1940, as compared with $435,000 in first
accrued
nine months of 1939.
Of these earnings, $171,136 were undistributed in
1940 and $190,000 in 1939, which undistributed amounts are not reflected
in the income of the Pathe company.—V.
151, p. 1153.
'
.
(David) Pender Grocery Co.—Registers with SEC—
See list given on first page of this department.—V. 151,
p. 2952.
on
accumulations
record
Dec.
Nov. 19 declared
on
5.
the
Last
a dividend of $1
per share on account of
stock, payable Dec. 20 to holders of
previous distribution was made on Sept. 16, 1929
7% preferred
and amounted to $1.75 per share.
Transfer Agent—
Corporation has notified the New York Stock Exchange of the appoint¬
ment of the New York Trust Co. as transfer
agent of its common stock and
$7 cumulative convertible preferred stock, series A, effective Dec. 2, 1940.
■—V. 151, p. 2657.
Pennsylvania RR.—Earnings—
Period Ended Oct. 31—
Other interest
Prov. for Federal income
on
510,268
&
—...-—
tax (.estimated)
Consolidated
Other income
Profit on
bonds
Directors
1939
Net earnings
Other income
Maint. & repairs
Divs.
Utah
Pennsylvania-Dixie Cement Corp.—To Pay $1 Pref. Div.
Subs.)—Earnings
1940—3 Mos.—1939
$4,423,284
2,038,766
128,602
expense-
Park
9 Mos. End. Sept. 30—
Income from ore sales—
Earnings
148,432
94,958
$1,508,468
690,186
41,831
174,047
104,889
Deprec. &
$339,161), $271,323;
Pathe Film
$1,542,555
716,684
38,343
170,282
104,643
.
re¬
customers' credit balances,
$5,927; accrued liabilities, $48,466; reserves,
$153,134; $6 cum. pref. stock, '$993,500; common stock
(29,604 no par
shares), $29,004; surplus, $104,627; total, $1,682,714.—V.
151, p. 2202.
9 Months Ended
7/$ per share.
The stock was
individual stockholder.—V. 151, p. 2359.
revenues
notes
depreciation), $241,375; deferred charges, $49,587; total, $1,682,714.
Liabilities—Accounts payable, $76,734; notes payable bank
(secured
by pledged instalment notes receivable in amount of
6,959
stock at 47
Operation
$191,331
bank loans of $271,323), $339,161;
equity in instalment
423,200
65,017
Pacific Public Service Co. (&
Operating
$147,254
7,512
(pledged to finance companies), $107,087;
Inventories, $383,223;
cash value of life insurance,
$1,346; plant and properties (less reserves for
15,811
Owens-Illinois Glass Co.—Stock
Offered—Wertheim &
Co. and Lehman Brothers are
offering a block of 12,000
Period End. Sept. 30—-
$16,862
-
ceivable
285,541
151, p. 3097.
an
2,500
$710,563
Assets—Cash, $57,191; accounts receivable, $16,164; instalment notes
(unpledged), $487,580; Instalment notes receivable (pledged to
secure
Divs. accrued
Other llabs. accr'd
Earned surplus
purchased from
1,400
$784,001
on
$85,541
1,017,365
Retirement
common
22,000
$231,571
9,760
50,000
Netprofit
468,926
54,990,564 61,246,7611
shares of
$149,754
Canadian exchange
1,288,666
debt, less exps__
And other
478,992
$18,262
~~
100,000
Consumers' depos.
Div.ctfs. (uncl'd).
Unadjusted credits
a
5,800,000
84,474
2,030
634,248
$115,053
Res. for possible loss
Interest accrued--
debits
Total
$
prior
94,330
count & expense
Unadjusted
1939
$
Liabilities—
pipe
lines &eqpt
a
439,131
Reserved for Fed. taxes.
Government
1939
$
Assets—
$457,393
388,204
Notes and accounts receivable
Balance Sheet Aug. 31
Prop.,
$503,256
sales.-
on
accruals
288,029
273,160
Dividends declared and (or) accrued:
Convertible 6% prior preference stock
$5.50 convertible prior preferred stock
Earnings
$3,016,810
1,283.498
52,837
110,592
15.014
865.925
Other, interest
Taxes
1939
$9,421,698
3,308,496
256,652
762,092
321,738
Non-operating income (net)"
1936
$1,821,859
1,111,296
receivable
1940
Maintenance
General taxes
Federal and State income taxes
1937
$1,129,178
1,345,177
Consolidated Balance Sheet Dec. 31, 1939
Oklahoma Natural Gas
Co.—Earnings —
Operation
1938
$1,336,170
878,777
Selling, shipping, adver¬
tising & admin, exps--
balance remaining due for the B stock is
$6.25.—V. 147, p. 2542.
Years Ended Aug. 31—
Total operating revenues
excess profits taxes.—V. 151,
1939
Cost of goods sold
Company has declared
$0.57
On 4,702,944 shares
$1,466,669
963,412
Sales.
defl7,615
—V. 151, p. 2656.
y
Pressing Machine, Inc. (& Subs.)—Earnings—
Calendar Years—
1939
245,680
47,502
From Jan. 1—
Gross from railway
Net from railway
Transport Co. (& Subs.)—
Period End. Sept. 30—
1940—3 Mos.—1939
1940—9 Mos.—1939
Netprofitz$l,045,174
$1,162,286 z$4,951,171
$2,662,560
Earnings per share.-$0.22
$0.25
$32,195
1,832
def5,578
Net from railway
Net ry. oper. income...
3249
Packer Corp.—$1 Extra Dividend—
For the nine months of 1940, this item has been
adjusted upward to
reflect the higher tax rates imposed by the Revenue Act of 1940 and
the
Second Revenue Act of 1940. b Of first preferred stock held
by public.—V.
Railway
Railway
oper.
1940—Month—1939
1940—10 Mos—1939
revenues.$46,203,130 $47,438,431 $393392,681 $347951,655
32,476,517
32,247,107 279,463,452 248,861,036
oper. expenses-
Net rev. from ry. oper.$13,726,613 $15,191,324 $113929,229
$99,090,619
Railway taxes
4,161,719
3,264,500
32.147,982
25,217,242
Unemploy. insur. taxes589,650
568,855
5,143,460
4,734,278
Railroad retirem't taxes589,756
521,419
5,143,518
4,281,767
Equip, rents—Dr. bal-_
372,664
407,021
6,153,798
4,553,092
Joint facility rents
109,641
142,872
1,867,841
1,293,188
a
151,
p.
3097.
Package Machinery Co.—Special Dividend—
Directors have declared a special dividend of $1 per share in addition to
the regular quarterly dividend of 50 cents per share on the common
stock.
The special dividend will be paid on Dec. 16 to holders of record
Dec. 2
and the regular quarterly payment will be made on Dec. 2 to holders
of
record Nov. 20.
Special dividend of 25
cents was
paid
on
Dec. 20, 1939.
Employees' Dividend—
Roger L. Putnam, President of the company, announced on Nov. 16
payment of $25,700 to employees as their share of profits.
Workers will
receive $8,100 under the company's compensation warrant
bonus
2509.
wage
p.
of
$17,600
based
upon
the
Christmas
plan and a
dividend.—V. 151,
Net ry. oper. income-
$7,903,183 $10,286,657 $63,472,630 $59,011,052
Earnings of the Regional System
[Excluding Long Island RR. and Baltimore & Eastern RR.J
Period End. Oct. 31—
Railway
Railway
oper.
1940—Month—1939
1940—10 Mos.—1939
revenues.$46,292.782 $47,522,904 $394252,020 $348776,368
32,597,637
32,355,873 280,434,981 249,818,229
oper. expenses-
Net rev. from ry.oper.$13,695,145 $15,167,031 $113817,039 $98,958,139
Railway taxes
4,174,900
3,276,743
32,243,600
25,306,039
Unemploy. insur. taxes.
591,150
570,014
5,156,511
4,741,243
Railroad retirem't taxes.
591,255
522,482
5,156,548
4,292,251
Equip, rents.—Dr. bal._
374,173
408.500
6.168,412
4,568.196
Joint fac. rents—Dr. bal.
109,339
142,556
1,864,824
1,290,054
Net ry. oper. income—V. 151, p. 2953.
$7,854,328 $10,246,736 $63,227,144 $58,760,356
Pennsylvania Glass
dividend of $1 a share on common
stock voting trust certificates, payable Dec. 16 to holders of record Dec. 6.
This compares with 75 cents paid on Dec. 20,1939; 50 cents paid on Dec. 20,
1938, and on Dec. 15, 1937; 25 cents paid on Oct. 1 and on July 1, 1937,
and an initial dividend of 50 cents per sbare paid on Dec. 15,1936.—V. 151,
2953.
p.
railway. .
railway...
Gross from
Net from
...
Net ry. oper. income
From Jan. 1—
...
Gross from railway..
5,133,435
...
def233,865
Net from railway
Net ry. oper, income ...def2071,820
—V. 151, P. 2658.
...
Pennsylvania Salt Mfg.
1?37
$409,652
def29,446
defl75.104
4,992,462
4,596,141
217,700
def1,469
defl501,513 defl748,943
5,597.175
,556,646
defl356,682
1940—Month—1939
$3,080,960 $3,215,780
2,142,495
2.090,407
1940—10 Mos.—1939
$27,117,235 $24,444,010
20,687,584 19.269,416
179,450
$6,429,651
1,981,333
$5,174,594
1,612,625
$4,448,318
$3,561,968
850,519
448,749
740.645
443.942
$945,923
82,606
Net ry. oper. income-
$531,775
26,974
$810,546
24,417
$3,149,050
$558,749
5,504
$834,964
5,112
$3,596,994
64,076
$2,681,615
5,366
267,255
5,366
270,202
55,827
2,666,212
57,011
2.704,402
$280,624
$554,283
$810,880
x$143,382
1.150
1,150
Total Income
...
52,771
.....
Net income
&
Inc. applied to sinking
other reserve funds
c
Net income
on
—
304,234
Loss
x
or
63,583
x$144,532
$809,730
$554,283
ducting amounts
applicable to minority interests,
Directors have declared an extra
dividend of 1 cent per share in
addition
regular quarterly dividend of 4 cents per share on the common stock,
both payable Dec. 21 to holders of record Nov. 30.
Like amount was paid
on Sept. 21, June 21 and Mar. 21 last; extra of 3 cents was paid on Dec. 21,
1939, and one of 1 cent was paid on Sept. 21, 1939—V. 151, p. 999.
to the
(& Subs.)
Pet Milk Co.
Notes—(1)
Pittsburgh Rys. Co., and its sub¬
railway subsidiaries of Philadelphia Co., and Beaver Valley
This statement excludes
sidiaries, street
Traction Co., and its subsidiary.
sales
Costs and expenses
1940
$9,466,843
8,496,812
1 QtQ
1938
1937
$9,992,409
8,815,036
$7,474,464
6,745,997
$9,425,812
8,589,186
182,531
174,673
174,308
Depreciation
...
y270,084
$772,958
$724,759
841
$553,795
1,125
$662:318
952
$773,910
"$725,600
$554,920
9,180
x253,134
6,835
230,919
14,318
104,299
$664,766
16,887
135,754
Abnormal sales prov
Operating profitOther income
Total incomeInterest (net).
Federal taxes.
■».
2,448
536
893
618
792
"$511,059
$486^953
$511,333
110,338
$400,995
interest..
Minority
110,339
Common dividends.
Surplus
110,339
$435,685
110,339
$400,720
Net profit
$376,614
$325,346
141,354
par)
Earns, per sb. on
$0.98
$1.15
x Includes excess profits tax.
y Reserve to cover expenses which will be
incurred in the fourth quarter and are properly chargeable against that
part of the fourth-quarter sales which were anticipated by unusually heavy
$1.10
$1.16
shs. com. stk. (no
sales in the third quarter.
Consolidated Balance Sheet Sept. 30
x
hand-1
1,316,243
1,591,598
Notes pay. to
1,500,000
900,000
bks.
Acer. sals. & wages
53,597
36,921
receivable 1,740,656
1.684,016
Accr'd taxes & Int.
122,757
112,792
30,348
41,912
Sundry accts. pay.
128,328
b588,066
14,689
Notes payable, not
200,000
400,000
Fed'l income tax..
Inventories
...
Invest. & advances
4,579,909
698,607
2,607,295
619,016
Pittsburgh & Lake Erie
Gross from railway
Net from railway
7,270,141
140,367
161,029
831,347
.16.962,017
Total
a270,084
258",856
252,190
Min. Int. in subs..
2,869
3,583
Common stock..
7,798,534
7,798,534
4,306,816
z
Earned surplus
16,204,7391
Total
After reserve for doubtful debts and discounts of
4,992,776
16,962,017 16,204,739
$124,328 in 1940 and
$188,688 in 1939.
y After reserve for depreciation of $7,480,155 in 1940
$7,136,965 in 1939.
z Represented by 441,354 no par shares,
a See
(y) under income statement,
b Includes excess profits taxes.
—V. 151, p.1287.
and
footnote
Philco
Gross
Corp.—Sales—
factory sales of this corporation,
exclusive of its Canadian sub¬
sidiary, amounted to $40,933,890 in the first 10 months of 1940, as com¬
pared with $32,888,700 in the corresponding period of last year, an increase
of 24%, it was announed on Nov. 22 by Larry E. Gubb, Executive VicePresident.
practically every important branch of our business shows an
increase so far this year, the most pronounced gains have been realized in
radio-phonographs and refrigerators," according to Mr. Gubb.
"In the
first 10 months of 1940, sales of Philco radio-phonographs, most of which
now include the Photo-electric Reproducer, were nearly five times as great
as in the same period last year.
Sales of Philco refrigerators have also
increased sharply.
So far in 1940 nearly three times as many refrigerators
"While
have been sold as a year ago.
"The last quarter
of the year is usually the most important for
the radio
manufacturing industry. There is reason to believe that the gains made to
date by Philco Corp. will be maintained over the balance of the year.
Present indications therefore are that sales of Philco merchandise this year
will be the largest in the company's history."
certificates are now available at the offices of J. P.
Morgan & Co., New York City, and the First National Bank of Phila¬
delphia, transfer agents, and may be obtained in exchange for temporary
certificates.—V. 151, P. 2953.
1939
$2,353,870
792,083
771,421
495,283
railway.....
Net from railway..
Net ry. oper. income...
—V. 151, p. 2953.
19,701,428
4,599,114
4,534,511
15,019,849
2,151,311
2,538,117
Pittsburgh Rys.—Reorganization
391,047
1937
$1,818,554
113,777
291,581
11,284,420
1,012,952
1,422,756
20,473.489
4,107,371
4,189,793
1938
$1,634,067
406,335
Plan Rejected—
Pennsylvania P. U. Commission has disapproved, as being neither
in the public interest, the plan of reorganization of the company
submitted for consideration by the Federal Court for the Western District
of Pennsylvania.
(An outline of the plan was given in V. 151, p. 999.)
The
nor
plan, which provided for consolidation of Pittsburgh Rys. and Pitts¬
Coach Co., and the issuance of some $19,883,500 of general
and 263,153 shares ($100 par) common stock, had been
criticized in hearings before the Commission by the reorganization division
of the Securities and Exchange Commission as calling for issuance of an
unwarranted amount of securities in the light of recent earnings of the
The
burgh Motor
mortgage bonds
system.
In its opinion the Commission noted that it favored original cost, less
depreciation, as a base for issuance of securities which had been estimated
by the trustees in this case to be $47,535,328.
In the case of a bankrupt,
the Commission said, it would give more weight to depreciated reproduction
cost, estimated at $62,500,000.
"In no case, however, should securities be Issued in an amount greater
than reasonably prospective earnings warrant; in other words, securities
should not be issued unless there are reasonable prospects that interest or
dividends thereon can be paid over the life of the securities if the nature of
funded debt and if the prospects of the business are such as to indicate that
a refunding operation would be improbable," the Commission declared.
—V. 151, p. 2510.
Pittsburgh Shawmut & Northern
railway
Net from railway.
Net ry. oper. income—
From Jan.
RR.—Earnings—
1938
$84,975
26,917
1939
1940
October—
$118,006
45,092
31,857
$122,503
50,449
1,004,420
307,122
174,008
801,926
215,013
79,646
32,395
12,519
.
1—
Gross from railway
Net from railway
Net ry. oper. income—
—V. 151, p. 2658.
Pittsburgh & Shawmut
Net ry. oper. income—
—V. 151, p. 2511.
7,289
def6,045
844,683
87,540
def32,358
-' V;
1939
$104,064
33,485
1938
$42,875
def6,652
def2,163
25,153
defl0.733
1,085,122
358.241
239,933
537,136
58,347
381.661
def65,084
22,407
def75,749
Net ry. oper. income...
From Jan. 1—
Net from railway.
5,361
,
1937
$85,721
RR.—Earnings—
1940
$89,295
5,054
Net from railway
Gross from railway
705,051
131,045
;
Gross from railway
.
1937
$63,241
6,935
6,499
542,585
5,076
31,542
:."':
Pittsburgh Steel Co.—Registers with SEC—
Company on Nov. 28 filed with the Securities and Exchange Commission
a registration statement (No. 2-4596, Form A-2) under the Securities Act
of 1933, covering $6,500,000 of4H% first mortgage bonds, series due 1950.
According to the registration statement, approximately $4,900,000 of
the net proceeds from the sale of the bonds will be applied to the redemp¬
tion, on Feb. 1, 1941, at 103%, of the company's 6% 20-year sinking fund
debenture gold bonds, due Feb. 1, 1948.
The balance of the proceeds will
be applied to
the reduction of bank loans. Accrued interest on the
will be paid out of treasury funds.
and Kuhn, Loeb & Co., New York, will
bonds
to be redeemed
A. G. Becker & Co., Inc.,
be the
underwriters.
bonds are redeemable at the option of the company at any time
least 30 days' notice at 105% to and
incl. Dec. 1, 1945, with successive reductions in the redemption premium
of 1% during each year thereafter, together with interest in each case to
principal
The
as
a
new
whole or in part by lot after at
date
the
of redemption.
the
The price at which the bonds are to be offered to the public, and
underwriting discounts or commissions are to be furnished by amendment
to the registration statement.
The prospectus states that to facilitate the offering it is intended to
stabilize the price of the bonds.
This is not an assurance, it states, that
the price will be stabilized or that the stabilizing, if commenced, may not
be discontinued at any time.—V. 151, p. 3099.
Pleasant
Definitive Certificates Ready—
Definitive stock
RR.—Earnings-
1940
$2,290,481
585,529
October—
Deferred credit
Res. for Insurance.
Real est., mach.
& equipment
7,710,014
831,347
Goodwill
Def. chgs. to oper.
current
Ended Sept. 30, 1940
int. & normal Federal income taxes..
$456,782
Earnings per share on 220,000 capital shares
....
$2.07
Note—Federal income taxes computed at new rate of 24%, but without
provision for excess-profits-taxes under Second Revenut Act of 1940.
It is estimated by the company that Federal excess-profits taxes applicable
to earnings in first nine months of 1940, using full excess-profits credit for
the year, computed at rates imposed by Second Revenue Act of 1940, will
amount to approximately $58,000.—V. 151, p. 2658.
413,602
16,960
and agents.....
(&! Subs.)—Earnings—
Earnings for 9 Months
118,620
Due from employ's
x
$
Accounts payable.
2,975,293
Misc. accts. rec'le.
y
1939
1,213,809
Cust'ers' accts. &
notes
$
Liabilities—
$
$
Assets—
Cash in banks and
on
1940
1939
previous year
reflect changes in the reclassification of certain Items
applicable to the period charged directly to surplus
during 1939 and 1940 with corresponding adjustments for the latter items
in the summary of surplus.—V. 151, p. 2361.
Gross from
1940
income account for the
In the above statement the
(2)
has been adjusted to
and to certain items
fair
Earnings—
197,073
3 Mos. End. Sept. 30—
Net
d In undistributed net
Income of subsidiary.
Gross from
Dividend—
Mines, Ltd.-—Extra
1,571,719
27,289
1,605,875
Cr 13,334
-
Net ry. oper. income...
From Jan. 1—
deficit.—V. 151. p. 3098.
Perron Gold
^OO.lOb
72,639
$7,190,373
Net profit after deprec.,
Income transferable to
$280,624
69,192
199,081
86,118
$7,839,929
capital stocks of subsidiaries
October—
profit and loss
—
d Minority interest-
$2,377,381
|
'
equipment
and dividends—
Miscellaneous deductions
Divs.
497,975
69,192
522,939
Appropriation
Taxes assumed on interest
Pittsburgh Forgings Co.
447,944
Rent for lease of roads &
Interest on debt...
,
construction.
$6,247,388 $5,591,36"
a To
reserve for payments
(made to others) on obligations of street
railway companies guaranteed by Philadelphia Co.
b On Consolidated
Gas Co. of the City of Pittsburgh preferred capital stock,
c Before de¬
$656,927
66,636
58,516
Miscell. income deduc's.
Federal income tax settlement—.
b Guaranteed payments
Operating income
Equip, rents (net).....
Joint, facii. rents (net)..
Other income
on
Consolidated net income
$1,125,373
$938,465
281,538
Railway tax accruals...
Interest
Dr217,034
$14,715,973 514,123,109
5,474,994
5,465,521
508,010
508,553
■
57,073
171,234
15,804
20,008
Gr57,167
Cr72,4y3
Interest on funded debt
Amortization of debt discount and expense
a
Co.—To Pay $2 Dividend—
Ry.—Earnings—
Net oper. revenue
$14,340,143
Gross income
Interest charged to
above.- -V. 151, p.3098.
Operating revenues
Operating expenses.....
Net operating revenue
Other income (net)
Other interest
Pepsi-Cola Co.- ■Meeting Postponed -
Period End. Oct. 31—
20,264
3,013,512
1,935,875
income taxes
„
declared a dividend of $2 per share on the common
stock, par $50, payable Dec. 14 to holders of record Nov. 30.
Dividend of
$1.75 was paid on Sept. 14, last; $3.25 on June 15, last; $2 on March 15,
last and on Dec. 15, 1939; dividend of $1.25 paid on Sept. 15, 1939; $1.75
on June 15, 1939, and $1 paid on March 15,1939.—V. 151, p. 3098.
Pere Marquette
...
25,394
3,101,171
3,764,003
$15,146,249
Dr430,276
Provision for Federal and State
1938
$498,893
60,760
def97,122
The directors have
See Loft, Inc.
Appropriations for retirement &
Amortization of limited-term utility investments,
leaseholds. &c
$389,536
defl4,961
defl62,393
1939
1940
$505,093
defl75,047
def347,694
...
_
...
Ta^:._.::::::::::::::::.::
Lines—Earnings—
Pennsylvania- •Reading Seashore
October—
1940
_If ^q =
$47,398,397 $42,754,185
15,973,151 14,737.070
3,479,994
3,133,008
depietion reserves 5,908,434
5,574,314
Years Ended Sept. 30—
Operating revenues..
Operation
Maintenance and repairs..
•'
■
:
Subs.)—Earnings—
Philadelphia Co. (&
Sand Corp.—$1 Dividend
Nov. 26 declared a
The directors on
1940
Nov. 30,
& Financial Chronicle
TheCommercial
3250
Valley Wine Co.—Earnings—
Earnings for
10 Months Ended Aug. 31,
Net profit after depreciation, Federal income taxes,
Earnings per share on 250,000 shares capital stock.
x
Ircludes special credits of
&c
$10,034.—V. 151, p. 254.
1940
x$67,818
$0.27
Volume
151
The Commercial & Financial Chronicle
Pittsburgh & West Virginia Ry.—Earnings—
October—
1940
Gross from railway
Net from railway
Net ry, oper. income—
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income...
1939
1938
Directors have declared a dividend of 50
cents per share on the common
stock, par $10, payable Dec. 16 to holders of
record Dec. 3.
Dividend of
20 cents was paid on
Sept. 16 and June 15 last, and compares with 50 cents
So
E*60- 15, 1939; 20 cents on Sept. 15 and June 15, 1939, and on Dec.
23, 1938; 30 cents paid on Dec.
23, 1937, and 10 cents paid on Sept. 15 and
June 15, 1937.—V.
151, p. 1155.
<
1937
$359,391
78,781
65,275
$455,851
205,391
198,296
$286,957
66,764
68,630
$331,005
56,865
84,932
3,484,576
917,326
744,903
2,893,922
2,414,980
476,951
448,819
3,592,092
939,763
785,100
—Y. 151, p.2658.
890,659
1,019,315
Ralston Steel Car Co.—50-Cent
Dividend—
Directors
common
Pond Creek Pocahontas Co.—Production—
Month of-—
Tons coal mined
Oct., 1940
161,242
—V. 151, p. 3099.
Powdrell &
Sept., 1940
167,463
a
Bro. & Co. and Stix & Co. have sold
at par
shares of
1930 19345 193
Capitalization—
15,000 shares reserved for conversion of
6% convertible preferred stock.
Registrar and transfer agent, Mississippi
Valley Trust Co., St. Louis,
Mo.
1941, to
History—Company had its inception In
a small manufacturing business
started with very limited
capital in 1918.
It was incorporated on
1922 for $15,000, of which $13,500 was
paid in by the present
management.
Except for one instance when the present
management
invested additional capital, all other
capital has been provided out of the
earnings from the business.
Company has always been a pioneer in its field and, in
1920, after careful
research, introduced a type of inner piston
ring especially designed to re¬
store the efficient of a motor which has
had 20,000 miles or more of service.
Prior to the introduction of the Ramco
type of replacement rings, it was
customary to rebore cylinders and install new pistons when
reconditioning
automobile motors.
The
development and adoption of the Ramco type of
replacement piston ring reduced the cost of
reconditioning motors and,
therefore, has been of extreme importance to the automotive
industry.
The Ramco type of replacement
ring is now standard throughout the
industry, and this has placed the company in a position of
outstanding im¬
portance.
With the adoption of this
company's principle of piston ring
construction as standard replacement
equipment by two of the country's
three leading automobile
manufacturers, the corporation has become one
of the largest manufacturers of
replacement rings in the United States.
Manufacturing activities are conducted in the
company's own plant
covering approximately 90,000 square feet of floor
space, located at 3693
Forest Park Boulevard, in the City of St.
Louis, Mo.
which
Provincetown Light & Power Co.—-To Issue
Stock—
The Securities and
Exchange Commission announced Nov. 23 that
company had filed an application (File
70-200) under the Holding Company
Act regarding the proposed issuance
and sale of 2,800 shares of additional
common stock
($100 par), to its parent, New England Gas &
Electric
Association, at par. The proceeds from the sale of the stock
will be used
for the payment of indebtedness
represented by open account advance from
the parent which amounted to
$280,000 as of May 31,1940.
Public Service Co. of
Oklahoma—Hearing on Proposal
Acquire and Assume Debts of Southwestern Light & Power
Declarations and applications have been filed
with the Securities and
Exchange Commission pursuant to the Public
Utility Holding Company
Act of 1935 by Public Service Co. of
Oklahoma, Southwestern Light &
Power Co. and Middle West
Corp.
Such declarations and applications
concern the following:
Southwestern Light & Power Co.
proposes to dissolve and to transfer
and convey to its parent, Public
Service Co. of Oklahoma, a
subsidiary
of the Middle West
Corp., a registered holding company, in liquidation
of all shares of the
capital stock of Southwestern then owned
by Oklahoma,
all the utility assets and other
assets of every kind and nature of
South¬
western, and Oklahoma proposes to acquire all such
assets.
For the pur¬
pose of effecting this principal
transaction, Oklahoma proposes:
(a) To assume the due and punctual
payment of the principal of and the
interest on $6,750,000 first
mortgage bonds, series A, 3H%, due Dec. 1,
1969, of Southwestern;
(b) To acquire from the Middle West
Corp. 10,657 shares of $6 preferred
stock of Southwestern now owned
by the Middle West Corp. and to Issue
and deliver in exchange therefor
10,637 shares of 5% prior lien stock of
Oklahoma (par $100);
(c) To pay to the holders of all
outstanding publicly held shares of the
capital stock of Southwestern (exclusive of shares or
Southwestern now
owned by Oklahoma or to be
acquired by Oklahoma in exchange), upon
the surrender by such holders to
Southwestern for cancellation and retire¬
ment by it of the shares of
Southwestern owned by such holders, the follow¬
ing amounts:
(1) For 25,896 shares of the $6 preferred stock of
Southwestern $100
per share and accrued and unpaid dividends
thereon to the date of liquida¬
tion of Southwestern;
(2) For 433 shares of class A common stock of
Southwestern, $100 per
share and accrued and
unpaid dividends thereon to the date of liquidation
of Southwestern: and
(3) For 163 shares of the common stock of
Southwestern, $21 per share.
(d) To issue and deliver to the holders of the
25,896 publicly held shares
of the $6 preferred stock of
Southwestern such number of shares of 5%
prior lien stock of Oklahoma of the par value of
$100 per share (not exceed¬
ing 25,896 shares) as may be subscribed for
by the holders of the $6 preferred
stock of Southwestern at a price of
$100 per share and accrued dividends,
each share of $t preferred stock of
Southwestern entitling the holder thereof
Convertible Preferred Stock—The convertible
preferred stock bears
lative dividends at the rate of
6%, payable semi-annually
1932.
1933
x
tlH
oil r»Txrq
879,389
Due from employees
Claim
417,105
Deferred assets
Total
Rand's
$2,269,265
955,047
$5,705,642
2,865,146
$3,341,947
2,865.142
Inc. surplus for period $1,316,931
$1,314,218
$2,840,496
$476,805
$0.86
Earnings
share
per
$0.59
$0.59
$1.47
After deducting alt expenses incident to
operations.
Note—Results for all 1940 periods include a total
charge in Sei >t.» 1940 of
$178,419 to cover additional Federal income taxes for the first 8
months of
1940, due to increase in rate from 20.9% to 24%.
x
$
AS8€tS—
x
Cash & IT.
Govt,
x
$
S.
secur..
53,911,433
$
payrolls
Acer,
1,051,051
1,506,180
Acets. and notes
receivable
LiabUities-
yet
11,605,301
8,590,993
income tax
Reserves
other del. pay.
Deferred
car
accounts
10,091,569
18,107,230
.
4,536,162
12,851,904
Invest, in & ad¬
vances to
7,011,725
Other deductions—
Provision for Federal
credits
Inc
(a
1,020,305
4,020,304
3,044,748
Other assets
728,121
5,733,893
6,140,389
6,821,241
5,108,047
13,762,615
7,287,367
y152,807,760 152,807,800
6,327
42,421,943
40,534,142
1,194,369
and claims
—
lessdepre
225,536,693 226,568,025»
"$2J42"!607
$1,567,968
234,745
$174,473
216,316
$2,948,771
292,181
y662,537
263,297
15,324
442,556
$1,359,622
471,853
$1,069,927
473,876
1os8$57,167
427,333
$2,064,035
794,345
$596,051 def$484,500
$1,269,690
&
206,165
150,000
Net income
....
Dividends paid
Inc. transf'd to surplus
beginning of
Surplus at
period
$887,769
7,641,810
7.578,923
7,842,536
7,029,284
Surp. at end of period- $8,529,580
$8,174,974
$7,358,035
$8,298,975
$3.25
.....
Earns, per sh. on com
y
For
the
Includes
surtax
excess
$2.16
$1.69
undistributed
on
profits
Nil
and
other
profits taxes.
contingencies,
Note—The operation of the wholly-owned Canadian
subsidiary have not
been consolidated in the above for the first
9 months of 1940.
In the
corresponding perioy of 1939 net earnings of $43,747 were included.
1939
$
Cash
Marketable secur.
$
2,547,874
352,600
748,705
34,831
64,439
Investments, Ac..
1,006,569
4,013,213
349,069
Prepaid
expenses
Railway & Light Securities Corp.- -Registers with SECSee list given on first page of this department.- -V.
151, p. 2659.
351,839
7,413,723
&
deferred charges
225,536,693 226,568,025
328,143
7,418,143
93,929
for
152,572
a217,942
300,000
105,025
153,080
in¬
come taxes
Res. for contlng...
250,000
Res. for Federal &
taxes
on
Income
y Capital stock..
Surplus
z Treasury stock
262,390
9,721,800
8,174,974
Z>r973,576 Z)r921,092
b662,537
9,721,800
8,529,580
88,824
1
$
710,949
194,603
177,978
Accrued taxes
State
buildings,
1939
901,477
Accrued salaries &
Provision
5,415,654
mach. & equip..
$
wages
2,428,650
Mdse. inventories.
Land,
1940
Liabilities—
2,550,678 Accounts payable.
Notes, accts. & tr.
acceptances rec. 2,534,591
Other current ac¬
x
x UDited States Government securities and
other marketable securities
carried at cost which in the aggregate is less than the market
value, y Repre¬
sented by 3,820,195 no par snares.—V. 151, p. 2953.
$16,541
157,933
contingencies
notes and
accts. receivable
Total
1937
$1,419,686
148,282
Sundry
127,854,505 130,921,425
Total
1938
for
reserve
counts receivable
6,167
6,379,549
713,155
Surplus.
Other secur., lnv.
1939
Consolidated Balance Sheet Sept. 30
2,649,706
Deferred charges
Equip. & prop.,
sub.)
common
$2,129,874
107,715
1940
Cap. stock Pull¬
man,
dividend of five cents per share on the
$1,953,972
175,902
State income taxes—
Addition to
Assets—
The Pullman Co.
affil.
companies
$
a
$15,357,078 $11,315,642 $19,892,160
441,656
332,801
567,622
12,215,945
10,570,521
8,408,079
13,424,579
3,066,903
2,925,214
2,558,221
3,157,352
Profit from operations
prov.for Fed.
9.104,791
Pittsburgh—Common Dividend—
taxes, not
due, incl.
Equip, trust and
Invent, at cost.
1939
Accts. pay. and
53,821,219
Other mark'ble
securities
1940
l
$1,353,871
par
Manufg. cost of sales—
Sell., admin. & gen. exp.
x
1939
323,013
Raybestos-Manhattan Inc. (& Subs.) -Earnings—
Consolidated Balance Sheet Sept. 30
1940
99,897
54,296
685.000
28,352
10,446
.....
Total.
9 Mos. End. Sept. 30—
1940
Net sales
:
$17,774,171
Discts. and allowances..
537,351
9,339,653
955,048
82,205
$1, payable Dec. 16 to holders of record Dec. 2.
Dividends of
like amounts were paid in previous
quarters.—V. 115, p. 2809.
1940—9 Mos.—1939
$2,271,979
Class A common
Class B common
Earned surplus
$1,353,871
Directors have declared
stock,
$16,486,923 $13,596,188
1,652,257
914,588
9,129,024
1,412
193,842
20,941
Property, plant & equipment.
Total income..
3.136,179
...
55
Patent licenses (amort, values)
$170,061
Accrued
taxes,
salaries
and
38,343
royalties
43,966 Notes payable, officers....
456,556 j Reserve for contingencies
2,771 Pref. stock, non-cumulative.-
Insolvent bank
on
Other income
3.048,937
Net income
Dividends paid
——
Inventory
.
Accounts payable
376,442
-
x
for depreciation
Liabilities—
Value of life insurance
Dec. 5 at the offices of SEC,
rj opt?
..
$219,543
Notes & accts. ree'le (less res.)
Marketable securities
(& Subs.)—Earnings—
Prov. for Fed. inc. tax._
-
Federal
$186,278 1938..$28,123
121,571
136,545
52,835 1940 (8 mos.)— 158,149
defl6,055
Balance Sheet Aug. 31, 1940
liquida¬
Period End. Sept. 30— 1940—3 Mos.—1939
Earns, from all sources $6,200,305
$5,822,549
nbafCPfl
$18,536
18,348
24,303 1936..%.
60,048 1937
Assets—
foregoing, and
on
1 and
follows:
are as
Cash
dissolve as promptly as
may be after the transfer and conveyance to
Oklahoma by Southwestern of all the assets of
Southwestern in final
Pullman Inc.
by officers.
Years—Net profits, after allowance for
Earnings for Calendar
and State taxes,
to subscribe for one share of
5% prior lien stock of Oklahoma.
Southwestern proposes to retire all
outstanding shares of all classes of
its capital stock, in accordance with the
provisions of the
hearing on such matter will be held
Washington, D. C.—V. 151. p. 2659.
cumu¬
Jan.
on
July 1 of each year.
It is convertible into one share of common stock at
the option of the holder at
any time.
Purpose—Proceeds will be used to furnish additional working
capital for
the company and for the
development of its business.
It is the intention
of the company to pay the notes held
.
A
was
June 22,
according to an official statement, to the payment of American
exchange
on the
company's outstanding debentures, increased taxation and
to the
reduction in dividerds on Canada
Northern Power Corp. common
stock,
&c.—V. 151. p. 1583.
tion of the latter; and
15,000
Outstanding
15,000 shs.
85,000 shs.
25,000 shs.
*125,000 shs.
*
For the past three years semi-annual
dividends at the rate of 30 cents
per share have been paid, and the reduction
to 15 cents per share is
due,
to
Authorized
Preferred stock (par $20)
Common stock (no par)
an interim dividend of 15 cents
per share on the company's common stock
was declared for the six months'
i
($20)
6% cumul. pref. stock.
Offering was confined to
residents of the State of Missouri.
meeting of directors held Nov. 22,
1,
on
Ramsey Accessories Manufacturing Corp., St. Louis
—Preferred Stock Offered—G. H. Walker & Co.,
Francis,
Canada, Ltd.—Common Dividend—
period ended Dec. 31, 1940.
This dividend is
payable Feb.
shareholders of record Dec. 31, 1940.
to
pre¬
was the 40-cent
dividend paid on Dec. 28, 1937.
Current dividend was increased
from the declaration of 25 cents made
Oct. 21, last.—V. 149, p. 2986.
Oct., 1939
194,676
Alexander, Jnc.—Dividend—
Power Corp. of
on Nov.
18 declared a dividend of 50 cents
per share on the
stock, payable Nov. 30 to holders of record
Nov. 22.
Last
vious distribution
Directors have declared a dividend of 10
certs per share on the capital
stock, par $5, payable Dec. 16 to holders of record
Dec. 2.
Like amourt
was paid on June 15 and March
15 last, and compares with 20 cents
paid on
Dec. 15, 1939, and dividend of 10 cents
paid in each of the three preceding
quarters, the March 15, 1939 dividend
being the first one paid since Sept.
15, 1937, when 20 cents per share was
distributed.—V. 151, p. 1438.
At
3251
Pyrene Mfg. Co.—50-Cent Dividend—
595,157
Trade names, trade
marks & goodwill
Total
After
19,732,340 18,610,299
Tota
19,732,340
18,610,299
for depreciation of $10,830,209 in 1940 and $10,753,212
Represented by 676,012 shares of no par value,
x Represented
by 47,912 (44,812 in 1939) shares acquired at various dates and prices,
a Includes
capital stock taxes,
b Includes excess profits taxes.
x
in 1939.
reserve
y
Commercial & Financial
The
3252
be prepaid on any
of said bonds may
declared a dividend
16 to holders of
Directors have
stock, payable Dec.
the common
Previously regular
distributed. Special divi¬
was paid on Dec. 15,
of 75 cents per share on
record Nov. 29.
Quarterly dividends of 25 cents per share were
dend of 50 cents in addition to regular 25 cent dividend
1939.—V. 151, P. 1155.
Rayonier,
Inc.—Earnings—
6 Months Ended
Prov. for deprec.
income
other
Provision for
Provision for
Net
/
and depletion.
and other
Interest
„
expenses,
net of
Federal income taxes—
Federal excess profits tax
profit
-
the "excess
567,177
170,864
171,697
These bonds are
executed
now
129,436
at a
CY283
that the company
Department announced
this company for procurement
ammunition plant near Lake
Reo
or all bonds
notice to the
„
by deed of trust executed by His Excellency,
Archibishop John J. Glennon, on property located in St. Louis County,
Mo. and known as St. George's Roman Catholic Church, School and
Rectory, Gravois and Heege Rds., with deed of trust securing bonds aggre¬
gating $113,000, executed by Joseph A. Siebert, Pastor of the St. George's
Roman Catholic Church. The land and buildings, together with equipment,
represent an investment by the Parish of an amount in excess of $325,000.
The purpose of the issue is to refund a principal balance outstanding at a
—V. 151, p.
$240,140
2809.
Republic Steel Corp .Dividends—
Nov. 26 declared a dividend of 40 cents a
the common stock, payable Dec. 27 to holders of record Dec. 10.
The board of directors on
on
share
This
1930, when
$1.24 a share was
that year,
these are tne only common dividends it has ever declared.—V. 151, p. 3099.
Directors have declared the regular quarterly dividends of $1.50 per
share each on the 6% prior preference A stock and the 6% preferred stock,
dividend paid by the corporation since
paid.
Since the company was formed in
payable Jan,
both
1 to holders of record Dec.
dividends on these issues.—V.
Reynolds Realization
12. Company recently
151, p. 3099.
Corp.—New Officers, &c.—
the following officers were elected: President,
Vice-President and Treasurer, Dean Langmuir; Secre¬
tary, Chrales B. Hester; Assistant Treasurers, Richardson Morris, O.
Roges and Edwin II. Woarms.
Reynolds Realization Corp. was organized pursuant to court
to
carry out an orderly liquidation of thfe assets of Reynolds Investing
Inc., under a plan drawn up by John Gerdes and James D. Carpenter
At
a
meeting of directors
Samuel S. Rodman;
lower rate of
trustees.
that in the near
It is expected
outstanding debentures, pre¬
will be ex¬
for preferred and com¬
future the
stock of the
Reynolds Investing Co.
changed for debentures and voting trust certificates
mon stock of the Reynolds Realization Corp.
interest.
meeting of stockholders to be held Dec. 18
taken on increasing the directorate to 13 by the election of
Mclntyre and the reelection of the present Board.
The fiscal year was changed on Jan. 26,1940 to end on Sept.
this year.
At the same time the annual meeting date was
third Wednesday in December from the second Wednesday in
151, p. 3100.
30 beginning
changed to the
Richmond Fredericksburg
■
1940
October—
& Potomac RR.—
1939
1938
199,594
$666,518
147,498
93,252
156,366
Gross from railway.....
7,839,597
Net from railway
2 022,860
7,081,025
1,798,922
886,040
March.—V.
direct obligation
Bonds are the
1937
6,377,802
1,328,638
448,993
Net from railway..
Net ry. oper. income..,
From Jan. 1—
763,938
Net ry. oper. income...
—V. 151, p. 2659.
Rockwood &
Directors
have
1
$633,273
120,955
54,703
7,218,883
1,880,835
914,156
The
8fc. Vincent
Seminary,
Normandy, Mo.
The payment of the principal and interest of these bonds is uncondition¬
ally guaranteed by the corporation, Daughters of Charity of St. Vincent de
Paul (St. Louis Province), Normandy, St. Louis County, Mo., the Motherhouse of the Western Province.
The purpose of the loan is to refund the outstanding indebtedness at a
of
a
mortgage on
declared a dividend of $1.25 per
5% preferred stock, payable
150. p. 1613.
share on account of
Dec. 2 to holders of
Inc. (& Subs.)—Earnings—
1939
1938
1937
$506,859
$392,848
$643,245
y Earnings per share....
$1.78
$1.64
$1.22
$2.15
After depreciation, income taxes, &c.
y On 268,618 shares of common
stock (no par),
z After deducting excess profits taxes.—V. 151, p. 2056.
1940
*$543,919
x
Ruberoid
Corp.—$1 Dividend—
Directors on Nov. 26 declared a
dividend of $1 per share on the
capital
corporation, payable Dec. 20 to stockholders of record on
Dec. 5.
Dividend of 30 cents was paid on Jure 28 last, 80 cents was paid
on Dec. 20, 1939, and a dividend of 30 cents per share was paid on June 30,
1939.
Dividends in 1938 aggregated 60 cents per share.—V. 151, p. 2660.
stock of the
Russell Mfg.
Co.—Earnings—•
Ended Oct. 31, 1940
Earnings for 11 Months
sales.
Net income after depreciation,
and all other charges
Directors have
Dividend—
declared a dividend of
$1 per share on the common
Net
estimated Federal income taxes
$3,950,077
-.v..
Corp.,
St. Lawrence
of
Dec.
Oct.15,
1,1939, and one
declared a dividend of 90 cents per share on account
4% cumulative class A stock, par $50, payable
record Dec. 10. Dividends of 20 cents were paid on
July 15 and April 15, last; dividend of $1 was paid on Dec.
of 50 cents was paid on Dec. 15, 1938.—V. 151, p. 1734.
Directors have
accumulations on the
23 to holders of
Mills—Accumulated Dividend—
of $2 per share on account of ac¬
preferred stock, payable Ded. 23 to
St. Lawrence Paper
declared a dividend
Directors have
payable Jan. 15 to
St. Louis
October—
dividend of 50 cents on the same
2.—V. 151, p. 3100
•».
holders of record Jan.
Brownsville & Mexico Ry.1940
1939
$565,117
$478,418
189,794
90,889
138,052
Gross from railway
Net from railway
income—
2660.
■
Net ry. oper.
—V. 151, p.
5,959,654
2,096,136
The Central Hanover Bank
& Trust Co. as trustee
under the first mort¬
dated Dec. 15, 1898, of Ogdensburg & Lake Champlain Ry. Co.
(now Rutland RR. Co.), has notified the New York Stock Exchange
under date of Nov. 18, i940, it declared the principal amount of the first
mortgage 4% bonds due July 1, 1948, of the company to be immediately
due and payable.
gage
that,
Earnings for October and
$333,965
73,561
1938
$268,269
def21,976
Net ry. oper. income—
From Jan. 1—
defl8,108
49,390
def52,380
Gross from railway—
2,968,995
209,213
2,867,835
276,868
2,429,268
defl99,184
def66,153
53,398
def500,039
Gross from railway.*—
Net from railway
.
_
Net from railway.
Net ry. oper. income—
—V. 151, p. 2954.
1939
Catholic Church.
;
■
Principal and interest
St. Louis, Mo., trustee.
Other
'
Trust Co.,
Any or all
Mos.—1939
12,768
146,468
130,510
$1,114,473
$1,018,771
$3,622,224
$2,898,782
5.845
14,524
68,501
77.190
&c. $1,108,628
$1,004,246
$3,553,723
$2,821,592
deductions
Bal. avail, for int.,
Company Only
railway
Net from railway
Net ry. oper. income...
From Jan. 1—
$4,583,798
1,235,226
1,019,979
1,113,874
>
37,831,199
6,567,462
Net from railway
income—
3100.
Net ry. oper.
—V. 151, p.
1939
1940
$4,633,318
1,369,943
October—
37,869,994
5,906,146
3,616,557
2,825,483
St. Louis San Francisco
,
1940
Gross from railway
Net from railway
Net ry. oper. income—
From Jan. 1—
Net from railway
Net ry. oper.
—V. 151
p.
income
1939
$103,032
3,066
def27,351
1,111,415
120,699
def202,274
Earnings—
$109,114
1,029
def28,415
1,322,397
250,988
def88,281
1938
1937
$120,144
$122,542
9,689
def23,940
def 1,200
def41,637
1,387,663
287,258
def92,080
1,316,636
192,885
defl67,789
2660
St. Louis Screw &
Directors
1937
$4,237,340
691,236
434,929
35,900,154 41,980,941
3,994,231
7,452,212
625,962
5,159,595
1938
$4,155,027
902,560
652.572
& Texas Ry.-
October—
have
Bolt
Co.—Accumulated Dividend—
declared a dividend
accumulations on the
Nov. 25.
1940—10
.369,027 $39,548,005
32,595,558
33,345,663
2.768,273
3,475,756
13,965
...
Gross from railway
Nov. 1, 1942, bear int. at
payable at office of Mutual Bank &
Bonds in coupon form, $500 denom.
1940—Month—1939
$4,792,559
$4,742,227
3,488.326
3,402,120
1,006,002
1,100,508
income
Total income
2,992,130
252,855
29,869
-j
,
May 1,1941, to and incl.
1949.
Net
Gross from railway
rat6
of 2% per annum; bonds maturing May 1, 1943, to and incl. Nov. 1, 1944»
bear int. at rate of 2H% per annum; bonds maturing May 1, 1945, to and
incl. Nov. 1,1949, bear int. at rate of 3 % per annum, payable semi-annually.
Dated Nov, 1, 1940; due semi-annually, May 1, 1941, through Nov. 1.
Bonds maturing
Operating revenues. «.
Operating expensas
Net ry. oper. income. __
$292,347
4,156
def20,134
Engelbert's Roman Catholic Church, St. Louis,
Mo.—Bonds Offered —Dempsey-Tegeler & Co., St. Louis,
are offering $62,000 1st & ref. mtge. serial real estate bonds
of Rev. A. J. von Brunn, Pastor, St. Engelbert's Roman
6,582,646
2,436,153
1,814,270
Earnings of System
Gross from
St.
115,925
73,942
($6.05
consolidated
deposit
be
Earnings of
1937
$516,151
St. Louis-San Francisco Ry .—Interest—
A part-payment of the March 1, 1933, interest instalment
per
$1,000 bond) will be made beginning Dec. 9, 1940, on the
mortgage 4H% gold bonds, series A, due 1978, and certificates of
therefor.
The Sept. 1, 1933, coupon and certificates of deposit, will be
stamped with a legend indicating that such payment of $6.05 is to
credited against interest accrued for the year 1940, on new fixed interest
bonds to be issued under any plan of reorganization in exchange for such
bonds and certificates of deposit therefor.
Interest is payable on the bonds
at office of the company, New York, and on certificates of deposit at office
of Chase National Bank, New York.
-
Year to Date
1940
$309,677
25,773
October—
;
5,662,277
1,761,517
1,095,663
1,438,637
•■: ; •'
1937
1938
$454,900
111,316
57,686
42,000
5,847,076
1,859,966
1,277,331
Net ry. oper. income—
From Jan. 1—
Period End. Oct. 31—
Rutland RR.—Bonds Due—
Earnings-
railway
Net from railway
182,789
p.2660.
:
Ltd.—Accumulated Dividend—
....
—V. 151.
stock,
6. Dividend of 50 cents was
quarterly dividends of 25 cents
per share were distributed.
In addition, extra dividend of 25 cents was
paid on June 20 last, and an extra of $1 was paid on Dec. 20, 1939.—V.
Gross from
Royal Typewriter Co.,
Quarter^ End. Oct. 31—
Net profit
:
Joseph Lead Co.—$1
payable Dec. 20 to holders of record Dec.
paid on Sept. 20 last, and previously regular
issue
record Nov. 19.—V.
x
St.
cumulations on the 6% cumulative
holders of record Dec. 10 and another
Co.—Preferred Dividend—
accumulations on the
Hospital* a corporation
of St. Joseph's
Illinois, and are secured by a first deed of trust in the nature
land, buildings and equipment valued at $750,000.
hospital is under the jurisdiction of the Daughters of Charity of
de Paul whose Motherhouse for the Western Province is Marillac
of the State of
151, p. 1004.
-Earnings
$602,490
168,319
95,567
$750,477
Gross from railway.»—
^ \
;
Joseph's
lower interest rate.
Increase Directorate—
action will be
Thomas J.
Reynolds Spring Co.—To
At the annual
■
Hospital, Alton, 111.—Bonds Offered—
Dempsey-Tegeler & Co., St. Louis, are offering $227,000
1st mtge. real estate bonds,
*'r. Bonds maturing May 15, 1941 to and incl. Nov. 15, 1942, bear interest
at rate of 2%; bonds maturing May 15, 1943 to and incl. Nov. 15, 1945,
bear interest at rate of 214%', bonds maturing May 15, 1946 and sub¬
sequently, bear int. at rate of 2*4%.
n
Dated Nov. 15, 1940; due semi-annually May 15,1941, through May 15,
1947. Principal and int. (M-N) payable at Mercantile-Commerce Bank &
Trust Co., St. Louis, Mo., trustee. Bonds in coupon form $500 and $1,000
denoms.
Any or all bonds may be prepaid at option of maker, on any int.
date prior to maturity, at 100 and int. on 30 days' notice.
Vernor
order
Co.,
Jr.,
ferred stock and common
be paid
St.
will be the first common
cleared up all back
Bonds in coupon form, $500 denom. Any
prior to maturity on any int. date on 30 days'
Louis, Mo., trustee.
trustee at par and interest.
These bonds are secured
award of a contract totaling $73,575,261
of equipment and operation of a small
City, Mo., about 12 miles east of Kan¬
Motors, Inc.-—Earnings—
Earnings for 3 Months Ended Sept. 30, 1940
depreciation, taxes, closed plant exps., int.. &c_-
Oct. 15, 1941
Bonds maturing
may
Net loss after
serial real estate bonds
per annum; bonds
rate of 2M % per annum;
City.—V. 151, p. 2511.
sas
& ref. mtge.
; •
and Oct. 15, 1942 bear int. at rate of 2%
maturing Oct. 15, 1943 and Oct. 15, 1944 bear int. at
bonds maturing Oct. 15,1945 to and incl. Oct. 15,
1950 bear int. at the rate of 3% per annum.
^
Dated as of Oct. 15, 1940; due annually Oct. 15, 1941 through Oct. 15,
1950.
Interest payable A-O at office of Mutual Bank & Trust Co., St.
will be exempt
In order
rated in
earnings.
Co.—Government Contract—
arms
,,
Joseph A. Siebert, Pastor.
of
amount shown above
$550,000
than it
months period.
The War
to
v
Church, St. Louis, Mo.
Offered—Dempsey-Tegeler & Co., St. Louis, are
George's Roman Catholic
offering $113,000 1st
profits taxes on approximately $2,200,000 of
conservative accounting practice, this credit is being pro
equal monthly amounts over the fiscal year.
The
for excess profits tax is accordingly approximately
more
would have been if the full credit had been taken in this six
—V. 151, p. 2809.
to follow
Remington Arms
reduced interest rate.
St.
—Bonds
from excess
previous notice
^
Pastor
and are
Louis,
mortgagor,
$180,000.
large
itself being
located at the intersection of Shreve and Carter Aves.
This congregation
includes over 900 families and has 550 children attending the school.
The purpose of the issue is to refund the present outstanding indebtedness
$2,139,109
$870,152 loss$118,370
period net income" method of computing
base
profits credit," it is estimated
Note—Using the "average
576,350
320,047
976,004
948,089
....
$577,960
$1,789,063
1940
30,
the direct obligation of Rev. A. J. Von Brunn as
of St. Engelbert's
Roman Catholic Church, St. Louis, Mo.,
further secured by a deed of trust in the nature of a mortgage
by Most Rev. John J. Glennon, Archbishop of St.
as
covering property located in St. Louis, Mo. and valued at
St. Engelbert's parish was founded in 1891 and is located in a
residential district in North St. Louis, the parish property
1938
1939
1940
$5,144,939
761,690
Oct. 31—
Profit from operations
int. date on 30 days'
int.
at par and
to the trustee
7o~Cent Dividend—
Nov.
Chronicle
preferred stock,
Like amount was
of $3.50 per share on account of
payable Dec. 2 to holders of record
151, p. 565.
paid on Aug. 1 last.—V.
Volume
151
The Commercial & Financial Chronicle
Safeway Stores, Inc.— Extra Dividend—
at
Directors on Nov. 20 authorized the
payment of dividends of $1.25 per
the common
stock, payable Dec. 20 to stockholders of record at
the close of business Dec.
5, 1940.
The company stated that
part of the dividend on the common stock Is to
be deemed the usual
quarterly payment, which has been at the rate of 75
cents per share and which
would ordinarily be payable Jan.
1, 1941, while
the balance is to be
considered as an extra
dividend.—V. 151, p. 2809.
October—
Gross from
railway
Net from railway..
Net ry. oper. income—
1940
1938
1937
def6,281
Gross from railway
Net from
def 19,542
defl5,020
def46,533
$90,269
def23,909
def55,284
1,001,769
► From Jan. 1—
$130,559
17,502
def36,264
1,162,757
114,545
defl96,530
942,568
def 111,965
def423,032
def237,474
railway
def2,891
Net ry. oper. income...
def305,972
—V. 151, p. 2661.
$83,349
1,038,848
67,617
Savage Arms Corp.—$1.50-Dividend—
Directors have declared a dividend of
$1.50 per share on the common
stock, payable Dec. 16 to holders of record Dec. 6.
Like amount was paid
on Nov.
12, last, and ocmpares with 50 cents paid on
Aug. 19, last; 25 cents
?«o^ay 20 a1"* Feb. 16, last, and on Dec. 18, 1939; 75 cents on Nov. 15,
—V
LSI
°f 25 C6ntS Paid 0n Aug' 21' 1939, and Dec- 22, 1938.
V3100
p
Schiff Co.—Extra Dividend—
Directors have declared
an
extra
dividend of 50 cents per share in addi¬
tion to
the regular
quarterly dividend of 25 cents per share
stock, both payable Dec. 15 to holders of record Nov.
30.
of 25 cents
was
paid
on
on
the
common
Extra dividend
Dec. 15, 1939.—V. 151, p. 2955.
Corp.—Earnings —
1940
1939
1938
1937
x$73.656
$51,090
$40,001
$6,745
After all charges, including
provision for Federal income and estimated
excess profit tax.—V. 151.
p. 2205*
x
Scott Paper Co.—Extra Dividend—
The board of directors has declared a
quarterly dividend of 40 cents per
share and.an extra dividend of
25 cents per share on the
company's out¬
standing common stock payable Dec. 16 to shareholders of record Dec.
6,
1940.—V. 151, p. 2810.
Scranton Lace Co.—$1 Dividend—
Nov.
20 declared a dividend of $1 per share on the
common
stock, payable Dec. 14 to holders of record Nov. 29.
Dividend of 50 cents
was paid on Sept. 30
last; 25 cents paid in two preceding quarters; 75 cents
on Dec. 14 and
Sept. 30, 1939, and previously regular quarterly dividends
of 25 cents per share were
distributed.—V. 151, 1289.
on
Seaboard Air Line Ry.
October—
Gross from railway
Earnings—
1940
1939
1938
1937
Net from railway
Net ry. oper. income
$4,182,007
909,329
558,400
From Jan. 1—
Gross from railway
Net from railway
$3,893,383
805,230
483,967
$3,378,802
495,274
191,159
$3,359,790
423,665
87,218
39,138,438
35,987,329
5,910,876
2,193,040
32,715,074
4,511,630
907,718
35,343,481
6,797,848
3,283,620
6,649,200
2,768,002
Shatterproof Glass Corp.—Registers with SEC—
given
on
first page of this department.
Shell Union Oil Corp.—Dividends—
Directors
Nov. 26 declared a dividend of 50 cents
per share on its
common stock in addition to the
regular quarterly dividend of $1,373^ per
share on the preferred stock.
"The
on
dividend follows the policy adopted
by this company a
few years ago of
declaring an interim dividend in mid-year and a final
payment in December when the year's results can be
gauged more closely,"
K. G. A. van de Woude, President, announced.
"In 1939 the interim
dividend amounted to 25 cents
per share followed by a December payment
of the same amount.
This year the interim dividend
common
paid July 16
was also
25 cents per share but by today's action the directors have
decided to make
a year-end
payment double that paid last December making a total common
dividend of 75 cents for 1940.
"This reflects the improved
earnings position this year compared with
1939.
The earnings statements published for the first nine
months of 1940
show a net profit of $12,615,195
(86 cents per share) compared with 1939
figures of $6,710,658 (41 cents per share).
At present, however, earnings
are affected by low price*, and
higher taxes."
The common dividend just declared will be
paid on Dec. 20, 1940, to
stockholders of record Dec. 6.
The preferred dividend will be paid on the
regularly scheduled date, Jan. 2, 1941, to stockholders of record Dec.
13,
1940.—V. 151, p. 2513.
Sierra Pacific Power
Period Ended Oct. 31—
Operating
Gross
after
1940—12 Mos.—1939
$2,230,541
$2,065,207
837,754
702,734
919,583
784,645
reture-
ment reserve accruals.
75,143
63,695
Net income
Note—No
Co.—Earnings—
1940—Month—1939
$195,766
$186,355
revenues
inc.
provision
has
been
made
90,030
78,885
for
Federal
V. 151, P. 3100.
excess
profits
tax.—
Period End. Sept. 30—
x
Net income
y
Earnings per share
1940—3 Mos.—1939
$199,482
$338,923
$1.06
$1.80
1940—9 Mos.—1939"
$693,886
$3.69
$709,799
$3.77
After operating expenses, Federal income taxes and other deductions,
y On combined class A and B stock.—V. 151, p. 1157.
x
Sisters of Divine Providence
(St. Elizabeth Hospital),
City, 111.— Bonds Offered -Dempsey-Tegeler &
Co., St. Louis, are offering $195,000 1st & ref. mtge. serial
Granite
bonds.
Bonds maturing Oct. 1,1941 to and incl. Oct. 1, 1942 bear Int. at rate of
2%
per annum; bonds maturing April 1, 1943 to and incl. Oct. 1, 1945 bear
int. at the rate of 2}4 % per annum; bonds maturing April 1, 1946 to and
incl. Oct. 1,1949 bear int. at rate of 3 % per annum; bonds
maturing April 1,
1950 and thereafter bear int. at rate of 3 % per annum, payable semi-annually
from Oct. 1, 1940 to and incl. Oct. 1, 1946, and at the rate of
3H% there¬
after to maturity.
Dated Oct. 1. 1940; due
i
The bonds, secured by a
mortgage upon the properties, will, upon com¬
pletion of this financing, become a first
mortgage upon those several proper¬
ties.
Indenture contains provisions for the release of
any of the mortgaged
property upon the payment or prepayment of
bonds, in accordance with
schedules contained in the mortgage.
This refunding operation
provides for an orderly liquidation of the
Sisters' indebtedness at a substantial interest
saving.—V. 147, p. 2102.
Directors have declared a dividend of 25 cents
per share on the common
stock, payable Dec. 10 to holders of record Nov. 30.
This compares with
50 cents paid on Oct. 15,
last; 25 cents on July 20 and April 15, last; 50 cents
on Dec. 20.
1939; 25 cents on Oct. 20, and Aug. 10,1939 and 123^ cents per
share distributed on June 10,1938.—V.
151, p. 1910.
(L. C.) Smith & Corona Typewriters, Inc.—Bonds
Offered— Offering was made Nov. 26 of $1,750,000 2% and
3% 10-year serial debentures by an underwriting group
headed by F. S. Moseley & Co. and
including Riter & Co.;
Hemphill, Noyes & Co.; White, Weld & Co.; Coffin & Burr,
Inc., and Bioren & Co.
The debentures, priced to yield
approximately 0.75% to 3% to maturity, have been sold.
Dated Nov. 1, 1940; due
serially Nov. 1, 1941-50. Coupon debentures in
$1,000 denom., registerable as to principal
only.
Interest payable M-N.
Pennsylvania personal property tax not exceeding five mills,
Maryland
income tax not exceeding 6% per annum of
interest, Connecticut personal
property tax not exceeding four mills, or Mass. income tax not
exceeding
6% per annum of interest, refundable upon
proper application.
Red. at
prices ranging from 103 to i00 and int. in the inverse order of
maturity.
1934607
Offering Prices, Coupon Rates and Serial Maturities
Coupon
Prin. Amt. & Maturity—
$175,000—Nov.
175.000—Nov.
175,000—Nov.
175,000—Nov.
175,000—Nov.
175,000—Nov.
175.000—Nov.
175,000—Nov.
175,000—Nov.
175,000—Nov.
*
St.
Mary, St. Louis, Mo.—Bonds Offered—
Dempsey-Tegeler & Co., St. Louis, are offering $1,750,000
1st & ref.. mtge. serial bonds, due serially (M-N) from
May 1, 1941 to Nov. 1, 1955.
^ Bonds maturing May 1, 1941, to and incl. Nov. 1, 1942, are to
at rate of 2% per annum, payable semi-annually, from Nov.
Bonds maturing May 1, 1943, to and incl. Nov. 1, 1945, are to
at rate of 2H% per annum, payable semi-annually, from Nov.
Bonds maturing May 1, 1946, to and incl. Nov. 1, 1948, are to
bear int.
1, 1940.
bear int.
1, 1940.
bear int.
Price*
2%
2%
101.15%
101.42%
2%
.--
100.71%
2%
2%
100.00%
98.84 %
to
3%
Plus accrued interest to date of
Purpose—Of the
0.75%
1.25%
1.75%
2.00%
2.25%
2.50%
102.74%
3%
3%
3%
3%
-
102.20%
101.41%
100.78%
100.00%
delivery.
Yield
Maturity
Approx.
Rate
1, 1941
1, 1942_
1, 1943.
1, 1944_
1, 1945
1, 1946
1, 1947
1, 1948.-.-.
1, 1949
1, 1950.
2.65%
2.80%
2.90%
3.00%
*
estimated net proceeds of $1,699,816 to be received
from the sale of the debentures,
$1,063,125 will be used to pay the re¬
demption price (not incl. accrued int.) of the $1,050,000 10-year serial
debentures, now outstanding and to be redeemed on Jan. 1, 1941. Of the
balance, approximately $636,691, at least $600,000 will be applied toward
the payment of bank loans
outstanding in the amount of $700,000 on
Nov. 1,1940, and any funds not so
applied will be used for general corporate
purposes.
History & Business—Incorp. in New York, Oct. 30, 1924 under name of
Smith & Bros. Typewriter Co.
It succeeded a corporation of the
which was organized in 1903 for the
development, manufacture
and sale of standard office typewriters.
Early in 1926, corporation ex¬
tended its business by acquiring all the
capital stock of the Corona Type¬
writer Co., Inc. which had been engaged in the manufacture and sale of
L. C.
same name
portable typewriters since 1909.
In connection with this acquisition the
name was adopted.
The Corona company was later
merged with the corporation which added to its business the manufacture
and sale of Corona portable
typewriters.
During 1928 the corporation
acquired all of the capital stock of Miller-Bryant-Pierce Co., of Aurora,
111., which had produced carbon paper and typewriter ribbons since 1896.
In 1939 the latter company was dissolved and its assets transferred
to the
present corporate
corporation.
The principal business of the corporation is the manufacture and sale of
L. C. Smith Standard and Silent typewriters and Corona
portable type¬
writers, and carbon paper and typewriter ribbons. Other products include
low
a
type
priced adding machine,
and sundry minor items
Standard
a
duplicating machine of the
manufactured
for
other
hectograph
producers.
The
and Silent
typewriters are manufactured at Syra¬
cuse, N. Y.; Corona portable typewriters, adding machines and
duplicating
machines at Groton, N. Y.; and carbon paper and
typewriter ribbons at
Aurora, 111.
The products of the corporation are distributed
principally
in the United States, through 77 branches and
approximately 2,500 dealers,
and in other parts of the world
largely through dealers.
Corporation controls the following subsidiaries through ownership of
100% of voting power: L. C. Smith & Corona Typewriters, Ltd., London,
Eng.; L. C. Smith & Corona Typewriters of Can., Ltd., Toronto, Can.;
L. C. Smith & Corona Schreibmaschinen
G.m.b.H., Berlin, Germany;
Hulse Manufacturing Co., Geneva, N. Y.; Corona
Building & Improvement
Co., Inc., Groton, N. Y.; Liberty Typewriter Co., Philadelphia, Pa.
Capitalization
as
of June 30, 1940
Authorized
Outstanding
a$900,000
a 1,050,000
30,000 shs.
13,023 shs.
350,000 shs. 276,237 shs.
Notes payable—banks
10-year serial debentures
$6
cum.
$1,750,000
pref. stock (no par).
Common stock (no par)
a
To
be
redeemed from proceeds of the
debentures being offered and
$600,000 of the balance of such net proceeds
of outstanding bank loans which amounted to $700,000
company is to apply at least
to the repayment
semi-annually, Oct. 1, 1941 through Oct. 1,1952.
Principal and interest (A-O) payable at Mercantile-Commerce Bank & Trust
Co., St. Louis, Mo., paying agent. Bonds in coupon form, $500 and $1,000
denoms. Any or all of the bonds may be prepaid on any int. date on 30
days'
notice to the trustee at par and int. Springfield Marine Bank,
Springfield,
111., corporate trustee.
These bonds are the direct obligation of Sisters of Divine Province, a
corporation duly incorp. in Illinois, and are secured by a first mortgage on
property located in Granite City, 111., and valued at $425,000.
The purpose of the issue is to refund principal balance of an original in¬
debtedness of $260,000 at a reduced interest rate.
of
St. Louis Union Trust Co. and
the Sisters of St. Mary of the Third Order of St. Francis,
Incorp. in Missouri in 1974, under the name of "Sisters of St.
Mary," and
familiarly known as "The Sisters of St. Mary," is a Roman Catholic Order
or Women founded in
Bavaria in 1955.
68 years ago the Sisters came to the
United States and were invited to
establish themselves in St. Louis by the
Archbishop of St. Louis.
Today the Order, numbering 497 Professed Sisters, 26 Novices and 16
Postulants, operates 10 Hospitals and four schools of Nursing in the Arch¬
dioceses of Chicago, Milwaukee and
St. Louis and in the Diocese of La
Crosse and Kansas City.
In addition the Order has a proprietary interest
in another
Hospital operated by and dependent upon the Sisters.
The
total bed capacity of the 10
Hospitals wholly owned is 1,494.
In 1939 the
Sisters served 33,460 patients in their
10 institutions.
This is exclusive
or the thousands of
patients treated at public clinics at the several in¬
stitutions.
Last year 250 nurses were, in
training in the Order's four
Schools of Nursing.
L. C. Smith
Signal Oil & Gas Co.—Earnings—
Sisters
100 and accrued int.
trustees.
_
Net ry. oper. income
—V. 151, p. 2955.
See list
Tegeler,
Congregation of
Sivyer Steel Castings Co.—25-Cent Dividend—
Schumacher Wall Board
3 Mos. End. Oct. 31—
Net prof, after all ch'gs.
Directors
3253
per annum,
corporate trustee at
J. F.
■Earnings—
1939
$100,723
of 254 %
payable semi-annually, from Nov. 1, 1940
Bonds maturing May 1,
1949, to and incl. May 1, 1955, are to bear int.
at rate of 3% per
annum, payable semi-annually, from Nov. 1, 1940.
Bonds maturing Nov. 1, 1955, are to
bear int. at the rate of 3M% Per
annum, payable semi-annually from Nov.
1, 1940.
Principal and interest payable semi-annually. (M. &
N.) at St. Louis
Union Trust Co., St.
Louis, Mo.
Bonds in the denom. of $500 and $1,000.
Bonds may be prepaid on
any int. payment date on 30 days' notice to the
snare on
San Antonio Uvalde & Gulf RR.-
rate
on
Nov. i, 1940.
Earnings Years Ended June 30
Federal
aGross
$9,954,019
12,655,320
11,497,542
11,638,522
10,790,830
1938-
bConsol.
Int. &
Income
Sales
Amort.
&
Foreign
Inc.
Taxes
Net
Income
$981,295
1,514,690
716,055
518,949
568,269
$84,386
86,541
96,610
9j,489
76,071
$187,629
331,851
146,234
83,761
125,979
$709,279
1,096,297
473,211
344,698
c366,219
2,455,434
def529
19,211
Cr4,037
defl5,703
2,934,446
178,901
17,258
63,258
d98,385
1939
(3
mos.
Sept. 30)
(3 mos.,
Sept. 30)
1940
a Less
discounts, returns and allowances,
b After depreciation, before
interest, amortization of debt discount and expense, and income taxes,
c Before
deducting $39,862 unrealized exchange loss on conversion of net
assets of Canadian subsidiary company, d Before adding $2,790 unrealized
exchange profit on conversion of net assets of Canadian subsidiary company.
Provision for Federal income taxes
amount of
$9,724 to
cover
for such
period
as
shown Includes an
the additional amount required under the Second
Revenue Act of 1940 for the six months ended June
30, 1940.
The Commercial & Financial
3254
Underwriters—The names of the several underwriters and the
Name—
.
Moseley & Co., Boston....
It iter & Co., New York
Hemphill, Noyes & Co., New York
White, Weld & Co., New York
Coffin & Burr, Inc., Boston
Bloren & Co., Philadelphia—
250, OOo
250,OOo
250,00q
200,00q
— _ —
....
...
...
Earnings for Month of October
^
>
1939
1940
provision for
loss$16,065
$127,560
included in the month's
al charge of $36,000 representing the remaining amount
scheduled for amortization over the life of its old debentures which are being
called for redemption on Jan. 1.—V. 151, p. 3100.
Because of a refunding operation, the company
a spec
Southern New England
Period End. Oc.. 31—
Operating revenues.....
This is the first payment on
the company's preferred since it was issued.
It represents payment of
the class A dividend for the period July 1, 1933 to Dec. 31, 1933 and half
the dividend for the first six months of 1934.
Directors also authorized payment of two weeks' pay and continuance
of the company's share of group life insurance to all employees with the
company six months or more who may be called into service under the
Selective Training and Service Act of 1940, Mr. Hudgins stated.
stockholders of record as of Nov. 20, 1940.
9 Months Ended Sept. 30—
Net income after oper. exps., Fed. inc. taxes and
and other deductions
Uncollectible oper. rev..
Net oper. revenues...
Operating taxes
Net
$315,426
$294,206
$1.70
Earnings per sh are on common stock
Gold
American
&
Earnings—
a
,
y
1938
$402,913
$0.18
$0.23
Earnings per share
depletion. United States and Colombian
y On 1,760,000 shares capital stock
After deducting excess profits taxes.—V. 151, p. 1157.
x
tion
Corp.—Court Denies Applica¬
of Company to Reorganize—
22 dismissed the petition of the
corporation for permission to reorganize under the National Bankruptcy
Act. This action was recommended by Special Master Oscar W. Ehrhorn,
who held, among other things, that the petition failed to comply with
requirements of the Bankruptcy Act and it would be unreasonable to
expect a reorganization plan could be effected for the company.
The Court also vacated a previous order staying City Bank Farmers
Trust Co., trustee for the $4,432,950 four-year 7% secured notes, which
matured Jan. 1, 1938, from foreclosing on securities pledged as collateral
for the notes.—V. 151, p. 2955.
Federal Judge John C. Knox on Nov.
South Penn Oil Co.—Extra Dividend—
Directors have declared an extra dividend
to
of $1
share in addition
cents per share on the
stock, par
of $1.50 was paid on Dec. 15, 1939.—V. 151, p. 1290.
1939
—
Total
receipts
1937
^
8,975,749
7,952,376
9,042.442
10,495,733
$2,712,926
177,903
$2,459,978
138,385
$2,041,941
138,511
$3,515,883
133,909
286,750
562.175
75,115
125,435
$3,177,579
$3,160,539
$2,255,567
$3,775,227
12,812
698,667
454,522
10,797
714,409
460,239
11,743
747,544
261.107
$2,011,577
$1,975,093
$1,235,172
$2,537,528
400,000
400,000
400,000
1,715,188
on
Total Income
932,168
1,118,601
400,000
2,088,055
$103,611 sur$642,925
745,734
745,734
$2.16
$2.11
$283,429
745,734
$1.12
Interest, exchange and
collection charges
Reserve for depreciationi
Res. for income taxes
Net profit
dividends
Preferred
Common dividends
Balance, deficit
Shs.
.
out. (no
com.
par)\
Earnings per share
.
'
.
11,077
785,868
..
440,754
sur$49,473
745,734
$2.86
Consolidated Balance Sheet Sept. 30
1940
1940
Liabilities—
$
Real prop.
Preferred stock
Cash
Common stock.
Sugar
&
$
5,000,000
19, 906,783 19,906,783
4 ,067,584
4,128,753
5 ,000,000
.
3,937,965
2,543,934
Earned
3,646,277
3,555,270
Accts. payable and
Market.securities-
on
y
1939
$
1939
& pl't 14,374,772 14,442,452
Invest, (less res.). 1,293,286
1,502,597
x
surplus
accrued
molasses
hand
1,698,028
cane
1,306,579
245,603
Restricted sugar on
hand
63 5,660
48,835
470,082
81,830
84,312
741,041
Deferred charges
Other assets
335,184
238,646
216,337
Livestock
423,755
305,962
320,383
222,958
Supplies & mat'ls-
taxes
1,083,473
877,920
1,182,677
Mdse. for sale
items.-
Reserve for income
3,334,368
227,536
Accts.rec.0e8s res.)
Advs. to plantersGrowing
_
.
Total
x
After
in 1939.
729,928
29.615,227
reserve
y
Reserve for contin¬
gencies, Ac
193657
Gross from railway
Net from railway
—V. 151, P.
304,230
607,443
51,456
was
made
R.
on
Nov.
Hassold of
Total
29,615,227 29,925,116
18 that company has added to its
& Co., Philadelphia; Barrett
Bioren
Herrick of Barrett Herrick & Co., N. Y.
City; Clyde L. Paul of Paul &
Co., N. Y. City and Philadelphia; John Robertson of C. T. Williams &
Co., Baltimore, and R. E. Swart of R. E. Swart & Co., N. Y. City.
The new directors are the nominees of bondholders' committees repre¬
senting Southeastern Gas & Water Co. first and general lien bond issues
and are identified with investment banking houses that have been inter¬
ested in the distribution of these securities.
In addition to the above named firms, committee members include
representatives of the following firms: Glidden, Morris & Co., A. J. Mor¬
rison Co., Carrett, Gammons & Co., Bond & Goodwin, Inc., Strauss
Bros., N. Y. City, and Gifford & Co., Providence, R. I.
The directors and the committees they represent are pledged to support
the amended voluntary plan of exchange of securities.
In behalf of the management, Mr. Charles J. Gregory, Vice-President
of the company, stated that he and his associates welcomed the addition
of the new board memoers who had given ample proof of their faith in the
company's future and of their interest in the welfare of the bondholders.
Mr. Gregory further stated that tne support and active cooperation of the
committees should insure the success of the plan at an early date.—V. 151,
p. 2956.
Accumu¬
1937
$15,432,897
3.975,720
1,885,284
144.270.197 138,253,377 125,735,819 145,619,681
39,683.813
38,388,169
27,085,641
35,484,527
19,661,284
18.816,182
7.885,627
16,666,043
3101.
i
Lines—Earnings—
1939
$782,425
81,060
1940
$815,565
October—
Gross from railway
railway
Net ry. oper. income...
From Jan. 1— :
7,062
def24,858
Gross from railway
7,639,092
535,511
6,206,097
465,445
277,029
288,633
Net from
Net from railway.
Net ry. oper. income...
—V. 150, p. 2662.
:
!
1938
$560,494
35.175
19,609
57,525
=f7< 1937
$642,113
7,896
defl0,552
5,437,896
6,431,944
120,955
def33,456
194,805
def33,993
Ry.—Earnings—
[Includes Northern Alabama Ry.)
1940
1939
$10,206,264 $10,098,560
3,739,666
3,977,213
railway operating Income.-*....*—...*-2,656,699
2,919,821
-V
October—
Gross from
railway
1—
Gross from railway-.
Net from railway
25,705,994
............... ..........
Net railway operating income.................
3rd
81,892,030
25,300,976
16,119,529
16,249,128
86,294,509
Jan. 1 to Nov. 21
1939
1940
1939
$2,772,111 $123327,987 $117526,285
Week of Nov.
1940
(est.)
3101.
Gross earnings
$2,835,406
Southwestern Investment Co., Texas—Stock Offered—
The company, with offices at Amarillo, Texas, is offering 13,821 shares
preferred stock (no par), non-participating, with cumulative dividend
rights of $1.20 per share per annum, at $20 per share and 17,372 shares,
common stock (no par) at $12.50 per share.
Company—Was organized in Texas under the corporate name of Western
Reserve Mortgage Co. on April 10, 1930.
By charter amendment dated
Aug. 30, 1930, corporate name was changed to Western Reserve Invest¬
ment Co.
By charter amendment dated June 6, 1933, corporate name was
changed to Southwestern Investment Co.
Corporation is primarily engaged in the business of purchasing from
retail dealers on a discount basis conditional sales contracts and other
purchase-money obligations secured by purchase-money liens on automo-
household furniture and appliances, commercial
insurance premiums and miscellaneous articles
acquired by the dealers by virtue of sales of such property
to purchasers on the deferred-payment plan.
In addition to the above business, the corporation Is also engaged in the
business of: (a) Making personal loans direct to the public on automobiles
and other miscellaneous securities and other loans on an unsecured basis.
(6) Rediscou'nting notes, conditional sales contracts and other obligations
secured by liens on automobiles, household appliances, household furniture
and other miscellaneous commercial, industrial and household articles and
equipment,
(c) Advancing funds to automobile, household appliances,
industrial and other miscellaneous dealers therein on short-term notes
secured by liens on automobiles and other miscellaneous articles and equip¬
ment held in the dealers' stock for display and for sale.
oiles, refrigerators, stoves,
and industrial equipment,
and equipment
The
is
as
volume of business handled as
of receivables
represented by the aggregate face
borrowing customers
acquired from dealers and its
follows:
_
-i->-
$594,820
992,638
1,472,051
_
1938-.
1939
1940 (6 months)
(est.), $13,036; (3) general corporate purposes,
$358,359.
Corporation has contracted to purchase all of the outstanding capital
stock (except directors' qualifying shares) of Motor Credit Co. of Amarillo,
Texas, which is engaged in the business of discounting instalment notes and
conditional sales contracts and other obligations on automobiles and other
miscellaneous securities, and of making loans to the owners of automobiles
and other miscellaneous articles and securities, and secured by such securi¬
ties.
The capital stock of Motor Credit Co. is to be purchased from
Panhandle Insurance Agency, Amarillo, Texas, which is a partnership
enaged in the general fire, casualty, and miscallensous insurance business
as agent for various insurance companies.
,
Exchange Privilege—On June 30, 1940 there was outstanding 1,266 shares
of the class A (no par) participating cumulative preferred stock with pre¬
ferred dividend rights of $3.50 per share per annum.
By action of the
stockholders' meeting on April 23, 1940 the holders of such class A preferred
stock were granted conversion rights for the preferred stock (no par),
with cumulative dividend rights of $1.20 per share per annum (now offered),
or for common stock (no par) (now offered), at the option of the holders of
class A preferred stock, on the following basis:
The holders of the class A preferred stock are entitled to exchange each
share thereof, based upon the price for which it was issued, for three shares
of the preferred stock (no par), with cumulative dividend rights of $1.20
per share per annum, now offered, upon the basis of $20 per share, with the
payment of the difference in cash, or at their option, of exchanging one
share of the class A preferred stock, based upon the price for which it was
issued, for five shares of the common stock (no par) now offered, upon the
basis of $11.80 per share, with the payment by such stockholders of the
stock of Motor Credit Co.
29,925,1151
for depreciation of $12,974,660 in 1940 and $12,610,134
F.
2,655,088
one-fourth of increase in taxes for first
$1,569,063
2,649,363
.L
1,589,814
Purposes—Net proceeds to be received from the sale of the preferred and
common stock! are to be used as follows:
(1) Retirement of class A (no par)
preferred stock (est.), $70,717; (2) payment of purchase price of capital
Represented Dy 745,734 shares (no par value).—V. 151, p. 1290.
Announcement
2,941.542
Southern Pacific SS.
value
Southeastern Gas & Water Co.—Directorate Increased—
directorate Carl
297,050
1,400,840
imposed by Second Revenue Act of 1940.
one-half the increase.—V. 151, p. 2956.
Net ry. oper. income...
—V. 151, P.
investment, &c_Profit on sale of sugar &
molasses produced in
prior years (net).
Int.
$3,393,190
1940
1939
1938
$17,480,293 $16,582,651 $15,054,590
6,343,068
5,509,955
4,696,845
oper. income...
4,378,952
3,395,662
2,646,482
From Jan.
30
1938
280,000
265,500
297,000
339.850
-.-$11,688,675 $10,412,354 $11,084,383 $14,011,616
Sugar made (tons)
Mfg., &c., exps., taxes,
interest, &c.
$3,683,600
Net from railway
Consolidated Income Account for Years Ended Sept.
1940
$372,214
Net ry.
From Jan. 1—
Net
South Porto Rico Sugar Co .—Earnings
$399,407
325.453
Net from railway
Southern
per
capital
$25, Doth payable Dec. 20 to holders of record Dec. 6. Extra
the regular quarterly dividend of 37 H
$4,794,030
October—
After depreciation, estimated
South American Utilities
$5,371,276
al,687,676
Gross from railway
income taxes and minority interests,
(par $1).
$521,814
149,600
Southern Pacific Co.—Earnings—
,
1 939
$320,120
$0.16
Net income
$1,640,632 $16,885,785 $15,763,182
1,118,818 11,514,509 10,969,152
$606,796
a207,389
Tax accrued for October includes
eight months of year
lated figures includes
(& Subs.) —
1940
z$276,226
9 Mos. End. Sept. 30—
x
x
Co.
Platinum
operating income.
Net income
$1.99
—V. 150.p. 3373.
South
Telephone Co.—Earnings—
1940—Month—1939
1940—10 Mos.—1939
$1,784,554 $1,644,132 $16,908,785 $15,798,182
2,500
3,500
23,000
35,000
Operating revenues... $1,782,054
Operating expenses
1,175,258
1939
1940
Be Offered—
Company has filed with the Securities and Exchange Commission a
declaration
(File 70-201) regarding the proposed issuance and sale of
484,379 additional shares of its common stock, $7.50 par value.
The stock
is to be offered through transferable warrants to common stockholders
at $10 a share on the basis of 7-10 of one share for each share held.
Any
unsubscribed shares may be sold at public or private sale at a price to
be fixed by the company's board of directors but at not less than $10 a
of
f4.50 per Pres dent, announced on Nov. 22.A Payment will be made Houlder
share on the company's class
$6 preferred stock, Dec. 14
ludgins,
to
$5,530,275
576,916
The company's parent,
Federal Water Service Corp., also filed an
application for approval of the purchase of 253,272 shares of the common
stock, the amount to which it would be entitled as holder of 361,390 shares
of the 691,970 shares of common stock of Southern Natural Gas Co.
presently outstanding.—V. 151, p. 1005.
Sloane-Blabon Corp.—Dividends—
The board of directors has declared out of earnings an initial dividend
inc. taxes & other deductions
257.
Southern Natural Gas Co.—Stock to
100,00q
Net profit after all charges and full
U. 8. and English income taxes
31,1940
Net sales
Net inc. after oper. exps., Fed.
—V. 151, p. 2514, 2057, 1005.
1940
30,
Co.—Earnings—
Earnings for 10 Months Ended Oct.
Amount
$700,000
P. 8.
Nov.
Southern Advance Bag & Paper
principal
severally to be purchased by each, are as follows:
amount of debentures
expenses
Chronicle
difference in cash.
Volume
The Commercial & Financial Chronicle
151
Underwriting—No commitment
of any character has been made to take
any part of either class of stock offered
by the corporation or covered by
the registration statement filed in connection
therewith.
Comparative Income Account
6 Mos. End.
1939
1938
$118,640
18.849
$100,704
11,453
$88,125
$155,733
$99,790
$89,251
3,456
2,916
1,989
70
145
144
74
fees—foreign
accounts
Total income
$90,537
41,843
1,756
5,476
_
Int. & discounts paid
Prov. for Fed. inc. taxes
Net profit
$159,335
72.183
2.649
33,540
9,147
$102,851
44,379
1,688
26,056
5,357
$22,319
Operating expenses
Depreciation
$41,816
$25,369
19.142
...
—V. 151, p. 1439.
V.
151,
Dec.
p.
$91,315
32,223
896
v
22,406
6,017
Stewart-Warner Corp. (& Subs.) —Earnings—
Period End. Sept. 30—
Gross profit from oper..
Sell., adm. &
Profit from operationsi
Other income or exp
$619,133
$150,659
Dr70,607
$1,577,086
Dr67,765
$500,234
Dr150,000
Net profit
Prov. for Fed. & Canad.
inc. & exc. prof, taxes
$569,875
$80,052
$1,509,321
$350,234
252,436
24,104
514,637
94,025
Netprofit
Earnings per share
$317,439
$55,948
$0.05
$994,684
$256,209
$0.21
.
$0.26
5—See
&
Power
Public
Co.—Hearing
Service
Co.
of
on
Dis¬
1939
$
$
1940
Liabilities—
on
hand (less drafts
Accts.
outstanding)... 1,950,075
611,634
October—
1940
1939
$85,032
1938
$74,907
23,693
11,722
38,319
30,392
1937
$70,388
21,423
13,184
$82,164
29,003
17,791
Mtge.
rec.
696,912
203,417
674,111
160,435
82,179
117,216
630,797
120,675
725,604
188,888
107,888
43,843
October—
Gross from railway
Net from railway...!..
$993,641
Net ry. oper. income...
241,068
1940
1939
$820,547
296,494
168,794
390,517
1938
1937
$792,957
216,013
81,004
$866,357
349,809
220,718
6,824,690
1,831,071
621,628
Gross from railway
Net from railway
Net ry. oper. income...
7,958,957
2,269,085
7,259.386
2,008,705
808,738
945,431
-
—V. 151, p. 2663.
claims
272,911
251,305
696,212
635,536
505,411
815,938
prepaid,
Patents,
licenses,
goodwill, &c
other
105,747
1
301,792
for
possible
loss on reposses¬
sions under resale
contr.
&
notes discounted
with finance cos.
6,791,404
85,000
493,950
.
product
guarantee
install,
opers.,
Total
for
Res.
Plant & equip, at
cost, less reserve 6,633,066
&
litigation
Res.
expenses, &c
Land & bidgs. not
7,657,494
2,557,829
1,450,672
1—
1,075,255
180,000
750,000
143,948
717,496
Res've for possible
loss
on
patent
155,000
in
1,602,171
obllg.
4,931,302
60,000
used
Accrued liabilities.
5,086,860
...
instal.,
due Jan. 1, 1941
less reserve.....
Spokane Portland & Seattle Ry.—Earnings—
1,048,969
Res. for cap. losses
1st mtge. note rec.
Other non-current
Supplies,
1,274,670
4,501,981
receivables
Net ry. oper. income
—V. 151, p. 2663.
payable—
4,611,510
Inventories
$
200,000
Pur. money
less reserve
$
Bank loans
Accts. & notes rec.
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
1939
'
Cash in banks &
Oklahoma.—
2663.
$0.80
Comparative Consolidated Balance Sheet Sept. 30
Assets-
Light
1940—9 Mos—1939
$4,401,174
$3,552,449
2,824.088
3,052,215
Dr49,258
$29,771
Spokane International Ryv —Earnings—
From Jan.
1940—3 Mos.—1939
$1,541,730
$1,165,443
922.597
1,014,784
gen. exp—
1940
Southwestern
solution
on
stock, payable Dec. 14
was
1937
$193,299
37,566
2,341
charges
Collection
Nov. 25 declared a dividend of 30 cents per share on the
to holders of record Dec. 9.
Dividends of
paid on Dec. 19, 1939 and one of 50 cents was paid on Dec.
22,
1937.—V. 151, p. 2956.
20 cents
596,597
8,471
Net disc'ts, int., &c._
Transfer and delinquent
Sterchi Bros. Stores, Inc.—To
Pay 30-Cent Common Div.
Directors
common
Calendar Years-
June 30, '40
Gross disc'ts, int., &c
Total deductions
3255
184,368
130,057
Com. stk (S5 par) 6,215,315
Capital surplus
5,451,951
6,209,23i
5,447,834
3,110,959
Earned surplus... 3,781,430
19,971,046 18,539,101
Total
19,971,046 18,539,101
-V. 151, p. 2663.
Strawbridge & Clothier, Inc.—Accumulated Dividend—
Directors have declared
a dividend of $1 per share on account of accu¬
on
the 7% cum. pref. stock, payable
Dec. 30 to holders of
record Dec. 14. Dividends of like amount were
paid in preceding quarters.
mulations
Springfield Southern RR.—Acquisition—
The
Interstate Commerce Commission
on
Nov. 14
issued
V.
a
Pursuant to the Interstate Commerce Commission
report and certificate
of Feb. 21, 1940, the entire line of the
Chicago Springfield & St. Louis
has been abandoned with the
exception of the segment under consideration,
and the property,
including the segment, has been sold to the Schiavone-
Bonomo Corp.
receiver has
Under arrangements
continued
operation
bondholders'
master has
Corp.
between the interested parties the
of the segment for the account of the
committee, former owner of the property, and the special
agreed to convey title to the nominee of the Schiavone-Bonomo
There are two coal mines on the lines which have
no other available
railroad service.
The new road estimates that
they will continue to operate
for 40 years.
The record indicates that the traffic to be
handled, other
than coal, will be negligible.
It is stated by the road that the mines referred
to have produced an
average of 8,000 carloads of coal a year since
1932,
and that the revenues
accruing to the line therefrom have averaged $8
a
car.
Assuming that future production of the mines will be equal to
that of the past, the road estimates the
operating revenues of the line for
each of the first five years at
$64,000, operating expenses, including taxes,
$45,000, and net railway operating income $19,000.
The line has con¬
nections for the interchange of traffic with five
railroads at Springfield
and one, the
locomotives,
to pay $55,000 for the line and the
operating
thereon.
The equipment consists of four steam
one of which
by Summer & Co.
Superior Oil Co.—Earnings—•
Years Ended Aug. 31—
151,
on
Producing, transportation & storage.
Geophysical expenses
Geological, land & engineering exps_.
Taxes, other than Federal income
General & administrative expenses
Doubtful receivables
Insurance
Total income
Intangible develop, expenditures
Rents of undeveloped leases
Provision for depletion & deprecia'n.
p.
3101.
sales of
settlement
on
notes
Loss
Oil
Co.
Assets—
Output—
$
p.
Invest. & advances
Properties
2,197,302
1,390,499
351,948
320,942
1,062,362
1,039,416
(net)-.13,712,400 11,450,869
1,479,980
1,152,447
Deferred charges..
Similar extra
payable Dec.
14, 1940 to stockholders of record at the close of business
Nov. 30. 1940.—V. 150, p. 2594.
Staten Island Rapid Transit
October—
1940
Gross from railway..
Net from railway
-
Acer, excise, prop.
& sundry taxes.
Res. for inc. taxes.
Net ry. oper. income
.
1938
1937
1,228,334
Capital surplus
Net ry. oper. income
—V. 151, P. 2663.
x
22,307,619
17,926,368
Includes notes receivable.—V.
86,347
Total...
22,307,619 17,926,368
151, p. 862.
Superior Water, Light & Power Co.—Earnings—
Period End. Oct. 31—
Operating
Operating
revenues
expenses
P^-op. retire,
res. approp.
Net oper. revenues—
1940—Month—1939
$94,840
$91,210
60,541
58,331
11,740
12,962
4,000
4,000
$18,559
Other income
1940—12 Mos.—1939
$1,100,708
$15,917
693,630
157,791
48,000
$201,287
18
Gross income
$18,577
$15,917
454
454
7,089
7,091
$11,034
$8,372
on
$1,083,848
66U.787
159,061
48,000
$209,000
40
190
$201,327
5,450
83,766
$209,190
5,450
84,988
Int. charged to constr'n.
Cr85
$149,882
22,460
defl7,756
$125,695
def3,416
def36,320
Divs. applicable to pref. stocks for the period—
1,348,161
98,012
def220,193
1,373,860
1,350,274
111,062
def238,843
1,298,872
dr67
$112,196
35,000
$118,819
$77,196
$149,813
30,156
def9,167
$83,819
—V. 151, p. 2664.
141,973
def209,811
Net
income
Swift & Co.—To Increase Directorate—
def288,632
An increase in the number of directors from 9 to
declared
an
initial
stock, par
5.
35,000
def9,332
Mfg. Co.—Initial Dividend—
common
86,347
319,085 sur284,002
Balance
...
270,382
254,091
289,684
3,150~666
$144,497
9,146
def25,136
1—
Gross from railway..
Net from railway—
245,947
10,000,000
Deficit
mortgage bonds.
Other int. & deductions.
Ry.—Earnings—
1,170,360
73,254
135,762
Accrued wages
Accrued interest..
22,138
Cap.stk. ($25 par) 10,625,350 10,625,350
Int.
1939
1,100,000
807,198
62,285
36,241
tracts, &c
Direct taxes
Ohio—Special Dividend—
$
due
Bank loans
Total
Directors have declared a regular
quarterly dividend of 25 cents per
share and a special dividend of $1 per share on the common
stock, both
the
$
loans,
within year
Accounts payable.
Trade notes pay'le
Land purch. con¬
Kentucky—Extra Dividend—
both payable Dec. 16 to holders of record Dec. 2.
on Dec. 15, 1939.—V. 150, p. 1615.
on
Aug. 31 '40 Dec. 31 *39
Bank
hand...
3,765,661
Accts. receivable..xl,524,447
Inventories
570,635
Mat'ls <fe supplies.
215,080
on
2811.
paid
Standard Oil Co. of
Dec.
63,170
$341,716
Liabilities—
$
Cash in banks and
Directors have declared an extra dividend of 30 cents
per share in addi¬
tion to the regular quarterly dividend of 25 cents
per share on the common
share
205,323
105,754
(Ind.)—Stock Offered—Dillon, Read
Standard Oil Co. of
have
419,605
Cr44,616
3Ya.% debs
financing by the company.—V. 151,
Directors
$7,206,425
4,931,830
623,785
1,039,230
904,228
Cr 14,101
$l,068,653prof$816,108
...
represents one of the most important offrthe-market stock
distributions in recent months, does not constitute new
Stearns
$7,270,592
3,584,079
908,310
1,381,783
Cr71,238
287,899
payable, &c
on
From Jan.
$6,868 563
5,173,338
831,189
1,337,134
430,305
Cr51,411
of
Nov. 25 offered after close of the market
100,000
shares capital stock at 273^.
Sale of these shares, which
was
$7,072,609
133,815
Dividends
an
Electric output of the public utility
operating companies in the Standard
Gas & Electric Co. system for the week ended Nov.
23, 1940, totaled
141,508,804 kwh., as compared with 126,002,652 kwh. for the
corresponding
week last year, an increase of
12.3%.—V. 151, p. 3101.
stock,
39,682
Balance Sheet
extra dividend of 10 cents
per share
quarterly dividend of like amount on the common
stock, both payable Jan. 2 to holders of record Dec. 9.—V.
151, p. 2663.
Standard Gas & Electric Co.—Electric
in
claims
Interest
1938
$7,119,049
151,543
Aug. 31 *40 Dec. 31 '39
in addition to the regular
Standard
_
properties (net)
recovered
1939
$13,436,386 $11,721,617
3,665,230
2,606,987
605,697
367,143
453,621
293,281
841,554
793,036
693,551
553,561
18,000
35,000
$6,720,234
148,329
Other income
on
1,302,220
418,956
413,737
979,655
965,052
185,906
144,553
Loss of wholly-owned sub
Brands, Inc.—Extra Dividend—
Nov. 27 declared
1940
Sales and other operating revenues. .$11,140,313
Amount
Directors on Nov. 19 declared a dividend of 30 cents
per share on the
stock par $10, payable Dec. 20 to holders of
record Dec. 10.
This compares with 40 cents
paid on June 30, last and on Dec. 20, 1939;
20 cents paid on June 30, 1939; 30 cents
paid on Dec. 20, 1938, and an
initial dividend of 20 cents paid on June
21, 1939.—V.
& Co.
Studebaker Corp.—Certificates Void—
Properties abandoned
common
Standard
Webster, Inc.—To Pay 50-Cent Dividend—
Corporation has notified the New York Stock Exchange that scrip cer¬
tificates for 6% debentures and common stock of the
corporation, issued in
bearer form in March, 193o, will oecome
by their terms void and of no
effect after Dec. 31, 1940.—V. 151, p. 2957.
Profit
(A. E.) Staley Mfg. Co .—30-Cent Dividend—
Directors
Directors
have declared a dividend of 50 cents
per share on the common
stock, payable Dec. 16 to holders of record Dec. 2.
Dividend of 25 cents
was paid on Nov.
15, 1939, this latter being the first dividend paid on the
common shares since
December, 1936, when a similar amount was dis¬
bursed.—V. 151, p. 2663.
is in usable condition and three are in various
stages of disrepair.
The plan of financing calls for the issuance of
$5,000
of common stock, all of which is
to be purchased by Summer &
Co., Co¬
lumbus, Ohio.
The $55,000 to be paid for the line is to be borrowed
on
notes guaranteed
1292.
Operating income
proposes
used
now
p.
Stone &
Wabash, at Curren.
The company
equipment
151,
certificate
authorizing the acquisition and operation by the
company of that portion
of the line of railroad
formerly owned by the Chicago Springfield & St.
Louis Ry. extending from the
junction with the Baltimore & Ohio RR.
at Cox St. in
Springfield to a point 100 feet south of the south end of the
passing track south of Curran,
approximately 7.71 miles, in Sangamon
County, 111.
quarterly dividend of 10 cents per
$1, payable Dec. 10 to holders of record
board of directors
on
Nov.
24.
11
was
voted
At the annual stockholders'
by the
meetign on
16 three directors, G. F. Swift, M. B. Brainard and T. Philip Sw.ft.
will be brought up for reelection and the names of Albert F. Hunt and
Jan.
O.
E.
Jones,
now
Vice-Presidents of the company, will be presented
the new candidates for the board.—V. 151, p. 2209.
as
The
3256
Balance"Sheet Oct. 31,
Bridge Co.—Extra
Tacony Palmyra
Dividend—
Terminal, Inc.—Plan Not Yet Operative—
company, assents received from security
to make the recapitalization plan of the
company effective.
It was said that at present 91.9% of bondholders and
86% of debenture holders have filed assents to the plan.
See also V. 150.
$189,087; total,
Co.—To Pay SI Dividend—
Corp.-—To Pay $1 Dividend—
declared a dividend of
was
April 1, 1938.—V. 151, p.
$8,825,567 $8,435,646
3,353,386 3,389.383
1,326,092
1,076.709
Prop, retire, res. approp.
1,000,000
1,000,000
Net oper. revenues
$179,250
$274,568 $3,146,089 $2,969,554
Other income (net)
5,535
5,401
12,752
16,234
Gross income
$184,785
$279,969 $3,158,841 $2,985,788
Int.
mortgage bonds.
140,542
140.542
1,686,500
1,686,500
Other interest
2,763
2,665
32,585
31,581
Net income
$4JM80
$136,762 $1,439,756 51.267,707
Dividends applicable to pref. stocks for period
375,678
375,678
Balance
$1,064,078
$892,029
Direct taxes
:
$1 per share on the common
record Dec. 6.
dividend was
,
stock,
Like amount
distributed on
—
2059.
Elec., steam, water ,&c
Building, Inc.—Earnings—
1940
1939
1938
$539,241
$600,926
$626,417
23,620
33,792
31,737
Total
$562,861
$634,718
348,134
$214,727
374.930
$259,788
28.743
18,453
377,880
$280,274
$243,470
$278,241
126,010
$295,250
Aug. 31—
Rents..
Oper. revenues:
Operating expenses
Operating income
Other income (int., &c.).
Gross
deprec., &c_.
Current
bond
126,010
A bds
Int. accrued onser.
tax
income
bondeddebt
on
stock
&
bonds
int.
before
5,153
3,952
9,605
141,924
5,503
141.924
3,788
Net ry. oper. income
From Jan. 1—
7,742
$48,275
35,555
1.536
$41,924
12.56
bonds outstanding, the property is
150, p. 3678.
railway
Net from railway
Railway tax
Gross from railway
41,881
68,064
60,006
Net from railway
—
2,166,356
519,613
2,014,545
486,912
2,134,754
561,353
242,216
206,698
1,866,890
468,687
189,890
Tennessee Electric
77,206
858,619
958,329
income.
$626,111
36.912
$627,736
32,972
$3,954,632
340.342
$3,533,703
342,736
$663,023
4,938
323,772
$660,708
7,079
323,102
$4,294,974 $3,876,439
43.943
75,520
3,220.485 ' 3,250,799
Net income
27,337
Net ry. oper. income—
—V. 151, p. 2664.
48,309
Fixed charges
1937
$214,878
57,142
1938
$241,325,
92,800
$334,313
$330,527
$1,030,546
Net ry. oper.
Total income
Misc. deductions
291,176
Complete
declaration has been filed with the Securities and Exchange Com¬
mission pursuant to the Public Utility Holding Company Act of 1935 by the
Commonwealth & Southern Corp., Tennessee Utilities Corp. and Tennessee
Electric Power Co. seeking approval to complete the liquidation of the
A
various transactions taking place in 1939
and
approved in proceedings before the Com¬
mission. At that time, Commonwealth & Southern Corp. organized a new
corporation, Tennessee Utilities Corp. for the purpose of facilitating the
transfer of the electric properties of two of its subsidiaries, namely Tennessee
Electric Power Co. and Southern Tennessee Power Co. to the Tennessee
Valley Authority and other public bodies. All of the outstanding stock of
Southern Tennessee Power Co. and 422,261.35 shares of the outstanding
425,COO shares of common stock of The Tennessee Electric Power Co. were
held by Commonwealth & Southern Corp.
All of the common stock of
Tennessee Utilities Corp. was taken by The Commonwealth & Southern
Corp. in exchange for its ownership of the common stock of the subsidiaries
whose electric properties were sold. At that time also. The Tennessee Elec.
Power Co. was dissolved, a partial distribution made to its stockholders,
and the remaining assets conveyed to its board of directors as trustees in
liquidation.
Tennessee Utilities Corp. received the electric properties
to be sold and the minority public stockholders $14.42 per share.
This
latter amount was subject to further adjustments which could not be cal¬
culated at that time.
After the completion of these transactions, The
Tennessee Electric Power Co. had no electric utility assets but retained
which arises from
certain phases of which were
latter company
non-utility assets.
Approval is now sought to complete the liquidation of The
Electric Power Co. by transferring its remaining assets to its
ownership of certain
Tennessee
immediate
}>arent company, Tennessee Utilities Corp., accompanied by a distribution
cash to the minority stockholders of The Tennessee Electric Power Co.
n
specifically it is proposed to take the following steps:
To make a cash distribution of $1.08 per share to the minority stock¬
holders, which will adjust the previous cash distribution of $14.42 per share
to the amount of cash actually received by Tennessee Utilities Corp. in
connection with the sale of the electric properties, plus net income derived
from operation of the property for a certain period.
(2) To make a cash distribution of $9.04 plus per share to the minority
stockholders.
This amount is largely based on an appraisal by Jackson &
Moreland of the property and securities of The Tennessee Electric Power
Co. to be transferred to Tennessee Utilities Corp.
(3) To reduce the capital stock of Tennessee Utilities Corp. to give effect
to the transfer of the properties mentioned above at their appraisal value
More
(1)
outhern
§Ius otherCorp. will receive approximately $6,720,000 in cash and U.
adjustments. As a result of such reduction Commonwealth
&
S.
Light Co.—Earnings—
Period End. Oct. 31—
Operating revenues
Operating expenses
Direct taxes
Prop, retire't res. approp
Amort, of ltd.-term
inv.
Other income
(4)
The minority
stockholders of The Tennessee Electric Power
rata at par outstanding capital
(5)
will be impressed on the books of Common¬
result of the above transactions, such entries
Certain accounting entries
wealth & Southern Corp. as a
to be
Co. will
stock of
given in an amendment to
Terre Haute
the application.—V.
150, p. 3678.
Malleable & Mfg. Corp.—Earnings—
Month
10 Mos.
$15,782
$100,643
Period Ended Oct. 31, 1940—
sales
Selling, general and administrative expense
Gross profit from
Profit
Provision for depreciation
Net profit,
.
subject to Federal income tax
45,097
$55,546
$11,159
Other income
4,565
$11,217
Dr5S
Profit from operations
$61,938
27,369
2,737
$8,422
6,391
$34,568
$443,686
5,846
$4,172,379
18,966
$4,627,965
11,440
$430,426
$449,532
$4,191,345
170,417
177,708
10,000
5,603
10,000
5,474
2,045,000
120,000
86,708
$4,639,405
2,132,500
120,000
145,565
$244,406
$256,350
$1,939,637
865,050
$2,241,340
865,050
$1,074,587
$1,376,290
Gross income
on
mtge.
bonds
bonds
Int. on deb,
Other int. & deductions.
Net
1940—12 Mos.—1939
$10,939,160 $11,502,577
4,429,817
4,626,582
1,253,862
1,155,587
1,078,415
1,089,867
4,687
2,576
$423,293
7,133
(net)
Income
—-
Dividends applicable to
pref. stocks for period. .
Balance......
—V. 151, p.
2514.
Texas Public Service
Co.—Earnings—-
$1,778,869
994,356
$1,573,688
946,159
$585,820
Dr4,721
..—.
$472,214
Drll,358
$581,099
127,621
$460,855
109,533
$453,478
184,787
11,086
$351,322
189,346
16,486
55,977
91,449
51,266
Maintenance....—
General taxes
a Federal income tax
b Utility
...
...
operating income
Other income (net)
b Gross income
......
Retirement reserve
accruals
—
Gross income.
...
Interest on bonds
...
Other income charges
_
Net income
a
No provision
has been
accruals.
stock
Balance Sheet
Assets—Utility
plant,
55,508
83,232
16,575
$257,605
$145,490
131,259
106,250
made for Federal excess profits tax. b Before
Dividends declared on common
retirement reserve
1939
1940
12 Months Ended Sept. 30—
Operating revenues
Operation
Government securities.
be given the right to purchase pro
Tennessee Utilities Corp.
1940—Month—1939
$1,026,359 $1,022,404
369,676
379,334
144,717
108,056
88,265
90,942
408
386
Net oper. revenues...
Int.
$550,120
p.2514.
Texas Power &
Liquidation Sought—
54,095
15,604
5,838
Cr840
Other income
—V. 151,
Power Co.—Permission to
1940—10 Mos.—1939
$21,793,319 $21,733,253
15,433,767 15,564.546
1,530,697
1,622.580
Equip, rentals (net)
(net). —
Joint facil. rents
1939
$261,554
89,513
Net ry. oper. income-From Jan. 1—
31—
Operating revenues
Operating expenses
assessed
1940
$231,566
73,307
October—
,
1940—Month—1939
$2,511,541 $2,632,399
1,680,490
1,725,242
accruals—
157,471
196,377
Period End. Oct.
417,914
34.537,063 39.172,627
7,276,340
9,148,650
2,320,389
4,045,271
Ry.—Earnings—
Texas & Pacific
Central Ry.—Earnings—
Gross from
3,895,230
$4,059,238
893,508
646,364
1,031,315
35,799,350
9,101,250
3,762,534
Net ry. oper. income—
—V. 151, p. 2665.
ment before
Tennessee
913,232
9,244,104
Net from railway
4.77
5.52
5.86
5.86
The statistical report prepared by Amott, Baker & Co., Inc., states
that occupancy has suffered, dropping below 90% for the first time in
several years.
The building is security for a $2,225,000 1st mtge. which is
publicly held.
This issue bears a 5% interest rate and even with the lower
earnings the amount available was more than double the interest require¬
$3,824,959
1,108,543
$4,350,191
1,558,170
37,367,127
.^income...
GroS?romnrahW
_
1937
1938
1939
$4,376,256
1,439,107
railway
Net ry. oper
series
RR.—Earnings—
1940
October—
Net from railway
On
depreciation.
Compared to the $2,225,000
by the city at $4,725,000.—V.
'
Texas & New Orleans
Gross from
12.57
11.83
10.22
presently outstdg.
A
&
debs.
before int. & deprec.,
annual basis
64,805
Net ry. oper. income.—
—V. 151, P. 2664.
$41,924
"
A
&
1,255,688
361,493
234,372
772.499
156,823
80,367
1937
$112,813
19,431
6,701
819,407
108,778
20,245
10,651
797.080
174.006
railway
Net from railway
Gross from
7,566
141,924
35,890
2,1940.
1938
$67,781
9.676
1,173
1939
$77,389
19,024
1940
$116,727
43,252
30,656
railway
Net from railway
4.374
4,083
5,237
141,924
44,073
549
$41,924
company's
Ry.—Earnings—
Texas Mexican
October—
1,290
4,698
basis.
deprec., annual
,
1,159
in addition
payable Dec. 16, 1940, to stockholders of record Dec.
of 25 cents was paid on June 15 last.—V„ 151, p. 2515.
Gross from
,
,
1,314
period
Percent, earned on ser.
An extra
143,490
.
declared a special dividend of 25 cents a share
quarterly dividend of 50 cents a share on the
capital stock,
$296,565
134,992
Co.—Special Dividend—
Sulphur
Texas Gulf
to the customary
10.499
14,975
2664.
Directors have
368.477
$286,065
1,148
4,013
Sundry taxes, int., &c__
Depreciation
Accrued int. on debs
Prov. for Fed. income tax
-
—V. 151, p.
$654,543
...
1,135
expense
N.Y. franchise tax
Net loss for
1937
$604,726
49.816
before
income,
Fed.
$658,155
..
on
„
10 East 40th Street
Year End.
1940—Month—1939
$762,515
$746,566
290,852
276,560
209.080
112,105
83,333
83,333
Operating revenues
Operating expenses
share on the com¬
Dec. 5. This compares
paid on Dec., 1939;
20 cents paid in each of the three preceding quarters; 80 cents on Dec. 15.
1938; 20 cents on Sept. 15, 1938; 80 cents on Dec. 15, 1937, and an initial
dividend of 20 cents per share paid on June 15,1937.—V. 150, p. 1297.
directors have declared a dividend of $1 per
stock, payable Dec. 14 to holders of record
with 25 cents paid in the three preceding guarters; SI .20
The
value, payable Dec. 20 to holders of
paid on Dec. 22, 1939 and a 25-cent
Co.—Earnings—
1940—12' Mos.—1939
Service
Texas Electric
Period End. Oct. 31—
mon
Taylor Milling
.
_
$24,497, Fed¬
for contingen¬
p.3828.
Directors have
for deprecia¬
customers deferred
^
Tampa Union
no par
Govt, securities,
bad debts, $73,382;
$197,115; miscellaneous
$4,105; claim for tax
at
According to officials of the
holders have been insufficient
Tappan Stove
1940
Assets—Cash In banks and on hand, $74,261; U. 8.
cost, $1,018; accounts receivable, less reserve for
Inventories of castings, raw materials and supplies,
accounts receivable, $284; corporate stocks, at cost,
refund, $1,020; property, plant and equipment (less reserves
tion of $542,468), $299,527; prepaid insurance, $5,373;
charges, $597; total, $656,682;
Liabilities—Accounts payable, $47,112; accrued expenses,
eral income tax, $1,111; other accrued taxes, $9,955; reserve
cies, $17,000; common stock (par $5). $367,920; surplus,
$656,682.—V. 151. p. 2664.
addition
and
Similar
30,
declared an extra dividend of 25 cents per share in
to the regular quarterly dividend of 50 cents per share on the common
class A stocks, all payable Dec. 30 to holders of record Dec. 16.
distributions were made on Sept. 30, June 29 and March 30, last; Dec.
Sept. 30 and June 30, 1939.—V. 151, p. 2363.
Directors have
1940
30,
Nov.
Chronicle
Commercial & Financial
Sept. 30, 1940
$6,463,137;
investment
and
fund
accounts,
$288,404; cash, $139,851; special deposits, $26,438; notes and warrants
receivable, $77,171; accounts receivable, $381,749; receivables from asso¬
$23,578; materials and supplies, $57,264; prepayments,
$24,416; deferred debits, $4,015; total, $7,486,022.
Liabilities—Common stock (12,500 no par shares), $1,250,000; long-term
debt, $3,695,750; accounts payable, $67,533; customers' deposits, $98,751:
taxes accrued,
$118,165; internet accrued, $54,094; other current and
accrued liabilities $9,896; deferred credits, $113,624;
retirement reserve,
$1,271,307; uncollectible accounts reserve, $30,985; injuries and damages
reserve, $9,683; accrued interest receivable reserve, $56,053; capital surplus,
$436,061; earned surplus. $274,121: total, $7.486,022—V. 151, p. 1441.
ciated company,
Thermoid
Directors have
lations
Dec. 4.
Corp.—Preferred Dividend—
declared
a
dividend of $1 per share on account of accumu¬
the $3 cum. pref. Rtock, payable Dec. 15
Like amount was paid on Sept. 16 and June
on
with 75 cents
paid
on
to holders of record
15 last and compares
March 15 last; $2 paid on Dec. 15,
1939; 75 cents
Volume
paid
The Commercial & Financial Chronicle
1S1
Sept. 15, 1939; 60 cents on June 15, 1939, and 40 cents paid on
March 15, 1939, this latter being the first dividend paid since Dec. 15,
1937. when a regular quarterly distribution of 75 cents per share was made.
on
Period End. Sept. 30—
Total oper. revenues....
Company announced that final dividend action for 1940 will be taken at
special meeting Dec. 5.—V. 151, p. 2958.
Operating
expenses
Taxes
Third Avenue Ry.
1940—Month—1939
reserve
1940—4 Mos.—1939
$1,246,138
919,440
$1,251,172
939.043
$4,752,556
3,609,445
$4,766,498
3.644,467
Net oper. revenue
Taxes
$326,699
151,766
$312,128
154,818
$1,143,111
595,755
$1,122,031
Operating income
Non-oper. income
$174,932
17,889
$157,310
19,345
$547,356
71,843
$515,564
$192,821
214,857
$176,655
218.334
$619,198
854.907
$609,811
874,278
$22,035
$41,679
$235,709
$264,467
revenues
expenses
Gross income
Deductions
Net
loss
Tri-State
Operating
$549,057
$5,548,294
^
16
15.345
$578,009
$549,041
403,955
$5,532,949
3,894,241
$5,143,636
394,264
Net oper, revenues
$183,745
45,101
$145,086
42,014
$1,638,708
471,277
$1,165,110
410,152
Net
operating income.
$138,644
72,194
Net income
$103,072
105,331
3.978,526
$1,167,431
484,355
$754,958
693,546
—V. 151, p.1913.
George W. W. Porter, Federal bankruptcy referee on Nov. 26 stated at
Newark, N. J. that he has appointed Gerald D. Stone of Bayonne, a
of the New York Credit Men's Association, as receiver for the
company now in involuntary bankruptcy. Meinhard GreJff & Co., Inc.,
filed the petition on Nov. 20.—V. 149, p. 1040.
V
;
^
1
Todd
Shipyards Corp.—$2 Dividend—
Directors have declared
par
pares
Toledo Peoria & Western
October—
;
1940
.
Gross from
Net from
loans, &c.)
railway
railway
Net ry. oper. income
From Jan. 1—
Gross from rail way
__
1939
1938
$229,228
104,914
45,240
.-
Net from railway
Net ry. oper. income
$271,646
128,297
46,115
$2-10,093
114,910
69,141
$256,067
107,354
1,979,201
694,661
282,534
1,883,600
1,820,610
579,251
264,948
2,010,107
646,331
268,900
52,434
486,158
9,170
Cr 801
212
846
847
68,333
26,117
207,914
113,026
$198,957
$209,958
$6,271,619
$4,265,337
earned
surplus
nection with gas and oil producing properties).
It is the practice of the
companies to record any such losses when and as settled.
Statement of Income (Company Only)
Period End. Sept. 30—
Oper. revs., natural gas_
Operating
expenses
1940—3 Mos—1939
1940—12 Mos—1939
$1,422,251
$1,381,503 $10,021,494
$8,720,147
1,257.680
1,215,584
7,012,875
6,206,172
195,413
including
on
1939
$177,534
1.683.711 tons of coal
Corp,—Movie
$1,154,224
7,117,177
43,966
307,725
226,460
$1,382,223
501,525
$1,346,958
501,525
443,517
9,418
18,044,941
2,006,100
1,759,604
1,385
$7,965,833
2,006,100
1,764,425
36,784
8,206
$391,113
$4,150,318
$4,232,468
443,517
8,280
and loans..
Other
deductions
Net
/
x
1,684 '
income
$427,217
Loss.
1940
{Company Only)
1939
1940
Liabilities—
'
$
a $7 pref. stock.
Plant, property,
44,982,200
franchises, &c. 26,482,678
25,646,200' b $7 2d pf. stock 88,468,000
Investments ...222,569,429 223,173,979 c Common stock
7,818,959
Cash
3,051,520
2.820,654 Long-term debt. 33,435,000
Special deposits.
25,911
30,147 Notes pay. to El.
Working funds.
Bd.&Sh.Co. 25,925,000
44,970
1939
$
$
~7*217
47.494
Acct8.payable__
d
$
44,982,200
88,468,000
7,818.959
33,435,000
25,925,000
3,252,135
3,271,591
12,034
15,022
Pf. stk. called
48,530
47,740
for redemp. &
874,368
357.341
948,060
313,672
d Matured long-
Pre pay men ts...
68,369
43,622
term dt.& int.
13,800
Misc.
13,795
64.561
Customers' dep.
683,012
7,097
Misc. cur.llab..
19,776
cur. assets
Contra assets
228",098
Deferred charges
55,186
divs. thereon,
Accrued
accts..
15,125
664,814
17,558
,
1,855,798
Misc. liabilities.
1,751,763
47,477
51,576
Cust'rs' advs.for
construction..
com¬
Consent
41,216
5,553
'
Balance Sheet Sept. 30
Mat'ls & suppl's
1940
pared with 1,712,609 in the same six months a year ago.
Production
during the three months'period totaled 916,088 tons against 1,103,726 tons
in the same months of 1939 which included October of last year, the largest
month on both a tonnage and earnings basis in the company's history.
Shipments thus far in November compare favorably with the record total
at this date in October of last year.—V. 151, p. 1293.
Film
$1,504,334
6,769,224
Acc'ts receivable:
x$ 112,796
Century-Fox
Decree Signed—
x$82,872
1,473,796
interest
Notes receivable
Equivalent after preferred dividend requirements to 24 cents (38 cents
in 1939) a share on 440,851 shares of capital stock.
For the six months ended Oct. 31, net profit amounted to $2,381 com¬
pared with $6,934 for the same period of the preceding year.
Twentieth
715,051
644,700
53,631
debentures..
on notes
Other
605,041
x
Production for the six months amounted to
852,885
651,400
taxes.
Gross income
Int.
145,691
103,100
x$132,942
1,568,796
Net oper. rev.,nat.gas
Other income.
Other income deductions,
251,728
(& Subs.)—Earnings—
:f
102,100
res. approp.
Other.
Truax-Traer Coal Co,
1,940.178
213,121
Crl3,545
Bal. carried to consol,
Subsidiaries..
3 Months Ended Oct. 31—
Net profit after all charges
1,954,409
59,779
Cr21,054
Note—No provision has been made in the above statement for possible
losses resulting from pending suits and claims (arising principally in con¬
—V. 151, p. 2665.
"i
324,894
$8,642,705
307,380
196,111
1,620,250
Cr299
226
minority interests
Assets—
1937
416,844
Portion applicable to
'J
RR.—Earnings—
72,291
$1,260,797 $10,588,925
76,170
300,180
48,750
195,000
405,063
1,620,232
499,218
8,554
Other deductions
Int. charged to constr'n.
Pref. divs. to pub. (sub.)
Interest
dividend of $2 per share on the common stocks,
Dec. 16 to holders of record Dec. 2.
This com¬
a
value, payable
with $1.75 paid on Sept. 16. last; $1 paid on June 15, last; 75 cents
paid on March 15, last; 50 cents paid on Dec. 15. Sept. 15 and June 15,
1939 and previously regular quarterly dividends of $1 per share were dis¬
tributed.
In addition a special dividend of $1.50 was paid on Dec. 15.
1938.—V. 151, p. 1292.
no
1,453,546
514,053
Other interest (notes,
Prop.retire,
member
V
$1,303,153
74,370
48,750
405,044
Taxes
Tip Top Tailors, Inc.—Receiver Named—
8,740,493
2,125,707
83,464
.
Gross income
Int. on mortgage bonds.
Int. on coll. trust bonds
Int. on debentures
2,527
Operating revenues
Operating expenses
Operating taxes
including taxes
$5,146,163
656
10,094,667
$1,283,909 $10,656,247
49,179
349,522
Other income deductions,
1940—10 Mos.—1939
$578,665
revenues
Uncollectible oper. rev
2,190,807
$1,342,019
44,598
Other income
94.246
Telephone & Telegraph Co.—Earnings—
1940—Month—1939
.
appropriations
Net oper. revenues
606,466
—V. 151, p. 2958.
Period End. Oct. 31—
Subs.)—Earnings—
1940—3 Mos.—1939
1940—12 Mos.—1939
$9,063,255
$9,041,920 $44,628,204 $40,064,902
4,387,716
4,769,329
19,068,194
19,029.302
1,142,713
862,975
4,809,096
3,841,561
Prop. retirement & deple.
System—Earnings—
Period End. Oct. 31—
Operating
Operating
3257
United Gas Corp. (&
61,817
64,383
3,529"460
7,097
7,536.953
18,932,640
24,771,296
24,669,376
Contra accounts
RcsGrv^»
f",: ••
■
Capital surplus.
Earned surplus.
Total
253,812,504 253,158,136
Total
14,467,819
253,812,504 253,158,136
by 449,822 no par shares,
b Represented by 884,680
Represented by shares of $1 par value,
d Of dissolved
subsidiaries—cash in special deposits.—V. 151, p. 3102.
a
no
Represented
par shares,
c
.
United Gas Improvement
Judge Henry W. Goddard has signed the consent decree terminating the
Government's Sherman anti-trust suit against five major motion picture
companies.
The five companies affected by the decree are R-K-O Radio Pictures,
Inc., Loew's, Inc., Twentieth-Century Fox Film Corp., Warner Bros.
Pictures, Inc., and Paramount Pictures, Inc.
';
The decree limits the selling of feature pictures to exhibitors to blocks
of no more than five, provides for the trade showing of feature pictures
before they are sold, and sets up an extensive system of arbitration.
Under
the arbitration provision, the American Arbitration Association is appointed
administrator and the five companies will set up a budget of $490,000 for
the first year and $465,000 for each succeeding year.
Arbitration boards
will be set up throughout the country, with headquarters in New York City.
Three other companies did not consent to the decree.
The latter com¬
panies are Columbia Pictures Corp., Universal Pictures Co., Inc., and
United Artists Corp.—V. 151. p. 2665.
for the U. G. I. system companies for the week just
week ended
Nov. 23, 1940, 117,020,248 kwh.; same week last year, 107,320,155 kwh.;
an increase of 9,700,093 kwh., or 9.0%.—V. 151, p. 3102.
United
Illuminating Co.—$2 Dividend—
a dividend of $2 per share on the common stock,
payable Dec. 28 to holders of record Dec. 14.
Extra of 50 cents in addition
to regular quarterly dividend of $1 were paid on Oct. 1, last.—V, 151,
p. 2211.
Directors have declared
United States Graphite Co.—25-Cent Dividend—
Directors have declared
a dividend of 25 cents per share on the
$5 par
Dec. 14 to holders of record Dec. 2.
Dividend of
paid on Sept. 16, last; 15 c nts were paid on June 15 and on
March 15, last, and an initial dividend of 25 cents was paid on Dec. 11,
1939: dividends of 25 cents were paid on Sept. 15 and on April 15, 1939 on
the old $10 par stock previously outstanding.—V. 151, p. 1294.
Twin Coach Co.—70-Cent Dividend—
Directors have declared
a
dividend of 70 cents per share on the common
—v.
shares payable
was
United States Pipe &
151, p. 2364.
Udylite Corp.—To Pay 10-Cent Dividend—
Directors have declared
a
dividend of 10 cents per share on the common
Like amount
an extra dividend of 50 cents per share on the
stock payable Dec. 20 to holders of record Nov. 30.
The regular
quarterly dividend of 50 cents which had been previously declared will
also be paid on Dec. 20 to holders of record Nov. 30.—V. 151, p. 715.
common
was
paid
Oct. 15, last.—V. 151, p. 2959.
United Carbon Co.— To
Directors have declared
a
United States Tobacco Co.—To
Pay 75-Cent Dividend—
dividend of 75 cents per share on the
common
payable Dec. 20 to holders of record Dec. 2.
Regular quarterly
dividend of like amount was paid on Oct. 1, last.—V. 151, p. 3102.
stock
United Fuel Gas Co.—Hearing for
Proposed Acquisition—
JfThe Securities and Exchange Commission has ordered a public hearing
on Dec. 16, at its Washington offices, on the applications and declarations
(Files 43-272 and 46-192) regarding the proposed dissolution of Warfield
Natural Gas Co. and the acquisition of its assets by United Fuel Gas Co.
Both companies are subsidiaries of Columbia Gas & Electric Corp.
United Fuel Gas Co. will acquired all of the assets of Warfield for 5,470
shares of its common stock and the assumption of all liabilities, obligations
and indebtedness of that company.
Warfield will be dissolved and the
stock will be distributed to Columbia Gas & Electric Corp. as a liquidating
dividend.
United Fuel Gas Co. proposes to fund its indebtedness to the parent com¬
pany,
consisting of $12,035,000 of its demand notes, $9,790,000 of 6%
demand notes of Warfield Natural Gas Co. to be assumed, and $2,500,000
by the sale to the parent of $24,325,000 of 4M%
unsecured notes due Jan. 1, 1970, the proceeds of which will be applied to
of loans on open account,
the payment
of the indebtedness.
Warfield prior to the transfer of its assets to United Fuel Gas Co. pro¬
poses to declare a dividend to Columbia Gas & Electric Corp. in substanti¬
ally the same amount as its entire earned surplus.—V. 147, p. 3925.
United Fuel Investments, Ltd. (&
6 Months Ended Sept.
[Canadian Currency]
30—
Net income before income taxes
—V. 151.
Foundry Co.—Extra Dividend—
Directors have declared
stock, payable Feb. 1 to holders of record Jan. 15.
on
common
20 cents
stock, payable Dec. 20 to holders of record Dec. 9.
Dividend of 50 cents
was paid on Dec. 22, 1939 and one of 10 cents was paid on Dec. 24, 1938.
Co.—Weekly Output—
The electric output
closed and the figures for the same week last year are as follows:
p.2365.
Subs.)—Earnings-—
1940
$300,414
1939
$108,763,
Pay $1 Common Div.—
Directors have declared a dividend of $1 per share on the common stock,
payable Dec. 16 to holders of record Dec. 2.
The company has been pay¬
ing 32 cents a share quarterly, with year-end dividends of 80 cents a share
in December. 1939, and 71 cents a share in December, 1938.
Total pay¬
ments for
;
1940 will be $1.96., against $1.76 in 1939.—Y. 150, p. 1790.
United Steel Corp., Ltd.—Bonds Called—
All of the outstanding 6% first (closed) mortgage 20-year s. f. bonds
1 at 102>£ and accrued interest.
Payment will be made at the principal office of the Bank of Nova Scotia,
in the Oity of Toronto, Canada, or at the holder's option in lawful currency
of the U. S. of A. at the agency of the Bank of Nova Scotia, iD the Borough
of Manhattan, City and State of New York, U. S. A., or at the holder's
option in British sterling at tne fixed rate of exchange of $4.86 2-3 to the
£ sterling at the office of the Bank of Nova Scotia, in London, England.—
V. 151, P. 2366.
have been called for redemption on Jan.
Upson-Walton Co.—Earnings—
9 Months Ended Sept. 30—
Net sales
Net inc. after oper. exps., Fed. Inc. taxes & other
deductions
Earnings per share on capital stock
—V. 151, p. 2960.
1940
$1,613,267
1939
$1,240,711
95,693
63,047
$0.79
$0.52
Upstate Telephone Corp. of N. Y.—Bonds Sold Pri¬
vately—Corporation on Nov. 26 sold to one insurance com¬
pany $1,000,000 3%% bonds due 1970 at 106^ to xetire
an equal amount of 4% bonds due 1963, at a call price of
105, which had been held by two insurance companies.
The Commercial &
3258
subsidiary of General Telephone Corp.-
Company is
591.
a
Utah Light
& Traction Co. —Earnings—
Period End. Oct. 31—
Operatlng
Operating
1940-Monlh-
$95,702
$1,093,578
$1,115,981
992,1,56
6,274
90,189
7,086
1,010,394
87,621
$5,562
46,156
*$1,573
53,356
$20,214
598,757
$51,718
50,763
1,276
$15,783
50,831
1.274
$618,971
609,156
13,673
$620,395
615,456
8,840
$321
$322
$3,858
$3,901
81,208
602,429
Gross income—
bonds.
Other int. & deductions.
from the sale
indebtedness of
The proceeds
to the
Co
for capital additions and
'
Deficit.
Note—No provision has been made in
interest on the 6% income demand note,
x
the above statement for unpaid
payable if, as, and when earned,
amounting to $1,963,199 for the period from Jan. 1, i934. to Dec. 31,1939.
Virginia Public Service
be surrendered to the
its first and refunding mortgage
1940
$2,260,765
1,173,400
October—
stock,
record
Gross from railway
Net from
railway
648,803
Net ry. oper. income
From Jan. 1—
Ry.—Earnings—
1937
1938
$79,588
1939
1940
$80,320
15,360
$126,007
30,156
5,672
10,170
3,089
$134,778
49,209
33,091
Net from railway
665,368
96,455
Net ry. oper. income...
—v. 151, P. 2667.
623,831
79,836
10,444
489,600
14,427
def78,819
1,008,056
200,479
,96,146
■/
Gross from railway
Net from railway
Net ry. oper. income-From Jan. 1—
17,623
Wabash
32,691
v
Corp.—Accumulated Dividend—
declared a dividend of $1 per share on the
$5.50 dividend priority stock, payable Dec. 16 to stockholders of record
Dec. 2.
Like amount was paid on June 15, last. The amount per share in
arrears at Dec. 1, after deducting the dividend, will be $13.25.—V. 151,
railway
oper. income
Net from
vestment, subject to agreements on
details and approval of
counsel, $2,000,000 10-year 2%% conv. debentures at par
and 28,571 shares of the authorized but unissued common
stock (no par) at $35 a share.
With the money received
from the sale of these securities, Vanadium will pay off its
existing $2,375,000 bank loans and enlarge
manufacturing facilities.
bank loans now being retired were
$2,330,000 5%
debentures are
and improve its
issued earlier this year to redeem
convertible notes. The
of 23 M shares
which is equivalent to a price of
debentures and $600,000 3 H%
convertible into common stock in the ratio
$1,000 face value of the debentures,
approximately 423^ per share.
per
$1.50 Dividend—
dividend of $1.50 per share ov the common stock
payable Dec. 14 to holders of record Nov. 30. Dividend of $1 was paid on
Dec. 15, 1939, this latter being the first dividend paid since Dec. 15, 1937
when $1 per share was also distributed.—V. 151, p. 1442.
Directors have declared a
Van Norman Machine
Tool Co.—$1
Veeder-Root, Inc.—To Pay $2
1938
$4,089,994
1,142,387
553,389
1937
$4,040,961
786,533
249,451
33,162,728
6,215,838
562,013
38,938,978
8,688,589
3,591,272
997,950
36,473,384
8,152,472
2,327,869
Walgreen Co. (& Subs.)1—Earnings—
Directors have delcared a
dividend of 50 cents per share on account of
payable Dec. 16 to holders
accumulations on the $1 cumul. conv. pref. stock,
Dividend of 25 cents was paid on Sept.
$3,380,810
$2,553,700
361,608
350,192
354,132
458,527
$4,571,371
556,829
865,000
$3,731,002
$3,832,497
493,601
565,814
$2,907,832
433,986
4C6.C00
~$i7l49.541
$2,852,206
$2,067,846
430,750
436,486
449,989
$2.755322
z 150,598
213,745
Operating profit
Other income
Total income...^.
Other charges
Federal taxes
Net prof it
6H% Pref. dividends...
4*A% pref. dividends...
stock outstdg.
com.
1940
Assets—
14, last.—V. 151,
S
1939
$
150,000
Common stock..11,484,112 11,484,112
Accts. pay., &c__. 3,336,643
3,125,506
Employees' Investment certificates
142,370
185,950
Tax provision
532,376
876,816
776,431
Amt.
9,292,859
9,349,286
6,345,467
304,000
821,144
5,096,915
U.S. savings bonds
Accts. receivable..
Inventories
9,477,627
8,858,813
1,271,442
Goodwill, lease¬
holds, &c
y
res.
for retire.
income plan....
Walgreen Mgrs.
Investment Co.
2,452,547
a46G,632
3,655,726
3,004,910
stock..
Prepaid charges... 1,240,892
Investments
1,962,700
Dr511,187
Dr283,840
Total
29,494,690 28,005,434
Earned surplus...
z
Preferred treas'y
50,000
50,000
29,494,690 28,005,434
in 1940 and $4,831,202 in 1939.
y Represented
bu 1,292,485 no par shares,
z Represented
by 5,775
(3,400 in 1939) shares,
a Amount
reserved for proposed employees'
retirement income plan (net proceeds of life insurance on C. R. Walgreen).
—V. 151, p. 2812.
After
Vinco Tool Co., Detroit, declared
the common stock, payable
of $4,982,877
depreciation
Apartments Corp.-—Registers with SEC—
See list given on
first
Warner Bros.
record Dec. 5.
page
of this department.
Pictures, Inc. (& Subs.)—Earnings—
Consolidated Income Statement
Stating that shipments for the month of October set a new monthly
J. J. Osplack, President, estimated that net income per common
share for the calendar year 1940 would approximate $1 of which about
40 cents would be earned in the current quarter.
Net Income for the first
10 months was $89,554, after provision for normal Federal income and
excess profits taxes, equal to 69 cents per share on the 129,001 shares out¬
standing, he said.
Years Ended—
record
a
Net income
Amount of film costs
c
Amort,
of
deprec.
property
Interest
expense
Aug. 31, '40 Aug. 26, '39 Aug. 27, '38 Aug. 28, '37
$39,111,594 $41,659,751 $42,288,332 $42,164,493
29.596,777
30,278,971
25,445,916
27,455,045
of
4,772,132
4,836,392
4,851,773
4,621,497
4,573,743
4,350,545
4,172,835
3,705.634
Inventory adjustment
Prov. for inv. inaffil.co's
Prov. for misc. invest..
__
Earnings for 10 Months Ended Oct. 31, 1940
& excess profs. & other deds.-$89,554
«.
$0.69
Virginia Coal & Iron Co.—Bonds Called—
assignee of and successor to Keokee Consolidated Coke
Co., has called by lot for redemption on Jan. 1, 1941, $255,000 principal
amount of the Keokee Consolidated Coke Co. pin-chase money mortgage
and deed of trust 5% 50-year gold bonds due July 1, 1959, at par and
accrued interest.
The bonds called will be redeemed at the office of the
successor trustee, City Bank Farmers Trust Co., 22 William St.—V. 150,
p. 3531.
This company,
Prov.
Virginia Public Service Co.—Hearing on Merger—
Commission held a public hearing Nov. 27,
at its Washington offices, on the application and declaration (File 70-198)
under the Holding Company Act regarding the proposed merger of Virginia
Public Service Generating Co., Hampton Towing Corp., Harpers Ferry
Paper Co. and Middle Virginia Power Co. into Virginia Public Service Co.
The companies are all wholly-owned subsidiaries of Virginia Public Serv¬
The Securities and Exchange
ice Co.
Virginia Public Service Co. also proposes to redeem all its outstanding
and that of Virginia Public Service Generating Co., which
will require $36,917,124, through the issuance and private sale of $28',000,000 of ZH% first mortgage bonds, series due 1970, and $8,500,000 of
serial debentures.
The company further plans to acquire $1,200,000 of
its 5% first mortgage and refunding 20-year gold bonds, series B, from
Southeastern Electric & Gas Co.
The merger is to be effected through the acquisition by Virginia Public
Service Co. of the assets of the subsidiaries in consideration for the assump¬
tion of their liabilities and the surrender to each of them of their common
capital stock for cancellation.
for
35",866
11,200
Net profit
interest
184,000
12,000
192,940
200,000
$3,098,351
489,490
$2,130,249
$2,629,485
$6,881,827
286.403
375,121
560.481
$3,587,841
$2,416,653
838.000
687,000
$3,004,6C6
bl,092,000
$7,442,308
bl ,57 0,000
before min.
Other income
profit
Prov. for Fed.inc. tax..
*
earnings
applicable to
minority stockholders
Propor.
290~874
140,000
tional taxes
Total
551,371
26,301
178,444
possible addi¬
Prov. for contingencies.
or
of net
losses
Dr2,369
$2,747,473
sur1,612,047
Net profit
Previous deficit
Crl 1,255
Crl7,116
Cr 3,875
$1,740,908
$1,929,721
4.188,044
$5,876,183
10,469,148
388,203
502,957
562,941
h 122,151
1,116,015
©312,053
d336~,635
327,299
Profit on redemption of
6% debentures
Adjust, of res. provided
in prior years
Total surplus
Miscellaneous
135,342
h58,458
Other credits
indebtedness
.
Liabilities—
4H% pref.stock.. 10,000,000 10,000,000
equipment
Total
1940
$
1939
$
4
Land, bldgs. and
x
initial dividend of 10 cents per share on
Earnings per share on 129,001 shares
—V. 151, p. 2516.
x583,074
1,938,676
1,809,479
y6,072,054
1,292,485
1,292,485
1,292,485
1,292,485
$1.87
$1.87
$1.25
Earnings per share
$2.10
x Includes $116,930 additional provisions for prior years Including interest,
y Includes 50% stock dividend of 445,654 shares paid March 9,
1937 at
the then stated book value ($3,951,195) of common shares, $8,866 per
share,
z Includes $23,041 dividends on 6^ % preferred stock from March
24, 1937, date of call, to date of redemption.
Note—The provision for depreciation and equipment for the current
year (1940) was $923,372.
In addition, amortization of short-life equip¬
ment, which substantially represents current expenditures, amounted to
Shs.
Walnut
Net Income after oper. exps., Fed. inc.
312,981
$3,373,970
2,067,976
Common dividends
Corp.—Initial Dividend—
Dec. 20 to stockholders of
1939
$4,209,763
Cost of sales & exps
2516.
Directors of this corporation, formerly
1938
"
1937
$74,293,160 $70,765,501 $67,725,358 $67,890,138
70,083,397
67,384,691
65,171,658 64,516,168
Net sales
x
Equipment Co.—Accumulated Dividend—
of record Dec. 5.
Years Ended Sept. 30
1940
Cash
Dividend—
dividend of $2 per share on the common stock,
payable Dec. 16 to holders of record Dec. 2. This compares with $1 paid on
Sept. 16 and June 15, last; 50c. paid on March 15 last; dividend of $2 paid
on Dec. 15, 1939, and previously regular quarterly dividends of 25c. per
share were distributed. -In addition, an extra dividend of 75c. was paid on
Sept. 15, 1939, and extras of 25c. were paid in each of the six preceding
quarters. An extra of $2 per share was distributed on Dec. 15, 1937.—V.
151, p. 1740.
an
1939
$4,615,165
1,587,699
Consolidated Balance Sheet Sept. 30
Directors have declared a
Vinco
16,545,861
8,993,075
7.747,535
$353,647.
Dividend—
declared a dividend of $1 per share on the common
stock, payable Dec. 20 to holders of record Dec. 7.
This compares with
40 cents paid on Sept. 20, June 24 and Marcn 20, last; 80 cents paid on
Dec. 20, 1939; 40 cents raid in each of the three preceding quarters; 60
cents on Dec. 20, 1938 and dividends of 40 cents paid in each of the three
preceding quarters.—V. 151, p. 2960.
p.
6,158,962
953,846
The directors have
Victor
15,523,920
7,526,414
Consolidated Income Account for
America—Debentures and Stock
Sold•—It was announced Nov. 28 that Air Reduction Co.,
Inc., has agreed to purchase from the corporation for in¬
1937
$1,897,675
1,104.539
966,284
1—
of
Corp.
Vanadium
1938
$1,773,322
958,655
790,952
17,348,491
9,099,557
7.056.002
37,927.606
8,763,447
Net ry. oper. income...
3,028,995
—V. 151, p. 2668.
Net ry.
From Jan.
2516.
The
1940
$4,432,911
1,525,469
Gross from railway
Gross from railway
Net from railway
The board of directors have
1939
$2,120,858
1,207,224
973,751
Ry.—Earnings—
October—
Gross from railway—
3103.
'
21,201,833
Net from railway
11,665,732
Net ry. oper. income...
8,116,791
—V. 151, p. 2667.
Gross from railway
WOctober—
treasury will
indentures of
and other mortgages.—V. 151, p.
Virginian R y.—Earnings—
dividend of $1.75 per share on the $7 cum.
pref. stock, and a dividend of $1.50 per share on the $6 cum. pref.
both payable on account of accumulations on Jan. 2 to holders of
Dec. 2.
Like amounts were paid on Oct. 1, last.—V. 151, p. 2667.
together with all bonds held in the company's
respective trustees under the mortgage
These bonds,
Co.—Accumulated Dividend—
Utah Power & Light
Directors have declared a
p.
of 60,666 shares
of the company stock of Eastern Shore Public Service Co. (one-third
the
stock outstanding), the payment of $14,000 in cash and the pay¬
ment of all accrued and unpaid interest on the bonds to the date of delivery.
common
p.2666.
Utility Equities
improvements
plant and property of the parent company.
The $1,200,000 of 5% bonds will be acquired by
Co. from Southeastern Electric & Gas Co. in consideration
of
Balance, deficit
Utah
3,200.000
1.000,000
1,000,000
of these securities will be used to redeem the
Virginia Public Service Co. and Virginia
New England Mutual Life Insurance
Harris Trust & Savings Bank
Public Service Generating Co., and
Interest on mtge.
3,300,000
Co
Massachusetts Mutual Life Insurance
outstanding
$15,000,000
7,000,000
6,000,000
States
sold at par as follows;
debentures are to be
Mutual Life Insurance Co
The $8,500,000 of serial
The Northwestern
$17,966
.....
Net oper. revenues...
Rent from lease of plant
—V. 151,
$28,000,000 of 3 M % bonds at 104 as
Equitable Life Assurance Society of the United
The Northwestern Mutual Life Insurance Co
John Hancock Mutual Life Insurance Co
1940—12 Mos.—1939
-1939
$95,875
84,039
revenues
expenses
Direct taxes—
to sell the
The company proposes
1940
30,
follows'.
The
V. 149, p.
r
Nov.
Financial Chronicle
debits
Earned sin-plus
Earns, per sh. on com
$4,553,320
j 107,989
$1,923,963 def$327,299 df$3693,388
1311,916
494,656
$4,445,331
$0 63
$1,612,047
$0.36
df$327,299 df$4188,04r*
$0.41
$1.48
providing for amortization and depreciation, interest, miscel¬
b Includes surtaxes on undistributed profits in the amount
$370,000 for 1938 and $310,000 in 1937.
c Incl. deprec. of studio proper¬
ties amounting to $789,345 in 1940; $995,208 in 1939; $1,074,870 in 1938 and
a
Before
laneous charges,
•of
Volume 151
The Commercial 6 Financial
Chronicle
$991,453 in 1937.
d Includes credit resulting from
exchange of bonds of a
sub. company of $240,000 and
adjustment of reserves and accruals provided
prior years
$96,635. © Includes proiit (net) on sales of capital assets
of $27,139, adjustments of
other reserves provided in
prior years of $124,216
and equity at
Aug. 28, 1937 in the undistributed
earnings of a subsidiary
company not consolidated at that date
(since consolidated) of $160,698.
"
Profit on sale of
subsidiary ana affiliated companies, i Loss on sales and
abandonment and provisions for demolition of
properties,
j Losses and
provisions for losses on capital assets
(net).
Warren Brothers
At
Aug. 31. *40 Aug. 26, *39 Aug. 27. *38 Aug. 28. '37
$
■
7,709,982
$
5.539,976
1,756,895
1,999.775
14,504.941
16.735,331
240,118
1,160,867
Cash
Accounts and notes
Inventories
Net
asset,
curr.
rec"
of subs,
466,771
Rights and scenarios
Dep. to secure, contr. &
sink, fund deposit
Mortgages receivable
1,653,214
1.110,967
437.640
Advs. to outside producer
Accts. rec. Arom officers
under
February.
1,167,521
604,139
4.005,157
1.906.631
19.896.649
$
4.058.253
1,787,011
20.285.392
276.374
214.559
1,189.604
2,083,307
1,4 r. 2.308
496,304
1,405,902
611,018
310,943
agreement
95,000
110,000
110,000
110,000
915,914
966.928
1,396.032
1,778,776
Props, owned&equipm'tl 14,240.620 115.944.733
118,612.567 120.803,971
Props, leased & equipm't K,047,426
14,952.623
15.697,876
15,073,187
Preferred charges
1,130,284
864.188
1.014,155
1,133,727
Goodwill
8,331,777
8.331,792
8,325,337
8,299,503
Investm'ts and advances
166.712.374
Liabilities—
Notes payable (secured)
Unsecured notes payable
Due to affiliated
Deferred income
cos
Royalties payable
Advance paym't of film
deposits, &c
Net
560,500
1,641,750
1,483,251
2,728.961
6,515,373
62,971
zl,992,116
813,801
6,834,439
73.466
zl,933,367
853.473
8,361,418
84,712
1,348,554
299,142
320.527
341.090
liabils. of subs.
curr.
168.617.991 174,368,991 177,544,606
1,725,267
Accts. payable & sundry
accruals
941,475
b228,199
b94,890
32,176
abeyance
Purch.money obLg't'ns
208,609
413,534
Res. for Fed. inc. taxes.
for contingencies__
529.913
480,916
3,153,145
550,000
640.545
383.053
2.937,317
366.000
Remit, from foreign
1,875,000
2.283.611
9.393,471
109,738
1,362,434
1,168,697
478,154
49.026
cos.
held in
a
Res.
Serial
bonds, sink, fund
requirements, purch-
3,151.149
532,000
598.303
933,963
3,012.773
1,270,000
ligations, &c
2,813,065
6% debs., ser. due 1948. 16,522,000
Secured
banks
notes
2,441,637
18,800,000
2.891.983
4,778,371
29,400,000
41,376,237
29,412,985
43,045.273
287.728
5,670,885
19.C06.723
57,134,331
def327X99
23o,9l4
5,670,885
19.C06.723
57X44,331
df4*, 188X44
to
pay.
d4,000,000
5,500,000
0,897,289
40.405,592
applic. to
minority stockholders
248.501
Preferred stock
5,670,885
Common stock
19.OC6.723
Capital surplus
57,316,563
Earned surplus
4,445,331
c Pref. treas. stock
Drl70.141
244,952
5,670,885
19,006,723
57,241,428
1,612,047
Dr31,810
Opt. 6%
conv.
debs.,
due 1939
ser.
Mtges. & funded debt..
Prop, of cap. & surp. of
sub.
cos.
y
x
Total
166,712.374 168,617,991 174,368,991 177.544,606
Represented by 3,801,3^4 shares common stock.
y Represented by
103,107 shares of no par value,
z Includes
$400,774 ($541,3ft0 in 1939) deferred foreign exchange audits,
a Includes notes
payable matur.ng after one year,
b Current liabilities or subsidiaries
operating in certain foriegn territories
having exchange restrictions.
c 3,490 (610 in
1939) shares at cost.
d As collateral
security for secured bank loans amounting to $4,000,000
^included under funded and other long-term debt) the
company pledged its
stocKholdmgs in 8tanley Co. of America, a subsidiary company consolidated
x
herein.
The net assets included In the consolidated balance sheet
which
applicable to the shares pledged as collateral security amount to
are
approxi¬
$42,700,000.
The agreement relating to these loans provides,
things, that, as long as any of the notes are outstanding or
unpaid, neither the company nor any of its subsidiaries shall pledge, as
security for loans, any motion picture negatives produced by the company
in the United States of America.
The loans mature in amounts of not less
than $500,000
semi-annually, beginning April 1, 1942, and ending April 1,
1945.—V. 151, p. 2668.
mately
among other
Walworth Co. (&
Subs.)—Earnings-
It) Months Ended Oct. 31—
Net profit after int.,
deprec..
taxes, «fec
Earnings
x
1940
1939
1938
Fed.
per share on common stock.
$708,778
$0.50
$63,756 x$l,166,740
$0.02
Nil
Loss.
Note—Normal Federal income taxes in the 10 months this
year totaled
$201,340 against $2,952 a year ago.
No provision was made for excess
profits as none had accrued in the 10 months.—V. 151 p. 2512.
Washington Water Power Co. (& Subs.)—Earnings—
Period End. Oct. 31—
Operating
Operating
revenues
expenses
Direct taxes
Property retirement
serve
1940—Month—1939
1940—12 Mos.—1939
$995,240
$942,245 $11,398,895 $10,709,764
380,116
364,575
4,428.040
3,865,060
213,319
118,791
2,090,042
1,664,722
re¬
appropriations
_
91,647
Net oper. revenues
Gross income
92.995
1,108.991
hearings will commence on Dec. 10. Repre¬
expressed the belief that
company should be accomplished within the next
sentatives of protective committees who
attended
the reorganization of the
six months.—V.
151, p. 3104.
Western
$365,884
1,115
$3,771,822
35,943
$4,066,141
26,000
$366,999
64,167
26,556
Int. charged to constr..
Crl,078
6,800
Cr746
$3,807,765
770,000
130,878
Crl,839
$4,092,141
939,440
107,640
Crl,452
$222,202
$296,778
Dividends applic. to preferred stock for the period
$2,908,726
622,518
$3,046,513
622,518
$2,286,208
$2,423,995
mtge. bonds
Balance
-V. 151, p. 2668.
Western Maryland
Period End. Oct. 31—
& struc_>
Maintenance of equip...
Traffic
Ry.—Earnings1940—Month—1939
revenues
way
$1,696,388
246,964
353.329
expenses
44,595
420,456
Miscellaneous operations
General expenses
5,051
47,771
expenses
Transportation
states:
"The maturity presents
alone may not solve.
a
problem that economy and efficient operation
"for this
company to meet its debentures on their maturity date, Aug. 1,
1944, without outside help, it would be
necessary for it to build back in the
next four years
all
or
substantial portion of the $1,314,188 that it
lost
operations including debenture interest,
prior to my management,
during the period from
July 1, 1930 to June 30, 1938. In view of the
conditions of the times and the market
situation, no one can hazard a
guess as to the possibility of fresh
underwriting at maturity of the deben¬
tures.
Particularly is this true because of the short period left in which to
build up a record of
earnings."
The plan, it is stated, is the
consequence of a cross-section poll of the
wishes of
approximately one-third of the known holders of the debentures
and reflects suggestions made
by certain banking houses tjaat were respon¬
sible for offering the debentures to the
public in the first instance. Approxi¬
mately 85% of the debenture holders consulted were
agreeable without
reservation to a 15-year extension of
the maturity of the debentures.
Of
the remaining 15%, there
were only exceptional
cases
that declined to
approve such extension provided the plan for it included a
sinking fund.
To have their debentures
extended, all that is necessary is that holders
transmit their bonds to Chemical Bank &
Trust Co., 165 Broadway, New
York City, either
directly or through their own bank, together with a
signed written consent agreeing to the plan.
Debentures will then be
promptly returned stamped with the appropriate
legend.
In addition to the extension a
sinking fund is to be established, the
a
proceeds of which
will
be
used
for the retirement of debentures
prior to
maturity.
Company does not believe it necessary that the present 105%
redemption price be modified, except that, in the case of
redemption through
sinking fund moneys, the redemption price shall be par.
Certain additional modifications are desirable in
order properly to carry
plan through the supplemental Indenture.
Among such modifica¬
are (a) making the
principal of and interest on the debentures payable
in lawful
money of the United States of America to comply with existing
Federal legislation; (b)
modifying the "tax free" clause for the period sub¬
sequent to Aug. 1, 1944, to comply with the Revenue Act of
1934: (c) provviding certain additional restrictions on the
payment of dividends; (d) per¬
mitting the issuance, on or after Feb. 1,1944 of additional debentures
equal
to
the
amount
of the
then
outstanding
non-consenting debentures;
(e) modifying some of the "remedies" clauses for the
protection of the
interests of consenting debenture
holders; and (f) inserting certain pro¬
visions to make the indenture as
modified comply with the trust indenture
Act of 1939.
out the
The sinking fund will operate on the
following basis:
For each of the
fiscal years ending June 30, from 1941 to
and incl. 1944, an amount equal
to 10% of the net consolidated
earnings of the company and its subsidiaries
available for dividends but prior to the
payment of dividends on any class
of stock: for each of the fiscal
years ending June 30, from 1945 to and incl.
1950, an amount equal to 20% of such net consolidated
earnings: and for
each of the fiscal
years ending June 30, from 1951 to and incl. 1959, an
30% of such net consolidated earnings.
This sinking fund
put upon a graduated basis in order that the
company may utilize a
portion of its earnings for the rehabilitation of its present
plants and equip¬
ment and the making of
necessary additions and improvements.
amount equal to
is
In addition to the
foregoing amounts, which are to be paid into the
sinking fund, the indenture will
provide, among other things, that (a) in
computing the earnings upon which the sinking fund shall operate, no
amount greater than $65,000
per year, in the aggregate, from all sources
from, and in all capacities for, the
company and its subsidiaries shall be
included in operating expenses as compensation for the
persons who act as
the president, the executive
vice-president, the treasurer and the secretary
of the company: (b) no dividends
may be paid upon any class of stock of the
company except from consolidated net earnings (as defined in the supple¬
mental indenture) accruing
subsequent to June 30, 1940: (c) no dividends
may be paid on any class of stock of the company un.ess. in addition to all
other restrictions, the consolidated
xjuick assets of the company and Its
subsidiaries shall be at least three times the consolidated
quick liabilities
of the company and its subsidiaries:
(d) in the event the company shall
declare and pay any dividedns upon its common
stock, an amount equal to
twice the amount of the dividends declared
upon common stock shall be
set aside for, and added to, the
sinking fund as an additional payment.
Consolidated Income Statement Years Ended JtLne 30, 1940
*1939
*1940
$7,298,491
$7,528,591
Cost of sales
'
5,501,866
5,719.188
Selling, administrative and general expenses
1,572,959
1,533,502
Net sales.
...
/Net profit._
Otherincome.net
$223^665
25,226
11,952
Net profit
Interest on 6% convertible debentures
Amort, of debenture discount and expense
Other interest
$248,891
$287,854
218,940
218,940
2,478
$275^901
2,478
6,444
6,719
Provision by subsidiaries for Federal income taxes
3,589
Minority interext in profits of subisdiaries
6,016
7,941
7,591
$11,422
$44,183
Provision for Federal income taxes
Balance...
Net profit
resulting from sale of subsidiary company
Net profit
54,419
...
$65,842
$44,183
Provision for depreciation of buildings and
machinery and amortiza¬
tion of leasehold improvements charged to costs and
expenses amounted to
$124,777 for the year ended June 30, 1939, and to $116,646 for the
year
ended June 30, 1940.
Consolidated Balance Sheet June 30, 1940
Net income
Operating
Maint. of
has addressed a letter to the holders of the
$3,650,000 15-year 6% debentures due
Aug. 1, 1944 asking them to extend
thematurity date 15 years to Aug. 1, 1959 at the same rate of interest.
President Perry in nis letter outlines the
difficulties he met and has over¬
come
during the last two years upon his acquisition of this control and
*
$311,847
64,167
Other int. and deduct'ns
on
Newspaper Union—Seeks Exchange of Dehs.—
.John H. Perry, President
1,113,841
$310,158
1,689
_
Other income (net)
Int.
Nov. 22 beforoArthur Black, Referee in Bank¬
was decided £bat,a balance sheet as of Oct. 31
win be filed on Dec.
3, and that
tions
& contract ob¬
money
Co.—Hearings—r
from
1936
Total
hearing in Boston.
ruptcy for the company. It
Consolidated Balance Sheet
Assets—
a
3259
Transp. for invest.—Cr_
Net oper. revenue
1,639
1940—10 Mos.—1939
$1,809,631 $15,649,679 $12,962,015
288,291
2,024.720
1,593,609
348.849
3,302,309
2,766,944
39,046
398,470
390,169
425,271
4,006.426
3,562.695
3.411
56,481
39,080
52.982
465,834
462,818
3,924
30,349
32,429
Assets—Current
assets,
$2,942,175; other assets, $403,053: deferred
charges and prepaid accounts, $159,112; plant and equipment
(net),
$881,832; organization expense, $67,693; goodwill, readyprint lists, patent
rights, Ac. (book values), $3,948,807; total, $8,402,672.
f Liabilities—Current
liabilities, $755,107; 6% debentures, 1944, S3,—
650,000; minority interest in capital stock and surplus of subsidiary com¬
pany, $61,546; deferred profit on sale of real estate, $2,828: 5% cumulative
prior preferred stock (par $100), $1,500,000; common stock (par $10),
$1,500,000; surplus at date of organization, $1,076,273: surplus arising
from restatement of common stock, $526,718; earned
deficit, $669,799;
total, $8,402,672.—V. 149, p. 2103.
Western Pacific RR.— Reconstruction Loan
Extended.—
The Interstate Commerce Commission on Nov. 19 authorized the ex¬
tension of time of payment for a period ending not later than Dec. 1, 1941,
of loans by the Reconstruction Finance Corporation to the trustees of the
road, in the amount of $10,000,000 maturing Dec. 1, 1940.
$579,861
140.000
$655,705
120,000
$5,425,788
1,210,000
$4,179,129
785,000
► On Oct. 16, 1940, the trustees filed
$439,861
Crl4,744
Dr 13,396
$535,705
047,012
013,274
$4,215,788
0175,151
0125,012
$3,394,129
0235,255
_
Net ry. oper. income-
evidenced and secured by the trustees' certificates of indebtedness now held
by the Finance Corporation, extended to Dec. 1, 1941.
>
The trustees state that when the maturity date of the certificates was
extended they anticipated that a plan of reorganization of the Western
$441,209
$569,443
10,187
$4,265,927
112,919
$3,504,175
Taxes
Operating income
Equipment rents
Joint facility rents (net)
0125,209
b
Other income—
13,375
80.137
an
application requesting
a
further
extension of the maturity date of the loan to Dec. 1, 1941. |Loan previously
extended from Dec. 1, 1939.]
The loan as further extended would be
Pacific providing for the redemption and payment of the certificates would
adopted and put into effect prior to the extended maturity date.
A
be
modified
Gross income
Fixed
Net
charges
$454,584
276,656
$579,630
276,550
$4,378,846
2,786,788
$3,584,312
2,762.505
income
$177,928
$303,080
$1,592,058
$821,807
V. 151. P.2668.
plan or reorganization was approved by the Commission ^on
June 21, 1939.
The U. S. District Court having jurisdiction over the
reorganization approved a plan of reorganization on Aug. 15. 1940.
The
order of the District Court was appealed to the Circuit Court of Appeals
for the Ninth Circuit on
Sept. 20. 1940, by certain interest*! Parties and
The Court has authorized, by order of Oct. 11,
that appeal is now pending.
The Commercial &
3260
make application to the Finance Corporation for a
loan to Dec. 1,1941, and to the ICC for its approval
thereof, and to make such other application as may be required In respect
to the further extension of the outstanding certificates of indebtedness.
Extension of the maturity date of these certificates would be evidenced by
1940, the trustees to
further extension of the
an
each certificate and the certificates
appropriate endorsement on
right of redemption by the trustees upon
be subject to the
authority to extend the
would
30 days' notice of
all, but not less than all, on any interest-payment date.
The Commission on Nov. 19 approved the application of
the trustees for
1, 1941.
maturity date of the certificates to Dec.
Earnings for October and Year to Date
Gross from
11,903,645
144,852
1,221,738def1,505,357
railway--
Net from railway
902,717
670,982
Western Ry. of
13,789,162
2,872,566
14,993,348
3,582,423
1,775,126
Alabama—Earnings—
,
1940
1939
$185,947
58,152
$162,185
40,050
27,653
39,175
23,115
1,504,234
262,972
1,442,105
239,262
1,348,159
154,586
132,833
117,484
40,845
railway
Net from railway--.— Net ry. oper. income—
From Jan. 1—
railway
Net from railway.
Gross from
1937
$145,499
14,745
4,157
1938
$179,207
46,243
October—
Gross from
13,968,571
986,572
def489,030
988,350
Net ry. oper. income—
—V. 151, P. 2668.
f
$1,943,001
580,245
322,199
$2,229,468
railway
Net ry. oper. income--750,150
From Jan. 1—
'■
Gross from
$1,803,170
581,184
v
338,441
$2,079,096
Net from railway
1937
1938
1939
1940
October—
Net ry. oper. income—
—V. 151, p. 2668.
Westinghouse Electric & Mfg. Co.—To
1,421,100
170,853
88,109
Pay $1 Dividend
27 declared a dividend of $1 per share on the common
stock, payable Dec. 20 to holders of record Dec. 9.
Dividend of like
amount were paid on Nov. 30 and on Aug. 30, last, and dividends of 87H
cents per share were paid on May 29 and on Feb. 29, 1940.
Directors also declared a dividend of $1 per share on the 7% participating
£referred Extra participating dividends of 12^ cents in addition to regular
>ec. 9.
stock, par $50, likewise payable Dec. 20 to holders of record
and on
;V-K
1939
1940
31—
fonths Ended Oct.
10
cents per share were paid on Nov. 30
$ 196,063,206$ 143,797,468
Sales billed
318,363,706 176,896.557
Unfilled orders Oct. 31
186,898,589 66,106,725
Net income
15,994,862 10,433,652
Sales billed in October totaled $21,065,203 and orders booked reached
Orders booked
—
A
Wolverine Tube Co.—To Pay 10-Cent Common Div.—
of 10 cents per share on the common
Directors have declared a dividend
stock, payable Dec. 27 to holders of record Dec. 12.
Like amount was paid
on Sept. 30, last; and compares with 15 cents paid on June 29, last; 10 cents
on April 1, last; 20 cents on Dec. 26,1939' and 10 cents on Oct. 2 and July 1,
1939, this latter being the first dividend paid in the common shares since
June 30, 1937, when 20 cents per share was distributed.—V. 151, p. 2813.
Wood Preserving Corp.—To Vote on Liquidation—
A special meeting of stockholders of this corporation, a
Koppers Co.
subsidiary, has been called for Dec. 11 to vote upon liquidation of the
corporation.
It is proposed to place a $4,000,000 first mortgage upon Wood Preserving
properties and liquidate the company. Proceeds of the mortgage would be
used to redeem preferred stock and pay off the present mortgage indebted¬
ness of $1,700,000. The new mortgage would be a 4% 10-year issue.
If the plan is approved, the preferred stock would be redeemed at $105 a
share plus a dividend of $1.50 per share for the fourth quarter of 1940. The
Koppers Co. would then take over the remaining assets of Wood Preserving.
On Dec. 31, 1939, Wood Preserving had total assets of $19,595,350 and
28,646 shares of $100 par preferred stock outstanding.—V. 150, p. 4148.
W. Robertson, Chairman, explained that earnings, particularly in
iast three months, have been considerably affected by increased taxa¬
"The company's total tax bill for the first 10 months of 1940 was
approximately equal to net income after
$15,643,405 and is
"This compares with a tax bill of $8,086,577 for
"We estimate that the company's total taxes
$19,000,000 for the year.
1939 it was $10,390,000."
Mr
Robertson reported
taxes," he said.
the same period in 1939.
will amount to more than
In 1938 the total tax
bill was $7,095,000; in
.
54,612 em¬
that In October the company had
49,519 in January. The October employment
only two short periods in the company's history;
1937 and 1929.—V. 151, p. 2668.
ployees, as compared with
figure has been exceeded in
Westmoreland Coal Co.—SI.50
Dividend—
June 15, last; 87M cents on
17, 1939, 75 cents on
1938.—V. 151, p. 2962.
Nov.
Electric Co. (& Subs.)—Earnings1940—9 Mos.—1939
1940—12 Mos.—1939
West Penn
$29,309,971 $43,561,518 $39,085,055
175,474
238,212
228,564
$32,730,139 $29,485,445 $43,799,730 $39,313,619
Total earnings
10,517,709
Operating expenses
Federal income taxes—-
2,603,559
2,428,175
Other taxes
3,188,005
Maintenance
- -
renewals,
&deplet'n
Amortization of electric
plant adjustments
for
3,026,157i
of Subs.—
Interest
3,592,896
--
-
-
10,145,697
2,421,423
1,159,893
2,898,837
14,093,559
3,438,794
2,950,099
4,243.428
13,668,625
3,214,805
1,408,723
3,624,727
3,349,954
4,032,861
4,632,510
Income Account for
discount,
prem. (net) & expense
Preferred dividends
Amort, of debt
_
473,035
1,673,810
int.—Public..
175,035
74,959
Net profit from
operations
Balance
$4,111,180
-
3,544,673
474,214
1,999,800
4,792.690
631,099
2,231,748
130,787
632,852
2,700,858
Declared value excess
97,971
93,383
254,390
100,528
97,971
77,926
$3,315,057
$4,500,632
$5,882,615
130,359
Normal income tax
145,394
$328,356
47,500
stock (par $1)-$1.73
Note—Included among the costs and expenses set forth above are charges
for depreciation and amortization totaling $44,081.
Net income
-
Common dividends
-
Balance Sheet Sept.
190,033
262,394
252,808
4,972
6,630
6,630
24,620
20,906
25,455
21,568
$3,884,210
$3,099,146
$5,588,136
$4,219,626
1,700,885
310,412
1,700,885
310,412
2,267,847
413,882
2,267,847
413,882
$1,872,913
$1,087,849
$2,906,407
$1,537,897
_—-
Net income.
7% and 6% pref. divs
Class A dividends
Balance
Wheeling & Lake Erie Ry. —Earnings
Accounts payable
Accrued saleries and wages, Ac
Cash surrender value of life Ins.
Accts. receivable—employees.
1,464
adjustment of profits under
hand & demand depos
Accounts receivable
Inventories
-
1940
1939
1938
1937
$1,813,972
$1,101,353
$1,335,079
752,171
667,735
337,763
285,407
386,087
314,926
14,304,031
4,968,801
Net from railway
12,019,724
3,918,697
3,794,830
*3,239,358
8,786,028
2,254,213
1,626,008
14,008,556
4,551,530
4,082,621
398,450
Net ry. oper. income.—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper.
income—
151, P. 3104.
White Rock
9 Months
Mineral Spring Co.—Earnings—
Ended Sept. 30—
Net profit
all charges and
1940
z$99,574
-
$0.15
Earnings per share
1938
1939
x$157.885
$0.38
x$164,046
$0.41
Federal income taxes, but exclusive of $3,770
profit on sale of securities in 1939 and$ll,475in 1938 period,
no-par shares of common stock which will be outstanding
preferred stock has been converted into common shares, z
and Federal income taxes.—V. 151, p. 2961.
250,000
when all 2nd
After charges
Light Co.-—Preferred Dividends—
Directors on Nov. 20 declared a div.dend of $2.50 per share on the 6%
cumul. pref. stock (par $100) and a dividend of $2.91 2-3 per share on the
7% cumul. pref. stock (par $100). both payable on account of accumulations
on
Dec
16 to holders of record Nov. 30.
Like amounts were paid on
common
stock,
Portland Cement Co.—15-Cent Dividend—
Nov. 15*deelared a dividend of 15 cents per share on the
payable Dec. 16 to holders of record Dec. 5. This will be
prov.
for possible
21,671
190,000
105,000
842,111
(est.).
Capital stock, com. (par $1)—
3,965 Paid-in surplus
9,842 Earned surplus
—
Other assets—balance in closed
2,833
bank
x
After allowance for loss of $2,000.
of $269.392.—Y. 151, p.
$1,524,255
Total.
$1,524,255
Total—
y
After allowance for depreciation
718.
Wright Aeronautical Corp.—Bonus—
Some 16,000 workers at this corporation
will share a $1,500,000 Christmas
present in the form of a 7% pay increase effective Dec. 15.
William H. Showers, President of the Wright Aeronautical Employees
Association, announced the company would make the salary increases to
hour, day or week workers who have been in the company's employ more
six
than
months.
Salaried employees will not participate In the increases and those em¬
ployees less than six months will receive "adjustments" after completing a
half-year's employment.—V. 151, p. 2962.
have been called for redemption on
refunding 5>6 % bonds of 1934
Dec. 1 at 100.
Yale & Towne
Mfg. Co.—Special Dividend—
a
special dividend of 40 cents per share in ad¬
dition to the regular quarterly dividend of 15 cents per share on the common
stock.
The special dividend will be paid on Dec. 18 to holders of record
Yazoo &
dividend will be distributed on Jan. 2 to
Mississippi Valley RR.—Earnings-
railway
Net from railway
Net ry. oper. income—.
$1,750,761
760,054
519,143
.■•••• v
Gross from railway
Net from railway
Net ry. oper. income—
—V.
151,
p.
$1,710,156
699,403
452,664
12,583,086
3,659,970
1,475,993
1937
1938
1939
1940
October—
$1,530,659
609,858
382,290
$1,583,370
11,898,699
3,796,370
1,637,071
13,508,454
4,500,817
2,431,630
643,914
415,836
-
12,138,755
3,627,059
1,485,473
2670.
Yellow Truck & Coach Mfg.
Co.—Dividends—
meeting of the directors held Nov. 20, a dividend of $1.12M per share
on the company's class B stock, payable Dec. 24, 1940, to
holders of record Dec. 11,1940.
A total of $1.12 H has been paid previously
or deemed to have been paid upon each share of class B stock so that with
At
was
a
declared
share.
stock, the
per
dividend in arrears of $2.25 per
share before any other payments may be made on the class B stock.
After
the payment of the dividend preference on both the class B stock and the
common stock, the class B and the common stock will be entiled to receive
the same dividends per share.—V. 151, p. 2962.
stock will be entitled to receive a
York
Rys.—Dividend Permitted—
The Pennsylvania Public Utility Commission has permitted Edison
Light & Power Co. principal office at York, to declare and pay a dividend
of $124,750 to York Ry. Co. an affiliate.
On May 23, 1940, the Commission issued an order prohibiting payment of
dividends by Edison Light & Power until further Commission order.
The
order permitted certain payments on account of intercorporate indebtedness.
The $124,750 will be used to pay semi-annual interest due Dec. 1,1940, on
York Rys. Co. bonds, and $13,425 will be returned to Edison Light &
Power in the form of interest on the railways company bonds held by
Edison Light.—V.
149, p. 3734.
Youngstown Sheet & Tube Co.—To
Pay 50-Cent Com.
Dividend—
Directors
have declared a
dividend of 50c. per share on the common
stock, payable Dec. 16 to holders of record Nov. 30.
were paid in the three preceding quarters, the April
dividend paid since Dec. 20,
distributed.—V. 151, P. 2813.
first
common
Zenith Radio
last.-—V. 151, p. 2669.
Directors on
of
Balance
y526,879
—at cost--
Patents, less amortization
y On
Wisconsin Power &
Wolverine
Accrued taxes
certain sales contracts
Property, plant and equipment
common
$1,649,333
569,959
October—
::
$45,185
15,383
304,905
$293,399
x354,101
310,377
21,396
on
this payment the class B stock will have received a total of $2.25
After the payment on Dec. 24,1940, of the dividend on the class B
—Y. 151, p. 866.
Gross from railway
30, 1940
Liabilities
Assets—
Cash
From Jan. 1—
4,972
Misceil. deductions.
Sept. 15,
410
profits tax
Excess profits tax
Dec. 4 and the romlar quarterly
197,378
.
After
2,515
$615,075
10,555
holders of record Dec. 4.—V. 151, p. 2517.
of debt disc't &
expense
x
$612,560
-
Directors have declared
j
Interest
y
1,024,572
162,934
Total profit
Other deductions
4,738,533
of West Penn
Electric Co.—•
—V.
—
-
Other income
Gross from
Amort,
$1,800,065
Cost of goods
All of the outstanding ($20,000) first and
$9,509,641 $14,023,857 $12,764,229
130,787
Minority int.—American
Water Works & Klec.
Co., Inc
4
Misceil. deductions
Deducts,
9 Months Ended Sept. 30, 1940
and allowances
sold
Selling and administrative expenses
Gross sales less discounts, returns
(Wm.) Wurdack Electric Mfg. Co.—Bonds Called—
1,017,132J
734,8321
*--$10,231,702
Gross income
Minority
13 to holders of
last; S1.12H on
March 25, last; $1.75 on Dec. 21, 1939; $1 on
June 15, 1939, and 50 cents paid on Dec. 28,
Woodward Governor Co.—Earnings—
Period End. Sept. 30—•
Total oper. revenues—-$32,550,153
Non-oper. income
179,986
Deducts,
dividend of $3 per share on account of accumula¬
the 7% cumul. pref. stock, par $100, payable Dec.
record Dec. 2.
This compares with $2.50 paid on Sept. 20.
on
Deferred charges
declared a dividend of $1.50 per share on the common
stock, payable Dec. 14 to holders of record Dec. 2.
This compares with
50 cents paid on June 28, last, and a dividend of $1 paid on Dec. 15, 1937.
—v. 151, p. 264.
.
-s
Directors have
Reserved
\
retires.
Dividend—
(Alan) Wood Steel Co .•—Accumulated
Directors have declared a
tion.
in the years
distributi
Earnings per share on 190,000 shares common
$57,077,344.
the
shares since 1930. when a
made.—V. 151, p. 435.
of 60 cents per share was
1940
30,
the first dividend paid on the common
tions
Directors on Nov.
quarterly dividend of 87 Yi
Aug. 30, last.
Nov.
Financial Chronicle
Corp.—Earnings—
Period End, Oct. 31—
x
Dividends of 25 cents
1, 1940 div. being the
1937, when 75c. per share was
'
fc ,
1940—3 Mos.—1939
Net profit
$507,736
$348,375
x
After excise taxes, royalties, expenses and
Federal income tax.—Y. 151. p. 1443.
1940—6 Mos.—1939
$1,158,872
$377,696
depreciation, but before
Volume
The Commercial & Financial Chronicle
151
3261
Quotas of 11,612,000 bags
COMMERCIAL EPITOME
were
set for "other than the
States."
'
1
Friday Night, Nov. 29, 1940.
Coffee—On the 23d inst. futures closed 1
3 points
39
higher for the Santos contracts
with sales totaling
lots, all of which involved switching from Dec.
that
news
Colombia
export which
prevailing
were
set
close
of
limited circulation in the
the
minimum
about lc. per pound
the
at
had
last
market
coffee
over
week,
Rio coffee
point lower to
The
prices
for
the resale prices
had
received
only
Saturday because of
on
short session,
was
with the result that activity in futures
light and confined mostly to liquidation in advance of
first notice day on Wednesday.
closed 12;to 13 points net
with
sales
On the 25th inst. futures
higher for the Santos contracts,
totaling 72 lots.
Five
contracts
were
traded
in the Rio (new
A) division, with prices 2 points net higher.
Santos coffee futures were quite active, with
prices up 6
to 8
points in the early trading.
The buying reflected the
fact that Colombia had put into force
necessary decrees in
line with the inter-American coffee
quota pact and that
Brazil
would
among
other things, fixed minimum export prices about lc.
ratify the pact too.
The Colombian decrees
higher than last quoted and provided for the purchase of
600,000 bags by the National Federation of Growers.
In
the resale market this morning Colombian Manizales
held
at
9c.
against 8%c.
on
Friday.
minimum price for Manizales will
York basis.
There
were
It is said that the
come
to about
9}4c. New
firm offers from Brazil, and other
were no
Central and South American exporters
quote on
to 6
a
firm basis.
were also refusing to
On the 26th inst. futures closed 9
points net higher for the Santos contracts, with sales
totaling 164 lots.
One contract, July delivery, was traded
(new A), which month showed a net gain of 1
in the Rio
point at the close.
The first real bull market in coffee since
the early months of the war appeared to be
In the best activity in many months 21,000
taking shape.
bags
were
during the first three hours, and Santos futures
to 9
last
points for net gains of
week.
will
pact
completed
soon
announce
freight offers from Brazil
prices
resales
up
8
than 20 points since late
more
The advance reflects the belief that the
quota
be
Colombia, will also
Santos 4s
traded
were
and
were
up
quoted at from 6 M to 6 %c.
were
had
firm.
Manizales
that
Brazil,
minimum prices.
was
fully
following
Cost and
15 points,
with
First hand Colombian
held at 9 to 9^c. after
taken
place at just under 9c. yesterday.
On
unchanged to 1 point off for the
contracts, with sales totaling 62 lots.
The coffee
market was resting after the active
trading and sharp
advance in prices witnessed over the last few sessions.
Twenty notices were issued against Dec. contracts and
immediately stopped.
In Brazil the spot price on Rio 7s
was
up 300 reis to 12.3 milreis per 10 kilos.
Cost and
freight offers were up 10 points in some instances, with the
minimum price on Santos 4s said to be 6.30c.
Some believe
the coffee quota plan will be signed today.
the 27th inst. futures closed
Santos
On the 28th inst. futures closed 6 to 4 points net
higher
for the Santos
contracts^ with sales totaling 89 lots.
The
advance of coffee futures into
new high
ground was renewed
today and by early afternoon Santos futures were up 5 to
9 points on a far better than average volume.
March was
selling at 6.39c., up 9 points. This price is 36 points above
the low of last week and 89 points above the seasonal low
of 5.50c. made on Aug. 15th.
Buying was general and
included a good demand from Brazilian sources. The market
was helped by the news that fourteen Latin American
coun¬
tries would sign a quota pact in Washington this afternoon.
While the quotas in themselves are an important
part of
the plan, the minimum prices decreed late last week
by
Colombia, together with other regulations, are the key to
the market, it is said.
Today futures closed 7 to 9 points
net
lower
for
the
Santos
contract,
with
sales
totaling 73
The coffee futures market hesitated,
apparantly
discounted the signing of the Inter-American coffee
lots.
ment
having
agree¬
by the advance of more than one third of a cent per
pound over the last week and nearly lc. per pound from the
August lows. Prices were 4 points lower on Santos futures
to 2 points higher with December at 6.14c., off 4
points,
as
twenty-one notices were issued and September, 1941,
contracts 4s said to start up from 6.40c. per pound.
The
terms of agreement were in line with expectations. A
quota
of 15,900,000 was fixed for the United States, of which
365,000 bags were for non-signatory areas.
The United
States is to enact important quotas to affect the
pact.
prices closed
as
follows:
December
,
4.051 May
March, 1941
United
\;
4.221 July
Santos coffee prices
4.31
4.38
-
closed
December
as follows:
6.10 July
March, 1941
May
6.27 September
6.36
6.46
6.55
Cocoa—On the 23d inst. futures closed 7 to 6 points net
higher.
Transactions totaled 378 lots.
Liquidation of the
Dec. position through exchanges for forward months again
dominated the cocoa futures market in today's (Saturday)
session, since notices against the contract may be issued
today for the first time.
Trade throughout the week was
brisk, with heavy switching operations from Dec. to distant
positions the feature. Differentials tended to narrow, as the
spot month strengthened on dealer demand. The underlying
firmness of the spot month was traced by some to expecta¬
tions that any Dec. notices issued today would lodge in strong
hands.
Local closing: Dec., 4.72; Jan., 4.75; Mar., 4.83;
May, 4.91; July, 4.98; Sept., 5.06. On the 25th inst. futures
closed 3 points up to unchanged, with sales totaling 339 lots.
Although 66 Bahia notices of delivery were issued today—
the cocoa market turned quite strong when it became ap¬
parent that a large manufacturing interest was stopping
notices and accepting delivery. *' Most of the trading was
done in Dec., some of it consisting of switches.
During the
early afternoon the list stood 5 to 7 points higher, with Dec.
at 4.79c., up 7 points, and the strongest month in the list.
Sales to that time totaled 350 lots. The open interest in Dec.
this morning was 1,416 lots.
This was first notice day.
Warehouse stocks decreased 4,000 bags over the week end.
They now total 1,269,444 bags, compared with 1,051,527
bags a year ago. Local closing: Dec., 4.75; Mar., 4.85; May,
4.91; July, 5.00; Sept., 5.08. On the 26th inst. futures closed
unchanged to 1 point lower. Transactions totaled 90 lots or
1,206 tons.
The market was dull, with traders awaiting
developments, especially as concerns notices against the Dec.
contract which may again be issued.
Activity was confined
to scattered dealer sales and purchases.
Local closing: Dec.,
4.75; Jan., 4.78; May, 4.91; Sept., 5.07; Oct., 5.11. On the
27th inst. futures closed 4 to 7 points net lower, with sales
totaling 129 lots.
Weakness in markets generally caused
active selling in cocoa futures, with the result that prices
were 5 to 9 points lower during the early part of the afternoon
session.
Dec., despite circulation of 15 notices of delivery,
was relatively steady, suffering the minimum decline.
Other
positions were 8 to 9 points lower.
Trade shorts covered
Dec., evidently preferring to take cocoa.
Sales to early
afternoon totaled 95 lots.
Warehouse stocks declined 6,700
is 1,278,643 bags against 1,057,838
bags a year ago.
Manufacturers report an extraordinary
busy season.
Local closing: Dec., 4.71; Mar., 4.78; May,
4.85; July, 4.93; Sept., 5.01.
bags.
The total
now
On the 28th inst. futures closed 3 to 2
points net higher.
Liquidation of the December position
proceeded in orderly fashion.
Twenty-two notices were
issued but were readily absorbed as shown by the relative
firmness of that month, which stood 2 points higher at 4.73c.
during early afternoon. So far 103 notices have been issued.
The December open position still is rather large, standing
this morning at 1,153 lots, but the last notice day does not
come until December 24th, giving traders abundant time to
liquidate positions.
Warehouse stocks increased 83 bags
today. They number 1,278,726 bags against 1,072,689 bags
a year ago.
Local closing: Dec., 4.74; Mar., 4.80; May, 4.87;
July, 4.95. Today futures closed 3 to 5 points net higher,
with sales totaling 337 lots.
Good demand for December
contract from manufacturers gave the cocoa market a strong
Sales totaled 66 lots.
tone.
Fourteen
transferable notices
had
been
issued
this
morning, but they were promptly stopped.
Turnover was
fairly large, reaching 325 lots to mid-afternoon. Warehouse
stocks increased 363 bags.
They now total 1,279,089 bags,
against 1,083,417 bags a year ago.
Local closing: Dec.,
4.77; Mar., 4.85; May, 4.91; July, 4.99.
Sugar—On the 23d inst. futures closed unchanged to 1
point off for the domestic contract, with sales totaling 19 lots.
The world sugar contract closed 1 point lower to 1 point
higher, with sales totaling 39 lots. Activity in the domestic
contract was confined to Jan., Mar., and May.
March and
May were off a point, but Jan. closed unchanged.
In the
world sugar contract 22 of the 39 lots represented switches
from Mar. to July at 5^ points and from Dec. to May at 8
points.
Nothing in the news to influence either of the
markets.
On the 25th inst. futures closed unchanged to 1
point off, with sales totaling 27 lots. The world sugar con¬
tract closed
to \ l/2 points net lower, -with sales totaling 20
Trading in sugar was quiet and prices had a steady
tone.
There was no fresh news to influence the market.
In
lots.
the
raw
sugar
division trading
was
quiet.
Refiners were said
1940 sugars at 2.85c. a pound, at
sold out of store last Wednesday, but
lowest known offers were 2.9Cc. including 1,C00 tons of
Philippines due Dec. 14.
On 1941 sugars 2,0G0 tons of
Philippines due in Jan. were held at 2.90c.
A cargo for
Jan .-Feb. shipment was held at 2.95c.
A report from Cuba
said that a bill had been introduced into the House providing
for the gift of 300,000 bags of sugar to Great Britain as a
token of appreciation for trade benefits received.
On the
26th inst. futures closed 2 points net higher for the domestic
contract, with sales totaling 116 lots.
The world sugar con¬
tract closed lA to 1 point net higher, with sales totaling 28
lots.
The sugar markets generally were firm.
In the raw
market it was believed that 2.85c. and possibly a point or two
better would be paid.
Offered at 2.90c. a pound were 1,000
tons of Philippines due Dec. 14 and 2,00C tons of Jan. arrival
sugar as well as 15,000 bags of Puerto Ricos clearing Dec.
28, and a cargo for Jan. shipment.
For 2,500 tons of excess
quota Philippines due Dec. 15 holders were asking 2.85c. a
pound.
It was believed sold. William Henderson, a New
Orleans refiner, announced an advance in his refined price
from 4.30c. to 4.35c. a pound effective tonight.
It is pointed
out that this advance, if indicative of tne market, means that
refined.sugar has strengthened in the South.
On the 27th
inst. futures closed 1 point off to unchanged for the domestic
contracts, with sales totaling 48 lots.
The world sugar con¬
tract closed 1 point up to unchanged, with sales totaling 33
lots.
The sugar markets were quiet today.
Pending further
developments in the raw market and the announcement of
the 1941 quota next month, traders were willing to wait.
In
the raw market refiners were said to be bidding 2.87c. for
1940 sugar, while offers were at 2.90c.
About 7,000 tons of
Philippines, from due Dec. 4 to Dec .-Jan. shipment were
offered at 2.90c., while Jan.-Feb. shipment sugars were held
to
be still interested in
which
sugars
were
Puerto Ricos were believed available at 2.90c. also
at 2.92c.
Nov.
The Commercial & Financial Chronicle
3262
Prices
on
30,
hogs at Chicago finished mostly 10c. to 15c.
with sales ranging from $6.00 to $6.30.
On the 28th inst. futures closed 2 to 5
1940
higher,
points net lower.
Chicago were again under pressure of Decem¬
liquidation and as a result of this selling the nearby
delivery and the January prices declined to new lows for
the season. The market displayed very little rallying power
late in the session.
Hog prices at Chicago today finished
10c. to 15c. lower, with sales ranging from $5.50 to $6.20.
Western hog receipts were again quite heavy and totaled
122,000 head, compared with 40,000 head for the same daylast year.
Today futures closed unchanged to 5 points off.
Trading was more or less routine, with fluctuations narrow
and undertone heavy.
:k;'
Lard futures at
ber
IN CHICAGO
Thurs.
Fri.
4.57
4.52
DAILY CLOSING PRICES OP LARD FUTURES
Sat.
Mon.
Tues.
Wed.
December
4.77
4.72
4.65
4.62
January, 1941
4.92
4.87
4.80
4.77
4.75
4.75
March
6.07
6.02
6.00
6.00
5.97
5.9o
May
July
6.27
6.47
6.25
6.40
6.20
6.37
6.20
6.37
6.17
6.37
6.15
6.32
Pork—(Export), mess, 225.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.75 (200 pounds barrel).
Beef: (export), steady.
Family (exoort), $24.25 per barrel
(230 pound barrel).
Cut Meats: Pickled Hams: Picnics,
loose, c.a.f.—4 to 6 lbs., 10%c.; 6 to 8 lbs., 10%c.; 8 to 10
lbs., 10 %c.
Skinned, loose, c.a.f.—14 to 16 lbs., 15%c.;
18 to 20 lbs., 15%c.
Bellies: Clear, f.o.b. New York—
6 to 8 lbs., 12 %c.; 8 to 10 lbs., 12%c.; 12 to 14 lbs., 12c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—-16 to 18 lbs., not
quoted; 18 to 20 lbs., 10%c.; 20 to 25 lbs., 10%c.; 25 to 30
lbs., 10%c.
Butter: First to Higher than Extra and Pre¬
mium Marks: 30 to 34%.
Cheese: State, Held '39, 25 to
25%.
Eggs: Mixed Colors:
Checks to Special Packs—
19% to 32c,
Oils—Linseed oil
consumers
having covered
a
good part of
along with Jan. shipment Philipoines. According to reports
from Cuba many interested parties are agreed that a crop of
forward requirements, new buying continues light in the lin¬
seed oil market.
Prices, however, are firm at 8.1c. for tank
of which 500,000
Quotations: Chinawood: tanks, spot, 25%
bid;
drums, 26% bid.
Coconut: Crude: tanks, 2%c. bid; Pacific
Coast, 2% to 2%c.
Corn: Crude: West, tanks, nearby,
5%c. bid, nominal.
Olive: Denatured: drums, spot, $2.40
to $2.45, nominal.
Soy Bean: tanks, West, 4%c. bid;
New York, l.c.l., raw, 6%c. bid.
Edible: coconut, 76
degrees, 8c. bid.
Cod: crude, 50c. offer.
Turpentine:
42% to 44%.
Rosins: $2.45 to $3.40.
2,5( 0,000 tons should be made next year,
would be
tons
was
an
unspecified
This year the crop
much sugar destined for
reserve.
limited to 2,755,000 tons, but
unsMoped.
the world market is still
unchanged to 1 point lower
with sales totaling 107 lots.
On the 28th inst. futures closed
—for
the
domestic contract,
The world sugar contract closed % point off to % point up,
with sales totaling 62 lots.
The raw market continued with¬
out business.
Sugars of the 1940 quota were offered at 2.90c.
quota, nearby, were at 2.85c. New quota sugars
due next year were held at from 2.90 to 2.92c.
Refined busi¬
ness was routine.
All interests were waiting for 1941 quotas.
while
excess
from Cuba say the Institute will suggest a
crop of 1,978,000 tons against 2,756,000 this season.
In
view of the large carryover of unsold world sugars, this
would be ample it was felt.
World sugar futures were 1 to
2 A points higher during early afternoon, but eased off later
Private reports
in the session.
Today futures closed 1 to 2 points net higher,
139 lots in
sales
with
the domestic contract.
The world
with sales
totaling 47 lots. Domestic sugar futures were 2 to 3 points
higher, with Mar. selling at 2.92c., up 2 points. Hedging,
by Cuban interests and others, was n-t pressing and the tone
was definitely better.
Nothing reported done in the raw
contract closed 1 to IA points net lower,
sugar
A lot of Philippines, due next week, is offered at
2.87c. and 1,000 tons due in mid-December, offered at 2.90c.,
market.
could
be
shaded.
Cubas,
Dec.
clearance,
are
at
1.97c.
(2.87c. dutv paid), while for Jan. shipment 1.95c. is asked.
World sugar futures were 1 to
1 lA points lower on scattered
selling and belated Dec. liquidation. Today was last notice
day and last trading day on Dec. 1940 contracts. Fifty-nine
notices were issued.
Dec. was selling at 0.72 %c. off 1%
points during early afternoon.
Prices closed
January, 1941
as
follows:
_
-
—
.1.86
.1.91
March
JVX&y
—
—
cars.
—
•Tuly
September
2.00
2.04
.1.96
Lard—On the 23d inst. futures closed 2 points lower to 2
points higher.
Trading was light, with fluctuations ex¬
tremely narrow.
Traders in general appeared to be awaiting
developments in other markets.
Chicago hog prices ruled
very steady, with sales ranging from $6.10 to $6.30. Western
hog marketings were fairly heavy and totaled 28,700 head,
compared with 17,400 head for the same day last year.
On the 25th inst. futures closed 2 to 7 points net lower.
Trading was relatively light and showed no special feature;
fluctuations extremely narrow.
Receipts of hogs at Chicago
and other leading packing centers in the West totaled 172,100
head, compared with 1,313,200 head for the same day last
year.
Chicago hog prices finished 5c. to 10c. lower, com¬
pared with Friday's finals.
Hog sales ranged from $6.00 to
$6.25.
On the 26th inst. futures closed 5 to 7 points net
lower.
Trading was light and without interesting feature.
The opening range was 2 points lower to 2 points higher.
Chicago hog prices were 5c. to 10c. lower, with sales ranging
from $5.75 to $5.20.
Western hog marketings were very
heavy and totaled 143,600 head, against 112,800 head for
the same day last year.
On the 27th inst. futures closed
unchanged to 2 points lower.
The market was dull during
most of the session.
Opening prices were unchanged com¬
pared with previous finals. Receipts of hogs at the principal
packing centers in the West today totaled 109,400 head,
compared with 74,900 head for the same day a year ago.
Oil sales, yesterday, including switches, 45
Crude, S. E., val. 4%.
Prices closed as follows:
Cottonseed
contracts.
December
January, 1941—_
February
March
5.95©
n
6.00© 6.01
6.02©
n
6.06© 6.08
5.77@ 5.80 April
5.8m 5.84 May.
Tune
5.86©
n
5.91 @ 5.94 July__
Rubber—On the 23d inst. futures closed 4 to 8
points net
Although there were 570 tons traded in the old
contract on the Exchange, switches accounted for 52 lots.
They were all done in a Dec. to May switch at 52 points.
higher.
Interests in the rubber trade are still waiting for the decision
International Rubber Regulation Committee on the
export quota for the first quarter of 1941 before making any
sizable commitments in the market.
Local closing: old
of the
Nov., 26.67; Dec., 20.62; Jan., 20.47; Mar., 20.30;
May, 20.10.
On the 25th inst. futures closed 4 to 16 points
net higher.
Transactions totaled 255 lots, all in the No. 1
contract-
standard.
Seven
contracts
were
traded
in
Mar.
new
15 points.
Trade and dealer buying held
rubber futures firm in spite of speculative liquidation of
near
months.
During early afternoon the market stood
16 to 18 points net higher.
Trading was active, sales total¬
ing 238 lots to that time, of which 234 were in the old con¬
tract.
A feature was the exchange of 650 tons in Dec.
contracts
for physical rubber
by trade interests.
The
London market was quiet, %d. lower to l-16d. higher.
Singapore was steady and l-16d. higher.
Local closing:
No. 1 standard: Dec., 20.78; Jan., 20.51; Mar., 20.42;
May, 20.25.
On the 26th inst. futures closed 31 to 24
points net lower for No. 1 standard contracts, with sales
totaling 60 lots.
There were three contracts traded in
new standard,
Mar. delivery, which closed 23 points off.
Liquidation of Dec. rubber unsettled the market.
After
opening 7 to 11 points lower, prices were under pressure of
speculative selling, which trade buying absorbed on a scale
down.
During early afternoon the market was 24 to 31
points net lower.
Sales to that time totaled 22 lots.
First
notice day falls on Nov. 28.
Opening interest is small.
London closed dull and unchanged, but Singapore closed
easy at declines of 1-32 to l-16d.
Local closing: No. 1
standard: Dec., 20.47; Mar., 20.18.
On the 27th inst.
futures closed 7 to 5 points net lower.
Transactions totaled
147 lots, all in the No. 1 standard contracts.
The rubber
trade today was awaiting the outcome of the meeting slated
for tomorrow, of the International Rubber Committee in
standard,
London.
up
In the meanwhile the rubber futures market held
steady, prices during early afternoon standing about 2
points higher to 3 points lower.
Sales to that time totaled
126 lots, including 10 tons exchanged for physical rubber.
Certificated stocks decreased by 40 tons to 1,560 tons.
London closed 1-16d. lower to l-16d. higher.
Singapore
showed the same close.
Local closing: Dec., 20.40; Mar.,
20.12; May, 19.90.
On the 28th inst. futures closed 8 points up to 2 points off.
for the No. 1 Standard contracts, with sales totaling 42 lots.
Volume
The Commercial & Financial Chronicle
151
The New Standard contracts closed 6 points off to unchanged
,
with
only three contracts traded.
After opening 10 to 12
points lower in sympathy with easy primary markets, rubber
futures rallied to show net gain during early afternoon when
London and local dealers entered the market as buyers.
Dec. was firm, standing 20.52c. this afternoon, up 12 points
net.
^
The Dec. position has been sharply reduced.
On the'
opening it stood at only 128 lots.
The Dec. premium over
Mar. widened to 37 points.
Sales to early afternoon totaled
40 lots, including 30 tons exchanged for physicals.
Both
London and Singapore closed unchanged to lAd. lower.
Local closing: No. 1 Standard: Dec., 20.48; Mar., 20.10;
May, 19.90.
New Standard: Mar., 20.10; July, 19.70.
Today futures closed 5 points off to 2 points net higher.
Transactions totaled 48 lots, all in the No. 1 Standard con¬
tract.
Rubber
futures
were
steady
and
dull.
Light
liquidation by commission houses were readily absorbed.
Uncertainty over the freight situation is a market factor.
During early afternoon Dec. stood at 20.50, up 2 points.
Turnover
to
that
time
only 17 lots.
London closed un¬
higher.
Singapore was unchanged to
l-32d. lower.
Local closing No. 1 Standard: Dec., 20.43;
Jan., 20.33; Mar., 20.12; May, 19.92.
changed
to
l-16d.
Hides—On the 23d inst. futures closed 6 to 13 points net
Sales totaled only 39 lots, equal to 1,160,000 pounds.
lower.
The market ruled easier in a relatively quiet session.
The
spread between the December and March deliveries is grow¬
ing narrower.
On Saturday the spread was 18 to 20 points
at
28
the^ close, whereas
on
Saturday the opening showed prices
points apart. Heavy standard frigorifico steers sold at
on Thursday.
Local closing:
Dec., 12.68; March,
12.48; June, 12.25; Sept., 12.20.
On the 25th inst. futures
closed 2 to 10 points net higher.
Transactions totaled 133
lots.
The opening range was 2 to 19 points above the pre¬
vious close.
The market was fairly steady during the morn¬
ing and in the early afternoon was about i2 points above the
previous close.
Transactions amounted to 62 lots.
Cer¬
tificated stocks decreased by 5,115 hides to 422,855 hides.
Switches from December to later positions dominated the
trading with dealers absorbing the position.
Local closing:
Dec., 12.70; March, 12.54; June, 12.35.
On the 26th inst.
14^c.
futures
closed
18
totaled 199 lots.
to
30
points
lower.
net
Transactions
The
opening range was 5 to 7 points higher.
Following the opening, prices declined rather sharply and by
early afternoon losses of 12 to 22 points were in evidence.
Transactions totaled 98 lots to that time.
The decline
was
due to speculative liquidation which caught stop loss orders.
Local closing: Dec., 12.52; March, 12.24; June, 12.05.
On
the
27th
inst.
futures closed
29
32
to
points net lower.
futures opened
about unchanged to 8 points lower.
Following the opening,
prices declined rather sharply and losses of as much as 34
points were registered.
By 12:30 p. m., however, prices
firmed up somewhat from the lows of the morning, the
market weakening again
toward
the
close.
Altogether
280,000 pounds were tendered for delivery against the
December contract.
Certificated stocks decreated by 719
hides to 422,136.
In the domestic spot market sales totaled
about 60,000 hides including November.
Branded cows at
12^.
In the Argentine market sales totaled about 8,500
hides including November frigorifico steers at WV*.
Local
closing:
Dec., 12.23; March, 11.92; June, 11.75.
Transactions
totaled
151
lots.
Raw
hide
On the 28th inst. futures closed 12 to 15 points net
totaled 94 lots.
The opening range
higher.
was 8
points lower to 3 points higher.
The market advanced
ollowing the opening and by early afternoon values were
.5 points above last night's closing levels.
Transactions
totaled 56 lots. Certificated stocks decreased by 1,477 hides
;o
420,669 hides.
New speculative buying today rallied
;he market.
Local closing: Dec. 12.38; March 12.05; June
11.87; Sept. 11.80.
Today futures closed 12 to 8 points
net higher, with sales totaling 90 lots.
Raw hide futures
opened 1 to 2 points advance.
The market continued
higher following the opening and advances of as much as
23 points took place during the morning.
By 12:30 p.m.
Transactions
values
declined
from
the
highs of the morning, but were
still 15 points above the previous close. Transactions totaled
65 lots.
There was speculative buying and light dealer
selling. Local closing: Dec. 12.45; March 12.13; June 11.95;
Sept. 11.90.
Ocean
market
volume of trade in the charter
heavy this week.
However, despite
firm rates
Freights—The
was
not very
the inactivity, ship owners continue to hold out for
in all trades.
Charters included: Time: Round
trip South
African
trade, prompt, $4.50 per ton.
Round trip West
coast South American trade, delivery Gulf, prompt, $3.25
per ton (war risk owners account).
Trip up, delivery Chile,
redelivery North of Hatteras, early December, no rate given.
Round trip west coast South American trade, delivery Gulf,
end November, $3.25 per ton.
Trip down, Canada to North
of Hatteras.
Round trip, North Atlantic, South African
trade, December.
Coal: Hampton Roads to Rio de Janeiro
about $4.75 per ton.
Hampton Roads to Lisbon, $9 per ton.
Time Charter:
West Indies trade, $3.25—$3.75 nominal.
North of Hatteras—South African trade, $4 per ton.
North
of Hatteras-—South American trade, $4-$4.50 asked.
Coal—Production
ended
Nov.
23
of
bituminous
coal
during the week
totaled approximately 9,500,000
tons,
or
79.2% of present mine capacity, it was reported by the
3263
National Coal Association.
The 400,000,000 ton mark in
the 1940 production was passed during the week when the
cumulative
total reached 402,127,000 tons, an increase of
15.5% over the 348,116,000 tons produced during the same
period last year and more than the total output for the entire
year of 1939.
The association estimated from these figures
that
the
total
1940
nroduction figure would
approximate
450,000,000 tons.
The output of Pennsylvania anthracite
for the week ^nded Nov. 16 is estimated to be 899,000 tons,
a decrease of 140,000
tons, or 13.5%, from that of the pre¬
ceding week, the Department of the Interior reports. Com¬
pared with the production of the corresponding week in 1939
there was a decrease of 1.3%.
Wool Tops —On the 23d inst. futures closed
steady at 1
point advance to 4 points decline. There was a fair demand
throughout the session, with Boston houses on both sides of
the
market.
Sales
were
estimated
at
about
57
contracts
285,000 pounds for the day against 280,000 officially
reported for Friday.
In the spot market bids and offers
or
were
far apart.
The bid price was $1.18
a pound and the
closing: Dec., 116.1; Mar., 107.7;
May, 104.4; July, 101.4; Oct., 99.6.
On the 25th inst.
futures closed 8 points net higher to 2 points off.
The
market was generally firm in a relatively slow trading action.
Total sales on the New York Exchange to midday were
estimated at about 250,000 pounds of tops, against 28,000
pounds in all of Saturday's short session.
No sales were
transacted on the opening, but shortly afterward interest
was shown in all of the
usually active contracts at prices
unchanged to 1 point above Saturday's last quotations.
The relative quiet prevailing in the futures market reflected
slow business in domestic raw wool centers.
Local closing:
Dec., 116.9; Mar., 107.5; May, 104.5; July, 101.5; Oct.,
99.6.
On the 26th inst. futures closed 10 to 6 points net
lower.
After a fairly steady opening wool ton futures turned
downward in subsequent trading on hedge selling and general
liquidation.
The decline was tempered somewhat by trade
buying on a scale down basis.
Total transactions on the
New York Exchange to noon were estimated in the trade
at approximately 250,000 pounds of tons.
Although the
Dec. delivery was inactive, the Mar. and May options showed
the most activity.
At the best prices of the morning active
deliveries were unchanged to 4 points off from yesterday's
closing levels, while at the best prices they recorded declines
of 6 to 10 points from the last quotations of the previous
day.
Local closing: Mar., 106.6; May, 103.5; July, 100.8;
Oct., 99.0.
On the 27th inst. futures closed 6 to 10 points
net lower.
Wool top futures declined rather sharply today
under the pressure of hedge, local and general selling.
Contracts were taken on a scale down basis by the trade and
spot houses.
Total sales on the New York Exchange to
midday were estimated in the trade at about 250,000 pounds
of tops.
There were no transactions on the opening, but
shortly afterward active months registered no change to a
loss of 6 points from the closing levels of the preceding day.
A slight rally took place in the near options around noon.
Local closing: Dec., 116.0; Mar., 106.0; May, 102.5; July,
99.9; Oct., 98.0.
On the 28th inst. the wool top futures Exchange was
closed for trading purposes here, since Boston and Phila¬
delphia wool centers observed Thanksgiving Day today
(Thursday). Today futures closed 1 point up to 6 points
off. Wool top futures again sagged today under the pressure
of hedge selling and general liquidation.
Contracts were
taken on a scale down basis by trade interests and at noon
the market stood at a level only slightly below the previous
close.
Total sales on the New York exchange to mid-day
were
estimated in the trade at about 300,000 pounds of
tops.
At the best prices of the morning active positions
showed declines of 3 to 5 points from the closing levels of
the previous day, while at the lows they were 5 to 10 points
below yesterday's last quotations. Local closing: Dec. 116.1;
March 105.9; kay 102.1; July 99.3.
offer
$1.22.
Local
Silk—On the 25th inst. futures closed lc. off to
unchanged,
totaling 84 lots, all in the No. 1 contract. The
opening range was 2 to 4c. lower, but rallied when it appeared
that trade support was absorbing Dec. liquidation and
switches.
Thirty-one bales were tendered on the Nov. con¬
tract.
First Dec. notice day falls on Nov. 27.
The price of
crack double extra silk in the New York spot market was un¬
changed at $2.57 a pound. On the Yokohama Bourse prices
were 4 yen higher to 1 yen lower.
The price of grade D in
the spot market was unchanged at 1,350 yen a bale.
Local
closing: No. 1 contracts: Nov., 2.50; Dec., 2.51; Mar., 2.54;
May, 2.55. On the 26th inst. futures closed 1% points net
lower, with sales totaling 34 lots, all in the No. 1 contract.
Easy primary markets were responsible for an opening 1 to
1 He. lower, but thereafter the market was steady on a
turnover of 20 lots to early afternoon.
Thirty tons were
with sales
tendered for
delivery on the Nov. contract. This was the last
which tenders could be made.
The total for the
month was 1,230 bales.
The price of crack double extra silk
in the New York spot market was unchanged at $2.57 a
pound. The Yokohama Bourse closed 2 to 8 yen lower. Grade
D silk in the spot market was unchanged at 1,350 yen a bale.
Local closing: No. 1 contracts: Dec., 2.49K; Jan., 2.50
Mar., 2.52^; May, 2.53^; June, 2.53^. On the 27th inst.
futures closed lc. to 2c. net lower.
Transactions totaled 51
lots all in the No. 1 contracts. Silk futures were fairly steady
day
on
The Commercial & Financial Chronicle
3264
at
Switching from Dec. to later
absorbing the Dec. sales, was
prices about l^c. lower.
months, with trade interests
principal feature of the dealings. Seventy-six Dec. notices
issued, but were well absorbed. This was the first day
such notices could be issued.
The price of crack double extra
silk in the uptown spot market was unchanged at $2.57 a
pound today. The Yokohama Bourse closed 1 yen lower to
4 yen higher.
The price of grade D in the spot market was
unchanged at 1,350 yen a bale, the minimum price. Local
closing: No. 1 contract: Dec., 2.47M; Jan., 2.49; Mar.,
2.51 lA\ April, 2.51 lA\ May, 2.52.
v
.
On the 28th inst. futures closed unchanged to lc. off.
Sales totaled 37 lots, all in the No. 1 contracts.
Movements
in primary markets were indecisive.
As a result silk futures
here were quiet.
The opening was lower, Mar. selling off lc.
to $2.50 lA, but the market rallied during the forenoon to
recoup all losses and stand ^c. net higher.
Sales to that
time totaled only four lots.
The price of crack double extra
silk in the spot market was unchanged.
In the Yokohama
Bourse prices closed unchanged to 2 yen higher.
Grade D
spot silk was unchanged at the minimum price of 1,350 yen
a bale.
Local closing: No. 1 contracts: Dec., 2.47^5 Jan.,
2.49; Mar., 2.50^; May, 2.51
June, 2.511^.
Today
futures closed with the record showing only six contracts
traded, and they in the Jan. delivery, which was up 1 point
at the close.
The market was exceedingly dull because of
the inactivity of the spot silk market.
Japanese markets
were steady but provided no new incentive for trading.
This
afternoon futures here were approximately unchanged on a
turnover to that time of only five lots.
The price of crack
double extra silk in the uptown market was steady at $2.57
a pound.
Yokohama Bourse prices closed 1 yen higher to 3
yen lower.
In the spot market grade D silk was unchanged
Nov.
1940
30,
of the previous
against 2,237,667 bales in the same period
season.
Below are the exports for the week.
the
were
at the official
Exported to—
Week Ended
Y
.
Ger¬
Great
Britain
France
Japan
Italy
many
::::
7'. 201
Y--
New York
2,254
Y;;i:i:
428
"56
50
92
292
—
"200
Angeles
Total
;
615
23,873
33,216
16,444
5,118
235
19,448
54,373
7,019
25,023
3,862
8,728
-
.
Total
1939
6,219
6,909
Total
1938
16,692
28,183
8~305
21,381 110,495
Exported to—
From
Aug. 1,1940 to
Nov. 29, 1940
Great
Exports from—
Britain
Ger¬
France
1,617
14,153
352
90,038
202.921
600
25,505
1,439
109,731
Orleans-
22,216
133,386
28,111
28,111
1,432
Mobile
Norfolk
6,752
1,680
::::::
23,225
Corpus Christ!
415
4,884
107.647
Houston
i
1,432
■
_
_
2*402
214
York
Los Angeles..
2,781
Total 1939...
IU
24,585
1,208
8,886
32.730
801,133 296,535
223,329 274,526
dUUl tlv/ll
ALL
602
4,998
4,897
1,541 128,816
442,197
tr-~-
279,110
Total
Total 1938—
"774
18*213
""eoo
San Francisco
aUU V G
41,986 173,053
241.008 136,141
CApUl tOj
292,482 104,915 527.563 2237,667
12.405 294,506 1539.476
357.561
GUI
u
tvlvgi CvlUO
On Shipboard Not
Cleared for—
Leaving
Ger¬
France
Britain
Other
Foreign
Slock
Coast¬
many
wise
;
COTTON
Movement of the
Crop,
indicated by
as
Houston
New
tele¬
our
Orleans.
_
Savannah
week and 105,452 bales the
bales, against 98,226 bales last
previous week, making the total receipts since Aug. 1, 1940,
1,921,553 bales, against 3,768,372 bales for the same period
of 1939, showing a decrease since Aug. 1, 1940, of 1,846,819
bales..
:Vy>\^:;yy■ 'i, ;y f/'
y" ;y'vy;/A.
■' d.Y
ivv
,
Houston
-------
4,544
2,202
1,680
307
'
Corpus
Christ!—
191
m. m>
4,956
W
4,110
193
Jacksonville
A
21,199
23
11,000
—-
2
26
26
'
-
-
m
11
7
43
22
Savannah
-
'
'm
-
■
'"«»Im
'Am,
mm
144
144
158
1,830
2,092
11,543
7,159
18,943
83,853
Am Am
„
—
92
Norfolk
Totals this week.
The
^
15,770
17,000
13,438
AM
-
following table shows the week's total receipts, the
1, 1940, and the stocks tonight, compared
total since Aug.
with last year:
v'A-'A'A
:
y:<V-
y
Stock
1939
1940
Receipts to
This
Since Aim
This
Since Aug
Week
Nov. 29
1, 1940
Week
1, 1939
344,499
15,596
836,356
143,728
5,253
483,498
5,867
21,514
756
20.662
Galveston.
Brownsville
Houston
38,577
—,
498
Corpus Christi.
Beaumont
21",199
New Orleans—.
Gulfport
Mobile
a
"565
30
6,218
173,197
41,790
70,516 1,044,964
3", 210
Y
Savannah.
144
Charges-.
Wiunington
2,092
Norfolk-
864
417
869,784
760
991,349
75,251
102,025
540.410
56,960
50,000
1.971
""33
2,038
1,778
263
1,215
118,703
36,106
25,204
10,800
32,819
1,040
New York
921,088
52,551
70,592
720,478
66,334
53,106
*
1,826
123,211
40,811
14,068
9,463
27,890
,
Y-
Baltimore
100
786
857
Boston
1,075
83,85311,921,553 227,54513,768,37212,947,545 2,973,163
Totals
»
1939
1940
902.075
8,642
26
9,239
14,493
24,431
4,500
11,797
26
88
Charleston
53,193
14,260
1,732
30,240
33,050
44,158
5,161
10,503
685
2
Pensacola, &c_.
Jacksonville-
Lake
76,718 1,014,851
492
40,498
64,283 1,252,133
Included in Gulfport.
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Houston.-
—
Orleans
Mobile
Savannah
New
_
—
Charleston
Wilmington
Norfolk
All others
Total this wk_
Since
1939
1940
Receipts at—
Galveston
1937
1938
76,718
64,283
70,516
3,210
2,038
1,778
17,997
30,538
28,704
864
1,093
2,092
417
311
526
7,721
9,321
40,046
48,193
67,022
6,060
1,260
1,758
1,251
2,241
1,531
83,853
227,545
89,957
169,362
20,662
38,577
21,199
565
88
144
1,508
342
143
1936
1935
58,383
57,720
76,892
58,712
81,607
62,563
8,454
32,577
588
I,
4.128
3,047
3,060
779
2,975
11,188
211,898
258,950
516
1,546
6,113
Aug. 1__ 1,921,553 3,768,372 2,539,623 4,866,774 4,440,257 4,722,214
X JULt?
CAjJUl to Jui
illlv?
CXJ.UIX15
UJ.J.AO V y uiuug x sjwkjxx cu
lU LCtl
of 33,216 bales, of which 8,728 were to Great Britain, 615 to
China and 23,873 to other destinations.
In the correspond¬
ing week last year total exports were 54,373 bales.
For the
season to date aggregate exports have been 442,197 bales,
"Ioi
Mobile
Other
ports
Total
1940-.
Total
1939—
Total
1938—
8,500
35,060
12,272
11,191
146,132
f.Bod
13,532
9,351
56,885
894.275
989.767
527.001
118,703
36,005
50,000
32,819
276,083
22,892 2,924,653
3.201
18,462 201,154 2.772.009
7,668 99,708 2.905,782
Speculation in cotton for future delivery during the past
was fairly active,
with price trend irregular.
The
annual report of the New Orleans Cotton Exchange Board
of Directors described present troubled world conditions as
week
both
a
curse
and
a
blessing to the cotton
industry.
The
European conflict and Asiatic disturbances, the report said,
meant
sharp curtailment of exports of cotton, but the vast
preparedness program in this country was expected to bring
record-breaking domestic consumption of the staple.
88
5
«»-
12
'
'
Charleston
7,800
1,582
13,409
Norfolk
565
2
-
■
mm
498
~
1,992
«.
mmmm
'Am'*»
20,662
38,577
191
Am
Pensacola, &c—
4,188
10,733
2,621
96
58
Mobile
M
-
5,050
2,470
4
New Orleans—-
-
Total
Fri.
Thurs.
2.770
1,961
6,227
6,628
6,288
2,913
9,105
Wed.
Tues.
Mon.
Sat.
Receipts at—
Galveston
1",I66
2,000
"191
A
Charleston
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 83,853
Total
"ioi
5,800
1,391
1,309
Galveston
The
cwou
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Great
grams
2,616
602
Boston
Nov. 29 at—
Nov. 29, 1940.
Total
Other
China
Japan
Italy
many
5,369
Galveston
New
29,447
1,155
428
Norfolk
New
745
22,246
—
1,099
New Orleans
Los
330
415
Houston.
Total
Other
China
Galveston
minimum of 1,350 yen a bale.
Friday Night,
V Y
■
Nov. 29, 1940
Exports from—
the
23d
inst.
prices closed 4 points up to 1 point
influences accounted for irregular fluc¬
tuations over a 10 point range today in the local cotton
futures market.
Nevertheless, the undertone was steady
and final prices were 4 points net higher to 1 point lower.
Trade and Bombay buying were the chief sources of
support, but at times the market sagged to losses of 3
to 8 points under week-end liquidation owing to uncer¬
tainties as to European developments.
December liqui¬
dation before first notice day next Tuesday also made
itself felt at times, but toward the close increased price-fixing
appeared and moderate recoveries developed.
Best prices
for the day were touched in the early trading when some local
and Wall Street support supplemented demand from trade
and foreign sources.
Bombay was an outstanding buyer,
brokers taking about 5,000 bales of July and Oct. at the
opening and demand from the same source picked up again
toward the close.
Spot sales in reporting markets today
(Saturday) totaled 33,621 bales compared with 44,203 bales a
year ago.
On the 25th inst. prices closed 4 to 8 points net
lower.
A let-up in the demand for cotton goods and a con¬
tinuation of Dec. liquidation, caused a slightly easier local
cotton market today.
The opening range was 1 to 4 points
lower.
There was a fair amount of hedge selling early, which
dried up later in the session.
The weather over the week-end
was very unfavorable for moving cotton, there being torren¬
tial rains in parts of the belt, especially in South Texas. Rains
and freezing weather in northwest Texas are expected to
lower the grade of some cotton still in the fields.
The market
steadied after the call, but the volume of trading was not very
heavy during the day. The price fixing was fair most of the
time.
Foreign markets were steady.
Liverpool closed with
buyers at the maximum price for Mar., which is 7.81d.
Liverpool reported that future shipments of cotton from the
United States are doubtful, because Britain needs enormous
dollar balances.
Most of today's trading involved evening
up in Dec., which was being reduced slowly.
Sales in spot
cotton markets today totaled 25,294 bales compared with
36,359 bales last year.
On the 26th inst. prices closed 4
points higher to 9 points off. Renewed fears of changes in
the farm program during the coming season caused irregu¬
larity in the local cotton market today. The opening range
was 1 point higher to 3 points lower.
Bombay stopped buy¬
ing the distant months, and the spread between New York
and Bombay was about 200 points, compared with a recent
On
off.
Conflicting
Volume
The Commercial & Financial Chronicle
151
high spread of 218 points. Commission house liquidation in
Oct. increased, and that month came under
pressure at times.
The selling was inspired
by renewed talk that the Administra¬
tion might favor a streamlined
processing tax on cotton
For
convenience of the reader we also show how the
market for spot and futures closed on the same days:
Futures
instead of the present loan program.
This plan would in¬
volve a tax on cotton to be
paid by the first buyer, and the
proceeds would be used to bring about a certain price level
that the farmer
would receive for
that
part of his cotton
domestically consumed. Hedge selling was light. The Com¬
modity Credit Corp. reported that to Nov. 23 there were
2,021,692 bales pledged for cotton loans, and it was interest¬
ing to note that the Staple Cotton Cooperatives Association
of Greenwood, Miss.,
predicted that there has been or soon
will be 3,000,000 bales
pledged for cotton loans.
Sales in
leading spot markets were 28,610 bales, of which 20,657 sold
in
Memphis.
On the 27th insfc. futures closed 8 points up to
14 points net lower.
Speculative selling of Oct. cotton futures
which upset the market
yesterday continued today with the
result that prices this afternoon were 10
points lower on that
position and unchanged to 3 points lower on other months.
The market
was firm and 1 to 4
points higher on the opening
when it appeared that
only 10 additional Dec. transferable
notices had been issued.
Buying centered on
Mar., which
sold up to 10.20c., up 4 points.
Trade interests and shorts
supported Dec. as notices were quickly stopped. Cables were
higher.
after
The market's firmness
the
opening the
was
shortlived because
buyers in the
near
months.
On the 28th
inst. futures closed 6 points off to 7 points
Traders who sold October cotton short the last couple
of days were
covering today, with the result that a sharp
rally took place in that position, which showed a net gain
up.
of 5 points during
early afternoon. Other months
4 points lower during that time.
The market
3 to
were
opened easier
under local and Southern selling.
4
6
to
points
positions was
nearby
Initial sales
lower.
net
Further
coupled with
were
made at
liquidation
selling by
of
Bombay
credited to Japanese interests.
was
ing pressure relaxed during
time
first
the
hour.
in
Sell¬
At the
same
renewal of the recent buying for mill accounts
a
was
market
little
reversed
December
itself
and
off this afternoon
sold
liquidation
The cotton
began
to
into
come
when
the
a
ring.
Prices during early afternoon stood 1 to 6 points net lower.
Trade buying on the opening started the market 1 to 5
points
net
feature.
reversed
higher,
The
the
with
Bombay
trend
of
trade
from
that
spot houses
December.
Wall
buying
demand
in
The selling in the
which supposedly
Street
months
near
was
seller
near
points net higher
Nominal
Wednesday
_
Nominal
__
Thursday
Friday
Nominal
Total
New York
1940
1934
10.06c.
10.11c.
8.95c.
8.06c:
12.63c.
12.20c.
12.75c.
1933
10.15c.
1939
1938
1937
1936
1935
months
October got as high
each
middling uprtand cotton in the
Dec.
Premiums and
1932
5.80c.
1924
6.10c.
10.60c.
17.30c.
1931-....
1930
1929
1923
1922
1927
20.40c.
19.90c.
1921
1920
1919
1926
1925
12.45c.
21.10c.
23.40c.
37.65c.
25.25c.
17.55c.
1928
1916
20.10c.
1915
12 40c
1914
7.50c.
1913
13.50c.
12.85c.
16.65c.
1912
1918
40.25c.
27.50c.
1910
9 40c
15.00c.
1917
30.90c.
1909
14.70c.
1911
Monday
Tuesday
Nov. 25
Nov. 26
Wednesday
Thursday
Friday
Nov. 28
Nov. 27
Nov. 29
10.11-10.21 10.12-10.20 10.12-10.16 10.10-10.17 10.05-10.09 10.10-10.10
10.17-10.18 10.12
10.14
10.10
10.06
10.06
Range..
Closing
.
Jan.(1941)
10.07-10.07 10.06-10.07
Range..
10.09n
Closing.
9.96-
9.96
10.04/1
10.07
10.04n
9.98n
9.98n
10.08/i
lO.lln
10.09n
10.03n
10.03n
Feb.—
Range10.13n
Closing.
Mar.—
10.12-10.19 10.13-10.22 10.13-10.18 10.13-10.20 10.08-10.15 10.08-10.13
10.17-10.19 10.13
10.16
10.14
10.09
10.09
Range—
Closing.
4 prii—
Range..
10.15n
Closing.
May—
10.09/1
lO.lln
10.08n
10.04n
10.04n
10.07-10.15 10.06-10.16 10.05-10.09 10.02-10.10
9.97-10.02
9.97-10.02
Closing
10.14
9.99
9.99
.
—
10.06
10.06
10.02-10.03
—
—
June—
Range..
10.06n
10.00/1
9.97n
9.93n
9.90 n
Range-
9.94-10.02
9.94-10.03
9.86- 9.94
9.83- 9.93
8.78-
C.loslng.
9.99n
9.94
9.89- 9.90
9.85
9.81n
9.76
Closing
Sept.—
Range..
9.85w
9.79/1
9.73n
9.65n
9.64n
9.59n
Closing.
9.71n
9.46n
9.47n
9.42/1
9.27- 9.43
9.19- 9.37
9.25- 9.37
9.27
9.31
9.26
Closing.
9.87 n
July—
—
—
9.86
9.73- 9.83
Aim.—
Range..
9.64n
9.57n
9.50- 9.61
9.40-
9.50
9.41
Oct.—
Range..
9.51-
Closing.
9.58- 9.59
9.60
—
9.48
—
—
-
Nov.—
Range..
Nominal.
n
Range for future prices at New York for the week ended
Nov. 29, and since trading began on each option:
Option for—
Tues.
Wed.
Thurs.
10.12
10.14
10.34
10.10
10.06
10.26
10.26
Range Since Beginning of Option
10.05 Nov. 28 10.21
December
Nov. 23
8.33 June
6 1940 10.23
Nov. 28 10.07 Nov. 25
8.26 June
6 1940 10.14 Apr.
Nov. 19 1940
1941—
9.96
April
10.08
Nov. 28 10.22
Nov. 25
8.10
17 1940
May 18 1940 10.24 Nov. 19 1940
......
9.97
Nov. 28 10.16
Nov. 25
8.00 May
18 1940 10.17 Nov. 19 1940
8.73
Nov. 28 10.03 Nov. 25
8.59 Aug.
7 1940 10.03 Nov. 19 1940
9.19
May
Nov. 28
9.61
8.70 Oct.
....
July
August
.
Nov. 26
18 1940 10.59
Nov. 22 1940
10.06
10.30
Range for Week
mo-
Oct.
Mon.
10.32
Fri.
Discounts for Grade and
Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
estabhshed for deliveries on contract on Dec. 5.
Premiums
and discounts for grades and staples are the average
quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
November.
.
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Open
NOV. 22 Nov. 23 Nov. 25 Nov. 26 Nov. 27 Nov. 28
New York
Contracts
Nov. 28
Nov. 28.
on
on
(1940)
September
day for the last week has been:
Nov. 23 to Nov. 29—
Sat.
Middling upland % (nominal)—10.18
Middling upland 15-16 (nom'l).10.38
middling upland at New York
Nov. 23
June
60,000 bales.
The official quotation for
New York market
3,913
42,881
Quotations for 32 Years
Saturday
March
9.37 before slipping to 9.35.
Trade buying continued in
of the active months, but little outside interest in the
market was indicated.
The open call sales in December are
than
4",700
Futures—The highest, lowest and closing prices at New
York for the past week have been as follows:
as
more
1,100
Nov. 29 for each of the
all
at
400
.
3,913
38,181
quotations for
January
February.
estimated
1,300
400
1,100
Aug. 1
The
"513
1,300
week.
Since
600
'513
_
Nominal
Total
600
liquidating
were
of
in early afternoon.
steady
Barely steady..
Barely steady..
Barely steady.
Steady.. i.*.
Steady
Closing.
July, while hedge
selling was generally in near months.
The market held its
gains fairly well during the forenoon, standing 1 to 4
a
Ve -y
Nominal
Contract
Spot
a
for
October, which has
month, continued with October
opening at 9.36, up 5 points.
came
Nominal
.
reported.
Today prices closed unchanged to 5 points off.
Closed
Range..
distant positions, presumably to undo the straddles
put out
some time ago.
Six December notices were issued but did
not circulate long.
Demand emanated from trade sources.
Early buying also
Saturday
Monday
Tuesday
SALES
Market
Closed
soon
distant months,
particularly of Oct., emanated from New
Orleans.
As buying was
indifferent, the Oct. position to¬
bogganed and carried other months down with it.
Trade
and spot houses were good
prices
Spot Market
type of speculative selling of
same
3265
the
1940—
H
29-32
15-16
31-32
Inch
Inch
Inch
Inch
22,300
41,500
25,200
100
30,500
December.
1 Inch
and
400
36,000
20,900
16,500
16,500
11,300
200
10,700
30,900
28,266
17,800
18,100
9,200
22,400
27,000
408,900
19,600
15,300
10,600
74,000 123,100 102,000
89,800
*169,400
Up
1941—
While—
January
Middling Fair
.35 on
.46
on
.58 on
.65
on
.72
on
March
36~400
23", 700
Strict Good Middling.
.29
on
.40
on
.52
on
.60 on
.66
on
May...
19,800
7,700
.23 on
.33
on
.46
on
.53
on
.60
on
July
23,600
.11
.21
on
.34
on
.41
on
.48
on
October
9,700
10,600
.06
on
.14
on
Good Middling
Strict
Middling
Middling
Strict Low Middling..
Low
Basis
.11 off
.72 off
.62 off
.52 off
.47 off
.39 off
1.36 off
Middling
Extra
on
.21 off
1.27 off
1.18 off
1.15 off
14,400
—
8,100
7,200
12,600
360,500
325,800
126,100
1.13 off
Total all futures.
..
124,700
80,700 1,391,400
White—
Open
Good Middling......
.23
on
.33
on
.46
on
.53
on
.60
on
Strict Middling
.11
on
.21
on
.34
on
.41
on
.48
on
.06
on
.14
on
.21 off
Middling
Strict Low Middling..
Even
.11 off
.72 off
.62 off
.52 off
.47 off
1.27 off
1.18 off
1.15 off
1.13 off
.14 off
.05 off
Strict Middling..
.29 off
.19 off
.09 off
.02 off
aMIddling..
.81 off
.71 off
.61 off
.56
Middling.......
Contracts
Nov. 26
.39 off
1.36 off
Low
Nov. 20 Nov. 21 Nov. 22 Nov. 23 Nov. 25 Nov. 26
New Orleans
1940—
December.....
•
...
2,950
2,800
Holi¬
5"650
day
4,250
3,700
4,400
4,150
32,750
2~200
4" 150
5" 800
600
3,750
3,850
68,000
61,350
63,400
28,050
254,150
Spotted—
Good Middling......
a
Middling spotted shaU
be tenderable only
.06
on
.12
on
oil
.19
on
.05
1941—
on
January.......
March
.50 off
when and If the Secretary of Agrl
May
•
culture establishes a type for aucu grade.
Market and Sales
The total sales of cotton
week at New York
are
July
October
at
New York
the spot
indicated in the
on
..........
...
each day during the
following statement.
Total all futures
*
100
8,050
600
10,550
4,800
2,200
8,450
2,850
2,400
1,500
1,850
2,650
4,350
41,000
20,500
10,200
17,650
18,800!
10,150
Includes 2,600 bales against which notices
contracts of 156,800 bales.
**'
have been Issued, leaving net open
Cotton—Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Supply of
The Visible
prices at Liverpool:
Alexandria and the spot
Nov. 29—
323.000
Stock in Alexandria, Egypt
Middling uplands, Liverpool..—
398,000
305.000
7.95d.
9.Old.
5.14d.
Bales
6,666,330
9,281.755
8,829,906
Since Aug. 1—
Bales
1938
1937
199,237
...359,985
348,178
1938—Dec. 1
1937—Dec. 3—
1936—Dec. 4...
—
—
—-
1936
-
Cotton at Other Markets—
for middling cotton at
markets for each day of the week:
Quotations for Middling
closing quotations
the
are
Southern principal cotton
4.65d.
8.41d.
13.92d.
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
1940
30;
sight in previous years:
Movement into
Week—
Below
1937
1938
1939
1940
Nov.
A Financial Chronicle
The Commercial
3266
for Middling Cotton on-
Closing Quotations
7.00d.
7.22d.
4".05d.
~3.97d"
9.31d.
8.30d.
5.84d.
6.00d.
7.15d.
7.08d.
4.02d.
4.12d.
Wednesday
Tuesday
Monday
Salurday
Week Ended
Nov. 29
Friday
Thursday
15-16
15-16
K
15-16
K
15-16
%
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
9.87
9.62
9.82
9.64
9.84
9.60
9.80
9.55
9.75
9.55
9.75
9.67
9.91
9.68
9.88
9.73
9.93
9.70
9.90
9.64
9.04
9.84
9.71
9.84
New Orleans.
9.69
9.64
9.84
9.72
9.64
9.84
Mobile
9.89
available.
Not
the movement, that is, the
Towns,
Interior
the
At
%
%
15-16
15-16
Galveston
•
%
receipts for the week
and since Aug. 1, the shipments for
items for the
corresponding periods of the previous year—is set out in
the week and the
stocks tonight, and the same
9.91
9.71
9.88
9.98 10.13 10.01 10.16
9.85 10.05
9.85 10.05
9.68
9.92
Savannah... 10.02 10.17
9.86 10.05
Norfolk
9.94 10.19
Ship¬
179
13,679
39,382
23,371
99,485
29,625
38,960
24,452
397
10,901
177
2,643
Hope
66,613
39,989
3,970
Jonesboro.
Little
Rock
500
Newport
Pine Bluff.
Walnut Rge
187
Ga., Albany..
Athens
22,539
469
8,139
1,073
60,325
1,200
2,986
74,709
1,093
50,124
295
37,495
4,709
58,525
37,354
7,534
76,434
3,860
171,157
1,492
6,192
50,351
139,194
2,035
05,412
221
14,327
39,195
89,093
158.403
31,800
501
292
510
184
3,860
26,818
615
7,261
3,315
39,981
2,324
200
103,881
6,100
23,330
14,752
101,256
124,872
10,034
202,571
3,548
30,000
17
5,059
36,765
100,338
60,401
9,579
724
779
537
20,011
463
35,060
1,618
1,175
3,523
6,745
12,081
400
41,457
91,633
59,715
804
900
564
78,767
2,862
68,596
9,908
3,464
188
26,984
747
7,080
122,735
3,405
476
147
21,067
14,003
338
234
136,530
16,789
4,421
528
16,999
804
20,964
324
441
Columbus..
824
Greenwood...
8,135
398
Jackson
...
Vlcksburg.
330
29,712
716
1,615
3,326
Macon....
La., Sbrevep't
Miss., Clarksd
3,991
200
651
102,417
9,657
98,291
41,490
152,235
714
216
9.45
9.20
9.45
9.20
9.45
9.67
9.77
9.59
9.79
9.57
9.77
9.52
9.72
9.52
9.72
9.40
Hoi.
Hoi
9.15
9.30
9.49
9.19
9.44
9.19
9.44
47,020
11,480
138,039
1,131
11,062
2,185
16
1,490
75
929
N.C., Gr'boro
283
14,119
306,404
54,319
16,407
1,653
341,849
12,667
264,153
86,307
2,437
62,446
17,731
4,897
318,694
74,925
926,044 146,759 1919,923 127,417
699
636
21,004
22,600
488
203
6,977
7,662
972,984
14,953
Oklahoma—
2,878
1,264
6.713
13
48,046
120
14,012
1,121
4,235
30,431
1,529
00,340
4,724
4,042
4,820
39,863
46,364
1
12
r,810
23,657
7,493
38,567
1*764
38,786
968
35,896
1,000
32,663
2,291
53,418
500
2,814
4,297
37
Includes the combined
The
above
totals of 15 towns in Oklahoma.
totals
during the week 56,402 bales and are tonight
276,234 bales less than at the same period last year.
The
receipts of all the towns have been 61,466 bales more than
increased
in the
for
Week and Since Aug. 1—
statement showing the overland movement
the week and since Aug. 1, as made up from telegraphic
give below
a
reports Friday night.
The results for the week and since
follows:
Aug. 1 in the last two years are as
Thursday
Friday
Nov. 27
Nov. 28
Nov. 29
two-
10.18
10.21
December.
Since
Since
Nov. 29—
Week
Aug. 1
Week
Shipped—
Aug. 1
11,062
8,100
25,128
136,921
114,900
4,605
3,217
66,279
250,368
Via Virginia points
3,415
Via other routes, &c.
9,681
127,655
79,280
3,811
5,005
59,819
109,942
.35,940
385,512
49.473
685
195
.20,196
3,461
201.023
3,637
8,646
3,560
139,899
.20,391
20,391
206,769
4,517
152,105
Via Mounds, &c
7,225
Via Rock Island
510
499
Via Louisville
.
Total to be deducted
195
.15,549
15,549
*
Including movement by rail to
682
4",501
10.086
10.21
10.18
10.22-10.23 10.20-10.21 10.14
10.1471
May..... 10.14
10.13
10.11
10.10
10.05
10.04n
9.84
10.03
9.99
9.946-9.95a
9.88
9.60
July
9.65
9.446-9.45a
9.29
October
Tone—
Steady
Steady
Steady
Steady
Futures...
Steady
Steady
Steady
Steady
b Bid.
Nominal,
n
a
178,743
44,956
424,185
foregoing shows the week's net overland movement
year has been 15,549 bales, against 44,956 bales for
week last year,
1940-
Receipts at ports to
Week
83,853
Nov. 29
Nov. 22
15,549
consumption to Nov. 29.170,000
Net overland to
Southern
Total marketed
Interior stocks in excess
Excess
over
269,402
56,402
Southern mill takings
consumption to Nov .1
of
sight during week—325,804
Total in sight Nov. 22
Came into
North, spinn's*
Since
Since
and Spinners'
Takings
In Sight
takings to Nov. 29- 62,098
Week
Aug. 1
Aug. 1
1,921,553
178,743
2,645,000
227,545
44,956
160,000
3,768,372
424,185
2.470,000
4,745,296
1,300,056
432,501
*2,123
6,662,557
1,104,818
651,049
444,459
-
6,489,811
Decrease.
Steady.
of 1940 Prior to Nov. 14—
census
round as half bales and
excluding
GINNING
REPORT ON COTTON
ginned from the growth of 1940 prior
Nov. 14, 1940, and comparative statistics to the corresponding date
of bales
Number
of cotton
430,378
-
8,418,424
65,179
691,181
to
in
1939 and 1938.
Running Bales
(Counting Round as Half
Bales and Excluding
Linters)
State
1939
1940
Arizona
California.
Florida
10,742,579
746,795
95,632
1,025,886
1,282,278
1,258,557
220,914
21,760
641,331
82,942
1,130,452
387,777
17,585
906,885
2,349
7,605
426,746
991,469
267,550
72,648
626,246
569,350
Alabama
...
Georgia
Illinois
Kentucky
Louisiana
New Mexico
North Carolina
Oklahoma
316,921
9,562
883,593
3,537
11,253
714,086
1,500,208
383,747
70,143
428,790
466,106
832,658
384,601
2,544,264
8,283
867.208
South Carolina
328,713
2,728,537
Tennessee
Texas
16,265
Virginia
Includes 32,187 bales of the crop of
was counted in the supply for the season
1938
10,682,457
*10,071,658
United States.
114,881
817,554
2,011
10,748
648^607
1,636,133
307,646
68,349
311,338
510,879
601,631
432,328
2.747,035
6,322
1940 ginned prior to Aug.
of 1939-40, compared with
and 157,865 bales of the crops of 1939 and 1938.
The statistics in this report include 3,274 round
1 which
137,254
bales for 1940; 156,896
1938.
Included in the above are 17,559 bales of
15,308 for 1939; and 12,578 for 1938; also
3,599 bales Sea-Island for 1940; 1,869 for 1939 and 3,946 for 1938.
The statistics for 1940 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Nov. 1 is 9,089,089
for 1939; and 142,435 for
American-Egyptian for 1940;
'
IMPORTS AND EXPORTS
CONSUMPTION, STOCKS,
Cotton
consumed
STATES
during the month
of October, 1940,
amounted to
31,
bales.
770,702 bales.
Cotton on hand in consuming establishments on Oct.
was 1,354,063 bales, and in storages and at compresses 13,848,115
The number of active consuming cotton spindles for the month was
The total imports for
bales and the exports
The world's production
in 1939 as compiled from
American in runing bales
22,-
1940, were 15,926
excluding linters, were 194,251
the month of October,
of domestic cotton,
STATISTICS
of commercial cotton, exclusive of linters, grown
various sources was 27,875 000 bales, counting
and foreign in bales of 478 pounds lint, while
of linters in the United States) for
27,748,000 bales. The total number
the consumption of cotton (exclusive
the year ended July 31, 1939, was
of
spinning cotton spindles,
China
both active and idle,
Larger Cotton
1940 cotton crop in
Has
Seen—The
2,350,000 bales of 478 pounds
is about 145,000,000. jg
Crop—Smaller Imports
China is now placed at
compared with the unusually
of 1,900,000 bales, the Office of Foreign
Agricultural Relations, U.S. Department of Agriculture, an¬
nounced Nov. 25 in its weekly periodical, "Foreign Crops
small
and
1939 crop
Markets."
The current crop
is considerably smaller
than the crops produced prior to the
The announcement went on to say:
Sino-Japanese conflict.
(October-September
Imports of raw cotton into China during the 1940-41
expected to reach[about 700,000'bales compared
season are
965,169
Steady.
report issued on Nov. 22 compiled from the in¬
dividual returns of the ginners, show 10,071,658 running
cited
with 1,125,000
marketing conditions for textiles
the cotton mill industry in China
as reasons for the smaller imports, in addition to the larger supplies
bales imported in 1939-40.
Disrupted
and the generally unfavorableToutlook for
are
*
Steady.
Steady.
Asked.
Cotton Ginned from Crops
The
Canada.
and that for the season to date the
aggregate net overland exhibits a decrease over a year ago
of 245,442 bales.
-1939
the
9.80
9.336-9.35a 9.306-9.32a
Spot
456,588.
The
this
10 026
10.096
March
WORLD
*
10.11-10.12
January
UNITED
Deduct Shipments—
Overland to N. Y., Boston, &c...
Between interior towns.
10.076
10.106
576,290
2,285
14,610
Via St. Louis
lO.lln
10.006
10.196-.20a 10.16
1941—
*
1939
—1.940
Leaving total net overland
Wednesday
Nov. 26
Missouri
Overland Movement for the
We
Tuesday
Nov. 25
Mississippi
week last year.
same
Monday
Nov. 23
Arkansas
the interior stocks have
that
show
Saturday
2,320
Total,66towns'291,974 3628.630 235.572 3258.6331230,50814035,375 232,631 3534,86
*
cotton market for
41,495
1,712
30
Waco.....
leading contracts in the New Orleans
the past week have been as follows:
717
417
2.517
.
Market—The closing quotations
New Orleans Contract
in full:
0,518
3,447
28,390
Marcos
Texarkana
4,259
59,358
175
49,689
67
Robe town..
San
9,971
47,954
180
3.516
2,876
9.24
65,481
3,453
40,097
4,893
127
14,610
..
9.51
bales of cotton (counting
2,879
Brenham
9.40
9.20
linters) ginned from the crop of 1940 prior to Nov. 14, com¬
pared with 10,682,457 bales from the crop of 1939 and
10,742,579 bales from the crop of 1938.
Below is the report
30,307
128,301
Paris
9.20
9.48
19,908
163
Dallas
9.40
9.23
29,548
684
Tenn., Mem's 183,281 1743,026 138,774
2,787
29,264
1,247
Texas, Abilene
333
19.373
85
Austin
9.20
9.52
28,374
15,173
5,063
9.40
9.27
132
Yazoo City.
S. C., Gr'ville
9.20
9.20
1,032
27,702
7,146
23,103
87
31,727
37.622
525
2,902
6,470
Mo., St. Louis
16 towns ♦.
9.40
9.20
204.402
46,726
130,601
11,200
Columbus..
Rome
9.15
9.82
62,812
74,885
145,017
28,863
282
900
Augusta
Natchez
28
5,141
29,835
1,625
8,386
3,983
Atlanta....
9.89 10.14
10,729
186,428
3,474
-
31,385
100
11,673
46,740
114,941
6,451
49,967
9,668
850
13,521
98,544
60,219
1,000
80,206
6,921
2,063
26,979
261
145,253
41,604
1,695
4,484
1,126
1,163
47,696
42,621
20,430
6,826
1,727
2,263
1,516
City
9.65
9.45
9.40
9.15
9.45
for
125,413
39,697
523
5,309
1
9,462
102,678
55,690
874
46
Selma
Dec.
Week
Season
20,806
100
865
..
Montgom'y
Week
29
69
9.712
1,874
Helena....
9.80 10.00
9.65
9.89 10.14
9.20
Stocks
ments
Nov.
Week
Season
Week
Ship¬
Receipts
Stocks
ments
Receiots
Towns
Forest
9.80 10.00
9.45
9.62
Dallas
Movement to Dec. 1,1939
1940
Movement to Nov. 29,
Ark., Blythev
9.94 10.09
Memphis....
Little Rock..
Eufaula
9.94 10.09
Houston
detail below:
Aia., Blrm'am
9.70
9.50
9.90 10.21
9.93 10.18
9.97 10.22
Augusta
9.85 10.05
9.70
9.50
9.70
9.50
9.75
9.65
Montgomery.
9.99 10.14
Volume
The Commercial & Financial Chronicle
151
of domestic cotton.
In fact, the mills in the
Shanghai area probably will
find it necessary to continue to
import the greater part of their reduced
requirements because of the continued difficulty encountered in
native cotton into
If present price
Alexandria. Egypt,
shipping
Shanghai.
relationships continue, American
cotton
Shanghai
1939
Not
Since Aug. 1
296,000
This
Since
Aug. 1
Week
were
Exports (bales)—
Liverpool
Manchester, &c
210,000
4,021,476
available
3,351.334
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
To
CCC Reports
To
1940 Cotton Loans—The Commodity
Credit Corporation on Nov. 20 announced that
through
Nov. 18, loans made on 1940
crop cotton by the Corporation
and
on
lending agencies aggregate $92,744,521.20
bales.
tion
1,921,514
on
Cotton loans completed and reported to the
by States
State—
Amount
State—
|
No. Sales
70,103
Arizona
21,921
1,058,617.50
South Carolina.
Arkansas
66,386
3,169,271.88
Tennessee
California
40,223
2,044,927.69
7,320.73
Texas
Florida
$3,369,962.49
151
Georgia
Oklahoma
:
125,914
63,816
Mississippi
49,002
686
2,261,730.54
236,862.16
32,962.54
19,009
$3,784,233.80
88.074
.-1,036,128
4,501,912.40
318,126.87
49,947,713.91
51
916.233.20
Missouri
5,040
New Mexico
North
Carolina
Total
Total exports
16,700
1940
32s Cop
Middl'g
to Finest
Upl'ds
d.
d.
Cotton
62 years old.
Mr. Waite had been connected with the
Association for 25 years.
was
s. d.
d.
8.
814 Lbs. Shirt¬
Cotton
32s Cop
ings. Common
Middl'g
Twist
to Finest
a. d
Upl'ds
d.
s.
Aug.
30—
on
1939
8)4 Lbs. Shirt
ings, Common
d.
Secretary-Treas¬
Clearing Associ ac¬
Nov. 24 at his home in Brooklyn, N. Y.
He
307,298
Manchester Market—Our report
by cable from Manches¬
was not received this week.
We give prices below for
previous weeks of this and last year.
11,940,875.82
1,921.514 $92,744,521.20
Death of Henry Waite—Henry Waite,
urer of the New York Cotton
Exchange
tion, died
364.043 11,650
Egyptian bales weigh about 750 lbs.
Twist
248,900
38,485
45,646
217,237
5,930
ll",650
ter
1,672,614 $80,803,645.38
Loans by Cooperatives
Total...
11,200
2,526.66
6,432
Virginia.
3,096,780.30!
Amount
79,678
64,246
61,395
211,026
27,376
5,506
avail-
ab le
-
Note—A cantar is 99 lbs.
6,054,462.71
Louisiana
Not
To Continent and India
To America
Corpora¬
follows:
are as
No. Bales
Alabama
1939
Receipts (cantars)—
This week
American, 15,000 Chinese,
and 6,000 Indian.
1940
Nov. 28
will remain at
a
disadvantage with respect to Indian and Brazilian growths in the
pur¬
chases made by Chinese cotton
mills, it is reported.
Cotton from the
latter two sources is being purchased to the extent
that limited shipping
facilities will permit.
Forward purchases of all cotton were estimated in
early November at c0,000 bales, including 70,000 bales of Indian and
5,000 bales of American (California).
Unsold stocks at
placed at 30,000 bales, 3,000 of which were
3267
14.51
12
6
@12
9
8.23
9
9)4@10)4
@
Sept
6-
Not
available
8.33
13..
14.61
12
6
@12
9
14.68
12
6
@12
9
8.40
27-
14.86
12
7H@12 10H
Nominal
8.31
20-
Not
5.71
7.03
Nominal
9S
9
@
7.09
9
3
4.76
8.82
13
@13)4
11
3
@11
6
6.74
Oct.
4—
d.
3
Nominal
Nominal
854®
9
available
by Telegraph—Telegraphic advices to us this
evening denote that it has been wet in the eastern portions
of the cotton belt but
Rain
6.44
9
7.99
13
3
@11
6
6.27
6
@12
9
8.13
13
@13)4 11
3
@11
6
25-
6.3S
14.66
12
0
@12
9
8.22
13
@13)4
11
3
@11
6
6.38
1354® 14
14
@1444
14
@14)4
14)4@15
15
@1514
11
3
@11
6
6.22
11
4)4@ll
6
@11
914 @12
9
11
12
@12
3
Nov.
Austin
4
4
Low
73
79
76
3.61
Abilene
High
44
59
39
Brownsville
3
1.47
0.44
4
0 74
Del
Rio
2
Paso
1
Fort Worth
4
4
0.04
0.05
4.68
6.03
14.72
1.09
7.46
2
2.29
66
32
49
2
1.18
0.42
54
77
29
42
45
61
Houston
4
4
Antonio
4
-
Waco
Oklahoma—Oklahoma City
Arkansas—Little Rock
...
34
50
45
67
64
39
58
57
32
67
78
67
79
66
0.10
1
0.19
1
0.21
2
0.07
0.09
0.09
0.25
Augusta
4
3
1
Macon
3
Bales
To China
To Indo China.
Houston—
To Russia
1,099
63
To Cuba
53
32
54
To Colombia
To Chile
34
60
84
63
74
36
58
29
30
37
60
020
79
72
74
55
55
0.64
77
23
33
49
55
0.65
69
31
0.40
75
74
23
49
20
York
47
are
200
92
3(jC
800
Total
Freights—Current
no_longer quoted,
— •
33,216
-1
——
for
rates
...
cotton
all quotations
from
■
j.*—■
New
55
33
China
To India..
55
Cotton
50
To
liiTiHnTii
71
330
To Spain
Los Angeles—
58
82
416
New York—
22,246
36
0.68
0.73
1.27
0.45
3
2
0.29
50
Dec. 1, 1939
Feet
Above
zero
1.5
1.5
Memphis
Above
zero
of
gauge-
2.6
Nashville
Above
zero
of gauge.
10.0
Shreveport
Above
zero
of gauge_
Vicksburg
Above
zero
of
17.3
—2.5
5.2
of gauge.
gauge.
India Cotton Movement from All Ports.
Receipts and Shipments.
Liverpool Imports, Stocks, &c.
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
and futures each
Spot
Saturday
table
weekly movement from the plantations of that part of the
which finally reaches the market through the outports:
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet
Quiet
Quiet
Moderate
Quiet
1
Market,
12:15
Plantations—The following
are open rates.
Alexandria
0.9
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
as
Foreign Cotton Statistics—Regulations clue to the war
in Europe prohibit cotton statistics
being sent from abroad.
We are therefore obliged to omit the
following tables:
World's Supply and Takings of Cotton.
0.8
9.4
the
7.95
Galveston—
428
To Great Britain
5
3
2
from
7 10
7.51
Bales
To Great Britain
28
76
81
Nov. 29, 1940
Feet
Receipts
7.01
714
Shipping
51
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Orleans
8.41
11
exports
The
New
available
67
3
.
Not
7,201
76
South Carolina—Charleston—
Chattanooga
Nashville—
8.07
To Great Britain
New Orleans—
79
74
North Carolina—Asheville
Wilmington.
8.38
Norfolk—
3
Atlanta................
X
7)4
53
60
55
Georgia—Savannah.....
4)4@12
4H@12
52
31
2
.12
40
79
80
78
2
12
14.72
29..
48
71
Pensacola
14.65
22
52
45
38
0.61
Miami
8.23
60
4.59
Florida—Jacksonville
8.17
9
36
2
1
-
9
@12
42
►«
Shreveport
Mississippi—Meridian
.—
@12
6
News—As shown on a previous page, the
of cotton from the United States the past week
have reached 33,216 bales.
The shipments, in detail, as
made up from mail and telegraphic
reports, are as follows:
1
Alabama—Mobile
6
12
55
84
83
77
Louisiana—New Orleans
—
12
14.61
59
Mean
Corpus Christi.
Palestine
14.56
15-
Thermometer
-
Inches
10.58
Tennessee—M emphis
6
@12
12
1—
3
Birmingham
Montgomery..
@11
6
@1314 11
@ 13)4 11
3
12
14.47
8—
Rainfall
Days
San
13
14.50
ls—
dry elsewhere.
Texas—Gal veston
El
8.21
il¬
Returns
\
1
P. M.
demand
Mid. upl'ds
8.41d.
8.36d.
8.35d.
8.38d.
8.4ld.
CLOSED
Futures
Market
opened
(
Quiet,
Quiet,
Quiet,
Quiet,
j
[
2 points
un¬
1 to 2 pis.
1 to 3 pis.
un¬
advance
changed
decline
decline
changed
Steady,
Buyers at
Buyers at
at
maxi¬
maximum
mum
Quiet,
crop
Market,
Week
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
i.
M.
End.
1940
1939
1938
1940
1939
1938
1940
1939
,
1938
(
Buyers at
'
•
Steady,
maximum
{
3 points
2
1
pts. adv.
Prices of futures at
1
decline
point
advance
Liverpool for each day
are
given below:
Aug,
836,739'214,507
Nov. 23
143,187 209.955 195,347 1878.515 2487.313 2044 616 134,999 270,132'290.308
13. 137.224 266.665 227,732 1893 099 2590.556 2198,739 151,740 369.908 381.865
20. 142,923 306.040 236,651 1947.476 2745.834 2390,140 197,300 461.318 428,052
27. 137.695.297,080 221.656 2062.281 2930,731 2633,665 252,5001481,970 465.081
Nov. 29
30.
111,232 196.344 144,055 1886,703
300,222 2427,136 111,232
Sept.
Sat.
Mon.
Tues.
Wed.
Thurs.
Frl.
to
6.
Close Noon Close Noon Close Noon Close Noon Close Noon
Close
New Contract
d.
October, 1940—.
#
December-.
Oct.
*
118.475 297.556 183.369 2185,345 3113,815 2881.086 241.439 480,640 430,890
January,
18-
2378.83lj3262.486 3110,218 322.379 1904035 433.993
I14.76H230.932 200.646 2570.606 3399.830 3275.615 306.536 368.276 366.043
May
112,180.243,288 150,872 2775,573i3486,871 3387.084,317,147 330.329 263,641
July
d.
d.
d.
d.
d.
d.
*
25.
d.
d.
d.
d.
*
4.
11.
128.793:290,322 205.107
1941
*
—
7*81
•
March
7*81
7~. 7 8
7.76
7.75
7.79
7.78
7~81
7.81
Y.U
Nov.
1.
8.
15.
120.9 21231,212 256,332 2980.289 3533.182 3460.497 325.66 < 277.523 329,745
I26.753i237.671 92.125 30 >4.210 3549.918 3510.308 230.674 248,407 141,936
♦
Closed.
I
10 >,452 202,576 125,857 3153,9
22.
98.226 178.607
29.
83.853 227,545
2 3549,579 3518.088 17 ,22l 208 237 133,637
88,143 3202,23113536.990 3524.821 146,475 166,018
94,876
89,957 3258,633 3534,867 3508,828 140.255 225,422
73,964
BREADSTUFFS
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1940 are 3,228,200 bales;
in 1939 they were 4,865,921 bales and in 1938 were 4,204,322
bales.
(2) That, although the receipts at the outports the
past week were 83,853 bales, the actual movement from
plantations was 140,255 bales, stock at interior towns having
increased 56,402 bales during the week.
'
Alexandria Receipts and Shipments—The
following are
tCne receipts and shipments for the past week and for the
corresponding week of the previous f,wo years:
W
Friday Night, Nov. 29, 1940.
Flour—Flour business has been
dull
ever
since the brief
post-election flurry of buying three weeks ago.
western
past
the
Miller"
week
same
survey
averaged
as
the
only 37%
of milling capacity,
previous week
.Southwest business dropped to
previous week and 20%
The "North¬
showed sales in that territory the
a
and
a
year
ago.
about
In
thp
3% compared with 44% the
year
ago.
Export sales to the
Philippines and Latin America also lagged.
.
The Commercial
3268
Wheat—On the 23d
inst. prices closed 124 to 24c. net
Although the wheat market had to overcome per¬
encouraged by unsettlement of securities
and the European situation, prices managed to push upward
in late trading today to continue the post-Thanksgiving
recovery.
Buying attributed to mills and to further tight¬
ening of the commercial supply situation, with more than
1,000,000 bushels of 1940 wheat being stored each day under
Government loans, helped to rally prices.
Earlier the
market had dipped as much as % to 24c., but the recovery
carried values up about a cent to close 24 to 24c. higher than
previous finals.
Traders interpreted the storage figures on
loan wheat as an indication of the producers' attitude toward
prices as well as future market conditions.
Already 257,059,636 bushels, or a third of the 1940 crop, have been
sealed and the deadline for obtaining loans is not until Dec.
31.
Last season 167,000,000 bushels were stored under
loans.
On the 25th inst. prices closed 24 to 24c. net lower.
The wheat market scored early gains, ranging up to %c.
today, but suffered a quick relapse when selling gained favor
among
disappointed contract owners after accumulated
buying orders had been executed.
At one stage net losses
higher.
sistent
selling
Al¬
setback in securities,
for a cue to financial
interests' interpretation of European developments, much
of the selling was attributed to dissatisfaction regarding
lagging flour demand.
Failure of milling and flour trade to
expand revived pit talk that while the loan program has
checked hedge sales against wheat taken over by commercial
interests, the market has suffered from a corresponding
decline in mill purchasing.
Price stabilization, traders said,
has encouraged a "hand to mouth" buying policy on the
part of consuming interests, processors as well as ultimate
of
Saturday's close were chalked up.
full cent from
a
though the reaction largely paralleled a
with traders watching the stock market
flour
In
On the 26th inst.
users.
prices closed 24 to 24c. lower.
Wheat futures contract
spurt the Dec.
final frantic
a
managed to push upward today to close 24 to 24c. higher
than Monday's final prices, while the deferred deliveries
24c. lower.
finished 24c. up to
Wheat displayed a nervous
of more than a cent.
undertone, fluctuating over a range
Liquidating sales exerted a weight on prices during most of
the session and moisture over most of the winter wheat
Liquidation in
holders who tired of the
inability of prices to make headway.
On the dips, resting
order demand appeared, but buying was limited to this
class of trade and there was little follow-up action.
On
the 27th inst. prices closed 24 to 24c. net lower.
Wheat
prices spent most of today's session recovering from an
early break of 1 % to 1%g. and closed only slightly lower
than yesterday's finals.
Selling inspired by weakness of
stocks, good moisture over much of the winter wheat belt
and lag in flour demand was blamed for the early setback
with stop loss orders contributing to the volume of liquida¬
tion.
Later, when this distressed selling had been digested,
the market staged a slow rally on the strength of small
commercial supplies and scattered purchasing credited to
also was
sections
depressing influence.
business
Flour
mills i
a
pit was attributed to
the wheat
has
the brief
been dull ever since
post-election flurry of buying three weeks ago.
The "North¬
western Miller" survey showed sales in that territory the
past week averaged only 37% of milling capacity, about
the same as the previous week and a year ago.
On the 28th inst. futures closed l/-2 to l*4c. net higher.
Buyers returned to the grain pits today to hoist wheat prices
lc. or more, with quotations for other cereals tagging along
on the rise.
Best demand was centered on December futures
contracts, which become deliverable next week. This appar¬
ently was based on reports of scarcity of commercial sup¬
plies, with stocks of deliverable grades in positions to fill
also
to
was
Some buying
Traders continual
understood to be small at present.
contracts
attributed to milling interests.
watch
tinuation
European developments on the theory that con¬
basis means prolonged
of the war at its present
building
up of unsold surpluses on this side of the Atlantic.
The
possibility of any other development, such as a decision or a
truce, therefore would be regarded by these dealers as a
stagnation of international trade and consequent
market
constructive
of
likelihood
influence,
they
unfavorable domestic
said,
or
except
as
well
lators.
to retreat today, due to lack of
from milling and baking trade buyers
commercial and professional dealers and specu¬
as
replaced with small fractional losses before the close.
Pit
brokers said no aggressive selling was in evidence, and that
most of the
ing
was
been very slow for the past three weeks,
revival. Traders said consuming inter¬
apparently were committed to a hand to mouth policy
ests
as
long as price
and as
Open interest in
stabilization forces are in effect
long as many trade uncertainties exist
wheat tonight was 56,487,000 bushels.
OF WHEAT IN NEW YORK
DAILY CLOSING PRICES
Sat.
DAILY
Mon.
Fri.
Thurs.
IN CHICAGO
OF WHEAT FUTURES
CLOSING PRICES
Sat.
December
Wed.
Tues.
—108# 108# 108% 108% 109% 109%
.1'-.-
No. 2 red--
Mon.
87#
Fri.
Wed. Thurs.
Tues.
88%
..
88#
88#
89#
87 ;
88
86#
86#
82# 83
82#
Season's High and When Made
I
Season's Low and When Made
December
90#
Nov. 15. 1940 (December
68# Aug, 16. 1940
May
89#
Nov. 15, 1940 May
70
Aug. 16. 1940
July
85#
Nov. 18. 1940(July
76# Sept. 27. 1940
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
May
July
87#
-88#
—
86#
82#
87
83#
Fri.
Wed. Thurs.
Sat.
May
July
-
Tues.
72#
72#
72#
72#
72#
76#
78#
-
Mon.
72#
December
76#
78#
77
78#
76#
78#
76#
78#
76#
78#
Corn'—On the 23d inst. prices
closed }4 to ^c. net lower.
prices were lower most of the session.
This weakness,
despite steady spot prices and sale of 280,000 bushels for
shipment, was interpreted as a further indication that
dealers were uncertain as to the effect of the new loan pro¬
Corn
gram on
the amount of corn which will be available to the
Corn prices are 10 to 12c. higher than a
commercial trade.
loan rate is only 4c. higher. On the 25th
% to lc. net lower. At one time the
corn futures
market was off 1M to 124c.
The market's
weakness was blamed largely on continued uneasiness re¬
garding the effect of the new loan program on commercial
supplies.
While the reduction in size of this year's crop is
about equal to the amount of corn stored under loans last
season, traders said the higher current level of prices more
or less offset this.
On the 26th inst. prices closed % to Y%g.
net higher.
Corn prices were consistently firm under the
leadership of the Dec. contract, which was influenced mainly
by the strength in the cash market and the rain and snow¬
storm over most of the corn belt.
The close was just under
the best levels.
Commission house and local buying buoyed
the nearby delivery, while selling from elevator and cash
sources
met the demand.
Bookings neared the 100,000
bushel mark as demand was expected due to the storm and
resultant curtailed receipts.
In the cash market No. 3
yellow corn sold at 6424c., or 224c. higher than the Dec.
contract.
On the 27th inst. prices closed 24c. lower to 34c.
higher.
The market ruled dull during most of the session,
with prices showing little change.
On the 28th inst. prices closed unchanged to %c. net
higher.
December corn sold up a full cent at one stage,
year ago, while the
inst. prices closed
while
December oats
reached 3924c., a new high for the
shippers selling
Today prices
Trading in corn futures was
Spot com prices were 34 to %c. up,
70,000 bushels and booking 35,000 bushels.
season.
Vs to
closed
%c. net lower.
relatively quiet, with fluctuations extremely narrow.
interest in corn tonight was 24,665,000 bushels.
CORN IN NEW YORK
DAILY CLOSING PRICES OF
Sat.
Mon.
Tues.
80#
81#
OF
DAILY CLOSING PRICES
Wed. Thurs.
Fri.
82# 82#
CORN FUTURES IN CHICAGO
81#
No. 2 yellow
Open
82#
Wed. Thurs.
Fri.
Sat.
May
July
-
—
Mon.
Tues.
62#
December--..-..
61#
62#
63#
63#
63#
62#
63
61#
62#
62#
62#
62#
62#
62#
61#
61#
62
Season's Low and When Made
Season's High and When Made
December
65#
May
July—
66
65#
53#
Nov. 18, 1940 December
Nov. 18. 1940 May
Nov. 18, 1940 July-—
Oat8—On the 23d inst.
54#
58#
July 15, 1940
Aug. 16, 1940
Sept. 23, 1940
prices closed unchanged to 34c.
This market was quiet, with price change virtually
nil.
On the 25th inst. prices closed unchanged to 34c. off.
Trading was light and without special feature.
On the 26th
inst. prices closed unchanged to 34c. higher.
Trading was
quiet in oats futures.
On the 27th inst. prices closed 34 to
24c. net higher.
Oats never dipped below the previous close
due to light receipts.
; :
On the 28th inst. prices closed 34 to 34c. net higher.
Spot
oats rose 34c.
Traders pointed out receipts at leading pri¬
mary markets since Aug. 1 have totaled only about 28,000,000
bushels, compared with 43,000,000 bushels a year ago, when
country supplies were much smaller.
Today prices closed
%c. lower to 34c. higher.
Trading was light and without
higher.
feature.
DAILY
CLOSING
PRICES OF OATS FUTURES IN
CHICAGO
Wed. Thurs.
Fri.
Sat.
December
May
July
Season
December
May
July
Tues.
38#
38#
38#
39#
39#
—
36#
36#
36#
36#
37
36#
—
-
-
s
Mon.
38#
32#
32#
32#
-
—
High and When Made
I
Season's
39#
Nov. 29, 1940 December
38
Nov. 15. 1940 May
—
—
34#
Nov. 15, 1940 July
33#
32#
—
-
-
------
—
33
OATS FUTURES IN WINNIPEG
Sat.
December
May
July
33
Low and When Made
27# Aug. 19, 1940
28#
Aug. 16, 1940
30#
Oct.
9. 1940
32#
33#
Mon.
33
32#
31
Tues.
33#
32#
Wed.
Thurs.
Fri.
33#
32#
33#
32#
33#
32#
31#
31#
31#
support
Early gains that amounted to as much as %c. were
of hedges
1940
business, which has
After trying for
trend, the
30,
showed no sign of
DAILY CLOSING PRICES OF
most of the session to extend its recent recovery
sufficient
the
international reper-
cussionsv
'/.
Today prices closed % to %c. net lower.
wheat market was forced
for
Nov.
& Financial Chronicle
operations represented spreading and switching
Some buy¬
attributed to milling accounts, but this type of
along with scattered realizing sales.
24 to 24c. net higher.
trading in rye futures.
While fluctuations were narrow, a good strong undertone
prevailed.
On the 25th inst. prices closed 24 to 24c. net
Rye—On the 23d inst. prices closed
was very little of interest to the
There
lower.
of
Rve futures were
wheat and
higher.
corn.
Trading
influenced largely by the heaviness
24c.
On the 26th inst. prices closed
was very
light, with very little change in
Volume
The Commercial & Financial Chronicle
151
3269
prices.
On the 27th inst. prices closed % to 3^c. net lower.
futures registered a loss of lc.
The market's
early weakness was influenced in large measure by the weak¬
ness
displayed in wheat futures market.
At
one
time rye
On the 28tli inst. prices closed unchanged to
Shipping sales of 30,000 bushels of
market.
Today
heaviness
of
prices
wheat
%
closed
values
rye
strengthened that
%c.
to
influenced
selling of rye
and rye values
some
especially the distant delivery,
ruled barely steady at the close.
CLOSING
PRICES
OF
RYE
Sat.
_
December
May
July
49%
I
CHICAGO
IN
Baltimore.
63,000
98,000
42,000
RYE
OF
Sat.
FUTURES
Mon.
46%
49%
.
May
July
49%
WINNIPEG
Wed. Thurs.
46%
49%
46%
49%
Fri.
50
144*666
Hutchinson
8,542,000
4,656,000
2,468,000
181,000
11,000
35,070,000
7,445,000
69,000
386,000
13,158,000
898,000
1,573,000
7,308,000
1,017,000
2,353,000
617,000
26,000
4,000
5,000
136,000
1,000
434,000
864,000
9,000
12,000
7,000
Omaha
8,981,000
i,
City
*
Indianapolis
...
Peoria
640,000
881,000
1,030,000
"
OF
BARLEY
FUTURES
Sat.
Man.
Tues.
43%
42%
41%
43%
42%
41%
43%
43%
_
December..
May
July
136,000
721,000
Closing quotations
IN
WINNIPEG
Fri.
42%
42%
25,000
666^000
1,236,000
1,915,000
2,445,000
2,000
428,000
1,272,000
4,539,000
828,000
5,000
2,000
240,000
926,000
391,000
940,000
876,000
561,000
99,000
57,399,000
5,675,000
Total Nov. 16, 1940..161,980,000 56,531,000
5,908,000
7,465,000
7,572,000
8,772,000
9,340.000
..
Hard winter clears
Rye flour patents
4.15(
Seminola, bl., bulk basis._5.90(
Oats, good.
3.04
Corn flour
4.25
6.40
2.10
....
Wheat, New York—
No
Prices Withdrawn
afloat
1,363,000
2 red, c.i.f., domestic
No 2 yellow, all rail
52%
Rye. United States, c.i.f
Barley, New York—
40 lbs feeding
82%
Chicago, cash
59 %
67%
51
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
136,000
183,000
276.000
Rye
153,000
2,000
105,000
6,000
7,000
6,000
1,525,000
135,000
io",666
257,000
496,000
64,000
9,000
140,000
397,000
310,000
236,000
153,000
Peoria
37,000
159,000
Kansas City
Omaha
23,000
458,000
51,000
15,000
Joseph.
Wichita
City.
*4*666
is'ooo
57,000
61,000
36,000
20,000
"4",000
7,361,000
1,655,000
525,000
2,206,000
6,462,000
1,063,000
338,000
2,226,000
7,120,000 161,368,000 113,739,000
7,751,000 173,351,000 101,535,000
7,336,000 184,937,000 127,920,000
33,895,000
435,000
461,000
1,655,000
4,997,000
729,000
917,000
4,363,000
23, 1940.-407,063,000
8,003,000
6,823,000
2,767,000
2,864,000
6,726,000
Total Nov. 16, 1940.-405,071,000
7,465,000
2,767,000
8,772,000
American
Canadian
....158,541,000 57,399,000
5,675,000
....407,063,000
.....
7,572,000
8,003,000
6,726.000
Total Nov.
23, 1940..565,604,000 57,399,000 13,678,000 10,232,000 14,498,000
Total Nov. 16, 1940—567,051,000 56,531,000 12,731,000 10,436,000 15,237,000
The world's
shipments of wheat and corn, as furnished by
Exchange, for the week
Nov. 22 and since July 1, 1940 and July 1, 1939, are
in the following:
Broomhall to the New York Produce
ended
Wheat
Corn
Week
Since
Since
Week
Since
Since
Nov. 22,
1940
July 1,
July 1,
July 1,
1939
Nov. 22,
1940
July 1,
1940
1940
1939
Bushels
Exports
Bushels
Bushels
Bushels
Bushels
Bushels
160,000
66,316,000
720,000
75,617,000
Black Sea.
Argentina-
2,147,000
45,093,000
69,947,000
11,293,000
152,000
4,816,000
13,720,000
Australia
4,678.000
.
1,226,000
18,824,000
6,137,000
781,000
425*,000
17,0*9*7",000
54,182,000
2,520,000
25,928,000
1,651,000
38,441,000
86,028,000
16,408,000
India
countries
"2*666
7,052,000
14,539,000
6,<00,000
391,000
Barley
Bushels
1,446,000
29,000
5,000
63,000
Same wk '39
Bushels
Other
9,000
Tot. wk. '40
Rye
Bushels
383,000
No. Amer.
36,000
\
60,000
•
246,000
Same wk'38
Oats
Bushels
901,000
2,105,000
507,000
29,000
1*3*2*666
St. Louis
Corn
Bushels
Canadian—
Lake, bay, river & seab'd 62,361,000
Ft. William & Pt. Arthur 78,350,000
550,000
95,000
147,000
4,401,000
15,000
Buffalo
bushels in 1939.
Wheat—New York, 3,752,000 bushels; New York afloat, 900,000;
Boston, 2,267,000; Philadelphia, 1,094,000; Baltimore, 3,053,000; Portland, 1,211,000; Chicago, 13,000; Buffalo, 7,893,000; Buffalo afloat, 869,000; Duluth, 8,010,000; Erie, 1,989,600; Albany, 9,204,000; on Canal, 713,006; In transit—rail (U. S.)t
4,564,000; total, 45,538,000 bushels, against 24,438,00(7bushels in 1939.
835,000
3,000
Toledo
Indianapolis
135,000 bushels; Buffalo
New York, 84,000; Erie, 99,000; total, 318,000 bushels, against 997,000
Barley—New York, 128,000 bushels; Buffalo, 290,000; Baltimore,
156,000; in transit—rail (U. S.), 498,000; total, 1,072,000 bushels, against 1,009,000
none;
210,000
114,000
154,000
*16,000
Milwaukee.
Note—Bonded grain not included above: Oats—Buffalo,
Barley
bush 66 lbs bush 48 lbs
468,000
1,862,000
299,000
240,000
989,000
Duluth
Philadelphia also has 3,000 bushels Argentine .corn in store.
shown
Flour
Chicago
Minneapolis
x
Summary—
All the statements below
Receipts at—
Total Nov. 23, 1940..158.541,000
Total Nov.
No. 2 white
109%
85%
Corn, New York—
109,000
Other Can. & other elev.266,352,000
Oats, New York—
Manitoba No. l.f.o.b.N.Y.
5,888,000
2,000
164,000
1,143,000
Total
7,137,000 116,945,000 186,986,000
13,000
Experiments with Corn as Railway Fuel in Argentina
Disappointing Results—Unsatisfactory results
2,439,000
Produce
1940
1939
1938
Total receipts
6,907,000 40,021,000
50,670,000 12,562,000 58,999,000
52,722,000 15,745,000 50,170,000
of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 23, 1940, follow:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
York.
280,000
97,000
4,000
Boston
18,000
Philadelphia
129,000
33,000
76,000
4,000
12,000
824,000
31,000
20,000
NewOrl'ns*
19,000
60,000
Barley
2,000
Baltimore..
Rye
bush 56 lbs bush 48 lbs
14,000
2,000
3,616*666
Can.Atl.pts
obtained from experiments in Argentina in the use of
as
railroad
fuel,
according to
the Nov.
23 issue of
"Foreign Commerce Weekly," publication of the Department
of Commerce.
The weekly states that the Commission de
Combustibles has issued a report "proving beyond doubt
that in no form or mixture can corn be justified for use as
railway fuel."
According to press advices from Buenos
Aires, published in the "Chronicle" last week (page 3113),
however, corn is to be used for this purpose as well as for
fueling power plants.
"Foreign Commerce Weekly" also
said:
2,000
27*666
were
corn
Since Aug. 1
New
130,000
4,571,000
Wheat
Coarse
GRAIN
Sioux
24,898,000
Detroit
Barley goods—
Nominal
Fancy pearly (new) Nos.
1.2-0.3-0.2
4.25@5.75
St.
Duluth
bushels In 1939.
FLOUR
Spring pat. high protein..5.35@5.50
Spring patents
5.15@5.35
Clears, first spring
4.65@4.85
Hard winter straights.
@
Hard winter patents
4.75@5.00
280*000
3,605,000
9,521,000
1,108,000
afloat,
follows:
were as
720,000
199,000
652,000
28,869,000
49%
Wed Thurs.
44%
44%
44
44%
42%
42%
205*666
1,784",000
...
__
3,000
134,000
2,000
12,489,000 11,399,000
Chicago..
On Canal
DAILY CLOSING PRICES
14,000
126,000
893,000
4,530,000
Buffalo....;
46%
5,000
1,123,000
9,702,000
St. Louis
IN
Tues.
2,000
16,000
260,000
Minneapolis...
CLOSING PRICES
1,000
155,000
13,000
157,000
Fort Worth
Milwaukee
DAILY
6,000
Wichita
On Lakes
December
20,000
7,000
56,000
...
afloat
_
40,000
101,000
..
743,000
_
Galveston
43%
48%
49%
When Made
Barley
Bushels
393,000
New Orleans
44 %
48%
49%
Rye
Bushels
65,000
afloat
Philadelphia.^.
Sioux
Season's Low and
Oats
Bushels
1,000
New York
Fri.
44%
48%
50
Corn
Bushels
...
Wed. Thurs.
Tues.
4444%
49%
49%
50%
50%
50%
Season's Hiah and When Made
Boston
St. Joseph.
Kansas City
FUTURES
Mon.
44 %
„
The
lower.
net
futures,
DAILY
Ysc. higher.
GRAIN STOCKS
Wheat
Bushels
United States—•
T.ooo
The Central Argentine Ry., to facilitate the work of the Commission,
placed at the disposal of the experimenters rights-of-ways and locomotives.
The tests
337,000
were
carried out between
Rosario and Galvez and Rosario and
On the first day experiments using a 100% mixture of corn were
unsatisfactory that it was admitted that this mixture could not be
practicable.
Following this, a series of experiments were tried, using
various mixtures of Welsh coal and unshelled corn.
A 50% mixture of
each was also found to be insufficient, and finally it was ascertained that
a 70% mixture of Welsh coal with 30%
corn was the most satisfactory
from the point of view of economy.
Laboratory test proved that while
Welsh coal gives an average of 8,267 calories, unshelled corn gave only
3,800 calories—a proportion of more than 2 to 1 in favor of the coal.
Also
calculated were the costs of mixing, loading, and shovelling the new fuel.
The fireman's work on the locomotive was found to be Increased by 50%,
though this was not considerdd excessive and assistant firemen were not
needed to help.
No changes in the fireboxes of the locomotives were needed, though the
corn had a tendency to adhere to the griU inside the firebox when being
burnt.
After calculating all mixing, carting, and loading costs, it was
found that a total saving of five pesos per ton of fuel could be expected.
This would not in any way justify the extra labor involved.
(The "Times
of Argentina," Sept. 30, 1940.)
Ceres.
so
Tot. wk.'40
4,796,000
529,000
42,000
29,000
2 ,000
11,137,000 115,697,000
37,321,000
3,546,000
2,091,000
1,248,000
211,000
Since Jan. 1
1940
5,891,000
920,000
229,000
188.000
576,000
14,178,000 103,844,000
22,290,000
5,092,000
2,244,000
8,720,000
Week 1939.
231,000
Since Jan. 1
1939
*
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
ended
from the several seaboard ports for the week
Saturday, Nov. 23, and since July 1, are shown in
the annexed statement:
Wheat
New
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
63,000
York
Philadelphia
29,000
59,000
1*0*666
Can. Atl. ports..
1,000
3,616,000
337,000
Total week 1940.
3,779,000
337,000
New
Orleans
Nov. 22.
Since July 1,1940
Total week 1939.
3,066,000
Since July 1,1939
48,342,000
a
a39,000
20*666
in
163*666
55,000
213,000
151,000
267,000
73,000
5,462,000 1,750,156 1,474,000 2,197,000
6,368,000
44,287,000 18,670,000 2,079,000
319,000
Export data not available from Canadian ports.
The
granary
visible
supply
of grain,
comprising the stocks in
accumulation at lake and
Saturday, Nov. 23, were as follows:
at principal points of
seaboard ports
257,059,636 Bushels—Wheat from
the 1940 crop continued to enter the loan at the rate of
approximately 1,000,000 bushels per day in the week ended
Nov. 19, Commodity Credit Corporation announced on
40,000
Baltimore
,
Wheat Loans Total
farm
Total loans for the
and
warehouse
season
to Nov.
19, reported
amounted to 257,059,636
bushels valued at $185,448,094.
This compares to a total
farm and warehouse storage of wheat on the same date last
year of 158,323,622 bushels valued at $110,913,157.
The Corporation also reported on barley and rye loans
made to Nov. 19, showing 5,609,055 bushels of barley in
storage valued at $1,788,348; rye 2,816,846 bushels valued
at $1,054,685.
Wheat loans by States follow:
storage
The Commercial &
3270
Nov.
Financial Chronicle
Warehouse
Farm
No. of
Storage
Storage
Loans
suae
Bushels
9,407.47
12,677
30
Arkanwafl
38
34,095
95,720
88,208.98
4,200
860,992
2,084,250,89
1,327.13
10,108.149.68
California....
3,852
1,004" 308
2,298,194
1,025
5,080,711
26,880
Colorado
633,111
293,210
380,188
12,020,150
3,148,392
2,364,191
7,551,137
38,947,333
3
Delaware
Idaho—
—»---
Illinois,..-.-
11,188
5,251
05,470
Indiana
Iowa
—--
KanwaH—
494,618
1,274
Kentucky
55,617
113
Maryland
—
1,442
Missouri...
23,887
20,813
2,505,138
308,338
Montana
22,972
0,030,994
Nebraska
31,218
149,113
6,795,545
8,355,425
18,413,251
9,657,730
221,564
4,888.600
Michigan
Minnesota..
456
09.009
376,404
North Dakota
81,127
Ohio
6,190.564
351,183
43,869,737
12 138
Oklahoma
31,137
2,000
2,425,252
18,034,131
4,713,460
81,151
New Mexico—
Oregon
076,647
19,522
1,501.501
473
....
................
030,304
571
Virginia
24
West Virginia
Wisconsin
1,181*387
3,779
Washington
39,466.36
257,669.83
7,347,245.32
6,509.774.91
17,481,068.99
10,530,207.55
321,747.51
37,998,547.52
3,204,174.05
14,672,847.44
3,155.016.01
60,910.10
315,936
369", 739
477,249.82
41,675,724
215,383,912
$185,448,094.02
shifted to the North¬
sections. During the
changes in eastern States
States during last week,
decided temperature rise in southeastern
middle and latter parts of the week temperature
unimportant without freezing weather in the South.
general, the week was characterized by an absence of material storm
For several days. Nov. 22 25, low pressure persisted in the
Southwest, centered much of the tim~ in southern T xas, with an extensive
mass of dense, polar air to the north.
This resulted in widespread pre¬
cipitation, in some areas severe ice storms, from the southern Plains south¬
ward, with heavy rains in Arkansas. Oklahoma, Missouri, Kansas, and
portions of adjoining 8tates at the close of the week. Some heavy local rains
occurred in Texas; Palestine reported a 24-hour fall of 6.24 inches on the
morning of the 24th and the Galveston Airport 10.28 Inches on the following
day.
By the morning of the 26th the disturbance that had lingered over
southern Texas moved northeastward into the central valleys with greatly
were
In
movement.
increased Intensity.
Precipitation was frequent in the Pacific Northwest, while more or less
occurred in central and northern Rocky Mountain districts on Nov.
snow
21-22.
reported from northern Rocky Moun¬
tain sections, the lowest being —22 degrees at Big Piney, Wyo., on the 23rd,
minimum temperatures in most of the central and eastern portions of the
country were higher than normal.
In contrast to last week, the line of
freezing weather as reported from first-order stations did not extend farther
south than southern Virginia, the Ohio River, south-central Missouri,
and central Oklahoma.
In Gulf districts the weekly minima were mostly
about 50 degrees or higher, ranging up to 71 degrees at Miami, Fla. In the
northern Ohio Valley, lower Lake region, and upper Mississippi Valley the
lowest reported were in the 20's.
For the week a marked contrast In temperature conditions between the
eastern half of the country and the western half.
East of the Great Plains
the weekly mean temperatures were far above normal erenerally, the greatest
plus departures appearing from the Potomac and Ohio Rivers southward.
From southwestern Virginia and Tennessee southward to the Gulf, the
temperature averaged from 10 degrees to 14 degrees higher than normal, or
20 degrees, or more, higher than last week.
J*>On the other hand, it was abnormally cold over the western half of the
country, with the greatest minus departures of temperature appearing in
the northern Great Basin and the northern Rocky Mountain States where
the weekly means were 8 degrees to 14 degrees below normal. The imme¬
diate Pacific Coast was only 1 degree or 2 degrees sub-normal.
Widespread and mostly heavy precipitation occurred from the central
and west Gulf area northward to the lower Ohio, central Mississippi, and
lower Missouri Valleys.
The falls were unusually heavy in some places.
Among the heaviest were;
Palestine, Texas, 14.9 inches; Dallas, Texas,
6.7 Inches; Vicksburg, Miss., 5.5 inches; and Oklahoma City, Okla., 4.3
inches.
Also moderately heavy rains or snows fell in southern and central
Rocky Mountain areas and the Pacific Northwest, but in the northern
Great Plains, the far Southwest and most Atlantic coast sections little or
While sub-zero temperatures were
precipitation occurred.
noteworthy feature of the week's weather was the severe snow and
occurred in the southern Rocky Mountain districts and
southwestern Great Plains, with unusually heavy and damaging glaze
over considerable areas, especially the northern
half of the Texas Pan¬
handle.
There was much damage to overhead wires, some harm to winter
crops, and considerable loss of livestock in localities. In addition, where the
precipitation was in the form of excessive rains, outstanding crops suffered.
In general, however, the increased moisture will be of benefit through¬
out much of the interior of the country, and especially the Southwest.
There was a good snow deposit in many of the higher western mountains.
Seasonal farm work was largely at a standstill over large areas.
In the eastern half of the country the weather was generally favorable,
especially In the southern States where the abnormally high temperatures
and moderate precipitation favored the revival of those winter crops that
were set back, but not killed, by the freeze of last week.
In Florida, where
there was still little or no rain, recovery of winter crops is being retarded
by the continued dryness. In the Ohio valley additional moisture was help¬
ful and there is now sufficient for present needs in the upper soil layers,
but the subsoil continues dry and much more rain is needed for its replenish¬
ment.
The domestic water-supply situation is much improved In interior
no
A
sleet storm that
districts.
Small
eastern
more
or
Grains—The weather
was
week and hurt further in excessive
Ranves improved, except in glaze and
standstill in most sections.
a
Oklahoma—Oklahoma
City: Unfavorably
but too much in some sections.
flood sections.
rain
Farm work
cold; adequate precipitation,
Moisture generally
Harvests
beneficial.
grain sorphums and other crops, while nearly completed,
indefinitely postponed account saturated surface soil.
Winter wheat and
other fall-sown crops up to good standsand
greatly benefited by moisture;
some frozen
back, but should now recover; damage not believed serious,
although some oats and barley killed.
Livestock generally good.
of corn, cotton,
Rock: Warm weather, with abundant rainfall favor¬
and winter cover crops; some further plant¬
made in south.
Spinach recovering from freezing weather of last
week.
Cotton picking and rice threshing progressed first two days, but
suspended thereafter.
Crops still in fields damaged by four days' rain.
Tennessee—Nashville: Warm weather revived grains and clover and
now growing well.
Plowing and seeding made good progress.
Harvest¬
ing lespedeza seed continued.
Picking cotton good progress; late crop
damaged by recent freezes.
Favorable for tobacco stripping.
Arkansas—Little
able for growth of small grains
ings
THE DRY GOODS TRADE
120,634.72
115.24
to the southeastern
east with a
at
413,051.60
5,649,770.26
8,354.04
Weather Report for the Week Ended Nov. 27—The
general summary of the weather bulletin issued by the
Department of Commerce, indicating the influence of the
weather for the week ended Nov. 27, follows:
By Tuesday morning*, Nov. 19, the high-pressure area that brought
abnormally cold weather, with some record-breaking temperatures for (he
season,
ut
areas.
13,636,033.21
755
Total
Eraised. work mostly completed earlier. standstill account bad weather,
this
Picking cotton in northwest at Truck and gardens recovered a
little following frosts of preceding
214,216.78
408,073
Wyoming
and
9,110,062.23
172
1
—.—
2,603,294,34
2,049,005.66
33,287,769.53
377,595.66
17,086,453
201,456
158,740
8,812,409
9,087
857
——
Texas
3,570,914,79
9,855.621
273,326
2,395,034
30,882
South Dakota
Tennessee
3,651,228
320
Pennsylvania.. .......
IJtah
Amount
Bushels
1940
30,
flooding rains in upper and middlf
coast and northeastern and central sections with severe glaze in northern hal
of Panhandle; elsewhere condition generally favorable.
Grains made fair
to good progress early in week, but damaged considerably by excessive
rains and glaze in sections noted above; extent of damage not yet apTexas—Houston: Washing
favorable for winter wheat.
In the
belt, high temperatures and ample surface-soil moisture promoted
less growth and the crop continues in good condition rather gen¬
New
York, Friday Night, Nov. 29, 1940.
experiencing increased activity in various sections
during the early part of the past week, the dry goods markets
in general became more or less quiet.
This latter develop¬
ment was due in part to the fact that many mills in New Eng¬
land and Pennsylvania were closed on Thursday in observ¬
ance of Thanksgiving Day in those States.
The let-up in
activity was welcomed by most sellers as they claimed that
such alternate periods of quietness operated to stabilize the
situation.
In the meantime, buyers continued to check
After
prices and supplies, and many were of the opinion that the
market is facing a critical period as inventories in the hands
of mills in many cases are either at a low level or non-ex¬
istent, while machinery will be fully occupied for a number
of months ahead on heavy contracts either for commercial
or Government account.
It was therefore believed by many
that it will be next to
impossible to obtain spot or nearby
supplies of various staples during the next few weeks.
in a number of directions continued to strengthen as
Prices
a
result
congested manufacturing schedules, and the fact that
many inquiries continued to be received for deferred ship¬
ments was taken to indicate that values will continue to
of
move
higher and particularly so as ordering for defense pur¬
Govern¬
poses increases.
Heavy forthcoming buying by the
ment of such cloths as twills, drills, ducks and other
staples
kept millmen busy figuring as to how they would be able to
fit these contracts into already congested schedules.
Acute
shortages are already developing in a number of lines, this
being particularly true as regards heavy sheetings and cer¬
tain varieties of duck.
It was said that duck in the 13.65-
being produced and reserved entirely
thus buyers for ordinary commercial
uses are being obliged to switch to other grades.
Certain divisions of the wholesale markets were fairly
active during the past week, while others were quiet.
There
was a brisk demand for sheetings
with bag manufacturers
among the chief buyers.
Business in print cloths was con¬
fined largely to scattered small lots.
Prices were firmly
maintained and buyers experienced difficulty in obtaining
deliveries on both industrial and home furnishing special¬
ties owing to the sold-up condition of mills well into the first
quarter.
Quite an active demand was noted for drills
with prices firm and buyers finding it difficult to arrange
satisfactory deliveries.
A good inquiry was likewise noted
for osnaburgs with prices well established at the higher levels
and the more important numbers in short supply.
Rayons
were in
moderate request with sales taking place at firm
prices.
In regard to the dry goods markets in general, a
firm tone prevailed with most mills well sold ahead.
It was
claimed that while mills are now operating at a high rate,
ounce weight is now
for defense purposes,
production will not reach its peak until well into the second
quarter of next year.
Prices for print cloths were as follows:
39-inch 80s, 7^c.; 39-inch 72-76s, 7c.; 39-inch 68-72s, 6M6%c.; 38H-inch 64-60s, 5%c., and 38^-inch 60-48s, 4^e.
Goods—Trading in the markets for woolen goods
the past week due in part to the Thanks¬
giving holiday in some States.
Prices, however, remained
firm.
The drop in temperatures in various sections of the
country stimulated demand for men's wear, such as over¬
coatings and heavy underwear.
On the other hand, activity
in the wholesale women's cloak and suit markets subsided as
Woolen
slowed down during
erally, although, here and there, local areas are not promising.
In the
western belt good rain or snow during the week was decidedly favorable,
is usually
especially in the lower Missouri Valley and southern Great Plains, although
In Oklahoma wheat
is up to good stands and will be greatly benefited by the increased moisture.
way.
in Texas some damage was reported from the storm.
In Kansas soil moisture is now abundant in the eastern half and south¬
quarter and it is sufficient for current needs in the northwest;
weather has been ideal with plants well matted down and in ex¬
western
recent
North of Kansas, and in Montana, the Rocky Moun¬
conditions were
generally favorable.
In Washington several inches of snow have been
deposited on frozen ground in the wheat belt. In the South warmth and
moisture were favorable, following the set-back from last week's freeze.
the case when the holiday gift season gets under¬
Woolen mills generally are well booked, and with a
great amount of unfilled orders for civilian use together with
the heavy contracts for defense purposes, they are said to
be in the strongest position in years.
cellent condition.
tain 8tates, eastern Great Basin and the Pacific Northwest
Corn
and
husking made good progress in the more
but in the central valleys and the Great Plains gathering
Cotton—Corn
States,
eastern
largely at a standstill, owing to unfavorable weather. Also, very little
field work was possible in the nQrthwestern cotton belt and there was
some damage by heavy rain to cotton still out.
was
The
weather bulletin
furnished
conditions in the different States:
Mississippi—Vicksburg: Unseasonably
tural
treme
west.
the following resume of
warm; favorable for agricul¬
gardens and growth of cover crops.
Heavy rain in ex¬
Thursday and thereafter damaged unpicked cotton in north¬
Condition of pastures generally poor.
h
activity,
west
Foreign Dry Goods—Markets
for linens ruled firm dur¬
ing the past week.
North Ireland is now the only source
of supply, and while prices are somewhat higher than a year
ago, the superiority of the products as well as the increased
tempo of this country's economic life makes for activity in
the
markets.
While there is not an oversupply,
there is
scarcity, as shipments are arriving with remarkable
regularity.
Business in burlaps was comparatively quiet.
Delays in shipments from Calcutta due to the lack of ship¬
ping space have created a tight position for both spot and
afloat goods.
Prices were firm and higher.
Domestically,
no
actual
lightweights
were
quoted at 5.90c. and heavies at 7.85c.
Volume
The Commercial & Financial Chronicle
151
3271
ing Co.; Robert L. Reed, Hill & Co.; Edward G. Taylor, Charles A. Hinsch
& Co., and W. C.
Thornburgh, The W. O. Thornburgh Co., all of Cincin¬
nati, and E. A. Long, J. D. Van Hooser & Co. of Lexington.
Specialists in
Illinois & Missouri Bonds
It is stated that one of the purposes of the association is to raise funds
from Kentucky and outside dealers, insurance
companies and individuals
holders to pay attorneys who are requesting a
rehearing
on
the
"Effect
case.
of the decision would be far-reaching," it is
stated, "not only in Kentucky
but in any other States operating under limited tax
principles."
Massachusetts—Changes in List of Legal Investments—
following bulletin (No. 4), issued by the Commissioner
The
Stifel.Nicolaus & Co,Inc.
of Banks
on Nov. 26, shows the latest revisions in
the list of
investments considered eligible for
savings banks:
Founded 1890
106 W. Adam St.
DIRECT
CHICAGO
WIRE
•
•ADDED TO THE LIST OF JULY 1, 1940
314 N. Broadway
ST.
Railroad
LOUIS
Equipment Trusts (as of Nov. 8, 1940)—
Missabe & Iron
(serially) lj^s, 1950.
Duluth,
Range
Ry.
Co.—Equip,
series
trust,
of
1940
Public Utilities (as of Nov. 8, 1940)—
Southern California Edison Co., Ltd.—1st & ref.
mtge., 3s, 1965.
News Items
REMOVED FROM THE LIST
Railroad
Bonds—
(Chesapeake
Arkansas—Highway Debt Refunding Bill Drafted—Sum¬
marized in brief, the proposed $137,000,000 highway debt
refunding bill drafted at Little Rock for submission to the
Advisory Refunding Commission would set up a new State
refunding board with authority to sell new bonds in the
amounts of outstanding obligation and at interest rates not
to exceed rates of bonds scheduled for retirement.
All pledges of revenue made parts of the contract embodied in Act No. 11
of 1934 would be renewed, and bondholders, or taxpayers would have the
right to sue on violation or impairment of the new contract and to like
litigation against the State Treasurer to prevent diversion of the highway
fund and compel restoration of such diverted funds.
Charles T. Coleman, Little Rock, attorney to former Governor J. M.
Futrell in negotiations which resulted in adoption of Act No. 11 of 1934,
and other attorneys drafted the new bill.
Reports at Little Rock indicate
it has the approval of David M. Wood, New York,
of Thomson, Wood
Nov.
Hoffman and counsel of the State of Arkansas Bondholders Protective
Committee in 1933 and 1934, and also of Charles Trauernicht, St. Louis,
ture in
January.
Before setting
draft
refunding bill, Adkins
Dillon, Read & Co.,
Halsey, Stuart & Co., Inc., and other investment and banking houses.
out to
a new
conferred with officers of the Chase National Bank,
1,
Public
System)—Greenbrier
Ry.,
1st
4s,
1940
(matured
Utilities—
Central Maine
Power Co.—1st
& gen. mtge.
(series G.), 4s, I960 (called
1940).
Diego Consolidated Gas & Electric Co.—1st mtge., 4s, 1965 (called
Nov. 12, 1940).
Nov. 25,
San
New
of Railroads
Jersey—Taxation
Court—The Third United
ordered
States
eight Eastern railroads
Upheld
by
Federal
Circuit Court of Appeals
to pay $11,270,000 addi¬
tional in property taxes for 1934
through 1936 to the State
Jersey, according to an Associated Press dispatch
Philadelphia on Nov. 27.
of New
from
The decision quashed an injunction issued in January by Federal Judge
Philip Forman at Newark restraining the 8tate from collecting more than
70% of the assessments for those years epending a revaluation of the rail¬
roads' property.
&
attorney of the protective committee for road district bonds.
Homer M. Adkins, Governor-elect, expects to submit the proposed bill
to the Arkansas advisory refunding committee before it reaches the legisla¬
& Ohio
1940).
The roads had
paid approximately $25,000,000 to the State
over
the three-
They sought to avoid further payment on the contention that
the method used by the State in assessing railroad-owned property for the
last 50 years was unconstitutional.
Judge Forman had ruled that the
year period.
State's valuations were "arbitrary and capricious" because it had failed to
consider the railroads' declining revenues in fixing assessments.
The Circuit Court decision, handed down by Judge Albert B. Marls on
appeal by the State of New Jersey, said the Federal courts had
no
authority
the collection of State taxes.
The court found also that
the 8tate's assessments, even if excessive, did not violate the Fourteenth
Amendment to the Constitution—as maintained by the railroads—in the
to interfere with
Avon
Park, Fla.—V. S. Supreme Court Invalidates Debt
Adjustment Plan—The U. S. Supreme Court in an inter¬
pretative decision on the Federal Municipal Bankruptcy
Law on Nov. 25 set aside a plan of adjustment of the bonded
indebtedness of the above city, according to Washington
advices of that date.
The
decision,
written by Justice William O. Douglas, held that the
plan discriminated unfairly in favor of R. E. Crummer & Co., the city's
fiscal agent and a creditor of the city.
Justice Douglas pointed out that the Crummer company had several
"stakes" in the debt composition plan and noted that the house had not
made a "complete disclosure" of those interests in transactions leading up
to the adjustment.
Full disclosure, he said, is a "minimum requirement"
and it is a bankruptcy court's duty to "scrutinize the circumstances"
and examine "special or ulterior motives."
"Where such investigation," Justice Douglas said, "discloses the ex¬
istence of unfair dealing, a breach of fiduciary obligations, profiting from
a trust, special benefits for the
reorganizes, or the need for protection of
investors against an inside few or of one class of investors from the en¬
croachments of another, the court has ample power to adjust the remedy
and meet the need.
"It
is not dependent on express statutory provisions.
It inheres in
jurisdiction of a court of bankruptcy.
The necessity for its exer¬
based on the responsibility of the court before entering an order
of confirmation to be satisfied that the plan in its practical incidence
embodies a fair and equitable bargain openly arrived at and devoid of
overreaching, however subtle.
"Neglect of that duty is apparent here by inclusion of the vote of the
claims held by the Crummer interests in computing the requisite statutory
assets, without protection of the public investors through the requirement
of full disclosure and of other appropriate safeguards."
the
event that the State needed additional revenue.
Although ruling that the assessment system used by the State was in
conformity with State laws, Judge Maris declared that if the laws had been
violated the matter
was for the State courts to decide.
The New Jersey
State courts already have upheld the validity of the laws in test suits brought
by the railroads over 1933 taxes.
The railroads affected by the decision were the Central Railroad of New
Jersey, the Delaware Lackawanna & Western, the Erie, the Lehigh Valley,
the New Jersey & New York Railroad Co., the New York Central, the New
York Susquehanna & Western and the New York & Long Branch.
Case May Go to
High Court—Counsel for the above rail¬
expected to petition the United States Supreme
a writ
of certiorari to appeal, it is said.
The
Circuit Court also will be asked to enjoin the State from
collecting the taxes pending the high court's decision.
roads
are
Court for
New
Await
York State—Proposed Constitutional Amendments
Legislative Action—Eight proposed constitutional
amendments
await final
Canada—Dominion's
Current low levels
of
Credit
Position
Termed
Sound—
Canadian Government bonds in the
United States seem unwarranted, in the opinion of Wood,
Gundy & Co., Inc., as expressed in a discussion of Canada's
war progress just published.
In support of their opinion,
the firm points out that Canadian business activity is cur¬
rently the highest on record and that the Dominion's credit
position, both at home and abroad, is thoroughly sound.
"Canadian domestic issues have shown in Canada general stability and
resiliency in recovery from the two crises caused by the outbreak of war in
September, 1939, and by the collapse of France, in June, 1940," the dis¬
cussion
continues.
"The
trend
in
Dominion
internal
bonds
has
almost
identically paralleled the course followed by Treasury bonds in the United
States.
,
"United States capital investments in Canada of approximately $4,000,000,000 or about $30 per capita of the United States population are larger
than in any other country; reciprocally, Canadian investments in the U.S.
of approximately $1,000,000,000 or about $88 per capita of the Canadian
population are larger than in any other country. Commercial and financial
dealings between the United States and Canada are greater than between
any two other countries in the world.
"The differential in spread between Canadian Government bonds and
Treasury and other high-grade bonds in the United States suggests that a
favorable opportunity now exists for investment in Canadian bonds."
Municipal Association Organized—A
of municipal bond men in Louisville and other cities of
Kentucky, as well as at Cincinnati, have formed the nucleus
of a new organization formed to contest the recent decision
of the Kentucky Court of Appeals holding in the Pulaski
County case that road and bridge bonds were not negotiable
instruments and were subject to defense by the issuer.
The
body is to be known as the Kentucky Municipal Association.
Kentucky—New
group
Thomas Graham of the Bankers Bond Co. of Louisville is Chairman of
the aggregation,
Vice-Chairman.
and T. B. Johnson of Breed & Harrison, Inc., Cincinnati,
J. R.
Burkholder, Almstedt Brothers, Louisville, is
at
the directors include:
William Alden,
O'Neal Alden &
Co.; Marion Cardwell, J. J. B. Hilliard & Son; Ben Cregor, Granberry &
Co.; Chester A. Lucas, Stein Bros. & Boyce; W. L. Lyons Jr., W. L. Lyons
& Co.; and Robert B. McDowell, Blyth & Co., all of Louisville; James
Hutton, W. E. Hutton & Co.; Harry R. Neihoff, The Weil, Roth & Irv¬
the
1941
session of
the
whether
or
not
Legislature, convening Jan. 8, to determine
they shall be submitted to a vote of the people.
One would provide for a four-year term for State Senators, and this
proposal is on the program of the Republican majority for prompt passage
as
a
party measure.
/
which appears slated for prompt passage, although recom¬
by Governor Herbert H. Lehman and not strictly a Republican
measure, would authorize the Legislature to make appropriations for high¬
way and parkway construction in sums not to exceed $60,000,000 in the
aggregate out of the proceeds of bonds still to be issued under the $300,000,000 grade crossing elimination amendment of 1925.
There also is one
which would authorize the Legislature to repeal any law creating a debt
for grade-crossing eliminations if no debt has been contracted, and to
forbid the contracting of further debt under such law.
A proposed amendment which would provide that failure of the Attorney
General to give an opinion concerning a proposed amendment shall not
affect the validity of, or legislative action on, such proposed amendment,
also appears slated for passage.
The Constitution now makes it a duty of
the Attorney General to give within 20 days an opinion in writing as to
the effect of a proposed amendment on existing constitutional provisions.
One of the proposed new amendments would authorize the Legislature
to provide for lump-sum budgetary appropriations.
This proposal was
sponsored by Senator Thomas C. Desmond, Newburg Republican, and
is not a party measure.
Assemblyman Abbott Low Moffat, Chairman
of the Assembly Ways and Means Committee and Republican authority
on fiscal policies, is understood to favor a different plan which he may
introduce.
The Republicans were defeated in the courts when, under
the present constitutional provisions, they attempted to cut Governor
Lehman's 1939 budget by substituting lump sums in place of line-item
appropriations.
Amendments requiring a majority vote in every city
having more than
25% of the population of a county, as well as in that part of the county
Another
mended
outside of such
cities for the adoption of
an
alternative form of county
government; permitting the State to construct and maintain not more
than 20 miles of ski trails, 30 to 80 feet wide, on the slopes of Whiteface
Mountain in the Adirondacks, and providing for the lease, sale or aban¬
donment of old canal lands at the foot of Genessee Street in the Erie Basin
at Buffalo, also are proposed.
The proposed amendments
for
a
four-year term for Senators; for validat¬
ing amendments that lack an opinion from the Attorney General and for
ski trails at Whiteface
Mountain
were passed at the 1939 session, while
passed at the 1940 session, both sessions having been held
Legislature, the members of both houses being elected for
two years.
All amendments originating in the Legislature must be passed
by two successive Legislatures to be submitted to a vote of the people.
the others
by the
were
same
Tax Revenues Increase 7.3% Over
general and selective sales taxes producing more
than 40% of the total, the 48 States will receive an estimated
$4,131,400,000 in 1940 tax revenues, an analysis by the
United
States—State
1939—With
Federation of Tax Administrators
Trsssurcr*
Besides* those,
action
New York State
cise is
total represents
over 1937.
an
showed
Nov. 25.
The
increase of 7.3% over 1939, and 26%
The major sources of revenue were payroll, property, death and gift,
income, business and occupation, motor vehicle and general 6ales taxes.
The Commercial &
3272
and the selective tobacco,
liquor and gasolfne sales taxes.
If the payroll
Insurance purposes and producing about a
Is not included, the 1940 increase Is 7.5% over
for unemployment
used
tax,
fifth of all
State revenues,
1939 and 9% over 1937.
Increases of 10% or more were reported for only three of the major
tax sources for 1940 over 1939, the Federation said.
Tobacco tax collec¬
tions are about 61% above last year, accounted for in large part by five
recently adopting the tax.
Liquor taxes and license collections
20% from 1939, the Increase due both to increased consumption
gallonage taxes in several States.
The only decrease occurred in the category of estate (death) and gift
taxes, which dropped about 10% below the 1939 yield.
8tates
new
are
up
and Increased
yields have tended to increase gradually during the last four
the tax structures became stabilized following sweeping changes
State tax
years as
during the depression years.
Since 1937
tax systems has been the adoption by all
unemployment compensation.
Percentage of total tax yields for the
the only major change in State
the States of the payroll tax for
1939
1940
Business and
6.4
5.7
3.6
3.5
Sales
12.0
11.5
8.6
10.6
1.1
1.9
Ikiotor
10.5
10.2
licenses-^.9.3
9.4
20.8
dis¬
Federal Reservations—The
business
of the Buck Act by Congress, the Fed¬
eration said, allows the States to impose sales, use, and income
taxes on private transactions and occupations in military
posts, national parks, post offices and other Federal areas.
The States may levy and collect such taxes just as they do
The recent passage
elsewhere.
While In some cases the States have been
able to tax In these areas, as
they have ceded territory to the United States and specifically re¬
tained that power. Federal areas for the most part have escaped State taxes,
It was said.
The Federal Government owns 20.74% of the country's total
when
California alone has estimated it lost $1,500,000
annually In sales tax
from business on Federal property.
The new measure permits the States to collect their taxes on purchases and
sales of goods except those bought for the exclusive use of the United States.
It also does away with the territorial immunity from income taxation
hitherto enjoyed by persons living on Federal reservations or deriving
Income from transactions or services performed on Federal reservations.
►
of the Act are broad enough to include special taxes,
tobacco and whiskey, the Federation said.
those on cigarettes,
Act also plugs a loophole in a previous measure enacted to allow
the States to tax gasoline sales on Federal reservations.
Illinois and several
other States levied their taxes on the "use" of gasoline instead of on its sale
new
the reservations. Illinois said it
taxes alone on three of the 10 major
and therefore had been unable to collect on
annually on motor fuel
Federal reservations in the States.
lost $21,000
Y
Among
the difficulties
previously encountered by the States in con¬
nection with sales on Federal reservations were
In California, a contractor on a reservation
other equipment than he needed for the job.
these:
job ordered more tractors and
He had them delivered on the
reservation to avoid the sale tax and later took them to another part
State of
PHOENIX, ARIZONA
the
Nov. 22.
as
of the
use.
Texas, soldiers bought tax-free cigarettes from post exchanges on
credit, then bootlegged them in order to provide themselves with cash
In
between pay days.
A post office
lobby concessionaire in Birmingham refused to stamp his
cigarettes as required under the cigarette tax law. Similar difficulties were
experienced under the city occupational tax with professional bondsmen
who transacted their business in the post office building in which the Federal
►
ARIZONA
(P. O. Glob.), Ariz.—WARRANTS CALLED—It I.
reported by Elton S. Bryant, County Treasurer, that all registered war
rants were called for payment on Nov. 18, with interest ceasing as of that
GILA COUNTY
date.
'
Ariz.—BOND CALL—We are informed as follows by
Joseph S. Thurman, City Treasurer, in a letter dated Nov. 27:
"The City of Phoenix is calling for payment as of Jan. 1,1941. two blocks
of bonds, namely $44,000 5% water bonds of the issue dated Oct. 15. 1919,
due Jan. 1, 1950, optional for payment Jan. 1, 1941 and $20,000 4H%
sewer bonds of the Issue dated July 1, 191 j, due July 1, 1950, optional for
payment Jan. 1, 1941.
i
PHOENIX,
PHOENIX,
reported
Ariz.—BOND
employees at a fort near Tacoma purchased
them delivered at the fort, thus escaping the
In New Mexico, stores owned by white proprietor and located on Tndian
reservations sold goods tax free to tourists and to non-Indians in the vicinity.
Eight States Grant Personal Exemptions from General Property
Taxes—With rejection of a proposed constitutional amend¬
ment by Arkansas voters in the recent election, the number of
States granting exemptions from personal property taxes to a
large group of taxpayers remains at eight, the National
Association of Assessing Officers said on Nov. 27:
The
States
and
Colorado,
Kansas
Tennessee, $l,0u0.
exemptions:
Minnesota and
California,
$100 each;
and New Mexico, $200 each; Kentucky, $25C: and
The Association pointed out that actual exemptions are
higher than shown by these figures because the assessed values often are
less than full values.
Minnesota assessors, for example, are directed to assess property at
various percentages of true value, and the $100 deduction from the assessed
valuation usually exempts $400 worth of property, the Association said.
Similarly, the Washington exemption by law, and the California exemption
by practice, apply to property having an estimated true value twice the
assessed value.
As a general rule, the Association said, only one exemption Is available
a family.
In Colorado, New Mexico and Washington the exemption is
available only to heads of families, in Kentucky to persons with families,
and in California to householders.
The laws of Kansas and Minnesota
to
state
specifically that each family or household shall receive one exemption.
is the only State in which the exemption goes to all personal
Exemptions from personal property taxes ordinarily may be applied to
personal property not otherwise exempt, the Association said.
New
Mexico alone broadens the exemption to include real property. Washington
does not allow the exemption to be taken against private motor vehicles,
any
most of which now are subject to a special property tax in lieu of the general
property tax.
Significance of the personal exemption depends on the extent to which
particular classes of property are exempt, according to the Association, An
exemption of $100 worth of household furnishings has about the same effect
as a personal exemption of $100 for heads of families, bince most heads of
families have at least $100 worth of household furnishings against which to
take their personal exemptions.
i- The rejected Arkansas amendment would have exempted $50 worth of
personal property for single persons and $100 for married persons.
The Association pointed out that the eight States' personal property tax
exemptions are not bo be confused with such exemptions as
war veterans and other relatively small special groups.
Bond
those granted
Proposals and Negotiations
ALABAMA
r-ANNISTON, Ala.—BOND OFFERING—We are informed by W. S.
Coleman, Chairman of the Board of Commissioners, that he will offer for
sale at public auction on Dec. 3, at 3 p. m., the following issues of not to
exceed 5% semi-ann. coupon improvement bonds aggregating $66,000:
CONTEMPLATED—It Is
bonds to the
y
.
AGRICULTURAL IMPROVEMENT AND
POWER PROJECT (P. O. Phoenix), Ariz.—BOND OFFERING— It is
stated by A. W. McGrath, Secretary of the Board of Directors, that he
will receive sealed bids until Dec. 4, at 11 a. m., for the purchase of a
$231,000 issue of corporate, Issue No. 1 (refunding), coupon bonds.
In¬
terest rate is not to exceed 5%, payable J-J.
Denom. $1,000.
Dated
Dec. 1,1940.
Due July 1, as follows: $20,000 in 1961 to 1964. and $151,000
in 1965.
The district reserves the right to redeem the bonds on July I,
1955, or on any interest payment date thereafter upon 45 days' notice at
par and accrued interest plus a premium of H of 1 % of the principal for each
year or fraction of year of the term thereof which has not expired at the
date of redemption, provided the premium shall not exceed 3% of the prin¬
cipal.
Bonds will be awarded to the highest responsible bidder offering
the lowest rate of interest.
No proposal will be considered at less than
95% of par value of the bonds and accrued interest.
The right is reserved
to reject ail bids.
Prin. and int. payable at the district's office.
The
bonds are regiRterable as to principal only, and are payable from taxes
levied upon all taxable real propertv within the district without limitation
of rate or amount and payment of the bonds, both principal and interest, is
further secured by Salt River Valley Water Users' Association whose exe¬
cuted guranty of payment will be indorsed upon each bond. < This is a
part or a total authorized issue of $13,000,000 for refunding purposes of
which $8,639,000 have been issued and sold.
The proceeds from the sale of
these bonds will be used to refund 1941 maturities of bonds issued or
guaranteed by the Salt River Valley Water Users' Association.
The dis¬
trict will furnish printed bonds and the approving opinion of Chapman &
Cutler of Chicago.
Enclose a certified check for $4,600, payable to the
SALT RIVER PROJECT
district.
ARKANSAS
BATESVILLE, Ark.—BOND ELECTION—It is reported that an elec¬
tion will be held on Jan. 7 in order to vote on the Issuance of the $66,000
auditorium Donds that were defeated at the April 16 election.
COLUMBIA
COUNTY
SPECIAL
DISTRICT (P. O.
stated by J. S. Watkins. Secre¬
SCHOOL
Waldo), Ark.—BOND OFFERING— It Is
tary of the Board of Directors, that he will offer for sale at public auction
on Dec. 9 at 2:30 p. m., a $62,500 Issue of 3%% semi-ann. school bonds.
Denom. $500.
Dated Nov. 1, 1940.
Due Jan. 1, 1962.
$2,000 of the
accrued interest on Jan. 1, 1942. or any
$2,500 wbl be callable at par and accrued
bonds will be callable at par and
interest paying date thereafter:
Interest on Jan. 1, 1943, or any
interest paying date theraefter: $2,500 will
be callable at par and accrued Interest on Jan. 1.1944, or any interest paying
date thereafter: $3,000 will be callable at par and accrued interest on Jan. 1,
1945. or any interest paying date thereafter: $3,000 will be callable at par
and accrued interest on Jan. 1, 1946, or any Interest paying date thereafter;
and all other bonds are callable at 103 and accrued interest on any interest
paying date up to and including Jan. 1,1947, and at par and accrued interest
on any interest paying date on and after July 1, 1947.
The bonds may not
be converted, and are payable out of a 7^-miIl building fund voted at a
special election and to continue until the bonds and interest are paid in full.
The purchaser will have the right to name the trustee and place of payment.
The District w.ll pav all of the expense of the Issue, including the approving
opinion of Wallace Townsend of Little Rock.
A certified check for $3,000
payable to the District, is required.
r DESHA COUNTY (P. O. Arkansas City), Ark .—BONDS APPROVED
—An issue of $134,000 4% refunding bonds, to be used for the redemption
of
an
outstanding issue of 5%
bonds, is said to have been approved re¬
cently by the County Court,
Tennessee
property owners.
REFUNDING
that city officials are contemplating refunding
$660,000, currently bearing 4% interest.
amount of
court/ was located#
Army men and civilian
articles in the city and had
States "a'es tax.
Issues
REFSNES, ELY, BECK & CO.
$3.318,1C0,Cf0, of which
largely tax-free because of location on Federal
the Federation of Tax Administrators stated on
Sales tax provisions
Markets in all Municipal
figures is based primarily on census
ended June 30 or before,
which has been
The
ARIZONA BONDS
11.6
Slates lo Tax Private Business on
such
tmd
1964.
to
21.5
States will be able to collect taxes in 1941 oil private
►
City Treasurer, is required.
10.8
20.6
$481,572,000, or 17% was turned over to local governmental units in
form of shared taxes.
In addition a considerable amount later was
tributed in the local units In the form of grants-in-aid.
revenue
_
DECATUR, Ala.—WARRANTS SOLD—An Issue of $153,000 3% semiann. school warrants is said to have been purchased recently by Watkins,
Morrow & Co., and Marx & Co., both of Birmingham, jointly.
Dated
Nov. 1, 1940.
Due as follows: $5,000 in 1942 to 1947, $6,000 in 1948 to
1953, $7,000 in 1954 to 1957, $8,000 in 1958 to 1961 and $9,000 in 1962
vehicle
Motor fuel...
The estimate of 1940 State revenue
►
to the
12.9
bureau data for 39 States whose fiscal years
the Federation said.
The 39 States collected
property,
1946, and $4,000 in 1947 to
2Q.OOO series 331 bonds.
6.6
occu¬
pation..
Due on Dec. 1 as follows: $5,000 In 1941 to
1950.
t
Due $2,000 on Dec. 1 in J941 to 1950, Incl.
Denom. $1,000.
Dated Dec. 1, 1940.
Prin. and Int. payable at the
Chase National Bank, New York.
These bonds are authorized by ordi¬
nances of the city duly adopted on Nov. 19. and shall be sold subject to
approval and legality of issue and sale by Storey, Thorndike, Palmer &
Dodge of Boston. A certified check for $1,000 for each issue bid for, payable
$46,000 series 336 bonds.
1.6%
Liquor
8.4
Miscellaneous-.
1.5%
8.7
2.9
.
2.3%
6.7
1.0
Income..
1937
6.3
.
1940
1937
1939
Tobacco
Death and gift.
30,
various States In 1937,1939 and 1940.
1940
.
Nov.
Financial Chronicle
PULASKI
COUNTY SPECIAL
SCHOOL DISTRICT (P. O. Little
Rock), Ark.—BOND OFFERING—Sealed bids will be received until 2 p. m.
on Dec. 12, by J.
L. Watson, District Secretary, for the purchase of a
$506,000 issue of 3^% coupon semi-ann. refunding bonds.
Denom.
$1,000.
Dated Dec. 31,1940.
Due Jan. 1, as follows: $19,000 in 1942 and
1943, $20,000 in 1944,
19,000 in 1945, $U.000 in l946,
$19,000 in 1948, $25,000 in 1949 and 1950, $26,000 in 1951, $27,000 in
1952, $26,000 in 1953, $27,000 in 1954. $30,000 in 1955, $31,000 in 1956,
$32,000 in 1957, $33,000 in 1958, $34,000 in 1959. $36,000 in 1960, and
$37,000 in 1961.
The bonds will be callable on Jan. 1 of any year in and
after 1946, in inverse numerical order, at par and accrued interest, from any
fund or funds.
The Commercial National Bank, Little Rock, will be
trustee and place of payment.
The purchaser will be given the right to
convert the bonds to bonds bearing a lower rate of interest, the conversion
to be made according to the Universal bond value tables with the provision
that the District shall receive no lesa and shall pay no more than it would
receive and pay if the bonds were not converted.
The bonds are being
issued to refund a like amount of bonds, dated July 1, 1934, maturing
Jan 1, 1960, but subject to call on any Jan. 1, at par and accrued interest.
The bonds are secured by a 7-mill continuing annual tax levy and a mortgage
on all of the school property, and a pledge of that part of the State apportion¬
other than the sale tax.
The bonds will be sold
opinion of Wallace Townsend of Little Rock. The
of the bond issue.
Enclose a certified check
$10,000, payable to the District.
ment derived from sources
upon
the approving
District will pay all expenses
for
1"
COUNTY (P. O. Forrest City) Ark.—BOND OFFER¬
by the County Judge that he will receive bids until
of $35,000 4% semi-ann. court house and jail
approved by the voters at the general election held on Nov. 5.
ST. FRANCIS
ING—it is stated
Dec. 12, for the purchase
bouds
Volumt
3273
Financial Chronicle
&
The Commercial
151
Other bids for the bonds
were as
follows:
Interest Rate
Bidder—
California
J. P. Morgan & Co
National
City Bank
Municipals
BANKAMERICA COMPANY
Los Angeles
San Francisco
New York Representative
52 Wall St.
Bankers
Trust
Co.
of
1.42%
100.205
1.44%
100.202
1.443%
_
&
State
of— WARRANTS
SOLD—An
issue
of $2,298,513.01 general fund registered warrants was offered for sale on Nov.
26 and was awarded to Weeden & Co. of San Francisco, at a rate of 0.75%,
plus a premium of $575.
Dated Dec. 2, 1940.
Due on or about Aug. 27,
1941.
CARLSBAD
SANITARY
DISTRICT
(P.
O.
Carlsbad),
Calif.—
BONDS SOLD—The District Secretary states that $48,000 refunding bonds
were
purchased
on
Nov. 20 by Dean Witter & Co. of San Francisco,
as
3 X8, paying a premium of $206, equal to 100.429, a basis of about 3.19%.
Denom. $1,000.
Dated Nov. 1, 1940.
Due on Nov. 1 as follows: $3,000
in 1941 to 1949 and $3,500 in 1950 to 1955.
at the County Treasurer's office.
Prin. and int. (M-N) payable
LOS ANGELES, Calif.—WATER AND POWER BOND OFFERING—
It is stated by Clyde Errett, Chief Accounting Employee, that sealed bids
will be received until 10 a.m. on Dec. 3, at the office of Thomson, Wood
& Hoffman, 48 Wall St.,
New York City, for the purchase of the following
Department of Water and Power bonds aggregating $13,391,000:
$10,891,000 electric plant refunding revenue, Second Issue of 1940 bonds.
Dated Dec. 1, 1940.
Due on Dec. 1 in 1941 to 1959, in
accordance with the amortization table set forth in the resolu¬
tion appended, as Appendix 2-a, to the advance copies of the
official statement hereinafter referred to.
2,500,000 electric plant revenue,
Co., Barr Bros. & Co. and Asso¬
Dated
Dec. 2, 1940.
Due on Dec. 1 in 1941 to 1950, in accordance
the amortization table set forth in the resolution ap¬
as
Appendix 3-c, to the advance copies of the official
hereinafter referred to.
statement
Bonds of the Second Issue of 1940 shall be redeemable at the times and at
the several places indicated in the provisions respecting redemption prices
to be set forth in the resolution appended, as Appendix 2-a, to the advance
copies of the Ofiicial Statement hereinafter referred to, plus, in each
accrued
case,
interest.
Bonds of Third Issue of 1940 shall be
redeemable, in such order as the
Department may elect, on June 1, 1942, or on any interest payment date
thereafter, upon 30 days' published notice, at the principal amount thereof,
plus accrued interest.
No proposal for less than the par value of the bonds and accrued interest
thereon, or for less than the aggregate principal amount of both of the
issues, will be considered.
Such proposal may specify not to exceed three interest rates in
respect
to bonds of Second Issue of 1940 and not to exceed four interest rates in
respect to bonds of Third Issue of 1940; provided, however, that no in¬
terest rate shall be specified which exceeds 3 % in respect to bonds of Second
Issue of 1940 and 2% in respect to bonds of Third Issue of 1940;
provided,
further, that no interest rate shall be specified which is not a multiple of
X of 1%.
The bonds of both such issues shall be payable solely out of the Power
Revenue Fund established by the
City Charter, and are eligible for certifi¬
legal investments for savings banks in the State of California,
and application has been made to the Superintendent of Banks of the State
cation
as
for such certification when, as and if the bonds are issued.
Proposals
must be in accordance with the terms and conditions set
forth in the resolution authorizing this invitation for proposals, hereinafter
referred to, and must be submitted on, or in substantial accordance with
proposal blanks provided by the department.
Copies of the resolution authorizing this invitation for proposals for the
purchase of such bonds, stating the terms and conditions under which
such bonds will be issued and sold, and under which proposals may be
submitted, together with advance copies of the official statement proposed
to be issued in connection with the sale of the bonds, proposal blanks,
and copies of the form entitled "Schedule of Principal and Interest Require¬
ments," may be obtained from the above Chief Accounting Employee of
the Department of Water and Power, or from Thomson, Wood & Hoffman
of New York.
LOS ANGELES COUNTY SANITATION DISTRICTS (P. O. Los
Angeles), Calif.—BOND SALE—The $9,000 County Sanitation District
No. 5 bonds offered for sale on Nov. 13—V. 151, p. 2686—were purchased
by the Security-First National Bank of Los Angeles, as 2X8, paying a
premium of $10. equal to 100.111, a basis of about 2.22%.
Due $1,000
from May 1, 1941 to 1949 incl.
The $76,000 County Sanitation
same
date—V.
ORANGE COUNTY (P. O. Santa Ana), Calif.—NOTES SOLD—The
County Clerk states that the following tax anticipation notes aggregating
$17,000, were purchased on Nov. 19 by the First National Bank of Santa
Ana: $13,000 Santa Ana High School District, and $4,000 Santa Ana
Junior College District notes.
COLORADO
WRAY, Colo.—BONDS SOLD—A $15,000 issue of 3% semi-ann
.
re
funding bonds is said to have been purchased by Bosworth. Chanute,
Loughridge & Co. of Denver. Dated July 15, 1940. Denoms. $1,000 and
$500.
Due $2,500 July 15, 1941 to 1946.
Prln. and int. payable at the
Town Treasurer's office.
Legality approved by Pershing, Nye, Bosworth
& Dick, of Denver.
CONNECTICUT
SOUTHINGTON (P. O. Southington), Conn.—NOTE SALE—Put¬
nam & Co. of Hartford recently purchased an issue of $50,000 tax anticl-
pation notes at 0.32% discount.
Due Aug. 9,1941.
SOUTHINGTON
r
(P. O. Southington), Conn .—PROPOSED BOND
issue $180,000 water refunding bonds will be con¬
town meeting on Dec. 4.
Due serially in 18 years.
ISSUE— Proposal
sidered at
a
to
CONNECTICUT, State of—BOND SALE— The $6,000,000
coupon or
registered Groton-New London bridge bonds offered Nov. 26—V. 151, p.
2530—were awarded to a syndicate headed by Halsey, Stuart & Co., Inc.,
New York, on a bid of 100.0016 for lXs and 1X8, or a net interest cost of
about 1.40485%, as follows:
$T,160,000 1 Ms, due $60,000 April 1, 1944, and $220,000 from 1945 to
2,640,000 1 Xs,' due $220,000 on April 1 from 1950 to 1961, incl.
2,200,000 IXb, due $220,000 on April 1 from 1962 to 1971, incl.
bonds
due
1968-1971
are
redeemable in the inverse
The
1965
of
or
interest payment date thereafter.
BONDS PUBLICLY OFFERED—The entire $6,000,000 bonds bear date
of
Oct.
1,
1940 and were re-offered
by the successful bidders at prices
ranging from 0.50% to 99.50, according to maturity.
Associated with
Halsey, Stuart & Co., Inc. in the offering were Blair & Co., Inc., Phelps
Fenn & Co., Goldman, Sachs & Co., Dick & Merle-Smith, Spencer Trask
& Co.,
1.473%
100.739
1.478%
100.04
1.48%
100.09
1.49%
Co.,
Co.
and
(Formal notice of the reoffering of the bonds by the successful banking
will be found on page vlii.)
group
NEW HAVEN, Conn .—BOND SALE—The $390,000 coupon bond®
offered Nov. 26—V. 151, p. 3116—were awarded to Estabrook & Co. o1
Boston and Putnam & Co. of Hartford, jointly, as Is aDd 1X8, at a price
of 100.093, a basis of about 1.0427%.
$335,000 1%
I
Sale consisted of:
general public improvement No. 8 bonds.
Due Dec. 1 as
$38,000 in 1942 and 1943 and $37,000 from 1944 to
follows:
1950, inclusive.
55,000 IX % Bay View Park bulkhead bonds.
Due Dec. 1 as follows:
$3,000 from 1942 to 1958, incl. and $2,000 in 1959 and 1960.
1, 1940.
Secord high bid of 100.08
$55,000 l%s, a net cost of 1.0446% was made by
York.
Other bids, all for 1^% bonds, were as
All of the bonds bear date of Dec.
$335,000 Is and
Shields
&
Co.
of New
follows:
„
,
Rate Bid
Bidder—
J. P. Morgan & Co
Day, Stoddard & Williams, and Cooley & Co
Harris Trust & Savings Bank, and Stone & Webster and
Inc
}91.287
-
-
101.21
Blodget,
101.139
-
Barr Bros. & Co
101.039
Wood, Struthers & Co., and Spencer, Trask & Co
Kidder. Peabody & Co., and Blair & Co., Inc—„
Chace, Whiteside & Symonds—
Goldman, Sachs & Co., and B. J. Van Ingen & Co., Inc.
Bacon, Stevenson & Co.; Bond, Judge & Co., and F. W.
100.399
100.83
100.758
100.73
& Co
Horne
100.71
-
R. I. Day & Co.;
Equitable Securities Corp., and Edward M.
J00.61
Bradley & Co
100.59
Second National Rank of Boston
Union Securities Corp., and
100.52
Boatmen's Nat. Bank of St. Louis_
Halsey, Stuart & Co., Inc.; First of Michigan Corp., and R. F.
Griggs & Co
Blyth & Co., Inc.; Kean, Taylor & Co.; and Charles W. Scranton
& Co
100.39
100.379
-
-
-
Harriman Ripley & Co.,
100.431
Inc
—--—
Smith, Barney & Co., and Mercantile-Commerce
Co..
Bank & Trust
100.3009
100.24
-
Bankers Trust Co. of New York
(City of), Conn.—NOTE SALE— The issue of
anticipation notes offered Nov. 26 was awarded to Jackson &
Dated Nov. 27,1940 and due Oct.
STAMFORD
tax
Boston, at 0.224% discount.
Other bids:
$500,000
Curtis of
31,1941.
Bidder—
Leavitt
&
--0-2375%
0.24%
Co
First National
Bank of Boston
0.257%
Chace, Whiteside & Symonds
Chase National Bank of New York
0.267%
FLORIDA
AVON PARK, Fla.—SUPREME COURT RULES AGAINST
ADJUSTMENT PLAN—The U. S. Supreme Court, on Nov. 25,
DEBT
In an
Interpretative decision on the Federal Municipal Bankruptcy Act, set
aside a plan of adjustment of the bonded indebtedness of the city.
The decision, written by Justice Douglas, held that the plan discriminated
unfairly in favor of R. E. Crummer & Co., the city's fiscal agent and also.a
creditor of the city.
BRADENTON,* Fla^BOND
OFFER!NG^-It Is stated
by
Mayor
receive sealed bids until 10 a. m. on Dec. 11,
purchase of a $2,300,000 Issue of refunding, series 1941 bonds.
Interest rate is not to exceed 4%, payable J-J.
Denom. *1,000.
Dated
Jan. 1, 1941.
Due on Jan. 1 as follows: $20,000 In 1942, $25,000 In 1943,
$30,000 in 1944, $35,000 in 1945. $40,000 in 1946, $45,000 in 1947, $50,000
in 1948, $55,000 in 1949, $60,000in 1950, $65,000 in 1951 and 1952, $70,000
in 1953, $75,000 in 1954 and 1955, $80,000 in 1956 and 1957. $85,000 In
1958, $90,000 in 1959 and I960, $95,000 in 1961, $100,000 In 1962. $105,000
in 1963, $110,000 in 1964, $115,000 in 1965 and 1966, $120,000 In 1967.
$125,000 in 1968, $135,000 In 1969, and $145,000 in 1970.
The $525,000
bonds, maturing 1967 to 1970. Inclusive, are to be redeemable at the option
of the city in Inverse numerical order on Jan. 1. 1956, or any interest pay¬
ment date thereafter upon 30 days' notice at par and accrued interest to
date of redemption.
Bidders shall name a rate of rates of Interest.
The
named rate may be uniform for the entire issue or may be split so as to
name more than one rate, but there shall be no more than one rate for any
one maturity.
The bonds will be awarded to the bidder whose bid provides
for the lowest interest cost to the city, which interest cost will be determined
by computing the total interest charge upon the bonds over the life of the
issue at the rate or rates of Interest specified in the bid. less the amount of
for
the
premium, if any. specified in the bid.
No bid for the bonds at less than par
and accrued interest will be considered.
These bonds are to be Issued to
outstanding bonds, and do not constitute any increase in
the indebtedness of the city.
All bids must be unconditional and must be
made upon a form supplied by the city, without alteration thereof.
All
proceedings In connection with the issuance of the bonds are to be subject
to the approval of Chapman
Cutler, of Chicago, whose opinion approving
the validity of the bonds will be furnished the purchaser free of charge.
Bidders must be prepared to accept delivery and pay for the bonds on Jan 2,
1941.
Enclose a certified check for 2% of the par value of such bonds.
refund presently
DADE COUNTY (P. O. Miami) Fla.—VALIDATION PROCEEDINGS
INSTITUTED—it is reported that validation proceedings for the $2,000,000 county park bond issue approved by the voters at the general election,
as noted
nere—V. 151, p. 2977—were instituted in the Circuit Court on
Previous
State Su¬
of the registered freeholders did
13 by the county attorneys.
Fearing was set for Dec. 9.
validation, passed by Judge Trammell, was turned down by the
Nov.
preme Court on the ground that a majority
not participate in the first election.
JACKSONVILLE, Fla.—BONDS VALIDATED—The Circuit Court
validated recently the issuance of $260,000 refunding bonds.
court was informed by the State's Attorney that the State had no
objection to the issuance of the bonds.
The
order
their maturities at par and accrued interest on Oct. 1,
any
&
is said to have
incl
1949
Manhattan
Thalman
Charles W. Ward that he will
District No. 2 bonds offered for sale on
151, p. 2686—were awarded to the Anglo California
National Bank of San Francisco, as 2s, paying a premium of $405, equal
to 100.532, a basis of about 1.88%.
Due from May 1, 1941 to 1949 incl.
It is also stated that a $78,000 issue of County Sanitation District No. 1
bonds was sold on the same date to Schwabacher & Co. of San Francisco,
and the District Bond Co. of Los Angeles, as 2Mb, paying a premium of
$70, equal to 100.089.
the
100.03
-2%-lX%~lX%
LadenC. J.
Devine & Co_
1X%
First National
Bank of New York,
Northern Trust Co. of Chicago, R.
W. Pressprich & Co., Union Securi¬
ties Corp. and Associates
2%-lX%~lX%
Lehman Bros., Chemical Bank & Trust
Co., Kean, Taylor & Co. and Hemp¬
hill, Noyes & Co. and Associates
'
1X%
of the
burg,
for
Third Issue of 1940 bonds.
with
pended,
,
ciates
Bank
CALIFORNIA,
1.467%
Far
York,
New
Lazard Freres & Co., Paine, Webber
CALIFORNIA
Cost
100.099
2%-lX%-lX%
Estabrook & Co. and Associates
Telephone WHltehaU 3-3470
Net
Rate Bid
1X%-1X%
of New York,
Harris Trust & Savings Bank, Stone
& Webster and Blodget, Inc., B. J.
Van Ingen & Co., Inc. and Associates
1X%-1X%
Blyth & Co., Inc., Salomon Bros. &
Hutzler, F. S. Moseley & Co., Shields
& Co. and Associates
2%-lX%-lX%
First Boston Corp., Harriman Ripley
.s
•
& Co., Inc., Smith, Barney & Co.,
1
Adams, McEntee & Co., Inc., Graham, Parsons & Co., Otis & Co.,
Inc., Jackson & Curtis, Arthur Perry & Co., Inc., Eldredge & Co., Inc.,
The R. F. Griggs Co., Burr & Co., Inc., H. C. Wainwright & Co., Bond,
Judge & Co., Inc., and Ballou, Adams & Co., Inc.
COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
Fla.—BOND OFFERING—Sealed bids will be received
Dec. 7, by Jessie P. Miller, Secretary of the Board of
Instruction, for the purchase of the following bonds aggregating
MANATEE
(P. O. Bradenton),
until
10 a. m. on
Public
$34*000*3!^%
909 000
202'000
refunding bonds.
and $7,000 in 1943 to
4% refunding bonds.
$9%000
Due on Jan. 1 as follows: $6,000 in
1946.
Due Jan.
1942
iennn.
1, as follows.
$8,000 in 1947.
in 1948 and 1949, $10,000 in 1950. $12 000.In 1951$13 000
1952 and 1953, $14,000 in 1954 and 1955, $15,000 in 1956,
$16,000 in 1957, $17,000 in 1958 and 1959, $18,000 in 1960, and
$17,000 in 1961.
in
The Commercial & Financial Chronicle
3274
Interest
payable J-J.
Dated Jan. 1, 1941.
The bonds will be sold to
the highest and best bidder for cash, at a price of not less than par and
accrued interest.
These bonds are to be general obligations of the district,
secured
by ad valorem taxes on all the taxable property in the district,
and are to be issued under the provisions of Chapter 15772 of the Laws
of Florida, 1931, for the purpose of refunding a like amount of bonded
indebtedness of the district.
Enclose
certified check for $5,000 and the
purchaser will be required to accept delivery and make payment for the
bonds
prior to Jan. 2, 1941.
on or
PANAMA
INDIANA
1940
(P. O. Indiana¬
Ind.—BOND SALE—The $1,050,000 toll bridge revenue bonds
151, p. 3117—were awarded to John Nuveen & Co.
Co., both of Chicago, jointly, as 3s at par. Dated
Dec. 1, 1940.
Denom. $1,000.
Due Dec. 1 as follows: $40,000 from 1942
to 1951. incl., and $650,000 in 1960.
The bonds, which mature on Dec. 1,
1960, will be redeemable on 30 days' notice when selected by lot, on any
interest-payment date prior to maturity upon tains of par and accrued
interest plus a premium of 3% of the principal.
polis),
offered Nov. 25—V.
and Morris Mather &
CITY, Fla.—REFUNDING PROPOSAL—A prospectus has
IOWA
been issued covering the above city's proposal to refund bonds issued by it
and the towns of St. Andrews and Millville, Fla., all of which now are
obligations of Panama City.
tion amounts to $1,578,000.
ST.
Nov. 30,
STATE TOLL BRIDGE COMMISSION
PETERSBURG,
SIOUX CITY
Indebtedness affected by the plan of composi¬
Fla .—CERTIFICATE
water works revenue
certificates offered for sale
2826—were awarded
SALE— The
$3,000,000
151, p.
to a syndicate headed
on
Nov. 26—V.
by Stifel, Nicolaus & Co. of
Chicago, paying a premium of $5, equal to 100.0001, a net interest cost of
2Hfl.
Associated with the above named firm in the purchase were: B. J. Van
Ingen & Co., of New York, A. C. Allyn & Co., of Chicago, Clyde O. Pierce
Corp, of Jacksonville, Leedy, Wheeler & Co., of Orlando, H. C. Speer
& Sons Co., of Chicago, Otis & Co., of Cleveland, V. P. Oatis & Co., of
Chicago, Robert H. Cook, Inc., of Miami, Van Lahr, Doll & Isphording,
of Cincinnati, Juran, Moody & Rice, of St. Paul, R. S. Dickson & Co.. of
Charlotte. D. E. Arries & Co., of Tampa, King, Mohr & Co., of Birming¬
ham. and Stix & Co.. of St. Louis.
CERTIFICATES OFFERED FOR INVESTMENT—'The successful group
subscription at prices to yield from
0.40% to 2.70%, according to maturity.
reoffered the above certificates for public
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICTS
De Land) Fla.—BONDS SOLD—It is stated
(P. O.
by George W. Marks, County
(P. O. Sioux
INDEPENDENT SCHOOL DISTRICT
City) Iowa—BOND OFFERING—Sealed and open bids will be received by
H. C. Roberts, Secretary of the Board of Directors, until Dec. 2. at 5 p. m.,
for the purchase of $211,000 school refunding bonds. Interest rate is not to
exceed 3%, payable J-J.
Dated Jan. 1, 1941.
Due Jan. 1, as follows:
$95,000 in 1947, $94,000 in 1948, and $22,000 in 1949. AH other circum¬
stances being equal, preference will be given to the bid of par and accrued
interest or better specifying the lowest rate of interest for the bonds.
Tire
district will furnish the approving opinion of Chapman & Cutler, of Chicago,
the purchaser to furnish the bonds, and all bids should be so conditioned. A
certified check for $5,000. payable to the district, is required.
KANSAS
CLAY CENTER SCHOOL DISTRICT (P. O. Clay Center), Kan.—
BONDS VOTED—At the general election on Nov. 5 the voters are said
to have approved the issuance of $80,000 construction bonds.
EL DORADO, Kan .—BONDS VOTED—At a recent election the voters
said to have approved the issuance of $145,000 armory construction
are
bonds.
.
SCHOOL DISTRICT (P. O. Wichita), Kan.—BOND
OFFERING CONTEMPLATED—In. connection with the construction bonds
WICHITA
aggregating $512,500 that carried at a recent election as reported in our
23, Secretary-Treasurer Board of Education Louis Gerties
placed on the market next January.
Dated Jan. 1, 1941.
Due in 1941 to 1960.
Prin. and Int. payable at the
State Treasurer's office
Legality to be approved by Depew, Stanley,
Weigand & Hook of Wichita and Bowersock, Frizzell & Rhodes of Kansas
City, Mo.
V
. V.',
i'1
' ":-V
■'"4-..4.
Superintendent, that the following refunding bonds aggregating $1,721,500,
issue of Nov.
Sept. 19, as noted here, were purchased
on Nov. 25 by R. E. Crummer & Co. of Miami, at a price of 99.00:
$817,000 Special Tax School District No.
6 bonds.
v
19,000 Special Tax School District No.
7 bonds.
'• ■■■
181,500 Special Tax School District No. 8 bonds.
;
i
19,000 Special Tax School District No.
9 bonds.
325,000 Special Tax School District No. 12 bonds,
•
46,000 8pecial Tax School District No. 13 bonds.
i\:
100,500 Special Tax School District No. 23 bonds.
V v;
46,000 Special Tax School District No. 32 bonds.
21,500 Special Tax School District No. 39 bonds.
146,000 Special Tax School District No. 41 bonds.
/
—
informs us that these bonds are to be
offered for sale without success
on
GEORGIA
reported that the
$250,000 water department bonds sold recently, as noted here—V. 151,
3116—were purchased by a syndicate composed of the Trust Co. of
Georgia, Courts & Co., Norris & Hirshberg, Wayne Martin & Co., Brook,
Wyatt, Neal & Waggoner, Clement A. Evans & Co., the
Robinson-Humphrey Co., J. H. Hilsman & Co., all of Atlanta, and Johnson,
p.
Tindall & Co.,
Due
fn
3»
year"
Pay'ngIa PremlUm °f *3'250'
ILLINOIS
CARMI,
III.—$90,000
UTILITY CERTIFICATES CALLED
FOR
PAYMENT—City Clerk Joe A. Rickenbach calls for payment at par and
accrued interest on Jan. 1, 1941, 3*4 % electric light plant and system certi¬
ficates of indebtedness Nos. 51 to 140. aggregating $90,000. Dated Oct. 1,
l?29™P,ue7&n,' 1. a* follows: $5,000 in 1946, $10,000 in 1947 to 1950, and
$15,000 in 1951 to 1953.
Payment of the principal amount will be made
on
Presentation of said certificates to the Continental Illinois National Bank
& Trust
CONSOLIDATED
SCHOOL
DISTRICT
(P. O. Erlanger) Ky.—BONDS DEFEATED—At the general election held
Nov. 5 the voters are said to have defeated the issuance of $50,000 school
construction bonds.
on
LOUISVILLE, Ky.—BOND OFFERING—Sealed bids will be received
Dec. 6, by Phil Millett, Treasurer and Secretary of
Sinking Fund, for the purchase of a $2,000,000 issue of coupon flood
protection bonds.
Interest rate is not to exceed 24 %< payable J-D.
Denom. $1,000.
Dated Dec. 1, 1940.
Due Dec. 1, as follows: $60,000
in 1941. $65,000 in 1942 to 1944, $70,000 in 1945 to 1948. $75,000 in 1949
to 1951, $80,000 in 1952 to 1955, $85,000 in 1956 to 1958. $90,000 in 1959
and 1960, $95,000 in 1961 to 1963, and $100,000 in 1964 and 1965.
Rate
or rates of interest to be in multiples of 4 of 1%.
No bid may name
more than three rates and each bidder must specify in his bid the amount
and maturities of the bonds of each rate.
No bid of less than par and
accrued interest will be entained.
Prin. and int. payable at the Chemical
Bank & Trust Co., New York.
Delivery on or about Dec. 15, at Louisville.
The bonds are being issued to pay for the construction and establishment
of sewage interceptors, pumping stations and the purchase of rights-of-way
and settlement of damages necessary and incidental to the establishment
of flood protection for the city.
.
.
The United States Government will pay for all construction costs of the
flood wall itself.
The full faith and credit of the city are pledged for the
until noon (CST), on
.EAST POINT, G a.—BOND SALE DETAILS— It Is
toTo! Jo.
KENTUCKY
ERLANGER-ELSMERE
Co., Chicago.
Certificates must be presented In negotiable form
and have attached thereto Jan. 1, 1941 and subsequent coupons.
*JFHlfACf0 SANITARY DISTRICT, 111 .-BOND SALE— The $7,-
500,000 series D refunding bonds offered Nov. 25—V. 151,
p. 2978—were
awarded to a syndicate composed of the Harris Trust & Savings Bank.
Northern Trust Co., Continental Illinois National Bank & Trust Co., First
National Bank, City National Bank & Trust Co. and the American Na¬
tional Bank & Trust Co., all of Chicago as 2s, at a price of
100.31, a basis
of about 1.97%.
Dated Jan. 1, 1941.
Denom. $1,000.
Due Jan. 1, 1961.
Optional $375,000 Jan. 1, 1942 to 1960, or on any interest payment dates
thereafter: all bonds redeemable on the earliest date shall first be redeemed
before any bonds optional at a subsequent date are called for payment.
the
payment of principal and interest of the bonds, and they are
unlimited ad valorem tax levied against all taxable property
secured by an
located within
from all taxation bysthe State and its
prior to the delivery of the bonds the
income received by private holders from bonds of the same type and char¬
acter shall be taxable by the terms of any Federal income tax law. the
successful bidder may, at his election, be relieved of his obligations under
the contract to purchase the bonds and in such case the deposit accompany¬
ing his bid will be returned.
The approving opinion of Masslich & Mitchell
of New York, will be furnished the purchaser without charge.
Bids are
required on forms to be furnished by the above Treasurer and Secretary.
Enclose a certified check for $50,000, payable to the Commissioners of the
the city.
The bonds are exempt
subdivisions.
In the event that
Sinking Fund.
Other bids:
Bidders—
Int. Rate
LOUISIANA
Rate Bid
John Nuveen & Co.* R. S. Dickson & Co.: Schoell-
,
kopf, Hutton & Pomeroy; White-Phillips Co.;
Braun, Bosworth & Co.; McDonald-Coolidge
& Co.; Kalman & Co.; Fahey, Clark & Co. and
Ryan, Sutherland & Co., and Associates.
Harriman Ripley & Co., Inc.; Blyth & Co.; First
Boston Corp.; Lazard Freres & Co.; Illinois Co.
of
IBERIA PARISH (P. O. New
2%
100.178
24%
101.83
24%
101
Chicago;Mercantile-Commerce Bank & Trust
Barney & Co.; Kidder, Peabody & Co.; A. O.
Allvn & Co., Inc.; R. W. Pressprich & Co.;
Union Securities Corp. and Goldman, Sachs &
Co.
and
Associates
„
-
52Q
Halsey, Stuart & Co., Inc.; Blair & Co., Inc.;
ivi.ozv
Phelps, Fenn & Co.; Dick & Merle-Smith,
E. H. Rollins & Sons, Inc.; F. S. Moseley &
Co.; Shields & Co.; Darby & Co., Inc., and
V:^^11?6?"1511?,00* of Chicago and associates
24%
101.21
BOND CALL—Frank O. Birney, District
Treasurer, announces that
variously numbered series B and C refunding bonds have been called for
payment on Jan. 1,1941, at the First National Bank of Chicago.
The
8<Fles B 5s: $1,522,500 series B 4^sr$2,599,-
000 series B 4^8; $1,731,000 series B 4s; $2,633,000 series B 4s, and $300,000
series C 2^s.
All of the bonds to be redeemed are optional Jan. 1, 1941.
COOK COUNTY (P., O. Chicago), 111.—MAY ISSUE REFUNDING
reported that the county may enter the market shortly with
offering of up to $1,500,000 refunding bonds in order to provide for the
redemption of bonds which become optional for payment on Jan. 11.
An
ftKgr^K&te of $3,568,500 of obligations are callable at that time, against
which there is currently a sinking fund of some $2,000,000.
BONDS—It is
an
OLNEY, III.—BOND ISSUE DETAILS—The $65,000 24% water
bonds sold earlier in the year to Lewis, Pickett & Co. of
Chicago, at a price of 100.056—V, 151, p. 2978—-are payable as to prin¬
cipal and interest (F-A) at the First National Bank, Olney.
The bond's
maturing in 1946 and 1947 are callable Aug. 1, 1945, or on any subsequent
Interest payment date.
Legal opinion of Chapman & Cutler of Chicago
system revenue
INDIANA
y
GARY, Ind.—BOND SALE—John Nuveen & Co. of Chicago purchased
of
Nov. 23
101.059,
issue of $10,000 series B refunding bonds, as 2s, at
basis of about 1.88%.
Due in 1950.
Other bids:
an
a
Bidder—
price
Ernest M. Loeb Co. of New Orleans, as 5s at a
LAFAYETTE, La.—BOND OFFERING—Sealed bids will be received
a. m. on Dec. 17. by Wilson J. Peck, City Clerk, for the purchase of
$58,667.50 not to exceed 6% semi-ann. refunding bonds. Denom. $1,' 00,
one for $667.50.
Dated Jan. 1, 1941. Due on Jan. 1 in 1942 to 1966
A
certified transcript and the approving opinion of Chapman & Cutler or
Chicago, will De furnihsed the purchaser without cost to him, and all bids
shall be so conditioned. A certified check for not less than 5% of the amount
bid, payable to the City Treasurer, is required.
until 11
NEW IBERIA, La .—BOND OFFERING
DETAILS—In connection
with
the $261,000 public Improvement bonds,
p. 2979—the foUowing information is
furnished by G. O. Pharr, City Clerk:
Due Jan. 1 as follows: $10,000 In
1944, $11,000 in 1945 and 1946, $12,000 in 1947 and 1948. $13,000 Inm®
and 1950, $14,000 in 1951 and 1952, $15,000 in 1953 and 1954, $16 000 in
1955 and 1956, $17,000 in 1957 and 1958, $18,000 in 1959 and I960, and
$19,000 in 1961.
The bonds are issued under authority of Article XIV,
Section 14, Louisiana Constitution of 1921, and Act 46 of 1921, Louisiana
Legislature, as amended, and are payable in principal and interest from
annual levy and collection of an unlimited ad valorem tax on all taxable
the offering scheduled for Dec. 4 of
noted here on Nov. 16—V. 151.
,
2%
-..2%
2%
2%
24%
100.75
100.70
100.628
100 13
100 50
!
2>i%
_
MAINE
WASHINGTON
Par
COUNTY
(P.
O.
Machias),
M«.—
Pierce, White & Drummond of Bangor purchased on Nov.
$40,000 2% coupon bridge bonds at a price of 102.502, a
1.524%.
Due $4,000 on Dec. 1 from 1941 to 1950 incl.
Denom. $1,000.
WATERVILLE,
Rate Bid
MuUaney, Ross & Co
A.S. Huyck&Co
Raffensperger, Hughes &Co
Paine .Webber & Co
a
Int. Rate
Gary Trust & Savings Bank
L. A. O'Donnell, Inc. and Gary State Bank
INDEPENDENCE, La.—MATURITY—The Town Clerk now repon»
works improvement and extension bonds sold to the
price of 100.036, as noted
here—V. 151, p. 2978—are due on Oct. 1 as follows: $1,000 in 1941 to 1947;
$1,500, 1948 te 1952; $2,000 in 1953 to 1955, and $2,500 in 1956 to 1958.
giving a basis of about 4.995%.
that the $28,000 water
property in the city.
BOGARD TOWNSHIP SCHOOL TOWNSHIP (P. O. R. F. D. No. 1.
Odon),1 nd.—BOND SALE—'The $3,600 4% building bonds offered Nov.
15—V. 151, p. 2531—were awarded to the Washington National Bank of
Washington, at a price of 106.944, a basis of about 3.23%.
Dated Oct. 15,
1940 and due as follows: $180 July 1, 1942; $180 Jan. 1 and July 1 from
1943 to 1961 incl. and $180 Jan. 1,1962.
on
OFFERING-Sealed
of the Police Jury, for the
Co.; Lee Hiwzinson Corp.; A. G. Becker & Co.
and Stern, Wampler & Co., and Associates
Chase National Bank of New York; National City
Bank of New York; Bankers Trust Co.; Smith,
Iberia), La.—BOND
by Marcus De Blanc, Secretary
purchase of an $85,000 issue of public improve¬
ment bonds.
Interest rate is not to exceed 4%, payable J-J,
Denom.
$1,000.
Dated Jan. 1, 1941. Due Jan. 1, 1942 to 1951. The bonds are
issued under the authority of Article XIV, Section 14 (e), of the Con¬
stitution of the State for the year 1921, as amended, and Act 40 of the
State Legislature for the year 1922, and were authorized by resolution duly
and legally adopted by the governing authority of the parish on Nov. 14.
The approving opinion of B. A. Campbell, of New Orleans, and the transcript of record as passed upon will be furnished the purchaser without
additional cost to him.
Enclose a certified check for $1,700, payable to the
parish treasurer.
01l7v
(These are the bonds mentioned in our issue of Nov. 23—V. 151, p.dli<' •
bids will be received until Jan. 9 at 9 a. m.,
SALE—
12 an issue of
basis of about
Interest J-D.
Me.—BOND SALE— The issue of $60,000 refunding
White & Drumond of Bangor,
bonds offered Nov. 26 was awarded to Pierce,
l^s, at a price of 100.823, a basis of about 1.66%.
Dated Dec. 1,1940.
Denom. $1,000.
Due $6,000 on Dec. 1 from 1946 to 1955 incl.
Principal
and interest (J-D) payable at the National Shawmut Bank of Boston,
or at the Federal Trust Co., Waterville, at the holder's option.
Legality
to be approved by Storey, Thorndike, Palmer & Dodge of Boston.
Other
as
bids:
Volume
The Commercial dt
151
Bidder—
Chace,
Whiteside
&
Symonds
and
E.
H.
Rollins
Sons, Inc
Harriman Ripley & Co., Inc
Rate Bid
Int. Rate
&
1%%
«,
Smith, White & Stanley
National Shawmut Bank of Boston
100.168
100.526
100.50
100.42
2%
2%
2%
Mass.—NOTE
SALE—The
issue
redeemable at the market value and will be
of
$150,000
note
offered Nov. 26—V. 151, p. 3117—was awarded to the Merchants Nations
Bank of
Boston at 0.072% discount.
Dated Nov. 27, 1940 and due
Nov. 7,1941.
Other bids: Second National Bank of Boston. 0.083, plus $9;
National Shawmut Bank and First National Bank of Attleboro, each 0.08%;
First National Bank of Boston, 0.084%.
ESSEX COUNTY (P. O. Salem), Mass.—NOTE SALE—The $30,000
industrial farm notes offered Nov. 22 were awarded to the Lee
Higginson Corp. of Boston, at 0.055% discount. Other bids included the
following:
Merchants National Bank of Salem, 0.062%; Manchester
Trust Co., 0.07%; Gloucester National Bank, 0.086%*
one-year
MALDEN, Mass.—NOTE SALE—The $500,000 current-year revenue
anticipation notes offered Nov. 26—V. 151, p. 3118—were awarded to
National
Shawmut Bank of Boston,
at 0.09%
discount.
Dated
Nov. 26. 1940.
Due $250,000 each on May 20 and June 20, 1941.
Other
the
Discount
0.093%
0.098%
Bidder—
Maiden Trust Co__
First National Bank of Boston
Middlesex County National Bank
Leavitt & Co
a
rate of
0.14%.
discount.
next high
awarded
on
Due Dec. 1,
bidder, named
WORCESTER,
Nov.
1941.
a rate
22
an
issue of $100,000 notes at 0.079%
The Second
of 0.08%.
National
Bank
of Boston,
Mass.—BOND OFFERING—Harold J. Tuntson, City
Treasurer, will receive sealed bids until 11
of $526,000 bonds, divided as follows:
a.m. on
Dec. 2 for the purchase
funds is enhancing rapidly and has increased several million
the last two years.
If this enhancement continues, by 1944
All of the bonds will be dated Oct. 1, 1940.
Principal and interest
(A-O) payable at the First National Bank of Boston.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1%.
These bonds
are to be issued in coupon form and the coupon bonds may be exchanged
if desired for fully registered bonds if presented for exchange at any time
more than one year before maturity.
Bonds will be certified by the First
National Bank of Boston, Boston, Mass., and the legal opinion of Ropes,
Gray, Best, Coolidge and Rugg of Boston, will be furnished the successful
bidder.
The bonds are exempt from Massachusetts income taxes and from
present Federal income taxes.
Each proposal must be accompanied by
a certified check payable to the order of the City of Worcester for 1% of
the par value of the bonds bid for.
Delivery to be made on or about
Dec. 12, 1940.
MICHIGAN
v DETROIT, Mich.—BOND SALE—The $8,424,000 series G non-callable
refunding bonds offered Nov. 21—V. 151, p. 3118—were awarded to a
syndicate composed of the First National Bank of New York, Halsey,
Stuart & Co., Inc., New York; Northern Trust Co., Chicago; Stone &
Webster and Blodget, Inc., Kidder, Peabody & Co., Union Securities
Corp., and Dick & Merle-Smith, all of New York; First of Michigan Corp.,
Detroit; Braun, Bosworth & Co., Toledo; Hemphill, Noyes & Co., New
York; Manufacturers & Traders Trust Co., Buffalo; Bacon, Stevenson &
Co., New York; Otis & Co., Cleveland; It. L. Day & Co. and Campbell,
Phelps & Co., Inc., both of New York; Dougherty, Corkran & Co., Phila¬
delphia; Hawley Huller & Co. of Cleveland; Schlater, Noyes & Gardner,
Inc., New York; Charles K. Morris & Co., Chicago, and Piper, Jaffray &
Hopwood of Minneapolis.
The above group was awarded the issue on a bid of par plus a premium
of $325, equal to 100.0038, for the bonds as 2Kb, 2Kb and 3s, or a net
interest cost of about 2.715%.
Division was as follows:
$4,025,000 3s, to mature Dec. 15 as follows: $220,000 in 1941; $125,000»
1942 and 1943; $75,000, 1944; $95,000, 1946; $5,000, 1946*.
$60,000. 1947 and 1948; $80,000, 1949; $110,000, 1950; $80,000,
1951; *700,000, 1952; $410,000 in 1953 and 19.54; $170.000,1955;
$565,000, 1956; $105,000 in 1957 and $630,000 in 1958.
1,000,000 2Kb, all due Dec. 15, 1959.
3,399,000 2Kb, due Dec. 15 as follows: $1,264,000 in 1959; $985,000 in
1960 and $1,150,000 in 1961.
dispose of them.
"The taxpayers
The entire $8,424,000 bonds bear date of
Dec. 15,1940, and the
successful
banking group, in the public re-offering, priced the 3s to yield from 0.30%
2.75%; the 2Kb to yield 2.75%, and priced the 2Kb at 97.
(Formal
notice of the public offering will be found on page vi.)
OTHER BIDS—Four other
syndicates competed for the issue, as follows:
Bankers Trust Co., National City Bank of New York, First Boston Corp.,
Blyth & Co., R. W. Pressprich & Co., F. S. Moseley & Co., and Estabrook
& Co. and associates, bid par for $2,245,000 4s and $6,179,000 2Kb, or
a
net cost of about 2.724%.
An account headed by Lehman Bros, of
New York and including Chemical Bank & Trust Co., Blair & Co., Inc.,
Phelps, Fenn & Co., Goldman, Sachs & Co., Kean Taylor & Co., Mer¬
cantile-Commerce Bank & Trust Co., and others, offered par for $2,555,000
4s and $5,869,000 2Kb, a net cost of 2.76%.
Harriman Ripley & Co.,
Inc. in account with Smith, Barney & Co., R. H. Moulton <fc Co., B. J.
Van Ingen & Co., Inc., Illinois Co. of Chicago, Milwaukee Co., Eldredge
& Co. and Stern Bros. & Co. and others, agreed to pay 100.011 for $955,000
4s, $3,590,000 2Ks, $2,894,000 3s and $985,000 2Kb, a basis of about
2.782%.
Final tender of 100.021 for $1,035,000 4s, $2,360,000 3 Kb and
$5,029,000 2Kb, or a cost basis of 2.797%, came from a group composed of
Lazard Freres & Co., Hallgarten & Co., E. H. Rollins & Sons, Inc., East¬
man, Dillon & Co., White, Weld & Co., A. G. Becker & Co., Field,
Richards & Co., C. F. Childs Sc Co. and Newton. Abbe & Co. and associates.
FOR PAYMENT—Donald
Slutz,
Controller, announces that an aggregate of $8,424,781 of refunding
will be redeemed on various dates ranging from Feb. 1 to May 15,
The issues called comprise
Citv
bonds
1941.
school, sewer, public lighting, grade separation
May 1, 1948 to May 15, 1963.
and other refunding bonds, due
SCHOOL DISTRICT (P. O. Highland Park),
Mich,—TENDERS WANTED—C. S. Reilley, District Secretary, will
receive sealed tenders of outstanding bonds up to 7 30 p. m. on Dec. 10.
Offerings should be firm for three days and should state bond numbers,
date of issue, maturity date, interest rate, price at which offered and rate of
interest yield to maturity.
Approximately $50,000 is available in the
sinking fund for investment.
HIGHLAND PARK
MICHIGAN (State of)—NO REFUNDING
NECESSARY BEFORE 1944
—Philip T. Bennett, Deputy State Treasurer, in reporting Nov, 19 on the
assets available in the State sinking fund for the payment of maturing in¬
debtedness, stated that no refunding of maturities will have to be resorted to
prior to 1944.
The statement follows:
"The State has falling due in 1941,
$25,000,000 of soldiers' bonus bonds
that were issued in 1921 and carry interest coupons of 5K %
also has due in 1941, $10,050,000 of highway improvement
1921 with interest coupons of 5% and 5 K%,
and 5K%, and
bonds issued in
making a total of maturities in
1941 of $30,050,000. Of the bonds falling due next year, the State already
holds in its sinking funds $2,398,000 of the 5 K % soldiers' bonus bonds and
$1,770,000 of tne 5K% soldiers' bonus bonds which leaves a balance to be
redeemed next year of $20,832,000.
Of the highway improvement bonds
falling due in 1941, the State already owns $1,799,000, leaving a balance
to be redeemed next year of $8,251,000.
The State already owns $30,300,000 Home Owners Loan Corporation 234% bonds which are immediately
of Michigan and the citizens in general should be gratified
have gone through the depres¬
to learn that the State's sinking fund assets
sion of 1929, the bank holiday of 1933 and
minimum amount of impairment.
If market
1944
as
they
are now
the recession of 1937 with a
conditions are as favorable in
the State will be in a position to issue
refunding bonds
% coupon while its sinking fund bonds are earning from
3% to 5%, with the result that the refunding will be a profitable venture
at not to exceed a 1
for the State."
PARIS TOWNSHIP (P. O. R. R. No. 6, Grand Rapids), Mich.—
ISSUE DETAILS—The $14,000 special assessment sewer bonds
BOND
sold last October to the Old Kent Bank
of Grand Rapids—V. 151, p. 2227—
bear 4% interest.
MINNESOTA
(P. O. Chatfield, R. F. D.), Minn.—BOND OFFERING—
Sealed and open bids will be received by W. S. Dempsey, Town Clerk,
until Dec. 9, at 1 p.m., for the purchase of $10,000 road and bridge bonds.
Dated Dec. 1, 1940.
Denominations $1,060 and $500.
Due Jan. 1, as
follows: $500 in 1943 to 1950, and $1,000 in 1951 to 1956.
Rate of interest
to be designated by the purchaser.
The bonds will be made payable at any
suitable bank or trust company designated by the purchaser.
The printed
bonds and approving legal opinion of Fletcher, Dorsey, Barker, Colman &
Barber, of Minneapolis, will be furnished
A certified check for $500,
payable to the Town Treasurer, is required.
ELMIRA
owned
bunds
SALE— The
FUND
Minn.—SINKING
certificates held and
fund of the city aggregating
and
by the Water and Light Department sinking
$46,500, offered for sale on Nov. 18—V. 151,
p. 2979—were awarded at public auction to the Wells-Dickey Co. of Minne¬
apolis, and Mairs-Shaughnessy & Co. of St. Paul, jointly, paying a price of
108.26.
Bonds and certificates are described as follows:
City of Moorhead
Improvement—
BondNos.
Amount
Int. Rate
Paving impr. No. 2
133&135
$2,000.00
5K%
(Payable at First National Bank & Trust Co., Minneapolis,
Paving impr. No 6
142-43-44
$3,000.00
534%
Due
June 1, 1942
Minn.)
July 1, 1941
July 1, 1942
1
45
1,000.00
534 %
(Payable at Minnesota Loan & Trust Co., Minneapolis, Minn.)
I
30
31-32
$1,000.00
2.000.00
454 %
4K%
33 34
f
j
Paving Impr. No. 9
2,000.00
4 K%
(Payable a,t First National Bank & Trust Co., Minneapolis,
\
\
Paving Impr. No. 10
$2,000.00
29-30
1,000.00
32
4%%
4K%
I33&35
2,000.00
4^%
(Payable at First National Bank & Trust Co., Minneapolis,
Paving Impr. No. 24
66-70
$2,500.00
2%%
(Pavable at Northwestern Bank & Trust Co., Minneapolis,
1-6
$3,000.00
3%
7-12
3,000.00
Sewer bonds (District 20)
3%
13-18
3,000,00
3%
19-24
3,000.00
3%
(Payable at First National Bank, Moorhead, Minn.)
,
June 1, 1942
June 1, 1943
June 1, 1944
Minn.)
June 1, 1941
June 1 1942
June 1, 1943
Minn.)
Nov. 1,1951
Minn.)
July 1, 1941
July 1, 1942
July 1, 1943
July 1, 1944
135
Nov. 1, 1941
136
137
Nov. 1, 1942
Nov. 1, 1943
$1,000.00
1,000.00
1,000.00
138
1,000.00
139
1,000.00
140
1,000.00
141
1,000.00
Sewage Disposal Plant
142
1,000.00
143
1,000.00
144
1,000.00
145
1,000.00
146
1,000.00
147-148
2,000.00
149-150
2,000.00
(Payable at First National Bank, Moorhead, Minn.)
Nov. 1, 1944
Nov. 1, 1945
Nov. 1, 1946
Nov. 1, 1947
„
RAMSEY
COUNTY
(P.
O.
Paul).
St.
1948
Nov. 1,
Nov. 1, 1949
Nov. 1, 1950
Nov. 1, 1951
Nov. 1. 1952
1953
Nov. 1,
Nov. 1, 1954
Minn.—LIST
OF
BIDS—
official tabulation of the bids received for the $261,000
public welfare, series S, bonds awarded on Nov. 14 to the
Harris Trust & Savings Bank of Chicago, as noted here—V. 151, p. 2979:
The following is an
semi-annual
to
BONDS CALLED
dollars during
the State will
$5,000,000.
"At the present time the State holds in its sinking funds defaulted bonds
totaling less than $50,000.
With the exception of this small amount all of
the sinking fund bonds are on a current basis but some of them cannot be
liquidated at par. However, the market value of theso bonds is increasing
so rapidly many of them
will reach a par basis before it is necessary to
have to refund less than
MOORHEAD,
$318,000 municipal relief bonds.
Due Oct. 1, as follows: $32,000 from 1941
to 1948 incl. and $31,000 in 1949 and 1950.
35,000 water bonds.
Due $7,000 on Oct. 1 from 1941 to 1945 incl.
150,000 water bonds.
Due $15,000 on Oct. 1 from 1941 to 1950 incl.
23,000 municipal relief bonds.
Due Oct. 1 as follows: $3,000 from 1941
to 1943 incl. and $2,000 from 1944 to 1950 incl.
$8,424,781
its
in a small amount of refunding.
0.189%
STONEHAM, Mass.—NOTE SALE— The Merchants National Bank of
was
not
..
.
,
0.129%
NEWBURYPORT, Mass.—NOTE SALE—The issue of $90,000 revenue
anticipation notes of 1940 offered Nov. 26 was awarded to the First &
Ocean National Bank of Newburyport, at 0.12% discount.
Dated Nov. 26,
1940 and due Nov. 5, 1941.
Tyler & Co. of Boston, second high bidder,
named
into 1943 and to state definitely it will
State to resort to any refunding in order to meet
"It is now possible to see ahead
be necessary for the
maturities up to and including that year.
"In 1944 the State may have to engage
bids:
Boston
available to use for the redemp¬
tion of the State's 1941 maturities. The present market value of these bonds
which are guaranteed by the Federal Government is in excess of $31,400 000.
It Is absolutely impossible to predict at this time the exact amount because
the market value of the Michigan municipal bonds held In the State's sinking
MASSACHUSETTS
ATTLEBORO,
3275
Financial Chronicle
Interest
IK%
Bidder—
*
Harris Trust & Savings Bank, Chicago
Prem.
$755,00
First National Bank of Chicago, Northern Trust
Co., and First of Michigan Corp
Phelps, Fenn & Co. and Wells-Dickey Co
Shields & Co.; Kalman & Co., and associates—
Harriman Ripley & Co. Inc., Chicago, HI.; Mer¬
cantile-Commerce
Bank
& Trust Co.,
St.
Louis, Mo., and Juran, Moody & Rice, St.
Paul, Minn.
Lazard Freres & Co. and Allison-Williams Co—
369.00
345.00
221.85
1^%
IK%
lK%
105.00
1K %
2,965.00
1 K%
and
VA%
2,787.48
1 K%
Halsey, Stuart & Co., Inc
Mairs
Shaughnessy
& Co.
2,375.10
Stranahan,
Harris & Co
♦Successful bid.
ROTHSAY, Minn.—BONDS SOLD—The Village Recorder states
$16,000 3 % seml-ann. water system bonds approved by the voters last
have been purchased by a local bank.
ST. PAUL, Minn.—BOND SALE—The
tha1
May,
$99,000 Issue of public welfare
bonds offered for sale on Nov. 26—V. 151, p. 3118—was awarded to Stern
Bros. & Co. of Kansas City, as 1Kb, paying a premium of $280.17, equal
to 100.283, a basis of about 1.20%.
Dated Nov. 1, 1940,
Due on Nov. 1
in
1941
The
to
1950. incl.
following is
official tabulation of the bids received:
an
Name of Bidder—
Stern Brothers & Co., Kansas
Int. Rate
1.25%
1.25%
City, Mo
Harris Trust & Savings Bank, Chicago,
111
1.25%
Halsey, Stuart & Co., Chicago, 111
The First National Bank, Chicago,
Ripley &
Co.,
III
Inc., and Juran,
78.21
62.00
1.30%
1.30%
111
Northern Trust Co., Chicago,
Harriman
& Rice
Premium
*$280.17
139.00
87.13
Moody
^
„
1.30%
19.80
Mairs, Shaughnessy & Co. and City National Bank
& Trusted
1
1.50%
1.010-00
1-50%
1.50%
§°M2
763.00
Paine, Webber & Co., Chicago, 111
Wells, Dickey & Co. and Phelps, Fenn. & Co
♦
Successful bidder.
WILLMAR, Minrx.—CERTIFICATE OFFERING— Sealed
received until 7 p. m. on Dec. 23, by Einar H. Brogren,
purchase of the following
aggregating $10,120:
bids will be
City Clerk, for the
3% semi-annual certificates of
indebtedness,
$5,120 curbing certificates.
Due $1,280 on Dec. 15 in 1941 to 1944.
5,000 sewer and water main extensions certificates.
Due $1,000 from
Dec 15
1941 to 1945.
Dated Dec. 15, 1940.
Bids must state in a lump sum the amount of
premium offered, if any, but no bids will be accepted for less than par and
accrued interest.
A certified check for $100, payable to the City Treasurer,
must accompany the bid.
The Commercial & Financial Chronicle
3276
BILOXI, Miss.—BOND VALIDATION SOUGHT—This city has filed
petition in Chancery Court at GuJfport to validate $30,000 in refunding
bonds to redeem an issue dated as of June, 1934.
The refunding obligations
will carry a
rate.
Hearing will be held before Chancellor D. M.
Russell on Dec. 2.
EDWARDS SCHOOL DSTRICT (P. O. Edwards), Miss.—BONDS
SOLD—The District Secretary states that $10,000 gymnasium and com¬
munity center bonds approved by the voters last May, have been sold as
2Mb. at a price of 100.25.
GREENVILLE, Miss .—BONDS SOLD—The City Clerk states that
$30,000 airport bonds authorized recently by the city, were sold on Nov.
19 to an undisclosed investor.
LINCOLN
COUNTY
(P.
O.
Brookhaven), Miss .—BONDS SOLD—
We are informed that a block of $105,000 semi-annual refunding bonds
waspurchased as 2 lis by a syndicate composed of the Max T. Allen Co.
of Hazlehurst, Weil & Arnold of New Orleans, J. G. Hickman, Inc., of
Vicksburg, the First National Bank of Memphis and O. B. Walton & Co.
of Jackson.
Dated June 1, 1940.
Denom.
The refunding of this issue and the contemplated refunding of
the remaining callable bonds will, if completed, result in a saving to the
as
to
at the Central National Bank,
or
son,
Wood & Hoffman of New York.
legality by Charles & Trauernicht, of St. Louis.
refunding, series B, coupon bonds.
Interest rate is not to exceed 4H%,
payable J-J. Dated Jan. 1, 1941.
Denom. $1,000.
Due Jan. 1, as follows:
$425,000 In 1943, $430,000 in 1944, $415,000 in 1945. $430,000 in 1946,
$440,000 in 1947, $465,000 in 1948 and 1949, $495,000 in 1950, $510,000 in
1951, $515,000 in 1952, $535,000 in 1953, $545,000 in 1954. $555,000 in
1955, $570,000 In 1956, $580,000 in 1957, $605,000 in 1958, $620,000 in
1959, $705,000 In I960, and $695,000 in 1961.
Proposals will be received
on bonds bearing such rate or rates of interest as may be
specified by the
bidders, subject to the following conditions: Not more than three different
interest rates shall be specified in any bid, and no interest rate on any of
the bonds shall exceed 4 H% Per annum.
No bond shall bear more than
one rate of interest for the entire life of such bond.. Each interest rate
specified shall be an even multiple of U of 1%.
No bid of less than $1,067.50 for each $1,000 bond, plus accrued interest will be considered. Prinand int. payable at the Commerce Trust Co., Kansas City, in legal tender.
The bonds are registerable as to principal only.
The bonds are being issued for the purpose of refunding, in whole or in
part, $10,000,000. principal amount, of an issue of $11,000,000, principal
amount, of water works bonds, Fourth Issue of the City, dated July 1,1922,
becoming due July 1, 1942, bearing interest at the rate of 4 H % per annum,
none of the bonds by its terms being subject to call and
redemption prior to
Its maturity on July 1, 1942,
All of the bonds dated July 1, 1922. were
duly authorized by the vote of more than two-thirds of the qualified voters
of the city voting on the proposition at a bond election held in the city
on April 4, 1922.
The water works refunding bonds. Series B, to be dated
Jan. 1, 1941, will constitute general obligations of the city, payable as to
both principal and interest from ad valorem taxes which may be levied
without limit as to rate or amount upon all taxable property within the
territorial limits of the city.
Lithographed bonds, properly executed, will be furnished by the city
without cost to the purchaser, and the bonds will be sold subject to the
legal opinion of Bowersock. Fizzell & Rhodes of Kansas City, whose final
unqualified approving opinion will be furnished and paid for by the city
and delivered to the purchaser as and when any refunding bonds are de¬
livered.
The refunoing bonds will be ready for delivery to the purchaser in Kansas
City on or about Jan. 2, 1941, but such bonds will be delivered from time
to time, on that date or thereafter, only as and when an equal
principal
amount of the bonds being refunded, dated July 1, 1922, becoming due
July 1, 1942, are presented, paid and canceled as provided.
If, prior to the expiration of any period during which the successful
bidder and the city shall be obligated, Congress shall enact legislation and
the same shall become effective making or purporting to make taxable the
interest on any Kansas City water works refunding bonds not yet issued
and delivered, the successful bidder shall have the
right and option of
terminating the agreement as of the date on which the successful bidder
shall give the city written notice of such termination.
► Bids shall be accompanied
by a cashier's or certified check on a bank or
trust company doing business in Kansas
City, payable to the order of the
Director of Finance, in the sum of $100,000.
All bids must be made on
forms which may be procured from the above Director and no additions or
alterations in such forms shall be made.
The three best bids
issue will be reported to the City Council
on
the bond
following the opening and con¬
of the bids, with a recommendation as to the best bid.
The
checks of the other bidders will be returned at once.
The Council will make
as to whether or not
any of such bids shall be accepted
not later than 24 hours after the time hereinbefore
sideration
its determination
specified for the opening
_____
^ELLSTON~SEWER~DISTRICT~(P.~ 0~ Clayto^ Mo.—BOND
ELECTION—An election is reported to have been scheduled for Dec. 3
In order to have the voters pass on the Issuance of
$500,000 in sewer purpose
bonds.
MONTANA
Mont.—BONDS
special improvement bonds
were
SOLD—It
is
reported
that
$6,000
sold recently to two local purchasers.
IB
CASCADE COUNTY SCHOOL DISTRICT NO. 35
(P. O. Neihart),
M°nt-~~BONDS OFFERED—Sealed bids were received until 7.30 p.m. on
Nov. 29, by Isabell Lunsford, District
Clerk, for the purchase of $2,650
not to exceed 6% semi-annual school bonds.
Dated Dec. 1, 1940.
GALLATIN
Pin
nn
,
AND
'
BROADWATER
2
COUNTIES
JOINT
SCHOOL
Three Forks), Mont.—BOND SALE—The
$13,500 semi-annual refunding bonds offered for sale on Nov. 25—V. 151,
2827—were purchased by the State Board of Land Commissioners as
3s, at par, according to the District Clerk.
p.
MINERAL COUNTY (P. O.
Superior) Mont.—BONDS VOTED—It is
that $30,000 hospital bonds were approved
by the voters at the
general election held Nov. 5.
stated
NEBRASKA
CONSUMERS
PUBLIC
POWER
DISTRICT
(P.
O.
Columbus),
Neb.—BONDS OFFERED TO PUBLIC—A syndicate
composed of John
Nuveen & Co., of Chicago, Stranahan, Harris & Co., Inc. of Toledo, A. C.
Allyn & Co., Ballman & Main, both of Chicago, the Wachob-Bender Corp.,
Schweser, both of Lincoln, is offering $675,000 3% semielectric revenue (Elkhorn Valley Division), bonds at prices to
yield
from 1 25% to 3.10%, according to maturity.
Denom. $1,000.
Dated
Nov. 15, 1940.
Due Nov. 15, as follows: $18,000 in 1941, $19,000 in 1942
$20,000 in 1943 and 1944, $21,000 in 1945 and 1946, $22,000 in 1947,
$23,000 in 1948 and 1949, $24,000 in 1950, $25,000 in 1951, $26,000 in 1952
and 1953, $27,000 in 1954. $28,000 in 1955, $29,000 in 1956, $30,000 in
1957, $31,000 in 1958, $32,000 in 1959 and 1960, $33,000 in 1961, $34,000
in 1962, $36,000 in 1963, $37,000 in 1964. and $38,000 in 1965, callable on
and after Nov. 15, 1943, as a whole at any time, or in part by lot, in ap¬
and Steinauer &
ann.
rejected by the voters on
Nov. 19.
FREMONT, Neb.—BONDS SOLD—It is reported that $37,500 aviation
Nov. 5 have been purchased by the
field bonds approved by the voters on
Kirkpatrick-Pettis Co. of Omaha.
GORDON, Neb.—BONDS AUTHORIZED—The City Council is said
the issuance of $25,000 city hall
to have adopted an ordinance authorizing
and auditorium bonds.
the $20,000
were
Neb.—BONDS SOLD—The City Attoepey states that
4% semi-ann. auditorium bonds offered for sale on Nov. 26,
awarded
Corp. of Omaha.
to the Wachob-Bender
o
LAUREL, Neb.—BONDS AUTHORIZED—The Village Council is said
to have adopted an ordinance providing for the issuance of $29,000 2%%
semi-ann. refunding bonds.
^
NEW
COUNTY
COOS
HAMPSHIRE
Berlin). N. H.—NOTE OFFERING—Sealed
(P. O.
bids addressed to the Fiscal Agent will be received until 11 a. m. on Dec. 30
for the purchase of $570,000 1^% funding bonds, to mature serially from
1941 to 1950 incl.
considered.
No bids for less than par and accrued interest will be
-
JERSEY
NEW
ASBURY PARK, N. J .—TENDERS WANTED—The Asbury Park
and
Ocean Grove Bank and the Hudson County National Bank of Jersey City,
fiscal agents for the city, announce that they will receive sealed tenders
St., Asbury Park, until 11
a. m. on
Dec. 16, of 4% refunding
and accrued interest.
Call for tenders is made pursuant to provisions
of Article VI, Section 7, of the plan pursuant to which the city refunded its
indebtedness.
City has available about $150,000 for the purchase of bonds.
par
KANSAS CITY, Mo.—BOND OFFERING—We are informed by Horace
R. McMorris, Director of Finance, that he will receive sealed bids until
ANACONDA,
was
bonds, dated Dec. 1, 1937, and due Dec. 1, 1966, at a price not exceeding
2 P. m. on Dec. 2, for the purchase of a $10,000,000 issue of water works
.
bonds
purchase and building construction
at 308 Main
bids^
Waterloo)
DOUGLAS COUNTY SCHOOL DISTRICT NO. 11 (P. O.
as
MISSOURI
of
Columbus.
Neb.—BONDS DEFEATED—It is stated that the issuance of $25,000 site
city of approximately $185,000 in interest charges over the life of the bonds.
In the opinion of counsel, the bonds are general obligations of the city,
payable from unlimited ad valorem taxes.
The bonds are offered subject
to the validation of the Pike County Chancery Court, and will be approved
before Nov. 15, 1965.
& Trust Co., Chicago,
Legality approved by Thom¬
before Nov. 15, 1961, and thereafter at 100.00 on or
Prin. and int. payable at the American National Bank
HUMBOLDT,
$1,000.
Due June 1, as follows: $13,000 in 1941, $9,000 in 1942, $15,000 in
1943, $10,000 in 1944, $14,000 in 1945, $10,000 in 1946, $16,000 in 1947,
$12,000 in 1948, $17,000 in 1949, $13,000 in 1950, $19,000 in 1951, $15,000
in 1952, $21,000 in 1953, $16,000 in 1954, $21,000 in 1955, $17,000 in
1956, $23,000 in 1957, $19,000 in 1958, $30,000 in 1959, $22,000 in I960
and 1961 and $21,000 in 1962.
Prin. and int. payable at the Whitney
National Bank, of New Orleans.
The bonds are issued to refund a like
amount of 5% bonds in accordance with the optional provision retained by
the city.
1940
payment date on 30 days' notice, at 103.00, on or before Nov. 15, 1946:
thereafter at 102.50 on or before Nov. 15, 1949: thereafter at 102.00 on or
before Nov. 15, 1952; thereafter at 101.50, on or before Nov. 15, 1955;
thereafter at 101.00 on or before Nov. 15, 1958; thereafter at 100.50, on or
<'■•'
McCOMB, Miss.—BONDS OFFERED FOR INVESTMENT—A $375,000
issue of 4% semi-ann. refunding, series B bonds is being offered by Weil &
Arnold or New Orleans, for general subscription at prices to yield from
1.25% to 3.50%, according to maturity.
30,
proximately equal percentages of each maturity outstanding, on any interes t
MISSISSIPPI
a
Nov.
CAMDEN, N. J.—BOND OFFERING—Clay W. Reesman, City Clerk,
receive sealed bids until 2:30 p. m. on Dec. 12 for the purchase of
will
$500,000 not to exceed 6% interest coupon or registered series A refunding
bonds.
Dated Nov. 1, 1940.
Denom. $1,000.
Due Nov. 1 as follows;
$10,000 in 1950; $25,000, 1951 and 1952; $40,000, 1953 and 1954: $55,000,
1955; $65,000 in 1956 and 1957; $80,000 in 1958 and $95,000 in 1959. Bidder
to name a single rate of interest, expressed in a multiple of Y\ of 1 %.
Prin.
and int. (M-N) payable at the First Camden National Bank & Trust Co.,
Camden, or at the Guaranty Trust Co., New York City. The sum required
to be obtained at the sale of the bonds is $500,000. The bonds are unlimited
tax obligations of the city and the approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
bidder. A certified check for 2% of the bonds offered, payable to order of
the city, is required.
FORT LEE, N. J .—ORDERS PAYMENT OF INTEREST ON
FUND¬
ING WARRANTS—At
a regular meeting of the Board of Liquidation for the
borough held on Nov. 20, the payment of a full year's interest on the interest
funding warrants of the borough was approved.
This distribution, repre¬
senting 2% of the face value of the $1,327,000 warrants outstanding, will be
made on Dec. 2 to all holders of record as of Nov. 30, 1940.
On June
1, 1940, a payment of 1%, covering six months' interest, was
This, together with the present distribution, constitutes full interest
their date of issue, June 1, 1939,
made.
on
the interest funding warrants from
to date.
■
:
..
HA WORTH,
N. J .—BOND OFFERING—Walter L. Lewis, Borough
Clerk, will receive sealed bids until 8:30 p. m. on Dec. 10 for the purchase
of $70,000 not to exceed 6% interest coupon or registered funding bonds.
Dated Dec. 1, 1940.
Denom. $1,000.
Due Dec. 1 as follows: $6,000
from 1941 to 1945, incl., and $8,000 from 1946 to 1950, ircl.
Bidder to
name a single rate of interest, expressed in a multiple of % of 1 %.
Bonds
will be redeemable at Borough's option, in inverse numerical order, on any
interest payment date.
Principal and interest (J-D) payable at the Closter
National Bank, Closter.
The sum required to be obtained at sale of the
bonds is $70,000.
The bonds are unlimited tax obligations of the Borough
and the approving legal opinion of Hawkins, Delafield & Longfellow of
New York City will be furnished the successful bidder.
A certified check
for 2% of the bonds offered, payable to order of the Borough, is required.
JERSEY
CITY,
N.
J .—PROPOSES
"INTERNAL"
REFUNDING
PLAN—The New Jersey Local Government Board was requested by city
on Nov. 25 to approve an "internal" refunding plan involving about
officials
$8,000,000.
According to Board Chairman George C. Skillman, the city's
sinking fund would handle the exchange of new bonds for old and the trans¬
action would not involve any new money.
The plan, according to report,
is designed to place the city's debt service on a more orderly scale, thereby
levelling off tax rates.
The State Board reserved decision on the application
pending further conferences on the proposal with municipal officials.
LITTLE
FERRY,
N.
J.—PLANS
DEBT
REFUNDING—Borough
Council has authorized Auditor Allan S. McBride to proceed with a $248,000
refinancing program.
Consummation is subject to previous review and
approval by the State Funding Commission. ;
;
;
PALISADES
PARK,
N.
J .—BOND OFFERING—Mary E.
McGee
Borough Clerk, will receive sealed bids until 8 p. m. on Dec. 10 for the
purchase of $58,000 not to exceed 4% interest coupon or registered refund¬
ing bonds of 1940.
Dated Dec. 1, 1940.
Denom. $1,000.
Due Dec. 1
as follows: $6,000 in 1941; $8,000, 1942; $4,000 from 1943 to 1948 incl. and
$5,000 from 1949 to 1952 incl.
Callable on any interest date at par and
accrued interest.
Bidder to name a single rate of interest, expressed in a
multiple of H of 1%.
Prin. and int. (J-D) payable at the National Bank
of Palisades Park.
The sum required to be obtained at sale of the bonds Is
$58,000.
The bonds are part of a total issue of $260,000 authorized pur¬
suant to the Local Bond Law of New Jersey.
They are unlimited tax
obligations of the borough and the approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
bidder.
A certified check for 2% of the bonds offered, payable to order of
the borough, is required.
PASSAIC, N. J.—BOND SALE—The $20,000 coupon
distribution
bonds
offered
Nov.
or registered water
151, p. 2828—were awarded to
2s, at par plus a premium of $162.99,
26—V.
Minsch, Monell & Co. of New York,
as
Dated Nov. 1, 1940, and due
equal to 100.81, a basis of about 1.91%.
$1,000 on Nov. 1 from 1941 to 1960, incl.
Other bids:
Rate Bid
Int. Rate
Bidder—
H. B. Boland & Co
——
M. M. Freeman & Co
;
100.14
Par
2%
2%%
(P. O. Merchantville), N. J.—BOND
Township Treasurer, will receive sealed
purchase of $30,000 3H% coupon or
registered relief bonds of 1940.
Dated Dec. 1, 1940.
DeDom. $1,000.
Due $6,000 on June 1 from 1941 to 1945. incl.
Principal and interest
(J-D) payable at the Pennsauken Township National Bank, North Mer¬
chantville.
The bonds have been authorized pursuant to Chapter 332 of
Laws of New Jersey of 1939, and will be general obligations of the township,
payable from unlimited ad valorem taxes.
A certified check for 2% of the
account of bonds offered, payable to order of the Township Treasurer, is
required. Legal opinion of Caldwell & Raymond of New York City will
be furnished the successful bidder.
Bonds will be delivered to the pur¬
PENNSAUKEN
OFFERING—W.
TOWNSHIP
Leslie
Rogers,
bids until 8 p. m. on Dec. 9 for the
chaser
on
or
SADDLE
POSED
about Dec. 19.
RIVER
TOWNSHIP
REFUNDING
(P. O.
ISSUE—An
Saddle River), N. J.—PRO¬
ordinance
authorizing
an
issue
of
4H% general refunding and funding bonds will receive final
reading on Dec. 2, according to Joseph Gardiner, Township Clerk.
Dated
Dec. 1, 1940.
Denom. $1,000.
Due Dec. 1 as follows: $1,000 in 1949;
$6,000, 1950; $10,000, 1951; $21,000, 1952; $27,000 in 1953 and $37,000
$102,000
in 1954.
3277
The Commercial & Financial Chronicb
Volume 151
All of the notes
dated Nov.
are
15, 1940 and mature May 15, 1941.
The
a rate of 0.134% and the National
First National Bank of New York bid
Municipal Bands
City Bank of New York specified 0.14%, plus $20 premium.
Government Bands
-
ROTTERDAM (P. O. Vinewood Ave., R. D. 5,
—BOND
Housing Authority Bonds
Tilney & Company
76 BEAVER STREET
SALE—The $30,000 coupon or registered
Other bids:
NEW YORK, N. Y.
Bidder—
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
E. H. Rollins & Sons,
R. D. White & Co_
ACCORD
DISTRICT
FIRE
(P.
O. Accord),
Rochester, N.
Y.—
Dated Dec. 2, 1940.
Denom. $877.
Due $877 on March 1 from
1941 to 1945 incl.
The bonds are unlimited tax obligations of the district
at par.
and prin. and int.
(M-S) will be payable at the District Treasurer's office.
EASTCHESTER, N. Y.—TOWN TO REFUND MATURING BONDS—
Harry D. Yates, Deputy State Comptroller, informs us that the Depart¬
ment of Audit and Control has approved the town's application to refund
$170,000 bmds maturing in the fiscal year starting Jan. 1, 1941.
The re¬
funding bonds of 1941 will be dated Dec. 1, 1940, and mature Dec. 1 as
follows: $20,000 from 1943 to 1948, incl., and $25,000 in 1949 and 1950.
HARTFORD, ARGYLE, GRANVILLE, HEBRON, and FORT ANN
_
CENTRAL
BOND
to C.
SCHOOL
NO.
DISTRICT
1
(P.
O.
Hartford),
N.
Y.—
20
LONG
—
100.152
100.09
IH%
1.70%
,1.80%
,
100.33
100.17
SYRACUSE, N. Y.—NOTE SALE—The $375,000 notes offered Nov. 22
were awarded to the Bank of the Manhattan Co., New York, at 0.12%
interest, plus a premium of $5.
Dated Nov. 25, 1940, and due May 26,
1941.
Legal opinion
of Caldwell & Raymond of New York City.
Other bids:
;
;%:V
Bidder—
Int. Rate
Premium
Chase National Bank of New York
0.13%
$23
National City Bank of New York
—
0.17%
17
Syracuse Savings Bank
——
—
0.25%
„
.
SIDNEY, N. Y.—BOND OFFERING—Harold R. Hoyt, Village Clerk;
Dec. 3 for the purchase of $27,500
6% interest coupon or registered bonds, divided as follows:
will receive sealed bids until 2 p. m. on
not to exceed
$20,000 water system
from
2.40s.
1941
to
bonds.
BEACH, N. Y.—BOND SALE— The $408,000 coupon or regis¬
Due $1,000 on Dec. 1
Denom. $1,000.
1960, inclusive.
>
Due $1,500 on Dec. 1 from 1941
7,500 paving bonds.
Denom. $500.
to 1945, inclusive.
Dec. 1, 1940.
Bidder to name a single
expressed In a multiple of )4 or 1-10th of 1%.
Principal
All of the bonds will be dated
tered
judgment funding bonds offered Nov. 26—V. 151, p. 3119—were sold
2s, at par, to the New York Trust Co. of New York, the only bidder.
Dated Dec. 1, 1940 and due Jan. 15 as follows: $170,000 in 1941 and 1942
100.015
100.205
114%
George B. Gibbons & Co., Inc.
C. F. Childs & Co. and Sherwood & Co..
SALE—An issue of $7,500 school bonds was awarded on Nov.
E. Weinig, White & Co. of Buffalo, as
_
1.40%
1^%
— »
Bacon, Stevenson & Co
H. L. Allen & Co_„
BOND SALE—The $4,385 fire apparatus of 1940 bonds offered Nov. 27
were awarded to the Kerhonkson National Bank of Kerhonkson, as 2Hs,
100.23
100.105
1.40%
Inc
Halsey, Stuart & Co., Inc
YORK
Rate Bid
Int. Rate
1.40%
*
Marine Trust Co. of Buffalo—
Bell
NEW
Schenectady), N. Y.
home relief bonds of¬
Bros. & Hutzabout 1.35%.
to 1950, incl.
fered Nov. 26—V. 151, p. 2981—were awarded to Salomon
ler of New York as 1.40s at a price of 100.27, a basis of
Dated Oct. 1, 1940, and due $3,000 on Oct. 1 from 1941
as
rate of interest,
and $68,000 in 1943.
and interest (J-D) payable at the Fisrt National Bank, Sidney, with New
York exchange.
The bonds are general obligations of the village, payable
from unlimited taxes.
LUZERNE, N.
Y.—SALE OF FOURTH LAKE
WATER DISTRICT
BONDS—The $16,000 water bonds offered Nov. 26—V. 151, .p 2980,—were
awarded to the Marine Trust Co. of Buffalo, as 2.40s, at a price of 100.41,
a
basis of about 2.37%.
Dated Nov. 1, 1940, and due Feb. 1 as follows:
$500 from 1941 to 1963, incl., and $750 from 1964 to 1969, incl.
The
Manufacturers & Traders Trust Co. of Buffalo, second high bidder, named
a
rate of
2.60%.
•
•
NASSAU COUNTY (P. O. Mineola). N. Y.—TAX RATE MAY BE
UNCHANGED—County tax rate of $9.10 a $1,000 assessed valuation will
remain unchanged in 1941 if the new budget prepared by County Executive
J. Russel Sprague and presented Nov. 27 at a public hearing in the County
Courthouse is adopted by the County Board of Supervisors.
The budget calls for total appropriations of $17,813,651, of which $10,497,967 would be raised by taxation and $7,315,684 would be obtained
through departmental income, Federal and State grants, and the sale of
bonds.
The
Board of Supervisors will act on the budget at their next
meeting
on
NEW
regular
Dec. 2.
N.
Y.—COMPTROLLER'S ANNOUNCEMENT OF
OFFERING—Comptroller Joseph D. McGoldrick has announced
that the city will sell $55,000,000 in serial bonds on Dec. 4.
The Comp¬
troller's statement is as follows: "I have determined to anticipate the city's
capital requirements for the first half of next year by another long-term
issue on Dec. 4.
The increasing national emphasis on defense makes it
important that we take this step. While our cash for capital commitments
is sufficient to carry us for some time, I believe it advisable further to
improve our cash position.
General market conditions are such that my
earlier determination not to hold a long-term bond sale until next year had
to be reconsidered In the light of new developments.
To wait until that
time in the face of present circumstances, would be contrary to the city's
best interests. I therefore propose to invite bids on a new serial issue totaling
$55,000,000. The sale will not add to the city's total of bonded debt and
contract liabilities. It will merely fund current liabilities which have already
been charged against our debt margin. The margin itself will remain at the
$89,027,469 figure it was on Oct. 31. So far as future financing is concerned,
it is pertinent to note that the capital budget proposed for 1941 is the
smallest on record since New York City adopted this procedure for per¬
manent improvements in 1938.
The following table indicates the trend:
YORK,
BOND
Capital budget for 1938
Capital budget for 1939—
Capital budget for 1940—
Proposed capital budget for 1941_
-,-.„.._$208,156,893.00
133.797.7C6.32
106,541,343.43
85,056,873.36
—
"This policy of retrenchment has
been the subject of considerable criti¬
enhance our
cism of the present city administration, but it has operated to
financial
standing and puts us in a much stronger pos.tion to meet any
emergency that may be ahead. While these figures do not take into account
the regular backlog of authorizations which had not been financed, they
reflect the sharp downward trend in new capital undertakings.
This re¬
trenchment has been carried to the point where it has already substantially
decreased
of
'
new
our
unfinanced authorizations and it will
soon
reduce the amount
bonds issued from year to year."
ONEIDA, N. Y.—BOND OFFERING—Robert H. DeWitt, City Comp¬
from 1946 to 1952 incl. Legality to be approved by
Moore of New York City.
Dillon, Vandewater &
ONONDAGA COUNTY (P. O. Syracuse), N. Y.—BOND OFFERING—
Giminski, County Treasurer, will receive sealed bids until noon on
10 for the purchase of $1,822,000 not to exceed 5% interest coupon
John F.
Dec.
or
registered bonds divided
as
follows:
1 $670,000 refunding of 1940-1941 bonds.
Due Feb. 1 as follows: $35,000
from 1944 to 1949, incl.: $160,000 in 1950 and $300,000 in 1951.
Interest F-A.
Bonds to be refunded mature in the fiscal year
starting Nov. 1, 194C.
«
1,152,000 series A general bonds (home relief) of 1940-1941.
Due Dec. 1
as follows: $97,000
in 1941; $95,000, 1942: $100,000, 1943 to
1946, incl., and $140,000 from 1947 to 1950, incl.
Int. J-D. ^
All of the bonds will be dated Dec.
1, 1940.
Denom. $1,000.
Bidder
to name a single rate of interest, expressed in a multiple of % or l-10th of
1%.
Prin. and semi-ann. int. payable at the First Trust & Deposit Co.,
Syracuse, or at the Guaranty Trust Co., N. Y. City.
A certified check for
$36,440, payable to order of the County Treasurer, is required.
The
approving legal opinion of Hawkins, Delafield & Longfellow of N. Y. City
will be furnished the successful bidder.
The bonds are unlimited tax
obligations of the county and the call for bids provides as follows:
"The enactment at any time prior to the delivery of the bonds of Fed¬
eral legislation which in terms, by the repeal or omission of exemptions or
otherwise, subjects to a Federal income tax the interest on bonds of a class
or character which includes these bonds, will, at the election of the pur¬
chaser, relieve the purchaser from his obligations under the terms of the
contract of sale and entitle the purchaser to the return of the amount de¬
posited with the bid."
PLEASANTVILLE,
Y.—BOND
N.
OFFERING—Williarcf T .^Guion,
Village Clerk, will receive sealed bids until 10 a. m. on Dec. 4 for the pur¬
chase of $16,000 not to exceed 6% interest coupon or registered general
bonds.
Dated Dec. 1, 1940.
Denom. $500
Due Dec. 1 as follows:
$3,500 from 1941 to 1943, incl.: $4,500 in 1944 and $1,000 in 1945.
Bidder
to name a single rate of interest, expressed in a multiple of M or l-10th
of 1%.
Prin. and int. (J-D) payable at the First National Bank of Pleasantville with New York exchange.
The bonds are general obligations
of the village, payable from unlimited taxes.
A certified check for $320,
payable to order of the village, must accompany each proposal.
Legal
opinion of Dillon, Vandewater & Moore of N. Y. City, will be furnished
the successful bidder.
ROCHESTER,
N.
Y.—NOTE
SALE—The
$617,000
notes
offered
Manhattan Co. of New York
of $21.
Total embraced, $270,000
Nov. 26 were awarded to the Bank of the
at
0.12%
interest
plus a
premium
public welfare notes, $300,000 public works
p.
'.V
"
Bidder—
Blair & Co., Inc., and George
Inc
'
B. Gibbons & Co.,
--
-
E. H. Rollins & Sons, Inc—
Kenmore
Manufacturers & Traders Trust Co. of Buffalo.. .
H. L. Allen & Co..
......
State Bank,
Int. Rate
'
1/4%
1^%
1M%
1.60%
1.60%
Rate Bid
100.21
100.098
100-023
100.139
100.07
UTICA, N. Y.—CERTIFICATE SALE—The $450,000 tax anticipation
offered Nov. 27—V. 151, p. 3120—were awarded
the First National Bank of New York, at 0.134% interest.
Dated
Nov. 28, 1940, and due Nov. 28, 1941.
Barr Bros. & Co. of New York,
second high bidder, named a rate of 0.149%.
certificates of indebtedness
to
WARWICK, N. Y.—BOND OFFERING—John M. Deming. Jr., Village
until 7:30 p. m. on Dec. 2 for the purchase of
Dec. $1,300 on Jan. 1 from 1942 to 1946 incl,
Clerk, will receive sealed bids
$6,500 parking lot bonds.
COMMON SCHOOL DISTRICT NO. 5 (P. O.)
Y.—BOND OFFERING—Christina Walton, District
bids until 3 p. m. on Dec. 5 for the purchase of
5% interest coupon or registered school bonds.
Dated Dec. 15, 1940.
One bond for $520, others $1,000 each.
Due
Dec. 15 as follows: $3,520 in 1941 and $4,000 from 1942 to 1970, incl.
Bidder to name a single rate of interest, expressed in a multiple of % or
1-10th of 1%.
Prin. and Int. (J-D) payable at the Marine Trust Co.,
Buffalo, with New York exchange.
The bonds are unlimited tax obliga¬
tions of the district and the approving legal opinion of Dillon, Vandewater
& Moore of N. Y. City will be furnished the successful bidder.
A certified
check for $2,390, payable to order of the District Treasurer, is required.
WEST
SENECA
Lackawanna),
N.
Clerk, will receive sealed
$119,520 not to exceed
north
carolina
MADISON, N. C.—BOND SALE— The $74,000 coupon semi-annual
refunding bonds offered for sale on Nov. 26—V. 151, p. 3120—were awarded
jointly to the Wachovia Bank & Trust Co. of Winston~8alem, and Lewis &
Hall of Greensboro, paying a premium of $6, equal to 100.008, a net inter¬
est cost of about 3.74%, on the bonds divided as follows:
$6,000 as 3Ks,
due $3,000 on Dec. 1 in 1946 and 1947; the remaining;^$68,000 as 3due
on Dec. 1, $3,000 in 1948 and 1949; $4,000, 1950 to 1956; $5,000, 1957,to
1960, and $7,000 in 1961 and 1962.1
OFFERING—Sealed bids will be re¬
by W. E. Easterling, Secretary of
his office in Raleigh, for the pur¬
chase of $20,000 incineration plant bonds, dated Oct. 1, 1940, maturing
annually on Oct. 1 $2,000 1941 to 1950, incl., without option of prior pay¬
ment.
There will be no auction.
Denom. $1,000; coupon bonds registerable as to both principal and interest; principal and interest (A-O)
payable in lawful money in New York City; general obligations; unlimited
tax; delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of H of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder otfering to purchase the bonds at the lowest interest
cost to the city, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and accrued
ROCKY MOUNT, N. C.—BOND
ceived until 11 a. m. (EST), on Dec. 3,
the Local Government Commission, at
troller, will receive sealed bids until 3 p. m. on Dec. 17 for the purchase of
$70,000 refunding water bonds. Dated Dec. 1,1940. Due $10,000 on Jan. 1
f
(P. O. Kenmore), N. Y.—BOND SALE—The ten
aggregating $107,228.12, and described in detail In V. 151,
3120, coincident with report of the call for sealed bids on Nov. 26, were
awarded to the Marine Trust Co. of Buffalo and R. D. White & Co. of
New York, jointly, as 1.40s, at par plus a premium of $222.25, equal to
100.207, a basis of about 1.34%.
All of the bonds bear date of Dec. 1,
1940 and mature serially from 1941 to 1950, incl.
Other bids:
TONAWANDA
issues of bonds
—
-
—
A certified check for $550, payable to order of the
village, is required.
The approving legal opinion of Dillon, Vandewater
& Moore of N. Y. City will be furnished the successful bidder.
and $47,000 municipal building.
interest will be
Bids must be
or
entertained.
accompanied by a certified check upon an incorporated
trust company,
urer
for $400.
bank
payable unconditionally to the order of the State Treas¬
The right to reject all bids is
opinion of Reed, Hoyt, Washburn & Clay, New
tne purchaser.
reserved.
The approving
York City, will be furnished
COUNTY (P. O. Salisbury), N. C.—BOND OFFERING—
Sealed bids will be received until 11 a. m. on Dec. 3, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of a $38,00C issue of school building bonds.
Dated Dec. 1,
1940.
Due on Dec. l: $2,000, 1943 to 1957, incl., $4,COO, 1958 and 1959,
without option of prior payment.
There will be no auction.
Denom.
$1,000; coupon bonds not registerable; principal and interest (J-D) payable
in lawful money in New York City; general obligations; unlimited tax;
delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of % of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the county, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest upon all
of the bonds until their respective maturities.
No bid of less than par and
accrued interest will be entertained.
Bids must be accompanied by a certified check upon an Incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $760.
The right to reject all bids is reserved.
The approving
opinion of Reed, Hoyt, Washburn & Clay, New York City, will be furnished
tne purchaser.
WASHINGTON COUNTY (P. O. Plymouth), N. C.—BOND SALE
—The various school, general and road and bridge refunding coupon semi¬
annual bonds, aggregating $138,500, offered for sale on Nov. 26—V. 151,
p. 3120—were awarded jointly to the Wachovia Bank & Trust Co. of WinROWAN
The Commercial & Financial Chronicle
3278
premium of
ston-8alem, and Barcus, Kindred & Co. of Chicago,
$140, equai to 100.101,'a net interest cost of about 3.85%, on the bonds
divided as follows:
$65,500 as 4s, due on June 1; $10,500 in 1952, $5,000
in 1953, $25,000 in 1954 and 1955; the remaining $73,000 as Z%n, due on
June 1; $25,000 in 1956 and 1957, and $23,000 in 1958.
a
NORTH
COUNTY
FOSTER
DAKOTA
OFFERING—Bids
30,
1940
accompany
IRONTON,
each
on
proposal.
F.
OFFERING— Ralph
Ohio—BOND
MIttendorf,
City
1971 incl. Bidder may name a different
expressed in a multiple of X of 1%. Principal and interest
(M-S) payable at the First National Bank, Irontno.
The bonds are un¬
limited tax bonds, the issuance and required levies therefor having been
Due $2,000 on Sept. 1 from 1942 to
(P.
Dak.—BOND
N.
must
Due $500
Auditor, will receive sealed bids until noon on Dec. 11 for the purchase of
$60,000 6% flood protection bonds. Dated Feb. 1, 1941. Denom. $1,000.
O. Carrington). N. Dak .—CERTIFICATE
OFFERING—It is reported that sealed bids will be received until 1 p. m. on
Dec. 3 by E. M. Indergaard, County Auditor, for the purchase of $3,000
certificates of indebtedness.
A certified check for 2% of the amount
bid is required.
LEEDS,
Nov.
May 1 from 1942 to 1951, incl.
Bidder may
name a different rate of interest, expressed in a multiple of
X of 1%.
Interest M-N.
A certified check for $200, payable to order of the village,
Denom. $500.
will
be
received
rate of interest,
approved by the electorate.
the city, is required.
A certified check for $600, payable to order of
■
-•
MALTA, Ohio—BOND SALE— The $15,000 street improvement bonds
unti
Dec. 2 at 2 p. m. by E. 8. Wardrope, City Auditor, at the County Auditor's
office in Minnewaukan, for the purchase of $18,000 refunding bonds.
offered Nov. 22—V. 151, p. 3121—were awarded to the BancOhio Securities
Co. of Columbus.
Dated Dec. 1, 1940.
Due $750 on May 1 and Nov. 1
Dated Jan. 1, 1941.
Due on Jan. 1 as follows: $1,000 in
1943 to 1952 and $2,000 in 1953 to 19.56; all bonds maturing after Jan. 1,
1951, to be redeemable on and after that date.
from 1947 to 1956, incl.
Denom. $1,000.
MANDAN.
N.
Dak.—BONDS DEFEATED—'The following
bonds,
aggregating $38,500, were defeated by the voters at the election held on
Nov. 14: $24,500 armory and $14,000 swimming pool bonds.
Dak.—BOND SALE—The $80,000 coupon semi-annual
refunding bonds offered for sale on Nov. 22—V. 151, p. 2981—were pur¬
chased by the First National Bank & Trust Co. of Minneapolis, and asso¬
ciates, as 3 %s, paying a premium of $800, equal to 101.00, a basis of about
3.60%.
No other bid was received.
Dated Dec. 1, 1940.
Due on Jan. 1
In 1942 to 1961; optional on and after Jan. 1,1951.
OAKES,
N.
i
,
NILES, Ohio—NOTE SALE—The $50,000 coupon special assessment
4—V. 151, p. 2536—were awarded
Is, at par plus a premium of $36.50,
equal to 100.073, a basis of about 0.96%.
Dated Oct. 1, 1940, and due
street improvement notes offered Nov.
to Ryan. Sutherland & Co. of Toledo, as
Oct. 1, 1942.
,
OHIO (State of)—BOND ELECTION RESULTS—Following is a record
of the outcome of the voting in various communities on Nov. 5 on proposals
involving the issuance of bonds:
Amount
East Sparta
AMBERLEY (P. O. Cincinnati), Ohio—BOND OFFERING—William
L. Thede, Village Treasurer, will receive sealed bids until Dec. 16 for the
Surchase of $24,000 fire equipment to 1947, inch, and $2,0001940. 1948
>ec. 1
follows: $1,000 from 1942 bonds.
Dated Dec. 1, from Due
as
to
1956, incl.
These bonds
were
authorized at the Nov. 5 general election.
ASHLAND, Ohio—BOND OFFERING—Lotta Westover, Director o
Finance, will receive sealed bids until noon on Nov. 29 for the purchase of
$50,000 4% coupon water works improvement bonds. Dated Oct, 1, 1940.
Denom. $1,000. Due $2,000 on Oct. 1 from 1942 to 1966 inch Bidder may
name a different rate of interest expressed in a multiple of X of 1%.
Prin¬
cipal and interest (A-O) payable at the office of the Director of Finance, or
at the Farmers Bank, Ashland.
A certified check for $500, payable to order
of the city, is required.
F
BALTIMORE, Ohio—BOND OFFERING—U. D. Lines. Village Clerk,
bids until noon on Dec. 14 for the purchase of $2,500
4% heating system bonds. Dated Sept. 1, 1940. Denom. $100. Due $100
on Sept. 1 from 1941 to 1965 inch
Bidder may name a different rate of
interest, expressed in a multiple of X of 1%.
Interest M-S.
A certified
check for $100, payable to order of the Village Treasurer, is required.
will receive sealed
COLUMBUS CITY SCHOOL DISTRICT, Ohio—BONDS SOLD—
W. V. Drake, District Clerk-Treasurer, reports purchase by the district
sinking fund of $200,000 2X% construction bonds at par. Dated Dec. 20,
1940 and due $10,000 on Jan. 20 from 1943 to 1962, inch
Interest J-J.
DAYTON, Ohio—BOND OFFERING—E. E. Hagerman, Director of
Finance, will receive sealed bids until noon on Dec. 10 for the purchase of
$60,000 2X % series L coupon sewage disposal plant bonds.
Dated Dec. 1,
1940.
Denom. $1,000.
Due $6,000 on Nov. 1 from 1942 to 1951, inch
Bidder may name a different rate of interest, expressed in a multiple of
X of 1%. Principal and interest (M-N) payable at office of the fiscal agent
or
the
city in New York City.
The bonds are payable from ample taxes
The purchaser will be furnished upon request
with the opinion of Squire, Sanders & Dempsey of
Cleveland, that the bonds are binding and legal obligations of the city.
A certified check for 3% of the bonds bid for, payable to order of the
City
Accountant, must accompany each proposal.
Defeated
Approved
Approved
15,000
90,000
10,000
36,000
Copley Rural S. D
OHIO
Decision
$30,000
Name—
Alliance (airport impt.)
Brilliants. D.
—
*
Fairfield Twp. Rural S. D
Farmersville (sanitary sewer)
-—---—
*
„
11,000
26,000
28,000
10,000
—
Fox Twp. S. D. (Carrollton)
Franklin Twp. Rural S. D. (Jackson)
Goshen Twp. (Youngstown) <,fire
station)
Green
Twp. Rural S.D. (Cheviot)
112,800
Higginsport 8. D
35,000
Huntsburg Rural S. D
50,000
Lake County (hospital addition)
195,000
Londonderry Twp. Rural S. D. (Cambridge)~ 35,000
Louisville (swimming pool)
20,000
Manchester Twp. Rural S, D. (McConnellsville)..
5,000
Mount Pleasant (fireequipment)
8,500
North Lima (fireengine)
7,500
Randolph Twp (Englewood) (fire department).20,000
Springfield Twp. S. D. (Amsterdam).
50,000
Terrace Park (recreation bldg.)
.30.000
Washington Twp. S. D. (Armstrongs Mills)
50,000
—
.
Approved
1
Defeated
Defeated
Defeated
Approved
Defeated
Approved
Approved
Defeated
Approved
Approved
Defeated
Approved
Approved
Approved
Approved
Defeated
Defeated
Approved
OTHER RESULTS—Additions to above tabulation follow;
Name—
Amount
Anderson Township (Newton) (fire station)
Ashviile School District.
Bethel (water works improvement)
Bradford School District
$2^,000
30,000
25,000
23,000
:
Franklin Township (Chillicothe) (water impt.)
Good Hope School District (Logan)
16,000
10.000
5,000
160,000
53,000
7,500
15,000
30,000
25,000
Jefferson Township (New Paris) (cemetery impt.)
Madison Rural School District (London)
Rushville-Union School District (Rushville)
Utica-Washington School District (Utica)
Valley Township (Lucasville) (fire department)__
Washington Township School District (Circleville)
Windsor Twp. Rural S. D. (Scottown)
x Previously reported approved.
Decision
Defeated
Defeated
Approved
Defeated
Approved
Approved
Defeated
xDefeated
Approved
Defeated
Defeated
Defeated
Defeated
levied within tax limitations.
and without
expense
DOYLESTOWN, Ohio—BOND OFFERING—E. V. Sharp, Village
Clerk, will receive sealed bids until noon on Dec. 10 for the purchase of
$5,500 4% coupon sanitary sewer and sewage disposal bonds.
Dated
Nov. 1, 1940. Denom. $250. Due $250 on Nov. 1 from 1942 to 1963 inch
Interest M-N. Bidder may name a different rate of intrest, expressed in a
multiple of ^ of 1%. A certified check for $55, payable to order of the
village, is required.
EAST
LIVERPOOL
CITY
SCHOOL
DISTRICT,
Ohio—BOND
OFFERING—E. J. Gaston, Clerk of the Board of Education, will receive
on Dec. 16 for the purchase of $91.000 4 % auditoriumgymnasium bonds.
Dated Jan. 1, 1941.
Denom. $1,000.
Due Jan. 1
as follows:
$11,000 in 1942 and $10,000 from 1943 to 1950, incl.
Optional
prior tamaturity at not more than par.
Bidder may name a different rate
of interest, expressed in a multiple of X of 1%.
Interest J-J.
A certified
check for $1,000, payable to order of the Board of
Education, must ac¬
company each proposal.
sealed bids until noon
HAMILTON
REVISE
COUNTY
STATE'S
BOND
(P.
O.
Cincinnati),
ELECTION
LAW— A
Ohio—SEEKS
TO
of county civic
the Hotel Gibson,
group
organizations
took up on Nov. 25 at a luncheon at
Cleveland, the question of lowering the present requirements of the State
law that proposed bond issues must be
approved by at least 65% of the
vote cast as a condition
of approval.
Easing of the requirement was
vigorously urged by C. O. Sherrill. City Manacer of Cincinnati, who pointed
put that numerous bond proposals covering needed municipal improvements
in his and other communities in the State
that they were favored by
considerably
were
more
defeated despite the fact
than
a
simple majority of
In inviting attendance at the meeting, which was
sponsored by
the League of Women Voters, literature
bearing the caption "The
voters.
Wins"
Minority
was
employed to direct attention to the circumstance that a number
failed of approval at the recent general
election, although they
favored by majorities ranging from 53.2% to
62.7% of the total vote.
of issues
were
City Manager Sherrill recommended that only a 55% majority vote be
required for passage of Issues.
The present situation which in effect,
permits one-third of the voters to nullify the wishes of the remaining twothirds
was
condemned
by
various
speakers
as
undemocratic.
Pointing
put that the constitutionality of the 65% requirement has
In
the courts,
the
!!P?« of the mai°r Points involved is whether
Legislature to set the requirement
ticular issue
it is
proper for the State
of 65% of the total votes cast on a par¬
as being
necessary for passage, when even the constitution of
the State itself can be
changed by a majority vote, thus making the basic
fundamental law of the State easier to revise in accordance with
the wishes
of the voters than passage of a bond issue.
Question of the constitutionality of the legislative requirement of
65% of the voters has not been determined, and it might be well for some
consideration to be given such a test.
If the courts should decided that a
majority vote on any subject presented to the voters is sufficient, then the
issues which received this
majority vote in the recent election would be
valid.
"It is true that
SHADYSIDE,
Ohio—BOND OFFERING—Joseph Truax~Jr., Village
noon on Dec. 2 for the purchase of $43,3% coupon special assessment street improvement bonds.
Dated
Nov. 1, 1940.
Denom. $1,000.
Due Sept. 1 as follows: $4,000 from
1942 to 1948, incl., and $5,000 from 1949 to 1951, incl.
Bidder may name
a different rate of interest, expressed in a multiple of X of 1%.
Interest
M-S.
Although assessment bonds they are also general obligations of the
village.
A certified check for $500, payable to order of the village, is
required.
.
-".'
1
Clerk, will receive sealed bids until
000
SHEFFIELD
BOND
the State Constitution gives the
Legislature wide au¬
up the procedure under which bond issues may be used
thority in setting
by local governing bodies, but under the present
procedure—decidedly
an
undemocratic method of procedure—one-third of the voters can block
two-thirds of the voters from doing
something that this large majority of
the entire voting population feels is proper.
"On the other hand, there are certain rather valid
arguments to Justify
a greater than a 50%
majority vote on bond issues.
For instance, it might
well be that an active minority propaganda
group will
carry on a strong
LAKE
SCHOOL
DISTRICT
(P. O. Lorain), Ohio—
18 on the question of
election will be held Dec.
ELECTION—An
issuing $10,000 water main bonds.
f>
TOLEDO, Ohio—BOND OFFERING—Rudy Klein, City Auditor, wil
noon on Dec. 17 for the purchase of $38,000 3%
receive sealed bids until
coupon street
Due Dec. 1
1951.
and
improvement bonds.
Dated Dec. 1, 1940.
Denom. $1,000.
follows: $4,000 from 1942 to 1949, incl., and $3,000 in 1950
as
Bidder may name a different rate of Interest, expressed In a
multiple of X of 1%.
Prin. and int. (J-D) payable at the Chemical Bank
& Trust Co., N. Y. City.
The bonds will be sold to retire an equal amount
of anticipatory notes dated Dec. 1, 1939 and due Dec. 1, 1940.
All pro¬
ceedings incident to the proper authorization of the bonds will be taken
under the direction of a bond attorney whose opinion as to the legality of the
bonds may be procured by the purchaser at his own expense.
A certified
check for 1% of the bonds bid for, payable to order of the Commissioner
of the Treasury, is required.
r.
TUSCARAWAS COUNTY (P. O. New
Philadelphia), Ohio—BOND
151,
2829—were awarded to the BancOhio Securities Co. of Columbus, as
1 Ws, at par plus a premium of $61.50, equal to 100.307, a basis of about
1.20%.
Dated Dec. 15, 1940 and due $2,000 on Dec. 15 from 1942 to
Second high bid of 100.209 for 1 Xs was made by Ellis & Co. of
1951, Incl.
SALE—The $20,000 juvenile court building bonds offered Nov. 25—V.
p.
Cincinnati.
never been tested
City Manager of Cincinnati discussed the situation in
part as follows:
▼
RITTMAN, Ohio—BOND OFFERING—Hugh E. McCracken, Village
Clerk, will receive sealed bids until noon on Dec. 7 for the purchase of
$3,662 4% coupon street improvement bonds.
Dated Nov. 1, 1940. One
bond for $463, others $457 each.
Due Nov. 1 as follows: $463 in 1942
and $457 from 1943 to 9149 incl.
Bidder may name a different rate of
interest, expressed in a multiple of X of 1%.
Interest M-N.
A certified
check for $100, payable to order of the village, is required. -
Other bids
were
as
follows:
Bidder
Rale
Ryan, Sutherland & Co
Seasongood & Mayer.
Braun, Bos worth & Co
*
Paine, Weber &Co
Stranahan, Harris & Co
Fahey, Clark & Co.
_
J. A. White & Co
IX%
Ohio Savings & Trust Co..
*
-
of Interest
IX%
1 K%
1H %
IX%
1K%
IX%
Agreed to furnish legal opinion only.
2%
Premium
$27.50
14-85
156.00
133-00
108-00
88.40
52.18
None
All other bidders offered to furnish
both bonds and opinion.!
P
WASHINGTON, Ohio—BOND SALE—The $7,327.09 special assess¬
ment street improvement bonds offered Nov. 26—V. 151, p. 3121—were
awarded to Seasongood & Mayer of Cincinnati, as 1 Ks, at par plus a pre¬
mium of $15.85, equal to 100.216, a basis of about 1.46%.
Dated Dec. 1,
as follows:
$577.09 in 1941 and $750 from 1942 to
1950, incl.
Only other bid of par for 2^s, was made by First National
Washington, C. H.
1940 and due Dec. 1
Bank of
YORK TOWNSHIP RURAL SCHOOL DISTRICT (P. O. R. F. D*
No. 2,
New Philadelphia), Ohio—BOND OFFERING—Adam Lahmers,
Clerk of the Board of Education, will receive sealed bids until 7:30 p. m. on
campaign for a bond proposal that in itself might have little real merit,
and yet be adopted by a 50% majority of the voters.
"With the tremendous possibilities of sales promotion at
present, in¬
13 for the purchase of $48,000 not to exceed 4% interest building
bonds.
Dated March 1, 1941.
Denom. $1,000.
Due $1,000 on April 1
and Oct. 1 from 1942 to 1965, incl.
Rate of interest to be expressed in a
cluding the radio, the press, and various oth,er means, it might well be that
the credit of a community would be jeopardized by a too liberal method of
adoption of bond issues easily passed by minority interested groups with the
assistance of the non-interested voters joining in due to extensive
pro¬
multiple of X of 1 %.
Interest A-O.
A certified check for 5% of the bid,
payable to order of the Board of Education, is required.
motional effort."
v
HUBBARD, Ohio—BOND OFFERING—Dale F. Butler, Acting Village
Clerk, will receive sealed bids until noon on Dec. 5, for the purchase of
$5,000 3X% coupon street improvement bonds.
Dated Dec. 1, 1940.
Dec.
OKLAHOMA
MOORELAND, Okla.—BONDS VOTED—At
an election held on Nov. 7
the voters are said to have approved the issuance of $25,000 not to exceed
6% semi-annual community hospital bonds by a wide margin.
Volume
MEDIA, Pa.—BOND OFFERING—H. B. Johnson, Borough
OREGON
_
BENTON COUNTY SCHOOL DISTRICT NO. 43 (P. O. Corvalli.),
Or®.— WARRANT OFFERING—Sealed bids will be received until 8 p. m.
Dec. 3, by Mrs. A. E. Ferguson, District Clerk, for the purchase of
on
$3,000 not to exceed 6% annual coupon interest bearing warrants.
Dec. 1, 1940.
Due $300 on Dec. 1 in 1941 to 1950, incl.
MARION COUNTY SCHOOL DISTRICT NO. 74
Dated
(P. O. Mehama),
Ore.— WARRANT OFFERING—Sealed bids will be received until 8 p. m.
on
3279
The Commercial & Financial Chronicle
151
Dec. 2 by Dorotheen Wilson, District Clerk, for the purchase
not to exceed
6% semi-annual interest-bearing warrants.
Due $100 from May 15, 1951 to 1955, inclusive.
of $500
Dated Dec. 4,
Secretary,
purchase of $75,000
and sewer improve¬
ment bonds.
Dated Jan. 1, 1941.
Denom. $1,000.
Due Jan. 1 as fol¬
lows: $2,000 from 1942 to 1946. incl., $4.000 from 1947 to 1956, incl., and
$5,000 from 1957 to 1961, incl.
Bidder to name a single rate of interest,
payable J-J.
Bonds are issued subject to favorable legal opinion of Townsend, Elliott & Munson of Philadelptra, and approval of the Pennsylvania
Department of Internal Affairs.
A certified checu for 2% of the bonds bid
for, payable to order of the Borough Treasurer, is required.
will receive sealed bids until 6 p. m. on Dec. 19 for the
1. IK, IK. IK. 2, 2K. 2K. 2M or 3% coupon water
MOOSIC, Pa.—BOND OFFERING—John B. Marsland,
Borough Sec¬
of $750,000 not to exceed 2% semi-annual United States highway, W-99
extension bonds.
Dated Dec. 1, 1940.
Denom. $1,000.
Due Dec. 1, as
follows:
$93,000 in 1943 and 1944, and $94,000 in 1945 to 1950. Prin. and
retary, will receive sealed bids until 8 p. m. on Dec. 9 for the purchase of
$7,000 4% coupon fire equipment bonds.
Dated Nov. 15, 1940.
Denom.
$1,000.
Due Nov* 15 as follows: $1,000 from 1941 to 1945, incl., and $2,000
in 1946.
Registerable as to principal only.
Principal and interest (M-N)
payable at the First National Bank, Avoca.
Bonds will be issued subject
to approval of proceedings by the Pennsylvania Department of Internal
Affairs.
A certified check for $200, payable to order of the Borough Treas¬
interest payable in lawful money at the City Treasurer's office, or
urer,
1940.
PORTLAND, Ore.—BOND OFFERING— Sealed bids will be received
on Dec. 12, by Will E. Gibson, City Auditor, for the purchase
until 11a.m.
the fiscal
agency of the State in New York City.
The bonds will be sold at not less
than par and accrued interest, and are issued under the authority of Section
349 of the City Charter, adopted May 17, 1940.
The bonds are general
obligations of the city, and shall be sold subject to the prior approving
opinion of Storey, Thorndike, Palmer & Dodge of Boston.
If delivery is
demanded outside of the city, delivery shall be at the expense of the pur¬
chaser.
Enclose a certified check for 2% of the face value of the amount of
bonds bid for, payable to the city.
,
.
(These are the bonds that were originally scheduled to be sold on Nov. 27,
the award of which was postponed—V. 151, p. 3121.)
SILVERTON, Ore.—BOND OFFERING— Sealed bids will be received
until Dec. 2, at 7:30 p. m. by George W. Hubbs, City Recorder, for the
purchase of $4,500 not to exceed 6% semi-annual refunding bonds.
Dated
Jan. 1, 1941.
Denom. $500.
Due $500 July 1, 1945 to 1953.
The bonds
shall not be sold for less than par, plus accrued interest.
Enclose a certified
check for not less than 5% of the amount bid for, payable to the city.
WASHINGTON
COUNTY
DISTRICT
SCHOOL
NO.
106
(P.
O.
Metzger), Ore.—BOND OFFERING—Sealed bids will be received until
8 p. m. on Dec. 3, by Edith J. Ream, District Clerk, for the purchase of
$8,000 not to exceed 6% semi-annual school bonds.
Denom. $500. Dated
Dec. 1, 1940.
Due on Dec. 1 as follows: $1,000 in 1941 to 1945, and $1.500
in 1946 and 1947.
Prin. and int. payable at the County Treasurer's office.
Unconditional bids only will be received and no bids for less than par and
accrued
interest will be considered.
Legal approving opinion of Teal,
Winfree, McCulloch, Shuler & Kelley of Portland, will be furnished the
purchaser.
ville),
Pa.—BOND
of
SALE—-The issue
$16,000
(P. O. Pl.a.antschool bonds
coupon
1947 to 1950, incl.; 1952 to 1955, incl.; and from 1957 to 1960, incl.
Second
high bid of 101.70 for 2 Ms was made by Dolphin & Co.. Inc. of Philadelphia.
ALTOONA SCHOOL DISTRICT, Pa .—BOND OFFERING—R. L.
Thompson, District Secretary, will receive sealed bids until 7:30 p. m. on
Dec. 16. for the purchase of $100,000 IK, 1M, 2, 2K. 2K, 2% or 3%
coupon .registerable as to principal only, refunding bonds.
Dated Jan. 15,
1941.
Denom. $1,000.
Due $10,000 on Jan. 15 from 1942 to 1951 incl.
Bidder to name a single rate of interest.
Principal and interest (J-J)
payable at the Central Trust Co., Altoona.
The bonds to be refunded
mature Jan. 15 and Feb. 1, 1941.
Those now offered will be sold subject
to favorable legal opinion or Townsend, Elliott & Munson of Philadelphia.
District will pay for the opinion and for the cost of printing and bonds.
District will prepare papers and submit same to the Pennsylvania Depart¬
ment
of
Internal
Affairs.
Bidders
will
not
be
permitted
to name
the
A certified check for $2,000, payable to order of the district,
is required.
BRIDGEVILLE, Pa.—BOND OFFERING—Arthur M. Fryer, Borough
Secretary, will receive sealed bids until 8:30 p. m. on Dec. 17 for the pur¬
or $75,000
coupon bonds, including $70,000 street and sewer and
$5,000 municipal building addition.
Dated Jan. 1,1941.
Denom. $1,000.
Due Jan. 1 as follows: $5,000 from 1949 to 1959, incl., and $10,000 in 1960
and 1961.
Bidder to name a single rate of interest, expressed in a multiple
of M of 1 %.
Sale of the bonds is subject to approval of proceedings by the
Pennsylvania Department of Internal Affairs.
Issue was authorized at
the Nov. 5 general election.
Purchaser will be furnished with approving
legal opinion of Burgwin, Scully & Churchill of Pittsburgh, and the Borough
will print the bonds.
A certified check for $1,000, payable to order of the
Borough Treasurer, is required.
chase
CLARION
SCHOOL
DISTRICT,
OFFERING—H. H.
Arnold, District Secretary, will receive sealed bids until 2 p. m. on Dec. 14
for the purchase of S2O.OO0 3% coupon school bonds. Dated Nov. 1,1940.
Denom. $500. Due Nov. 1 as follows: $500 in 1941; $1,500 from 1942 to
Pa .—BOND
1950 incl. and $2,000 from 1951 to 1953 incl.
gisterable
as to
Interest M-N.
revenue
bonds.
Dated Dec. 15, 1940.
Denom. $1,000.
Due
Dec. 15 as follows: $20,000 in 1941 and 1942; $15,000 from 1943 to 1947,
incl., and $10,000 in 1948 and 1949.
Redeemable at district's option,
in whole or in part, in inverse numerical order, on any interest payment
date on notice published once, at least 30 days prior to date set for redemp¬
tion, at a price of 105.
Bonds may be registered as to principal only.
Legality of issue will be subject to approval of the Pennsylvania Depart¬
ment of Internal Affairs, and approving legal opinion of Saul, Ewing,
Remick & Saul of Pittsburgh, which will be furnished the successful bidder.
A certified check for $1,000, payable to order of the District Treasurer,
is required.
ating
FINDLAY TOWNSHIP SCHOOL DISTRICT (P. O. Imperial), Pa.
OFFERING—J. V. Stewart, Secretary of the Board of School
—BOND
Directors, will receive sealed bids Until 8 p. m. on Dec. 11, for the purchase
of $95,000 coupon bonds, divided as follows:
Due $5,000 on Dec. 1 from 1945 to
1958, inclusive.
25,000 operating revenue bonds.
Due Dec. 1 as follows:
$3,000 from
1941 to 1947, incl. and $4,000 in 1948.
Bonds maturing in 1947
and 1948 callable in inverse numerical order on Dec. 1, 1944, or on
any subsequent interest date.
Each issue will be dated Dec. 1, 1940.
Denom. $1,000.
O.
Pleasant!
Chairman of the Turnpike Com¬
mission, and Jesse Jones, head of the Reconstruction
Finance Corporation,
possible financing by the Federal agency of an extension of
the all-weather highway to Philadelphia.
The highway, only recently
opened to the public, now extends from Harrisburg to Pittsburgh, and is
already a complete success.
This point is perhaps best illustrated in the
fact that the Turnpike Commission bonds recently were selling at a price
of 108.
The project was made possible as a result of an outright grant
from the Public Works Administration and the financing of the bond issue
by the RFC.
These were issued in the aggregate principal amount of
$40,800,000 and the RFC disposed of the final block of $5,800,000 to a
banking group last September—V. 151, p. 1757.
Cost of the Philadelphia
connecting link is estimated at $60,000,000 and it has been suggested that
the Turnpike Commission issue $20,000,000 bonds to the RFC and obtain
an outright grant of $40,000,000 from national defense funds.
(P. O. Plains), Pa.—BONDS PUBLICLY OF¬
Cincinnati recently made public offering of
bonds.
Total included $55,000 4% operating expense
Dated Nov. 1, 1940 and due Nov. 1 as follows: $5,000 from 1941
incl. and $6,000 from 1946 to 1950 incl.
Principal and interest
$66,000
bonds.
to 1945
(M-N)
payable at the Township Treasurer's office.
Legal opinion of Townsend,
Elliott & Munson of Philadelphia.
(The township asked for bids on a
$70,000 operating expense issue on Nov. 6—V. 151, p. 2231.)
Pa .—BOND SALE— The
25—V. 151, p. 2983—were
Pittsburgh, as 2 Ms, at a
price of 102.208, a basis of about 2.03%.
Dated Dec. 1, 1940, and due
$1,000 on Dec. 1 from 1942 to 1945, incl., and from 1947 to 1960, incl.
Second high bid of 101.76 for 2Ms was made by Dolphin & Co., Inc. of
SCHOOL
PLEASANTVILLE
$18,000
DISTRICT,
school bonds offered Nov.
Phillips, Schmertz & Co. of
coupon
awarded
to
Philadelphia.
WILKES-BARRE
SCHOOL DISTRICT,
Pa.—BOND OFFERING—
Floyd Siegfried, District Secretary, will receive sealed bids until 4:30 p.m.
on Dec. 2 for the purchase of $50,000 1, 1K. 1M. 2, 2M, 2K. 2K. 3,3K»
or
3K% coupon or registered series of 1940 refunding bonds.
Dated
Dec. 2, 1940.
Denom. $1,000.
Due $5,000 on Dec. 2 from 1941 to 1950
incl.
Bidder to name a single rate of interest, payable J-D.
Bonds will
be sold subject to approval of proceedings by the Pennsylvania Department
of Internal Affairs, and of Saul, Ewing, Remick & Saul of Pittsburgh,
whose favorable legal opinion will be furnished without charge to the
successful bidder.
A certified check for 2% of the bonds bid for, payable
to order of the District Treasurer, is required.
WILLI AMSTOWN, Pa.—BOND SALE—The $32,000 4% coupon street
sewer
bonds offered Nov. 27—-V. 151, p. 2830—were awarded to
and
Singer, Deane & Scribner of Pittsburgh, at par plus a premium of $112.19,
equal to 100.35, a basis of about 3.97%.
Dated June 1, 1940 and due
June 1 as follows:
$1,000 from 1941 to 19e8 incl. and $2,000 in 1969 and
1970.
Other bids:
Premium
Bidder—
Moore, Leonard & Lunch
Williams town Bank--.
,--$109,283
*
108.50
106,332
—
Glover & MacGregor
Phillip J. Davidson
Phillips, Schmertz & Co
---—
RHODE
106.053
105.30
ISLAND
NEWPORT, R. I.—NOTE OFFERING— B. F. Downing, City Treas¬
urer, will receive sealed bids until 4 p. m. on Dec. 3, for the purchase at
discount of $100,000 notes issued in anticipation of revenue for the year
ending March 31, 1941.
Dated Dec. 5,1940 and due Aug. 28,1941. Notes
will be authenticated as to genuineness and validity by the First National
Bank of Boston, under advice of Storey, Thorndike, Palmer & Dodge of
Boston.
I.—BOND OFFERING— G. G.
until 11 a. m. on Dec. 3
refunding bonds. Dated
Dec. 1, 1940. Denom. $1,000.
Due $15,000 on Dec. 1 from 1949 to 1953
incl.
Bidder to name a single rate of interest, expressed in a multiple of
M of 1 %. Principal and interest (J D) payable at the Rhode Island Hospital
Trust Co., Providence.
No bid for less than par and accrued interest to
date of delivery will be considered.
The bonds will be valid general obli¬
gations of the city, and all taxable real estate and tangible personal prop¬
erty In the city will be subject to the levy of unlimited ad valorem taxes to
pay both principal and interest.
The rate on taxable intangible personal
property is fixed by statute. The bonds will be certified as to genuineness by
the Rhode Island Hospital Trust Co., of Providence. The approving opinion
of Storey, Thorndike, Palmer & Dodge, of Boston, will be furnished.
WARWICK
(P.
O.
Apponaug),
R.
Anderson, City Treasurer, will receive sealed bids
for the purchase of $75,000 coupon series of 1940
Telephone bids will be acceptable.
SOUTH
CAROLINA
Bidder to name
single rate of interest for all of the bonds, expressed in a multiple of M of
1%.
Interest J-D.
Bonds registerable as to principal only.
They will be
sold subject to approval of authorizing proceedings by the Pennsylvania
Department of Internal Affairs. Purchaser wiil be furnished with approv¬
ing legal opinion of Burgwin, Scully & Churchill of Pittsburgh. A certified
check for $1,000, payable to order of the district, is required.
Hazleton), Pa.—
BOND OFFERING—Joseph B, Monigle, Secretary of the Board of School
Directors, will receive sealed bids until 8 p. m. on Dec. 11 for the purchase
of $60,000 2, 2M. 2K, 2M, 3. 3M, 3K, 3M or 4% coupon, registerable as
to principal only, funding and improvement bonds.
Dated Jan. 1, 1941.
Denom. $1,000.
Due $3,000 on Jan. 1 from 1942 to 1961, incl.
Bidder
to name a single rate of interest, payable J-J.
Bonds will be issued sub¬
ject to favorable legal opinion of Townsend, Elliott & Munson of Phila¬
delphia, and subject to the approval of the Pennsylvania Department of
Internal Affairs.
A certified check for 2% of the bonds bid for, payable
HAZLE TOWNSHIP SCHOOL DISTRICT (P. O.
of the District Treasurer, is required.
JACKSON TOWNSHIP SCHOOL DISTRICT (P. O. Bartonsville),
Butz, District Secretary, will receive
p.m. on Dec. 12 for the pin-chase of $11,000 not to
exceed 5% interest coupon school bonds.
Dated Oct. 15, 1940.
Denom.
$500.
Due Oct. 15 as follows: $500 from 1941 to 1954 incl.; $1,000, 1955;
$500 from 1956 to 1959 incl. and $1,000 in 1960.
Callable on any interest
date, in inverse numerical order, after five years from date of issue.
In¬
terest A-O.
A certified check for 1% of the issue, payable to order of the
Pa .—BOND OFFERING—Steward
sealed bids until 7
(P.
relative to the
CHARLESTON COUNTY (P. O.
a
district, must accompany each proposal.
DISTRICT
PENNSYLVANIA TURNPIKE COMMISSION (P. O. Harrisburg),
Pa .—RFC MAY FINANCE TURNPIKE EXTENSION— Conversations
Bonds re-
J. Ruddy, Secretary of the Board of School Directors, will receive sealed
bids until 8 p. m. on Dec. 10 for the purchase of $135,000 4% coupon oper¬
$70,000 building improvement bonds.
SCHOOL
have been held between Walter A. Jones,
principal only.
DUNMORE SCHOOL DISTRICTS, Pa.—BOND OFFERING—Martin
to order
TOWNSHIP
FERED—P. E. Kline, Inc. of
offered Nov. 25—V. 151, p. 2982—-was awarded to Phillips, Schmertz &
Co. of Pittsburgh, as 2Ms, at a price of 101.906, a basis of about 2.05%.
Dated Dec. 1, 1940 and due $1,000 on Dec. 1 from 1942 to 1945, incl.:
depository.
CREEK
ville), Pa.—BOND SALE—The issue of $30,000 coupon school bonds of
Nov. 25—V. 151, p. 2983—was awarded to Phillips, Schmertz &
Co. of Pittsburgh as 2Ks, at a price of 101.977, a basis of about 2.07%.
Dated Dec. 1, 1940 and due Dec. 1 as follows: $2,000 from 1943 to 1945,
incl.; $1,000, 1946 to 1949, incl.; $2,000, 1950; $1,000, 1951 to 1954, incl.;
$2,000, 1955; $1,000, 1956 to 1959, incl., and $2,000 from 1960 to 1963,
incl.
Second high bid of 101.86 for 2Ms was made by Dolphin & Co.,
Inc., of Philadelphia.
fered
PLAINS TOWNSHIP
PENNSYLVANIA
ALLEGHENY TOWNSHIP SCHOOL DISTRICT
is required.
OIL
*
A
on
Charleston), S. C.—BOND SALE—
issue of coupon public improvement
Nov. 26 and was awarded jointly to Blyth &
$200,000
sale
bonds was offered for
Co., Inc., of New York
of Georgia, of Atlanta, as 2s, at a price of 100.28, a
basis of about 1.97%.
Dated Nov. 15, 1940.
Due Jan. 15 as follows:
and the Trust Co.
$5,000 in 1945 to 1949, $15,000 in 1950 to 1954, and $20,000 in 1955 to 1959.
Prin. and int. (J-J) payable at the Chemical Bank & Trust Co., New York.
SPARTANBURG, S. C.—BOND ELECTION—The City CouncifTs
have set Dec. 17 as the date of election to submit to the voters
proposals calling for the issuance of various improvement bonds aggregating
said to
$300,000.
UNION
stated by
bids until
COUNTY (P. O. Union), S. C.—BOND OFFERING— It is
W. F. Caldwell, County Treasurer, that he will receive sealed
11 a.m. on Dec. 14, for the purchase of $50,000 not to exceed
4% semi-annual coupon funding bonds.
Dated Jan. 1, 1941. Denom.
$1,000.
Due Jan. 1 as follows: $2,000 in 1942 to 1951, and $3,000 in
1952 to 1961.
Rate of interest to be in a multuple of M of 1 %, and must
be the same for all of the bonds.
Prin. and int. payable in lawful money
at the Irving Trust Co., New York.
The bonds are registerable as to
principal only, and cannot be sold for less than par and accrued interest.
The purchaser will be furnished with the opinion of Reed, Hoyt, Washburn
& Clay, of New York, that the bonds are valid and legally binding obliga¬
tions of the county and that the county is authorized and required by law
to levy upon all taxable property of the county such ad valorem taxes as
may be necessary to pay the principal of and interest on the bonds.
En¬
close a certified check for $1,000, payable to the county.
The Commercial & Financial Chronicle
3280
LA
SOUTH
DAKOTA
WHITE, S. Dak .—BOND OFFERING DETAILS—In connection with
the offering on Dec. 3, of the $24,000 general obligation water system
bonds, particulars of which appeared in our issue of Nov. 23, we are now
in receipt of the following additional information:
Sealed and auction bids will be received.
The city will furnish the bonds
and approving legal opinion of Fletcher, Dorsey, Barker, Colman & Barber,
of Minneapolis. A certified check for $500, payable to the City Treasurer, is
required.
'
.
r''
WHITE RIVER, S. Dak.—MATURITY—The Town Clerk states that
the $14,000 water works bonds sold to Stanley H. Bines of Minneapolis, as
3 Ms, at par, as noted here—V. 151, p. 3122—are due on Nov. 1 as follows:
$1,000 in 1943 to 1955 and $500 In 1956 and 1957.
4
GRANGE,
CLEVELAND, Tenn.—BONDS SOLD—It is reported that $200,000
2M_% semi-annual refunding bonds have been purchased by L. H. Ghormley
Dated Jan. 1, 1941.
JACKSON, Tenn.—BOND SALE—The $30,000 seml-ann, airport,
general obligation municipal airport bonds offered for sale on Nov. 27—V.
151, p. 2983—were purchased by the First National Bank of Memphis, as
lMs, at par, according to the City Recorder. Dated Dec. 1,1940. Due in
1943 to 1950 incl.
MADISON COUNTY (P. O. Jackson) Tenn.—BOND SALE—The
$30,000 seml-ann. general obligation airport construction bonds offered for
sale on Nov. 27—V. 151, p. 2983—were awarded to the First National Bank
of Memphis, as 1 Ms, paying a premium of $5, equal to 100.016, a basis of
about 1.745%. Dated Aug. 1,1940. Due $2,000 in 1941 to 1955 incl.
covering
a
proved by the voters at
LEON
(P.
Laredo), Texas —BONDS VOTED—At the
O.
WILLIAMSON COUNTY (P. O. Georgetown), Texas—BOND SALE
the $40,000 (not $20,000)
VIRGINIA
ROANOKE, Va.—BONDS SOLD—It is stated by L. D. James, City
that the $700,000 semi-annual
armory-stadium, library and
athletic field bonds scheduled to be sold on Dec. 9, as noted here—V. 151,
p. 2984—have been purchased by the City Sinking Fund.
Dated Dec. 1,
Clerk,
1940.
Due
on
Dec. 1 in 1941 to 1970.
Mr. James also states that the sinking fund sold some of Its other secunies in order to make available funds to purchase the above bonds.
WASHINGTON
COWLITZ COUNTY PUBLIC UTILITY DISTRICT NO. 1 (P. O.
KELSO), Wash.—BONDS SOLD—A syndicate headed by John Nuveen
A Co. of Chicago, has purchased the following bonds aggregating $6,600X00:
Due Nov. 1, as follows: $131,-
C00 in 1943, $137,000 In 1944. $142,000 In 1945. $148,000 in
1946, $154,000 In 1947. $160,000 in 1948. $167,000 in 1949.
$173,000 in I960, $180,000 in 1951. $187,OOu in 1952, $194,000
in 1953,
in 1956.
SULLIVAN COUNTY (P. O. Biountville) Tenn.—BOND OFFERING
$202,000
in
1954,
$210,000 in 1955, and $100,000
1,984,000 4% electric revenue bonds.
Due Nov. 1, as follows: $118,000
in 1956, $227,000 In 1957. $236,000 in 1958, $2*5,000 In 1959,
$256,000 in 1960. $266,000 in 1961. $277,000 in 1962, $289,000
in 1963, and $70,000 in 1964.
■2,331,000 4 M% electric revenue bonds.
Due Nov. 1, as follows: $231,000 in 1964, $314,000 in 1965, $328,000 in 1966, $342.OG0 in
1967, $356,000 in 1968. $372,000 in 1969, and $388,000 in 1970.
crippled children's ward.
;
city's share of $32,500 for the proposed $500,000 outpatient
a negro
SIGNAL MOUNTAIN, Tenn.—BONDS SOLD TO RFC—It is stated
1939, bonds sold to
151, P. 2984—were
purchased at par, are dated Oct. 10,1939, and mature in 1940 to 1951.
$2,285,000 3M % electric revenue bonds.
by Superintendent O. B. Adams that $8,000 4% semi-annual park bonds
have been purchased at par by the Reconstruction Finance Corporation.
f
COUNTY
DETAILS—The County Auditor states that
fire stations,
and psychiatriac clinic on the John Gaston Hospital grounds.
This a is
city-county-state project.
5. For part of the $50,000 guaranteed by the city for the construction of
the National Guard Armory.
6. For part of the $150,000 guaranteed by the city for the office building,
shops and hangar for Chicago & Southern Airlines at the Municipal Airport.
7. For possible use of $25,000 for ice skating equipment in the event the
city approves establishment of skating facilities in the auditorium.
V
.
election held on July 23.
an
(P. O. Centervihej Texas—BOND INJUNCTION
3 %% semi-annual road and bridge refunding, series
W. H. Bullard & Co. of Austin, as noted here—V.
required need unofficially estimated at $200,000.
4. For the
COUNTY
whereby a temporary injunction against the issuance of $510,000 road bonds
will be dissolved. The court followed the agreement by selling $475,000 of the
bonds to the J. R. Phillips Investment Co., of Houston, subject to the
approval of the Board of County and Road District Indebtedness at Austin.
The proceeds will be expended by the State Highway Department upon
certain designated highways in the county.
2. For construction of an additional floor at the John Gaston Hospital
Nurses Home;
3. For possible construction of separate hospital facilities for negroes,
including
be re¬
SUIT TO BE DISSOLVED—The County Judge states that an agreement
has been reached between the Commissioners' Court and the plaintiffs
MEMPHIS, Tenn.—BOND ISSUANCE CONTEMPLATED—Plans of
the city to issue between $500,000 and $800,000 in serial bonds for perma¬
nent improvement projects were revealed on Nov. 23 by Mayor Chandler,
with the announcement of the 1941 budget figures.
Funds from the bonds will be used to finance present and anticipated city
commitments for permanent improvements.
The exact amount of the
Issue has not as yet been determined.
Income from the bond Issue will be used as follows:
1. For additional fire equipment and repairs to existing
will
OFFERING—Sealed bids
ceived until Dec. 5 by the City Secretary for the purchase of the following
bonds aggregating $30,000:
$20,000 general obligation street improve¬
ment and $10,000 sanitary sewer revenue bonds.
These bonds were ap¬
WEBB
& Co. of Knoxviile.
Tex**—BOND
30, 1940
election held on Nov. 12 the voters are said to have approved the issuance
of the $900,000 road improvement bonds by a wide margin.
*
TENNESSEE
Nov.
„
-
Interest'payable M-N.
Denom. $1,000.
Dated Nov. 1,1940.
Callable
as a whole, at any time or in part, in inverse order of maturity on any
interest payment date (and by lot within a maturity) on 30 days published
notice as follows: Non-callable to Oct. 31, 1944; thereafter 1( 5 on or before
Oct. 31,1946; thereafter 104 on or before Oct. 31, 1951:
thereafter 1C3 on
before Oct. 31,1956; thereafter 102 on or before Oct. 31,1961; thereafter
101 on or before Oct. 31, 1966jt hereafter 100 to maturity.
Prin. and int.
or
CAPATA COUNTY (P. O. Capata),Tex**—BOND ELECTION—A
special election is said to be scheduled for Dec. 12 in order to have the voters
pass on the issuance of $500,000 road improvement bonds.
payable at the office of the Fiscal Agency of the State, at present the
Chemical Bank & Trust Co., New York, or at the District Treasurer's
Legality approved by Thomson, Wood and Hoffman of New York.
These bonds are valid and binding obligations of Public Utility District
No. 1 of the county, payable solely from the revenues of the electric utility
of said district.
The resolution authorizing these bonds provides that the
bonds constitute a first closed lien upon the gross revenues of the electric
system, that the district is obligated to establish, maintain, and collect
rates or charges for electrical energy and other services, facilities, and com¬
modities sola, furnished, or supplied by the electric public utility of the
district which shall be fair and non-discriminatory and adequate to pay
prin. and int. on these bonds and all necessary operating and maintenance
charges, and that payments into a special electric bond fund equivalent
to 120% of debt service requirements shall be made until such time as a
reserve equivalent to one year's debt service requirements shall have been
accumulated.
Thereafter, the 20% in excess of debt requirements, which
may be supplemented by surplus funds, will be used to retire bonds in
advance of maturity.
The district, by law, may also levy an annual tax
of 2 mills for operating purposes which on the 1940 assessed valuation of
$18,508,882 would amount to $37,018.
'■■■
'
Associated with the above named firm are: Hartley, Rogers & Co., of
Seattle, E. H, Rollins & Sons, of New York, Stranahan, Harris & Co., Inc.,
of Toledo, B. J. Van Ingen & Co., of New York, F. Brittain Kennedy &
Co., of Boston, Brown, Schlessman, Owen & Co., of Denver, Estabrook
& Co., of New York, First Cleveland Corp., of Cleveland, Craigmyle,
Rogers & Co., of New York, Grande & Co., Badgley, Frederick, Rogers
& Mortord, both of Seattle, Jaxtheimer & Co., of Portland, Harold H.
Huston & Co., Foster & Marshall, both of Seattle, Ballman & Main, of
Chicago, Hemphill, Fenton & Campbi 11, of Portland, Murphey, Favre &
Co., Richards & Blum, both of Spokane, Allison-Williams Co., WellsDickey Co., both of Minneapolis, Juran, Moody & Rice, of St. Paul,
Weil, Roth & Irving Co., Walter, Woody & Heimerdinger, both of Cincin¬
nati, Charles K. Morris, & Co., V. P. Oatis & Co., both of Chicago. Thomas
& Co., of Pittsburgh, and William P. Harper & Son & Co.. of Seattle.
CYPRESS FAIR BAN K S
CONSOL.
INDEPENDENT
SCHOOL
DISTRICT (P. O. Cypress) Texas—BOND OFFERING—It Is stated by
O. R. Hagler, Secretary of the Board of Trustees, that he will receive
sealed bids until 8 p. m. on Dec. 16, for the purchase of a $200,000 issue of
school house bonds. Dated April 1, 1940. Denom. $1,000. Due $20,000
vllle), Wash.—NEW OFFERING DATE—We are now Informed by Allen
Nienhuis, County Treasurer, that the correct offering date for the $35,000
school bonds is Dec. 14, not Dec. 7, as reported here previously—V. 151,
p. 3122.
These bonds were originally scheduled for award on Nov. 16,
—Sealed bids will be received until 2 p. m. on Dec. 23, by T. R. Bandy,
County Judge, for the purchase of a $75,000 Issue of not to exceed 3%
semi-ann.
coupon
school bonds.
Dated Nov.
1,
1940.
Denom.
$1,000.
Due Nov, 1, as follows: $60,000 in 1954, and $25,000 in 1956. The bonds
will be awarded to the bidder offering to take the same at the lowest interest
cost to the county, the interest cost to be computed by deducting from the
total interest cost at the rate bid the amount of any premium offered.
Prin. and int. payable in lawful money at the Chemical Bank & Trust Co.,
New York. The approving opinion or Chapman & Cutler, of Chicago, will
be furnished to the purchaser without cost and the
county will bear the cost
of the preparation and printing of the bonds, provided, however, that any
bidder may agree to select attorneys of its own choice and bear the cost of
such attorneys' approving opinion and also the cost of the preparation and
printing of the bonds if such bidder so desires.
$750. payable to Worley Fain, trustee.
Enclose
a
certified check for
TENNESSEE, State of—BOND SALE—'The $368,000 issue of consoli¬
dated (county reimbursement) coupon or registered semi-annual bonds
offered for sale on Nov. 25—V, 151, p. 2983—was awarded jointly to the
Boatmen's National Bank of St. Louis, and the City National Bank &
Trust Co. of Kansas City, as 1 Ms, paying a premium of $2,318.40, equal
to
100.63,
■1950.
a
basis of about 1.43%.
Dated Dec. 1,1940.
Due
on
Dec. 1,
-
ASPERMONT RURAL HIGH SCHOOL DISTRICT (P. O. Aspermont), Texas—BONDS SOLD—It is reported that $6,000 4% semi-annual
building bonds approved by the voters last June, have been purchased by
the State Board of Education.
April 1, 1941 to 1950. Bidder to name rate of interest. Bidder may submit
bid on all, or any portion of issue, and with, or without option of redemption
after five years.
Bids cannot be less than par and accrued interest to the
date or delivery. Approval of issue by
Attorney-General, and by Chapman
Boardtff
E ducat km'
deslred*
bids subject to legal opinion of the State
;WVAL COUNTY (P. O. San Diego), Tex**—BONDS
VOTED—
At the election held on Nov, 12 the voters are said to have
approved the
issuance of the $600,000 road improvement bonds
by a wide margin,
HOCKLEY COUNTY (P. O. Levelland) Texas—BONDS SOLD—It is
reported that $15,000 3M% semi-ann, refunding bonds have been pur¬
chased by R. K. Dunbar & Co, of Austin. Due on April 10 in 1942 to 1956.
c
office.
.
ISLAND
but the sale
COUNTY SCHOOL
was
deferred
T}® to I960. The bonds shall contain a provision that the same are
callable and may be redeemed at par by the county at any time after Oct.
10,
1952, upon 30 days' written notice. Interest payable April and Oct. 10. The
bonds
being offered subject to an election to be held on Nov. 30. The
county will furnish a complete transcript of the proceedings authorizing
the issuance of the bonds, together with the
opinion of W. P. Dumas, of
Dallas, or at the option of the
purchaser, the opinion of Dillon, Vandewater
& Moore, of New York. All bids must be submitted upon forms
prescribed
by the Court and bid forms may be secured at the County Judge's office.
Enclose a certified check for 3% of the face value of the bonds.
O. Coupe,
technicality.
WEST VIRGINIA
WEST VIRGINIA, State of—BOND
SALE—The $1,250,000 issue of
ParkersSurg-Belpre, Williamstown-Marietta and St. Marys Bridges bonds
on Nov. 26—V. 151, p. 2984—was awarded to a syndicate
composed of Young, Moore & Co. of Charleston, Stranahan, Harris & Co.,
Inc. of Toledo, and Widman & Holzman of Cincinnati, paying a premium of
$67, equal to 100.00536, a net interest cost of about 1.07%, on the bonds
offered for sale
as follows:
$625,000 as lMs. due on Jan. 1: $200X00 in 1942 to
1944, and $25,000 in 1945; the remaining $625,000 as Is, due on Jan. 1:
$175,000 in 1945; $200,000,1946, and $250X00 in 1947.
divided
1Y, COUNTY (P. O. Levelland) Texas—BOND OFFERING—
Sealed bids will be received until 10 a. m. on Dec. 2, by J. A. Ellis, County
Judge, tor the purchase of a $3*5.000 issue of road bonds. Denom. $1,000.
Dated Dec 9, 1940. Duei April 10, as follows:
$5,000 in 1942, $10,000 in
1943 and 1944, $15,000 In 1945 to 1949, $20,000 in 1950 to 1955, and $25.00j
on a
DISTRICT NO. 204 (P.
WISCONSIN
INDEPENDENCE
SCHOOL DISTRICT (P. O.
Independence),
Wis.—BOND SALE—The $10,000 2H% semi-annual building and ad¬
dition bonds offered for sale on Nov. 20—V. 151, p. 3122—were purchased
by Mairs-Shaughnessy & Co. of St. Paul, according to the District
No other bid
was
Clerk.
received.
are
P KAUFMAN, Texas—BOND SALE DETAILS—In connection with the
sale of the $60,000 street Improvement bonds to R. K. Dunbar & Co. of
Austin, at par, report of which appeared in our issue of Sept. 28, we are now
advised that the bonds were sold as follows:
$15,000 maturing April 1,
$1,000 In 1942tol944, $2,000 in 1945 to 1950. as 3 Ms. and $45,000 maturing
$3,000 April 1, 1951 to 1965, as 3Ms.
Dated Oct. 1, 1940.
Denoms.
$1,000.
Prin. and int. payable at the City Treasurer's office.
Legality
approved by the Attorney-General and W. P. Dumas of Dallas.
The said firm also purchased $21,500 refunding bonds as follows: $8,500
maturing April 1, $1,000 in 1942, 1,500 in 1943, $1,000 in 1944, $500 in
1945 and 1946, $1,000 in 1947 to 1950, as 3Ms, and $13,000 maturing
April 1, $500 in 1951 to 1955, $1,000 in 1956 to 1958, $1,500 in 1959 and
1960, $2,000 in 1961 hnd $2,500 in 1962, as 3Ms.
Dated Nov. 1, 1940.
Denoms. $1,000 and $500.
Prin. and int. payable at the City Treasurer's
office.
Legality approved by the Attorney-General and W, P. Dumas
of Dallas,
*
WHITEWATER, Wis.—BOND OFFERING—Sealed and auction bids
will be received by Lois Gnatzig, City Clerk, until Dec. 2, at 10 a. m.
(CST), tor the purchase of $30,000 2M % semi-ann. coupon armory building
bonds.
Dated Dec. 1, 1940,
Denom. $1,000.
Due Aug. 1. as follows:
$2,000 in 1947 and 1948, $4,000 in 1949, $8,000 in 1950, and $7,000 in 1951
and 1952. Prin. and int. payable at the Whitewater Commercial & Savings
Bank. The bonds are being issued for the purpose of paying part of the cost
of constructing an armory building in the city, and are to be issued subject
opinion of Chapmen & Cutler, of Chicago. The cost of such
opinion is to be borne by the purchaser. The bidder shall furnish the bonds
at his own expense.
A certified check for $600, payable to the city, is re¬
quired. ■
to the favorable
CANADA
ALBERTA (Province of)—ANNOUNCES
PAYMENT OF INTEREST
ON DEFAULTED BONDS—S. E. Low, Provincial Treasurer, is notifying
holders of its debentures, which matured June 1, 1937, that the Province
will pay interest at the rate of 2M% per annum, tor the six months ended
Dec. 1,1940, on these debentures. Payment will be made in Canada at any
branch of the Imperial Bank of Canada, or in New York at the Bank of the
Manhattan Co. Bonds presented in New York must be accompanied by a
letter of consent to the payment offered.
@FedFRASER